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.
Casters Keep The World Moving
- Scooting your desk chair around the office.
- Moving an IV pole closer to a patient’s bedside.
- Factory workers moving large equipment across warehouse floors.
- Taxiing of a plane into and out of a gate for takeoff.
- Pushing your shopping cart through the supermarket.
What do all of these have in common?
They all happen thanks to the humble caster wheel. Originally patented in 1876 by an African American inventor, David A Fisher, the caster wheel was originally created to help move heavy furniture. These small wheels are set onto a rotating base that allows an individual to move a heavy object in virtually any direction. This allowed the mover of the object to remain safe from injury while also keeping the heavy object safe from damage due to accidental drops.
Since their inception, the design has been improved upon several times. In addition to their original purpose for moving furniture, they have been adopted across countless industrial and domestic applications as well as various types of material handling equipment. Have you ever been to an industrial equipment supplier and saw dollies, carts, or mobile buckets? All of those items help you move heavier items by utilizing casters. Their unique ability to scale in conjunction with the requirements of a job or application is an integral part of their legacy. Caster wheels are able to support objects weighing many tons or just a few pounds depending on their size and composition.
The caster wheel has saturated our modern society since the initial adoption nearly 150 years ago. Even the New York Times has praised the modern caster wheel, discussing their various uses and handiness around the home from the garage to the kitchen to the craft room. If not built into the item, moving furniture is made easier with a few simple caster wheels tucked under each corner. Larger home appliances such as refrigerators, ovens, and washing machines will often come with built in casters making their cleaning and maintenance much easier.
Typically, the larger the caster, the easier it is to roll over various surfaces without damaging them. Caster wheels are so versatile that you are able to find them in nearly any material; from low-cost plastic options for light weight jobs to heavy duty rubber for large jobs like vehicles and shopping carts. Their versatility has also allowed them to become a great success in the medical and scientific industries where they are made of high impact and low resistance materials.
This simple design has been a constant source of inspiration for enthusiastic DIYers. Casters provide you with a near unlimited range of movement on items that previously could have been impossible to move. This has led to interesting projects and even continued improvement on the design.
The next time you’re starting a DIY project or putting together furniture from a set of visual instructions, consider adding a set of them to your project. Take a glance at the selection in your neighborhood hardware store or looking toward your favorite online retailer for sets of casters. Providing additional movement, as well as protection to flooring of all types, they are a perfect upgrade for DIY projects.
Locating the Best Discount Broker
If you have experience in trading then you might be looking for the best discount broker in India to handle your transactions. This relates to buying or selling of securities. The broker needs to ensure a reliable platform so that the transactions can be executed. Additionally they need to provide protection insurance even if the brokerage does not exist in business.
The objective of a discount broker is not to give you advice, but execute your transactions in a fast and efficient manner. You cannot compare them to the full brokerage firms which offers advice and constant phone support via the medium of investment strategies. It has to be said that discount broker are more of a help to an experienced tradesmen.
The charges associated with a discount broker include maintenance fees, transaction fees, inactivity fees or stop loss charges and it could relate to special requests. Compare the different discount brokers in terms of fees to choose one that aligns with your needs. As this works out to be a very competitive field, most of the firms just advertise the transaction fees and do not mention hidden fees.
For most discount brokers minimum account balance requirements are there. Though they are going to differ ideally you would want to check out on a broker who provides a minimum account balance. Do select a discount broker that offers insurance to the trading funds even if the brokerage winds up their business.
The discount brokers will provide you with a trading platform but not investment guidance. This would be really important if something goes wrong with the trading platform there is immediate assistance available on the phone to provide your assistance.
If you analyse there are a couple of brokers. The first is the full service brokers and then the discount brokers. The full service brokers had their existence in the period of 70s even before the discount brokers came into existence. The discount brokers have recently started their services via an online platform.
The full service broker helps clients decide on their investments, provides advice and charges a lot of money. Some brokers would charge $ 100 for a trade and in comparison for the same trade a discount broker charges around $ 10. The full service brokers provide services that you might not even need. If you do not want to pay attention to your investment and want a professional to undertake dealings then they are a good choice. But if you want to save a lot of money particularly in terms of money and fees, then a discount broker happens to be an obvious choice.
With discount broker they charge for the trade executed. You are not going to avail any advice beyond the online tutorials. Most of the investors will not need this. If you lack knowledge in terms of investments opt for mutual funds. They do not need any extra fees and you can invest there without undertaking a lot of research.
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!
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