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Today's Banks Are Not Just For Mortgages, Loans and Investments
by: David Arnold Livingston
In today’s capitalist world where security is one of the utmost concerns, the typical problem facing an individual is financial security. Money-related questions typically asked are: “Where can I keep my money? What is the best way to invest it and make it grow? Who can I borrow money from?” And the answer: a bank – a financial institution dealing with financial concerns.

Banks are known to provide financial services, from storing assets (liquid or otherwise) to extending credit. From a bank customer’s point of view, this translates to services ranging from making deposits to asking for a loan. People are now even capable of paying their bills and most of their purchases thru different banking methods.

Historically, banks have been seen as heartless and opportunistic. They were seen as vicious businesses victimizing the innocent and honest. Of course, eventually, through time, this view has drastically changed. Banks today are one of the highly-respected and successful business establishments in the country. Now that people are more educated about the banking operations, they have learned to trust these businesses with not only their savings and assets, but with other transactions as well.

It is said that the word bank came from the Italian word banca, which came from Germany and means bench. Money lenders (now popularly known as “loan sharks”) from Northern Italy used to conduct their business in open areas, each working from his own bench. Similarly, the term bankrupt (which means broke) was derived from the term banca rotta, or a broken bench.

Now, I’m sure you’ve heard of central banks, savings banks, commercial banks, private banks, etc. What differentiates one from the other? There are many types of banks.

In a nutshell, here are some of the more popular ones and what commonly distinguishes each from the others:

Central banks are usually charged with controlling the monetary policies, including the money supply. They are also tasked with the printing of paper money. Savings banks traditionally offer services like savings and mortgages. But at present, they have expanded to offer other forms of financial assistance. Commercial banks usually offer financial services to large corporations or businesses. Private banks manage the assets of the ultra-rich. They are usually located in jurisdictions with low taxation and regulation (Yes, those infamous Swiss banks and Swiss accounts…).

There are also merchant banks, which provide capital to firms in the form of shares rather than loans; investment banks, which deal with selling of stocks and bonds and with advising on mergers; retail banks, where the primary customers are individuals and; universal banks, which offer diversified financial services and engage in several different banking activities.

How does such a business earn its money? Traditionally, a bank’s main sources of income come from transaction fees from its range of financial services and from the interests it charges for its loans. But in the past years, banks have evolved to ensure their continued profitability despite the changing market conditions. Banking, investment and insurance functions were merged to cater to the consumer's “one-stop shopping” mentality.

Indeed, banks have come a long way from the time they conducted their business on benches. They are changing because people are changing. And it all started on the day when man felt that his valuables were no longer safe in his own home. After all, anyone can sleep more peacefully at night knowing that his assets are tucked away in a secure place.

About the author:
David Arnold Livingston is a business owner and money manager with many years of successful financial experience.
Visit: http://www.fenbanks.com/for lots of great
banking information and ideas.


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How to Find the Best Low APR Credit Cards
 by: Morgan Hamilton

Low APR credit cards are much more prevalent than in years past. Competition is stiff and credit card financial institutions offer many nice perks, rewards, points, low annual percentage rates (APR) and other inducements. They want to capture new customers who've never had a credit card but also those who already have a credit card and might like to save money by transferring that card's balance on to their new low APR credit cards.

Of course, there is nothing lower in an APR than zero - and those exist too, although sometimes for a limited time period. It may be that the lowest, or even the zero percentage APR is for an introductory period, after which the rate is higher. The permanent APR is what you want to watch out for, of course. Although if you're not opposed to doing a lot of switching, you can always purchase a low APR credit card, or zero percentage APR credit card, transfer the balance from your current high APR credit card, and then, once the introductory time period has expired and the APR is about to go up on your newest credit card, transfer the balance yet again to a brand new low APR credit card.

Let's look at a few of the low APR credit cards out there, so you know what kinds of options are typically available to you.

Citibank, for example, offers low APR credit cards that give you five percent cash back on any purchase you making at grocery stores and gas stations with your low APR credit card, and one percent back for any purchase elsewhere. The APR on transfers is zero for the first year. If your transfer transaction is at least $1500 you will earn $5 cash back with the low APR credit card. There is no annual fee and the APR after the first year is 12.24 percent.

Discover has a platinum clear card whose low APR is continual. The first year the APR is zero, but after the first year it's still a very competitive 9.99 percent. And there is no annual fee. With these low APR credit cards you earn a five percent cash back bonus on purchases made from hardware and home improvement retailers, restaurants, book vendors, and gas stations. If the retailer doesn't qualify you for the five percent discount you will always get one percent back no matter what you buy and from where with this low APR credit card.

Chase Bank offers low APR credit cards as well. Its zero percent APR is good for six months, after which you will pay 10.49 percent. These low APR credit cards have no annual fee, and offer rewards at the rate of one point for every dollar spent with your Chase card. You can get free airline flights and hotel rooms, as well as cruises and auto rentals. This card also provides $500,000 worth of travel insurance for worldwide vacationing. You can also take advantage of a fifteen percent discount off a Hertz car rental with these low APR credit cards.


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