WHAT ARE THE STEPS INVOLVED IN APPLYING FOR A CREDIT CARD?
6/19/07The steps involved in applying for a Visa credit card include completing a credit card application form and submitting to the credit card company for approval. After submitting, not much can be done but wait for the credit card company's decision. Once approved, the credit card company will notify and post by mail (usually) the actual card. Once received, the card will need to to be activated before use.
The credit card application form and submission are normally dealt with in 4 ways:
1. Customer Initiated - This, I use to describe where the client is the one who, in the absence of an offer from the credit card company, initiates the application process. This usually involves seeking out application forms on-line on the company's website or walking into the companies themselves. Once the application is completed, depending on the initiation method, they are submitted on-line or mailed in for verification and the usual background and credit checks.
2. On-line - With the advent of the Internet, most, if not all credit card companies now make their application forms available on the Internet. Forms are typically completed in a secure environment and submitted on-line. Although companies promise instant approvals, on-line applications usually take a few days to allow background, credit score checks, etc..
3. Regular Mail - despite the Internet, most credit card applications still come through the post in the form of direct solicitation from credit card companies. Solicitations received through the mail can be completed and returned by mail or alternately, the process may be completed on-line.
4. Telephone - Finally, in spite of regulation that has sought to minimize telemarketing traffic, a significant amount of credit card solicitations and applications (if you are in the mood) are still done over the phone. The agent takes all the relevant personal information (including Social Security Number) and as usual, promises instant feedback. However, as above, the process will always take a few days too allow for the required credit checks.
Credit card applications typically require detailed personal information (name, address, next of kin, etc.) along with other relevant personal financial information (assets, liabilities, net worth, expenses, income, etc).
This information, coupled with the applicant's credit history, credit score and other criteria, depending on the credit card company, are all pertinent in making the ultimate decision; not only as to whether or not to approve the credit, but also as regards the extent of the credit line.
GRADUATE SCHOOL: WHAT ARE THE ADVANTAGES?
The Advantages of Pursuing Graduate Studies
1. Fulfilling self-actualization needs – Going to graduate school is a great way to achieve personal growth and fulfillment (see Maslow’s Hierarchy of Needs).
2. Going to graduate school is a sure way to boost overall educational qualifications and improve one’s ability to compete in the job market.
3. Graduate students, by and large, can command a higher rate of pay and are much better placed for future promotions and pay increases.
4. It enhances social standing and prestige especially in societies where educational titles count for a lot.
5. It enhances significantly one’s approach to problem solving by developing the ability to think and reason.
6. It improves the scope to take on greater responsibility in the work place and because of the in-built stress factor in many graduate programs, significantly improves the ability to multi-task and cope with stress.
GRADUATE SCHOOL: WHAT ARE THE DISADVANTAGES?
The Disadvantages of Pursuing Graduate Studies
- Graduate school is seen by some as just a way to reinforce a structured way of thinking which stifles initiative and creativity. In many instances this is justified by very successful people who have no formal education or even if they do, chose not to complete graduate school.
- The decision to pursue graduate studies may be at the expense of a once in a lifetime opportunity.
- For those who decide to work while pursuing graduate studies, it can mean increased levels of stress, poor on-the-job performance or even dismissal.
- It can also mean postponing starting a family or result in the erosion of existing familial and other kinds of relationships.
- Finally committing to graduate school, in many instances, postpones one’s earning potential in the near-term to the detriment of a decent standard of living and meeting family financial commitments.
GRADUATE SCHOOL: WHAT ARE SOME OF THE FACTORS TO CONSIDER?
In deciding on graduate school there are many factors to consider:
Decisions to be Made
How will I fund my graduate program?
Funding may come from (or a combination) of personal savings, employer funding (loans or grants), family resources, loans (family or otherwise), scholarships or grants.
Should I commit to part-time or full-time studies?
Especially where the financial consideration is a big issue, this question takes on increased importance. Thankfully, especially with the advent of the internet, many programs allow part-time study.
What is my best option in terms of institution?
The choice of institution, in many instances, can affect salary and ultimately social standing and prestige. It is therefore advisable to do research (much information is available on the internet), discuss with more experienced folk or talk to trusted friends. Additionally, don’t be afraid to request, at the appropriate time, an interview with the intuitions themselves.
Do I have the time to commit to this program?
Graduate studies are very taxing in terms of time. It is very important that you address from the very outset, especially if there are work or family commitments, how exactly you will be able to effectively manage your time.
What is my objective in pursuing this program?
Asking this question can help in deciding if graduate studies or the particular program is for you. One should be very clear as to how the program will increase the chances of finding a job, how it will enhance the chances of promotion, how it may impact pay increases, and how it will satisfy other personal needs.
How easy will it be for me to attend classes?
In some instances the best fit in terms of course of study may not be in close proximity. The impact on cost and other responsibilities in this case must be taken into consideration. Even with part-time studies, programs may very well require some physical attendance in fulfillment of the program’s requirements.
What are the alternatives available to me?
Don’t commit to furthering your education just out of meeting other people’s expectations or because it’s the right thing to do. In many instances, taking the risk with that crazy business idea, a la Bill Gates, maybe more than worth it.
WHAT IS A MUTUAL FUND?
A mutual fund, generally, is an investment vehicle similar to CDs, Stocks, Treasury Bills, etc.
More specifically, it consists of “pooled” investments garnered from investors with a particular risk profile. The funds are managed subject to a well-laid out set of policies and guidelines normally documented in a Trust Deed.
The Deed, among many other parameters, stipulates:
- The power of Trustees who essentially oversee the management of the funds;
- Separate and well-defined bank account and banking arrangements;
- A suggested risk profile and mix (percentage) of assets that the fund is allowed to invest in;
- Audit and reporting guidelines;
- Yield calculation methods;
- Accounting guidelines e.g. defining how gains are accounted for and what percentage is set aside to the Reserve Fund – a key element in determining the ‘health’ of any fund;
- Management fees (usually paid to a separate legal entity for managing the funds);
- Client fees (usually charged upfront or at the back-end); and
- Encashment policies.
Mutual funds are medium to long-term investments (5 years and over), are generally more risky than CDs; but less so than individual stock investments. The annualized return typically falls somewhere between the two and is usually arrived at by taking the total gains on the assets held less operational costs, fees, and amounts normally set aside to the Reserve Fund.