How to Get Rich with Money Back Credit Cards

By: Robert Alan

Money back credit cards (otherwise known as cash back or cash rebate cards) are a great invention. They are a way for consumers to save money on every purchase that they make by getting a percentage of the purchase back from their credit card company at the end of the billing cycle. Most consumers who have a money back credit card are satisfied with this benefit. But those consumers that are really smart with their money can actually benefit a lot more from the use of their money back credit cards.

Creating a Money Back Savings Account

The way to really get a good chunk of money from your cash rebate cards is to create a savings account using the money that you get back from your purchases. Instead of just leaving that money sitting on your card, cash out and put it in a savings account at your local bank. This will allow that money to generate interest which isn't going to be the case if it's just being deducted from your outstanding balance every month. By putting the money into savings, you actually make that money useful.

Match your own Money Back

To really cause your savings to grow, you should challenge yourself to match your money back card savings each month. In other words, let's say that you spent $1000 on a card that gives you 1% back in cash. That equates to ten dollars that you've gotten from your card. You can easily find a way to pull ten dollars out of your paycheck and match that amount by adding it to your savings account. Now, just by spending money on your credit card, you've got $20 in savings. As the months go by, that's going to add up.

The key to making this work is to make sure that you select the right cash back card. There are some money back credit cards which don't actually give you the cash back but instead apply it to paying off your bill. That won't benefit you in the same way. There are also cards that advertise a certain percentage back but actually give you a lower percentage if you opt for cash instead of gift cards or other rewards. Make sure that you read the terms carefully so that you get a card that is actually going to let you cash out your rewards.

Paying off the Card

Of course, none of this is really very good if you're just racking up credit card debt. In order to really make money from your money back card, it's important that you pay off your balance in full each month. This lets you avoid paying money in interest rate fees and finance charges. The less money that you spend, the more money you're saving. By paying off charges as quickly as possible, you also free up the card for more expenses. The more frequently that you use your card and pay it off, the more quickly that cash back is going to add up.

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The Best Methods For Transferring Money Overseas

By: Tim Ryan

When you transfer money overseas you invariably double the complications, currencies and cost compared to sending money within your own country.

The two basic costs to transferring money are: The advertised charge including the fee for the transaction and also the hidden charge. The hidden charge usually amounts to not being given a very competitive exchange rate. This is how some money transfer companies are able to advertise saying they have no transfer fees. They get customers using this slogan but charge you a very unfavorable exchange rate and thereby taking a decent cut of your money.

The best thing to do is to ask the simple question: "Overall how many Pounds/Dollars/Euros/Yen will I get for my Pounds/Dollars/Euros/Yen?" This is the easiest way to make a comparison between companies.

If you are sending gifts to friends or family overseas whilst presents are appreciated cash would probably be the preferred gift of choice every time.

The quickest, simplest and most reliable methods for transferring cash quickly are Moneygram and western Union. If you use the services of one of these two money transfer giants your money will arrive almost instantly in cash. The main drawback of this approach is the cost. Whilst Moneygram is a little less costly they are both still expensive although hard to beat for convenience.

However, if your money does not need to be transferred immediately then you could consider a bank transfer which usually cost slightly less but take a bit longer. You may also wish to consider a banker's draft which would need to be sent via insured post again adding to the overall transfer fee.

One of Western Unions main markets is customers transferring money to India. To try and gain a foot hold in this market Indian bank ICICI has joined up with Lloyds TSB and they now provide a zero fee currency transfer service. You will have to seek out your local branch to see if they are offering that particular service as it is usually reserved for major branches at the moment.

It would not be fair to ignore Paypal of Ebay fame when talking about money transfers. Whilst it's main service is to provide an easy method for auction payments it also facilitates very cheap money transfers. All that is required is for the sender and receiver to have a valid email address and a free Paypal account.

First you load your Paypal account with your credit or bank card and with the click of a mouse send it to the recipients email address. Once received the recipient can then download it into their local current account. Download times vary from between 3-9 days which varies depending on which country you are in. Paypal also does not operate in every country as yet, currently it operates in 45 countries and some countries are as yet not able to withdraw the money into their accounts so double check this before you embark on this process.

The great thing about Paypal is that it is free. the only charge is for the recipient when they receive their money. The rate runs at about $2.80 for every $60 withdrawn or there abouts. Their may also be an additional fee for withdrawing the money in to your account, again this varies dependent on location but this is a negligible amount typically $0.50. Paypal only operates in the following currencies: Canadian, Pounds, Australian, Euros, Yen and UK. The exchange rates that they operate are by are comparable to your average credit card.

Setting up a Paypal account is instant however adding funds to the account can take 3-5 days if it is a new account. Overall the fees are minimal it is only the length of time that it takes that could be considered a disadvantage.

There is one further solution for sending money abroad however you have to be very trusting of the person receiving the money. You could locate a cheap credit card regarding overseas fees and simply open a joint account. Allow the recipient to take the card with them and let them withdraw money when they need it. You would simply have to foot the bill in your home country. Obviously you would have to be very trusting of this person and they would have to resist the temptation of overspending.

Overall then Paypal is the cheapest option particularly for lower amounts. For a small transfer of $60 with Western Union you would be charged around $24 whereas Paypal would only cost you a mere $3.00 or less. The key is to shop around and see which money transfer company is the most convenient for you.

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Tips To Plan Your Personal Budget

Have you even encountered this situation? You get the salary and then you start spending. You would like to buy a new watch, a new shirt and on. However, at the middle of the month, you will probably find that you are in short of money.

You may then try to borrow some money. This may put you in a serious trouble because it is only an endless cycle. You will start spending at the beginning of each month. And you will not able to repay the debt in time. It is just like a snowball, you will have more and more debt.

As a result, you should try your best to manage your money by setting a budget for yourself. Without any surprise, you need to consider both your income and expenses. For your expenses, you should also give priority to each item you will spend money on.

First of all, you will need to take a look at your needs in the long run. You will need at least a saving plan so that you can achieve your goal in the long term. Of course you should also consider all you need to spend in the short term. This will affect how you can achieve your long term goal.

Now you have to go back to your budget planning. As discuss, you have to give priority to your expenses. There is something you have to pay for every month. For example, you will have to pay for the utility and rents so as to keep your living standard.

Then it is the turn of your other consumption. For example, you will try to take a look at how much you spend on food every month. Remember to check how much you usually spend on entertainment, this can be important in the later stage.

In the next step you will take a closer look at your income, you will need to estimate how much you earn every month. Try to list it out side by side with your expense. Then you will know how much you can save every month.

If you find that your expenses are normally larger than your income, you will need to cut the expenses down. The first thing you may cut down will probably by the expenses on entertainment. You have to plan your budget in a way that you will not need to borrow even a buck!

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