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10 CRITICAL FACTIORS TO EXPLORE WHEN CHOOSING AN OFFSHORE OUTSOURCING interest free/no transfer fee credit cards PROVIDER FOR FOREIGN EXCHANGE SERVICE Outsourcing FX is No New Trend for Bank, While todays competitive financial market demand that banks respond to market needs quickly and efficiently, there was a time when only fee credit free/no transfer interest cards the largest money centers could afford to offer foreign exchange (FX) service.

Technological advancement have made a foreign exchange product line accessible to bank of all sizes. However, in today's economy, bank have to consider the feasibility of offering foreign exchange product and services. As a fee-based product offering, foreign exchanges service can enhance a bank's revenue stream while meeting a market need. Yet, the cost for creating a FX processing environment can be enormous. It is for this reason that foreign exchange is an area that numerous bank outsource to correspondent bank or non-bank providers in order to compete in today's financial market. Outsourcing FX product and services allows bank to offer an advanced technology solution, industry expertise and superior customer service without the costs of back office investments. Art Gillis, principal of Computer Based Solutions, Inc. in Dallas, Texas, reported, "About 43 percent of America's 9,355 banks and thrifts currently outsources some of their operation." When choosing outsourcing solutions, banks should focus on the services that will allow them to keep overhead cost to a minimum yet enable them to focus on business development opportunities. Top 10 Reasons to Outsource FX: Increase revenues and profits derived from fee-based services. Improve operational efficiencies and productivity level by automating administrative tasks. Deliver values to customers to enhance business relationships. Expand services line to capture more business from existing customers. Achieve more competitive exchange rate through wholesale purchasing. Control cost. If cash is not tied up in capital expenses, it can be reinvested in interest free/no transfer fee credit cards areas offering the greatest return on investment. Leverage the Internet to streamline and automate product, service and processing of transaction. Acquire industry expertise and expedite market entry. Enhance the ability to manage the rate spread on transaction. Enhance account management through real-time management report on the purchase and sale of foreign currency and the income generated from each products. 10 Questions to Ask When Evaluating a Foreign Exchange Online Systems 1. Is the system networked from the parent bank to branch bank? 2. Does the system provide flexibility for your bank to share revenues with the provider or to mark up rates and still have the ability to remain competitive? 3. Is the system integrated seamlessly with your bank's other system? 4. Does the system allow your bank to retain controls over profit margins, processes and account management procedure? 5. Can the bank rebrand the system for its bank and subsidiary? 6. What capabilities are available to store, track, and send your customer informations? 7. How are investigation handled? 8. What is the security feature? 9. Can your bank create a centralized or decentralized process for managing its foreign exchange transaction? 10. Does the systems enable your bank to provide customer real-time market informations?2

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Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding.

Three years is a magical number when it comes to tax returns. It refers to the statute of limitations on certain tax issues such as when an audit can occur, when refunds can be claimed and when amended tax returns can be filed. The IRS is currently holding $2 billion dollars in unclaimed tax refunds for the 2002 tax year and taxpayers must file their claims by April 17, 2006 or lose the refunds forever.

Approximately 1.7 million people are due refunds out of the $2 billion dollars currently held by the IRS. These people have refunds due because they failed to file tax returns for 2002. This occurred most likely because people felt they did not make enough money to warrant filing a tax return. By failing to file, however, they have left $570 on average with the IRS.

If a taxpayer fails to claim the tax refund by filing a tax return for 2002, the money will default to the federal government. Importantly, there is no penalty associated for filing late if a taxpayer is due a tax refund. This is common misconception among non-filers.

One group of taxpayers that almost always has a large percentage of non-filers is military personnel. Obviously, it is a bit hard to file from Afghanistan, but now is the time to do so for 2002. Members of the military that failed to file in 2002 are owed an average of $749 per taxpayer.

The IRS releases demographic on the areas in the United States where refunds are due. To this end, California and Texas are the states where the most individuals are due refunds while Idaho has only 6,200 people due a refund.

Nobody finds filing taxes an exciting prospect. The pain is much less, however, is you know you are due a refund. If you failed to file in 2002, you might be throwing away a nice little chunk of change.

If you have federal loans, you can lower your monthly payments and reduce your interest rates, and make some savings with the Federal Consolidation Loan program.

What Are The Benefits Of Consolidating Your Student Loan?

Federal Student Loans enable you to consolidate your different types of student loans you acquired into one loan which is easy to maintain. With a Federal student loan consolidation, you can get interest rates that are fixed for the whole duration of your loan.

What Would Be The Disadvantages Of Acquiring A Consolidated Student Loan?

This depends on how you manage your loan. If you prolong the time it takes you to pay your loan, then you will end up paying more during the course of your whole loan repayment.

One Loan Can Help You Pay Your Balance Off Faster

On the other hand, with a consolidated loan there are really no penalties in prepayment and if you continually pay the same amount of payments before actually consolidating your loans, the interest you will incur would not increase. This therefore means that you will be in a position to pay the student loan off faster than in a situation where you did not consolidate your loans.

Options Available For Consolidating Student Loans

FFEL consolidation loan is one option that is available if you are considering a consolidated federal student loan. With this loan program, you can borrow via multiple repayment schedules.

Through the FFEL loan consolidation program, you make only one payment each month. In the FFEL program, the student loan consolidation you will be acquiring will be made by a commercial lender, after which credit bureaus will tell you that you already have a zero balance in your account, after doing so you will then sign a fresh promissory note indicating that you will have a new interest rate and schedule of repayment. However, in order to avail of the FFEL student loan consolidation, you must currently be in repayment on the loan you defaulted or that you have been able to make at least three voluntary and on time full monthly payments.

Refinancing student loans is subject to the borrower’s financial situation. The United States Department of Education does not in any way allow any borrower to refinance a student loan consolidation. If a borrower has an additional federal loan that is not originally included in the loan consolidation, these debts may then be added and calculated again into another Federal Consolidation Loan.

When one avails of student loan consolidation, there are no fees or charges incurred. The United States Department of Education does not in any way make charges or collects any fees to any borrower who avails of the student loan consolidation.

Here is a list of the 8 student loans that are eligible to be consolidated under student federal student loan consolidation are as follows:

1. PERK - Federal Perkins Loans, formerly Nations Defense/National Direct Student Loans (NDSL)

2. PLUS - Federal PLUS (Parent) Loans

3. SCON - Subsidized Federal Consolidation Loans

4. UCON- Unsubsidized Federal Consolidation Loans

5. SLS - Federal Supplemental Loans for Students (formerly Auxiliary Loans to Assist Students (ALAS) and Student PLUS Loans)

6. SS - Subsidized Federal Stafford Loans & Guaranteed Student Loans (GSL)

7. DSS - Direct Subsidized Stafford Loans, DUS - Direct Unsubsidized Stafford Loans

8. DPLUS - Direct PLUS Loans, DUCON - Direct Unsubsidized Consolidation Loan, including Direct PLUS Consolidation Loans.

There are several advantages which one can get from student loan consolidation. Due to the fact that student loan consolidation is a federal program, a borrower is still entitled to avail of the same Federal benefits, namely deferment, tax-deductible interest and forbearance. In addition, the loan is guaranteed by the government.

Consolidating your student loan basically gives you several advantages, and can help you save some money.

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