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Month: January 2020

How good is bank’s credit card?

Bank Good Finance’s credit card is a card that is completely exempt from annual fees, gives you up to 45 days interest-free credit and has a credit limit of max USD 100,000.

It also benefits you who often fly with Norwegian because its Cashpoints can be converted into air travel and it is excellent, but how good is the card really? Is it really the perfect credit card for the trip abroad? And is it right for you? You will soon know that for now, we at Across Lender will show you everything that is worth knowing about the Norwegian card.

Credit card info

bank

  • Credit limit: Up to USD 100,000.
  • Interest-free credit: Up to 45 days.
  • Effective example interest rate on deferred payment after the interest-free period: 21.93% at USD 15,000 for 12 months.
  • Annual fee: 0 USD.
  • Purchase of goods in Sweden and abroad: USD 0.
  • Withdrawals at ATMs in Sweden and abroad: USD 0 (but keep in mind that there are ATMs abroad that charge a fee regardless of what you have too short).
  • Withdrawals from a Swedish or foreign bank: USD 0 (but for such withdrawals, interest rates start ticking, as do everyone else: picking up money from the ATM).
  • Fee for paper invoice: USD 45.
  • Currency surcharge for use of the card abroad: 1.75%.

Yes, this looked really good until we reached the final point. It is perfect with cards that have no annual fee and that have no fees when using the card, but it is not perfect with a currency surcharge of 1.75%. In practice, this means that you pay 1.75% on all your purchases and withdrawals abroad.

It is certainly not uncommon for currency surcharges (there are many cards that have both currency surcharges and fees when used abroad), but it is still a bit of a shame because it would have been the perfect card otherwise.

A 1.75% currency surcharge means that you pay USD 17.50 for every thousand dollars you spend abroad. It is certainly not an astronomical amount of money and given that the card has an interest-free credit for up to 45 days and no annual fees and withdrawal fees, it is quite okay anyway. After all, it won’t cost you more than USD 175 if you spend USD 10,000 during a trip.

Late fees

If you do not pay your invoice on time, you will have to pay a delay fee of USD 95 plus a penalty interest rate of 24%, and if you receive a reminder, you will pay USD 60 more in the reminder fee, but this is what most credit cards look like.

Credit card interest rates and withdrawal limits

Credit card interest rates and withdrawal limits

The credit card has an interest-free credit of 45 days, which in practice means that if you pay for everything you have used when you receive your invoice, you will not pay a single cent in interest. Otherwise, the effective interest rate is 21.93%.

The card has a withdrawal limit of USD 10000 / day for withdrawals abroad and 5000 USD / day for withdrawals in Sweden, but of course, you can shop with the card as much as you want as long as you stay within your credit limit.

And last but not least about the card’s cashpoints

money

Like all other sensible credit cards, Norwegian has a bonus system where you get a lot of points when you use the card. Here’s how Bank Good Finance Cashpoints work:

  • Each cash point corresponds to a Norwegian USD, which at the time of writing (July 2017) is almost as much as a Swedish USD.
  • If you buy a flex ticket at Norwegian, you get 10% of the ticket price in cashpoints. If the tickets cost a total of USD 5,000, this means that you will receive 500 cash points, ie a value of USD 500 that you can use when buying new tickets.
  • If you buy Low fare tickets you get 4% in points, which will be 250 cash points if you trade for USD 5000.
  • Each time you use the card in-store you get 0.5% in cash points on merchandise purchases up to USD 100,000.

For example, if you have 1000 cashpoints and buy a ticket for 2000 USD, you only have to pay 1000 USD from your own pocket and use your points to pay the rest.

Pros & cons of the card

Now we will make a brief summary of Bank Good Finance’ cards by looking at the card’s advantages and disadvantages.

Benefits

  • Interest-free credit for up to 45 days.
  • High credit limit of USD 100,000 (if your credit rating is good enough).
  • No annual fee.
  • No withdrawal fees.
  • Generous bonus system that benefits you who often fly with Norwegian.

Drawbacks

  • Currency surcharge of 1.75% when using the card abroad.
  • The effective interest rate is quite high (currently 21.93%) after the interest-free period.
  • Bank Norwegian charges a fee of USD 45 for each paper invoice they send out.
  • Norwegian’s bonus system only benefits you who fly with Norwegian because the points can only be used for air travel purchases.
  • You must be at least 23 years old to receive this card.

Credit for civil servants.

Civil servants enjoy a high reputation in society. After all, they have what everyone wants: a permanent, permanent and crisis-proof job. No official ever has to worry about his job, because once you have achieved official status, you can only get rid of it if you are at fault.

For this reason, civil servants are considered to be particularly creditworthy and financially predictable. A permanent job is the most important prerequisite for granting a loan – but with employees in the free economy, the job can be gone overnight. This is completely different for civil servants: long-term and future-oriented planning is possible thanks to secure income.

Loan for civil servants – what are the special features?

Loan for civil servants - what are the special features?

If you work as a civil servant and want to take out a loan, you have a very good chance. Many banks offer a special loan for civil servants, which is characterized by advantageous terms and low interest rates. Since you have a job that cannot be canceled, the banks will accommodate you more and offer you cheap loan offers. Of course it is also important that you have a “clean” Credit bureau and that you can pay the repayment installments despite the monthly expenses. If these conditions are met, there is nothing standing in the way of the loan for civil servants.

Which bank is the best?

Which bank is the best?

As already mentioned, many banks offer loans to civil servants. But of course there are big differences between the individual banks. Online banks are usually more advantageous than “normal” branch banks, which is reflected in the interest rates as well as in the other conditions. If you are looking for the right provider, you should make a comparison on the Internet.

As a result, you can find out which banks are suitable for you and which offers are particularly cheap within a few seconds. If you wish, you can also submit the loan applications online – quickly, easily and without obligation.

Debt restructuring despite poor creditworthiness

With debt restructuring despite poor creditworthiness, all consumers have the chance not to unnecessarily strain their creditworthiness and to worsen it even further. Loans that are too expensive always lead to problems and can be associated with the result that debt is too high if the monthly installments are too high or a necessary deferral is refused.

Debt rescheduling on a cheaper loan gives the free financial market the opportunity to make use of debt rescheduling despite poor creditworthiness, thereby ensuring better contractual terms and a lower interest rate. So that the discount on debt restructuring is not only convincing at first glance, but also in terms of duration, a comparison before deciding on an offer is optimal and opens the view to a loan with tailored options.

Simply carry out a debt restructuring despite poor creditworthiness

Simply carry out a debt restructuring despite poor creditworthiness

The credit bureau Score often deteriorates further during the loan term, as installments cannot be paid or the full amount can be instructed to enter into a contract. With a flexible loan, this problem would be eliminated and there would always be a chance to opt for a temporary deferral or permanent reduction in the installment amount, as well as for an earlier repayment of the total amount without additional costs. It is therefore highly recommended to look for an offer like this when rescheduling despite poor creditworthiness and not to opt for a loan that stands out solely due to its low interest rates.

The low interest rate can be seen as an attractive side effect, but cannot be selected as the sole criterion for an advantageous loan. Private lenders and foreign banks are lenders where debt restructuring is possible despite poor creditworthiness and the granting of loans is not based on the credit bureau Score and creditworthiness in general.

Since you do not have to introduce yourself to the lender at a personal appointment and therefore have to accept a longer and expensive trip, offers from abroad are also an option, which often responds with particularly flexible contractual terms and ensures a very cheap and advantageous loan , The application is made online and must contain all the important data about the borrower himself, as well as the possible protection, and must be filled in according to the truth and supported by plausibility.

Favorable conditions for debt restructuring despite poor creditworthiness on the free financial market

Favorable conditions for debt restructuring despite poor creditworthiness on the free financial market

In most cases, alternative investors are cheaper in terms of interest rates than is known from the house bank or state credit institutions. But the real advantage lies in the framework conditions, which can be adapted to any unforeseen situation in the life of the borrower due to free changes in the term. If you have to spend hours or lower rates, want to repay the loan earlier than planned and not live with an increase in price, the flexible contractual terms will be helpful and well chosen.

With regard to unpredictable events in the term, it is advisable to opt for a very flexible loan without fees for a change in the repayment and to select the debt rescheduling despite poor creditworthiness and according to your own criteria. Not all loans are suitable for every applicant and can therefore be selected by comparing them without making a wrong decision and without unnecessary restrictions.

The online application is another advantage that applicants receive on the free financial market and is a sign of the unbureaucratic processing. As soon as the application has been filled with the important data about the borrower and sent to the recipient via the Internet, the recipient will process it and notify it of its approval. Once this has been done, the borrower does not have to wait long for the money and can have the sum after a short time. There are also various options for the loan amount, which means that you can reschedule the financing for your home just as much as a car loan or a comparatively small consumer loan.

If the creditworthiness precludes a loan application from the house bank, consumers do not have to forego the desired debt restructuring and can opt for debt rescheduling from foreign banks or donors on a private basis despite poor creditworthiness. Transparency is necessary and protects against wrong decisions, which make the loan more expensive and can lead to financial bottlenecks during the term. In the protection you can access details outside of the credit rating and the loan with real assets or via a surety, as well as a second applicant can be easily approved.

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