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Frequently Asked Questions about Credit Cards

Frequently Asked Questions about Credit Cards

The basic thing about credit cards is that every transaction you make with the card increases on your debt. You simply trade on credit. Then you will receive an invoice on your total debt. Usually once a month. You can also choose to pay off your debt over a number of months at a predetermined interest rate.

Your credit card also has a credit limit. This limit is determined partly by the credit limit you have applied for yourself and partly by the credit limit that the card company believes your finances can handle. The higher your salary, the more credit you can usually get. Ordinary credit amounts are USD 10,000 – USD 100,000 a month.

 

Can I apply for a Credit Card without UC?

Credit Card without UC?

There is only one straight answer to that question: no, you cannot apply for a credit card without a credit report at UC. For the simple reason that all financial companies and banks that offer credit cards use the Information Center when making their credit assessment.

 

Can I get a credit card even though I have payment notes?

Can I get a credit card even though I have payment notes?

No, if you have one or more payment notes, you cannot get a credit card. In this case, payment notes are seen as engraved and a sign that the individual in question cannot handle credit. However, there are private loans and quick loans that can be obtained even though you have payment notes.

In most cases, you will not be able to sign up for a new credit card if you have payment notes. But to say that it is impossible is not true.

There are exceptions, but unfortunately they are very rare. The best chance you have is to make personal contact with the bank or card issuer and argue your case.

 

What does a mobile credit card mean?

credit card mean?

A credit card in your mobile phone works in the same way as a credit card. But instead of a physical credit card, you use an app on your mobile. The usual name for this service is “credit account”. In practical terms, this means that you transfer money from your credit account to your regular bank account when needed. You can then pay interest on the credit amount you transferred.

Mobile – your credit card in the future

Online merchandise sales are constantly increasing, which constantly places new demands on user-friendliness and security.

E-commerce on mobile devices has doubled over the past nine months, and many believe that mobile solutions for all types of transactions, so-called digital wallets, will come soon.

 

What does additional insurance mean in the credit card?

credit card?

The usual extra insurance is so-called “supplementary travel insurance”, which is activated automatically, provided you pay a certain part of the trip with your credit card.

Insurance on your card

Your card is much more than just a means of payment. If you pay for the trip or the item with the card, you often include insurance if something goes wrong.

The proportion is usually 50-75%. In other words: if your trip costs USD 20,000 and you pay the full amount with your credit card, then the supplementary travel insurance is activated.

Refinance Credit Card: Save thousands on refinancing credit card debt

Refinance Credit Card: Save thousands on refinancing credit card debt

It will usually pay off to refinance credit card debt with high effective interest rates, especially if you have difficulty paying more than the minimum amount on your credit card each month.

Here’s how you can refinance your credit card debt online and get a better economy, with lower interest rates and monthly costs.

 

Benefits of refinancing

Benefits of refinancing

The main advantage is that you usually get a lower interest rate you have to pay. While a credit card is often 20-30%, a refinancing loan can often halve interest rates. In addition to this, you will also:

  • Collect debt and get a better overview.
  • Get a better customized repayment plan.
  • Lower monthly expenses

 

What does it cost to refinance your credit card debt?

What does it cost to refinance your credit card debt?

Interest-bearing credit card debt is an expensive debt to have. Often, the interest rate can rise to 20-30% and therefore it will usually always pay off to refinance the credit debt. What the interest rate will be on your new refinancing loan will depend on several factors, including:

  • Your disposable income.
  • Your credit score.
  • The amount of debt and risk.

Services like the financial tips have made it easier to compare than ever before, here you receive a non-binding offer from several different banks so you can choose the best solution, for free.

 

Refinance credit card debt with debt collection or payment note

Refinance credit card debt with debt collection or payment note

Even with debt collection or payment notes, there are still opportunities to refinance your credit card with a new loan. This loan is called a restart loan and is provided by the Norwegian bank Straightsave Bank.

This refinancing loan is available to those who own a home or property that can be provided as collateral.

  • Refinances credit card debt with payment note and debt collection.
  • Collects mortgages, debt collection and other loans into one new loan.

The amount you can borrow depends on your finances and the value of your home.

  • A maximum of 85% of the value of the property (including any joint debt) If you can provide additional security, the bank can assess whether it is possible to pledge this.
  • Maximum 5 times income.
  • eTax or valuation from a real estate agent.
  • Complete debt overview of all creditors with name, account number and amount.
  • 3 latest pay slips and tax notice from you and any co-applicant, you download this from altinn.no.

Effective interest rate 7.25%, loan of 2 million over 25 years, cost USD 2,466,934, totaling USD 4,466,934

 

Get a fresh financial start

financial loans

Credit card debt can be an expensive and heavy one to bear. By getting rid of your credit debt you can get a better personal finance and get a fresh financial start.

The article on how to get rid of credit card debt lists many tips on how to go about cleaning up your finances. In addition to refinancing credit card debt, several other important measures should also be taken, such as:

  • Review purchases and consumption habits.
  • Begin with a budget.
  • Make a repayment plan, preferably via the snowball method.

 

Credit card debt refinancing

Credit card debt refinancing

With credit card debt refinancing, you can end up saving many thousands of dollars a year and paying down debt and loans faster. Therefore, please use services such as:

  • Sourcelend Finance or Yeslend Finance if you do not want to use housing or property as collateral
  • Or the restart loan from Straightsave Bank if you have debt collection or payment remarks before.

Refinancing your credit card is something many Norwegians choose to do. Collecting card debt into a new loan with lower interest rates saves the vast majority of money a year.

Loan: what is it and why is it beneficial?

Loan: what is it and why is it beneficial?

You may have already heard of a loan refinancing. That is a handy way to get a better interest rate than that of your current mortgage loan. You can read more about the pros and cons in this blog.

What is a mortgage transfer?

What is a mortgage transfer?

The interest rates can fluctuate considerably during the term of your mortgage. For example, it is quite possible that the current interest rates are lower than the interest rate of your mortgage loan. Certainly if your mortgage loan is ‘old’ for a few years.

That is why today it may pay to switch to another lender. That process has different names. This is generally referred to as refinancing, refinancing or revising a loan.

What are the benefits of refinancing a mortgage?

What are the benefits of refinancing a mortgage?

The main reason for refinancing your loan is of course to obtain a lower interest rate. This way you spend less of your valuable money on interest at the end of the ride . But it doesn’t stop there.

You can also extend the duration of your loan, so that your monthly installment decreases. So you get more financial breathing room every month. Moreover, you also have the option of combining the various loans that you have in place into a single loan.

Are there any disadvantages?

Are there any disadvantages?

There are various costs involved in rescheduling a loan. Consider, for example, the reinvestment payment or the ‘fine’ that you have to pay for breaking the original loan. You also have to pay the costs for canceling the old loan and establishing the new mortgage.

When does it pay to refinance a loan?

When does it pay to refinance a loan?

In fact, there is only one rule when transferring a mortgage: see that the interest you save outweighs the costs that you will meet. The difference between the current and the new loan must therefore be considerable. Only then does it pay to refinance a loan.

Find a better interest rate together

Find a better interest rate together

Do you want to look for a better interest rate than that of your current mortgage loan? We work together with the most current banks. That is why we have an overview of all loans that best suit your specific situation.

In a conversation from person to person we would like to discuss your financial situation, your current mortgage loan and the possibilities that present themselves. Of course, that conversation is completely free and without obligation.