#creditcards Archives - CredPal

How to register your business with CredPal

CredPal — Wed, 15 Sep 2021 15:56:29 +0000

Starting and running a business has never been a child’s play. It is easy to announce that you are selling a product but the real question lies in how you want to make sales. Gone were those days where entrepreneurs were comfortable with in-store sales alone, accepting just cash as the only means of payment, sitting in the store from 9-6 and hoping that the next day would be better. Now, businesses are now open to more digital channels like the buy now, pay later payment services.

Entrepreneurs are now seeking more techy ways to ensure that they are relevant and staying abreast with all the trends and tools that can get them closer to their sales target.

Buy now pay later for businesses

CredPal is one of those startups that is all out to ensure that businesses flourish and drive massive sales amidst national, social, and industry challenges. This is one of the reasons why we introduced CredPal Pay, a platform where merchants can accept CredPal as a payment option and get full payment when customers shop from them while they pay us later.

How to set up CredPal for your business

Before you can start earning, you have to:

We verify and approve your store

You are onboarded you as a merchant on the CredPal marketplace

We train you on how to use the marketplace and we deploy our asset to your store so that your customers are aware that they can use CredPal to buy and, pay later

How to process an order that comes from CredPal

After you must have registered your business, the next step is to share your payment link with your customers. You get notified when a customer buys from you and when CredPal makes a payment to your account.

Also, note that customers are not paying you later as you get full payment as soon as an order is made.

Benefits of accepting CredPal Pay

We do not leave you just at the marketplace, we ensure that your business gets visible and better. Here are the other benefits that you enjoy when you accept CredPal:

You get a CredPal credit card with up to 1Million credit limit. The more your customers buy from you, the more your credit limit increases.

Promoting and spotlighting your business across all our platforms.
Reducing shoppers buying hesitation

Accepting CredPal as one of your payment methods also means that you are converting customers that would have been abandoned because they are not financially capable of buying from you at that moment.

We have over 13,000 merchants that have accepted CredPal, we hope that you can join this growing community too.

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Why Is It Important To Make Timely Repayment?

CredPal — Mon, 13 Sep 2021 18:48:30 +0000

Making your credit card repayment goes beyond fulfilling your credit card requirement. It is a process that determines whether or not you will be permitted to perform further transactions on your credit card. For those who might be coming across the word repayment for the first time, credit card repayment is what you are required to pay back all you have spent on your credit card with the accrued interest.

Credit cards are great assets that help your financial stability when they are properly handled. However, if not properly used, it could lead to debt. This happens when repayment is delayed and it keeps accumulating with extra charges till you cannot afford to pay it all. Delayed repayment could happen to anyone but it can also be avoided. Here are some cases that often leads to delayed repayment:

Overspending and inability to make a timely payment due to insufficient funds.
Waiting until after the grace period before making repayment thereby resulting in extra charges.

Missing your repayment can be a very big deal. Your credit card company might not show up in your office or at your doorstep but the actions they take behind the scenes can affect your finances for months or even years.

Here are the consequences that come with late repayment.

1. Extra Charges

Making late repayment attracts extra charges. CredPal charges a 0.5% Penalty charge for each day you fail to make your repayment. You wouldn’t know how huge that is going to turn out to be till you calculate it for months or days. It is better to make early repayment than to deal with extra charges that might be inconvenient to pay off.

2. Withdrawal of Rewards

Credit card companies give out rewards such as cashback and discounts to customers who make use of their credit cards. For CredPal, you get cashback and discounts when you patronize CredPal merchants. This feature will be withdrawn from you if you default on your repayment because CredPal sees you as a big risk and should not be liable to any reward or benefit that other credit card users should enjoy.

3. Damages Your Credit Score

Constant default in your credit card repayment can result in a bad credit score which can restrict your spending and loan capacity in the future. A bad credit score means that you will not have a better chance to get a credit card or loan approval, you pay more than you are expected to pay for your credit card repayment, and many more.

4. Decrease In Credit Limit

Frequent defaults in your credit card repayment will lead to a lower credit limit which will limit your spending capacity. This makes your financial organization conclude that you are unable to pay back or make timely repayment because you cannot afford to pay back what you have spent at the end of the month. Hence, you may be given a lower credit limit which will restrict your spending ability.

5. Paying just the minimum amount due

Some customers act wise by just paying the amount spend on their card without the accrued interest. This does not pass as the full repayment. And your interest begins to accumulate and can lead to debt that can take forever to pay back. It also allows your financial organization to conclude that you are not a reliable and trusted customer and can lead to your card blockage. It is therefore advisable to pay all you have spent with the accrued interest, full repayment, and not half.

It is always better to be safe than face the consequences of defaulting on your credit card payment. None of the consequences stated above is pleasant and should therefore keep you on your toes to always make timely repayment.

How To Keep to Timely Repayment?

Stick to the due date. You can select an auto-pay option that allows your financial organization to automatically remove your outstanding bill from your bank on your due date. That way, you do not have to bother about carrying over your repayment. CredPal particularly sets your repayment date around the day you receive your salary so that you can repay before other needs arise.
Set a reminder or an alarm to get a notification before your due date and on your due date so that you do not miss out on your repayment.

Credit cards have loads of benefits such as security, convenience, easy and fast purchasing power, and many more. However, they can cause logs of debt when they are not properly handled or used. No one likes debt or likes to pay for what they did not use. Paying for late fees are extra charges that you should not pay in the first place. To avoid all these, the perfect solution is to make timely payments.

We have made your CredPal credit card repayment very easy for you.

You can use the auto-pay option where your outstanding balance is automatically debited from your account.
Login to your dashboard, click on repayment, and ‘clear balance’.
Bank transfer to CredPal’s bank account.

Use your CredPal credit card wisely, make timely repayments!

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Credit Cards VS Debit Cards: The Differences

CredPal — Mon, 13 Sep 2021 18:28:37 +0000

Credit cards and debit cards can be mistaken to be the same just at a glance. They can be likened to identical twins though born from the same mother, they exhibit different characters. You would hardly notice any difference between both cards in their appearance. They are both plastic cards, both have 16 digits card numbers, EMV chips, expiration dates, and personal identification number (PIN) codes. Despite these similarities, they are not the same.

What is a credit card?

A credit card is a small plastic card issued by financial institutions or lending organizations like CredPal. CredPal funds the card with money that you can use for small-ticket purchases and everyday needs. Then on your repayment date, you pay back what you have spent on your credit card with a small interest according to the subscription plan you paid for.

Facts About CredPal Credit Card.

The financial organization decides your credit limit based on your income, credit history, and other factors.
You pay back with an interest.
Your repayment date is set around the day you receive your salary.
You cannot spread repayment, you pay back all you have spent at once on your repayment date.
Your credit history is affected when you do not make timely repayment.

What is a debit card?

A debit card is a payment card that allows you to make payments directly from your bank account. The account is not funded by any financial organization, the account is funded by you. This is the direct opposite of what a credit card is and the only similarity is that a debit card is also issued by a financial organization.

Facts about debit cards

You won’t pay interest on your purchases.
You can’t make any purchase if there is no money in your bank account.
Your credit history will not be affected by debit card spending.

Key Differences Between Credit Cards and Debit Cards

1. Spending

Credit cards: You can make a purchase even when you do not have enough funds in your checking account

Debit cards: Spending limits depend on what is in your checking account. You cannot make any purchase if you do not have any money in your account.

2. Rewards

Credit cards: Credit cards offer cashback and discounts when you use them to make purchases.

Debit cards: Debit cards don’t offer rewards in any form except when the merchant is running sales.

3. Access to Funds

Credit cards: You only have access to the funds in your credit limit. You cannot spend beyond your credit limit.

Debit cards: You have access to only the money in your checking account.

4. Credit Score

Credit cards: One-time full repayment can increase your credit score.

Debit cards: Your purchases don’t affect your credit score.

These cards have their values and one is not inferior to the other. It is advisable to have both and also profitable to use your debit card as your credit card and credit card like your debit card. What this means is that you use your credit card to make all purchases and use it to meet your needs then use your debit card to make repayment at the end of your billing cycle.

This helps to build your credit history and opens you to rewards such as cashback and discounts.

Advantages of Building a Credit History

Better chance for credit cards and loans approval
You are opened to rewards such as cashback and discounts
Helps increase your credit limit.

Get your credit card today with CredPal, register on www.credpal.com, and start enjoying the benefits that come with it.

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How and When to take a Credit or Loan

CredPal — Mon, 13 Sep 2021 12:54:39 +0000

Let us tell you a story about how you can get credit or a loan without being denied. Fasten your seat belt and get your popcorn!

Meet John, a sound engineer who wanted to get credit or loan but did not know how to make it happen. John got a big deal with a company that needs sound equipment for an event. The company is willing to pay 25% of his fee and balance him 75% when he begins to set up for the event. John is happy that he got such a deal but unhappy because the 25% that was received cannot cover the total expenses to rent the equipment needed for the event.

Studio equipments are very expensive and John needs 500k to rent them. He tried to reach out to his friends but none could help. He thought to take a loan with the assurance that the company is going to pay him his balance on the day of the event. John has one week to the event and he has never taken a loan or a credit before and now he is filled with HOW he can get the loan.

Now, let’s talk about How and When because there might be a John out there who needs this information.

Credit cards and loans are lifesavers when situations call for them as portrayed in the case of John. A lot of people know the concept of credit or loans but they do not know how to go about getting one.

Here are 5 questions you should ask yourself before getting a loan or credit

1. How much do I need?

The first question you need to ask yourself is how much you need. You must have done the necessary calculations so that you do not later regret that the loan you requested was not enough. At CredPal we give out loans from 50,000 Naira up to 5 Million Naira.

2. How long do I have to pay it back?

You have to know how long it is going to take to pay back the loan. For some financial institutions, it takes 1–12 months to spread repayment but for CredPal, you are required to spread repayment within 1 to 12 months for loans, and for credit cards, you pay back all you have spent on your salary date. You cannot spread the repayment.

3. How much will I pay in interest?

You also have to find out about the interest rate of the financial organization you are about to commit to. Interest rates vary for different financial institutions and for CredPal, our loan interest rate is 3.95% to 7% monthly. For example, if John decides to take a loan of the 500 thousand Naira needed from CredPal, he will be paying a 3.95% interest rate on his monthly payment for the period of 9 months.

4. Do I have a good credit score?

This is a factor that determines if your loan will be guaranteed or not. A credit score is a number that depicts a customer’s creditworthiness. You do not have to wait to meet your financial organization before you check your credit score.

5. How soon do I need the funds?

Answering this question will help you find out the urgency of the loan and the financial organization to get it from. If John takes a loan with CredPal. He would be able to get the equipment he needs before the day of the event.

Just like John, taking loans or credit comes when there is an urgent need to meet, and the need cannot be met if you have to save for it. John would probably have to wait for months if he has to save to get the equipment he needs and that could lead to forfeiting the job.

Here are some cases that would require you to get a loan.

1. You do not qualify for a credit card

Some organizations like CredPal only give out credit cards to salary earners so if you are self-employed and you do not qualify for a credit card, you can get a loan.

2. Your credit limit cannot fix your need

CredPal gives you Credit limits that suit your earning capacity. This means that you are given a credit limit that will not stress you to pay back when your salary comes. A loan is advised if you need to make a purchase that exceeds your credit limit.

3. A loan is your least expensive borrowing option

You should get a loan after you have weighed all your options and getting a loan is the least expensive option on your list.

Loans are forms of installment credit. If you are a John and you need a loan for whatever reason, CredPal is here to help you get both your loan and credit card.

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Need An Emergency Loan? Get A CredPal Credit Card

CredPal — Fri, 10 Sep 2021 19:37:50 +0000

Traditionally, the regular way most people get loans was by going to queue at a bank, offering properties as collateral, or getting friends and family members to stand in as guarantors. These are tedious and stressful processes that many go through to get a loan or an emergency loan. This is done without an assurance that the loan will be approved.

Now, that long and tedious process has been shortened to a seamless online process with a credit card. You can now get easy access to loans when you have a credit card. In this article, we are going to highlight how you can get an emergency loan effortlessly when you have a CredPal credit card.

When you get approved for a credit card, you get a credit limit that you can use for small-ticket purchases and pay back all you have spent with an interest on your salary date. However, when you apply for a loan, you get a whole sum of money that is above your credit limit as long as you are eligible and have the ability to payback. You can also spread your loan repayment within 1–9 months with a certain interest that you will be required to pay back monthly.

How to get a CredPal loan

To apply for a loan, you must first be a CredPal credit cardholder.
If you are not, you can apply at www.credpal.com
You sign up and provide all the necessary information and documents.
CredPal offers loans from 50,000 Naira to 5,000,000 million Naira so once your credit card is approved, you can proceed to request a loan of your required amount.
Once your loan request is approved, you will get an offer letter that entails the information and duration of the loan, repayment days, monthly repayment amount, interest rate, and many more.
You will be required to accept this offer letter so we can be sure that the loan is from you and not someone else.
After you have accepted the offer letter, your loan will be disbursed to you.

Benefits of CredPal loans

Getting a loan with credit cards is seamless and timely and it also comes with some amazing benefits that are discussed below.

1. Suitable for Emergency needs

CredPal loans are built for urgent and emergency needs. You do not have to wait for days before you get approval or queue at the bank to get approved. So long as you have a CredPal credit card, you are eligible for a loan.

2. Easy to secure

You can easily secure a CredPal loan because you do not need collateral or a guarantor that might be too scared to stand in for you. This is because he/she is careful of being harassed for a loan he didn’t apply for. All these are not necessary with CredPal, it is safe and you can access it on your smartphone.

3. Requires no collateral

You don’t have to stand in with any property like your house, car, land, company, or whatever property you might have. However, CredPal will not approve your loan if you do not have the capacity to pay it back.

Eligibility requirement for CredPal loan

Although you do not need collateral to get a CredPal loan, you need to be eligible to be approved. Here are some criteria that CredPal would consider before you get a loan.

A salary earner with at least 50,000 Naira monthly or an entrepreneur with a 6 months average turnover of over 300,000 Naira
Must be a resident of Nigeria
Must be between 21–55 years of age.
Good credit history

Taking a CredPal loan can be tempting especially when you do not have to go through a tedious process to get your loan approved. However, it is advisable to only take them when you have emergency needs, days you cannot wait for the maturity of your savings, or the risk of borrowing from friends.

Do not wait till you need a loan to get a CredPal credit card, treat your needs with all urgency, get a CredPal credit card now and save yourself some future stress.

Also Read; Money mistakes you should avoid in Nigeria

Source

The post Need An Emergency Loan? Get A CredPal Credit Card appeared first on CredPal.

CredPal And How They Build the American Express of Africa; SkillFront

CredPal — Fri, 10 Sep 2021 19:24:50 +0000

Our aim to become the American express of Africa is a mission tailored towards improving the quality of life by providing easy access to consumer credit across all payment channels.

Over the past 3 years, CredPal has been able to fill this gap by acquiring thousands of credit card users in Nigeria. We recently got featured on SkillFront, a public-benefit certification body that provides education and certification services.

SkillFront’s Interview with CredPal

SkillFront is a company that helps professionals learn skills that inspire them to find and execute profitable business ideas, grow companies, and become the category king of their markets. They provide objective evidence that a person or an organization needs to operate at the highest level of ethical, professional, and technical standards.

SkillFront recently made a publication about how we are building the American express of Africa which has been our goal since its inception.

Words from our co-founder

In the interview, our co-founder, Fehintolu Olaogun was asked how we innovate and these were his words;

“One thing that is constant in the FinTech space is innovation. There is always one thing to change or improve on. It could be a better way to serve customers, a new product to fill a market gap, you know, there’s just always something. All these are different forms of innovation and we are not left out in this game.

“When it comes to innovation, what we do is listen to the market and customer demands. Our customers send requests for features they’ll love to see. We take that feedback and let it guide what we want to build next. Growth is important to us and there’s no way to achieve that if we do not focus on differentiating ourselves from competitors and keeping our customers happy.”

“When CredPal started, we were offering credit to Nigerians through POS financing but we knew there was more to be done. So, we launched the CredPal credit card in Q4 of 2020, which is a full-fledged card management system. This allows individuals and businesses to get credit cards to pay for emergency bills and make urgent purchases.

“The system gives full autonomy on creating policies on card usage, offering limits based on earning power, and placing restrictions on cards when necessary.”

“And this year, we’re looking to optimize our app through what we call CredPal Pay which we’ll be launching very soon. What I’ll just say about this new feature is that customers have access to funds and also get to shop for anything they want from our merchants and pay for it on their repayment date, all within the CredPal App.”

Read the full publication here.

Source

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10 Common Credit Card Questions

CredPal — Fri, 10 Sep 2021 19:16:19 +0000

Questions regarding credit cards are over a thousand if we have to number them. From people finding answers to what a credit card is to where a credit card can be used amidst others. This is not surprising because many people are new to the concept of credit cards in Nigeria so it is only okay to ask questions for better knowledge. We have answered some of these common credit card questions in our previous blog post and have even made videos to better explain some of them.

In this blog post, we have curated 10 of these common credit card questions to better explain the concept of credit cards to you. If your question is not outlined here, kindly ask in the comment section, we have all the answers

Question 1

What is a credit card?

We won’t get tired of answering this question . A credit card is a small rectangular card like your debit card which allows you to get funds from lending organizations to pay for your purchases while you pay back on your repayment date (the end of your billing cycle). If this explanation isn’t clear enough, then you should watch this 1-minute video of this young lady explaining what a credit card is.

Question 2

What do I need to do to get approved for a credit card?

Getting a credit card takes a seamless process because you do not need to get collateral or a guarantor to get a credit card. We have written a blog post where we have provided you with all the information you need to get approved for a credit card.

Question 3

When am I to make my credit card repayment?

Credit card repayment is one important aspect of credit cards that you should not joke with as it can increase or decrease your credit score and affect your credit reputation. Increase your credit score when you make timely repayment and decrease your credit score when you miss your repayments. Still not clear? Watch this repayment video.

Question 4

What does it mean to be “pre-approved” for a credit card?

Getting a pre-approved credit card means that you have been found eligible to obtain a credit card. However, you still have to apply before you can access the funds on the credit card. For example, if CredPal pre-approves you for a credit card it means that you are a quality candidate for CredPal’s product (credit cards).

Question 5

What is the difference between a credit card and a debit card?

The difference between a credit card and a debit card cannot be seen in its physical form because they are both plastic and rectangular cards. In simpler terms, a credit card is a small plastic card that allows you to borrow funds to make payments at the point of purchase while a debit card is a plastic card that allows you to spend money by drawing funds you have deposited at the bank. Because this is a frequent question that people have asked over and over, we have written a blog post to answer the question properly.

Question 6

How do I avoid credit card fees?

Nobody likes extra fees. Imagine paying back what you have spent with extra charges that you did not plan for when you got your credit card, it can be very painful. There is only one way to avoid this, “Make timely and full repayment every month.” That is the only solution to avoid extra charges, it is not difficult to achieve, if you work towards it, you can achieve it.

Here is why it is important to make timely repayment.

Question 7

When should I redeem rewards on my credit card?

Whenever it is convenient for you. You can use your rewards to clear your balance when you want to make your repayment or use it to shop on CredPal’s marketplace to get discounts. However, some credit cards would require you to use your rewards within a certain period or you lose them.

Question 8

How do I clear my balance?

Different lending organizations have different options for clearing their customer’s balances but the common options are instant debit from your debit card or payment through a bank transfer. For CredPal, we offer an easy balance payment. All you have to do is click on the clear balance option when you log in to your app and we charge the debit card that you added to your CredPal account or you make a bank transfer to CredPal’s account. Here is a video on how you can pay back what you have spent on your credit card.

Question 9

What is the minimum or maximum credit limit that I can get?

Credit limits are set based on the Underwriter’s estimation which ranges from your financial standing to your credit history. This means that there is no clearly stated minimum or maximum limit. You are given a credit limit based on your income and your ability to pay it back.

Question 10

How can I get a credit card in Nigeria?

Getting a credit card in Nigeria is easy but getting a CredPal credit card is easier. All you have to do is download the CredPal app on the Google Play Store or App Store. Click on the create account button and provide us with the necessary information and document while you wait for your account to be approved.

If you have further questions about credit cards, kindly drop them in the comment section so that we can provide answers to them in part 2 of this article.

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Credit cards vs. Personal Loans: The Differences

CredPal — Wed, 08 Sep 2021 19:30:56 +0000

Personal loans and credit cards have been mistaken to serve the same purpose over the years. Although they have the same source, which means you get them from financial institutions like CredPal and you are required to pay them back on a specific date. However, they do not serve the same purpose and have diverse differences.

Let’s start from their definition, a credit card is a small plastic card that you get from financial institutions or lending organizations like CredPal. CredPal funds the credit card with money that you can use for your personal needs and small ticket purchases. Then on a specific date that CredPal has picked for you which is mostly your salary date, you pay back all you have spent on your credit card with very small interest. This means that you cannot spread your repayment.

A personal loan on the other hand provides you with a huge sum of money which you are required to repay in equal installments for a predetermined period. This means that you can spread your repayment within 1–12 months.

You can use a credit card to pay for your personal needs like home repairs, making online purchases, paying for little medical bills, renewing your cable TV subscription, and many more. However, you cannot purchase a car, a plot of land, pay for a kidney transplant, or buy a house with a credit card but you can achieve that with a personal loan. These are items that require a huge sum of money that you can get from financial institutions as a loan and you pay back in installments until you complete your repayment.

When to use a credit card

For smaller payment: A credit card is your pass to making small purchases that will not cost so much to pay back. For example, your favorite IG vendor is running a discount in the middle of the month where you have almost exhausted your salary. What do you do? You pick up your credit card and make the purchase. Have an important professional exam to take but you can’t meet the need at that point? Your credit card is your pass to paying for the fee. All these are small-ticket purchases that you can afford to pay back at once when your salary comes in.
Can pay back in full at the end of the month: Unlike a loan, you cannot spread your repayment. If you can make the purchase and can afford to pay it back in full at the end of the month then you should get a credit card.
For Cashbacks and Discounts: You get rewards such as cash-backs and discounts when you use a CredPal credit card. You get from 200 Naira to as much as 10,000 Naira when you buy from any of our CredPal partner merchants. We have merchants like Slot, Carmart Nigeria, Pointek, TinaSolar Integrated services, Buy better, and many others. Register here to join the CredPal credit card community to enjoy these rewards.

When to use a personal loan.

For large, one-off payment: This is when you should think of taking a loan. When a need comes up and requires a huge sum of money that your salary or credit card cannot afford, a personal loan is a perfect option for you. For example, getting a car to start a ride-hailing business is what a loan can get for you.
For monthly repayments: Some purchases are huge and you can’t afford to pay them all at once. A personal loan gives you the opportunity to get the funds and that way, you can spread your repayment over some time. Unlike a credit card, failure to pay back all you have used at the end of the month affects your credit score.
Lower interest rates: CredPal loans are at the rate of 3.95% monthly. And for a CredPal credit card, the interest differs per plan. We have the 8%, 5%, and 2.5% monthly plans.

As stated above, credit card and loans have their distinct differences. However, there are some similarities.

Credit cards and personal loans are both issued by financial institutions like CredPal.
Getting a personal loan or credit card depends on your creditworthiness and finances. If you have a bad credit score, you most definitely would not get a loan or credit card. If your income cannot pay back the loan you desire, you won’t get the loan and would be given a smaller credit limit.
You can use your credit card or loan to pay for anything you want. And when you do not pay back when you are expected to, it affects your credit score and that can be harmful to you when you need a loan or credit card from other financial organizations.

Whether a credit card or a loan, it is advisable to pay back what you have spent at the allocated time. Whether at the end of the month or in installments within 1–12 months. Failure to do this will affect your credit score and what that means is you become a big risk to financial or lending organizations.

The Goodnews is that CredPal offers both credit cards and loans. You can register to get yours today here.

Also Read: The Balcony Lagos hosts CredPal at restaurant Launch

Source

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Money mistakes you should avoid in Nigeria

CredPal — Wed, 08 Sep 2021 19:13:29 +0000

Financial freedom is about taking ownership of your finances. It is a journey that requires you to take stock of how you manage your funds. When you’re intentional about being free from debt and worrying less about paying for sudden expenses then you can say that you’re financially free.

It’s easy to want a lifestyle that suits your needs but how are you working towards it? It starts by knowing what to commit your funds to and what can wait or you don’t need. Now, financial freedom does not exactly equate to being debt-free but it means that you know what portion of your funds go into paying back little debts like credit cards, mortgage loans, or point-of-sale shopping without you failing on repayment or being broke.

We all know that feeling of panic that sets in when unexpected expenses such as car repair or health problems pop up. The thought is “How am I going to pay for that?” But imagine being able to confidently pay for such expenses without breaking a sweat? That’s where you want to have such a thing as a credit card. This is not to encourage acquiring debt but in a bid to save and invest your way into financial freedom, you could end up not having immediate access to liquid cash for unexpected expenses and a credit card can be the fix you need for such instances.

Credit cards are designed to help us maintain the state of financial freedom. The fact is you can have thousands of credit cards in the world but if you mismanage your income, you will end up running into debt because you are spending without planning so you end up broke all the time and unable to make your repayment. The reason is not that you do not have enough or you have too many needs, you might just be making some money mistakes that you need to fix to stay financially free.

We will highlight these mistakes and how you can fix them.

Mistake 1: No financial Goal

A financial goal is a target to aim at when managing your money. It can involve saving, spending, earning, or investing. We all set goals at certain points in our lives, it could be weekly, monthly, or even yearly. The point is that as you set goals personally and professionally, it’s very important to also set financial goals. This is going to help you manage how you spend and what you spend on.

You can start with monthly financial goals. Once you receive your salary for the month, you could split the money based on priorities of needs while considering that you need to put enough aside to get the ball rolling for your financial goal. For instance, if you earn 250,000 Naira monthly, you can split it using the 50–30–20 rule to make sure that enough money goes into savings, investments, emergency funds, and your upkeep for the month. This will help you curb unplanned expenses and know when to recognize a need and a want.

We know there are days where there are urgent needs that you have to attend to and you have insufficient funds to attend to them. In situations like that, you could just use your CredPal credit card and pay later when you receive your salary. This way, you don’t have to dip into your savings and you can keep your emergency funds for a higher spend if the need arises.

Action plan: Have a financial plan that suits your income.

Mistake 2: Spending more than you earn

When it comes to reaching your financial goals, the quote “fake it till you make it” doesn’t apply. Acting like a millionaire and having enough funds to spend like a millionaire are two different things. Acting like a millionaire means you dress, talk, think, and eat like a millionaire. Spending like a millionaire means buying things that a millionaire can afford and still have enough money to fall back on.

Basically, do not spend like a millionaire when you are earning thousands. You can manage how you spend and still look like a millionaire, you don’t have to explain to everyone where and how you spend your money.

Action Plan: Do not spend more than you earn, have some limits, and try not to exceed them.

Mistake 3: Excessive subscription plans

Subscriptions upon subscriptions are not healthy for your finances. Some subscriptions are necessary while some are not. It is safe to unsubscribe from all those apps and sites you have subscribed to but you no longer use their services or use them once in 3 months. One of the features of these subscriptions is that they automatically remove the money from your account when you forget to unsubscribe or cancel the plan.

Action Plan: Unsubscribe from accounts and apps you do not make use of or hardly use and seek free options.

Mistake 4: No plan for your emergency needs

Emergency needs will mostly arise and emergency funds should be available to meet those needs. This is one of the mistakes that people make that often leads them to borrow from friends and family and then dealing with disappointment when they cannot meet up with their needs. A hack to deal with this is to get a credit card to help you through situations like that. For example, your phone packing up in the middle of the month is not planned for but you have to fix it. This is where your emergency funds come to play and if what you have saved in your emergency fund isn’t enough, you can use your credit card.

Action plan: Get a credit card that can help you fix your emergency needs and small ticket purchases when they are still urgent.

However, a credit card should not encourage you not to fail on planning your expenses, because not having a plan will affect how you spend what is on your credit limit and might affect your repayment which is bad for your credit score. Planning your finances + saving + getting a CredPal credit card = financial freedom.

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CredPal partners with Orile Restaurant & Bar to accept “Eat Now, Pay Later”

CredPal — Thu, 26 Aug 2021 15:11:41 +0000

To ensure that we hold on to our mission of improving the quality of life by providing easy access to consumer credit across all payment channels, CredPal has entered a strategic partnership with Orile Restaurant and Bar, a fusion of ethnic & contemporary cuisine to offer eat now, pay later to their customers.

Speaking on the partnership, the CEO & owner of Orile Restaurant & Bar, Bimpe Fashogbon, mentioned:

Orile Restaurant and Bar partnering with CredPal is of great value to us and our customers. Our tagline ensures that all our customers that come here leave happily. Now, what does CredPal do? CredPal ensures that whether or not you have money, you can have access to good food from Orile and pay later.

This feature is however not limited to food alone but also to other basic and lifestyle needs of life ranging from electronics and gadgets, furniture, travel and transport, real estate, grocery, beauty & cosmetics to education. With this partnership, we are not only offering customers a platform to eat and pay later. We are also giving them a platform that rewards them with discounts and cashback on the go.

Now you can walk into Orile Restaurant and Bar and order any of your favorite dishes, eat and pay later with CredPal. No cash, no debit alert. As a business owner, you can also accept CredPal as one of your payment options as a business owner to allow your customers to buy and pay later.

Source

The post CredPal partners with Orile Restaurant & Bar to accept “Eat Now, Pay Later” appeared first on CredPal.