Payment credit – Fim Endurance http://fimendurance.com/ Thu, 30 Sep 2021 03:54:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://fimendurance.com/wp-content/uploads/2021/10/icon-5-120x120.png Payment credit – Fim Endurance http://fimendurance.com/ 32 32 Minnesota PUC Approves $ 17.5 Million Xcel Energy Payment Credit for Minnesota Power Delinquent Customers and Electric Vehicle Drivers https://fimendurance.com/minnesota-puc-approves-17-5-million-xcel-energy-payment-credit-for-minnesota-power-delinquent-customers-and-electric-vehicle-drivers/ https://fimendurance.com/minnesota-puc-approves-17-5-million-xcel-energy-payment-credit-for-minnesota-power-delinquent-customers-and-electric-vehicle-drivers/#respond Tue, 16 Mar 2021 14:06:47 +0000 https://fimendurance.com/minnesota-puc-approves-17-5-million-xcel-energy-payment-credit-for-minnesota-power-delinquent-customers-and-electric-vehicle-drivers/ Posted on March 16, 2021 by Chris Galford © Shutterstock Xcel Energy customers who have struggled to pay their bills in the COVID-19 era will get credits on their utility bills in the future, thanks to a 17.5 payment plan credit program. million dollars approved by the Minnesota Public Utilities Commission last week. The overdue […]]]>

Posted on March 16, 2021 by Chris Galford

© Shutterstock

Xcel Energy customers who have struggled to pay their bills in the COVID-19 era will get credits on their utility bills in the future, thanks to a 17.5 payment plan credit program. million dollars approved by the Minnesota Public Utilities Commission last week.

The overdue credit will apply to those who establish and maintain a payment plan when they owe the utility between $ 1,000 and $ 4,000. Those eligible for the program will receive a 75% bill credit on their balance, with 25% given as an initial credit and the remaining 50% applied as equal monthly credits over a period of up to 11 months.

“We understand why the Minnesotans may have fallen behind on their utility bills,” said PUC President Katie Sieben. “If you are an Xcel customer, please call the utility to set up a payment plan and ask if you qualify for other programs available that will help you catch up on overdue bills.”

Ideally, the payment plan’s credit program is intended to help prevent service disconnections and relieve those with large unpaid balances, building on last year’s PUC orders, including moratoriums from disconnection for public services at regulated tariffs. There are, however, limits to the plan’s allowances. If clients miss more than two consecutive monthly payments, they are excluded from the program.

Simultaneously, Minnesota PUC approved Xcel’s new plan, it also voted forward two Minnesota Power electric vehicle pilot programs. Intended to expand the state’s access to electric vehicles, the pilot projects include a rewards program for off-peak charging and a rebate program for smart charging devices.

The off-peak charging rewards program would reward customers for charging their vehicles during off-peak hours, when costs are lowest. The rebate program would reward the installation of smart charging devices and a second device for off-peak charging periods. The two pilots will assess whether charging EVs during off-peak hours can actually cut costs and help determine what other benefits it might bring.

“Electric vehicle technology has the potential for rapid growth, this move will maximize the benefits of electric vehicles for Minnesota Power taxpayers,” said PUC Commissioner Matthew Schuerger. “Off-peak charging reduces the cost of recharging a vehicle, both for electric vehicle operators and for all Minnesota Power taxpayers. “

These pilots were Minnesota Power’s response to a 2019 PUC electric vehicle order that called on utilities to file proposals to improve the availability or access to charging infrastructure, educate about the benefits of electric vehicles, and / or manage the mechanisms that optimize the efforts to bring electric vehicles on the grid.


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WeChat Pay to launch credit to installment payment service in Q4: reportTechNode https://fimendurance.com/wechat-pay-to-launch-credit-to-installment-payment-service-in-q4-reporttechnode/ https://fimendurance.com/wechat-pay-to-launch-credit-to-installment-payment-service-in-q4-reporttechnode/#respond Thu, 12 Sep 2019 07:00:00 +0000 https://fimendurance.com/wechat-pay-to-launch-credit-to-installment-payment-service-in-q4-reporttechnode/ Tencent is incubating a new consumer finance product tentatively called “Fen Fu” that allows approved WeChat users to pay in installments for purchases, Chinese media reported Thursday. The online credit payment product is similar to Huabei from Ant Financial and Baitiao from JD Finance. Why is this important: The internet giant’s new credit payment product […]]]>

Tencent is incubating a new consumer finance product tentatively called “Fen Fu” that allows approved WeChat users to pay in installments for purchases, Chinese media reported Thursday.

The online credit payment product is similar to Huabei from Ant Financial and Baitiao from JD Finance.

Why is this important: The internet giant’s new credit payment product could spark a new battle between China’s biggest fintech service providers, namely Alibaba, Tencent and JD.com.

  • Consumer loan services became popular in 2016, especially among young Chinese tech-savvy consumers. However, such services are fueling China’s rise household debt, especially for generations born after 1990, which is becoming a growing national concern.
  • According to finance services company Rong 360, 50.2% of consumers born after the 1990s borrow for their daily use. More than half of young consumers use online loan services, with the exception of credit cards, Alipay’s Huabei virtual credit card, and JD Baitiao’s online credit product.

Details: According to Chinese information, Fen Fu is a new credit payment service running under WeChat Pay and is expected to launch in the fourth quarter of this year.

  • A spokesperson for WeChat Pay told TechNode that the team has not received any information about Fen Fu and declined to say whether Tencent plans to roll out similar consumer loan products in the near future.
  • Similar to the Wei Li Dai consumer loan product of Tencent’s digital banking arm, WeBank, Fen Fu would provide lending service in cooperation with banks and financial institutions under the syndicated loan or loan facilitation model. .
  • Tencent is reportedly still negotiating terms with banks and licensed consumer credit institutions.

The context: Tencent operates WeChat Pay, one of the largest mobile payment services in China, and launched the country’s first digital bank, WeBank.

  • The Internet giant’s fintech activity is growing rapidly. In the first quarter, its fintech arm’s revenue exceeded other core business units like mobile games.
  • Other Chinese tech giants, including Ant Financial, have extended their fintech service ecosystems to peer-to-peer payments, cross-border payments, and consumer loans.

Nicole Jao is a Beijing-based journalist. She is passionate about emerging trends, news and human interest stories in the tech world. Connect with her on Twitter or by email: nicole.jao.iting@gmail.com. More from Nicole Jao


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How Credit Card Can Increase Or Damage Your Credit Score / Credit Profile https://fimendurance.com/how-credit-card-can-increase-or-damage-your-credit-score-credit-profile/ https://fimendurance.com/how-credit-card-can-increase-or-damage-your-credit-score-credit-profile/#respond Fri, 07 Sep 2018 07:00:00 +0000 https://fimendurance.com/how-credit-card-can-increase-or-damage-your-credit-score-credit-profile/ Have you used up your credit card, which means you are no longer authorized to make payments with your credit card? Credit card holders often want to reduce their interest expenses or free up part of the credit limit. Where a credit card on the one hand is an effective tool for an individual to […]]]>

Have you used up your credit card, which means you are no longer authorized to make payments with your credit card? Credit card holders often want to reduce their interest expenses or free up part of the credit limit. Where a credit card on the one hand is an effective tool for an individual to improve their credit profile, its careless use can make the same worse, say wealth planners. Financial products such as credit cards affect a borrower’s credit profile or creditworthiness. Banks and other financial institutions assess, among other factors, an individual’s credit rating to decide whether the loan to the applicant will be lucrative.

Here are five things to know about using credit cards:

1. What is solvency? Why is this important?

A credit card is a financial instrument that opens a line of credit for the cardholder – or cardholder – to borrow funds from a financial institution against payment of interest. Once a financial institution opens a line of credit to the borrower, the cardholder can use it to make a payment to a merchant for goods or services.

Credit reporting companies provide banks with records of payments made on loans and credit cards by individuals and business entities. Creditworthiness – or a borrower’s ability to repay a loan – is reflected in a borrower’s credit rating.

(Read also: How Credit Cards Can Make or Break the Credit Profile)

“A credit card cycle allows you to access credit when you need it, gives you a bigger repayment window, and helps you build your credit score only if you make quick and timely repayments,” explains Sujata Ahlawat, vice president and head of interactive DTC at TransUnion CIBIL, a credit information company.

“Regular repayments will showcase your good credit behavior and help build a positive credit footprint, thereby improving your credit profile and CIBIL score. “

2. What is a credit card cycle? How can it be used to strengthen the credit profile?

A credit card cycle is the period between bills issued by a lender to the credit card holder against any unpaid dues. In other words, it is the period between invoices. Usually, the credit card companies bill the cardholder every month. A credit card statement has two dates, the invoice date – the date the invoice is generated – and the payment date – the date until which the credit does not generate interest (this is also the date of payment). ‘deadline for the credit card holder to make the payment). The payment date consists of a grace period which is generally 15 days after the generation of the invoice.

A credit card cycle – or credit card billing cycle – can help a person build their credit profile, according to wealth planners.

“Practically, you have 45 days to pay an unpaid due date without paying interest. If a user pays the full amount of the unpaid amount, he does not accumulate any interest or fall into the debt trap, he is able to to build their credit profile and at the same time enjoy the loyalty benefits that credit card companies offer their users for the use of their cards, ”says Rahul Agarwal, director of Wealth Discovery.

3. How long does it take for credit card discipline to be reflected in a credit profile?

A credit profile reflects factors such as payment history and credit usage. According to experts, it can take anywhere from six months to a year to develop a good credit rating.

“In the case of a new credit consumer, who may not have a credit footprint and therefore no score, a credit profile can be built over a period of 6 months. Other consumers can increase their scores thanks to fast, limited repayments and well-managed loan accounts, a good mix of credits and use of credit within limits, ”says Ms. Ahlawat.

(Read also: When to transfer your home loan to a new lender)

Payment history and credit usage contribute more than 50 percent of a person’s credit score, says Agarwal.

4. What other factors are used by a lender to assess an applicant’s creditworthiness?

Experts point out two other factors taken into account by lenders:

  • IME / income ratio: proportion of existing loans to monthly income.
  • Outstanding Contributions / Credit Utilization Ratio: A higher credit utilization ratio reflects financial stress.

5. Does an extended period of a maximum credit card affect the credit profile?

Financial experts advise paying off more than the minimum amount owed on a credit card bill. In other words, while late payment of credit card bills affects a customer’s credit profile, refraining from paying only the minimum required contributions adds to creditworthiness.

“A credit card cycle allows you to access credit when you need it, gives you a bigger repayment window, and helps you build your credit score only if you make quick and timely repayments,” explains Sujata Ahlawat, Vice President and Head of Interactive DTC, TransUnion CIBIL.

Paying the minimum amount owed can be seen as a sign of “financial strain,” she explains. You must “pay the full amount on the payment due date to avoid any negative impact on the credit profile and CIBIL score,” adds Ms. Ahlawat.


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Illegal ANZ late payment credit card charges: court https://fimendurance.com/illegal-anz-late-payment-credit-card-charges-court/ https://fimendurance.com/illegal-anz-late-payment-credit-card-charges-court/#respond Wed, 05 Feb 2014 08:00:00 +0000 https://fimendurance.com/illegal-anz-late-payment-credit-card-charges-court/ Big banks could be forced to reimburse more than $ 55 million to their customers, after the Federal Court found that ANZ Bank had charged “extravagant, exorbitant and unreasonable” late payment fees oncredit card. The ruling also raises doubts about the fees telecommunications and utility companies charge customers who fail to pay their bills on […]]]>

Big banks could be forced to reimburse more than $ 55 million to their customers, after the Federal Court found that ANZ Bank had charged “extravagant, exorbitant and unreasonable” late payment fees on
credit card.

The ruling also raises doubts about the fees telecommunications and utility companies charge customers who fail to pay their bills on time.

In a decision that could affect tens of thousands of customers, the Federal Court found Wednesday that late payment fees charged by the bank were illegal, while four other types of fees were legitimate.

Some 43,500 customers have challenged ANZ in a multi-million dollar class action lawsuit, alleging that some charges were illegal because they exceeded the cost to banks of customers who discovered their accounts or missing refunds.

Justice Michelle Gordon ruled that most of the fees charged by the bank were legitimate, but its late payment fees of up to $ 35 were “extravagant, exorbitant and unreasonable.”

The case against ANZ has wider ramifications as it is being used as a model for a class action lawsuit of 185,000 people against major lenders, including Commonwealth Bank, Westpac, NAB and Citi, which its supporters say could be worth more than $ 220 million. It is billed as the largest class action lawsuit in Australian history.

The finding paves the way for customers to take action against any business with a late payment scheme, including telecommunications and energy providers.

It also waives ANZ’s six-year statute of limitations, meaning anyone who has ever been billed late fees by ANZ can now claim those fees.

“Wherever there are other late payment regimes, they will need to be carefully considered,” said Andrew Watson, national head of class actions for Maurice Blackburn.


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