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Why You Should Not Lend Your Credit Card To Others by bobincre66(f): 12:21am On Mar 18, 2018 |
If you lend your credit card to a friend in financial need, trying to be helpful, there’s a decent chance that you’ll end up with increased debt – and possibly loose that friend. A recent survey was conducted by CreditCards.com found out that 49% of Americans that have owned a credit card at any time have loaned their card to others to use – including family members, co-workers, and friends. Of that gathering, 35% endured some kind of negative outcome. Overspending was accounted for by 19% of card loan specialists, while 14% of card moneylenders were never compensated for Credit card charges. Significantly sadder: 10% never recovered their card by any stretch of the imagination! The survey results imply that approximately 36 million Americans have experienced problems when loaning out a credit card. Are you in that group? If so, would you take the same risk again? We suggest looking for alternatives and considering why a person wants to borrow your credit card in the first place. “Once that card departs your hand, that individual has the flexibility to charge whatever they feel like on your credit card, regardless of what spending you dispensed to them,” Jerry Nemorin, CEO of online obligation rebuilding administration LendStreet. “I have one customer with more than $50,000 in charge card obligation since she was offering her card to her mate (they are currently getting separated) and he was a major high-roller and a speculator. In any case, the card is in her name, not his, as it’s failed her credit so that is how credit cards work. Kristin, 36, who declined to give her last name, is another such wake up call. The Florida mother is as yet attempting to uncover herself from underneath the monetary opening her ex place her in 10 years prior when she gave him access to her Credit card to purchase both of them hockey tickets. They’d been as one for a long time and were cohabiting, so she believed that she could believe him. “My attitude was, ‘gracious we’ll get hitched one day,'” she said. She didn’t set any standard procedures for utilizing the card since he was out of work because of damage, and, “I was attempting to be the ‘great spouse’ and show I could bolster us both.” Be that as it may, he piled on $2,000 in charges throughout a year on hockey tickets ($100 or all the more each for prime seats), and numerous were in different states, which additionally required expensive plane tickets and inn stays — where, adding affront to money related damage, he was likewise undermining her. “I took the card away, yet he had the data spared,” said Kristin. He continued spending without paying her back, and she couldn’t stay aware of the installments since she was additionally buried in healing facility bills from a current surgery. She guaranteed insolvency in 2005, and has been attempting on how to pay off credit card debt with her new (and all the more fiscally dependable) spouse from that point forward. “It took her years to get back up on credit. according to her, It was difficult to get a car, and difficult to purchase a house once she was hitched. It just fell off my credit report three years prior,” she also said. That reasons made 42 year old lady vow never to share her her credit or debit card with anybody; not even to buy the cheapest commodity. “You wouldn’t give somebody a checkbook loaded with clear marked checks, so for what reason would you give them your credit card?” she said. She’s particularly sketchy as far back as a cheat once skimmed her charge card and did $5,000 in harm in only a couple of hours. “Wiped our financial records,” she said. “The bank followed through on it, yet it took a long time to fix. Nobody needs that chaos in their life.” How can you help a friend or family member with funds by not giving out your credit card? Loan money rather than credit. Try to give who ever needs your help on funds that exact money in cash they need no matter how discomforting it seems for you at that moment. for Example “In the event that your girl needs to obtain your card to go to go on a lunch, take her to the ATM and simply give her $30 rather,” . Regardless you may never get that $30 again, yet in any event your loss is restricted to that sum. “It creates a roof of what your hazard is,” Cap a partner’s credit limit. In the event that you need to include a partner or a youngster to your Visa to help him or her construct their own credit, check whether your leaser will give you diverse credit cutoff points to monitor spending. “Giving the other individual a lower credit constrain than your highest line is one approach to relieve that potential harm,” Exchange finances over cash sharing applications. On the off chance that heading off to the ATM is excessively of an issue, credit somebody some mixture over cash sharing applications like Venmo and PayPal. Venmo will give you a chance to exchange supports in a split second to somebody’s linked Visa or MasterCard credit card. Besides, in the event that you feel clumsy about requesting cash back, these applications incorporate “demand installment” includes that send the borrower a content or notice reminding him or her to pay you back. http://makecashonlinetip.com/credit-cards-and-loan/creditcard/ Feel free to read more educative posts on legit how to make money,Finance and insurance here http://makecashonlinetip.com/ |
Re: Why You Should Not Lend Your Credit Card To Others by mumureloaded(m): 12:52am On Mar 18, 2018 |
who does that? lend someone your credit card? for what, why and u don't get. even if I not get shingbain for there I do dey do am 5 Likes |
Re: Why You Should Not Lend Your Credit Card To Others by Flexy2vybes(m): 7:14am On Mar 18, 2018 |
Hw!!! if i lend ma crdt card, is it ur crdt card? hw can i b kipin card wer mony no dy inside al alone. mak dm folow epp a broda. wen alert enta we do d needful. |
Re: Why You Should Not Lend Your Credit Card To Others by diportivo: 7:16am On Mar 18, 2018 |
na Yankee we dey carry this news go dollarland.com 46 Likes 2 Shares
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Re: Why You Should Not Lend Your Credit Card To Others by Lifesummary: 7:18am On Mar 18, 2018 |
Thats not my business, I don't have credit card and here no be Yankee but please people should stop this thing of asking people to get Married because their age mates are married. Even you, some of your age mates have died but nobody have asked you to die.. we cannot come and kee our self 14 Likes |
Re: Why You Should Not Lend Your Credit Card To Others by Authoreety: 7:19am On Mar 18, 2018 |
Lolss.... giving out ur credit card in naija is d same as commiting suicide.... 2 Likes 1 Share |
Re: Why You Should Not Lend Your Credit Card To Others by Holyghostpikin(m): 7:20am On Mar 18, 2018 |
Hmmmm |
Re: Why You Should Not Lend Your Credit Card To Others by Nobody: 7:20am On Mar 18, 2018 |
Is this america Stop plagarism ode blogger . http://cordilleramontana.worldnow.com/story/37718771/think-before-you-lend-your-credit-card-to-others |
Re: Why You Should Not Lend Your Credit Card To Others by pythonkid(m): 7:22am On Mar 18, 2018 |
You just want to form over sabi first of all, theyve not started issuing credit cards here in Nigeria,.im sure you can't differentiate btw credit and debit card 2 Likes |
Re: Why You Should Not Lend Your Credit Card To Others by manneger2: 7:23am On Mar 18, 2018 |
This is for American not for nigeria, who give someone his credit card |
Re: Why You Should Not Lend Your Credit Card To Others by Bondesniger(m): 7:24am On Mar 18, 2018 |
Am a victem on both sides |
Re: Why You Should Not Lend Your Credit Card To Others by Nobody: 7:24am On Mar 18, 2018 |
Great post! 2 Likes 1 Share |
Re: Why You Should Not Lend Your Credit Card To Others by YhungPablo(m): 7:25am On Mar 18, 2018 |
Lol..cc top up things. |
Re: Why You Should Not Lend Your Credit Card To Others by Nobody: 7:29am On Mar 18, 2018 |
who does DAT in this era of buhari? |
Re: Why You Should Not Lend Your Credit Card To Others by Nobody: 7:31am On Mar 18, 2018 |
Landmark445:yeah there is credit card in nigeria. Only few people use it tho. Mostly pple working in beta coy (wey no dey owe) and banks na him qualify |
Re: Why You Should Not Lend Your Credit Card To Others by eleojo23: 7:32am On Mar 18, 2018 |
What is credit card biko? 3 Likes
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Re: Why You Should Not Lend Your Credit Card To Others by PotatoSalad(m): 7:34am On Mar 18, 2018 |
Credit Cards? In Nigeria? How? Where? |
Re: Why You Should Not Lend Your Credit Card To Others by Jybz: 7:35am On Mar 18, 2018 |
Re: Why You Should Not Lend Your Credit Card To Others by Cutehector(m): 7:43am On Mar 18, 2018 |
I no fit even give babe my debit card...na credit card i wan give.. I dey mad? |
Re: Why You Should Not Lend Your Credit Card To Others by pol23: 7:43am On Mar 18, 2018 |
Only selected few has credit card here. |
Re: Why You Should Not Lend Your Credit Card To Others by Chivasex: 7:47am On Mar 18, 2018 |
so true I suffered this and dont talk to this mother fucker no more 1 Like
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Re: Why You Should Not Lend Your Credit Card To Others by Awumen1313: 7:51am On Mar 18, 2018 |
Story, nothing dey happen boiz go still collect am for top up |
Re: Why You Should Not Lend Your Credit Card To Others by vicola0281: 7:51am On Mar 18, 2018 |
I don't have credit card... I have debit card |
Re: Why You Should Not Lend Your Credit Card To Others by ewanza: 7:54am On Mar 18, 2018 |
Nigeria is experiencing an unprecedented fast-paced growth across practically all sectors of the economy and the banking sector is not left out of this growth. Nigerian banks now allow you to open a bank account online in minutes, transfer funds and make payments on desktop and mobile platforms and you can access cash any time with ATMs that operate 24/7. About 8 days ago, First Bank Nigeria announced the new FirstBank Naira Credit Card with which consumers can purchase goods and services online and pay later in installments. The announcement effectively adds First Bank to the list of Nigerian banks such as Diamond Bank and Stanbic IBTC that offers Nigerians Naira credit cards. A credit card is simply a payment card linked to a revolving account with a line of credit from which you can borrow money to make purchases based on your promise to repay the issuer. In essence, a credit card allows you to shop now even if you don't have the money and then pay later. However, before we begin dancing in the streets because our banks are now offering us credit cards, we should stop and ask ourselves if we really need the almighty credit card. This piece seeks to explore three reasons why you don't really need a credit card. Credit Cards Limit Your Ability to Make Money The first reason you don't need a credit card (from a personal finance perspective) is that credit cards have the power to severely limit your ability to make money and create wealth. When you want to buy a product/service and you are short on cash, you brain will naturally go into productive mode to figure out a way to make more money to cover the potential expense. However, when you have a credit card, you will not allow your brain to go through the process of generating ideas for making more money; rather, you'll just whip out the credit card and spend the money you don't have to buy the things you probably don't need. Hence, you should be warned that your ability to think creatively and to make more money might disappear when you have a credit card. The Interest Charged is Somewhat Exorbitant The use of a credit card effectively means that you are borrowing money from an issuer to offset the cost of your purchase. However, banks are in the business of making money and they will charge an interest for any money they lend you directly in cash or indirectly through a credit card. I don't have an issue with the fact that banks charge an interest in their credit cards, but I am not comfortable with the fact that banks typically charge full interest on the entire outstanding balance if you miss a repayment. The credit cards available in Nigeria usually have a 30-day billing cycle in which you must pay the balance on the credit card spent each month. Hence, if your credit card has a limit of N50,000 and you make a N10,000 purchase, you will be required to repay the N10,000 within the billing cycle. If you repay the balance during the billing cycle, you will not be charged an interest and you'll only be obligated to pay the regular management and commitment fees. However, if you do not pay your balance in full, let's assume you only pay back N9,000 out of the N10,000 you spent at the end of the billing cycle, you'll be required to pay an interest on the N10,000 and not the N1,000 that remains. Nigerian Credit Cards Lack REAL Credit The third reason I think that you may want to think twice before obtaining a credit card in Nigeria is that the so-called credit cards usually require that the bank hold down at least the equivalent of your credit limit in an account with them. For instance, First Bank requires that you pay 125% of your credit limit into a domiciliary account with the bank. Hence, you will practically need to put the equivalent of your credit limit up as collateral with the bank before they issue you a "credit" card and I find it hard to understand how that qualifies as a credit card. 4 Likes |
Re: Why You Should Not Lend Your Credit Card To Others by donmarshia(m): 7:54am On Mar 18, 2018 |
pythonkid: Oga, banks in Nigeria give credit cards. I personally know 2 guys who have credit cards from a Nigerian bank. |
Re: Why You Should Not Lend Your Credit Card To Others by ewanza: 7:55am On Mar 18, 2018 |
That News is February 2015.... |
Re: Why You Should Not Lend Your Credit Card To Others by ewanza: 7:57am On Mar 18, 2018 |
Jybz:Nigerian Banks have credit cards.. |
Re: Why You Should Not Lend Your Credit Card To Others by izzy4shizzy(m): 8:05am On Mar 18, 2018 |
O.P why are u using america as ur case study. And using it to advice us in Nigeria Btw Have I even seen a credit card in nigeria... |
Re: Why You Should Not Lend Your Credit Card To Others by festwiz(m): 8:10am On Mar 18, 2018 |
This is not for Nigerians. We use debit cards and not credit cards. No sane bank in Nigeria will let you spend money you don't have. |
Re: Why You Should Not Lend Your Credit Card To Others by NotBeenPaid: 8:14am On Mar 18, 2018 |
Lifesummary:Sense wee nor kee you 4 Likes
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Re: Why You Should Not Lend Your Credit Card To Others by olowobaba10: 8:18am On Mar 18, 2018 |
WE ARE NOT AMERICANS! |
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