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Tuesday, May 26, 2020




Premiums are PROMOTIONAL  items — toys, COLLACTABLES souvenirs and household products — that are linked to a product, and often require box tops, tokens or PROOFS OF PURCHASE to acquire. The consumer generally has to pay at least the shipping and handling costs to receive the premium.
Premiums are sometimes referred to as prizes, although historically the word PRIZE has been used to denote (as opposed to a premium) an item that is packaged with the product (or available from the retailer at the time of purchase) and requires no additional payment over the cost of the product.
Premiums predominantly fall into three categories, free premiums, self-liquidating premiums and in-or on-package premiums. Free premiums are sales promotions that involve the consumer purchasing a product in order to receive a free gift or reward. An example of this is the ‘buy a coffee and receive a free muffin’ campaign used by some coffee houses. Self-liquidating premiums are when a consumer is expected to pay a designated monetary value for a gift or item. New World’s Little Shopper Campaign is an example of this: consumers were required to spend a minimum amount of money in order to receive a free collectible item. The in-or out-package premium is where small gifts are included with the package. The All Black collectors’ cards found in Sanitarium Weet Bix boxes are a good example of this.
The Sperry and Hutchinson Company, started in 1896 in Jackso was the first third-party provider of trading stamps for various companies, including dry goods dealers, gas , as the company was commonly called, opened its first redemption center in 1897. Customers could take their filled booklets of "green stamps" and redeem them for household products, kitchen items, and personal items. WORLD WAR 2  put the trading stamps premium business on hold for a while, but when the G.I.s returned, the economy was robust, and the trading stamps business took off like a storm when numerous third-party companies created their own trading stamp programs to offer to supermarkets and other retailers.The bottom fell out of the trading stamp business in 1965, when supermarkets stopped issuing stamps altogether and started spending more money to advertise lower prices. Trading stamps have gone by the wayside of the modern retail marketing method of LOYALTY CARD used widely in supermarkets where, instead of premiums, customers benefit from savings and convenience through coupon-free discounts
At the beginning of the Second World War, RADIO  was a big player in the promotion and distribution of premiums, usually toys that were closely related to the radio program. There were many radio shows  that offered premiums to their listeners, but Captain Midnight was one of the best known. The early sponsor of Captain Midnight was Skelly Oil  and parents could get forms to mail-in for radio premiums at the gas stations. Later, Ovaltine became the sponsor of Captain Midnight, and it continued the premiums through advertising on the labels and foil tops of Ovaltine that could be collected to exchange for Captain Midnight premiums and offering membership to the "Secret Squadron"
A home equity loan is a type of LOAN in which the borrower uses the EQUITY of his or her HOME. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution. Home equity loans are often used to finance major expenses such as home repairs, medical bills, or college education. A home equity loan creates a LIEN against the borrower's house and reduces actual home equity.
Most home equity loans require good to excellent CREDIT HISTORY, reasonable loan-to-value and combined LOAN TO VALUE RATIOS. oth are usually referred to as SECOND MORTAGES, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person's main mortgage in place of a traditional mortgage. However, one cannot purchase a home using a home equity loan, one can only use a home equity loan to refinance. In the United States until December 31 2017, it was possible to deduct home equity loan interest on one's personal INCOME TAXES. As part of the 2018 Tax Reform billsigned into law, interest on home equity loans will no longer be deductible on income taxes.
A HELOC is a line of RESOLVING CREDIT with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. With a HELOC the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans. Like the closed-end loan, it may be possible to borrow up to an amount equal to the value of the home, minus any liens.
In the UK an "Equity Loan" is the term used to describe additional borrowing, normally secured as a subsequent charge, as a top-up to the amount a home owner/purchaser can borrow from a main mortgage provider. Often used by builders to encourage house sales but now also used by the UK governments to assist purchasers who would otherwise be unable to buy with only a conventional main mortgage. In England such loans are managed on behalf of the government by the Homes & Communities Agency. Devolved governments have their own separate schemes.
Elsewhere in the world an equity loan may refer to a MORTAGE LOAN in which the borrower receives MONEY. Typically the loan is secured by REAL ESTATE already owned outright.
Many lending institutions require the borrower to repay INTEREST component of the loan each month (calculated daily, and compounded to the loan once each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of interest calculated from that day onward. Some loan products also allow the possibility to redraw CASH up to the original LTV, potentially perpetuating the life of the loan beyond the original loan term.

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