Receive a sign up bonus of 40,000 miles and a $200 statement credit after $2,000 spend on the Bank of America Alaska Airlines business card
Card Details
Annual fee of ($50 per company and $25 per card for business level earning plan or $0 per company and $75 per card) is not waived in the first year
Card earns at the following rates:
3x miles per $1 spent on Alaska Airlines tickets, vacation packages, and cargo purchases
1x miles on all other purchases
Coach Companion Fare from $121
Free checked bag for you and up to six other passengers on your reservation
No foreign transaction fees
Our Verdict
Previous best deal has been 42,000 + a possible $100. This is an extra $100 (or $200 as not everybody even got the $100) and the spend requirement is the same. There’s also an increased offer on the personal card of 65,000 miles. Bank of America business cards do not report to your personal credit report, this is useful for those staying under 5/24 for Chase. This will be added to the best credit card bonuses page.
A credit card is a perfect tool for consumers who love to buy now and pay later. So many types of credit cards exist, so it is important for consumers to explore all of the available options before making a decision.
Of course, with certain products designed for consumers of a certain profile, there are obvious choices, and a secured credit card is one.
What is a Secured Credit Card?
A secured credit card is a credit card that requires the cardholder to pay a refundable deposit. This deposit, which is typically equal to the amount of credit, is used as collateral to ensure the account is paid. If the cardholder does not pay the balance due, the deposit will not be refunded and the account will be closed.
If the cardholder exhibits that they can properly manage a credit account and make an on-time payment every month, they may be able to apply for a traditional or an unsecured credit card account and get their deposit refunded for the secured credit card.
Should You Get a Secured Credit Card?
Secured credit cards can benefit any consumer, but it can be especially helpful to consumers with poor or bad credit and consumers with no credit. When people seek credit, they will be expected to have a certain credit score because this score will show lenders and creditors how much of a risk that person is and if they should be approved for credit. Creditors basically see it as the lower score, the higher the risk.
Secured credit cards have two major benefits for consumers:
Improves credit score: Cardholders will have their monthly payments reported to the credit bureaus, and on-time payments often result in an increased credit score.
Establishes credit history: A credit account listed on a credit report helps establish a credit history, which is important for people who want to improve their chances of being approved any type of credit in the future.
Over time, consumers can easily build/rebuild their credit and improve their score. Rather than having low odds of approval because they are seen as a risk, consumers will have higher odds of approval in the future when credit is needed, like when they want to purchase a home or even open another credit card account.
How Do I Get a Secured Credit Card?
Consumers interested in a secured credit card need to determine which secured credit card to apply for before they just start filling out applications.
When choosing a secured credit card, consumers should consider:
Credit limit
Minimum deposit amount
Fees( Annual fee, late fee, etc.)
Interest rate
An application will then need to be filled out. The application will require the applicant to provide personal information about their finances. Following the review of the application, and a credit check, the application will be denied or approved. The process of obtaining a secured credit is similar to the process of obtaining an unsecured credit card, but there is one key difference: the deposit.
If approved, the applicant will then pay the requested deposit amount. As stated above, the deposit will typically be equal to the credit limit. For example, if a cardholder would like a credit limit of $300, their deposit will need to be $300. A higher limit will require a larger deposit from the cardholder.
When trying to decide if a secured credit card is the best option, consumers have a lot to review, but they can’t deny how it will help their credit in the long run. Credit cards can be used to pay bills, buy gas, see a movie and much more, but when someone’s credit score isn’t where it should be, a traditional credit card may not be an option. With a secured credit card, people can gain access to the credit they need and have an efficient tool that will help them build their credit.
Need help finding the right secured credit card or have questions about rebuilding your credit? Call Credit Absolute today to schedule your free financial consultation!
(Update 3/4/21: Points and statement credits posted today.)
Deal has ended, view more Barclays deals by clicking here.
The Offer
Targeted offer, sent out via e-mail. Subject line is ‘Double Bonus Opportunity – Earn up….’
Barclays has just sent out some targeted spending bonuses offering the following:
Earn 10x miles for every $1 spent from November 10, 2020 – January 31, 2021
Plus earn an additional 50,000 miles when you spend a total of $3,000 from November 10, 2020 – January 31, 2021
The Fine Print
This offer is valid for select cardmembers and is not transferable
. If your account is closed or you switch to another product during the promotional period, you may no longer be eligible for this promotion.
If you receive this offer you will earn an additional 10% back in Uber Cash for every $1 spent on purchases less credits, returns or adjustments (Net Purchases) with transaction dates from November 10, 2020 to January 31, 2021 up to a maximum of $100 in Uber Cash
. If you spend at least $3,000 on Net Purchases with transaction dates from November 10, 2020 through January 31, 2021 you will receive an additional $500 in Uber Cash.
The maximum earn for this offer is $600 in Uber Cash.
Failure to maintain your creditworthiness during the offer period may result in actions on your account, such as a credit line decrease, that would reduce your ability to take advantage of this offer.
To receive the additional Uber Cash, your account must be open, active and in good standing at the time of fulfillment.
All Uber Cash earned from this promotion will appear on your statement 6-8 weeks after the end of the promotion.
Our Verdict
Obviously insanely good targeted spending bonuses. Better than some credit card sign up bonuses. Looks like credit card issuers are getting increasingly desperate to increase spend numbers and that can only be a good thing for consumers in the short term.
You know that “starter” credit card collecting dust in your wallet? The one with a high interest rate, lackluster benefits, and zero rewards? Now that you’ve upgraded to a better card, you might be tempted to close your old cards and never look back.
Not so fast! Canceling your old credit cards can actually hurt your credit score. Old, unused credit cards can still build credit, but you need to keep them open.
Here’s what to do with your old credit cards.
Keep Them Open
If you keep them open, your old credit cards will positively influence two of the factors that determine your credit score: length of credit history and credit utilization rate.
Length of Credit History
The length of your credit history makes up about 15% of your FICO credit score. Over time, your credit cards and loans contribute to that history. The longer you’ve been managing credit, the better.
If you start closing accounts, they’ll no longer build up your credit history, which is especially valuable when you’re new to credit.
Credit Utilization Rate
Your credit utilization rate makes up roughly 30% of your FICO credit score. Simply put, it’s the amount of your available credit that is tied up in debt. For example, if you have two credit cards with a combined credit limit of $10,000, and your combined statement balance for those cards is $2,000, then your credit utilization rate is 20% (2,000/10,000 = .20).
If you close an old credit card, you’re automatically lowering your credit ceiling. Any balances you carry on other cards will take up a greater percentage of your available credit and raise your credit utilization rate.
A good rule of thumb is to use less than 30% of your available credit.
Get Rid of Interest and Fees
Keeping old credit cards open can help you build credit, but you won’t want to pay for the privilege of doing so.
First, stop making new purchases on your old card. Second, pay down the balance to $0 as quickly as possible. This way, you can avoid accruing interest on recent charges and you’ll have one less payment to keep track of.
You may be tempted to close your card if there’s an annual fee. Before you do, contact your credit card provider and see if they’ll waive the fee in exchange for keeping your account open. Or, try to downgrade your card to a free option with the same credit limit.
Keep Them Secure
Once decide to stop using your card, you should keep it out of the hands of thieves. Even though federal law limits your liability for unauthorized charges to $50 (many credit card companies extend that to $0), you don’t want a thief running wild on your credit card.
Keep your card in a secure place. You don’t need to carry it around in your wallet, but it should be accessible in case of emergency.
You may also want to scrub your old credit card from the internet. If shopping websites or other companies have your old card number on file, consider updating your information. You can replace it with your new card number or even switch to virtual card numbers for greater security.
Even after you take these precautions, your card could still be vulnerable. Read your monthly statements or periodically check your account to make sure your card hasn’t been compromised.
Is There a Valid Reason to Close Your Credit Card?
There are many valid reasons to close an old credit card, even considering the implications for your credit score.
If you are having financial problems and you can’t manage your debts responsibly, you may need to take a break from credit cards altogether. If the credit card company won’t cancel your annual fee, the benefits might not be worth the expense. And if your credit is strong enough to take the hit, you may want to cancel for simplicity’s sake.
Just remember to consider the effect that closing an old credit card will have on your credit.
If you’re concerned about your credit, you can check your three credit reports for free once a year. To track your credit more regularly, Credit.com’s free Credit Report Card is an easy-to-understand breakdown of your credit report information that uses letter grades—plus you get a free credit score updated every 14 days.
You can also carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.
Enroll your U.S. Bank or Fidelity credit card to earn a 2% statement credit on purchases at Home Improvement and Lawn & Garden stores through April 30, 2021. Max $25 statement credit.
The Fine Print
Must enroll by March 31, 2021.
You can earn a 2% statement credit per dollar spent, up to $25, on net purchases at Home Improvement Stores, Hardware Stores and Garden Centers.
The statement credit will be applied to your account within 2-3 billing cycles after the end of the promotion period. Net purchases are purchases minus credits and returns. Your account must remain open, have available credit, and be current (no minimum payment past due) to qualify.
This offer is valid for in-store and online transactions in the Home Improvement Store, Hardware Store and Garden Center categories and will qualify based on how merchants classify the transaction.
As U.S. Bank cannot control how merchants choose to classify transactions, U.S. Bank cannot guarantee a transaction will qualify. Only purchases for services made directly with the merchant apply to the promotion. This offer may not apply if your credit card has changed to a different type of card within the last 12 weeks or changes before the statement credit is applied. If you have any questions, call Cardmember Service at 844.357.2015.
Our Verdict
Lots of readers reported this on their Fidelity card, and readers mention getting it on the Cash+ and Altitude Reserve cards as well; might not be available on all U.S. Bank and Fidelity cards, so check your email to find the offer and enroll. Nice little bonus for purchases you might be making anyway.
Even for the most earnest of holiday well-wishers, the season still calls for spending. Traveling to see family can yield heavy travel costs, gift-giving certainly isn’t free, and of course, there’s everyone’s holiday must-do’s: eat, drink, and be merry (which sadly, aren’t always free).
Once it’s all added up, you’d probably be shocked to see what an average American really spends during the holiday season. We would know – we surveyed 1,017 gift-givers across the country. However, holiday spending doesn’t have to be a drain on your wallet. Keep reading to learn how to save and spend responsibly during the most wonderful time of the year.
Generous Gestures
When we said Americans spent heavily during the holidays, we meant it. On average, respondents planned to spend $1,193 this holiday season. Primarily, these costs included gifts ($536), travel ($350), food or drink ($194), and decorations ($113). Gift-giving was the largest of these expenditures, and on average, respondents had nine people on their shopping lists.
But who was the most giving? That distinction belongs to Generation X. They planned to spend the most this year, no matter the holiday category. Currently, between 40 and 54 years old, Gen Xers might be the most likely to buy gifts for children and grandchildren, as well as having to pay for travel to visit their extended families. Perhaps they’re even hosting more parties and are, therefore, in need of more food and drink, as well as decorations.
But spending the most doesn’t necessarily pay off. The more respondents planned to spend, the likelier they were to report higher levels of stress. Those who planned to spend over $600 on gifts described themselves as “extremely or very stressed,” while those who planned to spend less than $500 experienced no stress at all. Continue reading to see the other impacts holiday expenditures have on American finances.
Bankrolling the Joy of Giving
Considering that most Americans couldn’t afford a $1,000 emergency expense, it’s safe to assume that holiday expenditures may be stretching many budgets thin. As it turns out, 38.5% of respondents took money from their savings to help cover holiday costs last year.
Unless you’ve set aside money to pay for holiday expenses, it might not be in your best interest to dip into your savings when the holidays roll around. Your savings account can help build resilience against surprise expenses and prepare you for major purchases, such as a car or home.
Nearly 11% of respondents dipped into their emergency fund for gift-giving, and 10.1% sold possessions for cash to pay for holiday purchases. In the most extreme cases, 4.3% took out a personal loan to make it through the holidays financially. Since these loans typically have to be paid back with interest, it’s important to consider the potential long-term impact on your financial situation before resorting to this method.
Credit Card Debt Can Creep Up During the Holidays
Most Americans are currently in debt, and this year’s holidays will make that debt grow if they’re anything like the last. Nearly a third of respondents said they had gone into credit card debt to cover last year’s expenses, averaging $745 in credit card debt from the previous holiday season.
For some (16.9%), holiday debts were substantial enough to have kept them in debt through the year, with these respondents reporting they were still in the process of making payments. This was actually more common than paying off debt in less than a month.
Of course, going into credit card debt left respondents more likely to report extreme levels of stress during the holidays. If holiday financial stress is familiar to you, remind yourself that it truly is the thought that counts when it comes to picking gifts for loved ones.
Seasonal Spending Plans
As we’ve discovered, holiday spending can negatively impact your finances well into the new year, but there are ways to plan and shop smartly. More than half of respondents agreed it’s imperative to create a special budget for the holiday season. A holiday budget can prevent you from going beyond your means and keep your spending in a responsible range. You can make the money you’ve set aside go further by shopping for gifts on big sale days, like Black Friday or Cyber Monday.
Nearly a third of respondents planned to use only cash or debit for holiday expenditures this year, which can prevent them from accruing credit card debt that would have to be repaid with interest. However, 18% of respondents planned to use credit reward dollars, points, or miles.
If you do plan to use a credit card for your holiday shopping, consider utilizing it the old-fashioned way: in brick-and-mortar stores. Our survey results showed those who did most of their shopping online were more likely to go into credit card debt during the holidays than those who did more of their shopping in-store. In part, this could be due to the convenience and ease of online shopping and the strategic methods retailers use to upsell products online.
‘Tis the Season to Give Responsibly
If there’s anything we learned from this data, it’s that the average American spends a lot of money on gifts, travel, decor, and even food during the holidays. But the joy of giving does not have to lead to financial distress. Proper planning and budgeting, as well as strategic spending on sale days, could lead to a lower-stress, happier holiday for you and your family.
Start with Crediful, your one-stop authority on all things personal finance. From expert advice on taking control of your money to mortgages and even retirement planning, Crediful is here to help you reach and exceed your personal financial goals.
Methodology
We surveyed 1,017 people who planned to give gifts as part of their observation of Christmas, Hanukkah, or Kwanzaa in the 2019 holiday season. Those who did not celebrate one or more of these holidays, or give gifts as part of their celebrations, were not qualified for the study.
Participants were asked to recall how much they spent in the 2018 holiday season on holiday-related travel, gifts, decor, and food or drink. They were also asked to estimate how much they will spend on those categories as part of their holiday celebrations this year. Zeroes were not included in averages, as we only included those who spent or planned to spend in particular categories.
The average credit card debt was only among those who went into credit card debt last holiday season – it also did not include responses of zero.
12.9% of respondents were baby boomers, 29.0% were from Generation X, and 55.7% were millennials. 2.5% were from other generations. The average age of participants in this study was 38.5.
Limitations
This study is based on means alone and is for exploratory purposes. The results were neither weighted nor statistically tested. It is not inclusive of all possible holiday-related expenditures or saving strategies. As these data rely on self-report, typical issues associated with self-reporting, such as telescoping and exaggeration, may have occurred.
Fair Use Statement
Know a thing or two about overspending on the holidays? You’re welcome to share the data behind it, so long as it’s for non-commercial purposes and you link back to this page.
Update 3/2/21: Reader Kachun notes U.S. Bank has now changed the language to reflect these changes. “$400 annual fee, $75 annually per additional card issued” now only says “$400 annual fee”; and “…through 6/30/21, takeout, food delivery, and dining purchases are also eligible…” now shows “Get reimbursed annually for eligible travel purchases and takeout, food delivery and dining purchases.”
Original Post:
An insider tells us that U.S. Bank will soon be notifying cardholders about two positive changes on the Altitude Reserve card:
Both welcome additions. See our full review on the Altitude Reserve card here.
The cost of college continues to rise, making higher education less affordable for future students. To help families plan for college, all fifty states and D.C. sponsor at least one 529 plan, a tax-advantaged college savings account.
When you have other expenses, it isn’t always easy to contribute to a 529 plan. Some credit cards can help, earning rewards that are directly deposited to your 529 plan.
Here are three credit cards with 529 college savings rewards.
Fidelity Rewards Visa Signature Credit Card
Rewards: 2% rewards on all purchases.
Sign-Up Bonus: None
Annual Fee: $0
Annual Percentage Rate: Variable 15.24% APR on purchases and balance transfers.
Why We Picked It: Cardholders can put their cash rewards directly toward a Fidelity 529 plan. For Your 529: You’ll earn 2% cash back on every eligible purchase, which can be deposited directly into a Fidelity-managed 529 account. Every $2,500 you spend equals a $50 deposit to your 529. Drawbacks: If you don’t have a Fidelity account, you won’t see much value from this card.
College Counts 529 Rewards Visa
Rewards: 1.529% rewards on all purchases.
Sign-Up Bonus: None
Annual Fee: $15
APR: Variable 12.4% APR on purchases and balance transfers.
Why We Picked It: All purchases earn rewards for your CollegeCounts 529 plan. For Your 529: Every purchase earns 1.529% cash back, which is automatically deposited in your CollegeCounts 529 on a quarterly basis if you’ve accumulated at least $50 in rewards. You can recruit friends and family, too – they can sign up for a card and earn rewards for your plan. Drawbacks: There’s a $15 annual fee.
Bright Directions 529 Rewards Visa
Rewards: 1.529% rewards on every purchase.
Sign-Up Bonus: None
Annual Fee: $15
APR: Variable 12.4% APR on purchases and balance transfers.
Why We Picked It: This card earns rewards for Bright Directions 529 accounts. For Your 529: You’ll earn 1.529% cash back on every purchase. Cash back is deposited in your Bright Horizons 529 on a quarterly basis, provided you’ve earned at least $50 in rewards. Like the CollegeCounts card, family and friends can get in on the action, too. Drawbacks: There’s a $15 annual fee.
Choosing a Credit Card to Boost Your 529
If you don’t yet have a 529 plan, credit card rewards should only be a secondary concern. Look for a plan that offers the best features and helps you reach your college savings goals. Remember, many state 529 plans have no residency requirements, so you can participate across state lines and the student can attend any school of their choosing.
Credit cards that let you directly deposit your rewards in a 529 account do offer a convenience factor, but many 529 plans don’t have that option. Remember, you can use any cash back rewards card to save for college. Simply redeem your cash back for a check or bank deposit, then put those funds directly in your 529.
If you decide to get a conventional cash back card, find one that fits the way you spend. If you frequent many merchant types, you might want a card that offers a flat cash back rate on all purchases. If you only use your credit card for certain purchase types (e.g. supermarkets or gas), try to find a card that rewards those specific purchases.
What Is Required to Get a Credit Card for College Savings?
Cards with strong rewards usually require good to excellent credit. Before you apply, you should check your credit score to make sure you meet the requirements. You can check your credit score for free at Credit.com.
You can also carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.
Note: It’s important to remember that interest rates, fees, and terms for credit cards, loans, and other financial products frequently change. As a result, rates, fees, and terms for credit cards, loans, and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees, and terms with credit card issuers, banks, or other financial institutions directly.
American Express is offering increased offers on the Delta cobranded cards.
Personal offers:
Business offers:
Our Verdict
Better than the previous increased offers we’ve seen on these cards before. Although Delta keeps devaluing rewards miles, so relatively speaking it’s difficult to say if that’s actually the case or not. Still worth considering some of these offers if you plan to travel after vaccination and can use them in the medium term. We will be adding these to our best credit card bonus page.
A credit card is a perfect tool for consumers who love to buy now and pay later. So many types of credit cards exist, so it is important for consumers to explore all of the available options before making a decision.
