Don’t Immediately Be Tempted, Understand Credit Card Cash Fund Well

Today, many banks offer credit card cash products. But actually what is a credit card cash?

Is it the same as KTA?

Before you are tempted, let’s understand carefully about credit card cash:

 

What are Credit Card Cash Funds?

What are Credit Card Cash Funds?

Even though this feature has been rife, there are still many who don’t understand what credit card cash is.

Therefore, Allan Wend will discuss it clearly in this article. Credit card cash is a loan in cash using the remaining credit card limit. This facility allows credit card holders to take cash from the remaining credit card limit they have. The refund is then made in the form of a fixed installment printed on the credit card bill every month for a certain period of time.

Generally the bank will offer this facility to passive credit card users, to make a profit. Thus you need to be careful in making decisions. Don’t end up in debt that has piled up! Well, many people equate cash credit cards with Personal Loans (KTA).

Actually are they similar products? Let’s look at the discussion about the following KTA and its comparison with credit card cash!

 

What is Unsecured Credit?

Unsecured Credit

Unsecured loans (KTA) or often referred to as unsecured loans are loan products from banks that do not require debtors to guarantee an asset. KTA is usually used for customers who are in need of fast funds. Different from some other types of credit, you can use a KTA loan for any need.

KTA is generally used for consumer needs that require fast funds, including:

  1. House renovation
  2. Treatment
  3. Business capital, etc.

 

Some of the advantages of KTA products when compared to other credit products are:

  1. The submission process is fast and easy, and does not require a guarantee
  2. The document is a small submission requirement
  3. The amount of payment can be repaid in accordance with the agreement with the bank
  4. The payment process is quite easy
  5. Can be used for any purpose
  6. Easily found in certain banks or financial institutions
  7. Fixed interest rates during the credit contract period

 

Besides its many interesting advantages, KTA also has several disadvantages, including:

  1. Limited loan limit
  2. The tenor of a short loan depends on the amount of the loan
  3. You must have a professional status with income every month
  4. Generally, you will be asked to open an account at a related bank
  5. Interest rates are quite high because there is no guarantee
  6. There is a penalty fee if you pay off the loan before maturity

 

How the Credit Card Cash Works works

How the Credit Card Cash Works works

So, that’s about how credit card cash works. Similar to other loan product submission procedures, with the following differences:

  • Submission of credit card cash can be done directly at the bank, but it is generally done via telephone when there are offers from telemarketing. Therefore, credit card cash is often also called loan on phone .
  • The tenor can be negotiated with the bank, as long as it still follows the provisions of the bank concerned.
  • Installments are directly charged to credit card bills.
  • The interest rates tend to be small compared to KTA and credit card cash withdrawals.
  • Interest rates can be flat or effective, depending on the provisions of the bank concerned.
  • There are costs of accelerated repayment fines and other fees that commonly appear on loan products.

 

Comparison of Credit Card and KTA Cash Funds

Comparison of Credit Card and KTA Cash Funds

Because of its ease and fast process, many people equate credit card and KTA cash. In the community’s view, both are in the form of loans for those who need funds quickly and urgently.

Now, after getting to know the two briefly above, now let’s look at the differences and compare credit card and KTA cash funds.

Characteristics Credit Card Cash Fund Unsecured Credit (KTA)
Average interest rate 0.5 – 0.8% per month 0.9 – 1.2% per month
Amount of funds lent The calculation is obtained from an average of 6% to 90% of available credit card limits Depending on income per month (usually seeing a debt ratio not exceeding 30%), generally the value is around 3 million to 150 million rupiah
Tenor period 1 – 1.5 years 13 years old
Fines or accelerated repayment expenses Sanctions, around 5% of the remaining principal debt plus the remaining interest from cash. Expenses, amounting to 5-6% of the remaining principal loan debt plus current interest.
Length of process until disbursement of funds 3-7 working days 7-14 working days
Requirements Photocopy of identification such as identity card (KTP) and related bank account. Salary slips, photocopies of credit cards, and photocopies of bank accounts within the last three months.
Submission procedure

Through offers from telemarketing banks or going to banks.

* Generally if you go to a bank, interest tends to be higher.

Go directly to the bank in question
Additional costs

Administration fees are generally 1%

Administration fees are generally 2%
The process of taking funds

Funds are transferred directly to the customer’s account

Funds are taken directly by the customer
Payment process

Installments of credit card cash funds will be charged in the form of fees on credit card bills every month

KTA payments are adjusted to the number of installments per month

* Note: The information above can change at any time

 

Should you choose Credit Card Cash or KTA Funds?

Should you choose Credit Card Cash or KTA Funds?

Now you know some easy and practical fast loan products. But don’t be careless about making decisions without careful consideration. Remember that debt is still a pretty heavy commitment. You need to know your financial ability to pay it off before deciding to apply for a loan.

The 6 things you should consider when comparing KTA and credit card cash are as follows:

  1. Adjust to the loan ceiling requirements
  2. Adjust to the needs of the loan period
  3. Look for the smallest loan interest
  4. If you need fast funds, look for the fastest disbursement process
  5. Look for products with easy and simple loan terms
  6. Look for the cheapest product at the other cost

Do you have questions about other credit card cash? Leave your comment below . If you have questions, please submit your question in the column below. Our Financial Planner is ready to help you, thank you.

Credit Simulation You Need to Know

Before you plan a credit proposal, you should understand the credit simulation calculation. Why bother? Because in reality, the calculation of credit interest is not as simple as you might think. Let’s learn with credit simulations you need to know.

 

Credit Simulation

Through the explanation of the three types of loan interest rates, of course you can already predict that the method of calculating debt interest rates will affect the amount of installments and total debt payments. To compare the three, let’s look at a case example and simulate the credit as follows:

 

Flat Flowers

Flat Flowers

Case in point: Mr. Audie applied for a KTA of $120 million with a credit period of 12 months, with a flat interest of 10%, then how much installments should you pay every month?

Then it is known:

  • Total loan principal = $120,000,000
  • Tenor = 12 months
  • Flat interest = 10% per year

If calculated manually:

  • Principal installments = $ 120,000,000: 12 months = $ 10,000,000 / month
  • Interest = ($120,000,000 x 10%): 12 months = $1,000,000
  • Installments per month = $. 10 000,000 + $1,000,000 = $11,000,000

Conclusion: So, using a flat interest calculation ,   installments that you have to pay until the loan is paid off is $ 11,000,000 per month. This installment value will remain until the end of the period because the interest charged is the type of flat interest.

 

Effective Interest

Effective Interest

Case in point: Mr. Audie applied for a KPA loan of $120 million with a credit period of 12 months, and was charged a loan interest of 10% per year effectively. What are the installments per month that must be paid by Mr. Audie?

Then it is known:

  • Total loan principal = $120,000,000
  • Tenor = 12 months
  • Effective interest = 10% per year

If calculated manually:

  • Principal installments = $ 120,000,000: 12 months = $ 10,000,000 / month
  • 1st month interest: (($120,000,000 – ((1-1) x $.10,000,000)) x 10%: 12 = $1,000,000
    So, the 1st month installments = $ 10,000,000 + $ 1,000,000 = $ 11,000,000
  • 2nd month interest: (($120,000,000 – ((2-1) x $.10,000,000)) x 10%: 12 = $916,667
    So, the second month installments = $ 10,000,000 + $. 916,667 = $. 9,916,667
  • 3rd month interest: (($120,000,000 – ((3-1) x $.10,000,000)) x 10%: 12 = $833,333
    So, the 3rd month installments = $ 10,000,000 + $ 833,333 = $ 10,833,333
  • ……
  • 12th month interest: (($ 120,000,000 – ((12-1) x $ 10,000,000) x 10%: 12 = $ 83,333
    Then, the 12th month installments = $.10,000,000 + $83,333 = $10,083,333

Conclusion: So, there will be a reduction in the total installment value from the first month, the second month, and so on because the application of effective interest results in the interest getting smaller due to the reduction in the remaining principal debt.

 

Annuity Interest

Annuity Interest

Case in point: Mr. Audie applied for a mortgage loan of $ 120 million with a credit period of 12 months, and bears a loan interest of 10% per annum on an annuity basis. What is the installment per month that must be paid by Mr. Audie?

Then it is known:

  • Total loan principal = $120,000,000
  • Tenor = 12 months
  • Annuity interest = 10% per year

 

Conclusion: So, what needs to be focused on the installment calculation using annuity interest is the loan principal used this month to leave the remaining savings principal to calculate interest in the following month. Through calculations, it can be seen that even though the interest rates are the same as the effective interest, by calculating different annuity rates, the results will be different.

 

Calculations with the Ursula Brangwen Application:

credit calculator

You can facilitate the calculation by using the Ursula Brangwen calculator to calculate the loan installments according to the interest used. And the results obtained are like this:

You only need to enter the known data on the calculator, then press count, then the results will appear as below:

For the other two types of interest you only need to repeat the process by changing the loan type column to the effective interest or annuity interest.

 

Recognize and take into account first before making a decision

credit simulation

Through the simulation above, of course you can already see the difference in the amount of installments that occur due to the different types of interest rates used even though the loan amount, tenor, and the amount of interest used are the same. Therefore, recognize and calculate carefully before you determine a credit according to your ability or not. Do not let your decision to apply for credit actually leads to a financial disaster that results in a big loss for you.

Installment of traffic tickets on credit card

Parceling of traffic tickets on credit card is released by the Government.

To reduce the default rate and the number of irregular vehicles, the National Traffic Council (CONTRAN) has recently released a resolution that allows the payment of fines on the credit card and payment on the debit card.

According to information from the Federal Government, the resolution also applies to other debts related to the vehicle, such as IPVA, and is already in effect throughout the country. Implementation depends on each agency (such as Detran and prefectures).

In the case of the city of São Paulo, the mayor João Doria (PSDB) has already published the law that authorizes payment in installments up to 12 times. The city hall of SP must launch a website, until 1/15/18, for the drivers to carry out the installment. Because it is a resolution – not a measure – transit agencies are not required to offer the service.

It is important to clarify that the installment of fines and debits without the option of credit card is already offered in several states, such as Rio de Janeiro and the Federal District, with interest added.

Credit Lender advises: Escape the companies that promise to pay the debts of your vehicle. Look directly to your state body or the city hall for clarification.

 

Suspension of the portfolio: new rules

Suspension of the portfolio: new rules

Another news released by Contran was the new rules on suspension and revocation of driver’s licenses. Beginning in November 2017, drivers who reach 20 points on the CNH (in the 12-month period, valid from November 2016) may be suspended for at least six months. Before, the minimum punishment was one month. If there is a repeat offense, the suspension increases to at least eight months, and can be as long as two years.

If the driver is caught driving with the suspension suspended, the penalty is the withdrawal of the license. The driver’s license may also be revoked in the following situations: not to be qualified in the category of the vehicle; race dispute (gusts); and dangerous maneuvers (wooden horses).

Cyclists and pedestrians to be fined 2018

Cyclists and pedestrians to be fined 2018

The National Department of Traffic (Denatran) also announced in November that regulations that allow the application of fines to pedestrians who violate traffic laws, such as signaling and crossing pedestrians. The rules will be valid at 180, therefore, in 2018.

Cyclists who ride off cycle paths or sidewalks may also be fined. The value of the pedestrian infraction will be R $ 44.19. Cyclists will have to pay up to R $ 136.16.

 

How to apply for traffic tickets?

How to apply for traffic tickets?

If you received a traffic ticket and you do not agree, you can appeal and contest the notice of infringement. Stay tuned because there is a specific time frame for each situation. Look for the service on the website of the agency that issued the notification (state or municipal) and follow the steps.

The DMV clarifies the situations in which the driver of the vehicle may use the traffic ticket:

  • Defense of the notice : must be presented when there is a divergence in the mark, color, model or license plate of the vehicle, or even time and wrong address. Deadline: 30 days.
  • Appeal of the fine to Jari : must be presented to challenge the reason for the infraction or rejection of the defense of assessment. Deadline: payment of the fine.
  • Appeal of the fine to the Cetran : must be presented when the driver wants to contest the rejection of the appeal previously sent to Jari. Deadline: 30 days.

 

How to change traffic ticket by warning?

How to change traffic ticket by warning?

Still according to the Detran, although the written warning is not considered an appeal against a traffic ticket, it is possible to convert the fine into a warning. The warning may be required for light or medium infraction, provided that the offender is not a repeat offender in the same infraction in the previous 12 months.

Detran emphasizes that the exchange of a warning fine is optional to the competent transit authority, if it understands that the measure is educational. This means that the warning will not always be granted and will depend even on the driver’s history. When granted, the warning does not generate points in the national driver’s license and the fine is not enforced.

Indication of driver: how to apply?

You were fined, but were not you the one driving? Know that the “driver indication” or “real offender” feature can be requested so that the points in the portfolio are assigned to whoever was driving at the time of the infraction. Nevertheless, the fine will continue to be linked to the registration of the vehicle and must be paid. The service is offered on the internet by most traffic regulators.

Credit Card Control Services – How Could A Business Achieve It Is Goals

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