Tag: credit card

  • Payment Card and Prophecy by George Orwell

    Payment Card and Prophecy by George Orwell

    Payment Card and Prophecy by George Orwell
    The payment card will make payments easier, it is more convenient than cash but has drawbacks too

    by Gorica Gligorijevic

    Cash or payment card? About this topic, most of us have been speculating on this very issue, but until now mainly from a philosophical point of view.

    The current world seems to many like a dystopia. It’s a tale of the darkest times. Whose dystopia? Which writer best envisioned this time of confusion and dysfunction? Two classics from the 20th century. Aldous Huxley’s “Brave New World” and George Orwell’s  “1984”.

    “A squat grey building of only thirty-four stories,” starts “Brave New World”. 

    “It was a bright cold day in April, and the clocks were striking thirteen,”  “1984” opens.

    What horrible openings! Scary! 

    Both writers wrote about how future governments will operate with a lot of energy spent in seeking to encourage economic consumption.

    What we have today?

    We, together, protect and transmit our secret lives through surveys and social media.

    We are sharing our personal data on which we all commonly depend. And we are doing that so easily.

    Do you feel the importance of this change in our own lives?

    It will be more clear when explained on the example of credit cards or loans.

    Payment Card – The customer is always right

    For example, loan review. 

    From this review, the police, and not just the police, can see: do you drink Coca-Cola or Pepsi Cola, what kind of bread are you eating, what beer you drink, what brand and what size of shoes you wear, what size underwear you are buying, where you were five months ago when you have paid a hotel for the other two people and who they are.

    Scary enough? Who was right? Oh, how predictive was Orwell!

    In some countries, cash payments are canceled, only payment cards are used. That’s the reality. We can go a step further. The government, for “justified reasons”, declares the Regulation: for certain cardholders, daily payment from a card is limited to $500. The other group of owners has a limit of $2,000 daily, while the third group has unlimited card payments. Everything is a nice and computer programmed, based on the personal data of the cardholder and done by the push of a button.

    Cards and chips

    According to the banks’ published data, in the last year, 2018, they have reported record revenues. Of course, by having no limits on making trades with our money.

    It is already known that some of the largest companies are implanting chips in their workers. They put the chip into a part of the body and thus, instead of the cards, they control the arrival (check-in) and departure (check-out). And when you reach your retirement they activate your check-out. 

    Or, for example, Sweden. They have a state program to put chips into citizens. One chip for everything. To take your money on the ATM, to unlock your home, to pay in the store, to make an appointment with the doctor. Even more, with that one chip, you can start your car, use public transportation, make payments in restaurants, buy medications. What a wonderful world!

     

    You are happy! When it will be possible for the whole world?

    Bad experiences with payment card

    Recently, I visited Holland. For a personal reason, I carried the cash. Actually, my payment card was stolen and I had to take this trip before solving the problem with it. Holland is an extraordinary country and I like to travel there. People are relaxed, easy-going and natural (maybe sometimes too natural), everything is full of brightly colored flowers, the buildings are brightly painted too. Public transportation is one of the best in the World, the food is really good especially cheeses, meat has a special taste as much as vegetables. In one word, wonderful! But…

    The first problem arose at the airport. When I tried to find a taxi with a driver who will take the cash. No luck. When I tried to purchase a ticket for the public transportation, the problem was the same. My cash was useless. I had to call my friend to come and pay for everything I needed. Well, I was never so close to anyone like my friend those 10 or 12 days, how long I was in Holland. He would pay with his credit card, and I had to reimburse him with my cash to cover my purchases.

    Payment card yes but cash rules

    It was accidentally that several days after my visit to Holland I was watching some movie, a contemporary one. No one would understand, even me, why I was so happy when I saw in one scene, that in the front of some store was written: Cash only!

    What I want to say, in some countries the law limits how much money you may have in cash. It announces a total cancellation of cash payments.

    And if the rule is to make payments only through credit cards, it is obvious that someone wants to control you. 

    Do we have the liberty to choose the way we want to make payments? 

    Yes, it is more comfortable to have one or a few payment cards in the pocket. But, how to say, no one asked us would we like more than one card, one chip or hands full of cash. And credit cards are not always the best solutions, nor are the chips.

    For example, you have money in the bank and a payment card in your pocket or the chip under your thumb’s skin. And for some reason such as natural disasters, riots, power failure, or simply by someone’s order, or even by mistake, by pushing the button in the bank you cannot pay for anything. And you are out of your home and your environment, who will pay your food and water, who will and how accept your card?

    It’s complete and total control and slavery of a human. Orwell’s “1984” is a fairytale of this.

    Do you have similar experiences? It would be nice to share with others.

  • Getting a Personal Loan

    Getting a Personal Loan

    Getting a Personal Loan
    How is possible to get a personal loan even with a bad credit score

    By Guy Avtalyon

    A personal loan is a good choice if you need funds for a particular purpose. But you have to consider many factors when deciding the variety of loan that suits you. You can use a personal loan to decrease debt, repay unpredictable payments, make home repairs, and more.

    How to get a personal loan?

    Personal loans allow low-interest rates for people with good credit. They are usually smaller loan products than other kinds of loans. We have to say, they aren’t undoubtedly the best choice for everyone.

    Before getting a personal loan, you have to consider several important things.

    The first thing you are asking yourself is: How much money can you get?

    Well, loan sum varies from lender to lender.  Usually, you can expect between $1,500 and $100,000.  That depends on your creditworthiness. This means that the lender will estimate your ability to pay them back before they decide to lend you money.

    How does a personal loan work?

    You will get a fixed sum and have to pay it back with interest in monthly parts until you pay back the whole amount.

    That can be after 12 to 84 months. After you pay back all, your account will be closed and you, if there is a need, can apply for the new one.

    Nevertheless, before you apply for any loan it’s crucial to consider why you require the money. Depending on that, you may choose the variety of loan that’s most suitable for your financial situation.

    What are the types of personal loans?

    You see, there are two types of personal loans: secured and unsecured.

    Unsecured loans are not backed by collateral which means that the bank determines are you qualified to get the loan. The lender will estimate your financial history. If you don’t pass for some unsecured loan maybe you’ll find the lenders who want to offer secured options.

    Secured loans are backed by collateral. Collateral is a savings account or CD. Why this is called a secured loan? Because if you are not able to pay on time, the lender can require your asset as payment for the loan. Your asset, a savings account or CD is the guarantee that the lender will get its payment.

    Where you can get a personal loan

    In the first place, it is a bank. But you must know they are not the only place where you can get a personal loan. There are other lenders too. For example, online lenders, consumer finance companies, or credit unions are places where you can acquire a loan.

    The one thing is important, you have to be qualified applicants.

    Also, you can take a risk and contact some online lenders. There are plenty of them. But you must be careful. It’s true you can get a personal loan very quickly from them. But some of them are not legit and often they are scammers. Check them first. 

    As we said previously, personal loans can give the money you need, but they are not, at the same time, the best choice for everyone. Sometimes, a credit card could be a better alternative.

    But be careful with this too. If you take a balance transfer card and you are not able to pay off your balance, you may catch an enormous amount in interest charges.

    For homeowners, there is a home equity loan. This kind of loan will give the aid you need. Usually,  it is a larger loan sum at low rates. You should be aware, you are giving your house as collateral for these kinds of loans. If you fail to pay, your lender has the right to use your house as payment for debt for the loan.

    How personal loan may impact the credit score?

    When you demand a loan, the lender will count your credit as an element of the application process. This is recognized as a hard inquiry. It will regularly reduce your credit scores by a few points.

    On the other hand, the lenders that you previously had an account with will just review your credit. This is identified as a soft inquiry and will not affect your credit score.

    It is obvious where to ask as first.

    Interest rates and fees

    Interest rates and fees can create a big distinction in how much you will pay to the end. Here are several circumstances to consider.

    Interest rates typically vary from around 5% to 36%. That depends on the lender and your credit. Meaning, if you have good credit, the interest rate will be lower. But, you will pay more interest if your loan is long-term

    Some lenders will charge you a fee to cover the expense of processing the loan. That is origination fees. It can be from 1% to 6% of the loan sum depending on lenders’ rules.

    Some lenders will charge you a fee if you pay off your loan early. What? Yes, if you pay off early the lenders will lose the full interest that they would have earned in established agreement.

    You have to know all of this or you must be informed by your lender about all the circumstances before signing anything.

    A personal loan may be a good solution when you need extra money for a particular intent. But there are many circumstances to consider. You have to decide what sort of credit is best for your condition.

    You must feel comfortable.  Also, you must find the payments like the one you can afford and not feel captured. Measure twice, cut once.