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Your Rights As A Credit Card User

July 23, 2013 1 Comment

wealthymatters The Banking Codes and Standards Board of India (BCSI) has prescribed self regulatory norms which credit card issuers have to follow while dealing with their customers.So know your rights and insist on good service from your credit card provider.In case of need you can lodge your grievance with the Banking Ombudsman.

Here are the details of these BCSI norms:

Information
The credit card provider is expected to give you complete details of the fees, interest charges, billing methodology, penalties, renewal and termination procedures and also provide you with a booklet giving all these details. A copy of the `Most Important Terms and Conditions’ has to be given at the time of application to the customer.

Yes or No
Once the customer has shown interest in applying or has already applied for a credit card, it is the duty of the provider to clearly state in how many days he/she will know whether their application has been accepted or rejected. Read more of this post

Filed under Paper Assets Tagged with “Card not Present”, Banking Codes and Standards Board of India BCSI, Banking Ombudsman, billing methodology, credit card bills, Credit Card Statements, credit cards, fees, increase in credit limit, interest charges, Limit reduction, mobile alerts, online alerts, penalties, postaday, renewal and termination procedures, your rights as a credit card user

20% Fall History

July 23, 2013 Leave a comment

wealthymatters In 2008, when Lehman Brothers imploded on September 15, the Rupee, which had by then slipped a bit from its sub-39 all-time high to around 41, fell sharply and by the time the music really stopped, about 3 or 4 months in, to over 50 to the dollar, a decline of 20%.

In August 2011, when the US debt downgrade followed by the exploding of the European sovereign debt crisis (courtesy Greece) hit emerging markets like a bomb,the Rupee, which had been hovering between 44 and 46 for several months – during which, incidentally, both exports and imports were growing like gangbusters – collapsed in a near-straight line, triggering RBI action on December 15, tightening rules and squeezing liquidity. When the dust had cleared – or so it seemed – the rupee had lost over 20% and there was blood all over corporate balance sheets (and, of course, profit and loss statements). The banking system is still recovering from this.

This time round,the fall so far is just half of that in the previous two cases.

Filed under Alternative Assets, Paper Assets, Tool Kit Tagged with balance sheet, European sovereign debt crisis, fall in rupee, falling rupee, Lehman Brothers, postaday, profit and loss statement, rupee depreciation, US debt downgrade

Guesstimates Of The Value Of The Rupee

July 23, 2013 1 Comment

If you are looking for some guidance on where the Rupee/Dollar exchange rate is likely to stabilize,here are the best guesstimates from various financial institutions:

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Filed under Alternative Assets, Paper Assets Tagged with depreciating rupee, falling rupee, postaday, rupee dollar exchange rate

Opt For The Critical Illness Rider

July 10, 2013 Leave a comment

wealthymatters Its a common tendency to automatically opt for the Double Accident Benefit (DAB) rider in case of life insurance policies. Personally I feel it makes sense to similarly adopt the Critical Illness Rider (CI) too.The few extra rupees are probably well spent.Here’s why I think so:

According to a recent study conducted by the private non-life insurer ICICI Lombard, the maximum increment in critical illness incidence rates was experienced in the age bracket of 26-35 years.The vulnerability to illnesses such as cancer among the younger age group is increasing. In this age group, the incidence rate has doubled in the last three years. The study also noted that spike in critical illness incidence rates was more significant in IT and manufacturing sectors.

Other insurers also have a similar story to tell.According to Aviva India,claims for lifestyle diseases like cancer, heart attack and diabetes from people below 40 years of age stood at 23% in 2011-12 and it has shot up to 38% in FY2012-13.Due to a spurt in lifestyle diseases where people are exposed to various risk factors like diabetes, hypertension and cholesterol disorders there is an increase in the number of claims for cardiac diseases and cancer, which are covered under major critical illnesses.

Critical illness riders offer a fixed sum once the illness is diagnosed.They can be a valuable addition to your basic health cover if you contract any serious illness. Your health cover will take care of most of your hospital bills, and pay-outs from critical illness cover can be used to fund medical costs that are not covered,your travel, food, post-treatment recuperation expenses and other long term or permanent expenses such as colostomy pouches.It could also come to your aid should you have to travel abroad for treatment. In case of a critical illness rider the sum insured is paid once any of the illnesses is diagnosed irrespective of where the treatment is taken, at home or abroad.

In fact,if you prefer to take treatment abroad only,consider buying a standalone critical illness policy available from the general insurers.

Filed under Paper Assets Tagged with Aviva India, cancer, cardiac diseases, CI Rider, critical illness rider, DAB Rider, diabetes, Double Accident Benefit Rider, general insurance, health cover, health insurance, heart attack, ICICI Lombard, Insurance, life insurance, lifestyle diseases, medical tourism, postaday, standalone critical illness policy, travel abroad for treatment

Gone Fishing With Buffett

July 5, 2013 2 Comments

Warren Buffet follows his own investment method and has stuck to it through thick and thin to made a lot of money. The key principles of this investment method, as described by Sean Seah in his book Gone Fishing with Buffett are as follows: