Recently one of the new age private banks forays into the credit card business. One of my clients asked me why we have so many credit card companies. The reason being, it becomes more difficult to select the right credit card. In India, only banks can offer a credit card. Here by credit card companies i mean banks including their partners, marketing agencies, sales agents etc. From bird's eye view, it is a charitable business. A bank issues a credit card to the customer. Customer use the card and bank provide temporary credit. Customer pays the bill and that's it. Prima facie the only source ... Read More
7 Tricks How Banks Make You Spend More On Your Credit Cards
Credit Cards are both boom and doom for a user. The scenario depends on how good a user is in debt or credit management. I using credit cards from last 12 years and i have never defaulted on bill payments of the credit cards. I am not saying that i am the BEST in debt management but i learned fast from my initial mistakes. Once i knew the tricks of the trade i turned, credit cards to my advantage. I shared some of these tricks in my posts, Credit Card - Save While You Spend and How to Use Credit Cards Smartly? Otherwise, credit cards can be a wealth destroyer. As a customer, i am playing ... Read More
Online Shoppers – 5 Trends That Can Burn Hole in Your Pocket
The no of online shoppers is rising in India. Thanks to the deep discounts offered by the e-commerce companies in past. At one point the future of e-commerce in India was looking very bright. The e-commerce is undergoing major changes after govt restricted total sales from group company or single vendor at 25%. Therefore, after the new regulations came into the picture the discounts for online shoppers disappeared. In my opinion, 99% of the online shoppers failed to notice the same :). Still, the e-commerce marketplace found new ways to offer very controlled discounts. Anyways this post is not ... Read More
How To Select or Choose The BEST Health Insurance Plan
How to Select or Choose the BEST Health Insurance Plan? is one of the most common queries posted by the readers of this blog. I highlighted the importance of health insurance plan in my post, Why do we need Health Insurance? Let me admit that to select a Health Insurance Plan is difficult or complex compared to any other insurance policy. The reason being, a large number of deciding factors in Health Insurance Plan. The plans like life insurance or critical illness plan are event specific. On the other hand, there are a lot of ifs and buts in health insurance plan. To share an example, there ... Read More
Annual Information Return – A Database of High Value Transactions
One of the mysteries for an income taxpayer is how income tax department comes to know about high-value transactions? The answer is very simple, through Annual Information Return or AIR. Besides Annual Information Return, the information is also collected through TDS (Tax Deducted at Source), TCS (Tax Collected at Source) and various other sources. As the reader's on my blog keep posting this query to me so i thought of sharing a separate post on Annual Information Return or AIR. Though it is a no-brainer that it is mandatory to quote PAN for certain high-value transactions. One of the ... Read More
Financial Implications of a Divorce – 7 Mistakes to be Avoided
Recently i was reading an article on Life's 15 most stressful events. Quite surprisingly "Divorce" was at no 2 in the list after "Death of a Spouse". Almost 10% queries posted on my blog are related to financial implications of a Divorce. I will not term it as financial implications/mistakes rather these are financial blunders. Divorce is a personal matter between the couple. Based on my interaction i can conclude that emotions like revenge, anger, and resentment take over financial wisdom. The financial implications of a divorce take a backseat. As a result, both husband and wife incur a ... Read More
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