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Top 10 Largest Silk Producing Countries in World – [ Production Ranking ]

Last Updated: February 26, 2024

Silk is a natural animal fiber obtained from different insects’ larvae. These insects use this special fiber to build cocoons. The cocoons of the larvae of bombyx mori species of silkworm produce the best quality silk. These fibers are woven to form a fabric. More than 60 countries in the world are known to produce silk. Silk production originated in China so undoubtedly, they are still the largest silk producers in the world. Other major silk producers include India, Korea, Iran, and Thailand.

It is considered to be a luxurious fabric due to its shine and smooth texture. It is mainly used for the manufacturing of clothes such as shirts, trousers, sarees, etc. Silk is also used in making different home décor furnishings and bedding. The construction of bicycle tires and parachutes uses woven silk fibers. Silk has many unique characteristics which set it apart from all other fabrics.

Table of Contents

Toggle
  • Characteristics of Silk
  • Types of Silk
  • Top 10 Largest Silk Producing Countries in the World
    • China
    • India
    • Uzbekistan
    • Iran
    • Thailand
    • Brazil
    • Vietnam
    • Romania
    • North Korea
    • Afghanistan
  • Largest Silk Exports by Country
  • Other Silk-Producing Countries
  • Conclusion

Characteristics of Silk

Here are some unique characteristics of silk which make it such a special fabric:

  • Silk has good compatibility with dyes.
  • It is composed of 80% protein called ‘’fibroin’’ and 20% sericin which is a silk gum.
  • It is difficult for silk to get dirty as it has a slippery and smooth surface. Dirt does not stay on it and even if it gets dirty, it is removed by simple washing.
  • Silk possesses good tensile strength.
  • Silk has good absorbing properties, for this reason, it makes a comfortable cloth during summers and warmer in winters.
  • It has great elasticity thus it can be stretched more than 10 to 20% of the original length.
  • This fabric has moderate resistance to wrinkling and can retain its shape with ironing.

Types of Silk

There are numerous types of silk obtained from different varieties of silkworms. They differ in their qualities and features for making different types of garments. Here we have enlisted some common types of silk used worldwide.

  • Charmeuse
  • Chiffon
  • Crêpe-de-chine
  • Dupion Silk
  • Georgette
  • Habotai
  • Organza
  • Silk Satin
  • Shantung
  • Silk crêpe-backed satin
  • Velvet

Top 10 Largest Silk Producing Countries in the World

The following table contains the list of the top ten largest silk-producing countries in the world along with their total production and production per person.

Sr. #CountryProduction (Tons)Production Per Person (Kg)
1.China403,0210.289
2.India161,1270.121
3.Uzbekistan17,9120.549
4.Iran13,2440.162
5.Thailand4,2860.062
6.Brazil3,0540.015
7.Vietnam2,5110.027
8.Romania1,1500.059
9.North Korea9050.035
10.Afghanistan6790.022

China

China is the largest raw silk and silk fabric producer in the world. The woven-on hand looms in China, where an abundant supply of cheap labor is available. The Si-Kiang and the Lower Yangtze, Kiang valleys are traditional sericulture areas and the homeland of silk manufacturing in China. This is why silk prices in China are relatively low compared to the international market.

According to the statistical survey of 2012, China produced 126000 million tons. China produces 60% of the world’s silk. It exports raw silk and fabrics to the U.S.A., U.K., France, Germany, Italy, Spain, and other countries. Shanghai, Hangzhou, and Canton are the main silk manufacturing cities in China.

India

India ranking 2nd among the leading sericulture countries has not only a time-honored silk tradition but a rich silk fauna. The process of making has been practiced in India since ancient times. India is an important silk-producing country. India is exporting different types of silk to various countries.

Bihar, West Bengal, Madhya Pradesh, Assam, Jharkhand, Karnataka, Andhra Pradesh, Jammu & Kashmir, Tamil Nadu, and Orissa are other states prominent in silk manufacturing. The first mill was established by “The East India Company” at Howrah in 1832 at present Karnataka is the premier producing state 52%.

Uzbekistan

For centuries Uzbek silk has been greatly valued throughout the world. Margilan silk is the famous silk type produced in Uzbekistan. Its worth was the same as gold and was a means of huge payments. In the second millennium BC, a ruler of Ferghana Valley was inspired by the silk products made in China. He wanted to make it in his country. So, he asked his subordinates to start manufacturing silk as the Chinese did. Since then, Uzbekistan has been producing silk fabrics, clothes, carpets, home decorations, and national souvenirs.

Uzbekistan is famous for producing natural silk. It has great characteristics as it is soft, smooth, and has a fine texture. Margilan is the largest center for silk production in the country. Two big factories are operating in the city, Yodgorlik, and Khan Atlas. Now Uzbekistan ranks as 3rd largest silk producer in the world due to its fine quality and great exports.

Iran

The sericultural activities have been taking place for more than 3000 years in Iran. The Persian carpet was the most famous silk product of Iran. The silk industry has been the source of income for many including children, women, and men of the rural communities. Iran is considered to be the first carpet weavers in the world however they have known to produce hand-woven scarves, crochet works, embroideries, and souvenirs.

Tehran is the head of Iran’s sericulture center. Almost 22 provinces of the country are active in silk farming but 96% of silkworm cultivation takes place in only seven provinces. Gilan constitutes 40% of silk production followed by Razavi Khorasan in northeastern Iran constitutes 30% of silk production.

Thailand

Thailand is known for many things and their silk industry is one of them. Thai silk is known all over the world for its fine quality. More than half a million households are involved in the silk industry. Thailand has a record annual production of 700 tons of native silk yarns, 16 tons of thrown silk yarns, and 3.5-4.5 million square meters of silk fabric. The production of high-quality patterned silk fabric and heavy-weight non-patterned fabric provides employment and income to many.

Ayutthaya is a city in Thailand that is well known for its highly skilled silk weavers and dyers. Other than that, Khorat is considered the center of the silk industry in Thailand. They are known for producing rose Thai silk. The traditional Thai silk is completely natural and unique, it cannot be duplicated by using commercial means.

Brazil

Brazil has always promoted sericulture as they rank as the 5th largest silk producer in the world. On a commercial scale, Brazil is considered to be the largest silk cocoon producer in the Western world. The economy of Brazil is supported by its textile industry. In the first half of 2019, the export of silk yards from Brazil was 311,000 tons. Most of the Brazilian silk is exported to Japan, Switzerland, Italy, and France.

Brazil’s main silk production center is mainly located in the north and northwest regions of Paraná. 84% of the total Brazilian silk production occurs at Paraná. There are almost 1867 small producers in 161 municipalities who are responsible for producing 2.47 tons of green cocoons. The area of this comprises 3.78 thousand hectares.

Vietnam

Vietnam has secured 7th place in the top ten largest silk-producing countries. The most popular type of Vietnamese silk is May silk. The silk industry manufactures many products but the most loved products include plain silk scarves, silk ties, silk textiles, and hand-painted and hand-embroidered scarves.

The two major silk-producing regions include Ha Dong and Bao Loc. Ha Dong is located in the city of Hanoi, it has many silk factories and workshops. Bao Loc is responsible for producing 80% of the country’s silk. A company called ”Vietnam Silk House” is located in this region. This company has partnered with many silk enterprises in the country to produce fine-quality of silk dresses.

Romania

Romania has had the sericulture tradition for quite some time now. Their sericulture tradition is known worldwide. The climate of Romania is favorable for the production of mulberry which leads to the production of silkworms. The importance of sericulture in Romania can be judged by their presence as the founding member of the International Sericultural Commission.

Romanian silk production has played an important role in domestic consumption as well as in exports. Romania exports silk mainly to Italy. In 2021, Romania earned $5.56M by exporting raw silk to Italy. The villages in the Oltenia region are famous for weaving silk and manufacturing Romanian blouses.

North Korea

The art of sericulture which was the specialty of China for over 5000 years spread to Korea around 200 BC. Korea established its silk industry soon after China and now ranks in the first ten largest silk-producing countries. The traditional Korean dress called Hanbok is partially or wholly made of silk. The silkworm pupae are also boiled and steamed to make a snack called beondegi which is quite famous in Korea.

The city of Jinju is considered to be the home of Korean silk. It covers 70% of the silk production of the country with 4 dyeing and 50 silk weaving companies. These companies have been producing silk for over 100 years and continue to do so.

Afghanistan

Apart from the agriculture industry, the sericulture industry has also been very important for the economy of Afghanistan. The silk business provides income to hundreds of women, who play a key role in rearing the mulberry leaves and maintaining the silkworms. Other than carpets and clothes, silk was used to make turbans and long-sleeved coats called Chapan. These silk turbans and Chapan are in great demand in Afghanistan.

Silk

Herat is the main center for silk production. Most of the silk products such as tents, handkerchiefs, etc. are manufactured here. During the 1960s, eight silk research centers were set up in the country. The Afghan silk fiber is better than Thai and Lao silk fibers and is used to make high-end fashion clothes and home decorations.

Largest Silk Exports by Country

The following table contains the list of countries with the largest silk exports in 2019.

Sr. #CountryTrade Value in USDQuantity (Kg)
1.China228,990.514,305,180
2.Vietnam55,325.14858,852
3.Uzbekistan30,433.22781,840
4.Italy22,898.55376,391
5.Romania8,439.68119,418
6.Germany3,221.6966,843
7.United Arab Emirates1,866.2278,984
8.Azerbaijan724.5018,749
9.European Union600.0913,068
10.Bulgaria598.8915,813

Other Silk-Producing Countries

Sr.#CountryProduction (Tons)Production Per Person (Kg)
1.Azerbaijan5140.052
2.Cambodia1580.01
3.Egypt1190.001
4.Kyrgyzstan1120.018
5.Japan1100.001
6.Spain790.002
7.Bulgaria710.01
8.Turkey710.001
9.Italy690.001
10.Madagascar490.002

Conclusion

The culture of rearing the silkworms to obtain silk from them is called sericulture. This culture has been part of many countries but it originated from China, making them the world’s largest silk producers. Since then, many countries followed in China’s footsteps and have established their silk industry. Silk is a luxurious cloth with fine texture and shine. It is used in making different garments for summers and winters. It is also used in making different home décor items including carpets. The silk industry has boosted the economy of many countries including India, Thailand, Iran, Korea, etc. which are ranked among the top ten largest silk producers in the world.

Filed Under: Business 1 Comment

Santander Zero Credit Card Reviews [Real Customer Feedback]

Last Updated: August 18, 2024

Worn out of consuming money on the high-interest rate card while you are abroad? Zero Credit Card is a perfect choice for travel purposes with many features and benefits as it charges no fee for money withdrawals & abroad purchases in respective local currency.

As with all travel cards, be sure to pay for purchases abroad in the local currency, not in pounds. Local Currency payments will get a good Santander MasterCard exchange rate.

The Santander Zero is MasterCard Credit Card that can be utilized for travel, however, always pay off any money withdrawals as quickly as time permits to constrain interest charges before they hit the time limit.

Table of Contents

Toggle
  • Santander Zero Retailer Offers
  • Zero Credit Card Balance Transfers
  • No Interest for a Set Window
  • Helpful for Lowering High-interest Balances
  • Ideal for Large Purchases
  • Balance Exchanges are not Usually Included
  • You’ll Still Pay a Balance Transfer Fee
  • You can Lose it for Bad Behavior
    • The APR doesn’t last Forever
  • Santander Zero Important Highlights
  • Criteria Applying for Santander Zero Credit Card
  • Zero Credit Card Fees
  • Introductory Offers
  • Santander Zero Overseas Use
  • Santander Zero Charges
  • Santander Zero VS Others
    • Santander Zero vs. Barclaycard Platinum Travel Credit Card
    • Santander Zero vs. Santander All in One Credit Card
    • Santander Zero VS Halifax Clarity
    • Santander Zero Vs World Elite MasterCard
  • Random Customer’s Zero Credit Card Reviews
    • Ian B
    • Martin
    • Jonathan Kay
    • Kad Ahmad
    • Lucy

Santander Zero Retailer Offers

In case you plan to utilize Zero Credit Card in GB or abroad, a few clients may discover an incentive through Retailer Offers. The prizes program can get a premium of up to 15% off select retailers, including different grocery stores, supermarkets, entertainment, food, and more – yet clients should effectively deal with their accounts. These offers are typically fleeting, lapsing within fourteen days. The Santander Zero card gives no reward other than these.

Zero Credit Card Balance Transfers

Santander Zero has balance transfer-ability too, the 3% charge for just a single month of no interest is more awful than the normal transfer deal available on the market.

No Interest for a Set Window

You will have to pay zero interest on buys for the introductory duration. Many cards offer 06 to 18 months duration without interest on buys and purchases and most of the time on balance transfer too.

Helpful for Lowering High-interest Balances

If you are hauling high-interest credit card, you can transfer it to the card that offers a 0% initial APR on balance transfers. This provides you with a window of time where interest will not increase balance, so all of your payments will move towards financial debt itself. This enables you to make quicker progress on dropping debt.

Ideal for Large Purchases

If you would like to make a purchase, such as a television or maybe planning a holiday but need some time to repay it, a 0% interest is a jumbo asset. For a limited time, you get to carry a balance and space out payments on zero interest.

Balance Exchanges are not Usually Included

Pretty much every 0% APR offer is for new purchases made with the card. A portion of these introductory offers additionally include 0% on balance transfers, yet not all do.

You’ll Still Pay a Balance Transfer Fee

You will still have to pay a balance transfer fee in case you do not find a card with a 0% introductory offer on balance. This fee is usually charged on 3% of the transferred balance, so it will be beneficial if you bring over a large amount of balance.

You can Lose it for Bad Behavior

In case of late payment, Santander has the authority to end the introductory period. In case you will not have a regular APR; you might get a penalty APR which is 30%.

The APR doesn’t last Forever

Appreciate it, on the grounds that once your 0% starting period is finished, it’s finished. The 0% interest goes on for the length of the early on period, and once it closes, the card will return to its regular APR. This standard rate might not be below, so be watchful about carrying a balance in case you’re nearing the finish of your introductory period.

Santander Zero Important Highlights

  • No fee for abroad purchases when made in local currency
  • Simple Credit Card Activation process
  • Welcome cash back offers at major retailers
  • Credit Card login Online Banking or mobile banking for management of accounts and services
  • Link up with Apple Pay

Criteria Applying for Santander Zero Credit Card

  • You must be 18 years old
  • You should be a UK resident
  • You have to earn at least £7,500 per year
  • You must have good credit
  • No CCJs, IVAs, and bankruptcy, within the last 6 years

Zero Credit Card Fees

Transaction FeesNo fee on non-Sterling Transactions abroad
No fee on Santander Credit Cash Withdrawals
Mobile & Online Banking Santander Retailer OffersWelcome bonus of 5 Retailer Offers up to 25%
Ongoing access to Retailer Offers up to 15% off
Annual Feeno annual fee i.e., £0
APR (variable)18.9% on
1. Cash Transactions
2. Balance transfers
3. Purchase
  • Early repayment fee: £0
  • Late payment fee: £0
  • Arrangement fee: £0
  • Intro purchase rate: 0% for 2 months
  • Purchase rate: 9 %

Introductory Offers

Intro Purchase Rate Period1
Balance Transfer Offer Term1 month
Balance Transfers Allowedyes
Introductory Balance Transfer Fee3 % (minimum £ 5)
Max Balance Transfer Limit0 % AER
Money Transfers AllowedNo

Santander Zero Overseas Use

Worldwide Transaction Cost of £100Free
Cost of £100 Transaction in EuropeFree
International Cash Withdrawal Charges for £100Free
Airport Lounge AccessNo
Interest on Cash Withdrawals18.9 % AER

Santander Zero Charges

Interest-Free Period on transactions56 days
Min Monthly Repaymentstatutory minimum
Interest-Free Period on cash withdrawals0 days
PurchasesAnnual Interest Rate18.9 % AER
Inactivity FeeNone
Returned Payment Charge£ 12
Over Limit Fee£ 12
Copy Voucher Charge£ 0
Copy Statement Charge£ 0
Late Payment Fee£ 12

Santander Zero VS Others

To better comprehend the value of the Santander Zero Credit Card you have to see it in respect to other accessible choices so you can choose which will make more an incentive for you.

Santander Zero vs. Barclaycard Platinum Travel Credit Card

The Barclaycard Platinum Travel Credit Card is probably the best credit card for foreign use. Only if you pay off any and all cash withdrawals before the due date. The best feature of the Barclaycard travel card is that you’ll pay no interest charges at all by making payment in time. The card will not be as attractive if the foreign transaction fees increase.

The Santander Zero charges interest from the date of the transaction until the balance is paid off, which can result in an awful interest charge if you are on vacation. If you pay back your cash transactions promptly after withdrawal from the ATM, you lessen these interest charges. Those who won’t be able to pay back their cash transactions promptly can save more on the Barclaycard Platinum Travelcard.

Santander Zero vs. Santander All in One Credit Card

The Santander All In One Credit Card is an average all-around card, you can read the full review here. It offers a 0.5% cashback rate and no expenses on buys made abroad. The greatest inconveniences to the All In One card are the £3 month to month expense and 3% (£3 least) charge on money withdrawals.

These cards are attractive to those who want to manage the Retailer Offers rewards programme in order to have extra incentives. Those charging £600 a month will sufficiently acquire cashback rewards on the All In One to counterbalance the month to month expense.

Anybody searching for a simple card to for abroad may discover more of an incentive on the Zero as it is free and have no charges on cash withdrawals.

Santander Zero VS Halifax Clarity

This card is suitable for travel purposes as you can see in Halifax Clarity Credit card reviews and does not charge any fee. Santander doesn’t charge too. This can be essential as interest is charged promptly from the date of cash withdrawal and can rapidly include.

Both cards don’t charge fees on foreign transactions. Halifax charges a lower interest rate on cash withdrawals. Until you don’t pay back your cash withdrawals immediately, these cards will not work nicely.

Santander Zero Vs World Elite MasterCard

World Elite MasterCard gives you access to 1000 airport lounges and the facility of 1 million Wi-Fi hotspots. It charges no foreign transaction fees on purchases made abroad in local currency. Its representative APR is 49.8% variable and purchase rate is 18.9% p.a variable. It charges $15 on a monthly basis.

Both cards don’t charge any fee on foreign transactions. The World Elite Credit Card charges $15 fee on a monthly basis whereas Santander Zero charges NO monthly fees.

Random Customer’s Zero Credit Card Reviews

Ian B

It is absolutely fine until you withdraw your own money. Not a concern with giving me a long-winded run around when I wanted to take out 5000 in cash at the branch of my very own money.Their fake automatic system keeps denying transfers to my own accounts with other banks. it happens for a relatively small quantity. On the plus side, the people I dealt with on the phone were polite and helpful but it takes 45 minutes on the phone every time I want to send myself money and this is really hectic.

Martin

These people don’t care about their customers, plain and simple. They only care about making their wage and going home and they are not doing wrong. they put me wrong on my account and they think that is not a big issue? like seriously?

Their staff in their branches are very unhelpful and have provided wrong information on many occasions. Even their message service also does not work. How secure is it then?

I am concerned about the safety and privacy of my information as they clearly announce all sorts of information, audible to everyone in the bank, fully discussing.

For example, I had to withdraw £350 but their ATM can’t handle that so I had to speak to a teller. As I was leaving, I realized everyone could hear that I now have £350 in cash, totally unsafe!

A little more security, please. when I log in to their account there is a bottom like to talk with the teller, which tells that all login steps are useless if we still need to talk with the teller at the end. Ultimately, I decided to cancel the Santander credit card.

Jonathan Kay

I went into one of their branches. Here I came to know that my account is expired and I was not notified About it. However, Bridget spent over 30 minutes replacing the account and explaining every action carefully. Would be nice to think she will be there in a year’s time! Deserves praise as I think she used some of her lunch breaks to help me.

Kad Ahmad

I have a business account with Santander and their international banking service, they just called international actually they are not at all is, the worst people to deal with. Staff can not follow simple fax instructions in what currency.

I want my payment to be sent. How can they get it wrong on so many events? I am now persuaded, they do this intentionally and it’s the same staff. I think as soon as they see my letterhead instructions. I want somebody from the head office to contact me and discuss my issues.

Lucy

I have been banking with Santander for 6 years. I received a text from then at 9.00 PM. I was informed that fraudulent activity has taken place on my credit card and that I should immediately contact the bank.

I took action upon this and after about or more than 90 minutes I was able to speak with someone. This bank does not care about its customers the security system they use.

Such as, text messages are insecure they use the cheapest method of contact, and when they send you a text how do we know whether it is from the bank or scammer. A scammer can even take your money, who will be a cause of it then?

Filed Under: Banking & Finance Leave a Comment

Santander All in One Credit Card Reviews

Last Updated: August 18, 2024

Santander Bank designs “All in on credit card” for their users to enjoy maximum benefits and rewards. It aims to keep you prosper by offering huge benefits through various banking products including UK’s favourite World Elite Card & Zero credit card.

Table of Contents

Toggle
  • Santander All In One Credit Card Review
  • All In One is Good for Those who want to
  • All In One is Bad for
  • Highlights
  • All in One Credit Card Gratify Your Banking
    • Mobile Banking
    • Santander Online Banking
    • Telephone Banking
    • Security Checks
    • Balance Transfer and Cashback Calculator
    • Santander All in One Benefits
  • Santader All in one Credit Card Application Requirements
    • Santander All in One Fee
    • Applying for Card
    • All In One Compared to Aqua Rewards

Santander All In One Credit Card Review

The Santander All in One Credit Card gives a 30-month 0% balance transfer and cashback rewards rates on all purchases. They charge a £36 fee per year. This gives you 0.5% rewards on all purchases 15% off on different Retailer offers at a number of retail partners. Santander All In One will also give you 25% off on five Retail Offers as a welcome bonus which will be for short periods, usually 14 days.

These offers give discounts to various retailers, such as Entertainment, supermarkets, car rental agencies, JD Sports, food and many more.

You won’t be charged any fee for non-Sterling transactions while abroad and it doesn’t charge any additional fees on the purchases made in local currency as well, but a 3% fee for each cash withdrawal will be charged immediately.

All in One credit card gives cashback rewards for those who want 0% interest on balance transfers and purchases on the same card.

All In One is Good for Those who want to

  • Earn everyday rewards
  •  manage rewards actively to find extra worth
  • Make purchases by All In One credit card abroad

All In One is Bad for

  • who wants an interest free period for cash transactions
  • don’t want to pay a monthly fee
  • £3 monthly fee
  • 3% High balance transfer fee applies after the introductory period ends
  • Transfers from additional Santander Group accounts aren’t permissible

Santander All In One Representative example:

If spending £1,200 at a purchase interest rate of 15.90% p.a. variable) then the representative rate will be equivalent to 21.70% APR(variable) by a monthly fee of £3.

Highlights

All in one credit card contains everything you need in a credit card. With this credit card, you’ll get;

  • Credit Card with a monthly fee of £3
  • Activate Santander card on phone or laptop
  • No balance transfer fee for 30 months from the date of account opening
  • No interest for 30 months on purchases from the date of account opening
  • No foreign transaction fee
  • 0.5% cash back on all of your purchases
  • Protect you when there are some price changes in the market.
  • Gives you a built-in warranty to make purchases and manage
  • accounts.
  • Use for foreign purchases and withdrawals having no transaction fees.
  • Notifications on card limit increase while mobile & email
  • Cash Back offer on Purchases
  • You will earn 0.5% cashback on every purchase. So, when will you make any small or big purchase every time you earn.
  • The bank is responsible to charge your account monthly and you can see this status through online or mobile banking.

All in One Credit Card Gratify Your Banking

All in one credit card has been promoted worldwide due to some of its features to add more values to personal and business banking. Your banking transactions are now at your fingertips with various facilities including the Internet, Mobile, Telephone banking.

Mobile Banking

Mobile banking allows users to quickly log on and securely use your account. You can see your transactions & limits through your mobile. You will have to register yourself for retailer offers to earn cash back on your balance.

Santander Online Banking

Santander Online Banking login enables you to handle banking tasks on your phone or tablet anytime anywhere.

Telephone Banking

Through all in one, you can also manage to a bank through a phone call by dialling 08009123123

Security Checks

Bank takes extra measures to protect your account information and aims to give you a secure trustworthy bank account assistance. Santander Offers you lots of benefits but they are still dangerous if used carelessly.

To take unlimited Credit Card benefits, firstly you have to pay off the full balance quickly

Balance Transfer and Cashback Calculator

This calculator is only for descriptive reasons.  This calculator supposes you’ll make the repayment amounts (monthly) entered, there are no additional transactions, rather a fixed interest rate charged on your accessible credit card and that you’re not in an early or promotional period.

Santander All in One Benefits

Rewards0.5% cashback rewards
on all eligible purchases
Transaction FeesNo fee on non-Sterling
Transactions abroad

3% on min £3 fee
on cash transactions

0% on PurchasesFor 30 months
Annual Fee£36
0% on Balance TransfersFor 30 months
(no initial balance transfer fee)
Retailer OffersWelcome bonus of
5 Retailer Offers up to 25% off

Continuing access to
Retailer Offers up to 15% off

  • If you have a current account then no monthly fee for 6 months
  • 0% for the first 30 months on purchases, after that 15.9% p.a. (variable)
  • 0% foreign transactions fees while using the All In One credit card abroad
  • 0% for the first 30 months on balance transfers, after that 15.9% p.a. (variable) and 0% balance transfer fee
  • 0.5% cashback on every purchase with no limits or caps

Santader All in one Credit Card Application Requirements

  • Be aged 18 or over
  • Be a permanent UK inhabitant
  • Have a £7,500 or more gross annual income
  • Have an excellent credit history
  • Have no bankruptcy, IVAs or CCJs in the last 6 years

Santander All in One Fee

Arrangement fee£0
Late payment fee£0
Early repayment fee£0

Applying for Card

If you’ve compared other credit cards with all in one and want to apply, firstly, complete the secure online application form. Before applying, check the eligibility criteria, whether you meet the criteria and all the requirements that are needed. Gather all the information and documents which are needed to make the process simple and straightforward.

All In One Compared to Aqua Rewards

The Aqua Rewards Credit Card is a cashback card which is free and offers 0.5% rewards rate. The disadvantage to the Aqua Rewards card is that the cashback is paid out one time in a year, and missing a payment is meant forfeiting all cashback for the year. This can be risky for many cardholders. The Aqua cards are suitable for those who have weak credit histories. This is good for individuals eager to improve their credit history.

Filed Under: Banking & Finance Leave a Comment

RBS Credit Card Charges [ Reward, Black, Royal Bank & Student ]

Last Updated: August 18, 2024

What are RBS credit card charges? Does RBS charges for using the credit card abroad? Royal Bank of Scotland makes it easy to choose a credit card when there are a clear benefit and assistance schemes. That’s why RBS made range nice and simple. It is great for saving money and also helping with student finance. Royal Bank of Scotland credit cards will help you to purchases and balance transfers at low rates.

Table of Contents

Toggle
  • List of RBS Credit Cards
    • RBS Rewards Credit Card
    • Rewards Black Credit Card
    • The Royal Bank Credit Card
    • RBS Student Credit Card

List of RBS Credit Cards

  1. Reward Credit Card
  2. Reward Black Credit Card
  3. The Royal Bank Credit Card
  4. Student Credit Card

RBS Rewards Credit Card

Representative Example

Representative APR is 23.7% (variable). It is based on the Credit Limit of £1,200.

Rewards Credit Card by RBS typically applies 23.7% APR, these charges could be variable and annual fee will also be applied after three months of membership. The annual fee will be refunded if you have a reward current account. You can earn 0.5% rewards on every purchase everywhere. Royal Bank of Scotland applies £24 annual fee when you first ever use your account and then after one year on that date.

The reward credit card offers 1 RBS reward point every time you spent £1 on grocery, gas & other market purchases. To get bonus points Credit Cardholder has to carry out a significant amount of transactions through the card. It enables you to make RBS Credit Card Payments in the native currency as well as in foreign currency.

RBS Rewards Credit Card Fees and Charges

Representative APR23.7%
The interest rate
on the purchase
18.9% p.a.
(variable)
Annual fee£24

RBS Reward Overseas Charges

Charges for £100
Int’l Cash Withdrawal
£ 3
Interest Charged on
Cash Withdrawals
25.9 % AER
Cost of £100 Transaction
Worldwide
£ 2.75

Additional Charges

Inactivity FeeNone
Late Payment Fee£ 12
Returned Payment Charge£ 10
Copy Statement Charge£ 3
Returned Payment Charge£ 10
Over Limit Fee£ 12
Copy Voucher Charge£ 0

This credit card is suitable for you if:

  • You earn at least £ 10,000 per year
  • Your credit rating is Prime
  • You would like to borrow at least £ 300
  • You are above 18 years older

Rewards Black Credit Card

Reward Black Credit Card by RBS applies 31.7%APR, these charges could be variable and annual fee will be applied after three months of membership. Using this; you do not have to pay any foreign transaction fees. The annual fee will be refunded if you have already a Reward Black current account. Service tax will be applied with the total amount charged to the Credit cardholder.

While using Reward Black credit card, as you earn points near to £5, you can convert them in money into your account. It also offers security purchases and also enlarges warranty protection for your account.

RBS Rewards Black Charges

Annual Fee£ 84
Interest-Free Period
(transactions)
56 days
Annual Interest Rate
for Purchases
18.9 % AER
Interest-Free Period
(cash withdrawals)
0 days
Minimum Monthly RepaymentStatutory Minimum

Reward Black Overseas Charges

Cost of £100 Transaction
Worldwide
Free
Cost of £100 Transaction
in Europe
Free
Interest Charged on
Cash Withdrawals
25.9 % AER
Charges for £100
International Cash Withdrawal
£ 3

RBS Reward Black Additional Charges

Over Limit Fee£ 12
Late Payment Fee£ 12
Copy Voucher Charge£ 0
Returned Payment Charge£ 5
Inactivity FeeNone
Copy Statement Charge£ 0

This Credit card is suitable for you if

  • Your you earn at least £ 15,000 per year
  • Your credit rating is prime
  • You would like to borrow at least £ 5,000
  • You are above 18 years old

The Royal Bank Credit Card

The Royal Bank Credit Card applies 9.9% APR, which will be variable according to market ups and downs. Using this, you will enjoy a 0% annual fee. The Royal Bank credit card offers 0% foreign transaction fee and low rates on balance transfers. You will also enjoy low-interest rates.

It also provides a revolving credit limit that varies with financial exposure of the holder.

The Royal Bank Credit Card Charges

Interest-Free Period on transactions56 days
Min Monthly Repaymentstatutory minimum
Interest-Free Period in cash withdrawals0 days
Annual Interest Rate for Purchases9.9 % AER

The Royal Bank Card Overseas Charges

Cost of £100 Transaction
in Europe
Free
Cost of £100 Transaction
Worldwide
Free
Interest Charged on
Cash Withdrawals
16.9 % AER
Cash Withdrawal Charges
for £100 International
£ 3

The Royal Bank Credit Card Additional Charges

Late Payment Fee£ 12
Over Limit Fee£ 12
Copy Statement Charge£ 3
Copy Voucher Charge£ 0
Inactivity Fee:None
Returned Payment Charge£ 10

This card is suitable for you if

  • You earn at least £ 10,000 per year
  • Your credit rating is prime
  • You would like to borrow at least £ 300
  • You are above 18 years older

RBS Student Credit Card

Representative APR is 18.9% (variable), If you are borrowing of £500 on an interest rate of 18.95% (variable) annual.

RBS Student Credit Card applies 18.9% APR and also have no annual fee. This card will ensure safety for student life. The least maximum limit for a student credit card is £500. But to avail student Credit Card service you must have a Royal Bank of Scotland Student current account.

Along with these charges other taxes, duty, and some else charges were also required to be paid, which will be applied to your account. RBS Credit Card Services are full-time amazement, but if payment will not be paid within due date, credit cardholder charged with some additional costs, just due to delay in payment.

Student Credit Card Charges

Interest-Free Period
for transactions
56 days
Min Monthly Repaymentstatutory minimum
Interest-Free Period
for cash withdrawals
0 days
Annual Interest Rate for Purchases18.95 % AER

Student Credit Card Overseas Charges

International Cash Withdrawal
Charges for £100
£ 3
Interest Charged on
Cash Withdrawals
27.95 % AER
Cost of £100 Transaction
Worldwide
£ 2.75

Student Card Additional Charges

Over Limit Fee£ 12
Late Payment Fee£ 12
Copy Statement Charge£ 3
Returned Payment Charge£ 10
Copy Voucher Charge£ 0
Inactivity FeeNone

This credit  is suitable for you if

  • Your credit rating is prime
  • You would like to borrow at least £ 250
  • You are over 18
  • You are previously an existing customer

Credit Card hub of Royal Bank of Scotland will help you to choose the best one credit card. RBS also introduce a “Grace Period” once during a year. During the Grace period, the cardholder has to pay their credit card bills without any additional interest.

Filed Under: Banking & Finance Leave a Comment

Different Ways to Earn Avios Point Rewards

Last Updated: August 18, 2024

Everyone does not get full of their credit card offered rewards just because of the knowledge they do not have at all. Credit card reward programs are not so complicated.

They are simple, easy & awesome as well

The same is Avios Point Credit Cards. Consumers can earn rewards easily with the following strategies and redeem them at various outlets, airports, hotels, and shopping stores.

Table of Contents

Toggle
  • Choose the Right Credit Cards with Avios Points
  • Top Strategies to Earn Avios Points
    • Bank & Shop with Avios Card
    • Shop Online with Avios E-Store
    • Book Holidays with British Airways
    • Online Surveys
    • Transfer your Hotel Points to Avios
    • Shop with Avios Channel Partners
    • Refer a Friend
    • Switch your Magazine

Choose the Right Credit Cards with Avios Points

Multiple banks in the UK offer a credit card with Avios points. Lloyds, TSB, American Express, HSBC, Tesco, and a few more banks facilitate consumers with rewards.

Most of them give signup Avios points bonuses to clients. All you have to do is to select the best Avios credit cards for your needs & spending patterns.

Top Strategies to Earn Avios Points

Bank & Shop with Avios Card

The easiest and simplest strategy is to Sign Up with Avios. Once after sign, you shall be given the opportunity to earn points that you can redeem. These earnings will be credited to your account or your British Airways Executive Club account

Many of us have more than 1 credit card in our pocket and use them randomly. The best & most used earning strategy is to use a card that gives you the best conversion to your points.

Like Tesco gives 0.3 per £1 spending but American Express gives 2 Avios per 1 pound.

So why use Tesco?

If you are thinking of using your debit card to get rid of monthly credit card bills, do not do it. Debit cards won’t give you a return. Swap your credit card and pay your bills instantly.

This way you are getting double benefits. The first is Avios points and the second is building a good credit score.

Shop Online with Avios E-Store

Buying from a random eCommerce store is not a good choice when you have Avios E-Store. With Avios E-Store, your Avios points are transferred into your account within 35 days of purchase.

Book Holidays with British Airways

Planning a honeymoon or business trip. Book your flights with British Airways using your card. Do not forget to book a rental car too. With each £1 spent, you get 2 points. Check multiple online options for hotel selection around the globe

Online Surveys

Giving approx 45 minutes can return you with points. Not every day you are free to fill out online surveys but someday or weekends may be randomly selected for this. Avios Online survey programs are interlinked with British Airways.

Your spare time can be utilized. Simply these earned points can be transferred to your account and further transferred to your British Airways.

Transfer your Hotel Points to Avios

Just with a few clicks online, transfer your other credit card rewards points into Avios. This way your hotel points, and reward points can be moved here to fly free.

Shop with Avios Channel Partners

Shop with more than 100 Avios channel partners to earn Avios rewards at each £ spent.

Here is a list of a few HOT Avios Offers

Get 12 for £1

  • Wolf & Badger
  • MathcesFashion.com
  • Biscuiteers Banking Company
  • Karl Lagerfeld

Get 20 for £1

Appleyard Flowers

Get 7 on £1

Viking Direct

Get 8 on £1

Joseph, Cath Kidston

Get 6 on £1

  • Joseph
  • Cath Kidston
  • Clarins UK
  • NotonTheHighStreet

Get 4 on £1

Dorothy Perkins

Get 11 on £1

Links of London UK, Gap UK,

Get 15 on £1

Boohoo UK bonuses with 5 Avios per £1

Get 13 on £1

Ranging Bull

Get 9 on £1

Cowshed

Get 10 Avios for £1

  • Toms UK
  • The Royal Mint
  • 24 Severs

Get 18 for £1

Facetheory

Get 6 on £1

Vestiaire Collective

Refer a Friend

Amex Preferred Gold Card gives a great offer of referring a friend, With this offer, simply refer any friend or family member to the card to earn 9000 rewards and 4000 rewards.

Switch your Magazine

Business Traveller Magazine gives up to 2000 points to their subscribers

Filed Under: Banking & Finance Leave a Comment

Best Avios Credit Cards

Last Updated: August 18, 2024

Avios is one of the right decisions you make to book your domestic & international flights with points for free. This list of the UK’s top Ranking Best Avios Credit Card helps you to choose one of the best options in the most competitive banking market.

Today, every bank tries to capture maximum market share with the latest, outstanding, competitive, and reliable offers with their services. Similarly, banks give you reward points by using regular or reward cards to use through various available options under banking program partners.

Avios credit card is your first need to go for free traveling from the UK to anywhere or pre-defined destinations by card issuers & airlines. It offers Avios points on your spending. Avios Credit Card Points may be used in various options.

Actually, this isn’t as simple to select from a list of Best Avios Credit Card, being first-time credit card users; before you apply for. You have a greater number of alternatives; you may suspect. There are different cards that offer rewards which can be changed over into Avios points. These cards include a 3% foreign exchange fee, so you should need to get a different free credit card to utilize abroad.

Avios points are used to get free flights around the globe, especially with BA. British Airways with the collaboration of banks launched Avios Travel Reward Program that lets to enjoy free flights, unfortunately; it may be closed in the coming days. Alternatively, consumers can redeem Avios points without that program.

Avios Card issuers allow you to earn points by doing your daily expenses with their specific card. There are multiple banks that offer the points with little variations on spending patterns and amounts. Each of them is good at their best. They are partners with Iberia, Kulula, British Airways, Marriott, IHG, Virgin & Avis.

Basically, Avios Credit Card is issued by Absa Bank Limited but many other banks offer similar services with different brands.

You get points with every purchase. These points may be doubled simply by spending on BA. BA is the official partner of the Avios Travel Reward program.

Table of Contents

Toggle
  • Benefits of Avios Credit Card
    • 1. Individual Determined Credit Card
    • 2. ATM functionality
    • 3. Notification Service/SMS Alerts
    • 4. Protection Measures
    • 5. Free Transaction
    • 6. No Interest Credit
    • 7. Lost Card Protection
    • 8. Other AviosCard Benefits
  • Few UK Banks offering Avios Credit Card
  • Best Avios Credit Cards in the UK – Select the Right One
    • 1. HSBC Premier World Elite Mastercard
    • 2. American Express Gold Credit Card
    • 3. American Express Premium Plus Card
    • 4. American Express Platinum Credit Card
    • 5. Amex Rewards Credit Card
    • 6. Tesco Clubcard Mastercard
    • 7. IHG Rewards Club Premium Mastercard
    • 8. Starwood SPG American Express
  • How to Collect Avios Points Fast
  • Do Avios Points Expire?

Benefits of Avios Credit Card

1. Individual Determined Credit Card

Each card is individually defined with the credit limit assigned to the cardholder. Not everyone is earning enough amount to get the £3000 limit. Each cardholder has fix limit depending upon its credit history, credit score & monthly income.

At that maximum spending limit, your card will no longer be used for further purchases unless you clear previous bills.

2. ATM functionality

Avios cards may be used on Automated teller machines or ATMs in the whole world VISA & Master Card channel partners’ ATMs. No matter you are in UK, USA, Malaysia, or China. You are free to get instant cash in local currency.

3. Notification Service/SMS Alerts

Notify me service helps consumers to get alerts on each purchase, transfer, and withdrawal from their account using a credit card. In case, the holder lost his/her card and gets a notification. He can instantly block cards to Avios more misuses and file a complaint.

4. Protection Measures

Master card purchases give theft protection to cardholders.

5. Free Transaction

Most purchases transactions are free of cost. No fee will be charged on them excluding a few internet banking, withdrawals, casino,s, etc.

6. No Interest Credit

Get interest free credit for 55 days from the day of completed purchases at the store. Cash withdrawals, Casino transactions, Budget plan purchases & internet banking are not in it.

Upon bill payment before the last date, the consumer will not be charged any interest or fee. Late payments may disturb your monthly budget with a high fee and interest charges

7. Lost Card Protection

Your lost cards are still protected. It is only you who can use it.

8. Other AviosCard Benefits

  • Earn Avios on all purchases, one Avios is R10
  • At BP and Pick and Pay Earn double Avios
  • You can use your Avios to book flights with British Airline.
  • You are allowed you to collect and spend Avios just after three years
  • Choose your own card face from options
  • Access to platinum Master card
  • Membership to Avios Travel program is totally free

Few UK Banks offering Avios Credit Card

  • Lloyds Avios Card
  • American Express
  • Tesco Credit Card
  • TSB
  • HSBC

Best Avios Credit Cards in the UK – Select the Right One

1. HSBC Premier World Elite Mastercard

HSBC Premier World Elite MasterCard is specially designed for exclusive customers wishing for air rewards during their annual holiday, at honeymoon or annual tour to some new destinations, HSBC Master Card; on the spending of only £2000 awards consumer with 40,000 rewards.

Isn’t it amazing?

Signup Bonus80,000
Avios points40,000
Annual fees £195
Representative APR variable %59.3
Notional credit limit £195

This card gives 80,000 HSBC points convert into 40,000 Avios. It has a £195 annual fee that is non-refundable. You have to spend £12,000 in your first year to activate the full bonus, and the second half can be received at the end of the year which consigns you to pay the fee of two years.

But it is limited to use within 3 months of activation. Additionally, you may also get more than 40,000 reward points on your credit card’s first birthday by spending only £12000.

HSBC Premier follows strict criteria which are only apt for high earners. This card also gives access to the airport lounge through LoungeKey.

2. American Express Gold Credit Card

With a Gold Credit card, every customer is given a bonus double the amount he/she spends. That is £1 x 2 points. You get 2000 reward points if you spend £1000. This is not the all, along with all this. You may be given 3 points on a £1 purchase/booking with this card.

In the first three months of your credit card subscription, you may be given 20,000 points by spending £20,000 only. Additionally, Every year, every customer is gifted 2 lounge visits on more than 500 international lounges.

Signup Bonus20,000
Avios points20,000
Annual fees £0
Representative APR variable %57.6
Notional credit limit £1,200

Earning Amex Points is as easy as spending on preferred options including entertainment, ticket booking, gadgets, online purchases & Amex Gift Cards.

3. American Express Premium Plus Card

American Express Premium Plus Credit Card offers 25000 Avios points to every customer who opens a new account with the bank on the spending of only £3000 in the first 90 days. Use it for your daily expenses to get benefits. Spend virtually to get 3 Avios points on each £1.

Avios points25,000
Annual fees £195
Representative APR variable %76
Notional credit limit £1200

With British Airways, spend only £10000 in 1 year to receive a free complimentary ticket with BA Flights. Last but not least, Try referral programs to 90000 Avios points in your account (per year).

4. American Express Platinum Credit Card

American Express gives 30,000 Membership Rewards points change over into 30,000 Avios. £450 yearly fees discounted star rata on cancellation. It is issued by Amex. You have to spend £2,000 in 3 months to trigger points.

Signup Bonus30,000
Avios points30,000
Annual fees £450
Representative APR variable %14.9
Notional credit limit £1000

The Platinum card likewise accompanies a significant number of other travel benefits including inn status cards (Starwood Preferred Guest Gold, Radisson Rewards Gold, Hilton Honors Gold, Melia Rewards Gold, Shangri-La Golden Circle Jade).

It also gives travel insurance and two Priority Pass cards to avail free airport lounge, access to the Plaza Premium parlor in Heathrow T5, and Eurostar lounge availability.

5. Amex Rewards Credit Card

It is the best card for you if you want to avoid the annual fee while having a Preferred Rewards Gold or Platinum Amex Card. This card which is also issued by Amex has 3 types:

LOW RATE

This version offers 5,000 Membership Rewards points as a bonus and a 9.9 Representative APR variable.

BASIC

This version offers 10,000 membership Rewards points’ bonus and 22.9% Representative APR variable.

PURCHASES

This version has no sign-up bonus, and for 18 months, offers 0% APR on purchases and a Representative APR of 22.9% variable. There are No annual fee cards.

Signup Bonus30,000
Annual fees £0
Notional credit limit £1200

6. Tesco Clubcard Mastercard

Tesco Clubcard MasterCard offers relatively fewer points per £1 spent. Compared to the above three Avios Credit Card, you get only 0.3 points on 1 pound spending on converting Clubcard vouchers into Avios. It also gives you Uber Credit, free miles with Virgin. The membership signup bonus is only 24000 points.

7. IHG Rewards Club Premium Mastercard

IHG Rewards Club Premium MasterCard charges a £99 annual fee. Like Tesco, It offers 0.3 Avios on £1 purchase. IHG Reward card gives you a free night stay at IHG hotels after spending £10000. On signup, you received 20,000 IHG Reward Points.

Signup Bonus20,000
Avios points4,000
Annual fees £99
Representative APR variable %41.5
Notional credit limit £1200

This card, issued by Creation, offers 20,000 IHG Rewards Club points which can be converted into 4,000 Avios. Bonus can be activated with £200 spent.  Representative APR 41.5% variable, it includes fee-based on a notional £1200 credit limit.

8. Starwood SPG American Express

Starwood SPG American Express gives 1 Starwood point after the spending of £1 only. Starwood SPG Points can be converted with more than 25 different airlines and hotel points.

Signup Bonus10,000
Avios points10,000
Annual fees £75
Representative APR variable %36.2
Notional credit limit £1200

Starwood Flat conversion rate is highest, i.e., 1.25 Avios per £1. Starwood Gives 10,000 signup bonus

How to Collect Avios Points Fast

With each swipe on a store, you get points. Guide in our website about Earning Avios points may help you to get more & more points with minimum purchases and fewer efforts. Collected avios points consumption can take you to the destination you like from below or others.

Do Avios Points Expire?

Of course, they do. Avios points are saved if you spend a minimum of 1 with 3 years. This way your points will stay as long as you keep collecting them. Do not forget to use.

Filed Under: Banking & Finance Leave a Comment

Amex Everyday Credit Card Reviews

Last Updated: August 18, 2024

The Amex EveryDay Credit Card from American Express is a wise choice if you have family & spend a lot on Gas Stations and groceries. It is most compelling; no annual fee card offering 2.00x points.

EveryDay Card gives more points – this is a pretty matchless card for those who don’t spend much on credit cards but still wants to earn valuable rewards.

Table of Contents

Toggle
  • Card Sign-Up Bonus
  • Annual Fee
  • Card Return on Spend
  • Intro APR
  • 2.00x Points at US Supermarkets
  • Access to Amex Offers
  • More Amex Rewards Points the More You Use Your Card
    • Transferring Amex Points
  • Use Membership Rewards Points for Some Charges
  • Travel Insurance American Express
  • ShopRunner Benefits
  • Purchase Benefits
  • Transfer in Limited Time
  • Not Widely Accepted Overseas
  • Penalty APR
  • Foreign Transaction Charges
  • Transaction Charges/Fee
  • Late Pay Penalty
  • Everyday Credit Card Application Criteria
  • Everyday Credit Card in a Glance
  • Best Substitutes
    • Amex Every Day Preferred Credit Card
    • Chase Freedom Unlimited Credit Card

Card Sign-Up Bonus

After spending $1,000 within three months Everyday credit card rewards you a sign-up bonus of 10,000 Amex Membership Rewards points. Though this is not a huge sign-up bonus for a no annual fee card but, it is still not bad.

You can exchange Membership Rewards points for a number of rewards, such as:

  • Gift cards
  • Statement credit
  • Travel Rewards
  • Merchandise in categories like technology, home, and office, fashion and beauty etc
  • Events and experiences
  • Donations
  • Payments at checkout with points

Annual Fee

The Amex EveryDay Card charges no annual fee. At no extra cost, you can also add authorized users to the card.

Annual Fee= $0

Purchase APR =14.74%-25.74% Variable

Card Return on Spend

It is the very reason why you want the card. The Amex EveryDay Card gives:

  • 2x points at US supermarkets, on the first $6,000 spent annually
  • A 20% points bonus on making 20 or more purchases on per billing cycle

This card has no annual fee but still gives more points per spending on non-bonuses purchases as compared to AMEX Platinum Card and the Premier Rewards for Amex Gold Card.

Intro APR

For the first 15 months after account opening 0%, intro APR would be on purchases and balance transfers. You’ll have a purchase and balance transfer APR of 14.74% to 25.74% after this intro APR expires.

2.00x Points at US Supermarkets

You’ll earn 2.00x points at US supermarkets (on up to $6,000 per year in purchases, then 1x points on eligible purchases.

Access to Amex Offers

One of the amazing rewards of having a card is having access to Amex Offers, which saves your hundred dollars per year. These offers give you discounts or a chance to earn bonus points with retailers. The ideal situation is to have no annual fee

More Amex Rewards Points the More You Use Your Card

You will get 20% more points on the purchase if you make 20 or more purchases with your card in a billing period.

Transferring Amex Points

Membership Rewards points can be transferred to eligible frequent traveller programs, i.e. British Airways Avios, Emirates Skywards, Choice Privileges Rewards, Hilton Honors and Starwood Preferred Guest.

Use Membership Rewards Points for Some Charges

You can easily redeem Amex Points as For some types of purchases — such as dining and entertainment — card charges can be paid with Membership Rewards points.

Travel Insurance American Express

For vacations, you can have access to the American Express Global Assist Hotline and Roadside Assistance Hotline.

ShopRunner Benefits

Through ShopRunner get free two-day shipping from different stores.

Purchase Benefits

You will have complete warranties on eligible items you buy with your card. By Purchase Protection your eligible items are sheltered against theft and accidental damage.

Transfer in Limited Time

To take benefit of the intro APR for balance transfers, make transfers within the first 60 days after the opening of your account.

Not Widely Accepted Overseas

As Visa or Mastercard, the Everyday Credit card is not widely accepted overseas.

Penalty APR

American Express may assess a penalty APR of up to 29.99% that will differ from the market on the basis of Prime Rate.

This APR can apply to new transactions on your account if:

  • you make one or more than one late payment

Penalty APR applies for at least 6 months. Your account is reviewed every 6 months once the Penalty APR is applied. It will keep on applying until after you have ended timely payments, with no returned payments throughout the 6 months being reviewed.

Foreign Transaction Charges

If you use this card on a foreign website or abroad you will pay a 2.70% transaction fee and potentially

Transaction Charges/Fee

You have to pay a fee for making a balance transfer or advance cash.

Late Pay Penalty

You have to pay $38.00 fee per infraction if you delay payments. You can do online Amex credit card payments to avoid this fee.

Annual Membership: $0

balance Transfer: $0

Cash Advance: Either $5 or 3% of the amount of each cash advance, whichever is greater

Foreign Transaction: 2.7% of each transaction after conversion to US dollars.

Late Payment: Up to $38

Returned Payment: Up to $38

Overlimit: None

Everyday Credit Card Application Criteria

  • You must be 18 years old
  • You must be a Us citizen
  • Your credit score must be 680.00 or higher
  • No hard pulls on your credit report
  • Low balance relative to your credit limits

Everyday Credit Card in a Glance

  • No annual fee.
  • You can Earn 10,000 Membership Rewards points after using your new Card within 3 months to make $1,000 in purchases.
  •  Intro APR is 0% that is too low for 15 months on balance transfers and on purchases, then a variable price, currently 14.74% to 25.74%
  • Within 60 days from account opening, Balance transfers should be requested with $0 balance transfer fee.
  • You can get 2x points at US supermarkets on up to $6,000 in purchases per year and1x points on extra purchases.
  • You can utilize more than 20 times on purchases in billing time and can earn 20% more points on those purchases fewer returns and credits.

Though the Amex EveryDay Card is the best credit card and The Platinum Card from American Express and the Premier Rewards Gold Card from American Express are charge cards, Amex limits its consumers to have five credit cards to approving the major limitations.

The approval of Amex cards is easy for those having a huge credit. For those who try to make credit or without a giant credit history, Amex offers rewarding cards that would be beneficial to develop their credit history.

Best Substitutes

You can also use others cards as a substitute to Amex’s.

Amex Every Day Preferred Credit Card

This card which is the premium version of EveryDay Card, offers you $95 annual fee, 3x points on the first $6,000 spent annually at US supermarket, 50% bonus points on making 30 or more purchases on per billing cycle, 2x points at US gas stations.

Chase Freedom Unlimited Credit Card

This card is another best substitute for Amex EveryDay card. It has a 0% annual fee and offers 1.5x points per dollar spent, offers Unlimited Rewards points that can be converted into Ultimate Rewards points.

The Bottom Line

Those who need a no annual fee card that offers kind rewards, the Amex EveryDay Card is the most rewarding in the market. This card offer Membership Rewards that can be exchanged for airline or hotel partners. It’s a wise choice if you regularly spend.

This is among one of the two cards which charge no annual fee and accumulating these sorts of Membership Rewards points. One of the shining points of Amex card is that it earns above 1.2 x Membership Rewards points on per dollar spent that is much better than other Amex’s card which charges high annual fees.

Filed Under: Banking & Finance Leave a Comment

Psychology in Business [ Importance – Uses – Goals/Objective – Role ]

Last Updated: August 18, 2024

The role of psychology in business is considerably great as Importance of Business psychology cannot be ignored in the contemporary field especially when psychology has developed itself as a science with its various branches to study the human mind and to work accordingly. Business Psychology is one of the main branches of psychology.

Different methods are used by psychologists to calculate data, to get information about a certain subject, to evaluate and then to use better strategies for a flourishing business.

The objectives of business psychology are diverse. It aims to study and understand work conditions, and applies desirable policies in the work field, communicate employee to make it better. So, the individuals work in a more effective manner and organizations can stabilize themselves in the market where competition is the part and parcel of life.

Table of Contents

Toggle
  • Uses of Psychology in Business
  • Research Methods in Business Psychology
    • Case Study Method
    • Survey Method
  • Goals Achieved Through Psychology in Business
  • How Does Business Psychology Work?
    • Unbiased Attitude
    • Diagnostic Method
    • Comfortable Workplace Environment
    • Problem-Solving
    • Implementation
    • Assessment and Evaluation

Uses of Psychology in Business

Psychology in business accommodates itself by managing, supporting and training employees. Business psychologists assist people to understand others, how they come in contact with technology, in making different types of advertising campaigns, in designing products which public demands. They work in a conducive way and adopt an impartial set of mind and suggest ways to workers to cope with many problems.

Most of the Multi-National Organizations interpret Importance of Psychology in Huma Resource Management, they hire Psychologist in HR department as HR team to perfectly conduct all Functions of Human Resource Management and achieve organizational long and short-term goals.

Research Methods in Business Psychology

Psychologists make use of a variety of methods regarding business.

Case Study Method

Of course, there are different types of business so business psychologists take into consideration a specific subject. Data is collected by them through different interviews, observations, and psychological tests. Also, the public develops a sense of ownership of the product when it is asked about the products which are to be promoted by a company. They feel being trusted by certain companies.

Survey Method

This method is quite advantageous as it provides a lot of information using inferential statistics and content analysis.

For example

A business psychologists design a questionnaire related to an advertisement for a product for which he wants to know whether the public will appreciate it or not. Hence questionnaires are distributed among public and so data is collected. He arranges the data with the aid of statistics and at last, comes to a conclusion.

Goals Achieved Through Psychology in Business

  • Through the use of scientific research methods, psychologists try to discover new techniques to increase the rate of productivity.
  • Business psychology tries to acknowledge the needs of employees.
  • It works to create a better workplace where people feel motivated enough to work.
  • It makes use of such policies which attract employees.
  • Another goal of psychology is to design better products.
  • It promotes healthy behaviour.

How Does Business Psychology Work?

There are different ways through which psychologists work.

Unbiased Attitude

Business Psychologists like professionals are not permitted to biased and prejudiced. So, they stay impartial and offer advice which is truly amenable.

Diagnostic Method

Psychologists in different industries help to solve different issues and affairs by using scientific research methods. Through these methods, they try to study mind processing of all the individuals at the workplace.

Comfortable Workplace Environment

Business psychologists assure that the working zone is kept tranquil so workers can perform best. As researches have proved that noisy work zone effects the minds of employees and they either feel depressed or agitated.

Problem-Solving

Employees are not motivated every time because of various psychological, economical and work-based problems. They help employees to solve disparate problems related to work.

Implementation

They not only offer the solution to problems but also suggest the way for implementation.

Assessment and Evaluation

By considering individuals individually, workplace environment, data management, and welfare, they work to designate the rejuvenating environment.

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Top 10 Iron and Steel Industry in World [ Production By Country ]

Last Updated: August 18, 2024

The iron and steel Industry of a country has a strong impact on the economy. It performs manufacturing functions of combining different metals to make Steel with most Iron. The industry history started back in the 1850s. Everything made of Iron or steel starts from here including HMS, LMS, Steel Billets, Railway lines, home construction materials, and daily use items.

Every country tries its best to produce as much as it can by using its resources. This industry is backed by iron ore and the most consumed product is coal to melt hard iron and reshapes it according to needs. It is the most recycled industry in the world. The iron and steel industry produced over 1628000000 tones in the world with recycling of 40-50% of production.

Table of Contents

Toggle
  • Types of Steel
    • Carbon Steel
    • Tool Steel
    • Stainless Steel
    • Alloy Steel
  • Uses of Steel
  • Top 10 Steel Producing Countries in the World
    • China
    • India
    • Japan
    • United States
    • Russia
    • South Korea
    • Germany
    • Turkey
    • Brazil
    • Iran
  • Other Major Steel-Producing Countries in the World
  • Conclusion

Types of Steel

Steel has many types and grades depending on its composition. Mostly it contains carbon and iron but there are varying quantities of other alloying elements. Here, we are going to discuss 4 major types of steel.

  • Carbon Steel
  • Tool Steel
  • Stainless Steel
  • Alloy Steel

Carbon Steel

This type of steel contains mainly carbon and iron, the other elements are only present in trace amounts. It is the most common type and constitutes 90% of the total steel production in the world. Carbon steel is cheaper than other types and for this reason, steel industries produce it in huge quantities. It is very frequently used in construction. Based on the amount of carbon present in it, carbon steel is further sub-classified into 3 types, these are:

  • Low carbon steels/mild steels (up to 0.3% carbon)
  • Medium carbon steels (0.3–0.6% carbon)
  • High carbon steels (more than 0.6% carbon)

Tool Steel

As the name suggests, tool steel is used to make tools. It is used in making drilling and cutting equipment. Its composition includes cobalt, tungsten, vanadium, and molybdenum which makes this type of steel highly durable and heat resistant. They are the choice of steel to make hand tools as they have the capability of holding their shape even under heavy use.

Stainless Steel

Stainless steel is composed of 10–20% chromium, nickel, carbon, manganese, and silicon. They have the extraordinary ability to survive adverse weather conditions. For this reason, it is commonly used in outdoor construction. Stainless steel is also used in electrical devices, medical devices, food processing machinery, pipes, cutting equipment, and pressure vessels. 304 stainless steel is the most common type of stainless steel that withstands harsh weather conditions and keeps electrical materials safe.

Alloy Steel

Alloy steel is made by the combination of many different alloying elements including manganese, silicon, nickel, boron, molybdenum, vanadium, and chromium. The presence of these various alloying elements increases the strength, toughness, hardness, and wearing resistance of alloy steel. Alloy steels are classified into two main types, low-alloy steels, and high-alloy steels. It is most commonly used to manufacture pipes, and heating elements such as toasters, pots, and other silverware.

Uses of Steel

Steel is very important in manufacturing different materials. Some of the common uses of steel are mentioned here:

  • It is used in making vehicles and machines.
  • It is used as cutlery material.
  • Steel is used to make surgical implants.
  • It is also utilized to make different packaging materials.
  • Many household appliances like TV, sinks, fridge, oven, etc. are made of steel.
  • It is also used in making weapons.
  • Steel is used for architectural and infrastructural purposes.
  • The solar, hydro, or wind power sources are composed of steel components.
steel

Top 10 Steel Producing Countries in the World

The following table contains a list of the largest steel-producing countries in 2022, along with their global share in total steel production in the world.

Sr.#CountrySteel Production in Million Tons (MT) in 2022Global Share
1.China1013.053.9%
2.India124.86.6%
3.Japan89.24.8%
4.United States80.54.3%
5.Russia71.53.8%
6.South Korea65.93.5%
7.Germany36.82.0%
8.Turkey35.11.9%
9.Brazil34.01.8%
10.Iran30.61.6%

China

China is the world’s largest steel producer. The history of iron and steel manufacturing in China is very old. The modern blast furnace was erected in 1980 in China. The first modem steel plant was constructed in Manchuria. The iron and steel centers in China are located in the Southern Manchurian region, Northern China and Yangtze Valley. But the Mukdon, Anshan, Shantung, Beijing, Shensi, Chungking, Shanghai, and Chilling Chen are the Main regions of China.

Chinese steel quality is better compared to the rest of the world. China Smelt 489.4 million metric tons of pig iron and 489.2 million metric tons of crude steel production by China. This is more than 1/3 production of the total crude steel manufactured in the world.

Major Steel Companies in China

The following list contains some major steel companies in China:

  • China Steel Corporation
  • Ansteel Group
  • Nippon Steel Corporation
  • Baowu
  • ArcelorMittal
  • Jianlong Steel
  • Liuzhou Iron & Steel

India

India is the 2nd largest steel producer in the world with a record production of 124.8 million metric tons of steel in 2022. The history of the iron and steel industry in India started in 1907 when Tata Steel was established in Sakchi, Jamshedpur. India possesses big iron ore, coal, and limestone deposits, which give birth to rapid steel manufacturing. Jamshedpur, Burnpur, Bhadravati, Rourkela, Bhilai, Durgapur, and Bokaro are the main steel smelting, centers in India. Recently, India’s crude steel production was 53.1 million metric tons, while production of pig iron was 28.8 million metric tons.

Major Steel Companies in India

Major steel companies in India are:

  • Tata Steel
  • Steel Authority of India Limited (SAIL)
  • JSW Steel
  • ArcelorMittal Nippon Steel India
  • Bhushan Steel
  • Essar Steel
  • Rashtriya Ispat Nigam Limited (RINL)
  • Jindal Steel & Power Limited (JSPL)

Japan

Japan is the 3rd largest steel producer in the world. In 2022, Japan produced 89.2 million metric tons of steel. The growth of the Japanese steel industry is indeed a perplexing phenomenon. Japan secured a position in crude steel manufacturing. The latest technology adopted in the steel manufacturing process made Japan one of the leading steel-producing countries in the world.

The principal producing regions are Tokyo, Yokohama, Nagoya, Fukuoka, Yamaguchi, Osaka, Kobe, Oka Yamaha, and Hokkaido. Japan smelted 120.2 million metric tons of crude steel and 86.8 million metric tons of pig iron. At present 13 steel mills are working in Japan, with a smelting capacity of more than 10 million metric tons each.

Major Steel Companies in Japan

A list of major steel companies in Japan is given below:

  • Mitsubishi Steel Mfg. Co., Ltd.
  • Sumitomo Corporation
  • Mitsui & Co., Ltd
  • Aichi Steel
  • Shagang Group
  • Nakayama Steel Works
  • Sadoshima Corporation

United States

The iron and steel industry in the USA is prominent in the world because of the abundance of raw materials in these regions. Due to this reason, it is the leading producer of Iron and Steel in the world. The United States stands in the 4th position as the largest producer of steel in the world.

The major iron and steel manufacturing regions in the U.S.A. are, Pittsburg, Youngstown, Wheeling and Steubenville, Lower Great Lake region, steel centers are located at Buffalo, Erie, Cleveland, Detroit, and Lorain. In the western region of California, Pueblo, Fontana, and Utah State Provo are also important steel centers. The United States enjoyed its supremacy in steel manufacturing from 1900 to 1969, but now it is the third largest steel manufacturer in the world. US steel production was 98.2 million metric tons and 36.2 million tons of pig iron in recent years.

Major Steel Companies in the United States of America

Here is a list of some main steel companies in the United States:

  • ArcelorMittal
  • Nucor Corp
  • POSCO
  • U.S. Steel
  • Nippon Steel
  • Cleveland-Cliffs
  • King Steel Corporation
  • JFE Steel Corporation

Russia

Russian Industry is the fifth largest iron and steel producer among all nations. The steel industry first took birth in the Moscow region some 300 years back. At present in Central Moscow, Tula region, Tula and Ghorki are the main steel centers. The Ural Mountains region is another main steel manufacturing region. Magnitogorsk is the biggest steel smelting center in this region, while Kuznetsk is another famous iron and steel center in the Ural region. Leningrad and Liyapaya are also steel smelting centers. During 2007, its crude steel production was 72.4 million metric tons and 51 million tons of pig iron.

Major Steel Companies in Russia

Some famous steel companies of steel in Russia are:

  • Evraz
  • Novolipetsk Steel
  • Severstal PJSC
  • Rusal
  • Ural Mining and Metallurgical Company
  • Magnitogorsk Iron and Steel Works

South Korea

South Korea has become one of the largest steel and pig iron manufacturing countries in the world market now; it is the 6th largest steel smelting country in the world. In 2022, they produced 65.9 million metric tons of steel and contributed 3.5% of the global share of steel production in the world. Korea is the big importer of iron ore in the international market. Cluing Hong, Pusan, Masan, and Seoul are important manufacturing centers in South Korea. Crude steel and pig iron production in South Korea were 51.5 and 29.4 million metric tons.

Major Steel Companies in South Korea

The major steel companies in South Korea include:

  • Dongkuk Steel
  • KG Steel
  • POSCO
  • Hyundai Steel
  • Seah Steel Holdings

Germany

Germany is ranked number 7th in the list of largest steel producers in the world. In 1990, after the reunification of East and West Germany, the country became one of the major steel manufacturing countries in the world. Most of Germany’s steel output comes from the Great Ruhr industrial Region. The vast coal deposits of Ruhr Valley, Upper Silesia, Lansing, and Erg bury have provided excellent opportunities to develop the steel industry. Crude steel production was 48.6 million metric tons, while it produced more than 31 million metric tons of pig iron.

Major Steel Companies in Germany

Following are some famous steel companies in Germany:

  • Otto Wolff
  • Ferrostaal
  • Dillinger Hütte
  • German Steel Trust
  • Hoesch AG
  • Reichswerke Hermann Göring

Turkey

Turkey is the 8th largest steel producer in the world and the 1st largest in Europe with the production of over 35.1 million metric tons in 2022. There are 26 electric arc furnace mill plants in the country. Turkey exports its steel mainly to North America and the Middle East. Their exports to North America increased by 53.2% in 2020.

The largest steel-producing areas in Turkey are:

  • Marmara production area (capacity: 15.2 million tons),
  • Aegean production area (capacity: 11.3 million tons),
  • Mediterranean production area (production capacity: 16.7 million tons),
  • Black Sea production area (capacity: 8.3 million tons).

Major Steel Industries in Turkey

The following are major steel industries in Turkey:

  • Iskenderun Iron and Steel Co. Inc.
  • Eregli Iron and Steel Factories TAS
  • Icdac Celik Energy Shipyard and Transportation Industry Inc.
  • Colakoglu Metallurgy A.S.
  • Toscelik Profile and Sheet Industry Inc.
  • Borcelik Celik San

Brazil

Brazil stands at the 9th position of the world’s largest steel producer. The development of the steel industry in Brazil is spectacular and since 1973, production of steel has witnessed a more than 300% increase. Consumption of steel, within Brazil, is low; therefore, it exports huge amounts of steel to the international market.

Most of the industry is located around Sao-Pulo and Caramba. Santa Catarina is another steel manufacturing center in Brazil. Brazil possesses huge amounts of iron ore near Minus Geraes. Brazil produced 33.6 million tons of crude steel and 35.6 million metric tons of pig iron.

Major Steel Companies in Brazil

Here is a list of major steel industries in Brazil:

  • Aço Verde do Brasil
  • Aperam
  • ArcelorMittal
  • Gerdau
  • Sinobras
  • Ternium
  • Usiminas
  • Vallourec

Iran

Iran ranks 10th position in the list of the world’s largest steel-producing countries. During World War II Iran’s steel industry faced major consequences but two decades after, they brought up the idea of establishing a steel plant as the demand for steel products increased. In 2022, Iran managed to produce 30.6 million metric tons of steel. There has been an 8% increase in crude steel production by Iran in 2022. Most of Iran’s steel factories are located in Esfahan, Yazd, and Kerman provinces.

Major Steel Companies in Iran

The following list contains major steel companies in Iran:

  • Esfahan Steel Company
  • Khorasan Steel
  • Mobarakeh Steel Company
  • Saba Foulad Zagros

Other Major Steel-Producing Countries in the World

Here are some other major countries with large steel industries along with their total steel production in million tons in 2022 and their global share in the world.

Sr.#CountrySteel Production in Million Tons (MT) in 2022Global Share
1.Italy21.61.1%
2.Taiwan20.71.1%
3.Vietnam20.01.1%
4.Mexico18.21.0%
5.Indonesia15.60.8%

Conclusion

Steel is an alloy of mainly iron and carbon. It may also contain other alloying elements such as nickel, cobalt, chromium, manganese, etc. Steel is used in manufacturing many things such as automobiles, construction materials, cutlery, machinery, and other industrial equipment. Steel is classified into different types depending upon its classification. These types are stainless steel, tool steel, alloy steel, and carbon steel. Almost 64 countries in the world produce steel now however the ten largest steel-producing countries include China, India, Japan, the United States, Russia, South Korea, Germany, Turkey, Brazil, and Iran.

Filed Under: Business Leave a Comment

What is Car Refinancing? Pros & Cons of Automotive Refinancing

Last Updated: August 18, 2024

Mid Class families living their lives within limited financial resources. These are families doing small businesses or medium-level jobs. They too desire to have a car but not everyone can afford it. This is why these families avail of bank financing, as vehicles get old they can use car refinancing for a new one. This car loan bank service helps them to pay the amount in parts with predefined interest over the amount banks, credit unions or financial institutions pay to the car manufacturer, dealer, and owner on your behalf under different car financing options. Banks charge different interest rates in different territories depending upon the state’s financial condition & consumer’s credit score.

A credit score is the bank’s internal rating system to help its evaluation in allowing consumers to avail or not to avail bank’s credit facility which includes mortgage loans, credit cards, personal financing, business financing, home loan, car loan, and car financing and other banking products.

Table of Contents

Toggle
  • What is Car Refinancing?
  • How does Auto Refinancing work?
  • Pros & Cons of Refinancing Car
    • The Benefits
    • Lower Interest Rates
  • The Demerits
    • Higher Interests
  • How to Qualify for Auto Refinancing?
    • How Auto Refinancing pre-qualification works?
    • When to Apply for Refinancing?
    • Taking the Right Decision

What is Car Refinancing?

Car refinancing is an auto loan replacement process to another bank within more favorable terms for the consumer.  According to consumer reports, 84.5% of cars on roads are bank financed. Usually, second chances are hard to arrive at. If you are getting it, try to avail yourself.

Car refinancing is for you under the umbrella of your needs. It’s not for you too. Most people wish to lower their markup rates, and monthly payments and extend their payment tenure. It depends! This article will improve your knowledge by explaining Car Refinancing, How Refinancing works, What are Pros & Cons, Should you refinance your car, and when it should be

How does Auto Refinancing work?

The car owner connects to the new bank to pay the parent bank for the car he/she has. Car owners (authorized to drive, maintain and keep the car for their personal or business usage. They are called an owner but not owners by law. The owner is a financing institution because this person cannot sell the car without permission). This practice is adopted by consumers who are not able to pay or are willing to pay debt amounts in longer periods or smaller amounts per month. It also helps in lowering interest rates and amounts.

This way a new bank or credit union pays debts to the current financing party on behalf of the consumer and makes a new monthly payment plan with new terms and a different markup rate on the owed amount the new bank paid to the old ones.

auto loan amortization calculator

Pros & Cons of Refinancing Car

Advantages of Car RefinancingDisadvantages of Car Refinancing
Extend Loan PaymentHigh Interest Rates
More Competitive PricingRepay for a Long Time
Many Refinancing Options 

The Benefits

Extend your paying cycle: Yes. Life is uncertain. Nothing is permanent or for sure. God forbids, something bad can happen without informing. An unexpected illness, road accidents, theft, or stolen debit & credit cards are enough to disturb monetary management for both households and businesses. It would help in increasing repayments.

Example: If you are in agreement for Chase Auto Finance to pay in 36 months. There is the possibility of paying it in 48 or 60 months with another bank agreement.

Using different options: If the consumer financed the car’s worth is more than the owed amount. It is possible to refinance and use the extra cash for other needs.

Example: Let’s say, your car’s worth and the market price are 4000$ and you owe 2500$. A refinancing agreement with a different bank would give you 3000-3500$. The extra could be used for buying a new laptop, or mobile, or planning vacations.

Lower Interest Rates

The best part is, you can lower interest rates by good percentages. Auto Loans generally give at 3 to 5% APRs.

New auto loans4.74%
Used Auto Loans4.74%
Auto refinancing2.99%

The Demerits

In most cases, your application may be rejected for a bad credit score. Our guide will help you to get an auto refinancing loan with bad credit. Additionally, you can improve your credit rating with basic practices.

Higher Interests

No bank or financial institution would finance without their business benefits. Refinancing can cause you to pay more interest compared to the interest you are paying with the current lender. You’re increasing your payment tenor; the longer payment tenor adds more interest on the same amount.

Example: Currently you are paying 4% interest on 5000$. If you extend your months for payment you are also increasing bank interest.

How to Qualify for Auto Refinancing?

The application process is simple and the same with all financing institutions including banks, credit unions, and lenders. The process won’t take more than 30 minutes after having these documents.

  1. Income Proof / Source (Payslip, W-2, other documents)
  2. Your net worth (Assets that are estimated from your bank statements)
  3. Verification from the Employer. (for no.1 )
  4. Social security & Driving license.

How Auto Refinancing pre-qualification works?

Car dealers prefer financing by preferred lenders, this is because of their own interests with them. Relax, you have another option of qualifying for car financing with the above-mentioned process. Afterward, Owner only needs to bargain the actual car price. The salesman’s focus would be on the monthly lowest payment schedule; in these discussions, you shall forget to discuss the price.

With an excellent credit score above 750 in 60 months, payment will be near 3.20-3.30% per annum. On a good credit score, 700-749 on a 60-month payment would be 3.490% per annum and on a fair credit score, 640-699 would be 3.340% per annum.

When to Apply for Refinancing?

A refinanced car can also harm or benefit. You must think, and rethink before applying. It only makes it better if

  1. The Interest rates are lower than before. Paying more is not a good decision. Most banks consider refinanced loans as used car loans where interest percentages are higher than new ones.
  2. You should go for it if you are willing to lower your monthly payment amounts.
  3. Try it if you are willing to buy a new car.
  4. Credit scores play an important role in loan amount calculation. Increased or decreased credit score can make a difference in the amounts you are paying or you shall pay in the future. Dealing with a low credit score may

Taking the Right Decision

Being a lender, you must always evaluate your financial condition, credit score, needs & desires. With an improved credit score, auto refinancing is the best decision because a good credit score means lowering your markup rate.

Also, analyze the new bank’s terms with the old one to check the most favorable option for yourself. You may be stuck by missing TOC reading and understanding. Ask the salesman or call bank numbers to clear misconceptions.

Do not stay with one option. Try different banks & credit unions and make detailed paperwork by highlighting terms in your way or against you.

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