In October American Express announced a number of new benefits for the business gold card. Those new benefits are already live (discussed more below) but the new annual fee of $375 ($80 increase) doesn’t go into effect until 2/1/24. That means now is your last chance to get these new benefits without paying the annual fee. The best offer is 150,000 points, getting that is discussed in some detail here. New benefits are:
New $240 flexible business credit. Up to $20 in statement credits each month after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores
$12.95 monthly Walmart+ credit. This is enough to cover the cost of Walmart+
Chase is offering a bonus of up to 65,000 points on the Chase Hyatt card. Broken down as follows:
35,000 Bonus Points after you spend $3,000 on purchases in your first 3 months from account opening
Plus, up to 30,000 more Bonus Points by earning 2 Bonus Points total per $1 spent in the first 6 months from account opening on purchases that normally earn 1 Bonus Point, on up to $15,000 spent
Card Basics
This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months
Annual fee of $95
Card earns at the following rates:
4x points per $1 spent on Hyatt hotels (they advertise this as 9x, but it’s 4x plus the 5x you normally get anyway)
2x points per $1 spent on local transit and commuting (including taxis, mass transit, tolls and ride-share serivces)
2x points per $1 spent on restaurants, cafes and coffee shops
2x points per $1 spent on airline tickets purchased directly from the airlines
2x points per $1 spent on fitness clubs and gym memberships
1x points per $1 spent on all other purchases
Receive up to two free nights annually:
One free night at any category 1-4 Hyatt property every year after your card member anniversary
An additional free night at any category 1-4 Hyatt property if you spend $15,000 during your card member anniversary year
Status:
World of Hyatt Discoverist status for as long as the card is open
5 qualifying night credits towards your next tier status every year
An additional 2 qualifying night credits towards your next tier every time you spend $5,000 on the card (no limit)
Our Verdict
We’ve previously seen a 60,000 offer that only required $6,000 in total spend, whereas this new offer requires $15,000. It is slightly better than the 60,000 point bonus we saw recently. You can also usually get 50,000 points via referral after only $6,000 in total spend. Because of that reason I won’t add this to the best credit card bonuses.
The Chase Ritz-Carlton card is no longer accepting new sign ups, but existing cardholders have been able to keep their cards/accounts. The Ritz-Carlton card used to offer a premium metal card, but that was discontinued some time ago. Chase has sent out e-mails to existing cardholders stating that they are bringing back this metal card and a new one will be sent out.
A credit card balance transfer is the practice of moving debt from one credit card account to another. Typically, this is done to obtain better interest rates.
Reports show that the average credit card debt is nearly $8,000. This amount may seem impossible to pay off, especially if you have high interest rates or your debt is spread across several cards. One way consumers pay down this debt is through a credit card balance transfer. But what is a credit card balance transfer?
A credit card balance transfer is the practice of moving debt from one credit card account to another. Typically, this is done to obtain better interest rates.
For example, many balance transfer credit cards offer an introductory period with APR rates as low as 0% for a set period. This introductory period typically lasts anywhere from six to 18 months. However, you may incur a balance transfer fee of 3% to 5% based on the specific card details. Despite this fact, you still may be able to save money by transferring your balance to one of these specialized cards.
Before you consider transferring your balance, it’s important to understand how balance transfer credit cards work, as well as the advantages and disadvantages of this option.
Advantages and Disadvantages of a Credit Card Balance Transfer
Before deciding if a credit card balance transfer is right for your specific situation, it’s important to explore the advantages and disadvantages of this type of transaction.
Pros
There are a number of great advantages to transferring your debt to a balance transfer credit card.
Transferring your current credit card balances to one with interest rates as low as 0% APR during the introductory period can help you save money over time.
Obtaining a balance transfer credit card can help you consolidate several smaller credit card balances into one convenient card.
If you make on-time monthly payments, you can take advantage of the 0% APR to pay your debt down faster.
Cons
There are also a few disadvantages you should consider before opening a new balance transfer credit card.
Many balance transfer credit cards charge a balance transfer fee that typically ranges from 3% to 5%. While this may seem like a small amount, it could equate to $30 to $50 per $1,000 you transfer. However, the benefits of lower interest rates could easily outweigh this extra fee.
Once the introductory period is over, your APR will revert to the higher standard rate. It’s important to compare this rate to your current interest rates before transferring your balance. If you’re not careful, you could end up with higher rates for future purchases or any unpaid balance at the end of the introductory period.
Due to the benefits of balance transfer credit cards, many credit card companies require applicants to have good to excellent credit.
How Do Credit Card Balance Transfers Work?
Before you can transfer your credit card balance, you must apply and be approved for a new balance transfer credit card. Many credit card companies require applicants to have very good or excellent credit scores to qualify. You can use Credit.com’s Free Credit Score tool to check your credit score to ensure you meet the company’s credit requirements.
Be sure to compare your options to determine which balance transfer credit card option is right for you. When making this comparison, there are a few factors you should consider:
Length of introductory period
Balance transfer fees
Standard APR rates
Annual fees
Other costs and fees
Credit limit
Once you choose the right card, you must take steps to transfer one or more of your current credit card balances. Some credit cards provide convenience checks to make it easier to transfer your balances to your new account. If this is the case, you can simply use these checks to pay off your current balances and the amount will automatically transfer to your new account.
Before using these checks, make sure they are specifically for balance transfers. Otherwise, these funds may not transfer correctly.
You can also handle the balance transfer process online using your credit card app or by contacting your new credit card company by phone. When making this transfer, you must have all the relevant information about your current account, such as issuer name, account number and amount to transfer. It could take a few weeks to finalize this transfer.
Things to Consider About Balance Transfer Credit Cards
While balance transfer credit cards certainly have their advantages, there are several factors you should consider when making this decision.
First, once you transfer your balance to your new credit card, it’s crucial to make on-time payments and meet all other conditions. Failure to do so could jeopardize your low introductory APR. Additionally, late credit card payments could negatively impact your overall credit health.
Secondly, keep in mind that your credit card company won’t alert you when your introductory period is coming to an end. If you’re not careful, the standard interest rates could take effect before you have time to pay down your balance.
Finally, you may want to compare credit card balance transfers with other viable options. For instance, if you can’t pay off your current credit card balance within the introductory period, it may make more sense to obtain a personal loan.
Now that you know what a credit card balance transfer is, you can more easily decide if this is the right option for you. Before you make any decision, you may want to get a better understanding of your current financial status. Use Credit.com’s Free Credit Report Card to get a full view of the factors most affecting your credit score.
A same-day credit card is also referred to as an instant-use credit card. When credit card providers offer this option, they provide tools that make it possible for you to make charges on the card immediately once you’re approved. This is in contrast to the traditional process, which requires you to wait for around two weeks until the actual credit card arrives via mail. Find out more about same-day credit cards below, including how they work and how you can get one.
How Do Same-Day Credit Cards Work?
When you apply for a credit card from a company that offers this option and you’re approved, the company emails you information that allows you to make charges on your account without having the physical credit card. Each credit card company handles this differently, but some common options include:
Providing you with the credit card number. Some card issuers provide you with the credit card number that will come on your card so you can use it to make purchases the same day you’re approved for the card.
Providing a virtual card number. Other card issuers provide a virtual credit card, which is really just a card number linked to your account that’s not the same number as on your physical card. In some cases, this number is dynamic, which means it’s created uniquely for each purchase to provide greater protection when shopping online.
Offering an app that lets you connect your account with digital payment wallets. In some cases, the card issuer prompts you to download an app and connect it to your account. You can then use the app to make payments or connect your card account to digital wallets and services, such as Google Pay or Apple Wallet. Then, you can use those services to make payments.
Where Can You Shop With a Same-Day Credit Card?
Typically, you’ll have the best luck shopping online with a same-day credit card. You can also easily make purchases via phone by providing the credit card number to the vendor. It’s not as easy to use this type of card at a physical register because you don’t have anything to swipe. However, if you’ve connected your new credit card number to a digital wallet, you can pay with that method at stores and other physical locations that accept Apple Wallet, Google Pay, and other such options.
The Benefits of Same-Day Credit Cards
The most obvious perk of a same-day credit card is that you can use it instantly once you’re approved. This may come in handy if you want to use the credit card to make a necessary and time-sensitive purchase. It can also be handy if you’re applying for the card because of a balance transfer offer. You can get the ball rolling as quickly as possible to transfer debt from a higher-interest card, potentially saving yourself some interest or the need to make a payment on that other card.
Another time it can be helpful to be able to use your card immediately is when you’re approved for a rewards card and there’s a signup bonus. These bonuses typically require spending a certain amount in the first few months after opening the account. If you have to wait for the physical card to arrive, you may lose two weeks or more of that bonus-earning opportunity.
Are There Any Downsides to Instant-Use Credit Cards?
The majority of potential downsides to these types of cards are the same issues you might face with any credit card. You may be dealing with a high interest rate, and if you run up your balance and can’t pay it off each month, you could face a lot of interest expense over time. Missing payments or carrying high balances can also negatively impact your credit.
It’s also important to note that many credit card lenders don’t immediately make your entire credit limit available. For example, if you’re approved for a credit limit of $5,000, you may only have instant access to $2,500 until your physical card arrives.
Which Lenders Offer Same-Day Credit Cards?
Many credit card companies offer same-day credit cards, including American Express, Capital One, and Discover. Retail store credit cards are also often instant-use cards. If you apply at the register at Kohl’s, Best Buy, or other retailers and are accepted, you can usually use your account to make purchases within the store that day.
Should You Seek an Instant-Use Credit Card?
In most cases, whether you get instant access to your credit card account is likely not the most important consideration. After all, this perk becomes obsolete in a few weeks when you receive your physical credit card.
Instead, consider more long-term factors when choosing the right credit card for you, including interest rates, annual fees, customer service options, perks, benefits, and rewards. Start your research for the right credit card for you in our credit card marketplace.
Check your email for the following targeted offer on Discover card:
Activate to earn an extra 3%/4% cashback on up to $2,000 spend.
Our Verdict
A few readers sent this one in. Two were for 4%, one was for 3%. There might be other versions as well. The deal is even better if you can meet the spend at drugstores and restaurants: if you have the 5% categories activated, you should end up getting 9% cashback total on those purchases.
Reader bockrr brought to our attention a new premium card called ‘Atlas Card‘ that comes with a $999 annual fee. The benefits of the card are as follows:
$999 Annual fee
Access to Atlas supper club (reservations at exclusive restaurants)
$189 credit towards CLEAR membership
Card earns at the following rates:
5x points with BLADE on helicopter rides and flights
3x points on highest spend category
1x points on all other purchases
Cancel flights without fees (up to $600 annually)
One Medical membership ($199)
Erewhon Cafe membership ($100)
FUTURE fitness training membership ($25 per month, up to $300 annually)
Card is 21 gram steel alloy, milled, engraved, and polished to a brilliant mirror shine
Our Verdict
Flight cancellation benefit is interesting but no matter how you slice it’s extremely hard/impossible to justify the annual fee especially when there is no sign up bonus.
Blue Business Cash $100 |Blue Business Plus 15,000 | Business Platinum 15,000 | Business Gold 15,000
American Express is offering Blue Business Plus cardholders 15,000 when they add an employee card and the employee card spends $4,000 within six months.
American Express is offering Business Platinum cardholders 15,000 when they add an employee card and the employee card spends $4,000 within six months.
American Express is offering Business Gold cardholders 15,000 when they add an employee card and the employee card spends $4,000 within six months.
American Express is offering Blue Business Cash cardholders $100 when they add an employee card and the employee card spends $4,000 within six months.
You can get the bonus for up to 5 employee cards – total bonus of 75,000 points/$500.
Our Verdict
This isn’t as good as the targeted 20,000 points offer on other business cards, but still could be a nice offer for someone doing the spend anyway. These links might work for everyone (?). You don’t need to supply a SSN when adding an employee card, but the employee needs to add it within 60 days otherwise the account will be closed. (One comment reports they are now stricter with business cards and require SSN immediately upon receipt. YMMV.)
We received a neat tip from usccstrategy which simplifies figuring out which card you used when referring a friend to an Amex card:
Look at your rewards transactions showing the referrer bonus. You’ll see there a string of letters/numbers attached to each referral bonus. Example:
See in the above screenshot one of the referrals is described as “K3QE” and one is described as “K3YC”.
Next, check your referral link. Look at the full expanded version of the link. Near the end of the long link you’ll see the 4-digit code which represents the card for referrals. That code will correspond to the code you see in the login.
For example, one code I checked ends with “92-201279-K50U%3A9997&v=1&xl=cp10gx”. If that card would refer a friend, they would see “K50U” in their rewards login. Cool.