Question 1

What is the difference between secured and unsecured loans?

Accepted Answer

Secured loans require collateral (house, car) and offer lower rates because the lender can seize assets if you default. Unsecured loans have no collateral, higher interest rates, and approval based primarily on creditworthiness.

Question 2

What is minimum balance requirement?

Accepted Answer

Minimum balance is the lowest amount you must maintain in your account to avoid fees or earn interest. Requirements vary by account type and bank, ranging from $0 to $10,000 or more for premium accounts.

Question 3

How can I improve my credit score?

Accepted Answer

Pay bills on time, keep credit utilization below 30%, don't close old accounts, limit new credit applications, dispute errors on credit reports, diversify credit types, and maintain consistent payment history over time.

Question 4

What is a foreign transaction fee?

Accepted Answer

A foreign transaction fee is a charge (typically 1-3%) applied when you make purchases in foreign currencies or with international merchants. Some banks and credit cards offer no foreign transaction fees.

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Frequently Asked Questions

What is the difference between secured and unsecured loans?

What is minimum balance requirement?

How can I improve my credit score?

What is a foreign transaction fee?

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