PAYDAY LOAN AUSTRALIA

Some people have this dangerous mindset that the offers found on the Internet (if they look legitimate) are safe and sound. Think again. There are Internet-based companies out there that will take your money and either deliver very slowly on their services or leave you with nothing at all. Unfortunately some of these are in the banking sector as well. Here is what to watch out for when you look online at these offers.

Uninsured and offshore. While trolling for high-yielding savings accounts, you might come across some that offer interest rates that appear to be too good to be true. And, so they are. Among these are offshore bank accounts that are trying to look and act like a bank that you would do business with in the USA. But they are in fact, in other countries and are therefore uninsured by the FDIC. Your funds have no protection and you could lose everything that you have in your account with them.

Unacceptable fees. Fees to open accounts or monthly fees that are too high are those for which you should be on the watch. These exist purely for the instant profitability of the company. You can find plenty of card issuers that do not charge these fees.

Interest rates. Interest rates for card holders in good standing vary among issuers. Once you get over 20%, then red flags should begin to fly. The recent APR increases has caused not only an outcry from customers, but also has sparked a flurry of activity in crafting of legislation that is designed to reign in what appears to be unfair practices. Look for new laws to be passed soon which are designed to help prevent the charging of high, usurious rates.

Lower returns. Lower interest rates on savings products keeps you from earning the most that you can from your online account. Compare rates before committing to opening an account.

Lax support. Difficulty in reaching a real person because of an issue with your account is not uncommon. A business’ reputation for support precedes it as word spreads concerning its practices. This is one area that is the ‘kiss of death’ for those banking institutions that cannot get it right.

Your money is too valuable to place it into the wrong hands on a whim. Or worse yet, you lose money by focusing solely on one positive benefit while ignoring the others that diminish or completely erase it as a good reason to pick that issuer.

Compare, compare! It can be a chore to compare rates and terms. You have two options: take out a piece of paper and draw multiple columns on it - about four or five. Then, list the credit cards down the left side and use the columns to compare the APR, annual fee, rewards program, and all of the other features. Find the best one and apply.

The other option is to go to a website like www.bankrate.com that already has comparisons of cards listed for you.

Read the fine print. Before you sign up for a card, read the fine print. If you do not understand what you are reading, find someone who does, or contact the company. You can also look up terms and conditions on the Internet.

Be informed so that you can make wise choices. What you might find out is that you become an expert in reading credit card offers and then be able to pass that knowledge on to help others. That is a gratifying pursuit.

by Marie Jones

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