Let’s say you have an urgent cash requirement. A card swipe, a cheque or a balance transfer won’t do; only hard cash will suffice the purpose. Unfortunately, though, you do not have enough cash. Your debit card doesn’t have the requisite funds and the nature of the emergency is such that you do not have enough time to borrow a Personal Loan. So what do you do then? “Oh wait! I do have a Credit Card in my wallet! I can always withdraw cash from it, right? Problem solved!” is the riposte most of you may come up with. But hang on a second! Despite how easy and convenient as it sounds, a Credit Card cash withdrawal may not be such a good idea. To spell it out more clearly, it would do more harm than good for you. Wait, what? Yes! You read that right! Read on to find out just why.
No interest-free grace period
Your Credit Card bills get generated on a fixed date every month. Let’s say if the date were the 5th of every month, then the bill for all your transactions from 5th of July to the 4th of August would be raised on the 5th August (the billing date). You are not liable to pay any amount in the form of interest for Credit Card purchases and bill payments before they are billed. Besides this, you usually get a 21 to 25 day interest-free grace period which commences from the billing date. Any amount you repay during this period becomes interest-free. So in effect, you get to enjoy a 25 to 50 day interest-free period from the day you make a transaction from your SBI Credit Card or other Credit Card.
This, however, does not apply to cash withdrawals. A Credit Card cash advance denies you the privilege of enjoying an interest-free period. Moreover, the interest on the borrowed amount gets accrued right from the day you make the withdrawal and not from the billing date. And considering that Credit Card interest rates are about 2.5% per month, you would probably pay interest at the rate of 5% or above in that 25-50 day period which would have otherwise been interest-free.
You could, however, expect some sort of relief if you own a low interest bearing Credit Card. You could apply for Credit Cards Online in India on www.mymoneymantra.com, India’s leading online financial service provider and the premier destination for ‘low interest, high limit’ Credit Cards. Their team of professional selects only the Top Credit Cards for you to ensure that you enjoy maximum credit facility at minimum interest rates.
Higher interest rate
Not many people know this, but a Credit Card cash advance bears a higher interest rate than other Credit Card transactions. The interest rate on cash withdrawals may vary from 24% to 48% depending upon the card issuer. In contrast, all other Credit Card transactions carry an interest rate of 12% to 36%. The difference is about 1% per month; a considerable amount by any standards. So not only do you pay interest for a longer time, but you also pay it a higher rate. Needless to say, the affordability of the transaction takes a serious hit!
Hefty transaction fees
If the absence of an interest-free duration of time and a higher interest rate didn’t do enough to convince you of the impracticality and unaffordable nature of a Credit Card cash advance, here’s something more. A Credit card cash advance imposes a hefty transaction fee on you. The transaction fee is usually 2.5% of the amount withdrawn but some card issuers may charge 3% too. This one-time payment is over and above the interest charged on the withdrawal.
If you were to combine the exorbitant interest rate and the transaction fees, you’d have to repay 8-10% more than the amount you borrowed if you were to make the repayment within 2 months from the transaction date. And that is about as much as a Fixed Deposit would pay you in a year. Just saying!
It may hurt your credit score
Let’s just keep the financial viability of this practice aside for a moment. Credit Card cash advances cause more problems than just that. You’d usually take a cash advance as a last resort. And the fact that you ‘had’ to use it, which implies a paucity of funds and a lack of low-interest alternatives, sends out bad signals to your lenders. Utilising your credit limit to its maximum is also not viewed in great light. These factors may decrease your creditworthiness and hence your credit score.
Alternatives for cash advances
Before you walk down to the nearest ATM to take a cash advance on your card, take some time out to consider other alternatives. See if you can borrow a Personal Loan. If you have some unused furniture or other such spare items, sell them off. Ask your friends and family members if they could help.
If your car breaks down and the mechanic won’t accept card payment, or if there’s some sort of a medical emergency and you have not carried your debit card along; a cash advance becomes more of a compulsion than an option. Such situations aside, you are better off staying as far away from a cash advance as you possibly can!
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.
Talk to our Loan Specialists toll-free at 1800 103 4004 to know more about our products and offers.
How to Pick the Right Coders?
If you are an IT company, then you might be having plenty of programmer’s right? If you are planning to recruit some programmers for coding tasks, it would be good if you evaluate them well before you recruit them. You cannot simply have anyone or everyone working for you. Once you are sure about the right options, you can make the best recruitments.
The point is that the coding challenges are on the rise. You can find a huge competition in coding. There are complex situations and concepts that have to be tackled with affectivity and professionally. It is the time that you recruit developers on the basis of their skills and not merely on the basis of their resumes.
It is true that the computer programming is the procedure of developing and executing diverse sets of instructions to enable a computer. These permit it to carry out a specific task, solve issues, and cater human interactivity. These source codes that are written in a programming language are believed to be computer programs and help the computer to work in a smooth manner. Of course, modern programming is an on-line procedure and it includes interaction between the computer and the programmer. There are only a few applicants who can get their code right on their first attempt since testing and debugging is a vital aspect of the programming procedure.
Use a test
It would be a good practice to have a test in your recruitment program to assess the calibre of the candidates. You have to be sure about the potential and affectivity of the candidates you recruit. Once you have the right tests in your recruitment program, you can make the best recruitment. It is all about how you recruit your programmers. Once there is an aptitude test to measure the programming and coding potential of the candidates, you can be sure about the capacity right away. It is not about the details, it is about the basics. You would recruit only such candidates who are professional and have sound knowledge of programming and coding. The test would make sure that you are not selecting dead wood.
You would agree that software developers diminish the turnaround time of solving different types of problems. Apart from this programming and coding skills, they have to possess the capability to examine the data and logic behind every single business or development action. It is important that the coder has all the information and knowledge about everything.
What type of test tool you can use?
There are many types of tools that help you in testing the calibre of the coding and programming candidate’s right at the time of recruitment. Have a look below:
Check out the scalability of the test tool
Always remember that an excellent tool should have the questions that can from simple fill-in-the-blank coding questions via the fairly vital assignments. Thus, the test concepts have to be blended with other computer-graded question types such as numeric, multi-choice, short answer, or matching. It is all about the type of test you have opted for. If you have an effective test that has scalability, it might get you the results in a most effective manner. Certainly, to get the right people for your coding requirements, you have to perform an assessment of their skill.
Impartial and professional
Once you look around, you would come across effective, impartial and professional tests. These tests are made to assess the aptitude of the programmers and coders. The tests have been designed by the professionals who have well-versed knowledge in programming field. They make the test in a way that the candidates get measured and assessed in the most effective manner. After all, it is all about the impartial and right selection. Since there would be no say of the recruiters in the test, the candidates would get selected in the prolific manner. Whoever performs well in the test gets the place for the next levels of recruitment procedure. The test is professional because it is made up of strong questions, situations and blanks for the candidates to solve. In this way, the applicants get assessed in the most effective way.
Why you need a test for coding applicants?
The truth is that some individuals are absolutely good at tricking. They are going to tell you what you wish to hear, and they do know just enough to attain this. For example, a person would successfully explaining what specific content of coding is doesn’t mean they actually know how and when to make use of it. Tricking takes place a lot in industries wherein the rewards are high, as these can be in the realm of software development. Therefore it is imperious that you run some type of test to authenticate capability. Once you have a test, the candidates would have to perform and their performance would show their calibre and affectivity. Remember in case you are planning to run a test though it must be part of a procedure, not a sieve. It also has to be the correct sort of test. The certain and apparent reason for this is you might miss the great candidate because of a poor and ineffective test. The point is when you are using a test; make sure that it is effective, professional and efficient. Once your test is qualitative, professional and impartial; the candidates who get filtered through the test or get selected through the test would be much better and have good skills.
Thus, having said it all, it is apparent that you take a test for your recruitment program. You cannot simply pick any candidate on the basis of what he or she is saying; you have to dig deeper!
Take advantage of impartial services
In this era, you will find both the traditional brokers and the discount brokers in India. The services offered by them matter a lot by the investor as well as a trader. You have to decide which one you are going to work with as per your needs and goals. In case you are looking forward to trading facilities and advisory, you will have to appoint a traditional broker. Merely looking forward to a trading platform with no eye on any suggestions, you better to go for a discount broker.
Just as the name signifies, the discount brokers offer cheap brokerage services and provide the trading forums. Hence, fundamentally you obtain a forum to sell and purchase shares by forking out less brokerage. The discount brokers form a better pick for those individuals who prefer do-it-yourself – DIY.
A discount broker provides a lot of benefits for an investor in comparison to other stockbrokers; the crucial ones are enlisted below:
The cheap cost of each trade makes the largest draw for an investor. In due course of time, the savings via brokerage by trading through a discount broker is capable of showing a lot of difference, particularly because each small penny banked in brokerage with every trade will show compounding effect on the earnings of an investor. An investor can calculate his earnings by making use of Zerodha Margin Calculator.
When the cost of a deal is cheap, the stock needs to move merely a little distance so that for the deal or trade to break –even. Even though the stock may stall and the investor exists, the investor will not be losing too much in case he trades via the discount brokerage forum.
Less exposure time
Usually, a lot of times an investor needs to stay in his position for some extra time so that to retrieve the cost. In so doing he may encounter more risk. Nevertheless, this risk is capable of being alleviated by using a discount broker because he is able to exit earlier.
Better online trading platforms
The discount brokers form a great pick for the investors who are interested in conducting research themselves and do not intend to make use of any more services such as advice or research etc. With the emergence of technology and RPA, you are capable of enjoying access to platforms meant for online trading and helpful trading apps and tools to render things easy for you.
In the eyes of the discount broker, all his customers are equal. Since a discount broker tends not to provide any advice regarding investment, his service tends to be correlated to operational matters which happen to be widespread for customers.
Trading forms a serious matter and the successful businessmen you see holding their ground due to the reason that they have taken wise decisions. They do not blame others for their mistakes, in case they do not succeed, and there is no one to congratulate except themselves in case they succeed.
Brokers: What You Need to Know for Your Moves?
In case you are into trading and stocks, then you might get a lot of advantage from a broker. Yes, there are professional and experienced brokers who can help you in your trading and investing tasks. Whether you wish to understand Derivatives, equities, Currencies, Futures and other Options, a correct broker can be of amazing help for you.
Even if you are looking for the Best Discount broker in India, you can find them and get started right away. You should be thinking what is the difference between discount broker and that of a regular one right? Well, to pick between a full-service and that of a discount broker is a significant decision for investors. Before you decide which kind of brokerage account to open, it is crucial and sound to get a good understanding of your options. It would include comparing the services and features offered, least opening balance needs, research and investment instruments/tools catered and the cost of commissions and fees.
Talking about traditional, full-service, brokers they do more than just ease the buying and selling of a particular stock or bond. These are the brokers who incline to cater a large array of services and products such as tax advice, financial and retirement planning, investing and regular portfolio updates. it is worth noting that as you are taking personalized recommendations and service, traditional brokerages most of the times come with higher fees, generally charging one two % on the possessions managed. Remember, traditional brokerage fees are something to carefully consider, chiefly if you are investing and planning for your retirement. The point is you can have a proper understanding about all these things and the options you can avail.
On the flip side, discount broker might be a better for the charges-mindful investor who prefers to do it alone. These are the brokerages that would generally not cater investment advice, though it is common for a discount brokerage to provide you with free research and educational instruments/tools to help you take most prudent investing decisions. Similarly it is important to know that the Discount brokers come in all shapes and sizes. There would be some professionals who provide better investing tools than others, but might charge you higher fees, whereas others might offer only the basics, but charge the lesser fees.
The point is you can talk to professionals about the options therein. If needed, you can do proper research about who to choose and when to choose. You have to be clear about what you want from your moves. In this way, you can mould your ways in a more effective manner. The more you are careful; the better would be the decisions. Just make sure that you don’t get flattered by the blanket statements of providers.
Thus, whether you choose discount broker or a general one; it is always your choice and you have to take it mindfully. Keep all your needs in mind and then make a choice. After all, it is all about what you do and how you do it.
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