How To Upgrade Your Credit Card To Platinum

If you own a classic or standard credit card, consider upgrading it to a more prestigious platinum card. There are strict requirements to be met when applying for a platinum card upgrade. You must have a stellar credit history and meet the minimum income requirement at the time of application.

The minimum Income amount requirement varies depending on issuing banks. Full-time employees might find it easier to apply, but you can still get a platinum card as a self-employed or a retired pensioner, provided you are able to show proof of regular income. Find out how you can upgrade your credit card to platinum:

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  • Identify the requirements, benefits and features of the card. The requirements, benefits and features of a card may vary depending on the issuing banks. Some of the extra benefits for platinum cardholders may include balance transfer deals, reward schemes which enable you to collect air miles or earn cash back upon making purchases, platinum dining programmes, travel benefits like zero foreign transaction fee, lower interest rates, added purchase protection, and higher credit limit. To unlock benefits like these, you also have to meet certain requirements that a classic or standard credit card don’t require. Get a card that best fits your situation. It’s better if your card comes with complimentary insurances. Find out more about platinum credit cards in Malaysia.istock_credit_card
  • Contact the credit card issuer. It may take time for the credit card issuer to grant you an upgraded card, as you have to prove to them that you are eligible and met all of their requirements. Contact them first to let them know of your plans to upgrade your credit card. Your credit card issuer will advise you on the next steps to follow.writing-application-form
  • Fill out an application form if necessary. Another way is to fill out an application form online, or go directly to the credit card issuer of your choice and submit the form in person. Applying in person could be better in case they need you to answer some questions and to seek clarifications regarding your financial situation for verification. Aside from meeting the requirements, you’ll also need to prove that you’re a responsible credit card owner with good credit history. This will further boost your chances of getting your application accepted. If one issuer rejects your application, you can try another credit card issuer with different application requirements.

If you upgrade with your current credit card issuer, there may be special discounts. While an upgraded credit card rewards you with many benefits and features, it also comes with several downsides, including higher annual fees. Do a little research online to see what additional costs that come with a card of your choosing.

Before you start making the applications, make sure that you have no bad credit history, outstanding debts, and other things that may decrease your chances of getting your application accepted. In addition, ask yourself whether upgrading your current card to a platinum one is all worth it. Be careful with certain deals that could trap you financially, and be wary of blowing your budget. Having a platinum credit card with higher credit limit may encourage you to spend more than you intend to.

Managing Your Business Accounts

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Overview

One of the most difficult aspects of running a business is managing your financial accounts. There are many different things to keep in mind when running your accounts. It is vital for a business to build up a large reserve of cash over a long period of time. In times of trouble, this cash reserve can be used to help the business drive productive sales growth. Here are several different tips for any business owner who needs help managing his or her foreign current account holdings.

Have a Plan

One of the best ways to manage your current account in a business is to have a plan. Over the long term, companies that have a financial plan are much more likely to succeed in the marketplace. It is essential to understand where you income and expenses come from and go to. This is one of the most important ways in which any business owner can help the business. It is essential to have a financial understanding of your business. Always spend some time every quarter reviewing your current financial plan and whether or not it aligns with the long term goals of the business.

Think Long Term

There are many different daily stresses that people must deal with over the course of time in business. The good news is that there are ways to deal with these stresses in a business. By having a long term mind set, a business owner can concentrate on the things that truly matter. There are many people who can never think on a high enough level for their business to succeed. With all of the day to day distractions, it can be really easy for a business owner to simply concentrate on the urgent matters of the day. However, in order to really grow over the long run a business owner must learn to concentrate on the important things to the business. This requires a mind-set shift that few people are able to accomplish.

Use Software

There are a lot of software tools for business owners today. The good news is that most of these tools are available online for little to no cost to the business. This is a great way for a business owner to understand the inflows and outflows of cash. Always be sure to use software tools that are available. This information can be used to greatly enhance the quality of the decisions made for the business.

Final Thoughts

Managing your business accounts can be difficult as a business owner. The good news is that there are several current account tips that can be taken to use in the business. Always make sure to think long term with your business and to use the free tools that are available to you. Over a long period of time, this will greatly enhance the financial future of your business.

 

Why Global Business Banking Shouldn’t Forget Local Demographics

Real estate professionals laud the importance of location, location and location in determining the value of land. Doesn’t the same concept apply to business banking? Aren’t United Kingdom, Turkey and Malaysia banks all primarily driven by local geographical and demographic concerns? Here are four (4) tips that can be learned about the importance of location based on the following factors: 1. Greece Bankruptcy, 2. UK 2008 Credit Crunch, 3. Technology Can’t Solve Banking Problems and 4. the Rising Asian Infrastructure Investment Bank (AIIB).

Traditional Banking Was Localized

A true student of history understands that the core of successful Malaysian banking is based on face-to-face personalised, localised services. A rural Malaysian farmer will need different financial services than an urban Malaysian businessman. Malaysia banking must develop a fine balance between local and global concerns.

1. Greece Cultural Shock

When Greece joined the European Union, it sacrificed a portion of its “economic sovereignty” by giving up its national currency – the drachma. As events have shown, national currencies are very important in representing the local economic, demographic and social needs of the people. Malaysians may need a different economic development plan than people living in Greece, the United Kingdom or China.

Tip 1: Retain local corporate banking strengths.

2. UK High Street Bank Credit Crunch

As soon as people face difficulties, they tend to become more parochial. In 2008, the world faced what the United Kingdom called the “Credit Crunch.” Even though the UK is well-known for having created a global banking system, when push-came-to-shove, the United Kingdom accepted a “UK political solution to its banking problems.” It turned to local tax payers to fix its 2008 Credit Crunch.

Tip 2: When afraid, people seek local solutions.

3. Technology Cannot Solve Banking Problems

Mobile banking technology is incredible, but merely creating an online banking portal cannot replace the need for robust financial services. In 2014, only 0.3% of Malaysian financial transactions used the m-Payment system. Bank transfers remained the most popular way to pay for items online. Many Malaysian consumers are still not completely comfortable with mobile banking.

Tip 3: Technology cannot solve business banking problems.

4. Rising Asian Infrastructure Investment Bank

Some Asian nations continue to follow an “export-driven” (neoclassical capitalism) model. The Chinese have asserted that a new Asian-centric model is needed with the Asian Infrastructure Investment Bank developing infrastructure, industrial synergies and banking systems. Malaysia joined the AIIB as a charter member in 24 October 2014.

Tip 4: Regional characteristics direct business banking strategy.

Malaysia has great potential for improving its banking model by merging local and international concerns. It must retain control of its banking system to avoid the problems of Greece. As financial problems arise, local leaders must develop solutions to strengthen the community. Mobile banking technology cannot hide inadequacies in financial services offered. Malaysia banking must “remain flexible” in embracing the future potential of a rising Asia!