Finance Article

One of life’s enduring questions is whether bigger means better. That is much a matter of personal opinion and specific subjects. As a kid, a bigger ice cream cone was certainly better, even if you didn’t finish it or it gave you a stomach ache. Many people these days seem to think that a bigger car is better, at least until gas prices rise above $5 a gallon. The lesson here is that almost anything can at times be better if bigger and at other times be better if smaller. Banks are no exception.

When it comes to banking, choosing the institution that is right for you is a highly personal matter. You need to first decide your priorities an purpose for needing the bank. Once you carefully analyze the situation, you can decide if a big bank or a small bank is right for you. Both have their place in the finance industry.

Big banks are often the better choice for large investors. If you move a lot of money, big banks are better leveraged and more prepared to work with such transactions. This is especially important if you have investments or financial interests overseas. Small banks will of course handle these transactions for you, but they will likely secure the help of a big bank to do so. This will cost them and those costs are usually passed along to you.

Customers that do business in several different cities or states often find the convenience of branch locations to be a plus. Often it’s easier to deal with a local branch than having to explain things to a small regional bank 1000 miles away.

If most of your banking needs are local and consist mainly of a checking, savings and maybe a money market or other investment account, a small local bank might offer you a better service. Small banks are much more personalized and are often easier to deal with. Many people appreciated that old fashion luxury of knowing their banker and being able to speak with him or her directly over the phone. Many local, small town banks are still this way.

If you’ve ever tried to clear up a banking problem over the phone while speaking to a customer service representative from India, you will quickly come to appreciate the convenience of being able to go to a local bank and speak face to face with a bank representative. Some things are fine over the phone, but major financial problems may not be one of them.

It’s also usually easier to secure a loan at a good rate through a local bank. This is especially true if you have been a customer for several years and have established your reputation. Even if you have some items on your credit record that aren’t stellar, small banks are usually willing to work with you. With a large bank, even if you have been with them for 20 years, you are still just a number made up of your credit score.

Often small banks also offer better rates on simple investment instruments like CDs and savings accounts. Large banks often feel they are just losing money with such nuisance accounts and therefore offer lower rates. Small banks want your business and are willing to pay for it.

Many people feel that big banks are more secure than little ones. This may be the case since a large institution may be more diversified and have the assets to weather a storm. But on the flip side, large banks are more notorious for taking risks than their more conservative small town cousins. As we have recently seen, these risk taking measures can lead to the collapse of even the largest of mega investment banks.

How to Invest in Health Savings Accounts Mutual Funds

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Are you a member of a credit card rewards program?

Many thousands of Australians enjoy the benefits of merchandise, gift cards and flights just for using their credit card for money they would be spending anyway. If your card is affiliated to a credit card rewards program you can earn points and redeem them for great rewards.

The key to accumulating great rewards is to build up as many credit card rewards points as you can whilst keeping control of your spending. Our guide will help you work out when (and when not) to use your card to earn points.

How to generate credit card rewards

You won’t accumulate any reward points on your credit card if you do not spend any money on it. Most banks award points based on the dollars you spend on the card; typically between one and two points per dollar spent.

The first step that you can take to start amassing credit card rewards is to use your credit card for regular day to day purchases such as groceries or fuel. You would be spending this money anyway, so why not benefit from accumulating rewards based on your spending?

Bonus points

To maximise your points, keep a look out for bonus point offers. For example, you may receive some extra points for activating your card, or you may benefit from double points for the first three months.

Similarly, many credit card companies offer additional points with ‘bonus partners’. If you regularly use these bonus partners already, then pay with your credit card for their goods or services to benefit from additional credit card rewards points.

Make sure you can always pay off your balance Whilst you may be using your rewards credit card for all your day to day spending, you should make sure that you can always pay off your card balance in full when your statement arrives.

If you can’t pay your balance in full every month you will end up paying interest. This interest will almost certainly negate the benefit of any credit card rewards that you have earned.

When you won’t get credit card rewards

There are two types of transaction that will not earn you any credit card rewards; cash withdrawals and balance transfers. Cash withdrawals – You do not earn credit card rewards for using your card at an ATM to withdraw cash. And, indeed, this withdrawal will be charged at a higher rate of interest than other transactions and you will sometimes not benefit from any ‘interest free’ days Balance transfers

You do not earn credit card rewards on the amount of a balance transfer. Reward credit cards are generally the wrong type of card to transfer a balance to, unless you intend to clear the balance in full before you start using the card for purchases. However, this means you will not receive any credit card rewards until you start using the card to buy goods and services again.