Credit card – Slim De Walk http://slimdewalk.net/ Tue, 20 Sep 2022 21:42:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://slimdewalk.net/wp-content/uploads/2021/10/icon-8-120x120.png Credit card – Slim De Walk http://slimdewalk.net/ 32 32 Air Canada’s Aeroplan Credit Card Is Worth It For US Travelers https://slimdewalk.net/air-canadas-aeroplan-credit-card-is-worth-it-for-us-travelers/ Tue, 20 Sep 2022 20:00:41 +0000 https://slimdewalk.net/air-canadas-aeroplan-credit-card-is-worth-it-for-us-travelers/ AFAR partners with CreditCards.com and may receive commission from card issuers. This site does not include all financial companies or all available financial offers. Compensation can impact how an offer is presented. Our coverage is independent and objective, and has not been reviewed, endorsed or endorsed by any of these entities. The views expressed here […]]]>

AFAR partners with CreditCards.com and may receive commission from card issuers. This site does not include all financial companies or all available financial offers. Compensation can impact how an offer is presented. Our coverage is independent and objective, and has not been reviewed, endorsed or endorsed by any of these entities. The views expressed here are entirely those of AFAR’s editorial team.

It might seem like a strange recommendation to get an Air Canada branded credit card if you live in the US or have no plans to visit Canada. But listen to us.

The current introductory bonus on Air Canada flights Aeroplan® Credit Card is a big one, especially for a card with a $95 annual fee. Currently, new cardholders can earn 70,000 points after spending $3,000 on purchases in the first three months. Air Canada’s loyalty program, Aeroplan, has more rewards partners than any other loyalty program in the world – currently 45 and counting – serving more than 1,300 global destinations. To get an idea of ​​the lucrative redemption possibilities this offers you, the welcome bonus of 70,000 points is enough for a return economy class ticket from New York to Lisbon, Portugal, on the TAP Portugal partner or a one-way business class. Not bad!

In addition, the card gives triple points in popular spending categories such as groceries and dining, offers Global Entry, TSA PreCheck or Nexus statement credit (every four years) and provides a number of free travel insurance. When you fly with Air Canada, you get one free checked bag and Aeroplan 25,000 Elite status with your credit card.

Here’s everything you need to know about the benefit-packed Chase Aeroplan Credit Card and why it’s worth getting now, whether or not you plan to visit or reside in Canada anytime soon.

A valuable welcome offer

The current introductory bonus on Air Canada flights Aeroplan credit card allows new cardholders to earn 70,000 points after spending $3,000 on purchases in the first three months.

If used wisely, 70,000 Aeroplan points can go a long way. As a founding member of Star Alliance, Aeroplan has access to rewards inventory from 26 alliance members, including Austrian Airlines, Avianca, Copa Airlines, Lufthansa, Swiss, Turkish Airlines, United Airlines, and more. Add independent partnerships with nearly 20 other carriers, including Etihad Airways and Oman Air, and you have the most comprehensive search engine of any airline program in the world, offering award seats on over 45 airlines.

To give a few simple best-case-scenario examples, short-haul flights (less than 500 miles) within North America, such as Boston to Montreal or New York to Toronto, can cost as little as 6,000 Aeroplan points per trip in economy class with Air Canada. A one-way ticket from Boston to Zurich, Switzerland on Swiss can cost 35,000 points in economy class or 60,000 points in business class. And a round-trip business class ticket on COPA Airlines from Miami, Florida to San Jose, Costa Rica generates 40,000 Aeroplan points and only 20,000 in economy class.

Points enthusiasts will appreciate Aeroplan’s stopover feature which allows for an extended layover en route to a final destination, subject to award availability. When flying from Miami to San Jose, Costa Rica on COPA, for example, it’s possible to add an extended layover in Panama City for an additional 5,000 points. This can be achieved by using Aeroplan’s new Multi-City/Beta search tool launched in September 2022, available directly on the homepage.

In other good news, the number of points required for an Aeroplan redemption is often much lower than that of the MileagePlus loyalty program through United Airlines. On top of that, cardholders can enjoy preferential rates on airline rewards (read: fewer points). On the other hand, it’s not always easy to know exactly how many Aeroplan points you’ll need for your flight: Aeroplan’s somewhat complicated rewards chart is based on geography, distance flown and dynamic pricing . It’s worth familiarizing yourself with Aeroplan’s search engine and playing around with the dates to find the best prices.

Easily top up your Aeroplan balance

Those with Chase Ultimate Rewards, American Express Membership Rewards and Capital One Points can transfer credit card points to the Aeroplan program at a 1:1 ratio. This makes it easy to combine points spent on your Aeroplan Card with points earned on other general travel credit cards, collectively amassing enough for coveted business class tickets to far-flung locations, if you don’t have the only Aeroplan card.

Plus, Aeroplan allows members to pool and share points among up to eight family members, making it even easier to collect enough miles for your dream award tickets.

Earn lots of points

Besides the introductory bonus, the Aeroplan Card is full of opportunities to earn extra points on daily spending. The card win rates are as follows:

  • Earn three points per dollar spent at groceries
  • Earn three points per dollar on meals, including eligible takeout and delivery services
  • Earn three points per dollar spent directly with Air Canada
  • Earn one point per dollar on all other purchases

But the gains don’t stop there. Another outstanding feature of this credit card is the ability to earn bonus points when you reach spending thresholds each month. Earn 500 bonus points for every $2,000 spent in a calendar month (up to a maximum of 1,500 points per calendar month, or a total of $18,000 per year).

Global Entry, TSA PreCheck or Nexus statement credit

A Global Entry or TSA PreCheck statement credit (every four years) is common among credit cards with high annual fees, but is atypical for a card with a $95 annual fee. However, the Aeroplan credit card goes beyond a $100 Global Entry/TSA PreCheck credit by allowing cardholders to also use the credit for Nexus, an expedited screening program for car travel between Canada and the United States (and which allows members to use Global Entry kiosks and get TSA PreCheck—yes, that’s a three-for-one).

Travel insurance

Some credit cards offer free travel insurance to cardholders that comes into play when loading the trip onto the card. These advantages are more typical of high annual fee credit cards, but, surprisingly, the $95 annual fee Aeroplan card comes with plenty of travel insurance. These include:

  • Trip Cancellation/Interruption Insurance
  • Baggage Delay Insurance
  • Travel Delay Reimbursement
  • Collision Damage Waiver for Rental Vehicles

As with all insurance matters, there are many stipulations regarding what is covered, how much is covered, and when coverage applies.

Carbon offsets

Air Canada is committed to achieving net zero emissions for all of its global operations by 2050. With this in mind, carbon offsets will be purchased (and paid by Air Canada) when Aeroplan cardholders (and their companions on the same booking) will travel with Air Canada, Air Canada Express and Air Canada Rouge on an Aeroplan Flight Reward. This will help reduce the impact of greenhouse gas emissions associated with flying. There is no cap on the number of carbon offsets Air Canada will provide under this program.

Benefits on Air Canada

We’ve discussed why this card makes sense for those who don’t even fly with Air Canada, but for those who do, the card is an even smarter choice. On Air Canada flights, the primary cardholder can expect one free checked bag for themselves and up to eight travel companions on the same itinerary.

Cardholders also earn automatic Elite status, Aeroplan 25K Elite status, in the calendar year in which card membership is obtained, plus the entire following calendar year. This provides benefits such as priority check-in, early boarding and upgrades on Air Canada flights. After the initial term, cardholders can maintain Aeroplan 25K status with $15,000 spent on the account in a calendar year. Those who spend $50,000 in a calendar year can earn Elite Up status by one level up to 35K status or higher based on their current Elite status.

Take away food

With a welcome bonus of 70,000 points, an excellent points earning structure, incredible redemption opportunities, Global Entry credit and its travel insurance suite, the Aeroplan credit card is a smart choice for all travelers, even those who don’t plan to set foot in Canada or on an Air Canada plane.

Although the offers mentioned above are accurate at the time of publication, they are subject to change at any time and may have changed or may no longer be available.

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Credit Card Competition Act: What Are Credit Card Fees? | Opinion https://slimdewalk.net/credit-card-competition-act-what-are-credit-card-fees-opinion/ Sun, 18 Sep 2022 15:00:00 +0000 https://slimdewalk.net/credit-card-competition-act-what-are-credit-card-fees-opinion/ Utah is home to some of the highest credit card debt rates in the country, ranking among the top 20 states in terms of the amount of credit debt carried by residents, according to a new report. The WalletHub Survey found Utahns carry an average of $2,225 in credit debt. A separate reportmeanwhile, showed that […]]]>

Utah is home to some of the highest credit card debt rates in the country, ranking among the top 20 states in terms of the amount of credit debt carried by residents, according to a new report.

The WalletHub Survey found Utahns carry an average of $2,225 in credit debt. A separate reportmeanwhile, showed that the state’s average consumer debt is well above the national average at $114,293.

Although worrisome, spiked credit balances are not exclusive to the Hive State. Americans across the United States are now borrowing more than ever, with credit user balances on the rise $46 billion in the second quarter of this year. That 13% spike from 2021 is the biggest year-over-year increase in two decades, underscoring the fact that Americans are borrowing more to meet higher prices.

But inflation is not the only factor driving these higher costs.

A recent increase of $1.2 billion in credit card swipe fees imposed by Visa and Mastercard is likely to raise the price of everything from baby diapers to gas at the pump. These hidden fees jumped 25% last year to a record high $137.8 billion for credit and debit cards combined, more than double the amount of the last decade.

For retailers, sweeping fees are typically the most expensive operating cost after labor. An increase in these fees forces merchants such as convenience store or grocery store owners to raise their prices in order to cover higher overhead costs. Because swipe fees are based on a percentage of the total transaction, Visa, Mastercard and major banks kill inflationary prices.

Swipe fees have increased dramatically over the past few years due to the lack of competition in the credit card industry. Visa and Mastercard control 80% of the market and set the prices for fees charged by their card-issuing banks. Instead of competing to offer merchants the best fee rate, the big banks force retailers who accept these credit cards to pay centrally set fees. This take-it-or-leave-it practice has caused many business owners to sue accusations violations of antitrust laws.

Utah Senator Mike Lee is paying attention. During a Senate Judiciary Committee hearing in May, Lee pressed Visa and Mastercard executives and describe their price-fixing as “anti-competitive cartel behavior”. Others, like Ranking member Chuck Grassley, R-Iowa, said the fees “eat away already tight margins, especially for small business owners.”

Last month, Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill., Featured bipartisan legislation solve this problem by introducing competition in the payments market. The bill, named the Credit Card Competition Actwill require the nation’s largest banks to have multiple processing networks for credit card transactions, allowing merchants to choose which network they want to use, forcing them to compete for the lowest swipe fee rate .

This means that Visa and Mastercard will have to consider a merchant’s preference for lower fees, just as any other business must when pricing goods.

In particular, this rule will not apply to community banks. The bill excludes banks with less than $100 billion in assets, meaning smaller banks will have a greater opportunity to break into the credit card issuing market while large Wall Banks Street will have to compete for customers. Considering that no Utah bank comes close to this threshold, none of our state’s local banks will be adversely affected by this legislation – but consumers in the state will still benefit.

As Utahans grapple with some of the highest credit card debt in the nation and businesses suffer from record inflation, it is imperative that our leaders do all they can to provide relief. Given Lee’s recent scrutiny of Visa and Mastercard, I hope he signs the Credit Card Competition Act to help skyrocket credit card fees.

Symone Hearst is a business development officer for the banking and credit union industry.

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Is Your Credit Card Charging You Any Of These 9 Fees Dave Ramsey Warns You About? https://slimdewalk.net/is-your-credit-card-charging-you-any-of-these-9-fees-dave-ramsey-warns-you-about/ Sat, 17 Sep 2022 12:00:25 +0000 https://slimdewalk.net/is-your-credit-card-charging-you-any-of-these-9-fees-dave-ramsey-warns-you-about/ Image source: Getty Images You should check the fine print on your credit card statement to find out. Key points Credit card charges are very common and can cause your credit card to cost you more. Dave Ramsey warned of nine fees to watch out for, including late fees, cash advance fees and returned payment […]]]>

Image source: Getty Images

You should check the fine print on your credit card statement to find out.


Key points

  • Credit card charges are very common and can cause your credit card to cost you more.
  • Dave Ramsey warned of nine fees to watch out for, including late fees, cash advance fees and returned payment fees.

Credit cards can make shopping easier since you can charge things instead of carrying cash for your purchases. If you use the cards responsibly by not overcharging and paying them back in full, they can also help you build credit and earn you valuable rewards.

But, cards can also cost you money, especially if you end up incurring additional fees that card issuers sometimes add. Financial expert Dave Ramsey has warned of nine common charges you may incur when you have a card, and it’s worth checking to see if you currently cover any of them.

Nine fees to watch out for

The nine charges Dave Ramsey warns about include:

Check it out: This card has one of the longest 0% interest intro periods.

More: Consolidate your debt with one of these top-rated balance transfer credit cards

  1. Annual fees: Ramsey asked, “Did you know you can be charged just for the ‘privilege’ of having a credit card?” He explained that not all card issuers charge for them, but some do. And he warned that sometimes fees are waived in the first year, but come into effect afterwards.
  2. Late fee: These are charged if you pay your bill late. As Ramsey explains, the CARD Act limits the first over-limit fee to $28 and allows subsequent over-limit fees to go up to $39 if you’re late a second time within six months.
  3. Balance Transfer Fee: You will pay these fees if you transfer a balance to your card. “You will be charged a percentage of the amount you move,” Ramsey explained.
  4. Cash advance fees: If you receive money from your credit card instead of just charging for purchases, a cash advance fee is usually added. Cash advances may also cost you more for another reason. “Unlike other purchases, cash advances don’t have a monthly grace period,” Ramsey explained. “That means they’ll start increasing interest as soon as the money is in your hands, not just when the billing cycle is over. That’s a punch in the gut!”
  5. Overlimit Fee: If you go over your card’s credit limit, Ramsey says you may be charged these fees, although not all cards assess them.
  6. Expedited Payment Fee: Ramsey says some card companies charge you if you make an expedited payment because you’re worried your payment won’t arrive on time.
  7. Foreign transaction fees: As Ramsey explained, these fees can be charged both when you’re abroad and when you’re buying something from a seller who doesn’t charge in US dollars.
  8. Returned Payment Fee: If your payment is returned due to insufficient funds or other issues, Ramsey says your card company will typically charge you to return your payment.
  9. Card Replacement Fee: Finally, a lost card may also result in additional charges.

As Ramsey explains, there are so many fees because “credit card companies love people with nothing but pennies.” So, since it’s your money that’s at stake, it’s important to be aware of what you’re being charged and make sure you protect yourself from these additional costs.

How to avoid unnecessary credit card charges

Follow these steps:

  • First make sure that the fees are really unnecessary. In some cases, for example, the annual fee is worth paying if your card comes with generous rewards and benefits that exceed the value of the fee. And the balance transfer fee may be worth paying if the balance transfer saves you more interest than you pay up front.
  • Set up automatic payments to avoid late fees and expedited payment fees.
  • Avoid making cash advances, which can be very expensive and usually unnecessary.
  • To avoid overlimit fees, don’t max out your credit cards.
  • Look for a card that doesn’t charge foreign transaction fees if you go abroad.
  • Keep your card in a safe place so you don’t have to replace it.

Now that you’re aware of these fees, you have the tools you need to make sure you don’t get stuck paying them. There’s no reason for your card to cost you more than you need to, so heed Ramsey’s advice and avoid cards with unnecessary fees.

The best credit card waives interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

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Apple Card Credit Manager Leaves for X1 Credit Card Startup https://slimdewalk.net/apple-card-credit-manager-leaves-for-x1-credit-card-startup/ Thu, 15 Sep 2022 13:00:01 +0000 https://slimdewalk.net/apple-card-credit-manager-leaves-for-x1-credit-card-startup/ Apple’s credit manager for the Apple Card, Abhi Pabba, has left the company. Pabba, who worked at Apple’s office in Austin, Texas, will join California-based credit card company X1 starting next week as chief risk officer, according to X1 CEO Deepak Rao. investment related news We’re seeing strong orders for Apple’s new iPhone 14 Pro […]]]>

Apple’s credit manager for the Apple Card, Abhi Pabba, has left the company.

Pabba, who worked at Apple’s office in Austin, Texas, will join California-based credit card company X1 starting next week as chief risk officer, according to X1 CEO Deepak Rao.

investment related news

CNBC Investment Club
We’re seeing strong orders for Apple’s new iPhone 14 Pro in both directions

Pabba specializes in credit and risk assessment. Prior to Apple, he worked at Capital One, where he focused on credit card authorizations.

Over the past few years, there have been a series of exits from the consumer business of Goldman Sachs, which handles the lending and issuing parts of Apple Card.

But Apple’s defections have been less apparent. The tech giant’s goal with the Apple Card isn’t to generate revenue from solid lending decisions, but to make the iPhone more essential to its customers. The map is primarily accessed and managed through the iPhone.

CNBC reported this week that Goldman Sachs is debating internally whether the company’s card loans, which are primarily tied to the Apple Card, are at an unacceptable loss. A large percentage of loans are given to customers with low FICO scores. Apple Card is also having trouble with automated customer service disputes due to the card’s rapid growth.

Apple is also expanding by offering credit to its customers through a feature called Apple Pay Later, which splits purchases into four weekly payments. Apple handles some of its own credit decisions for its buy now, pay later product.

Abhi Pabba, Chief Risk Officer at X1

X1

Pabba told CNBC that his work at Apple and Capital One involves monitoring credit cardholder metrics as a whole, including how much users spend, the percentage of them who end up in arrears, and the average of the approved credit scores.

“I would say these three [metrics] are of a pretty high standard, but you know, Capital One takes great pride in being very, very thorough with these things, and of course Apple had similar standards as well,” Pabba said.

Pabba is expected to develop X1’s underwriting policies, which will use alternative data, such as bank account access or Plaid information, in addition to traditional FICO credit scores to determine credit limits and rates for customers. .

X1a backing from Silicon Valley venture capitalists like PayPal founders Max Levchin and David Sacks, among others. Its main product is a credit card with deep application integration, which allows users to create new credit card numbers for individual transactions and easily monitor spending.

X1 also plans to offer higher credit limits to certain customers, which can help reduce total credit usage.

X1 currently has a waiting list for its credit card, which it says is currently used by thousands of people. He also hired a new CFO to position the company to increase enrollment to accelerate growth.

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NEW YORK STATE INSURANCE FUND WAIVES CREDIT CARD TRANSACTION FEES FOR SMALL BUSINESS POLICYHOLDERS https://slimdewalk.net/new-york-state-insurance-fund-waives-credit-card-transaction-fees-for-small-business-policyholders/ Tue, 13 Sep 2022 18:21:00 +0000 https://slimdewalk.net/new-york-state-insurance-fund-waives-credit-card-transaction-fees-for-small-business-policyholders/ Eligible customers are expected to save over $4 million in the first year /EIN News/ — New York, Sept. 13, 2022 (GLOBE NEWSWIRE) — The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, is waiving transaction fees by credit card for eligible small business policyholders who enroll or currently use paperless […]]]>

Eligible customers are expected to save over $4 million in the first year

/EIN News/ — New York, Sept. 13, 2022 (GLOBE NEWSWIRE) — The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, is waiving transaction fees by credit card for eligible small business policyholders who enroll or currently use paperless billing. The initiative is part of Governor Kathy Hochul’s efforts to provide relief and savings to New York’s small businesses as they continue to recover from the COVID-19 pandemic, and to promote environmental sustainability.

“I want to thank Governor Hochul for her enduring commitment to New York employers and the environment,” NYSIF Executive Director and CEO Gaurav Vasisht said. “Eliminating credit card transaction fees will reduce the burden on small businesses, which fuel the state’s economy, and encouraging paperless transactions will promote climate resilience.”

Under the program, when a policyholder signs up for paperless billing, NYSIF will waive the 2.25% fee that normally applies to credit card premium payments. Any policyholder in good financial standing and whose annual workers’ compensation premium is $10,000 or less, or whose annual disability premium is $1,000 or less, will be eligible. Paid family leave premiums will not be considered in determining eligibility.

Policyholders already enrolled in online billing will also be eligible. NYSIF estimates that approximately 89,000 small business policyholders will benefit from the program, with customers saving more than $4 million in the first year alone.

NYSIF policyholders can subscribe to dematerialization by log in to your online account. NYSIF policyholders can also make credit card payments free of charge to nysif.com/billpay.

About NYSIF

With nearly 200,000 policyholders, $1.9 billion in annual premiums, and more than $20 billion in invested assets, NYSIF is the largest workers’ compensation insurer in New York State and among the top 10 nationally. NYSIF’s mission is to ensure the availability of workers’ compensation, disability insurance, and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception in 1914, NYSIF has fulfilled this mission by competing with other insurance companies to ensure a fair market while serving as a source of guaranteed coverage for employers who cannot obtain coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and to be an industry leader in price, quality and service for New York employers. For more information, visit nysif.com.

David Jacobson
                  NYSIF
                  212-587-6565
                  djacobso@nysif.com
                  

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Do annual credit card fees count towards sign-up bonus requirements? https://slimdewalk.net/do-annual-credit-card-fees-count-towards-sign-up-bonus-requirements/ Sun, 11 Sep 2022 11:00:24 +0000 https://slimdewalk.net/do-annual-credit-card-fees-count-towards-sign-up-bonus-requirements/ Image source: Getty Images In a perfect world, these large fees would be useful. Key points Annual fees are not considered purchases, so they do not count towards the sign-up bonus spending requirements. Other transactions unrelated to the purchase are also excluded. This means balance transfers and cash advances will not count. Spending requirements take […]]]>

Image source: Getty Images

In a perfect world, these large fees would be useful.


Key points

  • Annual fees are not considered purchases, so they do not count towards the sign-up bonus spending requirements.
  • Other transactions unrelated to the purchase are also excluded. This means balance transfers and cash advances will not count.
  • Spending requirements take your net spend into account, so any returns that reduce your net spend will count towards your bonus requirements.

Every credit card lover has a soft spot in their heart for a good sign-up bonus. Whether you prefer cash back cards or travel rewards, this sign-up bonus is full of delicious possibilities.

I used a single hotel credit card sign-up bonus to cover my accommodation for an entire week on a family vacation. An airplane card bonus took us to the UK — in Company to classify.

But as wonderful as sign-up bonuses are, they all have one major downside: the spending requirement. The vast majority of credit card sign-up bonuses will require you to spend a set amount of money over a period of time to earn the bonus. For example, a bonus might give you $150 cash back if you spend $500 on your new card in the first three months.

The larger the bonus, the greater the need for spending. And the best bonuses tend to come from premium cards with very high fees. It is therefore natural to hope that you will be able to use these fees additionally by reducing your spending needs. Unfortunately, it doesn’t work that way.

Annual fees are not “purchases”

In summary, the spending requirements only consider net purchases. Since your annual membership fee is not a “purchase”, it is a costs – this will not count towards your sign up bonus terms.

Considering the size of some of the annual fees, this is a major disappointment. Some fees could easily add up to 10% or more of the spending requirement if they mattered. But they don’t.

These transactions will also not count

The purchases only rule also excludes a variety of other account transactions for your bonus requirements. Balance transfers, for example, will not count. Nor the balance transfer fees that often come with them.

For example, let’s say you get a card with a 0% introductory APR on balance transfers. It also has a $200 sign-up bonus for spending $1,000. No matter how much money you transfer to the new card, it will not earn you the bonus. Only new purchases made with this card will count towards the spending requirement.

Similarly, cash advances – and their associated fees – are also excluded from bonus requirements. This applies when you use your card to withdraw cash from an ATM, as well as for certain cash equivalent transactions. For example, if you buy crypto with your credit card, it will likely be coded as a cash advance, so it won’t count towards a sign-up bonus.

Don’t forget to consider feedback

When you look at the fine print of the sign-up bonus, you will notice that it refers to report shopping, no raw purchases. This is an essential distinction.

Basically, this means that any returns that result in a refund to your credit card will void the purchase. Suppose you make a purchase of $500 which is then refunded. The refund means that $500 no longer counts towards your sign-up bonus requirement.

And don’t think you’re out of the woods if the comeback happens after you win the bonus. Credit card issuers are known to claw back bonuses if you have returns that force you to spend, even months later.

Keep track of purchases – and Nope-purchases

An important part of getting a sign-up bonus is tracking your spending to make sure you don’t miss the deadline.

While some issuers offer designated spending requirement trackers – a little progress bar that tells you how much more you need to spend to earn your bonus – others leave it up to you to find out.

While there isn’t a dedicated progress bar for your sign-up bonus, you rely on the regular spend tracking offered by most issuers. This shows the total of all your card transactions for a given period. However, he understands everything transactions – not just purchases.

This means you’ll need to remember to subtract all non-purchase transactions, like annual fees, from your calculations. You will also want to do the same with any returned purchases that have been refunded to your card. Forgetting these steps can mean you think you’re closer to meeting the requirements than you actually are, which can mean you’re missing out on a lucrative bonus if you don’t spend enough time.

The best credit card waives interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

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Using a Personal Loan to Pay Off Credit Card Debt https://slimdewalk.net/using-a-personal-loan-to-pay-off-credit-card-debt/ Fri, 09 Sep 2022 19:47:53 +0000 https://slimdewalk.net/using-a-personal-loan-to-pay-off-credit-card-debt/ Credit card debt can quickly turn into a cycle of endless payments. Fortunately, there are several solutions if you are looking to anticipate your debt and pay it off more quickly. One way is to apply for a personal loan to effectively transfer your debt from your credit card issuer to a personal lender and […]]]>

Credit card debt can quickly turn into a cycle of endless payments. Fortunately, there are several solutions if you are looking to anticipate your debt and pay it off more quickly.

One way is to apply for a personal loan to effectively transfer your debt from your credit card issuer to a personal lender and hopefully get a lower interest rate and better repayment options. By doing so, you’ll likely pay less interest in the long run and eventually be able to get out of debt. There are also a few other options worth considering if you want to consolidate your debt effectively and affordably.

Below, Select details what you need to know about using a personal loan to pay off credit card debt and how to get started.

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Benefits of using a personal loan to pay off credit card debt

Credit card debt has skyrocketed recently as Americans continue to face record inflation for daily consumer goods such as gasoline and groceries. Unfortunately, such trends can create a slippery slope since credit cards tend to have high interest rates, allowing consumers to get into debt even faster.

If you’ve found yourself in a credit card debt loop, you might want to consider using a personal loan. Here are two reasons why using a personal loan to pay off credit card debt might make sense for your situation.

Personal loans have lower interest rates than credit cards

According to most recent data from the Federal Reserve, the average credit card interest rate in May 2022 was 15.13%. During the same month, personal loan interest rates averaged 8.73% for a 24-month loan.

Let’s say you have $8,000 in credit card debt that you would like to pay off. If you kept your credit card balance, you would end up paying $1,326 in interest. If instead you applied for a personal loan and paid it off over two years, you would end up paying $747 in interest, a difference of $579 in interest.

And keep in mind that these interest rates are just averages. LightStream, Select’s overall best choice for personal loans, offers APRs ranging from just 3.99% to 19.99% when you sign up for autopay, depending on your terms. So your savings can be even greater.

You can reduce the number of monthly payments you have

If you happen to have more than one credit card with a revolving statement balance, opting for a concise monthly payment with a personal loan could be helpful. Rather than concentrating your efforts in several places, you will have all your debts in one place and can devote your energy to paying them off. Also, the more money you invest in the personal loan, the faster you can pay it off and the less interest you will pay.

Disadvantages of using a personal loan to pay off credit card debt

However, using personal loans to pay off credit card debt is not without risk. Here are some cons to consider before applying.

Personal loans could lead to more debt

If you decide to go this route, it’s important to use a personal loan as a means to an end. Even if you use one to pay off your debt, you could quickly end up with credit card debt, as well as a personal loan for your old debt if you’re not careful.

If you take out a personal loan to pay off your credit card debt, be sure to immediately pay off your credit card balance with the money from the loan. Some lenders, like Marcus by Goldman Sachs Personal Loans, will do this automatically for you when you apply for a loan. Then, put a plan in place to pay off your loan and create a budget so you don’t overspend.

A lower interest rate is not guaranteed

Although there is a wide disparity between the average interest rates for credit cards and personal loans, there is no guarantee that you will get a better rate. Find out the exact interest rate you’re paying on your credit card and do your best to find a better interest rate with a personal loan. Factors such as your credit score, loan amount, and loan term can all affect the APR you qualify for.

Visit Select’s Personal Loan Marketplace to see which loans you are prequalified or preapproved for. It’s free, won’t impact your credit score, and lets you compare interest rates from different lenders.

Personal loans have fees

When researching different lenders, consider the fees you may be charged for the personal loan, which may include application fees, origination fees, prepayment penalties, late fees, repayment fees, or a payment protection insurance. If the interest rate difference is small between your credit card and your personal loan, the fees may negate any potential savings.

Best personal loans to pay off credit card debt

If a personal loan sounds like a viable solution for your financial needs, here are a few. Choose from Select’s preferred lenders. Select ranked LightStream as the best personal lender overall due to its low interest rates and flexible terms, but PenFed is also good for those looking for smaller loans and Discover for those looking for quick funding. These loans also have no origination or prepayment fees.

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    3.99% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

PenFed Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, medical bills, car financing and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Discover personal loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding or vacation

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Select’s personal loan marketplace

Visit Select’s Personal Loan Marketplace to see which loans you are prequalified or preapproved for. It’s free, won’t impact your credit score, and lets you compare interest rates from different lenders.

Another way to consolidate credit card debt

While taking out a personal loan is a solid option for paying off credit card debt, another way to go is to take out a balance transfer credit card that comes with an introductory APR of 0%. With this type of card, for a fixed term, its balance will not bear interest as long as you make the minimum payment each month.

For example, the Wells Fargo Reflect® Card offers 0% initial APR for 18 months from account opening (after, 15.24% – 27.24% variable APR) on eligible purchases and balance transfers. (See rates and fees.) It is also possible to extend this 0% APR for up to three additional months by making the minimum payments on time throughout the introductory and extension periods. Balance transfers made within the first 120 days are also eligible for the introductory rate.

This means you could end up earning up to 21 months of interest-free financing on your current debt as long as you make the minimum payments. If, for example, you have $8,000 in credit card debt to pay off and you can make monthly payments of $400 during the 0% introductory period, you won’t pay a penny in interest.

Keep in mind, however, that there is usually a 3% fee to transfer a credit card balance.

If a personal loan doesn’t meet your needs, consider using a 0% intro APR credit card such as one of the following listed below:

Citi® Diamond Preferred® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

  • Balance Transfer Fee

    5% of each balance transfer; At least $5. Balance transfers must be completed within 4 months of account opening.

  • Foreign transaction fees

  • Credit needed

Advantages

  • No annual fee
  • Balances can be transferred within 4 months of account opening
  • One of the longest introductory periods for balance transfers

The inconvenients

  • 3% foreign transaction fee

Hunt Unlimited Freedom®

  • Awards

    Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and restaurant meals, including eligible takeout and delivery services, and 1.5% on all other purchases

  • welcome bonus

    Earn an extra 1.5% on everything you buy (up to $20,000 spent in the first year) – worth up to $300 in cash back. That’s 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on restaurants and drugstores, and 3% on all other purchases.

  • Annual subscription

  • Introduction AVR

    0% for the first 15 months from account opening on purchases and balance transfers

  • Regular APR

  • Balance Transfer Fee

    Introductory fee of $5 or 3% of each transfer amount, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of each transfer amount, whichever is greater.

  • Foreign transaction fees

  • Credit needed

Wells Fargo Active Cash® Card

On the Wells Fargo secure site

  • Awards

    Unlimited cash rewards of 2% on purchases

  • welcome bonus

    Earn a $200 cash rewards bonus after spending $1,000 on purchases in the first 3 months

  • Annual subscription

  • Introduction AVR

    0% intro APR for 15 months from account opening on eligible purchases and balance transfers; balance transfers made within 120 days qualify for the introductory rate

  • Regular APR

    Variable APR of 17.24%, 22.24% or 27.24% on purchases and balance transfers

  • Balance Transfer Fee

    3% introductory fee ($5 minimum) for 120 days from account opening, then up to 5% ($5 minimum)

  • Foreign transaction fees

  • Credit needed

At the end of the line

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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How to Find and Use Your Credit Card Login Before https://slimdewalk.net/how-to-find-and-use-your-credit-card-login-before/ Wed, 07 Sep 2022 21:12:44 +0000 https://slimdewalk.net/how-to-find-and-use-your-credit-card-login-before/ Poike / Getty Images / iStockphoto Avant credit cards are unsecured credit cards for people who want to improve their credit rating. Since Avant credit cards do not require a security deposit or hidden fees, they are an accessible way for users to get better credit by making timely bill payments. Avant makes it easy […]]]>

Poike / Getty Images / iStockphoto

Avant credit cards are unsecured credit cards for people who want to improve their credit rating. Since Avant credit cards do not require a security deposit or hidden fees, they are an accessible way for users to get better credit by making timely bill payments.

Avant makes it easy to apply for a credit card with a simple online application. Approval only takes a few minutes, and once you’ve been approved, you can access your account using your Avant credit card ID.

Simply follow the instructions below to log in to your Avant credit card account from a computer, mobile phone or tablet. If you’re having trouble with your account or need help recovering your username or password, Avant makes it easy to fix those issues, too.

How to log in to your Avant account from a computer

You can log in to your Avant account online in a few simple steps.

  1. Visit avant.com to sign in.
  2. Click on the “Login” button in the upper right corner to open the account portal.
  3. Enter your username and password and click “Login”. You should now be able to view and manage your account.

How to log in to your Avant account from a mobile phone or tablet

Avant is still developing its mobile banking app. However, if you need to manage your Avant credit card account on the go, you can sign in using a mobile browser by following the same steps you would use to access your account from a computer.

  1. On your mobile phone or tablet, go to avant.com to log in.
  2. Click on the drop-down menu icon that appears as three horizontal lines in the upper right corner, then click on the “Login” button to open the account portal.
  3. Enter your username and password and click “Login”. You should now be able to view and manage your account.

How to recover a lost username or password

Forgot your username or password ? Recover your information by following these steps.

How to recover login credentials

  1. When you are on avant.com, click on the “Login” button in the upper right corner to open the account portal.
  2. Below the username and password fields, you should see a link that says, “Don’t remember your password? Click on this link.
  3. To reset your password, enter your email address in the field provided. Then click on “Send an e-mail”. Avant will send you a recovery email with information on how to reset your password.

How to contact Avant if you have problems with your account

If you are having trouble with your Avant credit card account, follow the instructions below to contact their customer support team.

  1. Go to avant.com and locate the “Support” menu item in the upper right corner.
  2. Hover over “Support” and select “Contact Us” from the drop-down menu.
  3. To send an email, simply complete the contact form on this page. Be sure to select the “Credit Card Before” option when it prompts you to “Select a Product”. After typing your message, click “Send”.
  4. If you prefer to speak with a customer support agent over the phone, call 855-752-7012.
  5. If you are able to log into your account, the Avant customer service team can also be reached through the account dashboard.

Avant’s customer support team is available Monday through Friday from 7:00 a.m. to 10:00 p.m. Central Time, and Saturday and Sunday from 7:00 a.m. to 8:00 p.m. Central Time. The Avant banking application support team operates during the same hours.

What are the advantages of online banking?

Online banking has many advantages over visiting a physical bank. On the one hand, you have access to your bank 24 hours a day, 7 days a week. It makes it easier and faster to manage your account, pay bills online or transfer money to friends and family. Plus, if you want to view your past transactions or view your bank statements for budgeting purposes, all of your account information is just a few clicks away.

Many online banks offer a wide range of features to attract customers to their platforms. These include, but are not limited to: higher interest rates on savings accounts, lower fees, and a better online experience.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

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Swipe your credit card wisely, keep these 5 tips in mind https://slimdewalk.net/swipe-your-credit-card-wisely-keep-these-5-tips-in-mind/ Tue, 06 Sep 2022 04:40:22 +0000 https://slimdewalk.net/swipe-your-credit-card-wisely-keep-these-5-tips-in-mind/ Tips for using a credit card properly India has seen a boom in credit card spending, especially after the outbreak of the Covid-19 pandemic. According to data from the Reserve Bank of India, in May, total credit card spending in the country hit a record high of 1.14 trillion rupees. Be it reward points, rebates, […]]]>

Tips for using a credit card properly

India has seen a boom in credit card spending, especially after the outbreak of the Covid-19 pandemic.

According to data from the Reserve Bank of India, in May, total credit card spending in the country hit a record high of 1.14 trillion rupees. Be it reward points, rebates, or credit card cash back, people prefer online transactions these days.

Credit cards also allow cardholders to spend money without worrying about their bank balance.

However, being careless with your credit card spending can also have a negative impact on your personal finances.

Practices such as delaying credit card bill payment will not only result in penalties, but will also impact your credit score. Therefore, it would be better to remember some things before swiping the card.

Here is some tips to help you become wiser with credit card use:

Check statements

Swiping the credit card is easy, as is checking statements. But, many still tend to avoid checking their dues and credit statements every month.

Adopting this habit can help you keep track of your expenses. This will allow you to spot errors and correct them before they have a negative impact on your credit score.

Punctual refunds

Paying your credit card bills on time should be your top priority. Late bill payments can result in penalties and increase the interest rate on your unpaid bill. Avoid this by setting up reminders for bill payments.

Don’t slip it so often.

Credit cards have some advantages, but swiping them too often can leave a bad impression on your lender.

Relying on your credit card for small expenses indicates that you are heavily dependent on credit. This can affect your creditworthiness.

Lenders are always monitoring your credit card transactions and may refuse to approve new loans if you have a huge outstanding credit card.

Monitor Credit Utilization Ratio (CUR)

CUR is the ratio of the credit you have used to the total credit given to you by the lender and is usually expressed as a percentage.

It’s important to maintain a healthy credit score because a high CUR can lead your lender to assume that you’re mismanaging your finances and highly dependent on credit.

To avoid this, pay off your credit card balances on time or upgrade to a higher credit limit with the bank.

Spend within the limit

Spend only when you are sure to repay the amount on time. Overspending on unnecessary purchases can rack up a huge credit card bill that you may struggle to pay later.

It’s best to keep spending under the limit, which will also reflect in your credit report and prove beneficial when looking for loans.

]]> Start in college? Here’s why a student credit card is essential https://slimdewalk.net/start-in-college-heres-why-a-student-credit-card-is-essential/ Sun, 04 Sep 2022 11:00:29 +0000 https://slimdewalk.net/start-in-college-heres-why-a-student-credit-card-is-essential/ Image source: Getty Images Now is the perfect time to start building a good credit history. Key points Student credit cards are a good introduction to credit for students. If you get a student credit card and pay the bill on time, it can help you build a high credit score. The fall semester is […]]]>

Image source: Getty Images

Now is the perfect time to start building a good credit history.


Key points

  • Student credit cards are a good introduction to credit for students.
  • If you get a student credit card and pay the bill on time, it can help you build a high credit score.

The fall semester is starting again, so if you’re in college, it’s probably a busy time for you. Between moving into dorms or an apartment, enrolling in classes, and buying books, there’s a lot to do.

As you prepare for college life, there’s also a smart money move you can make right now. If you don’t have a student credit card yet, it’s worth getting one. By getting a student card and using it wisely, you can get a head start on building your credit score and maybe even get some extra perks in the process.

How Student Credit Cards Work

A student credit card is a type of credit card designed specifically for students. If you know how credit cards work, student cards work the same way.

When you get a student credit card, the card issuer approves you for a credit limit, also called a line of credit. This is the maximum balance you can have on the card. Student cards normally start with low limits, such as $500.

Each month, the card issuer sends you a credit card statement. Your credit card statement will contain:

  • Charges you made during this billing cycle
  • The statement balance, which is the total amount you owe
  • The minimum payment amount required
  • The payment due date

Here’s the key to using credit cards successfully — pay the full statement balance each month. When you pay in full, you pay no interest on your purchases. You only pay the actual cost of these purchases.

On the other hand, if you don’t pay in full, that’s when the card issuer may start charging interest. This basically means you pay extra for purchases you haven’t paid for. Some people only make minimum payments, but it takes a long time to pay off your balance and it costs you a lot of interest.

LEARN MORE: How does credit card interest work?

Why should you get a student credit card?

The main reason to get a student credit card is that it can help you build your credit history. Your credit history is what determines your credit score, a number that will have a big impact on your life.

For example, when you apply to rent an apartment, chances are the landlord will do a credit check. If you don’t yet have a credit score, you may need to find a co-signer, such as a relative with a high credit score, for your lease. Or, the landlord might require a larger security deposit.

This is just one example among many others. Your credit score also comes into play when applying for loans, such as car loans and mortgages. In most states, it can even affect how much you pay for car insurance.

If there is no information about your credit history, you will not have a credit score. It’s called being invisible credit, and it’s a problem for many people, especially young adults. No credit score means that lenders and other third parties have nothing to do when they check your credit.

But if you used a student credit card and paid on time, you won’t have this problem. Each time you pay your bill on time, the card issuer flags that payment in your credit history. Each is like a good grade, and over time, that positive activity adds up to a high credit score.

This is an important advantage, but it is far from the only advantage of a student credit card. Here are a few others you should know about:

  • A credit card is a safe way to pay for your purchases. Almost all credit cards offer zero fraud liability, meaning you are not responsible for fraudulent charges made with your card.
  • Some student credit cards offer rewards, such as cash back, on your purchases.
  • Many credit card companies offer free identity protection and credit monitoring to their cardholders. This allows you to stay on top of your credit score and credit file activity.

How to get a student credit card

The first step to getting a student credit card is finding the right one. If you have a bank account with a bank or credit union, check to see if they have student cards available. Some do, and it’s often easier to get approved for a credit card when you’re already a customer of the card issuer.

Otherwise, browse the best student credit cards and choose the one you like. Once you have found a card, you can apply for it online. Credit card applications ask for personal and financial information, including:

  • Full name
  • Date of Birth
  • Physical address
  • Phone number
  • E-mail address
  • Social Security number
  • Annual revenue

You will need some form of income to be approved for a credit card. However, it does not have to be employment income. If you receive scholarships or grants, or even an allowance from your parents, you can include this as income on your credit card application.

Credit cards have a mixed reputation in personal finance circles, and it’s true that bad credit habits can land you in debt. But when used responsibly, they are a useful financial tool. Your credit score is extremely important, so it makes sense to start working on it now.

The best credit card waives interest until 2023

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% in 2023! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

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