Banking
Best Credit Card Secrets Which Your Bank Doesn’t Want You to Know

Credit cards are one of the most common payment tools that are used by people from all over the world. If you learn to use it to your benefit, you stand to gain a lot of reasonable rewards throughout the year and have the liberty to shop for as much amount you want.
In contrast, if you miss payments and skip paying the bill completely, you might end up in a lot of debt. To lend you a helping hand, we are mentioning the best credit card secrets which your bank doesn’t want you to know.
- You Can Avail a Signup Bonus
Many of the credit card providers offer a huge signup bonus that you can avail when you sign up for a new card. There’s a catch though, the signup bonus is usually offered on cards that have a high annual fee. What you can do in such cases is to avail the sign-up bonus like 1,000 miles sign up bonus and cancel the card after a few months. It will ensure that you avail the bonus and don’t keep paying the hefty annual fee for long.
- You Can Lower Late Fee or High Interest
All the credit card owners are usually aware of the fact that if they don’t pay the bill on time, they will need to pay a higher interest rate and a late fee. This fee is usually very steep and can dent your budget. There is a solution though. You can ask the bank to lower or waive the fee or interest rate by just being polite. Yes, it happens all the time. Give it a go.
- Interchange is Highly Profitable
Another well-kept one among best credit card secrets which your bank doesn’t want you to know is that every time you make a transaction on your credit or debit card, the merchant needs to pay about 2 to 5 percent to the banks, credit card issuer, and payment processing networks. This fee helps a credit card provider to earn billions in a year. So, the next time your bank waives off the annual fee, you know that it has an ulterior motive of keeping you hooked for the long term.
- You Can Choose Not to Pay Any Annual Fee
If you are thinking of closing the credit card just because the annual fee is too high, we suggest that you don’t take this step as it may damage your credit score. What you can do instead is to call up your bank and transform your card to one with no annual fee. Yes, it’s possible and has been done by scores of people who wanted to save money. Try it today!
- Credit Card Score Can Let You Travel for Free
Believe it or not, people who have a good credit score are allowed by the bank to avail the best possible sign up miles. You can use these miles to visit the destinations you love. Some rewards also include flexible airline and hotel transfer partners. So, there’s another big reason to keep your credit score high.
It is hoped that you will make the most of the tips we shared regarding best credit card secrets which your bank doesn’t want you to know and you’ll use them to make your credit card owning experience better and profitable.
Banking
Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter.
The discussions are around divesting units across retail banking in the Asia-Pacific region, the report https://bit.ly/3pD57WP said.
“As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy,” a Citigroup spokesperson told Reuters.
“Many different options are being considered and we will take the right amount of time before making any decisions.”
The move, part of Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested, the Bloomberg report said.
However, no decision has been made, according to the report.
Revenue from Citi’s consumer banking business in Asia declined 15% to $1.55 billion in the fourth quarter of 2020.
The divestitures could be spaced out over time or the bank could end up keeping all of its existing units, the Bloomberg report said.
The firm is also reviewing consumer operations in Mexico, though a sale there is less likely, the report said, citing one of the people.
Last month, New York-based Citigroup beat profit estimates but issued a gloomy forecast for expenses. Finance head Mark Mason said the lender’s expenses could rise in 2021 in the range of 2% to 3%, weighing on its operating margins. (https://reut.rs/2ZwXRB1)
(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)
Banking
European shares end higher on strong earnings, positive data

By Sagarika Jaisinghani and Ambar Warrick
(Reuters) – Euro zone shares rose on Friday, marking a third week of gains, as data showed factory activity in February jumped to a three-year high, while upbeat quarterly earnings boosted confidence in a broader economic recovery.
The euro zone index was up 0.9%, with strong earnings from companies such as Acciona and Hermes brewing some optimism over an eventual economic recovery.
The pan-European STOXX 600 index rose 0.5%, as regional factory activity was seen reaching a three-year high on strong demand for manufactured goods at home and overseas.
Another reading showed the euro zone’s current account surplus widened in December on a rise in trade surplus and a narrower deficit in secondary income.
Still, the STOXX 600 marked small gains for the week, having dropped for the past three sessions as investor concern grew over rising inflation and a rocky COVID-19 vaccine rollout.
But basic resources stocks outpaced their peers this week with a 7% jump, as improving industrial activity across the globe drove up commodity prices.
“This week’s slightly adverse price action has all the hallmarks of a loss of momentum temporarily and not a structural turn,” said Jeffrey Halley, senior market analyst at OANDA.
“There is not a major central bank in the world thinking about taking their foot off the monetary spigot, except perhaps China. (Markets) will remain awash in zero percent central bank money through all of 2021 (and) a lot of that will head to the equity market.”
Minutes of the European Central Bank’s January meeting, released on Thursday, showed policymakers expressed fresh concerns over the euro’s strength but appeared relaxed over the recent rise in government bond yields.
The bank’s relaxed stance was justified by the euro zone economy requiring continued monetary and fiscal support, as evidenced by a contraction in the bloc’s dominant services industry in February.
The STOXX 600 has rebounded more than 50% since crashing to multi-year lows in March 2020, with hopes of a global economic rebound this year sparking demand for sectors such as energy, mining, banks and industrial goods.
London’s FTSE 100 lagged regional bourses on Friday due to a slump in January retail sales and as the pound jumped to its highest against the dollar in nearly three years. [.L] [GBP/]
French carmaker Renault tumbled more than 4% after posting a record annual loss of 8 billion euros ($9.68 billion), while food group Danone and German insurer Allianz rose following upbeat trading forecasts.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)
Banking
ECB plans closer scrutiny of bank boards

FRANKFURT (Reuters) – The European Central Bank plans to increase scrutiny of bank board directors and will take look more closely at diversity within management bodies, ECB supervisor Edouard Fernandez-Bollo said on Friday.
The ECB already examines the suitability of board candidates in a so-called fit and proper assessment, but rules across the 19 euro zone members vary, so the quality of these checks can be inconsistent.
The ECB plans to ask banks to undertake a suitability assessment before making appointments, and they will put greater emphasis on the candidates’ previous positions and the bank’s specific needs, Fernandez-Bollo said in a speech.
The supervisor also plans more detailed rules on how it will reassess board members once new information emerges, particularly in case of breaches related to anti-money laundering and financing of terrorism, Fernandez-Bollo added.
Fernandez-Bollo did not talk about enforcing diversity quotas, but he argued that diversity, including diversity in gender, backgrounds and experiences, improves efficiency and was thus crucial.
“Supervisors will consider furthermore all of the diversity-related aspects that are most relevant to enhancing the individual and collective leadership of boards,” he said.
“Diversity within a management body is therefore crucial … there is a lot of room for improvement in this area in European banks,” he said.
(Reporting by Balazs Koranyi, editing by Larry King)