Sunny Side Up | April 06
Sunny Side Up: Your Weekly Guide to Freelance Mastery and Local Insights – Empowering Your Journey Every Step of the Way!
Welcome to Sunny Side Up! This week, we will explore articles about personal finance in the Czech Republic, offering insights and guidance on three key areas: accessing credit cards, maximizing their benefits, and managing business finances effectively.
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1. How to get a credit card in the Czech Republic?
In the Czech Republic, banks are the main issuers of credit cards. However, obtaining one from a bank can be challenging, particularly if you cannot show proof of a stable and sufficient income (typically at least an average salary) or if your credit history is poor. If getting your first bank credit card is proving difficult, you might consider a "nebankovní kreditní karta," meaning a non-bank credit card. Keep reading the article below to find out if you are eligible for a credit card.
Bank Credit Cards and Non-Bank Credit Cards
Roughly 90% of Czechs own one or more payment cards, classified as debit cards or credit cards. The latest published statistics of the Czech National Bank speak of 1,500,000 credit cards held by Czechs in 2020. However, the use of credit cards in the Czech Republic is decreasing yearly. But why? One reason for their year-over-year decline is the mistake…
2. How to leverage a credit card?
Leverage is the main advantage of a credit system. After all, financial institutions and governments wouldn’t back such a system if they didn’t gain from it. Banks earn money through interest rates, late fees, and other charges, while governments benefit through tax income. Here’s your guide on how to borrow $1 that isn’t yours, make a $2 profit, repay the $1 loan, and keep the remaining dollar. You used none of your own money, yet still earned a profit.
Learn to Leverage a Credit Card
At the Porsche Club of America event in Dana Point, CA, I interviewed a Porsche owner who shared her journey and experience with money. I initially asked her the question of "what is something about money that you wish you would have known when you first started working?" Her answers ranged from saving for a wedding dress, savings bonds, and retirement. However, one answer deserved greater attention and that was the one she gave regarding the credit system.
3. How to manage your business money?
Keeping track of your income and expenses is crucial for good financial management. Whether you want to save more, boost your earnings, or strengthen your financial position, closely monitoring your finances is essential. In today’s unpredictable financial world, tracking your money isn’t optional — it’s necessary for maintaining financial stability. Here are three tips to help you manage your finances better.
Managing Your Online Business Finances: Budgeting, Tracking, and Apps
Do you run your online business and want to know your financial future? Well, your financial future is like a download bar – sometimes, it progresses smoothly, and other times, it just freezes. Stay caffeinated and keep hitting refresh!" ☕🔄 A Czech