Competition – Tein Footworks http://teinfootworks.com/ Sun, 14 Aug 2022 15:23:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://teinfootworks.com/wp-content/uploads/2021/09/icon-4.png Competition – Tein Footworks http://teinfootworks.com/ 32 32 Indians should be aware of the dangers of cryptocurrency https://teinfootworks.com/indians-should-be-aware-of-the-dangers-of-cryptocurrency/ Sun, 14 Aug 2022 15:23:51 +0000 https://teinfootworks.com/indians-should-be-aware-of-the-dangers-of-cryptocurrency/ According to the United Nations, between 800 and 2,000 billion dollars are laundered each year in the world, which represents 2 to 5% of the world’s gross domestic product. Of this number, more than 90% are not detected. The exact volume of crypto laundering has yet to be established. However, there are some indicative statistics […]]]>

According to the United Nations, between 800 and 2,000 billion dollars are laundered each year in the world, which represents 2 to 5% of the world’s gross domestic product. Of this number, more than 90% are not detected. The exact volume of crypto laundering has yet to be established. However, there are some indicative statistics on the Internet.

A report by Cipher Trace indicates that crypto thefts, hacks and frauds totaled $1.36 billion in the first five months of 2020, compared to $4.5 billion in 2019.

According to the Chainalysis report, criminals laundered $2.8 billion in 2019 using crypto exchanges, up from $1 billion in 2018.

In 2019, total bitcoin spending on the dark web was $829 million, or 0.5% of all bitcoin transactions.

Earlier this year, a complaint was lodged with the IFSO unit of the New Delhi Special Cell by a woman alleging that she was being abused and threatened by strangers who sent her made-up and vulgar photographs to her family, friends. friends and family through social media. media.

The complainant had taken out a loan from a lending app, namely Cash Advance (Danakredit), which she repaid on time. But after repaying said amount, she started receiving threatening calls and WhatsApp messages from Cash Advance employees. The complainant further observed that the alleged scammers used the profile picture of a “senior police officer”.

During the investigations, money trails of alleged transactions were established and it was found that the money was transferred to a current account which had been opened in the name of Balaji Technology. Additionally, it was discovered that the technology name Balaji was used in a motorcycle repair shop. The owner of the account was found in the name of Rohit Kumar, a resident of Rajeev Nagar, Delhi. It was further found that in the alleged account, about Rs 8.45 crore was credited in just 15 days and the same sum was simultaneously transferred to other accounts.

During the interrogation of all the defendants, it was found that if a necessary person wants to take out a loan through the applications available online, he must first download the said application. At the time of downloading, the app asks for permission to capture, contact list, photo gallery and other personal data from the loan seeker’s phone.

As soon as permission was granted by the loan seeker, all their data was transferred to the Chinese servers. Once this process is completed, the scammers immediately got the loan amount transferred to the account of the loan seeker. One team was tracking these loan seekers and another was calling the loan seekers and their associates like close friends etc through different cell phone numbers to refund the loan seeker’s money. Even after the money was refunded, the alleged accused used to extort more money from the loan seeker and also started sharing the transformed vulgar photos of the loan seeker with his family, relatives and friends. friends to pressure victims into paying more money. The money paid by the victims was funneled through cryptocurrency links to China.

In another incident last year, Pawan Kumar Pandey, accused of running a shadow company to transfer defrauded money to his so-called ‘handlers in China’, was arrested last year in Noida in the district of Gautam Buddh Nagar in Uttar Pradesh. 19 laptops, 592 SIM cards, 5 mobile phones, 4 ATM cards and a passport were also recovered from him.

Uttarakhand police said the racketeering came to light following a complaint from two Haridwar residents: Rohit Kumar and Rahul Kumar Goyal.

“The plaintiffs claimed that a friend of theirs told them about a mobile app on Google Play Store named Power Bank, which doubled the return on investment in 15 days. Believing him, they downloaded the app and deposited 91 ₹200 and ₹73,000,” Uttarakhand Police revealed.

An investigation was launched by the special task force which found that the mobile app in question was available on Google Play Store between February 2021 and May 12, 2021, during which time it was downloaded by at least 50 lakh people . He also found that money deposited through the app was then transferred to the bank accounts of arrested defendants through payment gateways. After the cyber forensic investigation, it was learned that the app was linked to China, where Pandey’s managers are seated. They used to cash in the cryptocurrencies in their local currency to end the money laundering chain, which started by duping Indians through the app.

Cryptocurrency is digital or virtual currency protected by encryption. Cryptocurrencies are unique in that they are not issued by any central authority, making them potentially resistant to government intervention or manipulation. The biggest criticism facing cryptocurrencies is their use for illegal activities.

Advances in technology have given criminals faster and more secure options for washing away their ill-gotten money. There is no doubt that cryptocurrencies are a very useful technological innovation that helps individuals and institutions to access financial products and services in a faster and more profitable way. However, their rise as alternative value transfer and investment tools also raises money laundering concerns.

Cryptocurrencies are rapidly gaining popularity, but not everyone agrees as many governments have banned trading and trading in these digital tokens. While there are apparently over 5,000 known cryptocurrencies in the world today, analysts and experts still anticipate a rapid increase in the value of Bitcoin, the oldest and most valuable cryptocurrency in the world. . However, while some countries, like India, are slowing down their crypto markets, others, like Russia, Morocco, Egypt, and Bangladesh, are tightening. Recently, the Chinese central bank announced that all cryptocurrency transactions are illegal in the country.

The danger is that cryptocurrencies are a simple fact that cryptocurrencies are unregulated. They are currently unregulated by governments and central banks. However, recently they have started to attract more attention.

]]>
CHESAPEAKE GRANITE WASH TRUST Trustee’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://teinfootworks.com/chesapeake-granite-wash-trust-trustees-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 12 Aug 2022 20:37:12 +0000 https://teinfootworks.com/chesapeake-granite-wash-trust-trustees-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Introduction The following discussion and analysis is intended to help the reader understand the Trust's financial condition and results of operations. This discussion and analysis should be read in conjunction with the Trust's unaudited interim financial statements and the accompanying notes relating to the Trust and the Underlying Properties included in Item 1 of Part […]]]>

Introduction


The following discussion and analysis is intended to help the reader understand
the Trust's financial condition and results of operations. This discussion and
analysis should be read in conjunction with the Trust's unaudited interim
financial statements and the accompanying notes relating to the Trust and the
Underlying Properties included in Item 1 of Part I of this Quarterly Report as
well as the Trust's 2021 Form 10-K.

RECENT DEVELOPMENTS

COVID-19 pandemic and impact on global demand for Oil and natural gas


The global spread of COVID-19 has created significant volatility, uncertainty,
and economic disruption. The pandemic has resulted in widespread adverse impacts
on the global economy and on Diversified and Diversified's customers and other
parties with whom it has business relations. To date, Diversified has
experienced limited operational impacts as a result of COVID-19 or the related
governmental restrictions.

We cannot predict the full impact that COVID-19 or the current significant
disruption and volatility in the oil and natural gas markets will have on
Diversified's business, cash flows, liquidity, financial condition and results
of operations. For additional discussion regarding risks associated with the
COVID-19 pandemic, see Part II, Item 7. Trustee's Discussion and Analysis of
Financial Condition and Results of Operations in our 2021 Form 10-K and Item 1A
"Risk Factors" in our 2021 Form 10-K.

Military conflict in Ukraine


We are actively monitoring the military conflict in Ukraine and assessing its
impact on the Trust's business. To date, we have not experienced any material
interruptions to our business given our properties are exclusively located
within the United States. The extent and duration of the military action,
sanctions and resulting market disruptions could be significant, including
significant volatility in commodity prices, supply of energy resources,
instability in financial markets, supply chain interruptions, political and
social instability, changes in consumer or purchaser preferences as well as
increases in cyberattacks and espionage, each of which could have a substantial
impact on the global economy and consequently our business for an unknown period
of time. We currently do not expect any material impact on the Trust's business,
cash flows, liquidity or financial condition; however, we have no way to predict
the progress or outcome of the military conflict in Ukraine as the conflict, and
any resulting government reactions, are rapidly developing and beyond our
control.

Insight


The Trust is a statutory trust formed in June 2011 under the Delaware Statutory
Trust Act. The business and affairs of the Trust are managed by the Trustee and,
as necessary, the Delaware Trustee. The Trust does not conduct any operations or
activities other than owning the Royalty Interests and activities related to
such ownership. The Trust's purpose is generally to own the Royalty Interests,
to distribute to the Trust unitholders cash that the Trust receives in respect
of the Royalty Interests and to perform certain administrative functions in
respect of the Royalty Interests and the Trust units. The Trust derives all or
substantially all of its income and cash flow from the Royalty Interests. The
Trust is treated as a partnership for U.S. federal income tax purposes.

Concurrent with the Trust's initial public offering in November 2011, Chesapeake
conveyed the Royalty Interests to the Trust effective July 1, 2011, which
included interests in (a) 69 Producing Wells in the Colony Granite Wash play and
(b) 118 Development Wells that Chesapeake was obligated to drill, cause to be
drilled or participate as a non-operator in the drilling of, from drill sites in
the AMI, on or prior to June 30, 2016. As of June 30, 2016, Chesapeake fulfilled
its drilling obligation under the development agreement. Chesapeake retained an
interest in each of the Producing Wells and Development Wells, which were
acquired by Diversified pursuant to the Assignment Agreement and the Merger, and
Diversified currently operates 96% of the Producing Wells and the completed
Development Wells.
                                       10
--------------------------------------------------------------------------------

The Trust was not responsible for any costs related to the drilling of the
Development Wells and is not responsible for any other operating or capital
costs of the Underlying Properties, and Chesapeake was not permitted to drill
and complete any well in the Colony Granite Wash formation on acreage included
within the AMI for its own account until it had satisfied its drilling
obligation to the Trust.

The Royalty Interests entitle the Trust to receive 90% of the proceeds (after
deducting certain post-production expenses and any applicable taxes) from the
sales of production of oil, natural gas and NGL attributable to Diversified's
net revenue interest in the Producing Wells and 50% of the proceeds (after
deducting certain post-production expenses and any applicable taxes) from the
sales of oil, natural gas and NGL production attributable to Diversified's net
revenue interest in the Development Wells. Post-production expenses generally
consist of costs incurred to gather, store, compress, transport, process, treat,
dehydrate and market the oil, natural gas and NGL produced. However, the Trust
is not responsible for costs of marketing services provided by Diversified or
Diversified affiliates.

The Trust is required to make quarterly cash distributions of substantially all
of its cash receipts, after deducting the Trust's administrative expenses, on or
about 60 days following the completion of each calendar quarter through (and
including) the quarter ending June 30, 2031. During the six months ended
June 30, 2022, a distribution was paid on March 3, 2022 and May 31, 2022. See
Liquidity and Capital Resources below and   Note 5   to the financial statements
contained in Item 1 of Part I of this Quarterly Report for more information
regarding these distributions.

The amount of Trust income and cash distributions to Trust Unitholders will fluctuate from quarter to quarter depending on several factors, including but not limited to:

• Timing and amount of production and sales from development and production wells;

• Price of oil, natural gas and NGLs received;

•Volumes of oil, natural gas and NGLs produced and sold;

•Certain post-production expenses and all applicable taxes; and

•Trust expenses.

Results of fiduciary operations


The quarterly payments to the Trust with respect to the Royalty Interests are
based on the amount of proceeds actually received by Diversified during the
preceding calendar quarter. Proceeds from production are typically received by
Diversified in the month following the month of production. Due to the timing of
the payment of production proceeds, quarterly distributions made by Diversified
to the Trust generally include royalties attributable to sales of oil, natural
gas and NGL for three months, comprised of the first two months of the quarter
just ended and the last month of the quarter prior to that one. Diversified is
required to make the Royalty Interest payments to the Trust within 35 days after
the end of each calendar quarter. During the six months ended June 30, 2022, the
Trust received payments on the Royalty Interests representing royalties
attributable to proceeds from sales of oil, natural gas and NGL for September 1,
2021 to February 28, 2022.

The Trust's revenues and distributable income available to unitholders were
affected throughout 2021 and to date in 2022 by natural declines in production
and commodity price volatility. The Trust expects production to decline further
and expects distributable income to continue to be adversely affected.

The Trust's Investment in Royalty Interests is subject to a quarterly full cost
ceiling test. The Trust recognized no impairment of the Royalty Interests in the
Current Period or the Current Quarter. The Trust recognized a $0.84 million
impairment of the Royalty Interests in the Prior Period with no impairment of
Royalty Interests in the Prior Quarter. See Investment in Royalty Interests in

Note 2 to the financial statements appearing in point 1 of part I of this quarterly report for a more in-depth analysis.

                                       11
--------------------------------------------------------------------------------
Distributable Income

                                                        Three Months Ended June 30,                                   Six Months Ended June 30,
                                                 2022                 2021              Change                2022                2021              Change
                                                                                 ($ in thousands, except per unit data)
Distributable income available to
unitholders                                $        2,524          $  2,182                 16  %       $       5,644          $  2,476                

128%

Distributable earnings per ordinary share $0.0540 $0.0467

                16  %       $      0.1207          $ 0.0530                128  %



The $0.34 million increase in distributable income during the Current Quarter
was primarily due to an increase in the average realized price per boe in the
production period from December 1, 2021 to February 28, 2022 (the "Current
Production Quarter") as compared to the production period from December 1, 2020
to February 28, 2021 (the "Prior Production Quarter"), combined with an increase
in total sales volumes in the Current Production Quarter. The $3.17 million
increase in distributable income during the Current Period was a result of both
an increase in the average realized price per boe and an increase in total sales
volumes as compared to the Prior Period.

Royalty Income

                                              Three Months Ended June 30,                                   Six Months Ended June 30,
                                       2022                2021              Change                2022                2021              Change
                                                                       ($ in thousands, except per unit data)
Royalty income(a)                $       3,233          $ 2,546                   27  %       $      6,926          $ 3,500                   98  %

Estimated production from trust
properties:
Oil sales volumes (MBbl)                    14                9                   56  %                 30               19                   58  %
Natural gas sales volumes (MMcf)           304              285                    7  %                639              626                    2  %
Natural gas liquids sales
volumes (MBbl)                              37               31                   19  %                 77               62                   24  %
Total sales volumes (Mboe)                 102               88                   16  %                213              186                   15  %

Average prices received for
production(b):
Oil ($/Bbl)                      $       78.36          $ 46.01                   70  %       $      76.08          $ 39.52                   93  %
Natural gas ($/Mcf)              $        3.27          $  5.25                  (38) %       $       3.35          $  2.76                   21  %
Natural gas liquids ($/Bbl)      $       30.35          $ 19.87                   53  %       $      32.87          $ 16.15                  104  %
Total average price received
($/boe)                          $       31.79          $ 28.99                   10  %       $      32.50          $ 18.84                   73  %


(a) Net of certain post-production costs.

(b) Includes the impact of certain post-production expenses but excludes production taxes.

(c) The Trust was affected by lower commodity prices in early 2021 due to the impact of COVID-19


The increase in the average price received per barrel of oil equivalent (boe) in
the Current Production Quarter compared to the Prior Production Quarter resulted
in an increase of approximately $0.29 million in royalty income. Additionally,
higher sales volumes in the Current Production Quarter increased royalty income
by approximately $0.40 million, for a total increase in royalty income of
approximately $0.69 million in the Current Production Quarter compared to the
Prior Production Quarter. The 14 mboe increase in total sales attributable to
the Royalty Interests for the Current Production Quarter compared to the Prior
Production Quarter is primarily the result of improved operational performance,
offset by natural declines in production from the Producing and Development
Wells.
                                       12
--------------------------------------------------------------------------------


The increase in the average price received per boe in the Current Period
compared to the Prior Period resulted in an increase of approximately $2.91
million in royalty income. Additionally, higher sales volumes in the Current
Period increased royalty income by approximately $0.52 million, for a total
increase in royalty income of approximately $3.43 million in the Current Period
compared to the Prior Period. The 27 mboe increase in total sales attributable
to the Royalty Interests for the Current Period compared to the Prior Period is
primarily the result of improved operational performance, offset by natural
declines in production from the Producing and Development Wells.


Production Taxes

                                                       Three Months Ended June 30,                              Six Months Ended June 30,
                                                2022             2021             Change                2022               2021             Change
                                                                              ($ in thousands, except per unit data)
Production tax expenses                      $    228          $  187                 (22) %       $        491          $  243                 102  %

Production taxes per boe                     $   2.24          $ 2.13                  (5) %       $       2.31          $ 1.31                  76  %


Production taxes are calculated as a percentage of oil, natural gas and NGL
revenues, net of any applicable tax credits. The increase in production taxes in
the Current Quarter and Current Period compared to the Prior Quarter and Prior
Period relates primarily to an increase in royalty income.

Administrative expenses of the trust

                                                    Three Months Ended June 30,                          Six Months Ended June 30,
                                             2022             2021             Change              2022            2021            Change
                                                                                   ($ in thousands)
Trust administrative expenses(a)          $    382          $   95                 302  %       $   593          $ 629                 (6) %


(a) Includes a change in cash advances leading to a $0.10 million increase and no adjustment of administrative expenses for quarters and semesters
June 30, 2022.


Trust administrative expenses primarily consist of the administrative fees paid
to the Trustees and Diversified, as well as costs for accounting and legal
services. The increase in expenses in the Current Quarter is primarily related
to the net changes in the cash advance of $0.33 million. The decrease in
expenses in the Current Period is due to a reduction for the change in cash
advance of $0.30 million in the Prior Period offset by an increase in
administrative expense activity of $0.34 million primarily related to the timing
of accounting and tax preparation expenses.
                                       13
--------------------------------------------------------------------------------

Cash and capital resources


The Trust's principal sources of liquidity and capital are cash flows generated
from the Royalty Interests and the loan commitment as described below. The
Trust's primary uses of cash are distributions to Trust unitholders, payments of
production taxes, payments of Trust administrative expenses, including any
reserves established by the Trustee for future liabilities and repayment of
loans and payments of expense reimbursements to Diversified for out-of-pocket
expenses incurred on behalf of the Trust. Administrative expenses include
payments to the Trustees, as well as a quarterly fee of $50,000 to Diversified
pursuant to an administrative services agreement. Each quarter, the Trustee
determines the amount of funds available for distribution. Available funds are
the excess cash, if any, received by the Trust from the sales of oil, natural
gas and NGL production attributable to the Royalty Interests during the quarter,
over the Trust's expenses for the quarter and any cash reserve for the payment
of liabilities of the Trust. The Trust does not undertake or control any capital
projects or capital expenditures. These capital expenditures, if any, are
controlled and paid by Diversified.

The Trust's revenue and distributions are substantially dependent upon the
prevailing and future prices for oil, natural gas and NGL, each of which depends
on numerous factors beyond the Trust's control such as economic conditions,
regulatory developments and competition from other energy sources. Oil, natural
gas and NGL prices historically have been volatile and may be subject to
significant fluctuations in the future; however, the volatility in the prices
for these commodities has substantially increased as a result of COVID-19. We
expect to see continued volatility in oil and natural gas prices for the
foreseeable future, and such volatility has impacted and is expected to continue
to impact Diversified's business, financial condition and results of operations
and proceeds to the Trust and the Trust's reserves and quarterly cash
distributions to unitholders. The Trust does not have the ability to enter into
derivative contracts to mitigate the effect of this price volatility.

The Trustee may increase or decrease the targeted amount of the cash reserve at
any time, and may increase or decrease the rate at which it is withholding funds
to build the cash reserve at any time, without advance notice to the
unitholders. Without limiting the foregoing, the Trustee has reviewed the
adequacy and sufficiency of the existing cash reserve and determined that,
commencing with the distribution to unitholders for the fourth quarter 2021,
which was paid in March 2022, the Trustee began withholding the funds otherwise
available for distribution to the unitholders each quarter to increase existing
cash reserves by a total of approximately $3,200,000 over a period of several
quarters. Cash held in reserve will be invested as required by the Trust
Agreement. Any cash reserved in excess of the amount necessary to pay or provide
for the payment of future known, anticipated or contingent expenses or
liabilities eventually will be distributed to unitholders, together with
interest earned on the funds. As of June 30, 2022, $992,078 has been so withheld
to increase cash reserves.

The Trust is required to make quarterly cash distributions of substantially all
of its cash receipts, after deducting the Trust's administrative expenses, on or
about 60 days following the completion of each calendar quarter through (and
including) the quarter ending June 30, 2031. The 2022 second quarter
distribution of $0.0540 per common unit, consisting of proceeds attributable to
production from December 1, 2021 through February 28, 2022, (net of
administrative expenses) was made on May 31, 2022 to record unitholders as of
May 20, 2022.





                                       14
--------------------------------------------------------------------------------

On August 3, 2022, the Trust declared the August 2022 Distribution. The Trust's
quarterly income available for distribution was $0.0849 per common unit
consisting of proceeds attributable to production from March 1, 2022 to May 31,
2022 (net of administrative expenses). The distribution will be paid on
August 29, 2022 to common unitholders of record as of August 19, 2022. All Trust
unitholders share on a pro rata basis in the Trust's distributable income.
Distributable income attributable to production from March 1, 2022 to May 31,
2022 was calculated as follows (in thousands, except for unit and per unit
amounts):

         REVENUES:
         Royalty income(a)                                        $  4,429

         EXPENSES:
         Production taxes                                             (308)
         Trust administrative expenses(b)                              (54)
         Total expenses                                               (362)
         Cash withheld to increase cash reserves                       (99)
         Distributable income available to common unitholders     $  3,968

         Distributable income per common unit(c)                  $ 0.0849

(a) Net of certain post-production costs.

(b) Includes the quarterly change in the cash advance leading to an increase in administrative expenses totaling $0.1 million.

(c) The calculation of distributable income per Ordinary Unit is based on 46,750,000 Ordinary Units issued and outstanding at August 9, 2022


The Trustee can authorize the Trust to borrow money to pay Trust expenses that
exceed cash held by the Trust. The Trustee may authorize the Trust to borrow
from the Trustee as a lender provided the terms of the loan are fair to the
Trust unitholders. The Trustee may also deposit funds awaiting distribution in
an account with itself, if the interest paid to the Trust at least equals
amounts paid by the Trustee on similar deposits, and make other short-term
investments with the funds distributed to the Trust. The Trustee may also hold
funds awaiting distribution in a non-interest-bearing account.

Pursuant to the Trust Agreement, if at any time the Trust's cash on hand
(including cash reserves, if any) is not sufficient to pay the Trust's ordinary
course expenses as they become due, Diversified will loan funds to the Trust
necessary to pay such expenses. Any funds loaned by Diversified pursuant to this
commitment will be limited to the payment of current accounts payable or other
obligations to trade creditors in connection with obtaining goods or services or
the payment of other current liabilities arising in the ordinary course of the
Trust's business and may not be used to satisfy Trust indebtedness for borrowed
money of the Trust. If Diversified loans funds pursuant to this commitment,
unless Diversified agrees otherwise in writing, no further distributions may be
made to unitholders (except in respect of any previously determined quarterly
cash distribution amount) until such loan is repaid. There were no loans
outstanding as of June 30, 2022 and December 31, 2021.

Significant Accounting Policies and Estimates


Refer to   Note 2   to the financial statements contained in Item 1 of Part I of
this Quarterly Report for a discussion of significant accounting policies and
estimates that impact the Trust's financial statements. Critical accounting
policies and estimates relating to the Trust are contained in Item 7 of Part II
of the 2021 Form 10-K.
                                       15

————————————————– ——————————

© Edgar Online, source Previews

]]>
PenFed Pathfinder® Rewards Visa Signature Credit Card Review 2022 – Forbes Advisor https://teinfootworks.com/penfed-pathfinder-rewards-visa-signature-credit-card-review-2022-forbes-advisor/ Wed, 10 Aug 2022 13:00:01 +0000 https://teinfootworks.com/penfed-pathfinder-rewards-visa-signature-credit-card-review-2022-forbes-advisor/ PenFed Pathfinder® Rewards Visa Signature® Card* vs. Chase Freedom Flex℠ The Chase Freedom Flex℠ is a Forbes advisor favorite, topping our list of best credit cards. The card offers strong rewards without charging an annual fee or having membership requirements like the PenFed Pathfinder. For the most part, the Chase Freedom Flex will offer a […]]]>

PenFed Pathfinder® Rewards Visa Signature® Card* vs. Chase Freedom Flex℠

The Chase Freedom Flex℠ is a Forbes advisor favorite, topping our list of best credit cards. The card offers strong rewards without charging an annual fee or having membership requirements like the PenFed Pathfinder. For the most part, the Chase Freedom Flex will offer a more lucrative return on rewards.

The Freedom Flex earns 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% on travel purchased through Chase Ultimate Rewards®, 3% on restaurants and pharmacies and 1% on all other purchases and offers a welcome bonus: $200 bonus after spending $500 on purchases within the first 3 months of account opening.

The Freedom Flex, however, falls short of the Pathfinder Rewards card when it comes to added benefits; you won’t find travel expense credits among the Freedom Flex benefits. It also charges a foreign transaction fee, 3% of each transaction in US dollars, so it’s not a good choice for overseas use.

PenFed Pathfinder® Rewards Visa Signature® Card* against the Platinum Card® from American Express

The Platinum Card® from American Express (conditions apply. See rates & fees) offers more benefits than almost any other card on the market, but, with an annual fee of $695, it doesn’t come cheap.

The Platinum card offers multiple lounge access (including Priority Pass) with registration, TSA PreCheck/Global Entry fee credit, CLEAR® membership fee credit, annual airline fee credit, Gold status with Marriott and Hilton upon signup, Uber Cash credits totaling up to $200 per year and more.

The Platinum Card earns 5 Membership Rewards points per dollar for flights booked directly with the airlines or with American Express Travel up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other qualifying purchases. and offers a welcome bonus: 100,000 Membership Rewards points after spending $6,000 on card purchases within the first 6 months of card membership.

Someone who seeks the benefits of the most elite credit card and won’t flinch too hard on the high annual fees of the Amex Platinum card may ultimately be able to extract more value from the Amex Platinum than the Pathfinder card. , but the Pathfinder Card’s annual fee (or lack thereof for those who qualify) makes it worthy of consideration for those who don’t need all the bells and whistles of the Amex Platinum Card.

PenFed Pathfinder® Rewards Visa Signature® Card* vs. USAA® Rewards™ Visa Signature® Card*

Like the Pathfinder Rewards card and PenFed, you will need to be a member of a USAA credit union to apply for the USAA® Rewards™ Visa Signature® card.*. Eligible individuals will find the USAA Rewards Visa Signature card to be worth considering.

The card earns 2 points per dollar on gas and restaurants and 1 point per dollar on all other purchases and does not charge an annual fee. It offers additional travel-related benefits, but they are different from those offered by the Pathfinder Rewards card. With the USAA Rewards Card, you can get rental car collision damage waiver, travel accident insurance, trip cancellation and interruption coverage, trip delay and accident insurance. baggage interruption and extended warranty coverage.

]]>
Local businesswoman warns of jury duty scam that cost her $1,000 – Port Arthur News https://teinfootworks.com/local-businesswoman-warns-of-jury-duty-scam-that-cost-her-1000-port-arthur-news/ Tue, 09 Aug 2022 05:24:19 +0000 https://teinfootworks.com/local-businesswoman-warns-of-jury-duty-scam-that-cost-her-1000-port-arthur-news/ NEDERLAND — A Dutch businesswoman shares how she was scammed out of $1,000 in hopes of saving others. Cheryl Underhill feels psychologically and financially violated after being scammed for jury duty. The scam involves a caller posing as law enforcement and claims the victim missed a jury summons and must pay citations or be arrested. […]]]>

NEDERLAND — A Dutch businesswoman shares how she was scammed out of $1,000 in hopes of saving others.

Cheryl Underhill feels psychologically and financially violated after being scammed for jury duty.

The scam involves a caller posing as law enforcement and claims the victim missed a jury summons and must pay citations or be arrested. To avoid going to jail, the victim is told to pay a fine with gift cards.

The jury duty scam is starting to pop up more frequently across the state and beyond.

Underhill is a licensed professional counselor who holds a master’s degree. She’s well aware of the scams that come and go, but when she got a call last week from a man claiming to be Deputy Marshal John Garrison with ID that said USA.GOV, she took notice.

The local woman was returning from a beach trip and had two friends in the car with her when the call came in. The caller said she signed a court summons but failed to show up – and now there were two warrants for her arrest then hung up.

Panicked, Underhill asked one of her friends with her to call the number back and eventually reached the caller who would only speak with Underhill.

Worried about the warrants, she called the man and was told to fix the problem she needed to pay $1,500.

“He said, ‘Mrs. Underhill, I want to help you deal with it’ and he still has that attitude and pushes. He said we can’t accept credit cards, we can’t accept cards debit, we can’t accept checks. You’re going to have to do it with gift cards,” Underhill said.

She told the scammer she knew the importance of jury duty, but he insisted that she should go to the Beaumont Sheriff’s Office or the Port Arthur Sheriff’s Office, and then he provided the location of the Port Arthur Courthouse.

Cheryl Underhill shows off the two gift cards she bought as a victim of a jury duty scam. (Mary Meaux/The News)

The story continues

The scammer told her that there were four stipulations she had to follow: she must agree to an open line of communication, i.e. stay online with the scammer all the time, have two pieces of ‘ ID, one with photo and one without, pay the preset ‘ deposit which would be refunded once his signature is verified.

And finally, she must accept a confidentiality clause because it was an open investigation.

Underhill explained to the scammer that she didn’t have that kind of money lying around and the caller suggested she go to his bank, which she did.

“It was almost closing time at the bank. I can’t remember what I said, something like do I have a credit card that I can get a cash advance on? I need $1,500,” she said.

Upset and still on the phone with the caller, she left the bank and went to the ATM.

“I go out and frantically press buttons and only get $28, I was so nervous,” she said. “It stopped me, thank God.”

The caller kept asking her “ETA” and she asked what that meant. He said the estimated time of arrival.

While still on the phone, she stops at a Tiger Mart and begins to withdraw $200 in cash until the ATM denies her access.

She also went to a Walgreens, where she was told to get a Target gift card and a Visa gift card. She had to go back to her car and give him the numbers on the cards and he would give her a verification number to take care of the deposit.

While at Walgreens, she bought a $500 card, but the clerk wouldn’t allow her to buy a second, saying she had reached her limit.

But when she called with the numbers, the scammer said one of the cards came back with a problem and she should get $1,000 worth of extra cards.

Now Underhill is frantic, worried about being arrested and digging into hurricane evacuation money and bill money.

Cheryl Underhill shows off the two gift cards she bought as a victim of a jury duty scam. (Mary Meaux/The News)

saving grace

At the time, she had been on the phone with the caller for approximately three hours, browsing FM 365, in and out of businesses. Last stop was Target. She went to a register and told the clerk she needed to get $1,000 worth of gift cards and a young woman walked up and said, “Ma’am, can I ask you what it serves?”

Knowing the scammer was on the phone and she was sworn to secrecy, she whispered that she was on the phone with an assistant marshal and that if he didn’t get the cards she would be arrested.

“She said, ‘Ma’am, this is a scam. You’re getting scammed,'” she said.

Underhill told him, “no, the man on the roll call was a deputy marshal.”

It was then that the employee said she was part of the store’s anti-fraud unit and asked if Underhill wanted her to speak to him.

“Target has it all figured out. She’s seen my distress and she’s ready to step in,” Underhill said.

The employee called the scammer, saying that Underhill wouldn’t give her any more gift cards and that he would leave her alone. She advised Underhill to file a police report.

The man called a second time and the employee called him again.

Underhill left the store, blocked the number, but received two voicemails from a male voice claiming to be another assistant. This time he was Deputy Marshal Michael McConner with the United States Citation Department.

Consequences

Underhill filed a report with the Port Arthur Police Department and called the Texas Attorney General’s office to alert them to the crime. She is also working to get her money back from gift cards.

She did some research and discovered that the scammer was using the names of real East Texas law enforcement officers and plans to let them know their names were being used.

She didn’t see a red flag when the scammer wanted payment in gift cards.

“Anyone can be a victim,” she said. “As part of my business, one of the options currently used is a virtual credit card.”

The card is similar to the gift card, she says.

According to the US Eastern District of Texas, scammers pose as court officials, US marshals or other law enforcement officers and call people to try to convince them to pay a fine for avoid being arrested.

A court will always send a jury summons by US mail and will never demand payment or sensitive information over the phone.

In most cases, a prospective juror who disregards a summons will be contacted by the court office and may, in certain circumstances, be ordered to appear before a judge. A fine can be imposed but not before the court appearance, during which a person has the opportunity to explain a failure to appear, according to the court’s website.

“We want to educate the public about phone and impersonation scams so they can avoid falling victim to them,” said David Harlow, acting director of the US Marshals Service. “Rest assured that the U.S. Marshals Service will never call anyone to arrange payment of fines over the phone for failure to appear for jury duty, for outstanding warrants, or for any other violation.”

]]>
Marui Group (OTCMKTS:MAURY) & HOYA (OTCMKTS:HOCPY) Head to Head Analysis https://teinfootworks.com/marui-group-otcmktsmaury-hoya-otcmktshocpy-head-to-head-analysis/ Sun, 07 Aug 2022 06:03:23 +0000 https://teinfootworks.com/marui-group-otcmktsmaury-hoya-otcmktshocpy-head-to-head-analysis/ Marui Group (OTCMKTS: MAURY – Get a rating) and HOYA (OTCMKTS: HOCPY – Get a rating) are both retail/wholesale businesses, but what’s the best action? We will compare the two companies based on the strength of their analyst recommendations, valuation, institutional ownership, risk, earnings, dividends and profitability. Profitability This table compares the net margins, return […]]]>

Marui Group (OTCMKTS: MAURYGet a rating) and HOYA (OTCMKTS: HOCPYGet a rating) are both retail/wholesale businesses, but what’s the best action? We will compare the two companies based on the strength of their analyst recommendations, valuation, institutional ownership, risk, earnings, dividends and profitability.

Profitability

This table compares the net margins, return on equity and return on assets of Marui Group and HOYA.

Net margins Return on equity return on assets
Marui Group 8.58% 1.37% 0.44%
HOYA 25.07% 21.42% 17.13%

Risk and Volatility

Marui Group has a beta of 0.5, suggesting its stock price is 50% less volatile than the S&P 500. Comparatively, HOYA has a beta of 0.66, suggesting its stock price is 34% less volatile than the S&P 500.

Analyst Notes

This is a summary of the current ratings and recommendations for Marui Group and HOYA, as reported by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Marui Group 0 0 0 0 N / A
HOYA 0 0 1 0 3.00

Valuation and benefits

This table compares the revenue, earnings per share (EPS) and valuation of Marui Group and HOYA.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Marui Group $1.86 billion 1.91 $158.47 million $1.54 22.29
HOYA $5.89 billion 6.74 $1.46 billion $3.97 27.36

HOYA has higher revenue and profit than Marui Group. Marui Group is trading at a lower price-to-earnings ratio than HOYA, indicating that it is currently the more affordable of the two stocks.

Insider and Institutional Ownership

1.3% of Marui Group shares are held by institutional investors. Comparatively, 0.0% of HOYA shares are held by institutional investors. Strong institutional ownership indicates that hedge funds, endowments, and large fund managers believe a company will outperform the market over the long term.

Dividends

Marui Group pays an annual dividend of $0.54 per share and has a dividend yield of 1.6%. HOYA pays an annual dividend of $0.81 per share and has a dividend yield of 0.7%. Marui Group pays 35.1% of its profits as a dividend. HOYA pays 20.4% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years.

Summary

HOYA beats Marui Group on 11 out of 13 factors compared between the two stocks.

About Marui Group

(Get a rating)

Marui Group Co., Ltd., an investment holding company, is engaged in retail and FinTech business in Japan. The company is involved in the rental and management of commercial properties, the purchase and sale of clothing and accessories, the production of spaces, advertising, fashion distribution, general building management, etc. ; and providing credit card services, cash advance services, rent guarantee services, information system services, rental of real estate, etc. It is involved in the operation of Marui/Modi stores, online shopping and mail order, specialty store, collection and accounts receivable management, interior design and decoration, planning and carrying out of advertising, trucking, shipping, software development, building management and security services. Marui Group Co., Ltd. was founded in 1931 and is headquartered in Tokyo, Japan.

About HOYA

(Get a rating)

HOYA Corporation operates as a medical technology company and supplier of high-tech and medical products worldwide. The Company offers life care products, including eyeglasses and contact lenses; medical endoscopes; intraocular lenses; laparoscopic surgical instruments; automatic endoscope cleaning equipment; and related medical products, such as prosthetic ceramic fillers and metal implants. It also operates Eyecity, a specialist contact lens retailer. In addition, the Company provides information technology products, such as mask blanks and photomasks for manufacturing semiconductor chips; photomasks for liquid crystal display panels; glass discs for hard drives; and imaging products which include optical glasses/optical lenses, colored glass filters and laser equipment/UV light resources. In addition, it offers ReadSpeaker, a text-to-speech software; and cloud services including Kinnosuke, a time and attendance service, and Yonosuke, an electronic payslip service. HOYA Corporation was founded in 1941 and is headquartered in Tokyo, Japan.



Get news and reviews for Marui Group Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for Marui Group and related companies with MarketBeat.com’s free daily email newsletter.

]]>
Legal-Bay Pre Settlement Funding Company Reports Rise in Motor Vehicle Accident Claims https://teinfootworks.com/legal-bay-pre-settlement-funding-company-reports-rise-in-motor-vehicle-accident-claims/ Thu, 04 Aug 2022 10:30:00 +0000 https://teinfootworks.com/legal-bay-pre-settlement-funding-company-reports-rise-in-motor-vehicle-accident-claims/ Leading lawsuit finance company reports more road accidents during summer season JERSEY CITY, NJ, August 4, 2022 /PRNewswire/ — Legal-Bay, the pre-settlement finance company, has reported an increase in traffic accidents now that the summer season is well underway. With children out of school, people are taking advantage of the warm weather to hit the […]]]>

Leading lawsuit finance company reports more road accidents during summer season

JERSEY CITY, NJ, August 4, 2022 /PRNewswire/ — Legal-Bay, the pre-settlement finance company, has reported an increase in traffic accidents now that the summer season is well underway. With children out of school, people are taking advantage of the warm weather to hit the road for their family vacations. Also, now that the Covid restrictions have been reduced, there have been more opportunities to go out again around the world. Unfortunately, however, more cars on the road lead to more car, truck and bus accidents, leading to an influx of new accident reports.

Plaintiffs in motor vehicle cases seek compensation for damage to their automobiles and, in some cases, their bodies. Legal-Bay is ready to provide settlement loans to plaintiffs who need money now.

If you have an ongoing motor vehicle lawsuit and need an immediate cash advance against an impending settlement, please visit Legal-Bay HERE or call toll free 877.571.0405.

Chris JanisCEO of Legal-Bay, says, “Our underwriters have been busy reviewing the high number of claims we have received over the past few months. Summer usually brings an increase in motor vehicle claims, and Legal-Bay is ready to approve financing for each of our customers in need.In the meantime, Legal-Bay warns drivers to be safe out there.

Legal-Bay remains vigilant in assisting its clients with their motor vehicle claims. Their turnaround time is among the fastest in the industry, and applicants can typically expect to receive cash in cash in as little as 24-48 hours. Additionally, Legal-Bay funds all types of lawsuit loans, including personal injury, dog bite, slip and fall, construction accident, medical malpractice, appellate judgments, litigation commercial, contractual disputes, etc.

Legal-Bay’s pre-settlement financing programs are designed to provide immediate cash in advance of the plaintiff’s anticipated monetary compensation. Non-recourse lawsuit “loans”, sometimes called lawsuit loans or settlement loans, are risk-free because the money does not need to be repaid if the recipient loses the lawsuit. Therefore, the lawsuit loan is not really a loan, but rather a cash advance.

To apply for a lawsuit loan program now, please visit the company’s website HERE or call toll free at: 877.571.0405 where agents are ready to answer all your questions.

SOURCE Legal-Bay, LLC

]]>
Duterte borrows P1 T in past 6 months – Manila Bulletin https://teinfootworks.com/duterte-borrows-p1-t-in-past-6-months-manila-bulletin/ Sun, 31 Jul 2022 09:00:00 +0000 https://teinfootworks.com/duterte-borrows-p1-t-in-past-6-months-manila-bulletin/ Former President Duterte borrowed 1 trillion pesos in his last six months in Malacañang. Data from the Treasury Office showed that the national government’s net borrowing reached 1,021 billion pesos from January to June this year. This amount, however, was 40% lower than the 1.719 trillion pesos in the same period last year. Based on […]]]>

Former President Duterte borrowed 1 trillion pesos in his last six months in Malacañang.

Data from the Treasury Office showed that the national government’s net borrowing reached 1,021 billion pesos from January to June this year. This amount, however, was 40% lower than the 1.719 trillion pesos in the same period last year.

Based on the Treasury report, the bulk of the borrowing came from within, amounting to 740.17 billion pesos.

At the end of June, gross local financing reached 741.26 billion pesos, of which 535.4 billion pesos were long-term IOUs while the 457.8 billion pesos came from the proceeds of the sale of treasury bills to the detail.

However, the government recorded a net redemption of treasury bills amounting to 251.92 billion pesos in the first half and settled its 300 billion peso cash advance with Bangko Sentral ng Pilipinas.

Meanwhile, the government’s net borrowing from offshore markets reached P281.57 billion in the first half of the year.

According to the Treasury, there were 136.6 billion pesos in program loans during the period and 46.85 billion pesos in project loans.

The government also tapped overseas debt markets for 117.32 billion pesos of new debt and sold 28 billion pesos of Samurai bonds.

Likewise, the Treasury recorded a net payment of 47.76 billion pesos.

In June alone, the national government’s net borrowing fell by 15%, from 159.9 billion pesos to 138.63 billion pesos. Of this amount, 96.1 billion pesos were borrowed on the domestic market and 42.5 billion pesos from foreign financing.

Earlier, the Treasury reported that the total stock of national government debt stood at P12.5 trillion at the end of May 2022.

Total debt fell 2.1% from the previous month’s level of 12.76 trillion pesos, mainly due to the repayment of provisional advances from the central bank. The level of debt, however, is up 12.9% from the previous year’s level of 11,070 billion pesos.

Of the total outstanding debt, 30.7% came from abroad while 69.3% was domestic borrowing.

Domestic debt stood at P8.67 trillion in May, 3% lower than the level at the end of April 2022.

SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

]]>
Credit card statistics for the first time in 2022 https://teinfootworks.com/credit-card-statistics-for-the-first-time-in-2022/ Fri, 29 Jul 2022 11:00:14 +0000 https://teinfootworks.com/credit-card-statistics-for-the-first-time-in-2022/ Credit cards are a valuable financial tool to help you spread large purchases over time, cover the cost of an emergency, and gain the confidence of lenders in the future when you borrow money for your first home or your first vehicle. For many Americans, the journey of building credit begins in adolescence and continues […]]]>

Credit cards are a valuable financial tool to help you spread large purchases over time, cover the cost of an emergency, and gain the confidence of lenders in the future when you borrow money for your first home or your first vehicle.

For many Americans, the journey of building credit begins in adolescence and continues throughout their lives as they learn to use credit cards responsibly and build their credit. The key is to start early and adopt responsible credit habits that will pay off in the long run.

Key statistics on the first credit cards

  • Average credit card approval time: 30 days or less
  • Average first-time credit limit: $500 to $1,000
  • Average credit card approval rate for consumers without credit: less than 40%
  • Average credit card balance: $5,221
  • Average credit card usage rate: 25%
  • Percentage of payments made with credit cards: 28%
  • Percentage of college students with at least one credit card: 57%
  • Average student credit card debt: $1,183
  • Percentage of students who make the minimum payment each month: 44.7%

Why do I need a credit card?

Credit cards aren’t just a spending tool. They are essential tools for many consumers who hope to build a sustainable and responsible credit history and make larger purchases throughout their lives. Credit cards give consumers additional purchasing power and the ability to break down a large purchase into a smaller, more manageable monthly payment.

An added benefit is the fraud protection a credit card can offer, unlike a debit card. In fact, the major credit card networks (Visa, Mastercard, American Express, and Discover) offer cardholders $0 fraud liability coverage. Here’s a look at how credit card usage varies among different consumers.

  • Number of credit cards used in the United States: 1.06 billion
  • Average number of credit cards per adult: 3.84
  • Average credit card APR in the first quarter of 2022: 15.13%
Immediate access to funds Easy to rack up credit card debt if you’re not careful
Helps you build your credit Can hurt your credit score if not used responsibly
Ability to spread large purchases over time High interest rates if you have a balance
Opportunity to earn cash and rewards Any annual fees, cash advance fees, overdraft fees and foreign transaction fees
Better fraud protection than debit cards Vague approval requirements
Possible insurance benefits, including rental car and travel insurance May reduce your disposable income if you have high balances

There are several advantages and disadvantages to having a credit card. The most important benefit, however, is the pathway it creates to a strong credit profile.

Why having a credit score is important

For lenders, landlords, and even some employers, your credit can play a role in your approval for an apartment rental, mortgage, job, and more. That’s why it’s important to protect your credit and manage it responsibly so you don’t put yourself in the position of losing your dream purchase down the road. Here’s a look at what the average credit score looks like across generations and income levels.

baby boomers 736
Generation X 699
Millennials 680
Generation Z 674
Lower income 658
Moderate income 692
Median income 735
High income 774

How does a credit card work?

Credit cards give you a revolving line of credit to make purchases. Each month, you will be required to make a payment on your debt balance, which should not exceed the approved credit limit your issuer has offered you. As long as you continue to make payments and manage your credit responsibly, your account will remain in good standing and you can continue to use it as needed.

The key to a successful credit journey is to watch your spending. It’s important to be selective about your credit card purchases and automate your payments or set reminders for yourself to avoid late or missed payments that could hurt your credit score.

What to use your credit card on

Not all purchases must be made with a credit card. For example, an impulse purchase at a cash register is something you might want to pay with cash or debit card rather than credit. Paying for an item with a credit card will accumulate a balance on which you will have to pay interest if you cannot pay it in full from month to month.

You’ll also want to weigh whether using your credit card to cover the cost of something will net you cash, rewards, or potential discounts. Here’s a look at a few cases where it makes sense to use a credit card.

Rental car Most car rental companies require a credit card in case of damage to the vehicle.
Hotel stay Hotels often require a credit card on file to cover incidentals, and hotel cards offer discounts and perks.
Repairs or household appliances Using a credit card will allow you to spread out those large purchases over time, making them more manageable.
Online shopping Credit cards offer an extra layer of protection against fraud that other payment methods don’t.
Trip costs Your credit card may offer rewards or discounts for travel-related expenses, as well as insurance if you need to cancel or reschedule your trip.

How to apply for a credit card

Applying for a credit card is a fairly simple process. However, too many new card applications can hurt your credit score. You will want to be selective about when and which card you request. Here’s an overview of what you can expect when you apply for a new card.

  • Know your credit score: Many maps have a score requirement that you will need to complete to qualify for their map. For the most accurate information, you can request a free copy of your credit report from each of the three credit bureaus once a year. Your credit card may also offer free access to your score. If you don’t have a credit history, you can opt for a secured credit card as a starter card while you work on building up your credit history.
  • Read the fine print: The terms of each card will be listed in a credit card agreement. The Schumer Box will tell you the annual fee for the card you’re interested in, the APR, penalties, and other fees.
  • Gather all your documents and information in advance: Most apps will ask you for key information such as your social security number and annual income. Have this information handy as you prepare to apply.
  • Complete your application: Several options are available to you to complete your credit card application. You can visit the issuer’s website, apply in person if the issuer has a physical location near you, apply by phone, or send your application by mail.

Types of credit cards

There are several types of credit cards that all work a little differently, have their own set of benefits, and cater to different consumers and their individual spending habits. Choosing the right card often comes down to one that will meet your financial needs and reward your regular spending.

For those who love to travel, a card focused on travel rewards could be a huge way to save money. For others who like to cook and regularly go to the grocery store each week, a card that offers cash back on grocery purchases might be a better option. College students who are early in their credit journey might benefit more from a student card that rewards student spending and good payment habits.

  • Most common type of credit card: unsecured credit cards
  • Average credit limit for people who open secured credit cards: $200 – $2,500
  • Percentage of Americans who use a travel card to offset travel expenses: 70%
  • Percentage of Americans who have an airline or other travel card: 19%
  • Percentage of Americans who prefer cash back over other rewards: 41%
  • Percentage of Americans who own a cashback card: 46%
  • Percentage of Americans who own a retail card: 31%

How to Avoid Credit Card Debt

Having extra purchasing power can tempt you to spend more than your budget allows. For this reason, establishing healthy habits ahead of time is essential if you hope to avoid building up a balance you can’t pay off. Here are some key ways to avoid damage from debt and credit rating:

  • Automate your payments: A late or missed payment may result in a significantly lower credit score and additional fees and interest charges. If you tend to be forgetful, set yourself up for success by automating your monthly payments. This way you never have to worry about missing a payment and it will automatically remove a task from your to-do list.
  • Keep your credit utilization rate low: Experts generally recommend keeping your spending to less than 30% of your total available credit. Keeping your spending below a certain threshold makes it easier to pay down your balance and shows lenders that you can manage your credit responsibly.
  • Pay more than the minimum each month: Carrying a high balance from month to month can result in high interest charges. Reducing your balance by paying a little extra will help you avoid potential fees and charges down the line.

The bottom line

Credit cards often have a bad reputation for being a gateway to overspending. However, when used responsibly, they can be the key to achieving your larger financial goals. Before embarking on your credit journey, make sure you choose a card that meets your spending needs. Try to establish positive credit habits early on so your credit card can work for you, not against you.

]]>
The neobank business model: Too dependent on interchange? https://teinfootworks.com/the-neobank-business-model-too-dependent-on-interchange/ Wed, 27 Jul 2022 17:04:17 +0000 https://teinfootworks.com/the-neobank-business-model-too-dependent-on-interchange/ A warm hello and welcome to Protocol Fintech. This Wednesday: Neobanks profit problem, Kraken sanctions investigation and layoffs at Shopify. out of the chain What happens when unstoppable domains meet an unshakable force? The crypto domain company comes raised $65 million at a $1 billion valuation for “blockchain domains.” These are not regular web domains […]]]>

A warm hello and welcome to Protocol Fintech. This Wednesday: Neobanks profit problem, Kraken sanctions investigation and layoffs at Shopify.

out of the chain

What happens when unstoppable domains meet an unshakable force? The crypto domain company comes raised $65 million at a $1 billion valuation for “blockchain domains.” These are not regular web domains and require special software to access them. ICANN, which oversees domain names, has warned against so-called alt-root domains. If that sounds like a recipe for chaos, it’s: unstoppable is sue a competitorHandshake, on the .wallet top-level domain.

—Owen Thomas (E-mail | Twitter)

Bet on interchange

Recent layoffs at Varo are just the latest sign of the crunch neobanks are feeling. Varo last week cut 75 jobs, or 10% of its staff, a decision CEO Colin Walsh wrote was necessary to ensure that the digital bank had “sufficient capital to execute our strategy and our path to profitability”.

Making money has proven to be an elusive goal for neobanks. Only 5% of the approximately 400 global neobanks identified by the research firm Simon-Kucher and associates broke even, according to a May report.

  • That didn’t matter as much when venture capitalists poured money into fintechs in 2021. But the market cooling has clearly squeezed some startups.
  • Fintech companies raised $20.4 billion in the second quarter of 2022, about half less than the same period in 2021 CB Insights. Banking-focused fintech startups raised $1.9 billion in the quarter, down nearly 80% year-over-year.

Most neobanks targeted the underbanked. The term is most often used to describe technology-focused startups that offer some form of banking service, such as online checking accounts.

  • Neobanks such as Varo and its competitors Current and Chime have raised billions from investors and built up bases of millions of customers. They offer free bank accounts to low- and middle-income consumers, whose incomes could make them vulnerable to overdraft fees and maintenance fees at traditional banks. Most business revenue comes from collecting card interchange fees.
  • Varo in 2020 became the first US neobank to receive a national banking charter. The process took three years and cost $100 million. The charter allows the company to hold and lend directly from customer deposits – a bread-and-butter breadwinner for traditional banks.
  • But, as fintech analyst Jason Mikula detailed in a recent newsletter, Varo has yet to set up a major loan deal. About 98% of its revenue still comes from interchange fees in the first quarter, as well as fees from ATM withdrawals and a cash advance program. “No US neobank has built a significant lending business,” Mikula said.
  • Q1 regulatory filings showed Varo was burning through cash so fast it could run out of cash before the end of the year, like Mikula written in maydespite raising a $510 million Series E round in September 2021. At the time, Walsh Told Banking Dive that Varo had “enough capital to achieve profitability”.

The slowdown could reshape the digital banking sector. Ron Shevlin, director of research at Cornerstone Advisors, recently said in a Forbes column that the “End of the era of neobanks” arrived.

  • “The days when fintech startups preyed on middle to low income consumers in the name of inclusion is very noble and selfless, but it hasn’t yet built a sustainable business,” Shevlin said. to Protocol.
  • Walsh’s blog post hinted at a new strategy for Varo when announcing the layoffs. He wrote that the company is creating a new business unit called Varo Tech to “bring together technology, design, data and product functions under one umbrella.”

David Becker, CEO of Indiana-chartered First Internet Bank, noted that there have already been shake-ups in the industry. His bank, founded in 1997, is one of the few survivors of a group of dozens of online-only banks that emerged during the dot-com boom of the late 1990s. continues, he said, there is a lesson to be learned from companies that have survived. “You really have to offer the full suite of services because customers don’t want to bank in six different places,” Becker said. “You have to offer the full suite or customers will find someone else who can.”

Read the full story on the protocol here.

—Ryan Defenbaugh (E-mail | Twitter)

MICRON SPONSORED CONTENT

Shortage of microchips could harm national security: The global shortage of semiconductors has hampered production of everything from pickup trucks to PlayStations. But there are more serious implications than a shortage of consumer goods. If the United States does not ensure continued domestic access to advanced semiconductor manufacturing, experts say our national security could suffer.

Learn more about Micron

on the money

Kraken is facing a sanctions investigation. The Treasury Department is reportedly investigating whether the crypto exchange allows users in Iran to buy and sell digital tokens.

On protocol: The SEC is investigating whether Coinbase illegally authorized trading in unregistered securities. The regulator listed nine tokens it believed to be securities in an insider trading case it filed against a Coinbase employee last week, though the investigations appear to be separate.

Shopify will lay off 10% of its staff. CEO Tobias Lütke said the company had recruited staff in the bet the pandemic had permanently accelerated demand for e-commerce. “It is now clear that the bet did not pay off,” he wrote in a note to staff.

Gen Z doesn’t care. Gen Z workers — ages 18 to 25 — save an average of 14% of their income for their golden years, according to a new study by BlackRockahead of their older counterparts in the labor market.

Another Senate bill would make certain crypto transactions tax-exempt. A new invoice of Sens. Pat Toomey and Kyrsten Sinema would exempt any crypto transaction under $50 from capital gains tax reporting. The Lummis-Gillibrand bill contains similar provisions to exempt small transactions.

Understood

Pat Toomey also beats the drum of “regulation by enforcement”. In a letter at SECOND Chair Gary Genslerthe senator blasted the agency “categorical refusal to provide regulatory clarity” to the crypto industry, instead pursuing a “A capricious and ineffective approach to consumer protection known as regulation by enforcement.”

Just a question for
Emmalyn Shaw, Managing Partner, Flourish Ventures

Throughout his career, Shaw has had a particular interest in financial health. Prior to joining Flourish, she co-led the financial inclusion team at Omidyar Network.

What’s your take on crypto and Web3 investing?

We know that, despite the most recent collapse, Web3 will be highly integrated into our world. We’re going to operate in a world where we’re paying our mortgage maybe through our traditional bank account, but we’re going to return capital using a crypto, decentralized structure. We will be able to buy our coffee in exchange. But when you think of the United States…many of the people who lost capital in this last crisis were the most vulnerable financially. There is this opaque nature in crypto that has made us reluctant to play it. Thinking about the level of impact, we know there’s money to be made, but that wasn’t the question. The point is the impact on consumers and where we want to play in that regard.

MICRON SPONSORED CONTENT

Shortage of microchips could harm national security: To ensure America’s security, prosperity, and technological leadership, industry leaders say the United States must encourage domestic chip manufacturing to reduce our dependence on chip producers. East Asia for critical electronic components.

Learn more about Micron

Thanks for reading – see you tomorrow!

]]>
5 Credit Card Mistakes to Avoid in Difficult Times | Company https://teinfootworks.com/5-credit-card-mistakes-to-avoid-in-difficult-times-company/ Mon, 25 Jul 2022 17:39:20 +0000 https://teinfootworks.com/5-credit-card-mistakes-to-avoid-in-difficult-times-company/ When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship. For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and […]]]>

When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship.

For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and he took a pay cut. They relied on credit cards to get by and racked up about $14,000 in debt.

“We paid off our debt in 2014 and decided to live without a credit card until 2019,” says Senn, who documents his financial journey on his YouTube channel. “We don’t want to rack up high-interest debt, so we’re very strategic and intentional in how we use our credit card.”

Having a plan can help avoid debt or keep it manageable when money is tight. If your situation allows it, consider alternatives before you make credit card mistakes that make it hard to bounce back.

1. Don’t keep spending as usual

Modify your budget if inflation or other circumstances compromise it. With today’s inflation, Senn has adjusted his budget to include rising gas, internet and cellphone charges on his credit card.

“Look at the budget and carefully consider those needs versus wants,” says Katie Bossler, quality assurance specialist at GreenPath, a nonprofit credit counseling agency.

Senn’s grocery bill has gone from $125 a week for a family of six to $225. Lowering that bill is not an option since her husband has lupus and requires an autoimmune protocol diet. “It’s the difference between him thriving and being in pain everyday,” Senn says.

To balance rising costs, it cut spending in other areas and opted for alternatives. Weekly family get-togethers at the local cafe have moved to its terrace. The family now dines out and travels less, and the kids attend a less expensive arts camp.

When reviewing your credit card statement, consider deleting unnecessary purchases or unused subscriptions. Prioritize essentials like rent, utilities, food, and expenses that help generate income. If you’re still financially strained after making changes, consider other options like full-time or part-time work, or finding roommates, Bossler says.

2. Avoid relying on your credit limit

Shrinking your budget can provide savings opportunities that keep you from relying on credit cards. Save what you can, even just $5 a week. An emergency fund is foolproof, but a credit limit may eventually reach its maximum or be reduced at the issuer’s discretion.

Before that happens, request a higher credit limit from issuers when accounts are in good standing. This way, you have credit available as a last resort that supplements an emergency fund. Note that a transmitter can execute a “difficult investigationon your credit after making this request, an action that can temporarily lower credit scores.

3. Don’t carry a balance on a high-interest credit card

Having a large balance on a high-interest credit card makes purchases more expensive. For credit card accounts rated for interest in 2021, the average rate was 16.45%, according to Federal Reserve data. Some credit card interest rates are even higher at 29.99%.

While a card’s interest rate depends on economic factors and your credit, some cards or institutions offer lower rates that can save you money on outstanding balances. For example, the national average rate on credit cards at credit unions was 11.21% in March 2022, according to data from the National Credit Union Administration.

If you need a debt repayment strategy, a good credit score (a FICO score of 690 or higher) may qualify you for a credit card balance transfer which allows you to transfer a high-interest balance to a new card at a lower rate. Weigh the cost of balance transfer fees and ongoing interest charges to identify the best option. The ideal balance transfer card has no annual fee, a low balance transfer fee of 3% or less, and a long enough introductory APR period of 0% to progress on debt.

4. Stop accumulating late fees

If you anticipate a late payment, promptly contact your credit card issuer. Late fees can cost up to $30 the first time and up to $41 after, according to a 2022 press release from the Consumer Financial Protection Bureau.

Some issuers may be able to change your due date, offer financial hardship programs, or refer you to a nonprofit credit counseling agency that provides a debt management plan, according to Bossler. These programs may waive fees or reduce interest rates for a certain period of time.

5. Think twice about cash advances

A credit card cash advance conveniently provides a short-term cash loan at a bank or ATM, but it’s expensive. Interest on the amount of money borrowed begins to accrue immediately and fees may apply.

Instead, consider a personal loan or targeted offers from issuers that turn available credit on a credit card into a less expensive installment loan that puts money in your bank account. For this last option, no loan application or credit check is required.

This article was written by NerdWallet and was originally published by The Associated Press.

The article 5 Credit Card Mistakes to Avoid During Tough Times originally appeared on NerdWallet.

]]>