Blog Campcee Thu, 25 Nov 2021 18:06:00 +0000 en-US hourly 1 Blog Campcee 32 32 BMO launches the first World Elite Mastercard credit cards for business owners Thu, 25 Nov 2021 18:06:00 +0000

TORONTO, 25 November 2021 / CNW / – BMO Expands Line of Mastercard Cards® credit cards offered to Canadian business owners with the introduction of BMO World Elite® Business Mastercard® and BMO AIR MILES® World Elite® Business Mastercard®

BMO Launches First World Elite Mastercard Credit Cards For Business Owners (CNW Group / BMO Financial Group)

“Canadian business owners have worked hard to grow their business, and these new cards allow them to enjoy business purchases – either through BMO Rewards or AIR MILES reward miles,” said Jennifer douglas, Head of Personal and Small Business Payments for North America at BMO. “By streamlining business expenses to a dedicated card, business owners can focus on what matters most while enjoying a range of valuable benefits tailored to meet their business needs. “

“Small businesses are the backbone of the Canadian economy, which is why at BMO we make sure we take care of the entrepreneurs who run these businesses,” said Mike Bonner, Head, Canadian Business Banking, BMO Financial Group. “We are proud to be the bank that helps business owners make real financial progress in their business and in their personal lives with a range of offerings that allow us to help them in all aspects of their lives. financial. “

Accessible through BMO’s online banking services, the new credit cards make it easy for business owners to separate business purchases from personal expenses and offer features and benefits designed to meet the unique needs of business owners. , such as :

  • Point accelerators: Both cards come with accelerators on specific categories that reward customers for their business expenses

  • Virtual health care tours on demand: Access to Maple – a leading virtual care platform designed to meet the changing needs of small business owners with direct access to Maple’s healthcare provider network anytime, anywhere. Using Maple, business owners can communicate with a physician or mental health counselor from the comfort of their home or work, reducing time spent in the walk-in clinic or emergency room.

  • Access to the airport lounge: Access to Mastercard® Airport experiences provided by LoungeKey by presenting their card to access over 1,000 airport lounges around the world for a fee of just 32 USD per user per visit

  • Travel protection: Insurance coverage when customers use their Mastercard credit card to pay for travel arrangements. These cards include coverages such as: Rental Car Collision Insurance, Trip Cancellation, Trip Interruption / Trip Delay, Baggage Delay and more.

  • Global Wi-Fi: Access to over a million hotspots worldwide with Boingo Wi-Fi for Mastercard® Card holders

  • Additional cards for employees: Up to 22 additional cards so employees can easily shop on behalf of the company and earn points faster

BMO Global Elite® Business Mastercard®

  • Cardholders earn 4 BMO Rewards points for every $ 1 spent on gasoline, office supplies, and cell phone and internet bill payments (up to a maximum of $ 50,000) and 1.5 BMO Rewards points for each $ 1 they spend on all other card purchases

  • Free virtual tours accessible via Maple. These visits cover on-demand visits with a GP or mental health counselor

  • Travel protection including rental car collision insurance, trip cancellation, trip interruption and delay, baggage delays and more when Mastercard is used to book travel arrangements

  • Two free tours of the airport lounges per year

BMO AIR MILES® World Elite® Business Mastercard®

  • Cardholders earn 4x reward miles when using their card at participating AIR MILES partners

  • Cardholders earn 1 reward mile per $ 12 spent on everything else

  • Free virtual tours accessible via Maple. These visits cover on-demand visits with a GP or mental health counselor

  • Travel protection including rental car collision insurance, trip cancellation, trip interruption and delay, baggage delays and more when Mastercard is used to book travel arrangements

For more information on BMO’s credit card offerings for business owners, please visit:

About BMO Financial Group
Serving clients for 200+ years, BMO is a highly diversified financial services provider – the 8th largest bank in terms of assets, North America. With total assets of $ 971 billion from July 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to over 12 million clients and operates through the through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group



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Top 5 digital payment trends we’re grateful for Thu, 25 Nov 2021 09:00:36 +0000

In a year in which PYMNTS readers have been stuffed with information about the digital change taking place, while also enjoying some good help with the advancement of the connected economy, it seems entirely appropriate. to take this opportunity to honor the many pieces and pieces of the payments puzzle that keep it all going well (at least most of the time!) and thank the possibilities they’ve opened up.

1. Mobile banking apps and services

At this point, it is almost impossible for most of us to remember what life was like in the ‘British Columbia era’ (pre-COVID) given the scale and scale of the developments. digital technologies that have permeated so many facets of our lives and daily routines.

Nowhere is this perhaps more visible than in the growth of mobile banking and payment apps that have become permanent – and important – features on the homescreens of our personal devices.

Fast, flexible, personalized and secure, the ability to pay and get paid has never been better, and things will only get better as FinTechs, big banks, local credit unions and more yet are constantly pushing back the innovation envelope to make the payments improve a bit.

And yet, we take everything for granted and grumble when it doesn’t work – or even works quickly.

“Now all of a sudden consumers can receive an SMS on their cell phone and make a payment from there” Payment us President and CEO Dushyant Sharma said in a recent interview with PYMNTS. “Or if I put my kids to bed late at night and find I have to pay, I can do it right away. I have several options and I don’t have to wait to call the next day or go to the bank, make a payment, then call the billing company and say, “Don’t charge me late fees. “

The holiday season is the ultimate period of personal payments field testing – for the next six weeks, it will be stress tested to a degree unimaginable just a few years ago, while seamlessly facilitating what will certainly be another year of record volume and transactions. .

2. Buy now, pay later

Speaking of volume, BNPL’s huge and far-reaching story has generated a huge volume of coverage that has not only been a giveaway of sorts for PYMNTS, but has also provided an endless stream of fascinating twists and turns involving the consumers, retailers, regulators and, of course, a range of BNPL providers with unprecedented numbers of installment plans.

During the year, the adoption and availability of BNPL plans have been in a neck-and-neck race, fueled by dual demand from consumers and merchants. The result saw a growth of over 200% in the category, with PYMNTS data showing that 11% of total U.S. consumers have used BNPL at least once this year, with a 62% increase in younger consumers aged 18 to 24 years old and a huge 98% spike in BNPL plan adoption by clients aged 55 and over.

To meet this booming demand – and capture their share of it – a mix of outright vendors, traditional lenders and global payment processors have entered the market to make plans available to more people. people in more places than ever, including online, in-store and at the point of sale. The product has also grown far beyond its retail origins and is now used to pay for larger items with durations of over 3-6 months including things like vacations, elective surgery and event caterers.

Admittedly, this level of growth has not gone unnoticed by regulators, who are still actively trying to assess the situation and defuse the risk that rising BNPL balances could pose to the system.

That said, any effort to slow things down is sure to meet resistance, as this new payment method has almost on its own kept some traders afloat, and in turn provided much needed economic growth.

People also read: Debit Cards Seek to Expand BNPL Ecosystems

3. Social commerce

Just days ago, the nation’s largest retailer announced that after a year of testing, Walmart was literally doubling its social commerce experience and adding twice as many live shopping events across all media platforms. social media, including its latest edition, Twitter.

In unveiling his expanded plans, which will begin Sunday (November 28) ahead of Cyber ​​Week of an equivalent size, Walmart U.S. Marketing Director William White has been outspoken in his affection for this new retail channel in vogue.

“We believe the future of retail lies in social commerce,” White said. “The success of these live events and the growth of our business tells us that we are on the right track,” he added – a path clearly mapped out by the young people of the world who live, learn, laugh and also shop. on their phones.

At this point, data from PYMNTS has shown that there are still miles of growth room for streaming commerce, as only a tiny fraction of the billion plus active users on TikTok each month actually buy any. what’s on the platform itself – a massive disconnect that marketers and marketers around the world are eager to change, both in the United States and overseas.

As much as social commerce on existing social platforms is still in its infancy, so much the digital diehards of the world have already moved on to the next big thing, even though the current big thing is still relatively small.

Meta CEO Mark Zuckerberg, for example, is so convinced of the potential of the Metaverse that he renamed his company.

“The creative economy and the tools of commerce are still in their infancy, and there should be an opportunity for millions more people to make a living doing the jobs they love,” Zuckerberg said with a look. looking to the future.

In the meantime, the expansion and standardization of live social shopping is expected to expand, largely thanks to the seamless shopping and payment experience that is built into the process, keeping the experience fun and frictionless.

4. Consumerization of B2B

In keeping with the deeply scientific principle of ‘ape sees, ape does’, the consumer ripple effect – spoiled for choice in the world of digital payments – demanding the same level of speed, connectivity and convenience in the place. work has been an undeniable trend this year.

This so-called ‘B2B consumption’ is not only growing remarkably, but it is changing entire workflows and improving the lives (and productivity) of finance teams who have been suffering for a long time and are shedding tons of manual tasks and costs. tedious paperwork.

“The digitization of operations and payment options and more flexible choices for customers have been a huge innovation for SMEs,” said TreviPay General manager Brandon’s Lance in a September interview with PYMNTS on exactly this topic. “It helped them get more business and a bigger share of the wallet. “

Read the entire article: As SMEs invest in digitization, consumerization of B2B commerce is taking shape

This series of back office upgrades not only mimics the user experience that consumers have become accustomed to on their personal devices and are increasingly demanding at work, but they’ve also been proven to be as good for business as for the spirits.

For example, a PYMNTS study, ‘The Digital Transformation of Main Street SMEs’, showed how these investments were paying off, with nearly 70% of respondents making innovations in digital and contactless payments. expecting their earnings to be higher this year than they were. in 2019.

5. Crypto everywhere

It would be hard to overstate the growth and impact that the advancement of digital currencies is having on the payments space, both for consumers and businesses, dealing with each other and with each other.

While the use of crypto is still only a tiny fraction of the overall payments stratum, its growth trajectory and dominant part of everyday discourse gives it disproportionate influence.

In the past week alone, PYMNTS has chronicled the expansion of bitcoin and crypto as a way to purchase goods and services in new industries, including private jets, vintage car auctions. and even an unsuccessful offer to buy a rare copy of the US Constitution.

While there is still plenty of room, crypto’s irrefutable entry into the mainstream has even caused some skeptics to change their minds, at least when it comes to bitcoin, and reverse their stance.

“Crypto obviously means a lot of different things to a lot of different people,” Stripe Co-Founder and Chairman John collison told FinTech Abu Dhabi this week, three years after his company dropped support for bitcoin due to volatility and inefficiency in conducting regular transactions.

On the other end of the spectrum, Square and its co-founder / CEO Jack Dorsey continue to be steadfast supporters of bitcoin, not only enabling its use for peer-to-peer payments through its CashApp platform, but also orienting itself towards its acceptance at its point. sales terminals.

Before that, bitcoin-linked debit and credit cards have already bridged the spending gap, although purists would argue that these aren’t actually digital dollar transactions, as much as digital dollars securing a transaction. underlying.

Either way, it’s a safe bet that a year from now by this time cryptocurrency payments will have grown exponentially and spread to new industries and locations, as sure as we return. in Turkey at the end of November.



On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to learn more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

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What is Buy Now, Pay Later and how does it work? Wed, 24 Nov 2021 19:28:19 +0000
  • The Buy Now, Pay Later programs allow you to purchase items without paying for them all at once.
  • When shopping online, you can usually get approved for BNPL within seconds at checkout.
  • However, don’t let BNPL trick you into spending money that you don’t really have.
  • Learn more about Personal Finance Insider loan coverage here.

The holidays are upon us and people are opening their wallets to pay for the festivities – consumers are expected to spend nearly $ 1,000 this holiday season, according to recent data from the National Retail Federation.

If you don’t have all that money to spend up front, an option to delay full payment for gifts is becoming increasingly common with an arrangement called buy now, pay later.

What is buying now, paying later?

Buy Now, Pay Later (BNPL) allows you to purchase items without paying for them all at once. Instead, you pay only a portion of the price up front, spreading the remaining cost over a predetermined number of installment payments. These payments are often interest free and the approval process is quite quick for consumers.

BNPL has become an exponentially more popular option for shoppers, especially those who shop online. Companies like Affirm, Afterpay, Klarna, and QuadPay all partner with various retailers to offer point-of-sale installment loans (another name for BNPL).

Businesses can limit the amount you can finance through BNPL, and not all purchases will be eligible for this plan.

There are no universal rules for BNPL programs because every business operates differently. However, this is generally what to expect with BNPL:

  • Choose the BNPL option when paying at a participating retailer and get an approval decision in seconds
  • Make a small upfront payment, for example, 20% of the total purchase amount
  • Payment of the outstanding balance in a set number of weekly, bi-monthly or monthly installments (which are usually interest free)
  • Choose to make automatic payments from your debit card, credit card, or bank account, or choose to pay by check

Pros and cons of buying now, paying later

What are the alternatives to buy now, pay later?

Save to make your purchase outright.

If you are lucky enough to have time to wait to make your purchase, purchasing your item all at once will save you from increasing your total debt and take the stress out of keeping up with your weekly or monthly payments. Set a target amount for your purchase and save a portion of your salary each month to reach your goal.

Use a credit card to make your purchase.

If the desired purchase is not available through BNPL or is more expensive than what you can handle in monthly installments, you can use a credit card. However, keep in mind that it is generally easier to get approval from BNPL than traditional credit cards.

Although credit cards and BNPL allow you to delay payments on purchases, they work differently. With BNPL, you will pay off your item on a fixed schedule, usually over several weeks or months, with minimal to low interest rates. Credit cards allow you to keep a balance indefinitely (although you have to make minimum monthly payments), but interest will accrue until you pay off your purchase.

Another option for a large purchase is to open a credit card with 0% APR. This interest rate is usually introductory, which means it will last for a while after you open the card, but as long as you pay off the balance before that time expires, you won’t be charged interest. .

Take out a personal loan to make your purchase.

Personal loans work the same way as BNPL in that they are installment loans with a fixed payment schedule and a fixed interest rate. However, personal loans are generally used for larger purchases (the minimum on most personal loans is around $ 1,000), and they have longer repayment terms. Your credit score is an important factor in determining the terms of your personal loan, so you could pay a much higher interest rate on a personal loan than with BNPL if your credit is not in good condition.

How to get the most cash back rewards this holiday without a credit card Wed, 24 Nov 2021 16:53:47 +0000

Source: NoSystem images / Getty

TThe holiday shopping season has arrived and Black friday knock at the door. This is usually the time of year when we spend a lot of money in a short period of time. Since you are going shopping, now is a great time to maximize with a rewards program.

There are several types of rewards programs that range from gift cards to travel to cash back. One thing remains true with any type of reward, “Cash is King”. But, the majority of rewards programs are credit card related. This is definitely a missed opportunity for shoppers who spend a lot of money this holiday season using cash or some other unrewarded product.

Reasons for not having a credit card

There are several reasons shoppers may not use a credit card for holiday shopping, but not having a credit card is simply top of the list. Choosing not to have a credit card and creditworthiness are two of the most important factors. So how can holiday shoppers cash in on rewards without having a credit card?

Earning Rewards Without a Credit Card If credit cards aren’t your thing, but earning rewards is, you’re in luck! Products, such as the Visa ONE VIP Debit Card, offer a lucrative cash back program without the hassle and fees of a credit card. In fact, there are no hidden fees with the ONE VIP Card, no overdraft fees, and there is no fee to get it. The ONE VIP card is a digital banking product accessible to anyone over the age of 18 with an address and social security number in the United States. No credit check is needed to get this card and you can start using it as soon as the money is loaded on the card.


Source: UN VIP / UN VIP

ONE VIP Rewards Program Overview

ONE VIP card members earn 1 point for every $ 2 spent on purchases and double points for purchases from black-owned business partners. These points are unlimited and can be redeemed for cash back.

Additionally, ONE VIP members can choose to pay points by donating them to Urban One Community Works (U1CW). U1CW will use donations to support selected charities supporting people of color such as The Innocence Project for Criminal Justice Reform, the National Black Justice Coalition in Service of LGBTQ / SGL Communities, Howard University, as well as the Foundation Tom Joyner serving HBCU students nationwide.


Source: UN VIP / UN VIP

Final result

You will probably be spending a lot of money over the next couple of months – take advantage of a rewards program and get some of that money back!


Need to cash a check? Here are all the benefits of ONE VIP, the new debit card from Urban One

URBAN ONE ONE VIP: all you need to know about the new debit card, loyalty program and mobile app

Tennis players Venus and Serena Williams pose in 1991 in Compton

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After Diwali Shopping, 6 Smart Ways To Pay Off Your Credit Card Bill Wed, 24 Nov 2021 04:10:00 +0000

After Diwali Shopping, 6 Smart Ways To Pay Off Your Credit Card Bill

We celebrated Diwali which is a good time for big purchases such as gadgets, appliances and cars. In addition, attractive offers complemented by discounts on credit cards during the holiday season stimulate the desire to spend. This can lead to increased use of the card. Stretching your card’s spending limit can add costly and difficult to repay debt. So, it’s important that after the holiday season you are aware of your credit card dues and don’t let them snowball into big debt. Here are some smart ways to pay off your credit card bill after the holiday season.

Pay according to your billing cycle

If you have contributions on more than one credit card, prioritize paying the contributions with the closest due dates. For example, your credit cards have statement dates of the 8th, 18th, and 28th of each month. If you spent money in the first week of the month, you should prioritize paying the card bills in the order of their statement dates i.e. 8th, 18th and 28. However, if you used the cards on the 20th of the month, you must prioritize the payment with the statement date falling first, ie the 28th of the current month and the 8th and 18th of the following month. . Knowing the billing cycle will allow you to benefit from a maximum interest-free credit period and a maximum period to reimburse your membership fee.

Pay the lowest bill first

Here’s another way to prioritize your contributions. If you have multiple overdue credit card bills, you can start by paying the lowest bill first, then move quickly to paying the others. Paying the lowest credit card bill will slightly improve your credit score and your credit utilization rate. You have little time to waste if you want to avoid high interest charges on your contributions.

Convert large invoices to EMI

You can ask your credit card company to convert your contributions to EMI. Most credit card companies allow you to do this. This helps reduce the risk of late payments and the associated penalties, and protect your credit score. Before EMI conversion, find out about the interest rate charged and compare it with your other cards.

Think about balance transfer

You can consider consolidating all of your debts into one through the balance transfer process, which allows you to transfer your contributions from one or more cards to a single card. If you go for this, you will get a little break from your debt stress as you will get up to 90 days without credit from the new card issuer. In this way, you will save time with the issuer to organize refunds. Keep in mind that once the credit period is over, your issuer will charge regular interest.

Avoid using the card until you have paid your contributions

When you’ve already spent more than your budget, adjusting new spending becomes essential to deal with your cash flow shortage. You should avoid spending with your credit cards until you have paid your dues. It will also help you stick to your regular essential expenses and avoid unnecessary expenses.

You have to pay MAD

If you are unable to pay your contributions by the due date, the minimum you must pay is the minimum amount owed. This is usually 5% of your contribution for that month, subject to a lower limit. Without MAD, you will be penalized for late payment. Missed payments hurt your creditworthiness and your credit score. Note that the MAD only saves you the penalty and not the interest accrued on your contribution.

There are several pitfalls of not paying credit card bills on time. During the holiday season, if you’ve spent more than you planned, you should immediately set up a plan of action to pay off your bills on time so you can be debt free without straining your finances.

Adhil Shetty is a guest contributor. The opinions expressed are personal.

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Mortgage prospects brighten for credit unions Tue, 23 Nov 2021 20:41:29 +0000

Existing home sales continued to increase from September through October, and the Mortgage Bankers Association raised its origination forecast for the second half of this year.

Monday the National Association of Real Estate Agents Existing homes sold at a seasonally adjusted annual rate of 6.34 million in October, up 0.8% from September and down 5.8% from October 2020. From August to September, sales increased by 7%.

“Apart from the surge last winter which made up for missed sales after the arrival of COVID-19, current sales are at their highest level since 2006,” NAFCU chief economist said on Tuesday. , Curt Long. “According to Freddie Mac, the average rate on a 30-year mortgage increased 17 basis points in October, but it did not have a significant impact on sales.”

Joel Kan, deputy vice president of economic and industrial forecasting at MBA, said the report showed home sales were holding steady even as demand for homes continued to be held back by insufficient supply.

“Nonetheless, it was good news that home sales rose for the second month in a row and at the fastest pace of sales since January 2021,” Kan said. “Similar to MBA’s recent weekly data on mortgage loan applications, home sales are still below the strong pace of last year, but have recently shown renewed strength.”

Monday, MBA released its monthly forecast review, which did not change expectations for mortgage origination until the third and fourth quarters. The refinancing arrangements for the third quarter of 2021 have been revised upwards by 2% and the fourth quarter has been increased by 12%. The purchase arrangements expected in the third quarter were raised by 6%.

The MBA shows that purchase fixtures fell 4% between the second and third quarters and 12% in the fourth quarter. For the year, the MBA predicts that purchasing fixtures will increase 9% to $ 1.61 trillion, followed by 7% gains in 2022 and 2023.

Refinancing arrangements fell 13% between the second and third quarters, then 13% in the fourth quarter. For the year, MBA predicts refinancing will drop 12 percent to $ 2.32 trillion. He predicts that refinancing will drop 63% to $ 860 billion in 2022 and fall another 21% in 2023.

Total productions fell 9% between the second and third quarters and 13% in the fourth quarter. With purchases becoming a larger part of the mix, total creations are expected to drop 4% to $ 3.93 trillion in 2021, and again 34% in 2022 and 4% in 2023.

NAR reported that half of all existing homes sold for at least $ 353,900 in October, up 13.1% from the median price a year earlier.

“Home sales remain resilient, despite low inventories and growing affordability concerns,” NAR chief economist Lawrence Yun said. “Inflationary pressures, such as rapidly rising rents and rising consumer prices, may cause some potential buyers to seek the protection of a fixed, consistent mortgage payment. “

Based on current sales, there was 2.4 months of supply at the end of October, roughly the same as the month before. Long said analysts consider six months of inventory to be a rough balance between supply and demand.

“It will take a sharp reduction in demand to have an impact on sales levels and the pace of price appreciation,” Long said. “Inventory levels remained near all-time lows in October, but the fact that rental prices are also rising rapidly is reducing the effects of rising home prices.

“There are some promising developments on the construction front, but it will take time to impact the resale market,” Long said. “The NAFCU expects housing to continue on its current trajectory for the foreseeable future.”

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Optimal Levels You Will Borrow Using One Hour No Credit Loans Tue, 23 Nov 2021 09:01:08 +0000 Optimal Levels You Will Borrow Using One Hour No Credit Loans

Up to $ 10,000 can be obtained whenever you find a single hour credit loan. Loans are more secure against your paycheck which is often the time that is due for repayment. The specifications of the loan without credit check become simple. You have to be an Australian resident or resident, be over 18, need a job, and have a bank account, that’s certainly legitimate. On certain occasions, contained in the verification procedure, you may be likely to demonstrate evidence of profits such as, for example, bank statements and investment stubs.

There are many creditors without credit checks in Australia who will undertake the task online. Therefore, to accept loans, they electronically review non-public and financial details or frequently request faxes for relevant documents. They usually verify and authorize the home loan within an hour which is a full cash deposit within a day or less as a bank account. No credit check loan is a real savior.

Set On Fash Cash Loans No Credit Check

You will discover a lot of credit choices that you can choose from. In particular, one of the options a bank that is personal or even a loan advance may feel given to you. Such loans could be offered by both more secure and reputable creditors.

But, you certainly don’t need to assess their fortunes by trying various credits, because that’s exactly what Monzi was intended for. They find out about the many trustworthy financial institutions that are doing very well.

Why Get Loans Fast Without A Credit Check, Always

Enjoy 60 Credit Check Free Times which are becoming popular among people. Let’s look for when you examine the question of why people love them:

  • Pay off their mortgage. Many credit contracts relate to individual residences. Therefore, in the event that you miss a payment or two, it is possible to get rid of your belongings or your trucks and cars. Nonetheless, you certainly don’t need to stress because you can still rely on day-to-day payday loans.
  • Debt Consolidation Loans. Some borrowers use the payday loan to protect another loan. Such a loan could be used to settle your financial problems. And yes, it can be another type or type of economic responsibility like bank cards. If this is the case, especially where the mortgage interest has been marketed as less than what the debtor owes to the largest number of countries in financial liability, an online cash advance might be reasonable.
  • Getaway gifts. Christmas is simply a gold mine for creditors. For the minute of a year, people must have gifts because of their loved ones. Hence, they will have payday advancements because they are the optimal solution. You will get the dollars you need for the duration of Christmas, after which you can better directly recover their stability when you consider the brand new one year after making dough.
  • Hospital treatment. Without health care insurance, | insurance that is medical} medical crisis will often be costly in money. It could be between $ 2,000 and a few hundred thousand, depending on the type or style of therapy in the medical facility. And just like any other debt, if you don’t pay the bill right away, it accumulates in interest. Payday progress can handle.
  • Unemployed. It can be a real challenge to get through a period without a job. It’s stressful not only economically, but also emotionally. And that’s every time that payday advancements can work with you. To get started, you’ll have the cash you might need right away. Second, you will be able to live as if you did if you wanted to damage your plans. Third, it has an effect that is sure emotional helpers reconsider your daily life.
  • Avoid misunderstandings. Some may wonder why not borrow dough from loved ones or friends when looking at the accepted host for credit. Nonetheless, many people do not want to ask their loved ones for the funds. Just as you owe a particular vendor, rather than someone else, you realize if you are borrowing money.
  • Buy food. Dishes and clothes needed for everyone. However, the prices keep going up, just not having sufficient resources for what you would like due to the economic uncertainty. online is exceptional for people who have bad credit because you receive yet another investment with the intention of paying money for your overall expenses.
  • Energy re payments. Most of us are aware of the importance of long term expenses for the house or apartment. the repayment has been postponed, other fees may be added and debts are increasing rapidly. And unforeseen prices can arise during the life of each individual. in trouble, just get a payday loan and spend all your bills fast. want to get the mortgage in the paycheck that’s next.

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ANZ suspends low deposit home loans Tue, 23 Nov 2021 03:39:35 +0000 ANZ Bank has put pressure on low deposit loans to homeowners wishing to buy existing homes as it prepares to comply with the Reserve Bank’s stricter lending rules.

The country’s largest lender today said it was “temporarily” suspending such loans after loan-to-value ratios (LVRs) were tightened in early November, imposing a limit of 10% of total new loans by a year. bank to owner-occupiers with a rate of less than 20%. to pay.

ANZ chief executive for personal banking, Ben Kelleher, said the bank was barely going over the limit, but once it had some leeway it would pick up.

“We’re not that far away, so it’s just a temporary brake pump and we’re hoping to be able to open after Christmas once we’re below that limit.”

He said the loan stop would affect about 10% of his customers, but not all existing approvals and pre-approvals would be affected, as would low security deposits to builders of new homes.

Kelleher said there were signs of a slowdown in the housing market, with a long list of factors ranging from rising interest rates, tighter lending criteria, affordability and restrictive tax rules.

“The list goes on, there are a lot of headwinds for the real estate market.”

“I don’t see a big crash coming, but I think we’re going to go back to low-digit growth for a while, which would be a really good thing,” Kelleher said.

He said last year’s record mortgage rates, which fueled the home buying boom, are now a thing of the past and won’t be repeated anytime soon.

“These were abnormal rates at a very unusual time and with rising inflation, open borders, wholesale rates are going up in expectations and that’s driving fixed mortgage rates up.”

Meanwhile, the Reserve Bank released more details and asked for comment on its debt-to-income ratios, which would limit lending to a borrower’s income.

He also wanted comments on interest rate lows for banks to test whether borrowers can cope with rising interest rates.

“We are not proposing to implement any restrictions on debt service at this time, but we want to prepare to implement them in case financial stability risks warrant,” said Vice Governor Geoff. Bascand.

The central bank has been considering DTIs for a few years as a way to control risky bank lending, but would still need government approval.

South Africa faces chronic slowly worsening budget crisis Mon, 22 Nov 2021 15:30:06 +0000

The South African National Treasury did an excellent job in the 2021 Medium Term Fiscal Policy Statement balancing the fiscal and political pressures placed on it by economic stagnation and inconsistent government policy. Capital markets applauded for two reasons. First, the revenue figures were significantly better than those presented in the February 2021 budget. This created potential fiscal space of around 132 billion rand in the current year and 64 and 59 billion rand respectively. over the next two years.

Second, Finance Minister Enoch Godongwana has resisted political pressure for substantial commitments to permanent increases in spending. About R60 billion (or 1% of GDP) was added to the spending cap in 2021 and R30 billion in each of the following two years, less than half the value of the improved revenue. The Treasury has also been cautious in its projections for economic growth and fiscal dynamism, leaving substantial room for higher revenues and a lower deficit. Fiscal dynamism is a measure of the relationship between total tax revenue collected and economic growth.

The increase in spending is dominated by three elements: salary increases for civil servants, the extension of the social relief allowance and the public works program of President Cyril Ramaphosa. While the Treasury has presented each of these items as temporary, they in all likelihood represent permanent increases in spending. Instead of admitting this reality in advance, the fiscal framework foresees large reserves of unallocated funds.

By withholding some of the increased spending in reserve, the Treasury has deftly provided space for political leaders to make choices and face real compromises while simultaneously clarifying the Treasury’s own view of the budget constraints in which this debate should take place.

Cabinet caught in the headlights

An improvement in the fiscal outlook that takes spending pressures into account is encouraging, but there are two caveats. First, the country’s chronic public finance situation continues to worsen. This can be seen in several metrics. Growth remains well below interest rates and GDP per capita is expected to continue to stagnate. Debt servicing costs crowd out social spending.

Amounts owed by provincial governments to suppliers (primarily for essential medical products) are increasing at a rapid rate. Most municipalities are in financial difficulty, with uncollected revenues reaching 232 billion rand. The local government tax crisis is fueling the bankruptcy of public services, and they show no sign of slowing down.

As long as Cabinet seems caught in the spotlight, unable to deliver a program to overcome severe operational and financial crises in the provision of municipal services, electricity, water, road construction and passenger rail transportation, statements that “there will be no bailout” make postures. The ongoing destruction of value must be reflected somewhere in the national balance sheet, even if it is not counted in the budget.

Second, the Treasury’s strategy to overcome this chronic fiscal crisis rests on very uncertain political and economic foundations. The proposed strategy is a profound shock to public spending executed over the next two years – 2022 to 2023. In real terms, basic spending is expected to contract by 4% each year. This equates to a reduction in real per capita spending of more than 10%.

The 2021 medium-term fiscal policy statement tells us that following this short and sharp shock to public consumption, the period of fiscal consolidation will be over. After posting a primary surplus, the national debt will stabilize and spending increases will resume on a cautious path.

Credibility of the fiscal framework

This strategy depends on a sharp fall in the real incomes of civil servants and a fall in public employment. But the plan to keep the pay improvements this year has not worked. Civil servants negotiated an effective increase in the average salary of more than 5%. This corresponds to inflation. In addition, the workforce has increased during the COVID-19 crisis, particularly in the health sector.

The idea that civil servants will accept the budgeted 1.5% salary increases in 2022 and 2023 might be a good negotiating tactic, but weakens the credibility of the fiscal framework.

This year, South Africa is recovering from the COVID-19 shock and its economy is supported by a commodity boom. Public spending has also increased, albeit at a very slow pace, providing some support to aggregate demand. Over the next two years, on the other hand, the Treasury offers a significant negative fiscal stimulus. In their forecasts, a pick-up in investment and sustained household demand will offset this fiscal contraction, leading to an expansion in domestic spending.

But if these compensatory forces disappoint, the proposed fiscal shock could be procyclical, slowing growth and increasing unemployment. This would be the case if, for example, the resumption of capital formation fails or if global developments (such as a deceleration in China and a tightening of global monetary policy) turn out to be more unfavorable than one might think. currently.

It is true that a debt crisis and the associated high interest rates are holding back South African growth and underscoring the need for fiscal consolidation. But it is also true that significant and sustained consolidation – which reduces public deficits and debt accumulation – will hamper recovery.

Consolidation as proposed in the medium-term fiscal policy statement will also have problematic consequences for supply and long-term growth. These depend on an effective supply of basic education, criminal justice and health care. The deeper and more intense the contraction in spending, the more lasting it will mark these services. Civil service reform is absolutely necessary to improve value for money, and it could well be argued that increased spending will not generate better social outcomes if the civil service remains inefficient. But that doesn’t say anything about the impact of the spending cuts.

The past decade of sharp spending cuts show that those with organized interests in the distribution of rents through the budget – public sector unions, corporate interests and politicians – are quite capable of defending their rights. slice of the pie and pass the real costs. spending constraints on the voiceless or unorganized. The temptation to engage in bogus savings, temporary measures and unsustainable spending cuts will be huge over the next two years.

In theory, one could envisage a consolidation “favorable to growth” of the economy and which limits the permanent damage of austerity on public services. But neither the Treasury nor any other part of the government has suggested such a program. So it would probably be safe to assume that it doesn’t exist. The fiscal instrument the Treasury uses is blunt, the capacity of public administrators to deal with the coup is weaker than ever, and the unintended consequences will be widespread and debilitating.

The Minister of Finance is proposing a decisive correction of course in the budgetary accounts, followed by a regular trajectory of prudence in spending. In the context facing South Africa, it makes sense that the Treasury offers this clear and bright solution. This will help negotiate the tough choices the government will face over the next two years. These choices include issues that President Ramaphosa continues to hedge his bets on for obvious political reasons – the public sector wage deal, the permanent extension of basic income support to working-age adults, and the resolution of the operational and financial crisis of public services. .

The outcome should lie somewhere between the Treasury’s negotiating position and the imperatives that will define political choices. These choices will emerge as various factions scramble for supremacy in the 2022 ANC elective conference and 2024 general election. The most likely prospects remain the continuation of the current trajectory of economic stagnation and slow escalation. of South Africa’s chronic fiscal crisis.

__ A version of this article, MTBPS clears fiscal space but it’s still a path through a swamp, was first published by Econ3x3 .__

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Should a business notify me of a compromised credit card? Mon, 22 Nov 2021 12:01:23 +0000

A hotel may get a pre-authorization from you to block your card for your stay in advance and then bill you at the end of your stay. How long after your departure can he continue to bill you? If a charge appears some time in the future, it is likely that the card has been compromised.

For example, reader Dan writes that 18 months after his hotel stay, the company charged his credit card: “Didn’t notify me, called, nothing at all. I just billed myself $ 300, 18 months later. Dan disputed the debit with his bank, had the card canceled, and received a replacement card, but no chargeback for the disputed amount. He wonders if the hotel practice is legal.

Business reports on compromised information

It seems likely that Dan’s card has been compromised. Maybe a dishonest employee used the card information to make an unauthorized debit, for example. Businesses have certain legal responsibilities to customers when they discover that a card has been compromised.

The Federal Trade Commission offers advice to businesses on what to do if information has been compromised: “If you promptly notify people that their personal information has been compromised, they can take steps to reduce the risk that their information has been compromised. be misused. “

There are a number of factors that businesses need to consider when deciding who to notify and how to notify them. These include:

  • State laws
  • What kind of compromise it is
  • What type of information was disclosed
  • How likely is the information to be misused
  • Extent of damages in case of misuse of information

Companies must also provide details of the compromise. Based on state law, this could include:

  • How the compromise came about
  • What type of information was disclosed
  • How violators used the information (in case the company is aware)
  • All measures taken by the company to remedy the situation
  • Comments on what the company is doing to protect individuals (such as providing credit monitoring services)
  • Contact details of appropriate people in the organization

The FTC also says companies should let customers know how they intend to contact them for follow-up (for example, by mail), including whether they will not be contacted at all. This way, customers can avoid being duped by phishing scams from scammers who hold their information.

Credit card procedures

Card issuers have their own protocol for how to handle a compromised card situation. Although the instructions of the different issuers may vary, it is important to notify your issuer if your account is compromised and to cancel the card. This will reduce the potential for fraud as the compromised credentials will no longer be valid.

Since networks such as Visa and MasterCard have zero liability protection policies, you will not be held responsible for unauthorized charges. However, you should report them immediately, so keep an eye on your online account to make sure you don’t miss a thing. You may need to file a fraud affidavit with your financial institution. You may also be asked to file a police report to facilitate an investigation.

Issuers can give you an interim chargeback of the disputed amount after they have reviewed a case and have all the documents needed to process a dispute.

Since your Social Security number is not compromised when someone has your card information, it seems that identity theft is unlikely.

The bottom line

Dan, it appears the hotel has compromised your card information in some way resulting in unauthorized debit. If the hotel was aware of the situation, they should have followed the laws and informed you. You might consider discussing the situation with a lawyer to see if you have a case against the hotel.

If that reassures you, you can also use credit monitoring services, which are offered free of charge by some financial institutions. And don’t forget to provide merchants who will charge you on a recurring basis, say for a digital streaming service, with your new card information.

Contact me at with your credit card questions.

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