With the increasing adoption of plastic money, there’s also an increase in the number of credit card data breaches across the world. In 2017, the credit-reporting agency Equifax had a massive breach that compromised information, such as credit card details and Social Security numbers, of almost 50% of Americans. However, this was not an isolated incident. Most recently, the food-delivery service...
Having a credit card is good for your credit score, provided you use it wisely. However, there may have been times when you wished to close a credit card, say when your credit provider increased the annual fee, or you were being offered a better deal by another institution. But closing a credit card is bad for your credit score, right? Well, that’s not always the case. Credit card...
It is not uncommon for credit cardholders to be charged for going over their credit limits. And it generally only occurs with your consent. If you are find yourself in such a situation, there are only two possible outcomes. Either you incur a late fee or you end up hurting your credit score. Opting Out of Over the Limit Charges When a credit card is issued, you might be given an option to opt for...
With advancing technology, most of our personal information has moved to the digital world, making us more vulnerable to cyber-attacks. A data breach is a type of cyber attack that can be defined as a security incident in which personal information is accessed without authorisation from the individual. Such attacks may happen at an individual level through phishing emails, or at an organisational...
The first rule of Fight Club – you do not talk about Fight Club. The first rule of credit cards – you consult as many experts as possible before getting one. There is no magic recipe for finding your ideal credit card. The one that floats your boat depends on how much you are willing to pay for premium services and the credit limit that suits your needs. On top of this, there are...
Did you make an impulsive decision to get a credit card and are now regretting it? Maybe the financial freedom of shopping at your favourite merchandise store lured you into the mix. Or maybe you were unable to gauge the emotional implications of carrying it around. Whatever the case, here is how the activation process usually boils down to: You receive a new credit card via mail.The documents...
Having a credit card is good for your credit score, provided you use it wisely. However, there may have been times when you wished to close a credit card, say when your credit provider increased the annual fee, or you were being offered a better deal by another institution. But closing a credit card is bad for your credit score, right? Well, that’s not always the case. Credit card...
Jack and Jill had a perfect life. Excellent salaries and an enviable lifestyle managed with the help of swanky credit cards. High salaries meant high credit limits which also meant more purchasing power. Well, everything was great until last month when they decided to apply for a mortgage to purchase their new abode. And that’s when the world came crashing down. Their mortgage application...
Losing a credit card sure sounds like a nightmare. However, you can prevent your loss from turning into a nightmare by acting swiftly and following these four steps: 1. Don’t Panic Just like losing your mobile phone or your car keys, losing your credit card is a troublesome thing. However, panicking about your loss is not going to help. Instead, act quickly and report your loss to the relevant...
If you are a product, your credit score is the price tag. It conveys the cost of onboarding you as a customer that banks will have to bear over your lifetime. Naturally, the lower this cost is, the better your chances are of selling yourself. But, how do banks determine your credit score? This is where the crux of our topic lies. To understand the process, let’s first look at the two types of...