Tag: mobile apps

Tips on Choosing Credit Options and Managing Them on Mobile

Getting credit may not be as easy now as it was ten years ago, but there are still plenty of options available to provide you with a financial boost when you need it most. Mobile banking and apps are opening up easier and better ways of managing your finances, which is a great help when you find it difficult to keep track of where your money’s going and remembering repayments.

Mobile is also a useful tool for carrying out credit comparisons when you’re away from home, or you could make use of one of the apps that allow you to create a realistic forecast of your spending over the life of a loan to ensure you can afford the repayments and still live comfortably. Mobile apps that record your spending are an excellent tool for identifying where you could be making savings, and being able to access your bank account via mobile makes it far easier to keep on top of your income and outgoings.

Do you need credit?

You’ve got a well-paid job, or you run your own business, there’s money in the bank and no major expenses on the horizon; do you really need to use credit anymore? Providing you use them for their benefits and don’t forget to pay them off in full each month, credit arrangements can still work to your advantage.

If you’re less well-off, do you worry about getting into debt using credit cards or taking on expensive loan repayments? Credit can help if you understand how to manage it and don’t get caught out with interest charges and late payment charges.

You might wonder why lenders offer interest-free periods or balance transfers, and similar deals that seem to favor the consumer rather than the provider. The reason is simple; most of the people who take up these offers fail to manage the accounts to their advantage, forgetting to change cards after the promotional offer is over, for example. The critical factor in using credit is to manage it for your benefit, rather than the providers.

Credit cards

Credit cards are one of the easiest ways to gain benefits, but also one of the easiest to lose track of and end up paying extra for. If you use an interest-free card to pay for your purchases, you’ll be getting credit on that money for the length of the offer period. That’s like having a free loan, with the only provison being you need to pay the entire balance off before interest charges resume.

You can also have a cheap or free loan by using balance transfer offers that move your debts from one card to another, either for free with a low ongoing rate of interest, or for a percentage fee and zero interest for an extended period. This can work out to your advantage if you remember to switch cards in advance of the standard rates coming back into effect.

Both these options can be a great way of managing money in a way that enables you to use what you would have spent on interest and charges more constructively or to earn from using the money to make some investments.

Finance deals

Most large purchases, for example, buying a car, are completed using loans or finance deals. There are a wide variety of alternative credit terms available now, including the lease option that has become increasingly popular recently. Rather than buying your car outright, you lease it for three to five years, paying a monthly amount towards the car purchase. At the end of the three or five years, you get the choice of paying a lump sum to keep the car or trading up to a newer model.

These options and variations on them are a cost-effective way of affording a higher-class vehicle and not having to worry about running costs or getting a replacement. You don’t own the car, but you use it as if it were your own (within the agreed annual mileage figures), and you can drive a shiny new car with no-one knowing it isn’t yours.

Loans and mortgages

Mortgages are loans, just very long ones! Whether it’s called a loan or a mortgage, it will work in the same way, and you’ll often be committing on a long-term basis. Before taking out any form of loan, check it against other options that could be available, like finance, to see which offer the most advantages overall.

Loans can often work out cheaper than trying to juggle several different balance transfers on which you frequently forget to make payments, but conversely, a well-managed 0% interest purchase card could save you money on smaller loans. Make sure you speak to your own bank first, especially if you’ve been a loyal customer, because they may be able to offer you rates that wouldn’t be advertised to the general public.

Short-term loans can be a great help if you just need a small amount to tide you over until payday. What you don’t want to do is get stuck with a short-term loan that charges an excessive rate of interest, so shop around to get the best deal.

Another option is pensions loans, where you secure a loan based on the value of your personal pension. Go for straightforward repayment options rather than loans that require a proportion of your future pension pot, or come with complicated terms requiring you to take out life insurance policies and the like.Credit Options

No matter if you have plenty of cash or finances are a bit restricted, using credit wisely gives you a more flexible way of managing your money, and if you are able to keep on top of everything, could save you a fair bit of cash each year. There are more and more mobile apps available for managing credit, so make good use of them. Don’t forget to check that any apps you use have the highest security standards, for example, ones that use fingerprint sign-in if they can access your bank records.

Using mobile apps gives you plenty of useful tools with which to manage your credit options, making the use of credit less risky and more rewarding.

 

Paytm app suddenly taken down from Apple App Store

The largest mobile wallet in India has been delisted for iPhone and iPad due to technical problems.

At a time when mobile payments have taken off explosively in India, the Paytm app has been delisted for iPhone and iPad users. The Apple App Store no longer offers the mobile wallet after Paytm found technical issues such as bugs. The company worked hard to produce an update to iron out the problems and was awaiting Apple’s approval at the time of the writing of this article.

The temporary removal of the mobile payments application occurred on the heels of a service outage.

The Paytm app had been experiencing issues. The entire service was behaving oddly last week and for a stretch before then. It suffered a serious outage and then triggered a range of issues for days following, even after the mobile wallet was taken down from the App Store. That said, many people were quite surprised when the application was entirely delisted.

Paytm App - Apple App StoreThe reason is that while all updates for iPhone and iPad apps require Apple’s approval, the older version of the application will typically remain available for download until the updates receive the nod. In this case, the updates were awaiting approval and the entire app was taken down.

The reason for the Paytm app removal was not because Apple decided to intervene and delist it.

Instead, it was the choice of Paytm to take its mobile wallet down. According to a spokesperson from the company, “We have currently removed the app from the App Store to stop adding incremental new users to our existing base.”

The company then expanded on the statement by making a blog post that read “Today we found a bug in our iOS App where certain app users were not able to pay thereby hanging their app. Soon the system logged them out preventing them from further accessing their account.”

Currently, Paytm has more than 170 million registered users. The version of the app that runs on Android and the web-based platform are working without any problems at all, says the company. It continues to be available to download at Google Play and for browser users.

This may be good news for Android device users as the Paytm app and other mobile wallets have become a necessity for millions of people for the last couple of months. Ever since India decided to take some of its larger currency notes out of circulation – which are now being replaced with new versions – there has been a shortage of cash and consumers have needed to look to other methods of paying for products and services.