Citi has sent out targeted spending bonuses on the Citi Sears card:
Use your card six times per month and spend $50+ per transaction and earn $60 statement credit. Limit $180
The Fine Print
Valid until 2/29/2024
Our Verdict
Can be stacked with this 10x offer until the end of the year and hopefully we get new offers for January + February as well. These offers are why this card is listed as the #1 store card
When the Canada-based BMO bank acquired Bank of the West, headquartered in the U.S., in 2021, American consumers gained access to BMO’s credit card portfolio, which includes personal and business cards.
As of this writing, BMO offers two cash-back cards, a travel card, a 0% APR/balance transfer card and a secured card. However, a BMO representative confirmed that the card offerings and current card benefits may change in early 2024.
Here’s what you need to know about these cards before deciding whether to apply for one.
🤓Nerdy Tip
While BMO offers business credit cards, this article covers only its personal credit card offerings.
For a break on interest: BMO Platinum Credit Card
If you need an extra-long reprieve from interest, your best option among the BMO cards is the Platinum Credit Card. For a $0 annual fee, cardholders get 0% APR on purchases and balance transfers for 15 months (as of this writing). There are two important caveats to these offers, though: You may lose the 0% APR benefit if you make a late payment, and the balance transfer must be completed within 90 days of account opening in order to get the 0% APR offer.
The balance transfer fee for all of BMO’s personal credit cards is $10 or 4% of the amount of the balance transfer, whichever amount is greater. BMO only allows balance transfers of credit card debt. And as is standard with most issuers, it doesn’t permit transfers between BMO accounts.
As balance transfer offers go, this is a decent one, but it’s possible to find credit cards with longer interest-free promotions. The Wells Fargo Reflect® Card, for instance, offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR .
🤓Nerdy Tip
All of BMO’s publicly available personal credit cards offer cell phone protection plans. Cardholders are eligible for up to $400 in coverage except for Premium Rewards cardholders, who get up to $600 worth of coverage. To qualify for cell phone insurance, you must pay your cell phone bill with a qualifying BMO credit card. A $50 deductible is required for each claim.
For building credit: BMO Boost Secured Credit Card
BMO’s lone secured card requires a $25 annual fee and a minimum $300 security deposit. Those numbers are on the higher end compared with other secured cards. The Discover it® Secured Credit Card, for example, has a $0 annual fee and a $200 minimum security deposit — and it earns rewards, which the Boost Secured card does not.
However, the Boost Secured does offer two benefits rarely found in other cards for people with bad or limited credit: cell phone insurance and rental car insurance.
For travelers: BMO Premium Rewards Credit Card
The only travel card in BMO’s credit card portfolio, the Premium Rewards card, offers some solid perks for a $79 annual fee, which is waived the first year. Some highlights:
15% bonus points on your account anniversary (15% of total purchases made in the previous year).
A sign-up bonus of 35,000 bonus points when you spend $5,000 within 3 months of opening your account (as of this writing).
Access to over 850 airport VIP lounges worldwide with Priority Pass Select, plus two complimentary visits to participating lounges.
No foreign transaction fees.
Lost or damaged luggage insurance.
By comparison, the venerable Chase Sapphire Preferred® Card awards a 10% points bonus on each account anniversary and doesn’t come with lounge access, and its annual fee is slightly higher than the Premium Rewards card. However, unlike the BMO Premium Rewards card, the Chase Sapphire Preferred® Card features travel partners to which you can transfer your points, often for outsize value.
The Premium Rewards card also earns the following rewards in BMO’s proprietary currency, Flex Rewards:
3 Flex Rewards points per $1 spent on eligible dining, hotels and airfare (on up to $2,500 in combined spending each quarter), and 1x on all purchases after that.
1 Flex Rewards point per $1 spent on all other eligible purchases.
Flex Rewards points may be redeemed for flights, hotels, merchandise, gift cards and statement credits, among other options. Point values vary depending on the redemption; cardholders can check the redemption value at www.bmoflexrewards.com.
Flex Rewards points don’t expire, assuming your account remains in good standing with BMO.
For cash back: BMO Cash Back Credit Card and the BMO Platinum Rewards Credit Card
Two BMO cards would be good picks as cash-back cards. One earns direct cash back as a percentage of each purchase; the other earns BMO’s proprietary currency, Flex Rewards, which can be redeemed for cash back in the form of statement credit.
BMO Cash Back Credit Card
For straightforward cash-back rewards, the aptly named BMO Cash Back Credit Card is probably the better choice. It has the higher rewards rates, and the rewards categories represent a range of everyday spending. The $0-annual-fee Cash Back card earns:
5% cash back on eligible streaming, cable TV and satellite services.
3% cash back on eligible gas and grocery purchases, up to $2,500 in combined quarterly spending (1% after that).
1% cash back on all other eligible purchases.
The only redemption option is a statement credit. Rewards never expire as long as the account is open and in good standing.
As of this writing, the card also comes with the following sign-up bonus: Get a $200 cash-back bonus when you spend $2,000 within 3 months of opening your account.
BMO Platinum Rewards Credit Card
The Platinum Rewards card, like its Cash Back sibling, earns rewards on gas and groceries, but the rewards rates on the Platinum Rewards card are a hair lower. It earns:
2 Flex Rewards points per $1 spent on eligible gas and groceries, up to $2,500 in combined spending each calendar quarter (1x on all purchases after that).
1 Flex Rewards point per $1 spent on all other eligible purchases.
Redemption options for the Platinum Rewards card are the same as the Premium Rewards card because both cards earn Flex Rewards.
In favor of the Platinum Rewards card, its annual fee is also $0, and it has a good welcome offer: Get 25,000 bonus points when you spend $2,000 within 3 months of opening your account. It also gives cardholders a points bonus every account anniversary equal to 10% of the total points earned in the past year. The Cash Back card doesn’t award an annual bonus.
These are both decent options for cash back. But if you’d prefer a simple, high flat rate back on everything, without the need to keep track of bonus categories, you could consider a product like the Citi Double Cash® Card. It earns 2% cash back on every purchase: 1% back when you buy, 1% back when you pay it back.
The card has a $0 annual fee, and it also offers a 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 19.24%-29.24% Variable APR.
Who doesn’t want to be rewarded?
Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.
A penalty annual percentage rate (APR) is a heightened interest rate that can be issued if a person doesn’t use their credit card according to the card agreement. Card issuers explain the exact criteria that can lead to a penalty APR in multiple ways, like the terms and conditions section of a credit card application and in cardholder agreement documents.
A CD rate refers to the interest someone can earn on a certificate of deposit over time.
Key Takeaways:
Banks provide the criteria for issuing penalty APRs in their cardholder agreement documents.
APRs only apply to a card’s balance at the end of a statement period.
Most penalty APRs last for a minimum of six months.
How Penalty APR Works
Bad credit card habits, such as routinely neglecting a minimum payment, can result in a penalty interest rate. Penalty APR usually maxes out at 29.99 percent, which can still be manageable with the proper know-how.
Let’s say you have a 29.99% penalty APR and a statement balance of $500 on your card. To figure out how much interest you’d have to pay, divide 29.99 by 12 (representing each month of the year). You would get 2.499, which you can then divide by 100 to get 0.02499. Multiply your $500 balance by 0.02499, and you would owe $12.49 in interest for the month.
Some issuers base things on a daily periodic rate, so you’d divide the APR by 365 instead of 12, then follow the remaining steps.
How to Avoid Paying the Penalty Rate
Remember that you only have to pay interest on a card if you have an outstanding balance by the end of the statement period. If you manage to completely pay off your balance, your 29.99% penalty APR won’t generate any interest.
How Long Will a Penalty Rate Last?
According to the Consumer Financial Protection Bureau, credit card issuers must reconsider a cardholder’s penalty interest rates after six months. So, as long as you make the minimum payment amount six consecutive times, your interest rate will likely return to normal on existing balances.
These rules apply to consumer credit cards, not those issued to small businesses. With a small business card, several infractions can lead to a penalty interest rate. These can include missing a single payment, spending over the credit limit, or having payment returned for insufficient funds.
Business credit cards are largely exempted from the CARD Act, so each issuer may have different rules about how and when cardholders may have their penalty interest rates cleared. Small business credit cardholders facing penalty interest rates should contact their card issuer for more information.
Steps to Take If You’re Paying Penalty APR
While it may be disheartening to receive a penalty APR, it’s entirely possible to manage this change. Here are several actionable steps you can take when you’re dealing with a penalty APR:
Make your minimum payments: Consistently making your minimum payments will keep your credit score from dropping and display financial responsibility to your card lender.
Limit your credit card usage: Only use your credit card for essentials when managing a penalty APR. If your penalized card is linked to any subscriptions, consider canceling them for now.
Use autopay: Use autopay to ensure that you don’t accidentally miss your minimum payments.
Meet with a financial advisor: Financial advisors can offer tailor-made personal finance advice to help you with your unique circumstances.
Do All Credit Cards Have a Penalty APR?
While there’s no such thing as a good credit penalty APR, some cards have much more manageable interest rates than others. Moreover, some cards never impose higher rates on delinquent cardholders.
Examples of cards without a penalty interest rate include the PenFed Promise, the Discover it®, and the Citi Simplicity®. There are no annual fees for these cards. On the other hand, the PenFed Promise and Citi Simplicity® have no . However, Discover it® does have a competitive cashback program.
Does Penalty APR Affect Credit Score?
A penalty APR won’t affect your credit score in and of itself. However, payment history makes up the largest portion of your credit scores, so the fact that you’ve missed multiple payment dates could significantly decrease your credit standing.
Exceeding your credit limit can incur a penalty APR and increase your credit utilization ratio—which compares your current account balances with your total credit limit. Professionals urge cardholders to stay below a 30% utilization rate, which would be $300 out of a $1,000 credit limit.
Learn More About Personal Finance at Credit.com
Penalty APRs are just one aspect of credit card usage and personal finance management that consumers should know about. Visit Credit.com today to learn more about other financial topics that may be relevant to you, now or in the future.
The internet has done wonders in the world of Investment Tracking. With websites like Mint and now Power Wallet, tracking your finances for free online is a snap. But one thing that’s been missing is a robust tool to automatically track your investments.
Best Investment Tracking App
Sites like Mint do allow you to link your investment accounts. But they don’t help you understand your asset allocation or investing expenses in any meaningful way. And that brings me to a site I’ve recently starting using called Empower.
Empower is the best investment tracking tool that I’ve ever used. It solves several problems for me:
It automatically links to my investment accounts, keeping my holdings updated throughout the trading day;
It tracks the fees I’m paying for each mutual fund and ETF I own;
It provides detailed asset allocation data for my investments, much like the X-Ray feature of Morningstar;
It alerts me when my asset allocation is over or under-weighted as compared to a target asset allocation model determined based on my age and tolerance for risk; and
It offers retirement income calculations and projections based on your investments, projected social security, pensions, annuities, and other retirement income sources.
I’ve enjoyed the tool so much, that I thought a detailed review was in order.
Getting Started
Empower is a free tool. To get started, you simply create an account with your email address and password. Once you have access to the site, you can connect just about all of your bank and investment accounts into Empower.
I had no trouble connecting accounts from Citi, Capital One 360, Scottrade and Fidelity. And once all of your accounts are connected, the fun begins.
The Dashboard
The Dashboard is the one place you’ll find high level information about all your finances. While I use Empower primarily for my investments, you can also track your checking and savings accounts. In fact, they offer what is called a Cash Manager that lets you see all of your spending in one place.
Investment Tracking
Empower does a great job of tracking investments real-time. And just as importantly, the layout of the site and the way in which information about your investments is displayed is the best I’ve seen (note, the image is not of my personal investments):
What you can’t see from the above screen shot is what happens as you roll the cursor over parts of the screen. On the graph at the top left, you’ll see your investment balance by date. And as you roll the cursor over the colored ring top right, you’ll see details about each of your investment accounts.
And what’s really cool is when you click on an individual account in the list at the bottom. As you can see from the screenshot above, the graph highlights the portion of your total attributed to that account, and the colored ring breaks out the portion of the circle related to the selected account.
Now the truth is that while the above is really cool, it’s just information. It doesn’t really give you any analysis that you can actually use. But the next few features do.
Mutual Fund and ETF Expenses
As I’ve said many times, keeping investment expenses low is one of the most important factors for successful investing. And Empower gives you two tools to help you. The first is a breakdown of your investment costs by mutual fund or ETF.
In my case, total investment costs are a real eye-opener. Empower breaks down the cost by fund or ETF, so that you can focus your analysis and determine whether you need to make any changes. Through using the tool, it became clear to me that there are a couple of funds I need to dump for less expensive alternatives.
Cryptocurrency
Empower now offers the ability to track your cryptocurrency within the dashboard. Since last year, Empower saw its users increase the value of linked accounts by about 28% – so they’ve decided to start including the ability to track crypto now, too.
Since more people are starting to invest in things like Bitcoin, it only makes sense that you’d be able to track your tokens. Currently, you have the ability to track thousands of tokens across hundreds of different cryptocurrency exchanges. This is, of course, in addition to the loads of other benefits you’ll get from Empower.
401(k) Fee Analyzer
The second tool to help fight the high cost of investing is revolutionary. It’s called the 401k Fee Analyzer.
The first time you run this tool, it will base its analysis on data not specific to your retirement funds. But you can get additional data on 401k expenses from your employer or broker to get more accurate results.
What’s so great about the analyzer is that it doesn’t stop with just the expense ratios of the funds and ETFs you own. That part’s easy. It also looks at the costs funds charge you for trading, which aren’t reflected in the expense ratio. And it looks at administrative costs charged to run the 401k, which are often passed down to employees.
If you have a 401k, this tool by itself makes it worth checking out Empower. And it’s a good reminder as to why most folks should transfer their 401k to a rollover IRA when they leave their employer.
Asset Allocation Tools
The next handy tool is its asset allocation feature. The first thing it does is breaks down all of your investments by their asset class. And if a single fund or ETF contains investments that span more than one asset class, as most do, Empower slices and dices the fund to apportion your account into each relevant asset class.
You can click on each investment in the box chart at the top or the list at the bottom to get details of your asset classes. This is extremely helpful when it comes to rebalancing your portfolio.
Investment Checkup
With the click of a button Empower will analyze your investments. It compares your actual asset allocation with your target allocation, and flags asset classes in which you are over or under-weighted. It’s an easy way to see if you need to rebalance.
Note that in the above screenshot heading is a reference to my “target allocation.” You can set this by entering your name, how many years to retirement, and your investing style (e.g., aggressive, conservative). It takes all of 10 seconds, and Empower then generates a target allocation for you.
Robust Retirement Calculator
Finally, Empower offers a free retirement calculator. The tool takes into account your current investments, age, projected social security, projected savings, and just about any other information you want to include. Using monte carlo analysis, it then determines whether you are on track to retire.
As you can see from the screenshot, the retirement planner displays the results in easy to understand graphs. It also makes change the assumptions (e.g., inflation, social security) very easy.
So what’s not to like?
Frankly, not much. One thing I haven’t mentioned is that an advisor is available for a call or a live chat. When you log into your account, you’ll see a picture of your advisor, his or her name, and telephone number. And even better, they don’t hound you. I’ve not heard from my advisor, and that’s how I want it. If I need to speak to him, I’ll give him a call. But it’s good to know that’s an option.
Empower also has mobile versions of its site for iPhone, iPad and Android. I use the iPad app and have had no issues. I’ve not had any issues with linking accounts. Occasionally I have to provide or confirm my login credentials for certain accounts. But that’s it.
But there are three things that could be improved:
You can’t enter your own target asset allocation model. Empower creates one for you based on your age, time to retirement, and investing style. This is probably fine for the majority of investors, but a custom option would be nice.
The daily updates on stock and bond prices is a bit slow. As compared to Wikinvest, another tool I’ve used before, Empower could be faster
It does not include the cost basis of your investments, which would be nice.
So there you have it. Its an excellent tool. If you want to give it a try, visit the Empower website.
Check It Out: Empower Review
Learn More: The Best Stock Tracking Apps
Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC
Rob Berger is the founder of Dough Roller and the Dough Roller Money Podcast. A former securities law attorney and Forbes deputy editor, Rob is the author of the book Retire Before Mom and Dad. He educates independent investors on his YouTube channel and at RobBerger.com.
Citi said today that it plans to reduce its residential mortgage assets by a whopping $45 billion within the next 12 months while cutting the amount of new loans to be held in its portfolio by more than 50 percent.
The flagging bank also plans to integrate virtually all aspects of its U.S. mortgage operations under the CitiMortgage brand, moves the company believes will lead to roughly $200 million in annual savings to free up much needed capital.
CitiMortgage, Citi Home Equity and Citi Residential Lending will all fall under this umbrella, offering a single set of loan programs and “staffing levels that reflect market and economic realities.”
Not sure how many layoffs that equates to, but it’s sure to be several hundred if not more given the sheer size of their operations.
“Consistent with the key priorities of Citi Chief Executive Vikram Pandit, this end-to-end realignment will create a simplified and streamlined organization that is more sharply focused on clients and able to direct resources to the business lines and customer segments with the highest growth potential,” said Bill Beckmann, President of CitiMortgage Inc., in a statement.
“At the same time, these changes will enable us to manage the business unit’s capital for enhanced returns.”
Additionally, the New York-based bank and mortgage lender said it would cut back on portfolio lending dramatically, with plans to increase agency-backed lending to 90 percent of production by the third quarter, up from 65 percent in 2007.
Citi also intends to make sure its capital markets unit Citi Markets & Banking has a large hand in determining which products and pricing are available to consumers, perhaps to avoid any snafus this time around.
To that effect, the loan origination process will also be revamped to ensure higher loan quality, with pullbacks in areas like second mortgage lending, higher fico score requirements, lower maximum loan-to-value ratios, and more direct-to-consumer lending (bye mortgage brokers).
CitiMortgage already reduced third party second-lien lending by more than 90 percent from a year ago, and said it will only work with top quality (profitable) brokers.
The mortgage unit has also stamped out loans on 3-4 unit investment properties, eliminated short-term adjustable-rate mortgages, and ditched home equity loans for borrowers with poor credit.
Shares of Citi fell 98 cents, or 4.42 percent, to $21.17, hitting a fresh 52-week low during the session.
On November 27th only, Citi is offering 20% off when you redeem Citi ThankYou points for the following gift cards.
AMC
Apple
Bath & Body
Chili’s
Fandango
Fun & Fabulous
H&M
Hulu
Red Robin
SpaFinder
Virgin Experience Gifts
Vudu
Our Verdict
Some people have the option to cashout Citi TYP at 1¢, if you’re going to do that then this is better value. We saw 15% a few days ago, and readers wisely advised us to wait until Cyber Monday for 20%. It’s not all of the same brands, but some are the same. Personally, I’ll buy some Apple gift cards at 20% off.
Citi is offering 15% off when you redeem Citi ThankYou points for the following gift cards.
Adidas Apple Athleta Baby Gap Banana Republic BJ’s Restaurant Brinker-Chili’s Chilli’s Dominos DSW Fanatics Fandango Fun & Fabulous Gamestop Gap Gap Options Hulu Let’s Eat Old Navy Red Robin Sears Spafinder Staples Virgin Experience Gifts Vudu
The Fine Print
Valid 11/24/23 only
Our Verdict
Some people have the option to cashout Citi TYP at 1¢, if you’re going to do that then this is better value. Reader Peek shares this deal, but notes that these might be 20% on Cyber Monday, so it might be worth holding off a few days and hope to get a better deal then.
Looking to know where to cash coins for free near you? Saving coins can be a great way to save money without even noticing it. However, when you end up with a jar full of loose change, finding an easy way to cash in your coins without paying a fee can feel like a challenge….
Looking to know where to cash coins for free near you?
Saving coins can be a great way to save money without even noticing it. However, when you end up with a jar full of loose change, finding an easy way to cash in your coins without paying a fee can feel like a challenge. Places that have free coin cashing services do exist, so you can enjoy the full value of the money that you have saved.
In this article, I will be talking about places where you can exchange your coins for free near you. We’ll also discuss the pros and cons of using Coinstar machines and tips on how to find coin exchanges in your area. Rolling coins might be an option for you too, and I will explain how to wrap coins as well.
Key Takeaways
Several places will cash coins without charging a fee.
Local banks and credit unions are a great choice for coin exchange.
Coinstar machines are a popular option but may come with a fee. They do have many no fee e-gift cards, though.
Rolling your coins and using free services from banks can save you money.
9 Places To Cash Coins For Free (Or Cheap!)
Finding the right place to exchange your coins can make a big difference. It’s not just about convenience, it’s about keeping more of your money too. Many people hoard coins without realizing the actual value. Dumping your coins into the first machine you see can cost you.
Did you know that some coin exchange machines charge up to 11.9% to convert your change into cash? If you have $100 in coins, that’s nearly $12 lost. It might not seem like much initially, but imagine losing $12 for every $100 in coins you have.
That’s why it’s important to choose the best place to convert your coins into cash. Below are the best places to cash coins for free near you.
1. Wells Fargo
Wells Fargo is a popular bank that allows you to cash your coins for free if you are a customer. You can visit your local branch and ask the teller for help with processing your coins to get cash in return.
2. Credit unions
Credit unions are similar to banks and also have coin exchange services for their members at no additional cost. There are some credit unions that don’t charge for nonmembers as well, so you may be able to call around and see if there is one near you that can exchange your coins for cash for you.
3. Bank of America
As one of the largest banks in the United States, Bank of America allows its customers to cash coins for free. They do require that your coins be rolled, so you will have to remember to do that first.
4. Chase
Chase is another popular banking institution where you can cash your coins without any extra fees. However, you need to be a Chase customer to access this service. Before you go, though, make sure to check Chase’s branch location to make sure that they accept coins as there are some locations that do not.
5. US Bank
If you have an account with U.S. Bank, you can cash your coins free of charge. Just bring your coins and account details to the branch, and their staff can help you. You don’t even need to roll your coins either.
6. QuikTrip
QuikTrip is a convenience store and gas station chain that often allows you to cash your coins for free. Depending on the location, QuikTrip may or may not charge service fees for coin exchanges. QuikTrip’s coin exchange program is a great option for those who need to cash coins quickly without the hassle of becoming a bank member.
They do this because there is a shortage of coins, and they are in need of coins. I do recommend rolling them ahead of time so that you are saving everyone time.
7. Target
Target stores with Coinstar machines allow you to cash your coins for a fee (generally 11.9% or more). Coinstar machines are convenient and can be found in many places.
8. Citi Bank
As a large financial institution, Citibank also permits its customers to cash coins for free. Visit your local branch with your account details and coins, and their staff will help you with converting your coins into cash.
9. Coinstar coin counting machines
I wanted Coinstar to have its own section in this article because it is so well-known as a coin counting machine. Whether you have just some loose change or if you have a busting piggy bank, Coinstar does make it easy.
Below, I will be diving further into Coinstar. And, yes, there is a way to use these coin counting machines near you for free.
What is Coinstar?
Coinstar is a service that has coin counting machines, commonly found in grocery stores, retailers, and more. These kiosks make it easy for you to convert loose change into cash, gift cards, or even donate to charity.
Charity options include the American Red Cross, Children’s Miracle Network Hospitals, Make-A-Wish, NAACP, The Humane Society of the United States, United Nations Children’s Fund (UNICEF), and more.
How to find Coinstar machines
To locate a Coinstar kiosk near you, simply use Google Maps or visit Coinstar’s website and access their Coinstar Kiosk Locator. I used their locator and I found 30 Coinstar machines within just around 30 minutes of me – so there are probably a few coin counting machines near you as well!
There are Coinstar coin sorter machines at Walmart, Safeway, CVS, Winn-Dixie, local credit unions, Target, and more.
Coinstar fees
While it’s convenient to use Coinstar to count and exchange your coins, it’s important to know of the fees associated with cashing in your change when using their machines. Coinstar charges an 11.9% coin processing fee when you convert your coins into cash.
How do I avoid Coinstar fees?
There is a way to cash in your coins at a Coinstar counting machine for free.
If you choose an e-gift card option instead of cash, coin counting is free at most locations in the United States. With a wide variety of eGift Card options from popular stores and restaurants, you can avoid the fees while still benefiting from your collected coins. Some of the places where you can get Coinstar gift cards include AMC Movie Theaters, Amazon, Apple, Cabela’s, Dominos, DoorDash, Lowe’s, Starbucks, Chili’s, Nike, GameStop, Applebee’s, Outback Steakhouse, and more.
How does Coinstar work?
Cashing in your coins is easy with Coinstar. You simply:
Find a Coinstar coin machine near you.
Put your coins into the machine.
Choose to get cash (which has around an 11.9% fee), receive a no-fee gift card, or give a charity donation.
Check the return tray for any coins that were rejected.
Receive your payment. If you chose cash, then you will receive a voucher that you will need to redeem, and you should redeem it on the same day. If you chose a gift card, you can use the unique code printed at the top of the voucher anytime to redeem your gift card.
How to roll coins
If you want to turn your coins into cash, then you may want to learn how to roll coins.
Rolling coins can be an easy way to organize and store your loose change, making it easier to cash them in for free at banks or credit unions. This can help you save on any fees that might be charged by coin counting machines.
First, gather all the coins you’d like to roll. Separate them by denomination (pennies, nickels, dimes, quarters) to make the process easier. Next, you’ll need coin rolls, which are paper or plastic tubes designed to hold a specific number of coins. You can often find these at your local bank or credit union, or buy coin wrappers online on Amazon. These rolls not only help you keep track of your savings but also make it easier for places to accept your coins.
Once you have your coin rolls, start filling them with the appropriate coins. Be sure to use the correct roll for each denomination, as follows:
Pennies: 50 per roll
Nickels: 40 per roll
Dimes: 50 per roll
Quarters: 40 per roll
After filling the rolls, fold or twist the open ends to secure the coins inside. It’s important to have the correct number of coins in each roll to have accurate counting when you take them to the bank.
Now that your coins are rolled, you can cash them in for free at various locations. Banks and credit unions are often the best places to exchange coins, especially if you’re an account holder. It’s always a good idea to call ahead and confirm that they accept rolled coins. Some institutions may have specific requirements for accepting rolled coins, such as labeling the rolls with your account number or providing a deposit slip.
In addition, some stores or gas stations might cash coins for free during a coin shortage, like QuikTrip. Be sure to keep an eye out for such opportunities in your area.
By taking the time to roll your coins, you’re not only organizing your spare change but also potentially improving your overall savings. Rolling coins is a simple process that can provide a great way to turn your loose coins into cash without any additional fees.
Frequently Asked Questions About Where To Cash Coins For Free
Below are answers to common questions about where to cash coins for free.
Where can I cash in coins for free?
You can cash in coins for free at several banks, credit unions, and some stores. Banks like Bank of America, Wells Fargo, and U.S. Bank are known to have this service. Additionally, some credit unions (like American Eagle Federal Credit Union and Westerra Credit Union) and QuikTrip stores also have free coin exchanges.
Where can I find a free coin counting machine?
Free coin counting machines can be found at certain banks and credit unions, as well as some stores like QuikTrip.
Do all banks cash coins for free?
Not all banks have free coin-cashing services, and this service depends on the bank and whether or not you hold an account with them. Some banks may charge noncustomers a fee for coin-cashing services while providing the same for their customers free of cost.
Which banks offer free coin exchange services?
Banks that have free coin exchange services include Bank of America, Wells Fargo, U.S. Bank, Citibank, Capital One, Chase, Citizens Bank, PNC Bank, TD Bank, and more. Credit unions can also be a great option for exchanging coins without a fee.
Are coin sorting and counting machines accurate?
Yes, most coin sorting and counting machines are accurate. However, like all machines, there may be a margin of error, and the accuracy can also largely depend on the specific machine and its maintenance.
Are there any alternatives to Coinstar for cashing in coins?
Yes, there are alternatives to Coinstar for cashing in coins. Going to a bank, credit union, or QuikTrip store can be a better option, as many have free coin counting machines and exchanges, but you should always call ahead to make sure they will change your coins into cash.
How much does Coinstar take out of $100?
Coinstar charges a fee of around 11.9% for cashing in your coins. So, if you cash in $100 worth of coins, Coinstar would take about $11.90, leaving you with $88.10 in cash.
Does Walmart have free coin exchange services?
Walmart doesn’t have free coin exchange services themselves, but some locations have Coinstar coin counter machines. Keep in mind that Coinstar charges a fee, but you can avoid this by choosing a gift card option instead.
Are there any free coin deposit options at Bank of America?
Bank of America has free coin deposit options for its customers. However, you should call your local branch beforehand to make sure they have a coin counting machine available, as not all locations may provide this service.
How To Find Free Coin Counting Machines Near You – Summary
I hope you enjoyed this article on how to find the best places to cash coins for free.
Finding free coin counting machines near you can help you turn your loose change into cash or even gift cards without any additional fees. The best places to turn your coins into cash include:
Local banks and credit unions – Many banks and credit unions have free coin counting services for their customers.
QuikTrip gas stations – QuikTrip has gas stations across 11 states, with 800 locations in total. Some of these locations have free coin counting and exchange services to make up for the coin shortage. You can check the availability of coin counting machines at your local QuikTrip by giving a location a call.
Retailers with coin counting machines – Some stores have coin counting machines that can be used for free or for a very low fee.
As you look for free coin counting machines near you, remember to give them a call first. The fees or services will vary so you will want to check with them directly first.
When was the last time you turned your coins into cash?
New York-based Rithm Capital, the parent company of Newrez, announced on Friday it completed the acquisition of Sculptor Capital Management for $719.8 million.
The deal was made public four months ago and created a dispute among investors to take the firm, leading Rithm to increase its price by 14% compared to the original bid. The transaction also created legal battles with Sculptor’s shareholders and founders, including Daniel S. Och, but the parties settled the cases in court.
In a special meeting on Thursday, Sculptor’s stockholders of 89% of the Class A common stock and 97% of Class B common stock voted in favor of the agreement with Rithm. They also approved the compensation to directors to consolidate the deal. As a result, Sculptor will be delisted from the New York Stock Exchange.
Michael Nierenberg, chairman, CEO and president of Rithm, said in a statement that the company plans to “create a superior global asset management business focused on delivering significant, long-term value for our shareholders and fund investors.”
Rithm announced on July 24 its plans to acquire Sculptor for $11.15 per share. After the deal was public, Rithm faced competition from a group of investors, including Boaz Weinstein, Bill Ackman, Marc Lasry and Jeff Yass. They offered $13.50 per share.
It resulted in Och and other founders filing lawsuits opposing the deal, saying it aimed to protect current CEO Jimmy Levin rather than maximize shareholder value.
Rithm only received the blessing of Sculptor’s founder at the end of October after increasing its price to $12.70 per share. It had previously increased to $12 per share without success.
Rithm reported a $194 million GAAP net income in the third quarter of 2023 — lower than the $357.4 million the prior quarter. The company targets transitioning from a real estate investment trust to a global asset manager.
Sculptor is relevant to this plan because it will bring to Rithm $34 billion of assets under management, including real estate, credit and multi-strategy investing spectrum.
Citi acted as the exclusive financial advisor to Rithm. PJT Partners was the financial advisor to the Sculptor’s special committee. The sculptor’s financial advisor was JP Morgan Securities LLC.