by Ajay oberoi | Consumer Proposal, Credit Counseling, Debt Management
Sometimes the feeling of losing your credit cards is like losing your car key or kids in a crowded place. When you lose your card or someone really stole, it can have many damages that you will not wish to handle. You are in a grave treat when you have a high limit or have to pay the bank. The last thing that you will wish to think about is your credit card is in the hand of a bad person. It is a serious thing when you lose or someone stole your credits card. Here are the things you should do if ever your credit card is lost or stolen.
If you confirm that your credit card is stolen or lost, the best thing that you should do is to act accordingly to aid your problem. Do not wait for another day to go to the bank and have your credit reported. When you are sure that it is lost or stolen, call the bank or any institution that has the liability with your credit card.
It’s a problem you lose or someone stole your credit card, however, you will have a bigger problem when you found out that there is a transaction after you lose or someone stole your credit card. To avoid this phenomenon, you have to make sure that the bank is protecting you from unauthorized charges. According to the law, you’re protected by unauthorized transactions upon the time that you report the incidence of lost or stolen credit cards.
It is better to act as the best move in these times. If you found out that your credit card is lost or someone stole it, go to the issuer of the credit card and inform them of your problem. Ask the credit card issuer to have your credit card account freeze, this way there will be no transaction approve for your credit card account.
- Apply for a new credit card or account
It is easier than you have your card replace than having your account replace. If you ask for a replacement for the credit card, you can change the password and you can have access to your account. You can get your new card and ask you to replace the default password for your first use.
With the loss or someone stolen your credit card, you do not want to encounter the same situation. Do precaution and know the process that the bank or card issuer imposes when there is an incident of lost or stolen credit card. Know your right protected by the issuer of the credit card. Check at least twice or three times every day that your credit card/s is still in your possession.
It is very unfortunate to have your credit card lost or stolen. Your whole world can go trembling with the idea; however, if it happens you know what to do. The best and the right thing to do is act fast, go to the issuer of the credit card, and report the incident.
by Ajay oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Credit Card use has been widely accepted as the most efficient way of handling your urgent or emergency mobile purchase needs. Having a credit card gives you access to purchasing powers or any financial aid for any method requiring trading options. Having access to this kind of trading method gives the option of traveling without you needing to bring along huge loads of money. This method gives you the needed protection that you would prefer to have for your finances enables you to carry on with your day to day tasks without any added worry of where to store your cash or from any threat of your money being stolen. When in use of a credit card, you will have the advantage of using its perk, but it does not stay forever, for it comes with a limit.
What Determines the Limit of your Credit Card?
When your credit card limit is being considered, the bank bases it off the customer’s debt in relation to the customer’s known financial resources at any level. A customer’s credit profile is reviewed as a factor in determining your limit for they comprise of the client’s payment history, related income, and the method of use. Setting the client’s credit limit is not that permanent, for they can vary depending on the use and payment habits of the client, decreasing or increasing it in the process.
What connotes an increase in credit card limit, it might be related to the fact that your credit has improved and is now eligible for more borrows and in some cases the bank would contact you and inform you that you have made the necessary adjustments to qualify and ask you how you want to increase your credit limit funds. Your debt to credit ration might benefit from your unchanged spending habits providing a way for you to have an easy fall back in case of emergency situations. You would also be able to ask for an increase in the limit provided that you have a curated history of on-time bills payment. If you have had a positive impact on credit use then your company would notify you that they have increased your limit for your great participation.
How could your limit decrease? If you have been doing the opposite of what entails you to an increase in the limit, like not falling behind in the payment of your bills and constantly abusing the use of your card even though you have already reached the limit multiple times, then that would net you the credit card limit decrease. It is important for you to track your own credit limit and be able to review your credit card use as well as be able to communicate effectively with your credit card company.
With all these in mind, wanting a higher credit limit is now a very easy task to accomplish. It is important to understand your credit card options and manage your credit card spending habits to be able to build a positive credit score helping you out in the future.
by Ajay oberoi | Credit Counseling, Debt Management
The RESP is no doubt a great strategy to start saving for the future of your child. We all agree that the cost of secondary education is on a rise and there is a major need to start saving from today. In case you are not aware; there is free money available for the education of your child that you might not be taking advantage of yet.
Are you utilizing the benefits of RESP?
A registered education savings plan is an account that is registered with the Canadian government. This is however, available even if you contribute no funds into the account. Moreover, the federal government may also add to your account with education grants. Also, these savings increases tax-deferred until withdrawn.
The benefits of an RESP can be obtained easily as the average income families receive CESG sooner. That is almost 40% each year with the contribution on first $500. However, the maximum grant of CESG and ACESG (combined) is of $7,200 per child.
How to withdraw money from RESP?
A person can withdraw money from the RESP account only once the child is graduated from high school. The benefits of RESP can be received once the beneficiary is enrolled in a full-time or part-time educational program (post-secondary). Only then can money be withdrawn on his or her behalf and that is to pay off their studies expense using the RESP account.
How much amount can be withdrawn each year?
For this, it is recommended to consult a professional tax advisor. Also, while withdrawing the amount from the RESP account, it is important to always direct the financial institution as to how much funds should be withdrawn from the contributions (PSE). Similarly, how much funds should be withdrawn from the EAP – non-contribution fund.
How much amount can be contributed to RESP?
As much amount as you contribute, the government of Canada will give 20% of that amount. This amount will be up to a grant of $500 (maximum) per year for an individual child. That is, the beneficiary of the RESP may receive the maximum of $500 grant per annum and for that, a person would need to contribute up to $2,500 each year, to your RESP.
What happens to the unused money?
In the case, the money remains unused or the RESP closes or expires, the money from the Canada Learning Bond will eventually return to the Canadian government. Moreover, all the other money of the account will then return to the original depositors of the money.
Remember that an RESP account remains open for up to 36 years, therefore, in the case your child does not seek further studies after the high school, there will still be time for you to take advantage of this money as there will still be a time period for which money will be available in the account.
In bottom line
While this account might not be as user-friendly as any other bank accounts, a person should always take advantage of it as there are various plans available to save your child’s further education.
