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Reports show that credit card usage in the country has witnessed an average year on year growth of well over 30% through 2018. Additionally, the value of all transactions by 2018’s fourth quarter amounted to Rs.1,431.3 billion. Given these numbers, it is important to know that every time you use a credit card, you borrow money from your financier to carry out the transaction. At the end of your billing cycle, your financier issues a statement containing your total outstanding amount and giving you the option of making a minimum or full repayment.
Figures show that close to 92% of Indians consider making timely credit card bill payments vital to their financial success. Wondering why this is regarded as a valuable habit? Read on to know more.
Late fees and a higher rate of interest start piling on
As per your billing cycle, you have to make payments by a particular date. If you fail to pay the balance or make the minimum payment, you incur a late fee and at times a higher rate of interest as well. As per an RBI notification of 2015, a late fee is applicable only if your payment remains outstanding for more than 3 days past the due date. The higher interest rate incurred may apply to the outstanding amount and also to transactions made during the time you have not paid your credit card bill. This can be costly to repay.
Compounding of your outstanding amount can pinch your pocket
A negative compounding effect is created if you fail to clear your credit card debt in its entirety. Consider that you have an outstanding bill of Rs.20,000 and a minimum repayment of Rs.5,000. While making the minimum repayment is good, it also means that you will incur interest on the remaining Rs.15,000. The following month, you will have to clear transaction costs of the past 30 days as well as pay the Rs.15,000 with interest. In this way, if you continue making only minimum repayments, you land up paying interest on interest. The same holds true in case you have not paid your bill entirely.
Higher monthly expenditures will keep recurring
Since delayed payments imply an increasing outstanding amount, you will only carry an additional financial burden every month. When faced with an accumulating outstanding amount, it is important that you clear it at the earliest. This means that for a few months you will have to add an amount dedicated solely towards tackling credit card debt to your budget.
Your credit score takes a beating
Rating agencies consider your history of bill payments when determining your credit score. Another is the manner in which you handle debt. Putting these together, late payment of bills makes for an poor credit history on the whole. This decreases your credit score. A poor credit score implies that you will have a harder time availing loans and other forms of credit in the future, especially at affordable terms.
You lose out on chances to increase your credit card limit
When you fail to make your credit card bill payments, not only does your credit score take a hit, but you also show bad repayment capabilities. The baggage of these two factors will make it hard for you to obtain an enhanced credit card limit, should you require it.
All of these outcomes can be avoided when you pay your credit card bills on time. Hence, opt for a card that offers you multiple payment options like the Bajaj Finserv RBL Bank SuperCard. Here you can make your credit card bill payment via the RBL MyCard App, Bill Desk, NEFT, net banking, NACH and cheque.
The RBL SuperCard comes with other features that make it economical. You benefit from deals, discounts, and offers on products and services ranging from gadgets and accessories to food and travel. Further, this card gives you a 90-day interest-free loan, and allows you to make 50-day interest-free cash withdrawals at ATMs. You can get started availing these benefits in moments. All you need to do is check your pre-approved credit card offer. Doing so gives you instant approval and access to customised financial solutions.
The Israeli Antiquities Authority said Tuesday that a diver swimming in the Mediterranean Sea has recovered a large sword that experts believe to be about 900 years old, dating back to the Crusades.
The antiquities authority's Director of Marine Archaeology, Kobi Sharvit, said the amateur diver was swimming about 150 meters offshore near the Israeli port of Haifa a few days ago when he spotted the sword lying on the ocean floor, four to five meters below the surface.
Sharvit said the diver recovered the sword and immediately took it to the antiquities authority. Sharvit said the sword -- encrusted with marine organisms when discovered –is the most complete and well preserved he has seen in 31 years. He described the sword as large, heavy and made of iron.
He added that the one-meter-long blade, hilt and handle were distinctive and highly noticeable after undercurrents apparently shifted sands that had concealed it.
Sharvit said because the sword was found in a cove, not far from the Crusader castle of Atlit on the northern coast of Israel, it is being assumed the sword belonged to a solder in the Crusades.
The Crusades were a series of medieval European Christian-led military expeditions to recover the Holy Land from the Muslims in the 11th, 12th, and 13th centuries.
Sharvit said that from an historical perspective, the handle of the sword may be the most important part of the weapon as that is where decorations, and perhaps, even names or initials are often found that will help identify the sword.
He said once it cleaned, examined, and restored, the antiquities authority will put the sword on display. (VOA/RN)
Keywords: Crusader sword, Israel, Antiquity, Castle of Atlit
Facebook must pay a $4.75 million fine and up to $9.5 million in back pay to eligible victims who say the company discriminated against U.S. workers in favor of foreign ones, the Justice Department announced Tuesday.
The discrimination took place from at least January 1, 2018, until at least September 18, 2019.
The Justice Department said Facebook "routinely refused" to recruit or consider U.S. workers, including U.S. citizens and nationals, asylees, refugees and lawful permanent residents, in favor of temporary visa holders. Facebook also helped the visa holders get their green cards, which allowed them to work permanently
In a separate settlement, the company also agreed to train its employees in anti-discrimination rules and conduct wider searches to fill jobs.
The fines and back pay are the largest civil awards ever given by the DOJ's civil rights division in its 35-year history.
"Facebook is not above the law and must comply with our nation's civil rights laws," Assistant Attorney General Kristen Clarke told reporters in a telephone conference.
"While we strongly believe we met the federal government's standards in our permanent labor certification [PERM] practices, we've reached agreements to end the ongoing litigation and move forward with our PERM program, which is an important part of our overall immigration program," a Facebook spokesperson said in a statement. "These resolutions will enable us to continue our focus on hiring the best builders from both the U.S. and around the world and supporting our internal community of highly skilled visa holders who are seeking permanent residence." (VOA/RN)
Keywords: Facebook, Employment, Justice Dept., Recruitment
Tomatoes are a staple in the Indian diet, be it a vegetarian or a non-vegetarian dish. It has to be a part of each meal in some form. As puree, paste, flavour, or diced into the dal. This tangy, sweet, and juicy ingredient was not always Indian. In fact, it did not even grow in India until the British sanctioned it. It is a product of colonization and has come a long way to become part of our everyday meals.
Originally, the tomato was considered poison. Its actual native is debatable. Some say it is European while others argue that is came from indigenous parts of Spain and Portugal. Either way, it is a plant species that is associated with the legendary Nightshade. It looks very similar to this poisonous plant that tomatoes were not even harvested for a long time, for fear of picking Nightshade instead. It was believed that Nightshade caused the blood to turn to acid and that tomatoes had the same property. Later research proved that the plant itself may be poisonous but the fruit is not.
The fruit if the woody nightshade plant Image source: Wikimedia Commons
Tomato is considered a fruit instead of a vegetable because it is cooked. But this theory has an interesting tale behind it. in the United States, in 1887, a tax was levied on the transport of vegetables, but not on fruits. By then, tomatoes had become a huge part of the American diet and traders could not afford to pay the ten percent duty. So, they began to call the large loads they transported fruits, just to avoid the tax due. In time, this is how the tomato came to be regarded. Some scientists went even further and stated that it is a berry. Botanists claim that since it is a part that grows from the flower's ovary and contains seeds, it is a fruit and not a vegetable. But this is a debate that will never end.
Incorporating tomatoes into the Indian diet must have happened so long ago that people do not remember a time without tomatoes, considering how it is the fundamental ingredient of most cuisines. The tomato has a name in every language as well, so the trading between nations, the voyages that brought them to India, and the decoding of the fruit-vegetable must have taken place far earlier than our ancestors remember. Or, perhaps we liked it so much that we decided to use it everywhere and make it our own. Nonetheless, it has been a delightful addition.
Keywords: Tomato, Fruit, Vegetable, Nightshade, Voyage, Staple