Credit cards are excellent for building credit and paying for expenses, such as medical bills and rent. Credit cards offer different benefits, like cashback, zero annual fees, travel rewards, and welcome bonuses. But customers need to fulfill some criteria set by the bank to avail themselves of these services. So, those considering applying for a new credit card should avoid a few common mistakes that can get one’s online application rejected. 1. Neglecting to do research One of the biggest mistakes people make when applying online for credit cards is not researching enough. The prospect of buying whatever one wants on credit can lure one into impulsively applying for a credit card. This might mean signing up for a credit card that has ample application restrictions. This is why it is vital to read the terms and conditions regarding restrictions to avoid getting one’s application rejected. 2. Failing to consider credit score The acceptance of credit card applications is highly dependent on the applicant’s credit score. Not checking when applying for a card can lead to high variations in expected and approved interest rates. Individuals should check their credit scores and narrow down the cards they want to apply for.

“Buy now, pay later” plans have become very popular among customers who want to pay with credit without having to incur interest rates. Plus, “buy now, pay later” plans are easy to apply for and a convenient way to pay. However, like with any payment method, customers can make certain mistakes regarding “buy now, pay later” that can land them in financial trouble. Here are a few such mistakes that individuals should avoid. 1. Forgetting or missing payments When dealing with loans or debts of any form, keeping track of their payment due dates is extremely important. The same goes for “buy now, pay later” plans. If one forgets to pay before the due date, they must bear late payment fees or penalties. Plus, missing payments will impact their credit score. Moreover, one must be extra careful about the payment deadlines of “buy now, pay later” plans. Unlike most common forms of credit, like loans and credit cards, “buy now, pay later” plans have a weekly or biweekly payment cycle. So, if one is accustomed to checking their outstanding payments every month, they may miss their BNPL payment deadlines. 2. Ignoring the added charges Unlike credit cards, “buy now, pay later” plans do not have interest rates on them.

If you think prepaid debit cards have no value, you might want to reassess your theory and catch up with this smart budgeting tool. Prepaid cards can save you from overspending and help you budget without much hassle. You also won’t have to worry much about transaction fraud or losing millions from the account in case of theft. That’s not all. A prepaid debit card can come in handy in many other situations too. Easier money management Prepaid debit cards are an effective tool to curb unnecessary expenses. If you cannot help but go a little crazy on your retail therapy spree, this card might be the perfect solution. Once you load your card with a certain amount, you know without a doubt that there’s no extra spending you can indulge in. Since the card encourages people to manage their money well, many have opted for it as a go-to payment method. Help with business budgeting If you’re bad at tracking how much you spend or often fail to meet business expenses without spending out of pocket, prepaid debit cards can help organize your finances. Getting a prepaid card for business expenses means you no longer have to worry about either spending your personal cash or going over budget with business spending.

Every year people tend to rush to file income tax returns as the financial year stats converge. The Internal Revenue Service (IRS) has a specific set of guidelines that ensures the filing process is easy for individuals to understand and file quickly. But many people tend to make mistakes on their forms which can lead to the income tax department rejecting the document. Therefore, here are eight mistakes to avoid when filing income tax returns. Premature filing Getting things done earlier than the deadline isn’t always simple while filing taxes. Institutions and organizations that issue the latest tax forms may send them later than usual. They may even send an updated version of the document a few weeks after the original is sent. If one files for taxes prematurely, they may risk missing out on any such changes in the documentation, which may lead to a rejection or delay in the returns process. Wrong tax filing status There are five tax filing status types: head of household, married filing jointly, qualified widow(er), married filing separately, and single. Unfortunately, several individuals pick the wrong one while filing the forms, which may affect their return. The tax filing process determines several factors, including the amount of standard deduction you are entitled to (if you are not itemizing) and the respective tax credits and deductions forms.

Investing in precious metals has long been popular for diversifying portfolios and protecting wealth. Precious metals like gold, silver, platinum, and palladium have maintained their value over time and could serve as a hedge against inflation and economic uncertainties. However, before diving into the world of precious metals investing, it’s crucial to understand the nuances of this market and make informed decisions. This article explores essential tips to know before investing in precious metals. 1. Understand the types of precious metals Before investing in any type of precious metal, it is essential for the investor to understand the different types of precious metals available. The most common precious metals are mentioned below: Gold Gold, which is known for its historical value and stability, is often considered a safe asset. It might be bought in various forms, including coins, bars, and jewelry. Silver Silver is less expensive than gold and has various industrial uses, making it more volatile but potentially profitable. It’s available in coins, bars, and other forms. Platinum Platinum is rarer and more valuable than gold, but it is also more volatile. It’s used primarily in the automotive industry and is available in bullion coins and bars. Palladium Palladium is a precious metal primarily used in the automotive industry for catalytic converters.

Acquiring a home loan is a crucial financial choice that demands thoughtful contemplation and preparation. Whether individuals are first-time homebuyers or looking to refinance, navigating the mortgage application process can be complex and challenging. To ensure a successful and financially sound journey into homeownership, it’s essential to avoid common pitfalls that can have long-lasting consequences. This article explores critical mistakes that one should avoid when applying for home loans. Neglecting to check credit scores The first step in the home loan journey should involve a thorough review of one’s credit history. Credit scores are key determinants in the mortgage application process, reflecting creditworthiness and directly impacting interest rates and loan terms offered by lenders. Failure to check and, if necessary, improve credit scores can lead to higher interest rates and less favorable loan terms. Before applying for a home loan, individuals should request copies of their credit reports from the major credit bureaus and review them carefully. Failing to shop around for rates Many homebuyers make the mistake of accepting the first loan offer they receive. To make an informed decision, shopping around and comparing   offers from multiple lenders is essential. Also, taking time to request quotes from different financial institutions, including banks, credit unions, and online lenders, is advisable.