Central banks have raised interest rates significantly over the past two
years to combat post-pandemic inflation. Many thought this would lead to a
slowdown in economic activity. Yet, global growth has held broadly steady,
with deceleration only materializing in some countries.
Why are some feeling the pinch from higher rates and not others? The answer
partly lies in differences in mortgage and housing market characteristics.
The effects of rising monetary policy rates on activity partly depend on
housing and mortgage market characteristics, which vary significantly across
countries, as we show in a chapter of our latest World Economic Outlook.
Housing is an important channel of monetary policy transmission. Mortgages
are the largest liability for households, with housing often serving as
their only significant form of wealth. Real estate also accounts for a large
share of consumption, investment, employment, and consumer prices in most
economies.
To assess how key housing characteristics impact the effects of monetary
policy on activity, our research leverages new data on housing and mortgage
markets compiled across countries: we find that those characteristics vary
significantly across countries. For example, the share of fixed-rate
mortgages in all country-level mortgages can vary from close to zero in
South Africa to more than 95 percent in Mexico or the United States.
Our results indicate that monetary policy has greater effects on activity in
countries where the share of fixed-rate mortgages is low. This is due to
homeowners seeing their monthly payments rise with monetary policy rates if
their mortgage rates adjust. By contrast, households with fixed-rate
mortgages will not see any immediate difference in their monthly payments
when policy rates change.
The effects of monetary policy are also stronger in countries where
mortgages are larger compared to home values, and in countries where
household debt is high as a share of GDP. In such settings, more households
will be exposed to changes in mortgage rates, and the effects will be
stronger if their debt is higher relative to their assets.
Housing market characteristics also matter: the transmission of monetary
policy is stronger where housing supply is more restricted. For example,
lower rates will decrease borrowing costs for first-time home buyers and
increase demand. Where supply is restricted, this will lead to home price
appreciation. Existing owners will see their wealth increase as a result,
leading them to consume more, including if they can use their home as
collateral to borrow more.
The same holds true where home prices have recently been overvalued. Sharp
price increases are often driven by overly optimistic views about future
house prices. These are typically accompanied by excessive leverage,
prompting spirals of falling home prices and foreclosures when monetary
policy tightens, which can lead to starker income and consumption declines.
Weaker housing transmission
Mortgage and real estate markets have undergone several shifts since the
global financial crisis and the pandemic. At the beginning of the recent
hiking cycle and after a long period of low interest rates, mortgage
interest payments were historically low, the average maturity was long, and
the average share of fixed-rate mortgages was high in many countries. In
addition, the pandemic led to population shifts away from city centers and
to relatively less-supply-constrained areas.
As a result, the housing channels of monetary policy may have weakened, or
at least been delayed, in several countries.
Country experiences vary widely. Changes in mortgage market characteristics
in countries such as Canada and Japan suggest a strengthening of the
transmission of monetary policy through housing. This is driven mainly by a
declining share of fixed-rate mortgages, an increase in debt, and more
constrained housing supply. By contrast, transmission seems to have weakened
in countries such as Hungary, Ireland, Portugal, and the United States,
where characteristics have moved in the opposite direction.
Calibrating policy
Our findings suggest that a deep, country-specific understanding of housing
channels is important to help calibrate and adjust monetary policy. In
countries where the housing channels are strong, monitoring housing market
developments and changes in household debt service can help identify early
signs of overtightening. Where monetary policy transmission is weak, more
forceful early action can be taken when signs of overheating and
inflationary pressures first emerge.
What about now? Most central banks have made significant progress toward
their inflation target. It could follow from the discussion that, if
transmission is weak, erring on the side of too much tightening is always
less costly. However, overtightening, or leaving rates higher for longer,
could nevertheless be a greater risk now.
While fixed-rate mortgages have indeed become more common in many countries,
fixation periods are often short. Over time, and as rates on these mortgages
reset, monetary policy transmission could suddenly become more effective and
so depress consumption, especially where households are heavily indebted.
The longer time rates are kept high, the greater the likelihood that
households will feel the pinch, even where they have so far been relatively
sheltered.
—This blog is based on Chapter 2 of the April 2024 World Economic
Outlook, “Feeling the pinch? Tracing the effects of monetary policy
through housing markets.” The authors of the chapter are Mehdi Benatiya
Andaloussi, Nina Biljanovska, Alessia De Stefani, and Rui Mano with
support from Ariadne Checo de los Santos, Eduardo Espuny Diaz, Pedro
Gagliardi, Gianluca Yong, and Jiaqi Zhao. Amir Kermani was an external
consultant and Jesper Lindé consulted on the modeling.
In a world where adulthood often signals the end of playful whimsy, Home Studyo challenges the status quo with its debut collection, Blow Up. Founded by Mathieu Van Damme of Case Studyo and Esther Noben of Toykyo, this Belgium-based design brand aims to inject a sense of childhood fun into home decor.
Blow Up isn’t just a collection of ordinary household items; it’s a celebration of imagination and creativity. From vases and carafes to planters and mirrors, each piece in this collection is meticulously crafted from clay in Portugal, defying expectations with its resemblance to inflatable objects.
What sets Blow Up apart is its vibrant color palette, boasting hues like Bone, Indigo, Lila, Moss, Coral, Yolk, and Sky. But it’s not just about color; the intricate detailing of faux plastic seams adds an element of surprise, challenging users to reconsider the texture and weight of each item.
Unlike mass-produced home decor, Home Studyo offers handcrafted designs at an affordable price point, bridging the gap between accessibility and exclusivity. Whether you’re arranging tulips in a purple vase or admiring your reflection in a round mirror, every piece invites you to embrace the joy of playfulness.
Looking ahead, Home Studyo plans to collaborate with artists, promising limited edition pieces that seamlessly blend with their in-house designs. So why settle for mundane decor when you can infuse your space with the whimsy of Blow Up? Explore Home Studyo’s collection and transform your home into a sanctuary of creativity and joy.
Explore opportunities for maximum brand exposure. For advertising, contact us.
The third and newest ship in the Virgin Voyages fleet is Resilient Lady, which was christened in 2023 and adds yet another bright red vessel to the high seas.
Virgin Voyages is an adults-only cruise line known for quirky modern design, entertainment that pushes the limits and exceptional, all-included specialty dining.
Virgin Voyages Resilient Lady destinations
The Resilient Lady’s home port is in Athens, and the ship sails itineraries in the Mediterranean for part of the year. Then, to reposition itself, the ship makes a transcontinental voyage that visits Dubai, India and Southeast Asia, before cruising on to Australia and New Zealand.
The ship also spends time in Europe, making stops in the U.K., the Netherlands, Spain and Portugal, among others.
Resilient Lady ship details
Don’t expect to find a lot of differences between the Resilient Lady and its two siblings, the Scarlet Lady and Valiant Lady — all three ships are nearly identical.
On the Resilient Lady, the nearly 2,800 passengers stay in just over 1,400 cabins across seven levels, ranging from solo rooms to large, impressive suites. Passengers also have access to amenities, restaurants and entertainment across another six decks, with a jogging track and yoga deck topping things off.
Expect to come aboard and find minimalist design, trendy music, lighting that changes throughout the day and a staff that sees entertaining as their raison d’etre.
Resilient Lady accommodations
The staterooms on the Resilient Lady are unique from the get-go. Instead of a traditional room key, cabins are unlocked using a bracelet made from plastic recovered from the ocean. Nearly all of the cabins come with balconies and many have a signature red hammock, allowing guests to lounge al fresco in privacy.
There are a handful of interior cabins without an ocean view. Social Insider cabins have bunk beds and are great for groups up to four, while Solo Insider cabins are smaller and perfect for the single traveler who doesn’t need a lot of space.
Both balcony and interior rooms typically have standard — and quite small — bathrooms with good lighting and wall-mounted Red Flower toiletries in the shower.
For a real treat, reserve one of the RockStar Quarters or the Mega RockStar Quarters. Some of these suites feature terrace whirlpools, living rooms and seaview showers.
Those lodged in RockStar Quarters and other suites are treated to a private area on one of the top decks known as Richard’s Rooftop. Here, the outdoor lounge serves complimentary drinks throughout the day, with live music at certain hours and whirlpools reserved for just these guests.
Other benefits of these cabins can include access to the spa’s thermal area, free laundry, comped minibars, and priority boarding. Roundtrip airport transfers are also available for these guests, and the largest suites have real guitars and amps for ensuite, self-made entertainment.
Rock Star Coordinators, otherwise known as cabin attendants, patrol the hallways of the most premium cabins to provide assistance in the room — making the bed, cleaning, helping with the ensuite record player or delivering room service.
In all staterooms, there’s an electronic tablet that controls the lights, temperature, shades, music and television. To provide extra space in some cabins, the beds can convert to a sofa during the day and revert back to a bed by night.
Resilient Lady amenities
There’s no shortage of things to do while sailing on the Resilient Lady. You can shop in the onboard boutiques, sunbathe by the pool, play basketball, enjoy arcade games, drink at the bars, test your boxing skills or relax at the spa.
The thermal spa area has steam rooms, saunas, a salt room, plunge pools, a beauty salon and spa treatment areas. Topless sunbathing is also an option on one of the upper decks.
There’s also an outdoor jogging track and free fitness classes on a fixed schedule. For a permanent reminder of your trip, visit the onboard tattoo parlor.
Resilient Lady dining
With more than 20 dining options on the ship, you can eat somewhere different daily and enjoy a variety of global cuisines.
The restaurants on the Resilient Lady are identical to those on Virgin Voyages’ other ships, and dining at all of them is included in the cruise fare. Unlike other cruise lines, you won’t pay extra to dine at specialty restaurants aboard Virgin Voyages, though some premium menu items may cost extra.
Instead of one main dining room or buffet, there’s a food hall — akin to what you might find in a high-end shopping mall — called The Galley, serving all kinds of prepared-to-order dishes. You’ll find sushi, ramen bowls, fresh salads, burgers, all-day breakfast choices, tacos, and even bento boxes with to-go goodies to take to the cabin.
Specialty restaurants include Pink Agave, a Mexican outlet with flaming skillets for fajitas and authentic fare from around the country; The Wake, featuring steak and seafood; and The Test Kitchen, serving up molecular fusion cuisine offerings. There’s also Italian cuisine, veggie-forward spots and more.
Other favorites include an ice cream bar, a carnival-inspired, 24-hour diner with popcorn and booze-infused milkshakes, and a Korean restaurant that has guests cooking barbecue and playing drinking games during dinner.
You can also pay for a dinner theater show — which includes a multi-course meal accompanied by acrobatic entertainment — or an afternoon tea paired with Champagne.
Resilient Lady beverages
One thing not included in the cost of sailing on the Resilient Lady is alcohol. There aren’t any drink packages like you’ll find on many other cruises. Instead, you can choose to pay in advance in the form of a bar tab, or as you go. If you choose to pre-pay your bar tab, you’ll get a bonus based on how much you spend.
There are numerous bars on the ship, from the rooftop pool bar to the ship’s own tap room, where you can order a beer growler to take elsewhere on the ship. And with the cruise line’s app, you can order a glass of Champagne to be delivered to you anywhere on board with just a quick shake of your phone.
For a pick-me-up, you can find all kinds of caffeinated brews at Grounds Club, and free Intelligentsia coffee is served in different venues on the ship. Travelers can also pay extra for cold-pressed juices and barista-made coffee drinks.
Resilient Lady nightlife and shows
The ship’s main hub for evening nightlife is called The Manor. Drinks flow constantly, and nightly acts include live music, comedy and even an adult-themed comedy show with audience participation. You won’t find Broadway-style musicals aboard, but there is a Greek history-inspired song and dance show.
There’s never a shortage of entertainment and talented staff perform all over the ship in bars and lounge areas, so don’t be alarmed if someone dressed as a passenger begins performing for you.
Known as “happenings” or “pop-up moments,” these impromptu improv acts add a bit of intrigue to the cruising experience.
For those who want to belt out some tunes, there’s a karaoke room. Also on the program are a casino, drag shows, fashion shows, bar crawls and even scavenger hunts.
You’ll find arcade games, themed parties (like the Scarlet Night evening) and a full roster of staff-led activities, from dance parties to pool parties.
You can keep an eye on everything by downloading the cruise line’s app or asking reception for a printed schedule. It’s easy to get around the ship since maps are posted everywhere, and the three sets of elevators are color-coded to help you know where you are (purple is at the front, blue is at the aft).
Resilient Lady inclusions
When sailing aboard Resilient Lady, you won’t pay extra for gratuities, Wi-Fi, specialty restaurants or onboard activities. However, you will have to pay extra for alcohol, destination excursions and upgraded Wi-Fi for streaming.
The cruise allows passengers to carry on board two bottles of wine per cabin at embarkation, but no liquor. This can help cut down on the cost of beverages during the sailing. Keep in mind that the drinking age changes based on where the ship is located — in the U.S. it’s 21, while in Europe and international waters the age is 18.
Resilient Lady is a treat
Virgin Voyages has managed to transform the traditional cruise experience into something both upscale, but playful enough, to appeal to all ages.
Rarely feeling crowded, the ship is hardly as large as some of the biggest in the world, and what you’ll find on this Richard Branson-born gem is exactly what you would expect from the daring British entrepreneur. Just be sure to pack an appetite, your dancing shoes and a Titanic-sized sense of humor.
(Top photo courtesy of Virgin Voyages)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
The Capital One Venture Rewards Credit Card has long been a mainstay for travelers seeking low-effort rewards for a relatively modest annual fee. It touts a generous sign-up bonus, the same rewards rate for most purchases, flexible rewards redemption options and additional travel benefits that boost its value.
The Wells Fargo Autograph Journey entered the credit card marketplace in March 2024, but it’s quickly catching up with the Capital One Venture Rewards Credit Card. You can earn a sign-up bonus and elevated rewards in certain spending categories. Redeeming your rewards is easy with this card, too. Plus, it provides impressive travel protections.
Which card is right for you comes down to which perks you value the most. Here’s how to decide.
Why you might prefer the Capital One Venture Rewards Credit Card
Compared with other travel credit cards that have convoluted rewards programs, the $95-annual-fee Capital One Venture Rewards Credit Card has always kept earning and redeeming miles super simple.
Flat rewards rate
The Capital One Venture Rewards Credit Card earns:
2 miles per dollar spent on purchases.
5 miles per dollar on hotels and car rentals booked through Capital One’s travel portal.
For the most part, there are no spending categories to memorize — just a decent rewards rate no matter where you use the card. If you want travel rewards that keep it simple, this is hard to beat.
Sign-up bonus
Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel. That’s a lot of value in the first year you carry this card.
Flexible redemptions
There are multiple ways to use your miles:
Cover the cost of travel purchases made within the past 90 days. Eligible travel purchases include airlines, hotels, trains, buses, rental cars, cruises, taxis and limousine services, travel agents and timeshares.
Redeem miles on Capital One’s travel portal for flights, car rentals and hotel bookings.
Transfer rewards to other eligible Capital One cards.
Transfer rewards to Capital One’s airline and hotel transfer partners.
Full list of Capital One transfer partners
Aeromexico (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
Avianca (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Etihad (1:1 ratio).
EVA (2:1.5 ratio).
Finnair (1:1 ratio).
Qantas (1:1 ratio).
Singapore Airlines (1:1 ratio).
TAP Air Portugal (1:1 ratio).
Turkish Airlines (1:1 ratio).
Accor (2:1 ratio).
Choice Privileges Hotels (1:1 ratio).
Wyndham Rewards (1:1 ratio).
You can also redeem miles for cash back or gift cards, but redemption values vary, so this isn’t an ideal way to use your rewards.
Travel and entertainment extras
The Capital One Venture Rewards Credit Card offers a statement credit of up to $100 to cover the cost of TSA PreCheck or Global Entry every four years. You’ll also get Hertz Five Star status, which offers a wider selection of rental cars, upgrades when available and more.
Get access to VIP event experiences and ticket presales through Capital One Entertainment. You can also book tables at in-demand restaurants and attend special events through Capital One Dining.
Why you might choose the Wells Fargo Autograph Journey instead
Like the Capital One Venture Rewards Credit Card, the Wells Fargo Autograph Journey has a $95 annual fee and travel-focused rewards. While it lacks a statement credit for TSA PreCheck or Global Entry, the card offers other benefits, including robust travel protections.
Higher rewards in specific categories
The Wells Fargo Autograph Journey earns:
5 points per $1 on hotels.
4 points per $1 on airlines.
3 points per $1 on other travel and dining.
1 point per $1 on other purchases.
That’s a bit more complicated than the flat rate on most purchases with the Capital One Venture Rewards Credit Card, but it’s potentially more rewarding if you spend more on travel and dining specifically.
Welcome offer
Earn 60,000 bonus rewards points after spending $4,000 in the first 3 months. That’s not as generous as the sign-up bonus on the Capital One Venture Rewards Credit Card, but it’s still a nice bonus if this is the card you choose.
Flexible redemptions
Redeem rewards for not just travel, but also statement credits to offset eligible purchases, gift cards, charitable donations and merchandise. You can also pay with points at select merchants.
Another option is to transfer points to Wells Fargo’s airline and hotel partners. It’s a relatively short list for now, but according to Wells Fargo, there are plans to expand it.
Full list of Wells Fargo transfer partners
Travel and entertainment extras
The Wells Fargo Autograph Journey lacks a TSA PreCheck/Global Entry credit, but it does offer a $50 annual statement credit for airfare purchases. The Capital One Venture Rewards Credit Card offers no such credit toward airfare.
Plus, with the Wells Fargo Autograph Journey, you’ll have robust travel protections, including a reimbursement of up to $15,000 if your trip is canceled for a covered reason.
You can also take advantage of Autograph Card Exclusives, which is a series of concerts in small venues.
Cell phone protection
If you pay your cell phone bill with your Wells Fargo Autograph Journey, you’re covered if your phone is stolen or damaged. You can claim up to $1,000, with a maximum of two claims per year.
Which card should you get?
When you compare these two cards, it comes down to rewards earnings and perks. Opt for the Capital One Venture Rewards Credit Card if you prefer simple rewards and want to save on TSA PreCheck or Global Entry.
The Wells Fargo Autograph Journey may be a better match if you want to earn more rewards on certain spending and you’d like enhanced travel and cell phone protections.
Dulles International Airport (IAD) is one of three airports servicing the U.S. capital. It is situated about 26 miles outside Washington, D.C., in the Northern Virginia suburbs.
Compared to its counterpart in Virginia, Ronald Reagan Washington National Airport, Dulles’ footprint is at least 12 times larger, sitting on more than 11,000 acres.
Washington-Dulles is known for its vast international flight options, for being a major United Airlines hub, and for its iconic main terminal, designed by well-known architect Eero Saarinen (the same architect who brought the New York-JFK terminal that’s now the TWA hotel to life).
Washington-Dulles is comprised of a main terminal building which features ticketing, security and a small set of “Z” gates, plus baggage claim and customs on the bottom floor.
There are two separate midfield terminals that run parallel to the main terminal: one long building housing the A and B concourses, and another housing the C and D concourses.
Map of IAD terminals
Dulles Airport main terminal
The Washington-Dulles main terminal building is the immediately-recognizable structure most people think of when picturing the airport, with its vaulted ceiling and all-glass facade.
Inside, the building is huge, spanning 1.1 million square feet, and is close to a quarter-mile in length.
The main terminal is divided two floors: departures upstairs and arrivals downstairs.
Upper level
Inside the main terminal on the upper level, there are four large islands with ticket counters for domestic and international airlines.
All passengers pass through security in the main terminal, so if you’re a Clear member, you’ll be able to use the service no matter which airline you’re flying.
The standard TSA checkpoint is downstairs.
Once you pass through security, you’ll catch the Aerotrain or people movers to your specific departure terminal.
Downstairs
Downstairs on the arrivals level is baggage claim with 15 carousels, as well as the airport’s customs facilities, which include Global Entry access.
Food options
Pre-security: Cafe Americana, District Chophouse, Capitol Gounds Coffee.
Retail
International Currency Exchange, Dulles Gourmet Market.
Lounges
The main terminal building houses a brand new Capital One Lounge just beyond the TSA PreCheck lanes.
Capital One Venture X Rewards Credit Card
NerdWallet Rating
Annual fee
$395
Transportation
Since Dulles operates out of three main terminal buildings, travelers have to take transportation to move between each.
Aerotrain
The most convenient option is the Washington-Dulles Aerotrain, an automated train system that runs between a few of the terminals. It’s usually a quick ride, with a maximum of two minutes between stations.
You can take the Aerotrain if you have a flight in the A gates, B gates or C gates. However, note that it is a decent walk from the station to the C gates.
People movers
One of Dulles’ best-known quirks is its “mobile lounges,” or “people movers.” These Star Wars-esque machines haven’t entirely been phased out with the Aerotrain.
Inside, the people movers feel like a combination of a waiting room and a bus, and they take passengers from one terminal to another.
You’ll typically ride the people movers if you’re:
Flying out of the D gates (one of United’s concourses).
Connecting between United’s D gates and Terminal A (gates A1A through A6F).
Arriving on an international flight to get to the customs area in the main terminal.
Passenger walkway
If you’d rather get some steps in, there’s also a 1,000-foot underground pedestrian walkway that connects the main terminal with Concourse B, featuring moving sidewalks in both directions.
Dulles Terminal A
Airlines
United (regional United Express flights, gates A1A through A6F).
International airlines occupy the main portion of terminal.
Lounges
Air France Lounge, near gate A20.
Open daily from 10:30 a.m. until last flight
Priority Pass eligible.
Virgin Atlantic Clubhouse, across from gate A32
Open starting around four hours before Virgin Atlantic flights.
Priority Pass eligible.
Other amenities
Food and beverage
Jersey Mike’s Subs.
Smashburger.
Starbucks.
Extreme Pita.
Cacao Chaser.
Capitol City Ink.
Duty Free America.
Gen X Wireless.
Hudson News.
International Currency Exchange.
Souvenir Library.
Terminal B
Airlines
American Airlines.
Delta Air Lines.
Southwest Airlines.
International carriers like Aer Lingus, ANA, Lufthana, TAP Air Portugal and others.
Lounges
British Airways Lounge, located near Aerotrain station: Open daily from 6:00 a.m. to 10:30 p.m.
Lufthansa Business Lounge, located across from gates B49 and B51: Open 1:30 p.m. to 10:00 p.m. daily. Priority Pass eligible.
Turkish Airlines Lounge, located next to gate B43: Open 7:15 a.m. to 11:00 p.m. daily. Priority Pass eligible.
Other amenities
Food and beverage
Bracket Room.
Capitol Grounds Coffee.
Carrabba’s Italian Grill.
Chick-fil-a,
Commanders Burgundy & Gold Club.
DC-3 Hot Dog Joint.
Five Guys.
Peet’s Coffee.
Potbelly Sandwich Shop.
Vino Volo.
Wendy’s.
Cacao Chaser.
Chanel & Christian Dior.
DC Marketplace.
Duty Free Americas.
Eden’s Boutique.
Estée Lauder / M.A.C. Flag World.
Gen X Wireless.
Montblanc.
Ralph Lauren Polo.
See’s Candies.
Stellar News.
Sunglass Hut.
Travel Tech.
Vera Bradley.
Vineyard Vines.
Washingtonian.
Terminal C
Airlines
Lounges
United has four lounges in Concourse C:
A United Club near gate C4: Open 2 p.m. – 7 p.m. daily.
A United Club near gate C7: Open 5:30 a.m. – 10 p.m. daily.
A United Club near gate C17: Open 5:30 a.m. – 10 p.m. daily.
Other amenities
Food and beverage
Au Bon Pain.
Auntie Annie’s.
Be Right Burger.
Chef Geoff’s.
Devil’s Backbone Taproom.
Starbucks.
Brookstone.
Capitol City Ink.
Duty Free Americas
Hudson News.
International Currency Exchange
Terminal D
Airlines
Lounges
United Club near gate D8: Open 5:30 a.m. to 10:00 p.m. daily.
Food and beverage
Bistro Atelier.
Dulles Gourmet Market.
Pizza Hut.
Rusty Taco.
Starbucks.
Duty Free Americas.
Forbes News.
International Currency Exchange.
NBC4 Travel Store.
A ‘bonus’ concourse of sorts, Dulles has a small handful of Z gates located in the main terminal building. A mix of airlines service these gates, and the only food and beverage options are Dunkin and Subway.
Washington-Dulles has several parking options. The priciest are right near the terminal and in garages, and the most affordable is a cheaper, satellite economy lot requiring a shuttle. You can reserve your parking online or take your chances of finding a free spot at the airport.
Terminal parking
Located just in front of terminal.
$29 per day or $6 per hour.
Follow covered walkway to terminal (brief walk).
There’s an additional “Valet” parking option for $39 per day that allows convenient pickup in front of the terminal parking lot for ultra convenience.
Garage 1 or Garage 2 Parking
Parking garage close to terminal.
$21 per day or $6 per hour.
Walk to the terminal via an underground or covered pedestrian walkway or take a shuttle.
Garage 2 is the most convenient for international departures.
Economy parking
Satellite parking lot.
$14 per day.
Shuttle service runs every 15 minutes. Give yourself at least 15 minutes of travel time to the terminal.
Rental cars
To get to and from the rental car facilities, you’ll have to take one of the airport’s free shuttle buses, a few minutes’ ride.
Dulles has most major rental car companies, including:
Enterprise.
Washington Metro Access
Dulles has direct access to the Washington Metro system via the Silver Line station. It’s located opposite the main terminal, across the terminal parking parking facilities. You’ll take an underground path with moving walkways to get to the Silver Line station.
From there, you can catch a Metro train that will take you through Tyson’s Corner, and eventually through Rosslyn and into downtown D.C. Metro’s trip planner shows it’s a ride of more than 50 minutes to Metro Center, a key connecting station in downtown D.C.
Check Metro’s website for information on hours of operation and fares.
Uber/Lyft from Dulles
Customers hoping to use a rideshare service like Uber and Lyft when they get off the airplane can be picked up on the arrivals level outside baggage claim outside Doors 2, 4 and 6.
(Top photo courtesy of Sean Cudahy)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
The Miami International Airport (MIA) served more than 50.5 million passengers in 2022. With all the lively foot traffic upon entering the airport, you’ll likely want to seek comfort and quiet in an airport lounge as soon as you get airside.
Knowing where your nearest eligible airport lounges are in advance gives you more time to unwind before your flight. Here’s a list of all of the Miami airport lounges.
About Miami airport lounges
Miami International Airport lounges are located in every terminal, though you’ll need to meet the entry requirements of the lounge you’re interested in using. Many Miami airport lounges restrict access to travelers who have qualifying loyalty status or access through a credit card.
Travelers with Priority Pass, or who are willing to purchase a one-day pass might be able to gain lounge access. Admittance, however, is generally based on capacity during the time of your visit.
North Terminal: Flagship Lounge, Admirals Club and Centurion Lounge
If you’re departing from the north terminal, here are your closest lounges in the Miami airport.
Flagship Lounge
Location: Past security checkpoint, across from Gate D-30.
Hours: 5:30 a.m. to 10:30 p.m.; open daily.
How to get in: Accessible to qualifying first and business-class customers, AAdvantage Executive Platinum, AAdvantage Platinum Pro, AAdvantage Platinum and Alaska Airlines Mileage Plan MVP Gold 75K and MVP Gold, ConciergeKey, and Oneworld Emerald and Sapphire members. To get in just show your boarding ticket for an American or another Oneworld carrier flight.
Guests can enjoy complimentary food and drinks, and can access a specialty cocktail bar and wine table. There are also showers available to freshen up before your flight.
Admirals Club D-15 and D-30
Location: Two separate lounges, both past the security checkpoint. One is across from Gate D-15, and the other is across Gate D-30.
D-15 lounge: 5:30 a.m. to 10:30 p.m.; open daily.
D-30 lounge: 6 a.m. to 8:30 p.m.; open daily.
How to get in: You must be an Admirals Club member, a non-AAdvantage Oneworld Emerald or Sapphire member, or be a qualifying first and business-class customer. Upon arrival, you must show your same-day ticket for a flight on American or another Oneworld flight, and provide a qualifying credit card (if applicable) for entry. Depending on capacity, you might be able to buy an Admirals Club One-Day Pass for $79.
Guests receive complimentary food, drinks and access to a full-service bar. The lounges offer free Wi-Fi and showers, and the Admirals Club adjacent to Gate D-30 has a conference room that can be booked in advance.
The Centurion Lounge
Location: In concourse D, near Gate D-12. Take the elevator to the fourth floor.
Hours: 5 a.m. to 10 p.m.; open daily.
Visitors of the Centurion Lounge in the Miami airport can access spa services and showers, along with seasonal cuisine and a premium bar. It also offers a family room, and semi-private workspaces.
Central Terminal: Military Hospitality Lounge and Turkish Airlines
Travelers who are departing from MIA’s central terminal have a couple of lounge options. However, two lounges in this terminal are temporarily closed.
Military Hospitality Lounge
Location: Pre-security in Concourse E, second level.
Hours: 9 a.m .to 5 p.m. Thursday – Monday.
How to get in: You must be a U.S. or Allied active duty or retired military member with proof of same-day travel and your government-issued military ID. Your authorized dependents can also join you in the lounge.
The lounge offers hot beverages, water and soft drinks, as well as complimentary snacks.
Turkish Airlines Lounge
Location: Past the security checkpoint, go to Concourse E, on the second floor.
Hours: 5 a.m. to 10 p.m.; open daily.
How to get in: Available for all Priority Pass members, and first and business class passengers of Turkish Airlines, United Airlines, Aer Lingus, Air Italy, LOT Airlines, TAP Portugal and all Star Alliance members. Be ready to show your same-day boarding pass and Priority Pass card, if applicable.
Guests have access to showers and Wi-Fi. You will also enjoy complimentary food and refreshments, including alcohol.
Temporarily closed central terminal lounges in the Miami airport
Admirals Club, Concourse E.
Club America, Concourse F.
South Terminal: Delta Sky Club and The VIP Lounge
If you’re looking for an airport lounge in the Miami airport’s south terminal, here are your options.
Delta Sky Club
Location: Past the security checkpoint in Concourse H, second floor.
Hours: 4:45 a.m. to 8:45 p.m.; open daily.
How to get in: If you have a same-day ticket on Delta or a Delta-partner airline, access is available to:
Terms apply.
The lounge offers complimentary high-speed Wi-Fi, food, beverages and cocktails. Showers are also available.
The VIP Lounge
Location: Past security checkpoint in Concourse J, near Gate J-3.
Monday, Wednesday, Thursday, Saturday and Sunday: 1 a.m. to 12:30 a.m.
Tuesday: 8 p.m. to 12:30 a.m.
How to get in: The lounge is available by invitation only for first and business class passengers of member airlines.
The VIP Lounge offers complimentary buffet-style food, beverages, showers and Wi-Fi.
Turkish Airlines Lounge
Location: Past security checkpoint in Concourse H, on the third floor.
Hours: 4 a.m. to 10 p.m.; open daily. Hours may vary.
How to get in: Available to first and business-class passengers traveling on Star Alliance partner airlines, and Turkish Airlines Elite and Elite Plus passengers. Access is also available to Priority Pass, Lounge Club, Lounge Key and Diners Club members. Depending on capacity, day passes might be available for additional purchase.
Complimentary food, beverages (including alcohol), and Wi-Fi. Day beds and showers are also available.
Temporarily closed south terminal Miami airport lounges
The Avianca Lounge, Concourse J.
Final thoughts on lounges at MIA
Although MIA is one of the busiest airports in the U.S., its lounges offer pockets of respite for weary travelers.
Before your next flight, check whether you have complimentary access to any of the Miami airport lounges mentioned above, either through your airline loyalty membership, credit card benefit or other qualifying program.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
I want to share a fantastic Q&A from this past week. A reader, “Vince,” wrote in and said:
Hi Jesse. I just reread your best of 2023 post about Compounding. Well, I’m late 50s. No debt. Have stayed the course, and am retiring with 4.2m dollars and 5.5m net worth. I’m the poster child for DCA, yearly rebalancing and living below your means but enjoying life. My wife and I know we’re very fortunate.
Here’s the irony. Bernstein said ‘when you win the game, stop playing ‘ To me, that means going to a 55/45 (or even a 50/50) portfolio in perpetuity because a 3% withdrawal rate is likely all we need to keep us happy. Yet, I’m giving up some return that comes with 60/40.
Thoughts? I can afford to be more aggressive, maybe much more so, but is it worth it? Or should I just chill, rebalance annually or every 18 months, and watch the portfolio grow but a bit more slowly.
Thanks!
Vince is in an awesome situation. To add some context to his message:
I wrote back to Vince and said:
Hey Vince. Thanks for reading and for writing in. It’s fun to chat with folks like you.
First off…wow. You find yourself in a terrific position! I love those details…dca, rebalance, live below your means. Do you mind if I ask…looking back, what was your rough average career household salary? And where did that salary max out? I’m just curious.
[And now I’m coming back up here after having written the entire email…this would be a wonderful blog post Q&A, with your permission. Happy to anonymize you entirely. Let me know your thoughts?]
Yes – great Bernstein quote. I have a thought experiment that might put you at ease…
Take your current household spending needs…let’s say, $150,000 per year.
Social Security will cover some…let’s say $50,000 per year (assuming you’re US? your country might have a different social safety net)
Therefore, your portfolio needs to cover $100,000 every year.
And I’m going to assume (?) the $4.2M you mention is fully investable.
If you went 50/50 in your portfolio – roughly $2.1M in stocks, $2.1M in bonds – you’d have 21 years of annual spending in bonds. Ideally, high-grade Treasury bonds. In theory, you have 21 years of buffer before you “need” to tap into your stocks.
Do we have faith that your stocks will outpace bonds over a 21-year period? That’s now the critical question. Based on the stuff I talk about on The Best Interest, my answer is: yes, 21 years is a sufficient period for stocks to do their thing.
Next question: can/should we pull that period closer to the present? 15 years? 10 years?
60/40 –> $2.5M stocks, $1.7M bonds –> 17 years
70/30 –> $2.95M stocks, $1.25M bonds –> 12.5 years
I think you can feel good about 60/40. 17 years of bonds is a great buffer.
But should you? You’re right that, technically speaking, you’re adding more risk to your portfolio. And for what reason? To die with a larger pile of money?
It all comes back to Bernstein’s quote: what game are you playing, Vince? Have you “won?” If not, that’s fine. But ask yourself: when will that answer change? What is “winning” to you?
For example, if you have big goals for your “Excess Money,” that’s a different story. Do you want to donate $1M to the dog shelter when you die? In that case, we should separate that portion of your money from the rest of your money, and invest it differently.
But if you’re main/most important goal is, “Live comfortably forever,” and the 55/45 gets you there…great! You’ve done it.
…now I’m curious, how much return are you actually giving up in the long run by shifting down from 60/40 to 55/45?
Assume 7% annualized inflation-adjusted returns for stocks and 2% inflation-adjusted for bonds
60/40 –> 5.00% per year, or 165% inflation-adjusted growth over 20 years.
55/45 –> 4.75% per year, or 153% inflation-adjusted growth over 20 years.
Definitely a difference. But not a huge one, IMO, especially when you (specifically you) won’t define success or failure based on that ~0.25% per year annualized difference.
Alright – that’s a lot. But I hope it helps.
If Vince’s portfolio is $4.2M and his annual needs are $100,000, he’ll be entering retirement following (essentially) a “2.38% Rule.” That’s way more conservative than the classic 4% Rule.
He doesn’t need to expose himself to undo risk. 60% stocks, 55% stocks, 50% stocks…Vince will be successful in any of these portfolios. Since he has “won the game” of career financial success, he can “stop playing the game” by taking some of his chips off the table a.k.a. reducing his exposure to risk assets (stocks).
Stocks outperform bonds over long periods of time, and Vince will be able to leave his stocks untouched for decades (if he wants to).
Now, Vince did get back to me and shared some of his personal story. I want to share some of those details with you.
On his salary and investing: “I started at 35k in 1994 and ended at about 560k this year. One outlier year was about 600k. I’d bet my average was around 200k but there were so many big jumps it’s really hard to say. (I never moved jobs for a bigger salary. In fact sometimes I took less to be happier. Eventually , the money came). Also, I got married and we both worked so I’d guess 275k average over 30 years, but this may be off. As I mentioned, dca, rebalance, live below our means. Also, 95% indexing with 4 funds and occasionally buying a stock or two and holding it.
Vince’s top-end salary ($500 – $600K) is top 1% territory. His average salary ($275K) is top ~4%. Vince earned great money. But his starting salary is relatively low. Salary growth was essential for Vince’s success. The lesson: you can – and should – look for ways to increase your income over your career. It might take decades. But it makes a huge difference.
And Vince’s investing technique is…boring! Index funds, dollar-cost averaging, buy-and-hold, annual rebalance. Sound familiar?! The boring stuff, while BORING, really does work.
I’m not pulling your leg here with my articles and podcasts about boring, long-term investing. I’m serious. It works. Just look at Vince. Moving on…
On his lifestyle: “We drive old cars and jeans and t shirts are our preferred outfits. We researched our area before buying and our house that cost 350k is now worth about 1.2m. Actually, not the best 25-year return, but we’re very happy here.We want to keep living simply but comfortably. We’ve put 2 kids through college and have no debt. We love traveling but can do it rather inexpensively. In fact, we just spent a month in Portugal for a small amount. So 55/45 it is. THANK YOU!!!!!
(FYI, the housing return Vince mentioned is about 5.5% nominal / 2.7% real annual return. )
The important takeaway is Vince’s choice to drive cheaper cars and wear cheaper clothes than he otherwise could. By my math, you could buy a Corvette on a $500,000 salary. You could fly first class. You could eat caviar. But Vince is an example that wealth is what you don’t see.
“Wealth is created by a slow, steady drip of investment deposits, just like decades of waves carving a shoreline rock. Wealth is compound interest that grows slowly at first, then rapidly in the end. Wealth is what you choose not to spend money on. Wealth is quiet.”
It sounds like Vince still doing what he loves. He’s cutting costs where he can (or where he simply doesn’t care), but then spending where he wants to. That’s bimodal spending. Vince is enjoying the journey.
Vince is a success story. He’s won the game. And now, like a smart investor, he’s opting to “stop playing” by taking some of his investment risk off the table.
Thanks, Vince, for sharing your example with us.
Thank you for reading! If you enjoyed this article, join 7500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
Want to learn more about The Best Interest’s back story? Read here.
Looking for a great personal finance book, podcast, or other recommendation? Check out my favorites.
Was this post worth sharing? Click the buttons below to share!
If you spent your teenage years waiting anxiously for one of your siblings to get out of the shower, the idea of selling your spacious, multi-bathroom home and moving into a smaller house or condo may feel like a reversal of fortune.
Yet for many retirees, downsizing makes financial and practical sense. Younger baby boomers — those currently ranging in age from 57 to 66 — made up 17% of recent home buyers, while older boomers — ages 67 to 75 — accounted for 12%, according to a 2022 report from the National Association of Realtors Research Group. Boomers’ primary reasons for buying a home were to be closer to friends and family, as well as a desire to move into a smaller home, the report said. Both younger and older boomers were more likely than others to purchase a home in a small town, and younger boomers were the most likely to buy in a rural area.
Save up to 74%
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.
Profit and prosper with the best of expert advice – straight to your e-mail.
For retirees Fred and Shelby Bivins, selling their home in Green Valley, Ariz., will enable them to realize their dream of traveling in retirement. The Bivinses have put their 2,050-square-foot Arizona home on the market and plan to relocate to their 1,600-square-foot summer condo in Fish Creek, Wis., a small community about 50 miles from Green Bay. They plan to live in Wisconsin in the spring and summer and spend the winter months in a short-term rental in Arizona, where they have family.
Fred, 65, says the decision to downsize was precipitated by a two-month stay in Portugal last year, one of several countries they hope to visit while they’re still healthy enough to travel. “We’ve had Australia and New Zealand on our list for many years, even when we were working,” says Shelby, 68. The Bivinses are also considering a return visit to Portugal. Eliminating the cost of maintaining their Arizona home will free up funds for those trips.
With help from Chris Troseth, a certified financial planner based in Plano, Texas, the Bivinses plan to invest the proceeds from the sale of their home in a low-risk portfolio. Once they’re done traveling and are ready to settle down, they intend to use that money to buy a smaller home in Arizona. “Selling their primary home will generate significant funds that can be reinvested to support their lifestyle now and in the future,” Troseth says. “Downsizing for this couple will be a positive on all fronts.”
Challenges for downsizers
For all of its appeal, downsizing in today’s market is more complicated than it was in the past. With 30-year fixed interest rates on mortgages recently approaching 8%, many younger homeowners who might otherwise upgrade to a larger home are unwilling to sell, particularly if it means giving up a mortgage with a fixed rate of 3% or less. More than 80% of consumers surveyed in September by housing finance giant Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a statement. As a result, buyers are competing for limited stock of smaller homes, says Hannah Jones, senior economic research analyst for Realtor.com.
Here, though, many retirees have an advantage, Jones says. Rising rates have priced many younger buyers out of the market and made it more difficult for others to obtain approval for a loan. That’s not an issue for retirees who can use proceeds from the sale of their primary home to make an all-cash offer, which is often more attractive to sellers.
Retirees also have the ability to cast a wider net than younger buyers, whose choice of homes is often dictated by their jobs or a desire to live in a well-rated school district. While the U.S. median home price has soared more than 40% since the beginning of the pandemic, prices have risen more slowly in parts of the Northeast and Midwest, Jones says. “We have seen the popularity of Midwest markets grow over the last few months because out of all of the regions, the Midwest tends to be the most affordable,” she says. “You can still find affordable homes in areas that offer a lot of amenities.”
Meanwhile, selling your home may be somewhat more challenging than it was during the height of the pandemic, when potential buyers made offers on homes that weren’t even on the market. The Mortgage Bankers Association reported in October that mortgage purchase applications slowed to the lowest level since 1995, as the rapid rise in mortgage rates has pushed many potential buyers out of the market. Sales of previously owned single-family homes fell a seasonably adjusted 2% in September from August and were down 15.4% from a year earlier, according to the National Association of Realtors. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR chief economist Lawrence Yun said in a statement.
However, because of tight inventories, there’s still demand for homes of all sizes, Jones says, so if your home is well maintained and move-in ready, you shouldn’t have difficulty selling it. “The market isn’t as red-hot as it was during the pandemic, but there’s still a lot to be gained by selling now,” she says.
Other costs and considerations
If you live in an area where real estate values have soared, moving to a less expensive part of the country may seem like a logical way to lower your costs in retirement. While the median home price in the U.S. was $394,300 in September, there’s wide variation in individual markets, from $1.5 million in Santa Clara, Calif., to $237,000 in Davenport, Iowa. But before you up and move to a lower-cost locale, make sure you take inventory of your short- and long-term expenses, which could be higher than you expect.
Selling your current home, even at a significant profit, means you will incur costs, including those to update, repair and stage it, as well as a real estate agent’s commission (typically 5% to 6% of the sale price). In addition, ongoing costs for your new home will include homeowners insurance, property taxes, state and local taxes, and homeowners association or condo fees.
Nicholas Bunio, a certified financial planner in Berwyn, Pa., says one of his retired clients moved to Florida and purchased a home that was $100,000 less expensive than her home in New Jersey. Florida is also one of nine states without income tax, which makes it attractive to retirees looking to relocate. Once Bunio’s client got there, however, she discovered that she needed to spend $50,000 to install hurricane-proof windows. Worse, the only home-owners insurance she could find was through Citizens Property Insurance, the state-sponsored insurer of last resort, and she’ll pay about $8,000 a year for coverage. Her property taxes were higher than she expected, too. When it comes to lowering your cost of living after you downsize, “it’s not as simple as buying a cheaper house,” Bunio says
Before moving across the country, or even across the state, you should also research the availability of medical care. “Oftentimes, those considerations are secondary to things like proximity to family or leisure activities,” says John McGlothlin, a CFP in Austin, Texas. McGlothlin says one of his clients moved to a less expensive rural area that’s nowhere near a sizable medical facility. Although that’s not a problem now, he says, it could become a problem when they’re older.
If you use original Medicare, you won’t lose coverage if you move to another state. But if you’re enrolled in Medicare Advantage, which is offered by private insurers as an alternative to original Medicare, you may have to switch plans to avoid losing coverage. To research the availability of doctors, hospitals and nursing homes in a particular zip code, go to www.medicare.gov/care-compare.
At a time when many seniors suffer from loneliness and isolation, a sense of community matters, too. Bunio recounts the experience of a client who considered moving from Philadelphia to Phoenix after her daughter accepted a job there. The cost of living in Phoenix is lower, but the client changed her mind after visiting her daughter for a few months. “She has no friends in Phoenix,” he says. “She’s going on 61 and doesn’t want to restart life and make brand-new connections all over again.”
Time is on your side
Unlike younger home buyers, who may be under pressure to buy a place before starting a new job or enrolling their kids in school, downsizers usually have plenty of time to consider their options and research potential downsizing destinations. Once you’ve settled on a community, consider renting for a few months to get a feel for the area and a better idea of how much it will cost to live there. Bunio says some of his clients who are behind on saving for retirement or have high health care costs have sold their homes, invested the proceeds and become permanent renters. This strategy frees them from property taxes, homeowners insurance, homeowners association fees and other expenses associated with homeownership
The boom in housing values has boosted rental costs, as the shortage of affordable housing increased demand for rental properties. But thanks to the construction of new rental properties in several markets, the market has softened in recent months, according to Zumper, an online marketplace for renters and landlords. A Zumper survey conducted in October found that the median rent for a one-bedroom apartment fell 0.4% from September, the most significant monthly decline this year.
In 75 of the 100 cities Zumper surveyed, the median rent for a one-bedroom apartment was flat or down from the previous month. (For more on the advantages of renting in retirement, see “8 Great Places to Retire—for Renters,” Aug.)
Aging in place
Even if you opt to age in place, you can tap your home equity by taking out a home equity line of credit, a home equity loan or a reverse mortgage. At a time when interest rates on home equity lines of credit and loans average around 9%, a reverse mortgage may be a more appealing option for retirees. With a reverse mortgage, you can convert your home equity into a lump sum, monthly payments or a line of credit. You don’t have to make principal or interest payments on the loan for as long as you remain in the home.
To be eligible for a government-insured home equity conversion mortgage (HECM), you must be at least 62 years old and have at least 50% equity in your home, and the home must be your primary residence. The maximum payout for which you’ll qualify depends on your age (the older you are, the more you’ll be eligible to borrow), interest rates and the appraised value of your home. In 2024, the maximum you could borrow was $1,149,825.
There’s no restriction on how homeowners must spend funds from a reverse mortgage, so you can use the money for a variety of purposes, including making your home more accessible, generating additional retirement income or paying for long-term care. You can estimate the value of a reverse mortgage on your home at www.reversemortgage.org/about/reverse-mortgage-calculator.
Up-front costs for a reverse mortgage are high, including up to $6,000 in fees to the lender, 2% of the mortgage amount for mortgage insurance, and other fees. You can roll these costs into the loan, but that will reduce your proceeds. For that reason, if you’re considering a move within the next five years, it’s usually not a good idea to take out a reverse mortgage.
Another drawback: When interest rates rise, the amount of money available from a reverse mortgage declines. Unless you need the money now, it may make sense to postpone taking out a reverse mortgage until the Federal Reserve cuts short-term interest rates, which is unlikely to happen until late 2024 (unless the economy falls into recession before that). Even if interest rates decline, they aren’t expected to return to the rock-bottom levels seen over the past 15 years, according to a forecast by The Kiplinger Letter. And with inflation still a concern, big rate cuts such as those seen in response to recessions and financial crises over the past two decades are unlikely.
Note: This item first appeared in Kiplinger’s Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
The difference between the two travel cards mostly comes down to basic math: As a mid-tier travel card, the Sapphire Preferred has a$95 annual fee, but the Venture X is considered a premium travel card — and has the hefty price tag to match. The Venture X certainly delivers when it comes to luxury perks, but the card won’t be the right choice if you won’t make use of any of those benefits, or aren’t willing to pay for them.
Here’s how to decide between the Chase Sapphire Preferred® Card and Capital One Venture X Rewards Credit Card.
At a glance
How the cards compare
Capital One Venture X Rewards Credit Card
Chase Sapphire Preferred® Card
on Chase’s website
Annual fee
Welcome bonus
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®.
Rewards
10X miles on hotels and rental cars booked through Capital One Travel.
5X miles on flights booked through Capital One Travel.
2X miles on all other purchases.
Earn 5X points on travel purchased through Chase Ultimate Rewards®, excluding hotel purchases that qualify for the $50 annual Ultimate Rewards® hotel credit.
Earn 3X points on dining, including eligible delivery services, takeout and dining out.
Earn 3X points on online grocery purchases (excluding Target, Walmart and wholesale clubs).
Earn 3X points on select streaming services.
Earn 2X on travel purchases not booked through Chase Ultimate Rewards® .
Earn 1X per dollar spent on all other purchases.
Extra benefits
$300 annual credit for bookings through Capital One Travel.
$100 credit for Global Entry or TSA PreCheck.
Get 10,000 bonus miles (equal to $100 toward travel) every year, starting on your first anniversary.
Every year, earn bonus points equal to 10% of your total purchases made the previous year.
Up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Ultimate Rewards.
Still not sure?
Why Chase Sapphire Preferred® Card is better for most people
Lower annual fee
Annual fees for credit cards aren’t inherently bad, and in most cases the more you pay, the more you get. Still, forking over a large fee for a travel card can be a tough pill to swallow. The annual fee for the Chase Sapphire Preferred® Card is several hundred dollars less than the Venture X’s. And when you consider how much value you get for the Chase Sapphire Preferred® Card and its $95 annual fee, many people will find it hard to justify paying hundreds more for another travel credit card.
Better transfer partners
Transfering points to a partner airline or hotel is one of the best ways to squeeze more value out of them. While Chase has fewer transfer partners than Capital One, most travelers will find Chase’s to be more attractive. For example, only Chase partners with United and Hyatt, and Hyatt boasts perhaps the best transfer value at 2.3 cents per point, according to NerdWallet’s analysis.
Capital One also boasts an array of airline and hotel transfer partners, but they are largely foreign brands. Savvy travelers can find outsize value from Capital One’s partners, but many travelers will find Chase’s options more accessible.
Full list of Chase transfer partners
Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
British Airways (1:1 ratio).
Emirates (1:1 ratio).
Iberia (1:1 ratio).
JetBlue (1:1 ratio).
Singapore (1:1 ratio).
Southwest (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).
Hyatt (1:1 ratio).
InterContinental Hotels Group (1:1 ratio).
Marriott (1:1 ratio).
Full list of Capital One transfer partners
Aeromexico (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
Avianca (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Etihad (1:1 ratio).
EVA (2:1.5 ratio).
Finnair (1:1 ratio).
Qantas (1:1 ratio).
Singapore Airlines (1:1 ratio).
TAP Air Portugal (1:1 ratio).
Turkish Airlines (1:1 ratio).
Accor (2:1 ratio).
Choice Privileges Hotels (1:1 ratio).
Wyndham Rewards (1:1 ratio).
Broader rewards structure
The rewards structure on the Chase Sapphire Preferred® Card makes the card more suited for everyday spending than the Venture X. The latter has the potential to earn up to an eye-popping 10x on travel, but you’ll have to book that travel through the Capital One portal. The card earns a respectable 2x on everything.
With the Chase Sapphire Preferred® Card you’ll earn 3x points on dining, including delivery services and takeout; streaming services; and online grocery purchases. If your spending habits sync with the Sapphire Preferred’s rewards structure, you’ll be able to effortlessly rack up points to pay for your next vacation.
🤓Nerdy Tip
By adding another no-fee card or two to your wallet, you can create a Chase Trifecta and supercharge your Ultimate Rewards® earnings. The Chase Freedom Flex℠ earns 5x up to $1,500 per quarter in rotating bonus categories when you activate (1x on everything else), plus 3x at drugstores.
Points worth 25% more
As major card issuers, both Chase and Capital One have their own travel portals through which cardholders can book flights, hotels and car rentals. However, Chase’s Ultimate Rewards® travel portal offers slightly better value. Points are worth 1.25 cents each when used to book through Chase while one Capital One mile is worth 1 cent.
Who might prefer the Capital One Venture X Rewards Credit Card
You want lounge access
True to its classification as a premium travel card, the Venture X grants its cardholders and two guests unlimited access to more than 1,000 airport lounges including Priority Pass lounges and Capital One lounges.
If you want lounge access but prefer Chase’s lineup of credit cards, your only option is the $550-annual-fee Chase Sapphire Reserve®.
You like Capital One’s travel portal
Booking travel through Capital One’s portal is the best way to offset most of the Venture X’s annual fee. Cardholders will receive a $300 annual credit toward travel expenses, which can be used in a single transaction or across multiple purchases. If you don’t mind booking through the portal, the $300 credit plus the 10,000 anniversary points you’ll get each year you renew (worth $100) will cover the entire annual fee of the card.
The Chase Sapphire Preferred® Card offers an annual credit, too, but it’s $50 and only good for hotel bookings through the Ultimate Rewards® portal.
You want trusted traveler program credit
Skipping the line in a crowded airport can be a huge perk, and Capital One Venture X Rewards Credit Card cardholders get a $100 credit for Global Entry or TSA PreCheck. The Chase Sapphire Preferred® Card offers no such reimbursement. Note, though, that you must pay for the Global Entry or TSA PreCheck fee with the Venture X card, and the $100 credit renews every four years, not annually.
Which card should you get?
The Chase Sapphire Preferred® Card, with its reasonable annual fee, top-tier travel partners and access to Chase’s travel portal, is the perfect entree into the world of travel credit cards. Plus, the $95 annual fee can be partly recouped by redeeming the hotel travel credit. Only if you’re after luxury perks and are comfortable paying a triple-digit annual fee should you commit to the Capital One Venture X Rewards Credit Card.
LISBON, Sept 21 (Reuters) – Portugal’s government said on Thursday that banks must discount the benchmark six-month Euribor rate by 30% when calculating mortgage interest rates if asked to do so by borrowers struggling to deal with rising interest rates and avoid default.
Around 90% of Portugal’s stock of 1.4 million mortgages have variable rates indexed to euro interbank offered rates (Euribor) , one of the highest levels in the euro zone. But interbank rates have soared as the European Central Bank hiked interest rates from record lows.
“As a result of this measure, the implied interest rate on mortgages cannot exceed 70% of the six-month Euribor rate in the next two years,” Finance Minister Fernando Medina told a news briefing.
Those with mortgages indexed to three- and 12-month Euribor rates will also receive a discount equal to the nominal amount resulting from the cut in the six-month rate, he added.
Banks will be able to start recovering unpaid interest from those that requested the reduction after four years by redistributing the payments until the mortgages mature.
Medina said the new measure and the interest subsidy that the state already guarantees to the most indebted families should help around one million families.
“The abrupt rise in mortgage payments is undoubtedly the most serious problem that Portuguese families face today, in addition to the impact of inflation, and we want to give them stability for two years,” he said.
Bank of Portugal Governor Mario Centeno has recently estimated that at the end of 2023 the mortgage expenses of around 70,000 families could exceed 50% of their net income.
Medina said the new measure, which helps banks to avoid non-performing loans (NPL), was agreed with the Association of Portuguese Banks APB and the central bank.
Portuguese banks suffered a spike in bad loans after the economic and debt crisis in 2010-13, but have since reduced the share of NPLs to 3.1% of total credit from a peak of 17.9% in mid-2016.
($1 = 0.9377 euros)
Reporting by Sergio Goncalves; editing by Andrei Khalip, Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.