Posted by admin on October 20, 2011
Foreign currency exchange is required by every individual who deals with other countries in one way or another. Banks, governments, small and large businesses are involved in the exchange of currencies. There may be reasons that may require periodic or frequent exchange of currencies and therefore it is essential to deal with a reliable service provider such as Caxtons, because the rate of exchange is difficult to analyze and predict.
You may need to send money abroad to a parent or family. Even for occasional transactions people should review the current exchange rate to get the best deal. For example, if a family living in the United States plans to travel to France. Now they need to buy Euro instead of USD. There are several options like getting traveler’s checks, foreign currency exchange at the airport, etc. which are very popular in charging not lower rates. But if they plan ahead and keep note of the changing trends in exchange rates, they can certainly save money by taking advantage of cheaper services that can provide the best possible rate of exchange.
Specialists can offer you the best opportunity to change currency, because they see the whole picture. Read full article…
Posted by Sophie Egge on October 18, 2011
President Barack Obama Thursday nominated a prominent critic of large banks for a key banking industry regulatory post.
The White House said Obama tapped former Kansas City Federal Reserve Bank President Thomas Hoenig to be vice chairman of the board of directors of the Federal Deposit Insurance Corp., a regulator that insures individual bank accounts up to $250,000.
Hoenig has been a critic of large banks, arguing they still pose a threat to the financial system and that the 2010 Dodd-Frank financial oversight law did not do enough to address the issue.
“We must make sure that large financial organizations are not in position to hold the U.S. economy hostage,” Hoenig told a meeting of the group Women in Housing and Finance in February. “We must break up the largest banks.”
Hoenig served as head of the Kansas City Fed from 1991 until Oct. 1.
If confirmed by the Senate, he would replace Martin Gruenberg as vice chairman of the FDIC board. Gruenberg has been nominated to be chairman. Former Chair Sheila Bair stepped down in July.
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Posted by Madison Backhouse on October 17, 2011
Dear Cashing In, I am considering opening a new line of credit to take advantage of frequent flier sign up bonuses. My existing credit card has a $1,500 limit. My options are as follows:
1. Open new card with a limit possibly close to $6,000 and keep my existing card (cardholder since 2001). 2. Open new card with a limit closer to $7,500 and cancel my existing card.
Which option has the greater negative impact on my credit score? Does starting credit level have any impact in conjunction with this type of activity?
Also, the new card has an annual fee. What are the credit score implications of closing the new card after 11 months or so and signing up for another card (different company) with roughly the same limits? — Adam
Dear Adam, It sounds like you have the perfect opportunity to improve your credit score and set yourself up for travel rewards at the same time.
As for the choice between the two options you’ve described, I would probably choose the first one. Th
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Posted by Zachary Ogilvie on October 16, 2011
Secured credit cards are a good option for consumers who have a negative credit history keeping them from being approved for traditional credit card. The Applied Bank® Secured Visa® Gold Credit Card has a few great perks. For example, it has a fixed 9.99% interest rate that never changes, even if you’re late on a credit card payment. There’s no penalty APR for late payments.
Credit Limit and Bureau Reporting
Your credit limit is equal to your security deposit as long as it’s between $200 and $5,000. While your deposit is placed in an account, you don’t earn any interest on the deposit. Applied Bank says it reports your account history to the credit bureaus, which is a big benefit considering a secured credit card is a great chance to get approved for a regular credit card.
Credit Card Fees
Fees on the Applied Bank Secured Visa are minimal. There’s no annual fee or an account setup fee. But, there is a $30 fee to order an additional credit card. The maximum fee for late payments, returned payments, or a credit limit overage is $35 as allowed by Federal law. There’s no
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