Back-to-school financing opportunities for parents

Back-to-school financing opportunities for parents

Monday, September 28, 2020

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WITH back to school on the minds of many families, Sagicor Bank is reminding parents of financing possibilities which can be used to supplement their savings in covering the associated expenses.

“We understand that being a parent is a mammoth responsibility, wherein parents have to ensure that they do their best to assist their children. We know that sometimes the expenses of back to school are greater than what parents' pockets can handle, and we want to advise them of the financing opportunities available that can be explored as an option should you require assistance,” Michael Willacy, vice-president – retail, SME and Corporate Banking said.

Below are some tips for parents:

Purchase back-to-school items with your credit card

With this option, you can cover all the necessary expenses as the credit card also acts as a short-term loan which can be repaid over time.

Earn while you spend

Using your credit card to make purchases qualifies you to benefit from many incentives offered, like the cashback feature. With this reward, parents can earn a percentage of their purchase in cash back. These funds can either be saved for future use or can be used to purchase other items.

Credit card users can also earn reward points, which can also fund travel expenses for children who attend school overseas.

Convenient funds transfer tool for children

In addition to purchasing school material and paying fees, the Sagicor Bank credit card can be a convenient medium through which parents can give their children access to money through a supplemental card. This is especially beneficial to children who live away from home and would need access to funds for incidentals.

Much like your credit card, the supplemental card gives your child access to funds in your account and eliminates the need to utilise cumbersome money transfer processes when sending money to your child. The parent can also place a limit on the supplemental card.

Let your home 'work' for you

Parents who are homeowners can consider using a home equity facility to cover costly expenses, such as tuition for students at the tertiary level. Using your home as security, such a facility can limit the panic parents often face when determining financial arrangements to cover their children's tertiary education.

For properties which are mortgage free, homeowners can access up to 80 per cent of the value of the property; while homeowners who are still paying a mortgage can access up to 80 per cent of the equity in the property. The equity accessible is the difference between the mortgage balance and the value of the property.

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