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Why You Must Not Opt For a Credit Card Advance?

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Credit Card Advance

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!

Also Read: 5 Best Credit Cards for Salaried Individuals in India

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.

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TIPS TO BE FOLLOWED FOR SUCCESSFUL MEETINGS

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FOLLOWED FOR SUCCESSFUL MEETINGS

Even when you have gone on a larger number of interviews than you can remember, job interview never appears to get any less demanding. With each prospective employee meeting, you are meeting new individuals, offering yourself and your aptitudes, and regularly getting an exhaustive round of questioning about what you know or don’t have the foggiest idea. Furthermore, you have to remain energetic and eager through everything. This can be a test, particularly when you’re meeting for a vocation you would love to get employed for.

Be decisive and assume responsibility for the meeting

Maybe out of the push to be polite, some typically assertive competitors turn out to be excessively inactive amid prospective job interview. Be that as it may, good manners doesn’t equivalent passivity. An interview resembles some other discussion – it’s a move in which you and an accomplice move together, both reacting to the next. Try not to commit the error of simply staying there sitting tight for the questioner to get some information about that Nobel Prize you won. It’s your duty to ensure he leaves knowing your key offering focuses. Here are some job interview tips in Hindi:

Practice for numerous times

It’s one thing to come prepared with a psychological response to an inquiry like, “For what reason should we enlist you?” It’s another test completely to state it so anyone can hear in a sure and persuading way. The first occasion when you attempt it, you’ll sound jumbled and befuddled, regardless of how clear your musings are as far as you could tell.

Envision the questioner’s conerns and reservations

There are in every case a bigger number of applicants for positions than there are openings. So questioners search for approaches to screen individuals out. Place yourself in their shoes and ask yourself for what valid reason they might not have any desire to enlist you like I don’t have this, I’m not that, and so on. At that point set up your safeguard.

Be prepared to deal with illicit and improper inquiries

Inquiries regarding your race, age, sex, religion, conjugal status, and sexual introduction are improper and in numerous regions illicit. By the by, you may get at least one of them. On the off chance that you do, you have two or three alternatives.

Before you say a solitary word to the interviewer, you have officially established a connection dependent on how you’re dressed. Here are some interview tips in hindi for job which should be followed by individuals:

For the most part, you should wear a suit with a skirt or jeans. If all else fails, be more traditionalist.

Your suit ought to be comfortable and fit you well; if your waistband is slicing you down the middle or your coat is too tight, you won’t look or act your best.

Dress in a way that is professionally suitable to the situation for which you are applying. In all cases, this implies wearing a suit. Suit is suitable for all kind of interview.

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Have a Proper Research Before Settling for a Property of Your Choice

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Research Before Settling for a Property

Settling for a house is a difficult choice. There is a great deal to consider. Regardless of whether you have purchased a home in Faridabad sometime recently, you may not recall each progression all the while. Furthermore, if you require a written first time home purchaser’s manual for purchasing a home, you can check the site of the pre-leased property for sale in Faridabad.

Things That You Need to Make Sure While Purchasing a Property

A question regularly emerges in home deals when purchasers and vendors go into an arrangement with various understandings about what property will be incorporated into the deal. While the law gives a few rules, it isn’t generally evident and there’s no assurance that the opposite side will know about it or tail it. The best game-plan is to incorporate every particular thing you think about in composing — anything can be purchased or sold regardless of whether it may not lawfully be a piece of the home buyers in any case. The following are the general practices as to different things to use as a beginning stage in arrangements.

  • Air conditioning and warming machines follow the general rule of different appliances. Permanently introduced focal or ductless networks remain with the house, yet window-mounted units go. Notwithstanding the typical safety measures with appliances, make certain to decide the age of the system
  • What is and isn’t for all time joined turns into a grayer territory with lights and roof fans. They might be joined overhead, yet they can and frequently are immediately evacuated. This is particularly valid for crystal fixtures, another enriching lighting, or untouchable roof fans.
  • Homes with substantial yards regularly have a play area, over the ground pools, sheds, puppy houses, or different structures that aren’t a piece of the home.

How Can a Real Estate Agent Help You?

Once the base of pre-endorsement is finished, your operator can bring the correct purchasers and merchants together. The real estate can put the correct budget plan with the most moderate properties in that value goes. They work much like the director of an ensemble. The considerable thing is that this procedure of having the capacity to know early the value range to look for spares time, cash and frustration. It is similarly very unpleasant for the agent to discover that a purchaser doesn’t qualify as the potential purchaser. When you are assigning or buying a property with the help of the real estate agents you are actually saving a lot of time for yourself which you would have spent on finding the suitable property for your requirement.

Offering properties is the thing that a real estate agent does for a living. The quicker and all the more precisely they can make the great matches to purchaser and vender the more cash they make. Go through the various pre-rented property in Faridabad to clear all confusions before investing in the real estate properties near Faridabad.

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Critical Tests to Ensure Critical Calibre in Your Employees

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Critical Tests

A huge number of employers are managing critical thinking assessment tests during their recruitment process.   This is exclusively designed to test the decision-making skills of an applicant. It is mainly based on standard critical thinking.  Critical thinking demands a candidate to discover and define the issues and problems, collect essential information needed and expectations made, cater possible clarification to the problem, examining alternatives to select the finest solution and finally making conclusions to reach at a right and effective decision.

The right test for critical thinking ability is suitable for hiring at all levels like mid managerial and senior decision-making levels. These tests are used to assess the applicants on three chief areas like

  • Proper recognition of Assumptions
  • Exact evaluation of arguments
  • Drawing conclusions

This all constitutes – Inference and Interpretation. The applicants are given diverse types of situations and statements to examine them on the above mentioned skills. The test is carefully scheduled to check the speed and correctness of candidates on reaching the conclusions. Once you have a test like this one, you can be sure about the critical abilities of your candidates. These are the tests that are both used as pre-employment test and promotion test. If you are recruiting some candidates for some important roles in your business, you have to be sure about their calibre and effectivity. You have to take steps to ensure that they are absolutely equipped with some sound critical abilities. What is the point if they don’t have a critical vision towards things? What is the point if the candidates are unable to tackle with a p [problem in an efficient manner? it would be a good thing to know about these calibres of your candidates before you change them into your employees.

Problem solving & decision making

The most important ingredient of an effective business setup is problem solving skills. If your candidates are good at their respective areas and tasks but they don’t have a neck at solving problems that won’t be a good thing for your business growth. You have to possess the right employees who know how to deal with the problems in the most prolific manner. Problem solving is really crucial in this present world. Anytime you can encounter a problem in your work and you should have some skills and knowledge to tackle with the situation.  If a problem does not get solved within time and efficiently, it can be disastrous for your business. When you have critical Reasoning Test in your recruitment drive, it would assess the problem solving capabilities of the candidates taking part in the hiring drive.

Then decision making is another important ingredient of productive staff. No matter how skilled or intelligent your employees are; if they don’t have the skills to undertake the things and take decisions when needed; they won’t be an asset to your business. There are always instances when you have to take decisions to ensure that the business grows.  If your employees hesitate to take decisions and they simply delay the things for this reason, it can turn out to be a loophole for your business growth. It is important that your staff members have the guts to take decisions when the need arises. In the absence of decisions, nobody can gain any effectiveness. Your business can collapse like a house of cards in the absence of decision making skills. Hence, there is a lot of prestige and importance associated with this attribute. You can make sure that your candidates have professional skills and knowledge to deal with the problems and take decisions with the help of critical testing. These tests are designed to get you the best information.

Customised tests

Even if you have some specific demands with the tests, you can always go for the customised versions of your critical tests. These critical tests are available in abundance and you can pick as per your requirement. However, if you want some specific things to be added or removed from the test, you can always get the test customised. In this way, you can be sure that your candidates are getting measured in the most prolific manner. There are many businessmen who use these tests to ensure that they are testing the areas of the candidates that matter the most to their business. Tests are always result oriented and get you the clear picture.

No partiality in critical tests

Many people have a doubt about the impartiality of the tests. Well, if you are new to the concept of pre-employment critical tests then it might surprise you that these tests are made in an exclusive manner. The tests are absolutely effective and not at all partial. Since the test has all questions same for everybody, there is no doubts about the genuineness of the test. Similarly, even the recruiters cannot do anything in this aspect. All the candidates give this test and then end up with a score as per their calibre and intelligence.  On the basis of these tests, the recruitment team make a decision. Certainly the pre-employment test is blended with the interview and resume too.  Maybe there is some amount of possibility of partiality in interview but not in these pre-employment tests. Scores are clear for everybody to see and whoever scores better, gets a seat in the next level of recruitment procedure.

Conclusion

So, in this complex and competitive world, critical thinking test is must for employees. You have to make sure that your staffs are equipped with critical thinking skills and for this you can use the best tests during the recruitment drive.

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