Transfer balance on Credit Card for interest rate advantage

Credit card users can transfer outstanding balance from one card to another. This facility is known as credit card balance transfer. This is done primarily to give the cardholder take benefit of lower interest rate on balance transfer.

Transfer facility also allows the customers to transfer credit limit to cards which the use more and stop usage on card used less. The customer can pay the transferred amount to the company where the amount is transferred.

However the service is not free of charge and a 2% fee is charged on total amount. Also pending dues on old card should be cleared, failing to do which might affect one's credit score.

Need a good job? Get a good credit score first.

Gone are the days when a good credit score was the requisite for getting a home loan or personal loan sanctioned. These days companies are checking the credit score of the prospective candidates before taking them on board. With increasing cases of corporate frauds coming to notice, companies are assessing credit worthiness alongside certificates at the time of interview.

So it is advised to job candidates to clear any outstanding dues on their credit card, personal loan, etc. The practice of checking the history has been prevalent in the US companies, and same is picking up pace in Indian companies primarily in the IT and Finance sector.

CIBIL, a leading credit rating agency rates borrowers and credit card users on a scale of 300 to 900 based on their credit worthiness; 300 being least creditworthy while 900 being most creditworthy.

Soon swipe Credit Card to pay traffic challans

Kochi City Police are contemplating a  new way to collect traffic fines. City police have proposed an electronic challan collecting system, where the offenders would be booked, handed the challan and pay the fines all on the spot using a credit card or a debit card.

The police commisioner Mr. MR Ajith has already met with chairman of one of the leading new age bank to discuss the proposed plan. Similar kind of system is already prevalent in Bengaluru. A proposal has been sent to Police HQ awaiting approval. 

The city police are also considering introducing an online payment of fines using credit/debit card. Another official stated that electronic system will bring accountability, and easier access to the records for officials. 

Credit Cards with lower limit preferred by Cardholders

Getting aware of the credit card frauds and temptation to overspend, since it’s the summer holidays, the customers are asking their banks to lower the credit limit on their cards.

"Yes, we do receive such calls from customers. Today, there is a lot of awareness among card holders who plan most of their vacation well in advance and want to minimize their spending," said CEO SBI Cards and payment services, Kadambi Narahari.

Punjab National Bank also reports the same requests coming in but there are few who want to enhancethe limit as well. The number of credit card holders decreased in 2011 to 21% despite the increase in number of premium card-holders to 29%, according to the survey by HSBC.

"People are using cards for basic purposes such as air tickets and utilities payment. Also, there are more place where cards are accepted," said Narahari.