Responsible credit card usage is important for effective financial management. It helps in building credit score, preserving savings accounts, minimizing risks and enjoying financial rewards.
To gain maximum benefits from credit card usage, following are some tips on how to manage your credit card wisely:
Greater Central Texas Federal Credit Union offers auto loans to its members. Members can seek assistance from the loan officers to understand the working and requirements of auto loans. The credit union also educates its members on ways to improve their financial health. For further details on the working of auto loans, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.
If you are looking for financial services like opening a savings account, applying for a loan or paying bills without any hassle, you should consider visiting a credit union. These non-profit organizations are owned by their members/account holders. Credit Unions provide a plethora of financial services at attractive rates/fees and are federally insured by the National Credit Union Share Insurance Fund.
You can avail following services as a member of a credit union:
- Savings Account: You can open a savings account to keep your cash safe while you earn interest. However, there are certain limitations on transfers from a savings account in a credit union.
- Checking Account: Credit union checking accounts let members spend their money without any limits on payments. They can access cash from the credit union via debit cards, online bill payment, writing a check, etc.
- Certificates of Deposit: These are a form of savings solution that pays members more than regular savings accounts. However, the pre-condition for this is that the customer has to leave his money in the account for a fixed amount of time. For customers who want some flexibility, some credit unions offer them money market accounts that allow them to access their funds throughout the month and enjoy high rate of interest.
- Loans: Credit unions offer auto loans and various other secured loans to their members. Auto loans are popular amongst credit unions due to their competitive rates of interest and thriving relations of credit unions with local dealers.
- Other Services: Most credit unions provide other services such as Direct Deposit, Payroll Deduction, Bill Pay, ATM, Notary Service, On-line access, Wire Transfer, etc.
Greater Central Texas Federal Credit Union offers a variety of services to help it’s members reach their financial goals. The services offered to the members include secured loans, savings accounts, checking accounts and various online banking facilities. To know more about what can you do at a credit union, visit 3305 E. Elms Rd., Killeen, TX – 76542. You can also call at (254) 690 – 2274.
In the age of emails, online banking, e-statements and mobile applications; the direct deposit system offers a convenient & fast mode of transferring payments. Direct deposit refers to an Automated Clearing House transaction in which payments are electronically transferred into one’s checking or savings account. The payments usually include pay checks, pensions, travel reimbursements, social security payments and more.
Following is a list of benefits that direct deposit has to offer:
- Easy To Set-Up: To activate direct deposit, inform your employer and fill out a direct deposit form. You will need your credit union account number, routing number and a voided check of the account in which you intend to receive the payment.
- Fast And Convenient: With direct deposit, you are not required to wait in lines to deposit or cash a pay check. Your money is easily deposited to your account even when you are away on a business trip or vacation.
- Good For The Environment: Direct deposit is environment-friendly as there is no paper involved.
- More Secure: Direct deposit is a safe and confidential method of receiving payments. It reduces the chance of anyone sneak-peeking into your financial information as the funds are transferred discreetly into your account. Also, it eliminates the chance of your pay check being lost or stolen.
- Digital Storage Of Financial Information: Online modes of payment like direct deposit have eliminated the need to keep a tab on your payroll history. You can easily access your financial information as it is digitally saved.
- Facilitates Savings: Direct deposit makes you better at budgeting and saving. You can split the incoming payments between your checking, saving & retirement account. This set-up encourages savings. Also, it gives you time to pause and reflect on the expenses for a better budgeting.
- Automatic Bill Payments: As you know when the payment will be directly deposited in your account, you can schedule automatic bill payments accordingly to avoid the hassle of remembering due dates.
- Saves Costs And Energy: A lot of time and expenses are saved by relying on direct deposit for making payments. Preparing payrolls involves writing, signing, folding, delivering checks and expenses incurred on envelopes and checks. Sometimes checks have to be re-issued if lost or stolen. Direct deposits reduce such costs and channelize the energy of human resources towards more productive tasks.
- Flexibility: Direct deposit is not just limited to pay checks but can also be used for expense reimbursements, unemployment benefits, receiving income tax returns, travel and cash advances, etc.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information on direct deposits, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.
Financial intelligence is paramount for youngsters who want to achieve success and financial freedom early in life. This is because youngsters who make smart financial decisions at the beginning of their career ladder have better savings, fewer debts, emergency funds and other financial perks as compared to their counterparts.
Following are some proven financial tips for youngsters:
- Practice Budgeting: One of the most useful financial tip is to learn how to budget. Budgeting helps you keep a tab on your incomes and expenses. It makes it easier to allocate funds for important things such as education, bills, grocery, etc.
- Open A Savings Account: A savings account is one of the best modes of saving money for future investments as well as for achieving both long-term and short-term goals. You may consider being a member of the credit union as you will be entitled to many benefits and privileges reserved for members only.
- Plan Ahead For Retirement: Start saving for your retirement while you are still young. You can be a part of an employer’s plan for the same. Such plans require you to contribute a portion of your income towards retirement goal.
- Pay Off Your Debts Systematically: Start paying off your debts by getting rid of the smaller ones initially and gradually building your way up to the larger debts. This is referred to as the ‘Snowball Method’ and is great for keeping you motivated and focused. Take on a new debt in extreme cases only.
- Build An Emergency Fund: It is important to keep aside some money in your emergency fund. So, if you start building your emergency fund while you are young, it will ensure that you have a substantial amount down the road.
- Reduce Expenses: A great financial rule that can do wonders for youngsters is to minimize unnecessary expenses. Start by trimming off expenses that are futile and repetitive in nature. Eventually progress to cutting down expenditure on more meaningful yet avoidable items.
- Manage Raises: When you get a raise, use it judiciously. Instead of spending it for leisure, you can either use it to pay off a long pending debt or save it.
- Educate Your Children: Teach your kids the value of money at an early age. Embed it in their malleable minds that saving is not an option but a necessity. You can even take them to a nearest credit union and motivate them to open their own savings accounts.
Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit and welfare of its member-owners. For more information, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.