Technology
The 15/3 Credit Hack: How Does It Optimize Payment Timing?
Credit card balances have continuously risen these days amid persistent price pressures and weakening economies. In the United States alone, consumers had a total of $1.142 trillion in credit card balances in the second quarter of 2024, the highest since the New York Fed began tracking them in 1999.
This situation was taken advantage of by many social media influences. They started making content on different credit card tips and tricks or dos and don’ts, many of which have gone viral on several social media platforms. Among them is the “15/3 credit card payment hack” or simply the “15/3 credit hack.” Let’s talk about this here.
What is a 15/3 Credit Hack?
The 15/3 credit card payment hack is essentially a bimonthly payment on your credit card. The first payment, which should either be the minimum amount due or half of your monthly balance, should be made 15 days before the due date, while the second should fully pay the outstanding balance three days before that date, hence the name “15/3.”
Another variation of it is opting for the statement closing date instead of the payment due date. Note that the former is the date your monthly statement is generated, while the latter is the deadline for your payment that you must meet to avoid any late fees and finance charges.
Typically, the statement closing date comes three weeks before the due date, which means targeting it could mean making three payments: before the closing date, on the closing date, and before the due date.
Overall, here’s how to do it:
- Check your statement or due date from your credit card statement or online account.
- Subtract 15 days from the statement or due date.
- Pay the minimum amount due or higher on the statement or due date.
- Subtract three days from the statement or due date.
- Pay all outstanding balances on that statement or due date, including any new fees or charges made since the previous payment.
Why Does It Matter?
Let’s say your credit card’s limit is $5,000, and your monthly purchase is about $3,000. In most cases, you’ll likely pay $3,000 to your credit card company on or before your statement period. However, although you pay it off, you’ll likely still have a “high” utilization ratio of 60%, which is taken from your total debt ($3,000) divided by your total credit available ($5,000).
Remember that your credit utilization ratio makes up 30% of your credit score. The rule of thumb is that the lower it is, the better your score. Preferably, it shouldn’t exceed 30%, but it shouldn’t be at 0% as well since it says nothing about your credit habits. To lower it, the most common ways are to increase credit limits or reduce revolving credit balances either by own money or other short-term financing options from apps like Solo Funds.
Applying the 15/3 method can also lower a 60% credit utilization ratio. Note that your credit utilization ratio is calculated based on the balance reported at the end of your statement closing date. Making two payments within your billing cycle then means your balance doesn’t stay high for long, which helps keep your utilization rate low.
At a glance, this is what your credit utilization will be like using the 15/3 method:
- Credit Limit: $5,000
- Monthly Purchase: $3,000
- Balance after First Payment: $1,500 (utilization is 30% of $5,000)
- Balance after Second Payment: Close to $0 (utilization drops significantly)
In addition to maintaining a low credit utilization ratio, the 15/3 method can also help improve your credit score by ensuring timely and consistent payments. Besides the credit utilization ratio, credit scores are influenced heavily by payment history (i.e., the record of all your past payments on credit accounts, such as credit cards, loans, and mortgages), which accounts for around 35% of your overall score.
Since you make payments twice during the billing cycle, you’re essentially building a habit of staying on top of your credit obligations. This consistent payment pattern demonstrates financial responsibility to credit bureaus, which can positively impact your credit score. Additionally, it prevents accumulating a large balance that might be difficult to pay off all at once, further reducing the likelihood of missed payments or late fees, both of which can hurt your score.
Final Thoughts
The 15/3 method optimizes payment timing by strategically spacing out two payments during your billing cycle. This prevents your balance from building up too high, making it easier to manage and reducing the risk of late or missed payments. It also ensures you’re consistently paying down your balance while keeping your credit utilization low throughout the month, optimizing not only your payment schedule but also credit score management.
Technology
How AiSDR helps automate sales for maximum results
AiSDR (Artificial Intelligence Sales Development Representative) is an innovative solution for sales automation, enabling companies to increase the efficiency of their interactions with potential customers. By implementing the right sales automation software, you can streamline your sales process and increase overall efficiency. The technology uses artificial intelligence to simplify the processes involved in prospecting, qualifying and contacting leads.
Smart lead management
One of the main benefits of using AiSDR is the ability to automatically collect and analyse customer data. Using artificial intelligence, information can be gathered from various sources such as social media, websites, databases and other resources. This allows you to create a more complete picture of each customer and determine which ones have the greatest potential for a transaction.
Automate customer communication
AiSDR allows you to automate the first stages of communication with potential customers. Using AI algorithms, the system generates personalised emails and messages tailored to each individual customer. This helps to keep the customer engaged and increase the likelihood of receiving a response.
Quickly qualify and prioritise leads
With AiSDR, you can quickly qualify leads by determining their readiness to buy and level of interest. Artificial intelligence algorithms analyse customer behaviour, their interaction with company content, frequency and quality of communication. Based on this data, the system assigns a specific rating to each lead, allowing sales teams to focus on the most promising contacts.
Increased sales speed and accuracy
By automating many routine sales-related tasks, the time spent on each stage of the customer interaction can be significantly reduced. Sales managers can spend more time focusing on key negotiations and strategies, ultimately increasing efficiency and effectiveness. AiSDR helps eliminate human error and improves communication accuracy, which is especially important in the fast-paced world of business.
Increase conversions and reduce costs
Using AiSDR helps increase the conversion of leads into actual customers. Artificial intelligence analyses customer behaviour and predicts the most likely scenarios of their reaction to offers. This allows you to offer them the most relevant products or services at the right time. At the same time, automating the process reduces the cost of sales as it eliminates the need for significant human resources.
Optimising marketing strategies
AiSDR provides companies with data and analytics that can be used to improve marketing strategies. By analysing data on customer behaviour and preferences, the system helps determine which marketing approaches are most effective and make adjustments accordingly. This allows the company to optimise marketing spend and achieve better results.
Improved customer relationship management
AiSDR helps in improving customer relationship management (CRM). The technology is able to integrate with existing CRM systems, automating the processes of updating data, assigning tasks and tracking progress. This allows companies to keep customer data up-to-date and accurate, resulting in better customer engagement and retention.
Real-time analysis and reporting
AiSDR provides real-time analytics that help companies track their sales performance. The system can generate reports on which strategies and tactics are working best, which channels are most effective, and which customers are most active. This enables instant adjustments and the ability to adapt to changes in the marketplace.
Provide flexibility and scalability
Using AiSDR makes sales processes more flexible and scalable. Companies can easily adapt to changing market conditions, quickly implement new strategies and test different approaches. This is especially important for startups and small companies that often face limited resources and rapidly changing market conditions.
Creating a competitive advantage
AiSDR helps companies create a sustainable competitive advantage in the market. By using artificial intelligence to automate routine tasks and optimise the sales process, companies can respond faster to change, better understand their customers and offer them exactly what they want. This allows them to retain customers and attract new ones, strengthening their position in the market.
Increased team efficiency
Using AiSDR helps to improve team efficiency. Artificial intelligence takes care of routine tasks such as sorting leads and scheduling contacts, freeing up employees’ time for more strategic and creative tasks. This improves productivity and reduces burnout among employees as they can focus on more interesting and important work.
Reduced operational costs
Automation using AiSDR also helps in reducing the operational costs of the company. Instead of hiring additional employees to perform monotonous and routine tasks, the company can utilise artificial intelligence. This reduces payroll and operational costs while keeping the sales process highly efficient and productive.
Improving the quality of customer interactions
AiSDR helps improve the quality of customer interactions by offering personalised offers and instant response to queries. This builds trust and increases customer loyalty, which directly translates into increased sales and company success.
Sales strategy optimisation
AiSDR analyses customer behaviour and sales data to help optimise your sales strategy. Using machine learning algorithms, the tool can identify the most promising customers and predict their behaviour. This allows the team to focus on customers with the highest potential, increasing the likelihood of successful deals.
Support for multilingual communication
With AiSDR, you can easily automate multilingual communications with customers. The tool provides quality translation and customisation of messages, which helps the company to reach out to international markets. This enables salespeople to communicate effectively with customers across the globe, maintaining a high level of service regardless of language barriers.
Improving customer experience
AiSDR also helps improve customer experience through a personalised approach. Using big data analytics, the system identifies customer preferences and provides personalised recommendations, which significantly improves customer satisfaction. This not only builds trust but also fosters long-term customer relationships.
Shortening the sales cycle
By automating routine tasks such as sending emails or processing data, AiSDR significantly shortens the sales cycle. Salespeople can respond faster to customer enquiries and speed up processes, enabling them to meet targets in a short timeframe and increase overall sales.
Conclusion
Using AiSDR in sales opens up new opportunities for companies that want to improve the efficiency of their business processes. Automating routine tasks, personalising communication with customers and smart lead management can significantly improve sales results. Implementation of AiSDR helps not only to reduce costs, but also to increase the company’s profitability, providing a competitive advantage in the market.
Technology
The Rise of Blockchain Technology
Blockchain technology was introduced in 2009 with the inception of Bitcoin. Blockchain is a data structure that is decentralized and uses cryptography to secure the protocol.
It’s the first time that users can send value to one another without the need for a third party to verify the transaction. This technology, therefore, has so many opportunities going forward and has often been compared to the internet revolution.
In this article, we explore all the industries that blockchain technology can change. We cover the main protocols looking to revolutionize the world and analyze whether it’s attainable or not.
Games
The data structure of blockchain is being heavily used in the gaming space. For instance, play to earn gives players of crypto games an economic incentive to play. This is either in the form of a cryptocurrency itself or via non-fungible tokens (NFTs).
Blockchain technology is also starting to be used in the online casino industry. It can most certainly help with the transparency and fairness of games. In addition, blockchain can provide a robust system for preventing fraud and stopping money laundering.
Furthermore, blockchain is an ideal solution in online sweepstakes casinos because it keeps everything within the law, especially in the USA. US players can claim a welcome bonus, play hundreds of games, and even get rewards in the loyalty program.
Healthcare
In healthcare, one major issue is access to sensitive medical records, making the prevention of breaches vital. Because of the nature of blockchain records are highly secure, while at the same time cannot be altered without the network agreeing to it.
One more part of healthcare that blockchain can help revolutionize is payments and billing. Through the use of smart contracts, insurance payments can be sent much faster. As long as the conditions are met, this means patients can claim from their insurance company quickly.
Finally, in the modern age, we’ve seen the rise of remote doctors. They can diagnose issues over a video call and send the relevant doctor’s note so patients can get their prescriptions fast. With blockchain, all the data is encrypted so databases will only show relevant records between medical professionals, insurance companies, and patients.
Identity
Identity is one issue that blockchain can revolutionize immediately, because of the nature of its immutability. Today, the regular system, used by governments is highly centralized meaning, it can be under threat from just one data point.
Blockchain identity systems put the users back in control of their data, which allows sharing with relevant government agencies. Not only is this model much cheaper, but it’s much better for the end user, as they will always be in control of their data.
Lastly, blockchain can help with identity fraud and theft. As users own their data, and the structure cannot be tampered with or hacked, it’s nearly impossible for malicious third parties to get their hands on your important identity documents like a passport or driving license.
Finance
Many commentators believe that finance will be the first industry that blockchain will subsume. There are so many opportunities, and all of it is called Decentralized Finance or Defi.
Defi allows users to lend and borrow cryptocurrency using smart contracts. This could be extended to the regular money system in USD, GBP, or Euros. However, the biggest challenge facing digital currencies is the lack of privacy concerns.
For instance, a US dollar coin – which is completely digital will give the US government a big control of the daily lives of individuals. Yet, the scheme is something the Federal Reserve is looking into, especially when sending large amounts of money to the 12 branches within the United States.
Supply chain management
The data structure of blockchain makes it crucial as a technology that can be used in supply chain management across the world. As the ledger of blockchain is distributed and highly secure, each part of a product journey can be easily marked to prevent any losses.
With smart contracts, things will become much more efficient and automated. The current system of supply-side management, it’s still reliant on real people signing off on whether products have been delivered or not.
As blockchain technology takes people out of the equation and instead uses smart contracts, administrative errors will plummet. Not to mention as blockchain is transparent as everyone can see it, it negates the need for paperwork.
Technology
Building Your Digital Stronghold: An All-Inclusive Manual for Cyber Threat Avoidance
Key Takeaways
- Recognize the different kinds of cyberattacks and how they might affect companies.
- Learn practical strategies for protecting your digital assets and sensitive information.
- Stay informed with recent examples and data-driven insights from reputable sources.
Table of Contents
- Introduction
- Common Types of Cyber Attacks
- Impact on Businesses
- Protecting Your Business
- Real-life Examples of Cyber Attacks
- Conclusion and Key Takeaways
Introduction
In an increasingly digital world, cyber-attacks have become one of the most significant threats to businesses of all sizes. Recognizing the types of cyber attacks and how to protect your business is essential for maintaining security and safeguarding sensitive data. Cyber attacks such as ransomware, phishing, and DDoS can cause substantial financial and reputational damage, making cybersecurity a top priority for many organizations.
By exploring the different types of cyber threats and implementing effective security measures, you can build a robust defense system that mitigates risks and protects your business from potential attacks. Cybersecurity is not only about technology but also about creating a culture of awareness and preparedness across the organization.
Common Types of Cyber Attacks
- Phishing:Cybercriminals trick individuals into providing personal information by posing as legitimate entities. Phishing assaults are frequently conducted using phony emails that have a startlingly realistic appearance. These emails might ask for sensitive information, such as login credentials or banking details, leading to severe security breaches.
- Malware:Malicious software with the intent to steal information, compromise systems, or snoop on people. Malware, such as viruses, worms, and Trojans, may enter systems via a number of channels, including hacked websites, downloads of software, and email attachments. Once inside, malware can lead to data theft, loss, or corruption.
- Ransomware:Attacks where criminals lock access to data or systems and demand ransom payments to unlock them. One incredibly sneaky type of malware that demands payment for decrypting a victim’s files is known as ransomware. Even after payment, there’s no guarantee that the decryption key will be provided.
- DDoS Attacks:System overload and failures are brought on by distributed denial of service attacks. DDoS attacks are often used to disrupt operations by overwhelming servers with a flood of internet traffic. This not only causes significant downtime but can also result in loss of income and customer trust.
- Man-in-the-Middle (MitM) Attacks:Intercepting and altering communication between two parties without their knowledge. MitM attacks occur when a malicious actor intrudes into an existing communication session, potentially altering or stealing sensitive data exchanged between parties. This type of attack is hazardous in unsecured public networks.
Impact on Businesses
The financial, reputational, and operational consequences of cyber attacks can be devastating for businesses. For example, the cost of recovery and legal expenses from a single data breach might reach the millions, and a long-term reduction in income can result from customers using faith. In 2020, a Ponemon Institute survey found that the average cost of a data breach was $3.86 million.
In addition to financial losses, businesses can experience a significant hit to their reputation. Clients and associates may want further assurance regarding the organization’s capacity to safeguard their confidential data, leading to a decrease in customer base and business opportunities. Furthermore, operational disruptions caused by cyber attacks can result in significant downtime and productivity loss, negatively affecting the overall efficiency and performance of an organization.
Investing in cybersecurity not only helps prevent potential attacks but also builds consumer confidence and maintains a reputable brand image. Companies that are proactive in their cybersecurity efforts are more likely to win their clients’ loyalty and confidence.
Protecting Your Business
Implementing robust cybersecurity measures is crucial for safeguarding assets and ensuring the smooth operation of business processes. Here are some actionable steps:
- Employee Training:Educate employees on recognizing and responding to phishing and other scam attempts. Employees who receive regular training can remain watchful and ready for any cyber threats. This can significantly reduce the likelihood of successful phishing attacks.
- Anti-Malware Software:Ensure that your systems are equipped with up-to-date anti-malware software to detect and prevent infection. Update this program frequently to make sure it can fend against the newest threats and virus iterations.
- Regular Backups:Maintain regular data backups so that you can quickly recover in case of ransomware tack. Store these backups securely, both on-site and off-site, to ensure that they are accessible in the event of a cyber incident.
- Network Security:Utilize firewalls and encryption to protect network communications and prevent MitM attacks. Implementing strong network security measures can create an extra line of protection against data breaches and illegal access.
- Incident Response Plan:Create and maintain a thorough plan to react quickly to cyber events. Having an incident response plan in place ensures that your organization can take prompt and effective action, minimizing the impact of a cyber-attack.
Real-life Examples of Cyber Attacks
To illustrate the significance of cyber threats, consider the recent Colonial Pipeline ransomware attack, which disrupted fuel supplies across the Eastern United States. This tackled widespread panic buying and fuel shortages, highlighting the critical impact of ransomware on essential services.
Additionally, SolarWinds faced a significant breach that impacted numerous government agencies and leading corporations. The branch, which was linked to state-sponsored actors, compromised sensitive data and underscored the vulnerability of even the most secure networks.
These incidents demonstrate that cyber attacks can have far-reaching consequences, affecting not just the targeted organizations but also the broader community and economy. Staying informed about these real-world examples can provide valuable insights into potential vulnerabilities and the importance of robust cybersecurity measures.
Conclusion and Key Takeaways
To summarize, the landscape of cyber threats is continually evolving, posing complex challenges to businesses worldwide. By keeping a close eye on the different types of cyberattacks and implementing robust security measures, businesses may significantly lower risks and protect their essential digital assets. Remember that maintaining cybersecurity requires constant attention and preventive actions—it is not only a technology issue.
Creating a security-conscious culture inside your company is essential to thwarting online attacks. By educating employees, deploying advanced security technologies, and having a solid incident response plan in place, businesses can enhance their resilience against cyber attacks. In addition to safeguarding your company’s most essential resources, a proactive approach to cybersecurity will support ongoing business operations and consumer confidence.
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