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Credit Card Interest Rate Puzzle & Banker’s Bomb

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Posted by :Mohsin Rasool On : December 31, 2009

Category: Internet Business, Money Matters

Tags:, , ,

Just today I received my Credit Card statement and maybe this have been the first time I misplaced my one check which was supposed to be in the drop box. So only partial payment got through but the finance charge (interest) payable is just unimaginable. No problem will be cleared this month but this made me think HARD!

Ok here are figures, solve this puzzle what rate they applied. Outstanding balance for the month of November was:  PKR 46,843 , I have paid PKR 42,000 on due date and check of remaining payment was never dropped (forgot!) so outstanding balance was about PKR 4000 , and today i received this statement with almost PKR 2000 as finance charges. Wow only for one month it is about 50% for the payment. Which mean annually it would be 50*12= 600% for the year!

LOL impossible! I called their call center and they dropped a BOMB on my head and I got to realize how great this credit card banking business is!

He shared with me few things which were completely NEWS to me:

1. When you do not make FULL payment , every cent, it is called partial payment, and it does not matter you may 10% or 90%. Finance charges is calculated to FULL payment, not the outstanding balance! So while i was thinking they will calculate charges on outstanding balance PKR 2000, at the same time the banker was calculating the interest on the full payment of the month.

2. Also interest rate is calculated on each transaction daily, from the date of transaction to the date when the whole balance for that month will be paid. So it gets really worse.

Now after knowing these above two facts I came to realize how many close dear friends of mine got into Credit Card debt hell. It was the smart banker! But i do not blame only the banker, as we should take full responsibility of our acts. As we have signed and agreed T&C with the banker and we are using his money for the full month without any charges(if paid on time.)

If i knew the above facts before the due date, I would have made sure to make the full payment. I thought as we have paid almost 90% of the outstanding , very nominal charges would be due to us. But this is totally different world. I am posting this on my blog to make this the part of the record so you and I can be careful for the next credit card payment.

Paypal in Pakistan? Response to a Friend

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Posted by :Mohsin Rasool On : November 21, 2009

Category: Internet Business, Money Matters, Technology

Tags:, , , , , , ,

Hi,

I just wrote this personal message to a friend from Pakistan, Danish, who said this:

“Bro , Seriously due to unavailability of paypal i am really facing loads of troubles , do you have any alternative which you are using ?”

 

I wrote my answer there, but due to length of the message could not post there, and also I thought many other fellow Pakistani friends will benefit from this so I post this at my blog here:

Danish My Friend you are always welcome.

Yeah you are right Paypal problem we face here… But I use and recommend 2Co as this solves about 80% problem, i mean with 2Co you can receive payments from customers who want to pay though Credit Cards as well as also from the customers who want to pay from their Paypal account balance!

As i said this does not solve 100% problem as still you have no means to use those funds online, until they get into your Local Bank Account.. So we cannot make payments online as we could have made through our
Paypal account…for this i recommend to get hold of Credit Card, of yours or someone in your family who can trust you , and you can trust him/her!

Also if you have digital product and you want to tap into Affiliates market, you have also Clickbank there…to handle your Payments, and payments to affiliates!!!

MAN it used to be hard in the days when 2Co Would not accept
Paypal…
No Paypal, No Clickbank, No Problem | Mohsin Rasool
(Also download the report from there i wrote once for friends like you
facing NON-Paypal problem -)

Note: Above post/report was written before clickbank was available in Pakistan,,
but now as clickbank is in Pakistan…i suggest to use Clickbank for Affiliates
and not 2Co’s very limited affiliate program.

and when Clickbank would not allow Pakistan

…but now you have both!!!
ClickBank in Pakistan WoW! | Mohsin Rasool

You see we are making progress… so do not worry and keep working on your Goals you are going to make more than thousands who have Paypal account but have not made money online due to inaction or no work!

Wish you best there, hope this gives you some ideas,
Mohsin Rasool
PS. Oh I wanted to share this with you:

I used to earn very less money , say only Adsense…
And used to think and focus on the problem that how sad
i have no PayPal , no clickbank…

Then One day a very great friend of mine from Singapore, Ameer Salim,
said this:

“Mohsin do not focus on problems (Paypal) focus on opportunity (2Co!)”

That day was the turning point, as I said OK , No Paypal NO Problem!!!
I am going to sell and I am going to use 2Co..After all they are multi Million Dollar
company,,, why cannot they process my first Million Dollar :)

Then I started to offer services and some products and it really has become my
integral part of bi-weekly income…yeah 2Co sends weekly/Bi-Weekly your money
directly to your bank.

So Danish I recommend you go with 2Co and forget about Paypal problem for now.
When you have made some stuff, you will have some great friends here online.
And if you must need some payment to be received through Paypal you can ask
your friend to accept that payment on your behalf. But your sales system should
be fine with 2Co as they are going to take payment for you from all non-paypal and paypal buyers.

Oh live by revenge LOL…i mean if Paypal says : No Pakistani… Say: NO WAY! NO PAYPAL! … hahah Paypal Sucks! This will make you feel great and really this
will FREE you from the thought of absence of Paypal as disadvantage to you!
http://www.paypalsucks.com/ :) – Now sometime I joke ,No it is not Paypal which does not accept Pakistan, but it is Pakistan which does not accept Paypal . HAHAHAHA!

Have a Great day! Let me know if you have any question in this regard.. I will update this post or reply in comments.

2Checkout Owner Alan Homewood Interviewed

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Posted by :Mohsin Rasool On : October 18, 2009

Category: Internet Business, Money Matters, Own Business, Technology

Tags:

Hi,

If you do not know already about 2Checkout, you may check this out here 2Checkout.Alan Homewood Ower 2Co

Alan Homewood, the CEO and Found of 2Co was recently interviewed by RM, interview can be accesses here: Alan Homewood Interview.

I wanted to post that I have been using 2Co for years and I cannot live without their service, payment processing for every business online is the most integral part. Top payment processor used online is PayPal… But they have many disadvantages like limited to some countries, account limitation without any notice, and some people simply hate PayPal due to many other reasons…

2Checkout comes as second best option, or I should say First best option for small business owners online who need to accept payments for their product or services. It was great to know that Alan is doing his best to make as easy as possible for his clients to sell online.

They have added many features in their service recently and i love that, for example their new affiliate network, direct deposit payment option. It is great to receive payment directly in our bank account from 2Co without any Check with months of wait…

Alan said he has vision to make 2Checkout Billion Dollar Company :) That is GREAT. I wish them Good Luck.

No Paypal, No Clickbank, No Problem

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Posted by :Mohsin Rasool On : June 4, 2009

Category: Internet Business, Money Matters, Technology

Tags:, , , , , , , , ,

This is short report written by me in Warrior Master Mind Private Forum at Warrior Forum. Basically in this report I talk about different solutions and alternatives to the top internet business tools and services which are not available to some countries.

Like when I started my Internet Business, there were so many great services online which were not available in Pakistan, and It was not great fun really! Then by the time passing, I started to realize that this is not the END. World has many other options to offer, we just need to look and find.

I share alternatives to Paypal, Clickbank, as Payment Processing and Affiliate Marketing are two big pillars of Internet Business and Internet Marketing. And I have good news for you, that if you are in a situation where there is NO Paypal, and No Clickbank! I promise after you read this report, you will say NO Problem! :) Ok Download The report in following link:

Non-US, No Paypal, No Clickbank, No Problem Report Dowload

Have a nice day,

Mohsin Rasool

PS. Please do not forget to share your comments, or suggestions to add into this report. You can share anything related to this report, which may help other sturggliing Marketers accross the world, use the following comments form.

Clickbank in Pakistan WoW!

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Posted by :Mohsin Rasool On : March 31, 2009

Category: Internet Business, Money Matters, Own Business, Technology

Tags:, ,

What a great news for us living in Pakistan!

Clickbank has just added about 30 new countries to their list…List is in PS of this post.

And I could not believe my eyes when i saw PAKISTAN in that list.

Really Paypal has discouraged me so much that i was thinking that

clickbank may also have forgot us when they did add 30 more countries.

But wow, unbelievable. Clickbank is done this boy!

How happy I am!

Let me email to my buddies in IM here in Pakistan :-)

Until now bye,

Mohsin

PS. Here is new list of countries added:

We are very pleased to announce that we now support vendors and affiliates from 30 new countries around the world! ClickBank is now more global than ever before.

The new countries are:

  • Albania
  • Armenia
  • Argentina
  • Bolivia
  • Brazil
  • Cambodia
  • Colombia
  • Comoros
  • Falkland Islands
  • Georgia
  • Honduras
  • Haiti
  • Indonesia
  • Kyrgyzstan
  • Lebanon
  • Montenegro
  • Macedonia
  • Mali
  • Nicaragua
  • Peru
  • Philippines
  • Pakistan
  • Paraguay
  • Russian Federation
  • Swaziland
  • Ukraine
  • Uzbekistan
  • Venezuela
  • Vietnam
  • Yemen

Welcome to all of our new client countries!

Source:  Clickbank.com- Clickbank in Pakistan

No Paypal, No Clickbank, No Problem

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Posted by :Mohsin Rasool On : November 1, 2007

Category: Internet Business, Money Matters

Tags:, , ,

Hi Friends,

It is very big news for us who were unable to use Paypal and Clickbank due to non-availability of both in our countries. And i tell you that there were many Online Marketers like us whose businesses were being affected badly due to this. Business Loss was in term of lost sales and lost affiliates commissions and less affiliates (who can promote our products).

My own tests has proved that if i did not offer Paypal at my salespage as payment processing source, I lost more than 60 percent sales. I have offered both and tested 2CO and Paypal, and even i offered $1 discount to use 2CO, more than 50% sales come through Paypal. That is Paypal is a MUST HAVE at your Sales letter online. But It was not easy for us untill today, 2CO did a great job, i.e. 2Co will accept offer Paypal as payment option to all of our Customers i.e. WOW!!! Here is screen shoot of current 2CO Order Page.

2Checkout offers PayPal

So you like it? Man it is really a great news for us living in the countries where Paypal is not available. Well done 2Checkout Guys! You guys have done more than expected!

Ok Here is more from 2CO , Like Paypal, Clickbank is not also available in many countries. So we who are living in those countries could not benefit a lot from Affiliate Industry specially related to digital Information Products. And 2Checkout comes here again with a great service and has started Affiliate Network, still in Beta and not open for general public but I will show you a screen shoot of Inner Area of Affiliate Marketplace :-) So here you go!

2Checkout started Affiliate Network

I am sure you will be also excited about it just like ME :-) , And i tell you that 2CO are very reliable guys with awesome track record, so I am sure it will help to the Internet Marketing Industry as a whole. And who is not aware with Paypal’s account limiting and other horror stories as well as Clickbank’s product acceptance/rejection damn policy LOL…

So I welcome you to check 2CO yourself if you have not used them before, I am sure you will Love it! You can sign up with them now if you have not done before using this link… SignUp at 2CO Today!

Best Wishes,

Mohsin Rasool