The following is a guest post from Jacob with My Personal Finance Journey.
For quite a while now, I have been a big fan, supporter, and practitioner of passive investing.
In my investing strategy, I set forth a target asset allocation, review my positions once per month, and rebalance if necessary (usually ends up being 1-2 times a year) in order to maintain the appropriate % levels by investing in index mutual funds with Vanguard.
For me, investing in individual stocks is simply too risky, and I don’t trust myself to do it. This is especially true when you consider that 70% or more of investing “professionals” fail to outperform the market.
If most people that devote 10 hours a day to this game can’t do it, what makes me think that I’m special enough to magically outperform the market?
A question that has become a topic of heated debate (especially in the camps of the critics of Mad Money’s Jim Cramer’s stock investing advice) is whether or not stocks picked by non-humans, such as a monkey throwing darts at a board to select stocks, would actually perform better than those chosen by the “pros.”
I think this question has arisen due to the inability (mentioned above) of many investment advisors to beat the market with their stock selections, along with the random-walk hypothesis developed by Burton Malkiel in his book, A Random Walk Down Wall Street.
Regardless of the specific cause of this speculation, it makes for an interesting thought exercise. One thing I recently was interested in particularly was the question below.
What kind of performance would I achieve by basing my buying and selling decisions on a random number generator in Excel?
And furthermore, how would this performance compare to the selections of investing professionals? So, I soldiered off to try to obtain some answers to these questions.
Baseline Market Comparison
In order to obtain a baseline to which to compare the results of my random number generator investment strategy, let’s take a look at how the S&P 500 performed in the ~ 2 months that I conducted this experiment (started on 28-Feb-2011). I chose this date range in 2011 because it coincided with a time when the market pretty much stayed the same. I figured that by choosing a neutral time for the market, the effect of using the random number generator would show through more greatly one way or another.
From 28-Feb-2011 to 22-April-2011, the S&P500 went up 1.33%. While this was not particularly impressive time period for performance by any means, it gives us the baseline we need.
Study Set-Up
Having established our baseline, I then set up the analysis in the following way, assuming an initial value of the portfolio of $1,000:
In an Excel spreadsheet, I would predict the performance for each day that the stock market was open using the random number generator function, =RANDBETWEEN(-1,1).
This function randomly generates one of three integers = 1, 0, or -1. I then correlated each of these integers to a direction of the market, as described below.
1 = Market will go up more than or equal to 0.5% that day. Therefore, I would buy more (5% of total portfolio value) shares of an S&P 500 index fund at the open of the market.
0 = Market will stay the same (change less than +/- 0.5%) that day. Therefore, I would hold all shares and experience whatever fluctuation was dealt by the market that day.
-1 = Market will go down that day more than or equal to 0.5%. Therefore, I would sell all shares at the open of the market in anticipation of the drop and temporarily hold the money in a safe cash account (assume no interest is obtained on the cash account).
After each day’s trading was over, I would record the actual performance of the market to determine whether or not the random number generator predicted correctly and adjust the overall portfolio value accordingly.
Note: Source for all this data was Google Finance. Also, for simplicity, I decided to ignore commissions/trading fees. However, in reality, these would further decrease the returns observed.
You can view the spreadsheet I set up at the Google Docs link below.
Results
The results of this exercise were quite interesting! I’ve summarized the details below:
The random number generator actuallypredicted the correct market movement a pretty impressive 45% of the time!Wow! It was incorrect 55% of the time.
I’m going to get on the soap-box here and propose that if we were to look at the performance of market-timing investment professionals, I’d suspect that they would be correct about the movements around this same 50% of the time.
Out of curiosity, I did some research to try to find some data on the % of times that portfolio managers/investment professionals correctly predict the market, and I was not able to find any specific stats. However, I did find that in order to make money with a market timing strategy, you have to be correct in your predictions 74% of the time. (Source – QuickMBA.com)
The total return (excluding trading fees of course, as mentioned above) was interesting as well.The results showed that NO, you cannot use a random number generator to beat the performance of simply investing in an S&P500 index fund!The specifics of my findings are described below:
Using the buying, selling, and holding system described above in the study set-up, the following results were seen:
Total Amount Invested = $1,801.62
Ending Account Value = $1,136.64
Holdings Sold During Analysis = $675.24
Total Return = +0.57%
So, even though the total return realized with this random number generator market prediction strategy did not beat the market return of +1.33%, it was still in the same ballpark.
In fact, it’s fascinating to me to think that a positive return can be generated by choosing random numbers in the first place, especially during a time when the market didn’t go up very much.
Summary
So, overall, by basing my buying and selling decisions from the results of a random number generator available on any computer worldwide, I was able to achieve a total return slightly less (but still in the same positive percentage range) compared to the S&P 500 index during the same time period (0.57% vs. 1.33%) and correctly predict the market movements 45% of the time.
Because 70% of investing professionals fail to obtain returns on par with the market, this is quite an interesting find! Of course, more long-term analysis would be necessary before I would deploy this strategy with real money. However, it makes one question the effectiveness of active stock picking and market timing and in my mind, strengthens the case for a passive investing approach.
How about you all? Do you use a passive or active investing approach? Have you been satisfied with the success of your approach? What’s your take on the results of this random number generator analysis?
If you have people that you care about, then it is likely that you need life insurance. The payout from a life insurance policy can be used for paying off massive debts – such as a mortgage – or for replacing the lost income of a breadwinner so that a spouse and children can continue to pay their everyday living expenses.
Equally important in preparing for the case of loss is making sure your company or business has key man insurance. A key person life insurance policy can make all the difference in keeping a business or firm successful in the face of losing an owner, or important team member.
When you shop for life insurance, there are several key factors to keep in mind. These include choosing the right type and amount and ensuring that the insurance provider you decide to purchase through is secure and stable financially.
Today, given the vast reach of the Internet, many life insurance companies can help to “do the shopping for you” when it comes to buying coverage. While this can be convenient, it is still essential that you end up with a policy that will best fit your needs and your budget. One such entity that has a good, positive reputation for assisting people with purchasing the proper life insurance plan is Accuquote.
The History of Accuquote Insurance Company
Accuquote was founded by Byron Udell, one of America’s most well-known experts in life insurance, in 1994. Udell’s vision was to make the process of purchasing life insurance simpler for consumers. The Accuquote website uses powerful software to compare hundreds of insurance products quickly and conveniently. This allows shopping for the best rates much easier than having to go from one insurance carrier to another.
The company – as well as its founder – have been recognized by news and media outlets such as Money, Forbes, BusinessWeek, the Wall Street Journal, the New York Times, CNN, Kiplinger’s, and Bloomberg.
When it comes to insurance coverage, there is a myriad of information on the Accuquote website. This includes information on the types of insurance that are available, how each works, and why – or why not – a particular kind of insurance coverage could be a viable option for an individual.
Accuquote Insurance Company Review
Accuquote only works with highly rated insurance companies – which are likely to be brand names that consumers trust.
These include:
AIG
American National
Banner / William Penn
Fidelity Life
Genworth
Gerber Life Insurance Company
Globe Life
Guardian
Lincoln Financial Group
MetLife
Mutual of Omaha
Pacific Life
Protective Life Insurance Company
Prudential
Sagicor Life
Transamerica
In doing so, because Accuquote sells in “bulk,” customers can still save money, yet without having to sacrifice quality and strength.
The Accuquote website is available to consumers 24 / 7, so it is very convenient to find the information that is needed. For additional questions that require speaking with a customer service rep, the toll-free Accuquote phone line is open from 7:30 a.m. to 7:00 p.m, central time Monday through Friday, and from 8:00 a.m. to 1:00 p.m. on Saturday.
Life Insurance Products Offered
Accuquote offers term life and permanent life insurance policy options. Because of the broad range of policies that consumers can purchase, it can make it easier to cover a policy holder’s needs more accurately.
With term life coverage, there is death benefit only protection, with no cash value or savings build up. Because of this, a term life insurance policy can be much more affordable than a permanent policy – with all other factors being equal.
As its name implies, term life insurance is sold for certain time lengths, or terms, such as ten years, 20 years, 25 years, or even for 30 years. In many cases, the premium will remain level during the term of the policy. There are also many term life policies that can be converted over to a permanent form of life insurance – and in some instances, there is no medical exam required to do so.
Permanent life insurance includes a death benefit, as well as a cash value component. The cash value is allowed to grow on a tax-deferred basis, which means that there is no tax due on the growth of these funds unless or until they are withdrawn. These funds can be either borrowed or removed for by the policyholder – including to pay off debts, supplement retirement income, or anything else you might need or want.
There are several different types of permanent life insurance, including whole life and universal life. With a whole life insurance policy, the cash value will grow at a set rate that is determined by the insurance company. Once an individual is approved for a whole life insurance policy, the death benefit cannot go down, nor can the premium go up – even as the insured ages, and even if their health worsens. And, as long as the premium remains paid, the policy will stay in force. These policies are intended, then, remain with an individual for the “whole” of his or her life.
Universal life is another type of permanent life insurance coverage. With a universal life insurance policy, there is also a death benefit and a cash value component. These plans, however, are considered to be more flexible than whole life insurance policies. One of the biggest reasons for this is because the policyholder may – within certain parameters – select how much of the premium will go towards the death benefit coverage, and how much will go into the cash-value component of the policy. Often, the policyholder may also be able to change the due date of the premium, based on his or her changing needs.
There are also other types of life insurance that can be purchased, and that may be used in unique situations. For example, because funeral and other final expenses can be in the range of $7,000 to $10,000 today, many people purchase final expense life insurance. This type of coverage will usually have a death benefit of between $5,000 and $25,000 (although some insurance companies will allow more). By having this kind of coverage in force, an individual’s loved ones won’t have to dip into savings to pay for the funeral, nor will they have to endure additional financial hardship at an already difficult time in their lives.
Accidental death is another type of coverage that is offered via Accuquote. Unexpected accidents happen every day – and if someone is seriously injured, or dies, in an accident, it can have some serious financial ramifications. This type of coverage can be purchased as a stand-alone policy, or it can often be added to an existing life insurance policy. It is also relatively inexpensive and easy to understand – and, as long as the premium is paid, the coverage will remain in force. Typically, there is no physical exam required for underwriting, and no waiting period for the coverage to start. When purchasing accidental death coverage through Accuquote, an individual may be able to get up to $500,000 in coverage.
For those who wish to obtain life insurance quickly – and who do not want to (or do not have the time to) go through a medical examination as a part of the underwriting process – there is no health exam life insurance. As the name infers, a no medical exam life insurance policy will often require that an applicant only answer a few medical related questions. And, because there are no medical test results to wait for, these policies can often be approved in just days – or possibly even hours.
There are also many families who obtain life insurance on their children. While nobody ever wants to think about a tragic incident taking the life of a child, accidents and illnesses can and do occur. If that is the case, the family can be protected financially with life insurance. In addition to providing a death benefit, many child’s life insurance policy options will provide cash value, so that the child can begin to build up a tax-deferred savings account.
The funds that are within the policy can then be accessed in the future for college expenses, to purchase a vehicle, to put a down payment on a home, or any other need that the child sees fit. There can be other benefits to buying permanent life insurance on a child as well. For instance, doing so will lock in the child’s future insurability. This can be especially advantageous is the child becomes ill in the future. These policies will also usually have a premium that remains level, meaning that the rates will be quite affordable – even as the child becomes an adult.
Other Products and Services Offered
In addition to the long list of life insurance coverage options that are available through Accuquote, there are also other products and services that can also be purchased. These include the following:
Disability Insurance
Long Term Care Insurance
Retirement Annuities
Critical Illness Insurance
Medicare Supplement Insurance
Property and Casualty Insurance (including auto and homeowners insurance coverage)
As a child growing up, I remember my father constantly eating Ramen Noodles in a Styrofoam cup.
It was pretty fascinating that all you had to do was add hot water, and presto, you had a ready to eat meal in a few minutes.
Perfect for an impatient kid!
As I got older I started to notice that the package of Ramen Noodles still existed in our kitchen.
My father had always struggled with money.
He had battled credit card debt and never really made good financial “cents” of his money.
I guess I always just thought that he really liked the cup of Ramen Noodles.
I later found it there was much more to the story.
All Too Familiar Feeling
I remember my first year as a financial advisor. I was meeting with a couple in their early 60s. At the time, I was 24 years old and already started a Roth IRA and was quickly learning the proper ways to invest in your 20s. I remember this couple in particular because while many people get excited about retiring and starting a new venture in their life, with these folks, retirement was nowhere in the near future.
Combined, they had maybe $50,000 saved in their retirement investment accounts combined. Their jobs offered no pensions, so all they had was social security.
I remember looking at this couple, and eerily, I saw similarities with my father. They had no hope of retiring. They had done a horrible job of saving.
The Ramen Noodles Jolt
This meeting instantly made me realize that I did not want to follow in their footsteps.
I knew that I did not want to be in my early 60s and be forced to be eating cup of Ramen Noodle soup.
I didn’t want to have to worry about not ever being able to retire. I know at the age of 24, I was thinking much more different than my peers. None of my friends talked about retirement. We talked about the next trips that we were going to go on, what concerts we wanted to go see, still reflecting back on the good old college days.
Investing in Your 20s Isn’t Cool, It’s a Must
I write this because if you are in your 20s, I know you’re thinking the exact same thing, even if it’s just how to invest with 100 dollars. What’s the point of investing? What’s the point of saving? What’s the point of even thinking about retirement?
Here’s one thing I know, you don’t want to be eating Ramen Noodles for dinner for the rest of your life. It might be good every once in a while, but I promise you, you get sick and tired of it.
So, why is it so important to start investing early in your 20s?
Most young people just don’t get it. They think they have plenty of time to start thinking about retirement. While, yes that’s true, what most don’t understand or appreciate is that the sooner you start, the easier it is.
You don’t want to discover you’ve waited until it is too late to retire.
For example, look at this chart. This chart was something that was shown to me whenever I was junior in college. The chart literally blew me away.
The chart has two young adults that should be investing in their 20s: Super Saver Parker who starts at the age of 25 and Super Slacker Sloane. Both graduate with good paying jobs and have well enough income to start contributing to a Roth IRA.
Super Saver Parker
10 Years of Contributions
Super Slacker Sloane
30 Years of Contribution
25
$2,000
25
–
26
$2,000
26
–
27
$2,000
27
–
28
$2,000
28
–
29
$2,000
29
–
30
$2,000
30
–
31
$2,000
31
–
32
$2,000
32
–
33
$2,000
33
–
34
$2,000
34
–
35
–
35
$2,000
36
–
36
$2,000
37
–
37
$2,000
38
–
38
$2,000
39
–
39
$2,000
40-65
–
40-65
$50,000
Total Contributions
$20,000
$60,000
Ending Account Value
$340,060
$266,427
*BIG* Difference
$73,633
Super Saver Parker starts putting $2,000 a year into his Roth IRA ($166.67 per month). He does this for a total of 10 years and stops for a grand total of $20,000 he put in. Why does he stop? Don’t ask. That’s just part of the illustration. 🙂
Super Slacker Sloane puts off saving because he wants to buy “stuff” (otherwise knows as “crap you don’t need”). He finally gets it and starts putting $2,000 a year starting at the age of 35. Wanting to catch Parker, he puts in $2,000 a year for 30 years contributing $60,000 in total – $40,000 more than Parker. *We’re assuming that they both average 8% return on their money.
After they showed this chart to me in my finance class, the question that was then asked was,
“Who will have more money at the age of 65?”
I remember my initial thought was “Duh, the guy who put in $40,000 of course!“.
Hmmm…..oh how wrong I was.
The reality is that the person who started 10 years earlier (preferably in their 20s) had actually made $73,633 more even though they put in $40,000 less.
Maybe a Chart Involving Beer Will Help?
Not convinced? Here’s something else to look at:
Sounds great, right? Being able to retire, not having to eat Ramen, being able to drink a gigantic tower of beer… all wonderful.
But if I had to guess there are some of you out there in your 20s — just starting careers, just starting families, just really starting to get into the swing of things — that are wondering:
How the heck do I start? I have no idea what I’m doing!
Well that’s hopefully one of the reasons you are reading my blog. I want every single one of my readers to be able to retire, and if I have to show each one how to do it then that’s what I’m going to do.
Resources for Getting Started on Your Retirement Saving
Here are some resources I’ve created to help you jump start your retirement savings.
Best Online Brokers for Beginners
With the large number of brokerage firms out there it can be really confusing deciding where to open an account. There are some brokers out there that are only for “professional” investors that trade a lot and need all kinds of crazy chart tracking.
If you’re just starting and investing in your 20s then that isn’t you.
I’ve boiled down your best online broker options for you to make the selection that much easier.
I like really simple, and beginner investors should too.
The Roth IRA is one of the best investment accounts to have to grow your nest egg for your retirement.
Naturally, you put the two together and you get a great result.The Roth IRA Movement
Last year I helped start the Roth IRA Movement to encourage young people to open and fund Roth IRAs. Over 140 bloggers jumped in to add their own articles and it was a huge success. The link above takes you to an easily accessible list of all of the posts. A lot of good reading here.
Start Saving for Retirement In Your 20s
No matter which broker you go with or what investment philosophy you end up selecting… please do not delay in starting your retirement savings. Investing in your 20s is the absolute way to go. Literally every day that goes by without saving for the future the harder you will need to work and save to meet the same goal.
Let your money work for you by giving it the maximum amount of time to be invested. Don’t end up eating Ramen Noodles and waiting for your next Social Security check. That’s no way to live your golden years.
When you think of everything in your life that needs to be cleaned regularly, your credit card is probably not near the top of the list. But the truth is, during the course of a day, your card can pass through many hands and see plenty of action in credit card readers and ATMs. These exchanges increase the odds of your card picking up dirt, debris, and germs.
Fortunately, there are many ways you can keep your credit card clean without worrying about damaging the plastic, chip, or magnetic strip. Even better, most cleaning methods take less than 30 seconds.
Let’s take a look at some different ways you can practice good credit card hygiene.
Why Clean Your Credit Card?
It’s common knowledge that most paper money and coins carry germs, but credit and debit cards aren’t any cleaner. In fact, microbes, bacteria, and viruses typically stay active longer on hard surfaces like plastic and metal, sometimes for days or even weeks.
If you touch your bacteria- or virus-laden card and then touch your mouth, eyes, or nose, you could be introducing unwanted germs into your body. Washing your hands after handling your card can prevent the spread of germs. So can washing your credit card.
Besides wiping away bacteria, microbes, and viruses, scrubbing your card can also remove dust, dirt particles, and grime. These elements can make your card’s surface feel greasy, gritty, and sticky, and they can accumulate on or around the raised credit card numbers or letters.
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Earn 3% cash back on up to $12,000 in purchases your first year when you set up direct deposit through SoFi.** After that, earn 2% unlimited cash back on everything.*
Recommended: Cash vs Credit Card: Key Differences to Know
How to Clean Credit Cards
There is no one way to clean your credit cards. The method you use depends on personal choice and the cleaning materials you have on hand. If you’re worried about getting your card wet, rest assured plastic and metal credit cards are meant to be waterproof.
Whatever your cleaning method, there are a couple rules of thumb to keep in mind. The first is to be gentle. Too much elbow grease or force may cause the card to wear down prematurely and could wipe away the ink. The second rule is to dry the card completely before you put it back in your wallet or use it.
Here are some effective ways to clean your credit cards:
Soap and Water
You can wash your credit card as you would your hands — with good old soap and water. Simply suds up your card with hand or dish soap and warm water, and gently clean for 20 seconds before rinsing it off completely. Wipe dry with a paper towel, soft rag, or lint-free microfiber cloth.
Rubbing and Isopropyl Alcohol
Both types of alcohol can be used to clean your cards. Simply wet a cotton ball, tissue, paper towel, or soft cloth with the alcohol and wipe the card. To remove stubborn gunk trapped around the raised letters or digits of your card, try using a cotton swab dipped in alcohol.
Antibacterial or Sanitizing Wipes
The same wipes you use to clean surfaces at home can also be used on your credit cards. These products work to rid your card of any bacteria and viruses hanging out on your credit or debit card.
Multi-surface household cleaner
An all-purpose cleaner will also do the trick of cleaning your card. It’s better to spray the solution onto a cotton ball, paper towel, or clean rag instead of directly onto your card. Vinegar, which also works as a household cleaner, is another option.
UV Light Sanitizer
These devices use ultraviolet light to kill any viruses and bacteria found on nonporous surfaces. Often used to kill germs on cell phones, many of these machines sanitize credit cards as well.
One caveat: If you have a credit card made of metal or a metal composite, you may need to follow a different cleaning regimen. Apple, for example, warns against applying certain products or methods when cleaning the titanium Apple Card. On the list are household or window cleaners, compressed air, ammonia, and abrasive cleaners. If you have a metal card and aren’t sure what material it’s made of, check with your credit card issuer before cleaning it.
How to Clean the Chip and Magnetic Strip on a Credit Card
There may be times when you insert a credit card into a chip reader or swipe it at the card reader machine, but can’t complete the transaction. This could be because your credit card’s chip or magnetic strip needs to be cleaned.
You might think getting the chip or strip wet would damage the card, but in reality, the chip reader and magnetic strip can be cleaned with the methods mentioned above. However, you don’t want to soak your card in any liquid — even soapy water — or scrub the chip or strip too hard. Doing so can damage it over time.
There are also ways to de-gunk a chip or strip that don’t involve cleaning products. For instance, after gently wiping off your card, you can use a rubber eraser to lift any remaining strip residue. Another option is to place a piece of clear tape over a dirty strip or chip and then peel it off.
5 Things to Avoid Doing When Cleaning a Credit Card
Not all cleaning methods are created equal. In fact, some could damage your card. Here are five to avoid.
1. Scrubbing with a rough sponge
You don’t need to apply too much pressure or scour your card with an abrasive sponge. Both could damage the card, especially the chip and magnetic strip.
2. Your washing machine
You might think throwing your card into the wash with your clothes is harmless. But the harsh chemicals found in most laundry detergents could do more harm than good. For one thing, they can cause the card’s protective coating to peel off.
3. Hand sanitizer
While hand sanitizer can work in a pinch, it isn’t the best product to use when cleaning off your card. The moisturizing ingredients in the gel or liquid can leave behind a residue.
4. Soaking in rubbing alcohol
While you can wipe down your card with rubbing alcohol, experts warn against submerging your card in it because it can be corrosive.
5. Using heat
Heat and hot water can kill off germs, but using very high temperatures to clean or sterilize your credit card can actually damage it. Using a blow dryer, a clothes dryer, or boiling water to blast off any germs can cause the card’s plastic to soften or warp.
Cleaning vs Disinfecting a Credit Card
Both cleaning and disinfecting your credit card are effective, but they aren’t synonymous, and one step should precede the other.
According to the Centers for Disease Control and Prevention, you should clean first and then disinfect. Why? Washing a surface before you do anything else removes impurities like dirt, whose presence may make it harder for the chemicals in sanitizers and disinfectants to reach and kill germs.
How Often Should Credit Cards Be Cleaned?
How often you should clean your card largely depends on how often you use it. Ideally, you should clean your credit cards after every use, though that can be difficult if you’re out and about and using your card at different places. Generally, aim to clean your card once a day if you use it regularly, or once a week if you don’t.
Recommended: 7 Tips to Help You Use Your Credit Cards Wisely
Other Credit Card Maintenance Tips
Your wallet can get pretty dirty, making it harder to keep your credit card clean. Try storing it in a plastic photo holder or a card protector sleeve. Your credit card company may have issued your card in one, or you can make your own by wrapping a credit card-sized piece of paper around the card and taping the ends together. Another option is to purchase a separate credit card holder.
You may also want to use contactless credit card payments, which allow you to avoid swiping or inserting your card into a reader. One way to do that is with a contactless credit card. These cards feature an icon that resembles the wi-fi symbol and let you “tap and pay” at a payment machine.
You may also decide to store your credit card in a mobile wallet, which is a virtual wallet that lives on your cell phone, smartwatch, or other mobile device.
Recommended: 11 Tips for Cleaning Up Your Finances
The Takeaway
Any time your credit card changes hands or is inserted into card readers and ATMs, it can pick up dirt and germs that can live on the surface for days or even weeks. Cleaning your credit cards regularly can help protect you from bacteria, viruses, and other germs. Using soap and water, rubbing alcohol, antibacterial wipes, or multi-surface household cleaners may all help you keep your card in tip top shape. Using a contactless credit card or mobile wallet are other ways to cut down on your card’s exposure to germs.
If you’re looking for a new credit card, consider a rewards card that makes your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt. The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.1
Take advantage of this offer by applying for a SoFi credit card today.
FAQ
Can credit cards survive being washed?
They can, as long as you use gentle methods and surface-friendly products. Things to avoid: using an abrasive sponge and scrubbing too hard; submerging your card in potentially corrosive liquids like rubbing alcohol; and running the card through the washing machine.
Why do people clean their credit cards?
Credit cards can accumulate dirt and germs whenever they change hands or are inserted into a card reader or ATM. Cleaning your credit cards gets rid of bacteria and viruses that can stay on your cards for a period of time. But it can also remove stubborn grime that can scrape or otherwise damage your chip or magnetic strip.
Can you clean a magnetic strip on a credit card?
You can clean a magnetic strip with soap and water, an antibacterial wipe, rubbing alcohol, a safe household cleaner, or a UV light sanitizer. You can even use a pencil eraser or a piece of clear tape to remove dirt from a magnetic strip.
Photo credit: iStock/Khosrork
1Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, or fractional shares in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit SoFi.com/card/rewards. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.1 Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOCC0423010
From food and agriculture to outdoor recreation, Maine is jam-packed with industry. But all those employees need banking services. The state has everything from online banks to large, corporate lenders with branches in Maine.
If you’re interested in a community bank, you can find those as well. This list of the best banks in Maine is designed to help you find the most convenient lender for your financial needs.
12 Best Banks in Maine
There are a few things to consider when you’re choosing a new banking provider. Customers often need to find a bank that reduces fees while also offering high interest rates on balances. You may also want to look at a bank with competitive rates on personal loans or rewards for purchases. Here’s a list of the 12 best banks in Maine to help you narrow down your options.
1. Camden National Bank
With branches in Maine and New Hampshire, Camden National Bank offers great customer service and multiple checking account options. ATMs are limited to the Camden National Bank service area, but you’ll get up to $10 in out-of-network ATM fees each month. If you travel frequently, consider the Premier Checking account, which provides unlimited rebates for ATM use both in the U.S. and internationally.
Pros:
Rebates for non-Camden National Bank ATMs
Multiple checking account options, from fee-free to interest-earning
Variety of wealth management services available
Cons:
Branches and ATMs limited to New Hampshire and Maine
Low rates on savings
2. Chime
Chime is one of the many online banks that partners with a nationwide network for ATM access. You’ll be able to withdraw cash using your debit card at more than 60,000 locations nationwide. Checking accounts come with no fees or minimum balance requirements, and savings accounts offer 2.00% APY.
Pros:
Fee-free withdrawals at more than 60,000 ATMs
Secured credit card helps you build credit with no credit check
High rates on savings
Cons:
No in-person customer service
No cash deposit options
3. Bank of America
If you prefer national banks, why not go with one of the biggest? With more than 3,900 branches and 15,000 ATMs nationwide, Bank of America offers a level of convenience you won’t get with a local bank, especially if you travel outside the New England area. However, the rates on savings and interest-bearing checking aren’t competitive with some local, regional, and online banking providers.
Pros:
Nationwide network of branches and ATMs
Robust app with advanced security features
BankAmeriDeals offers cash back on select purchases
Cons:
Low rates on savings accounts
Inconsistent customer service
4. Bangor Savings Bank
One of the best banks in Maine for those who like community banks is Bangor Savings Bank, which has branches throughout Maine. In addition to checking and savings, you’ll also get mobile banking options and competitive rates on CDs.
Bangor Savings has also won J.D. Power’s award for customer satisfaction, making it one of the top banks in New England for customer service. Although Bangor Savings ATMs are limited to the area, third-party ATM fees will be reimbursed, including outside the U.S.
Pros:
Fees refunded at all ATMs worldwide
Checking account with no maintenance fees available
Award-winning customer service
Cons:
Low rates on savings and money market accounts
$25 minimum deposit to open
5. TD Bank
TD Bank is a regional bank with branches in Maine, as well as Connecticut, Delaware, Florida, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
You’ll find 2,600 TD Bank ATMs across the region, but if you regularly travel, you’ll pay a $3 out-of-network ATM fee if you withdraw money.
Pros:
$200-$300 bonus for new checking account
Checking account has no maintenance fees with $100 minimum daily balance
Competitive rates on CDs
Cons:
Low rates on savings
Free ATMs limited to Eastern U.S.
6. GO2bank
Although there are no branches or ATMs, GO2bank has all the features to fit your banking needs, including mobile banking, withdrawals at thousands of ATMs nationwide, and cash deposits at more than 90,000 retailers. Like many online financial institutions, a bank account with GO2bank comes with competitive rates on savings. You’ll earn 4.50% APY on up to $5,000 of your balance.
Pros:
No monthly maintenance fee on checking accounts
7% cash back on gift card purchases
High rates on savings
Cons:
No in-person customer service
Direct deposit required to waive the $5 service fee
7. KeyBank
Another regional bank with branches in Maine is KeyBank. You’ll find ATMs across its 16-state coverage area, plus you’ll get the first two out-of-network transactions free each month. If you’re looking for a bank with a variety of customer service options, though, KeyBank is a great choice. Customers can choose from live chat, phone, or in-person service at a bank branch.
Pros:
Free checking account has no minimum balance requirement
Free ATM transactions, plus two free out-of-network transactions monthly
Automatic savings feature rounds up each purchase
Cons:
No branches or ATMs outside the 16-state service area
Low rates on savings
8. Northeast Bank
Northeast Bank is a community bank with branches throughout Maine. Although ATMs are limited, Northeast Bank will refund all fees at third-party ATMs. The PROPEL Free Checking account has no minimum balance requirements or monthly service charge, and CDs offer up to 4.85% APY. Although the standard savings account pays only 0.05% APY, PROPEL Plus pays 3.75% APY.
Pros:
Connect with a live banker with one click
Extended FDIC insurance available for higher balances
Competitive rates on CDs
Cons:
Limited branches
Low rates on savings
9. M&T Bank
Formerly People’s United Bank, M&T Bank has locations throughout the East Coast. You’ll find branches in 15 states, along with more than 1,600 ATMs from New York to Washington, D.C. M&T will also reimburse up to $2 in fees at any third-party ATM in the U.S.
Pros:
Variety of checking options, including a fee-free option
Fee-free access to 1,600 ATMs plus fee reimbursement at third-party locations
Competitive rates on CDs
Cons:
Overdraft fees higher than average
Low rates on savings
10. Machias Savings Bank
Machias Savings Bank is a local bank with 17 branches in Maine. Although Machias ATMs are limited, you’ll get up to $25 in third-party ATM fees refunded each month. The checking account requires $100 to open, but it comes with no monthly maintenance fees, and you’ll earn 5 cents on every debit card transaction.
Pros:
Rewards for debit card
Up to $25 in out-of-network ATM fees refunded monthly
Personalized customer service at local branches
Cons:
$100 minimum opening deposit for checking accounts
Low rates on savings, CDs, and money market accounts
11. Gorham Savings Bank
Gorham Savings Bank is one of the best banks in Maine if you like a local bank with online banking features. The checking accounts offer interest and rewards designed to motivate you to keep a higher balance. It’s not the best option if you’re looking to set money aside since the rates on its savings account and CDs are fairly low.
Pros:
Tiered checking customizes account features to your habits
Video tellers let you interact with bank representatives at ATMs
Out-of-network ATM fees reimbursed
Cons:
Limited branch distribution
Low rates on CDs and money market accounts
12. Partners Bank
Southern Maine residents looking for a small community banking experience should check out Partners Bank. The service area is limited to Southern Maine and New Hampshire, but you’ll get fee-free third-party ATM use with your Partners Bank Debit MasterCard. Small businesses also have a full suite of services, including fee-free business checking and a dedicated business MasterCard.
Pros:
Third-party ATM fee rebates available
Cash rewards on debit card purchases
Free business checking accounts
Cons:
Limited branches in Maine
Low rates on savings and money market accounts
Bottom Line
Most banks in Maine offer a suite of services that include deposit accounts, CDs, personal loans, mortgage loans, and other options. The above list can help you get a feel for the variety, but make sure you’re aware of the amenities that matter most to you before you make a final choice.
Save more, spend smarter, and make your money go further
Budgeting for life insurance might not be as exciting as budgeting for a new car or a fun trip, but it is much easier. Many people think about life insurance, but then decide to put it on the back burner because they think it’s expensive. Well guess what? Life insurance is actually very affordable.
Life insurance is really about protecting your loved ones from financial disaster if you should pass away. Think of it as income replacement.
Plan for what you need
Most people overestimate the cost of life insurance by 3-4 times. Life insurance is less expensive than you think. On average, you can get a $500,000 policy for $50 per month! We recommend getting coverage that is at least 5-10 times your income, but most importantly you should buy what you can comfortably afford. Having $100,000 in coverage is a million times better than having nothing at all.
Here’s what you need to cover:
Personal debt (car, student loans, credit cards)
Mortgage
Funeral expenses
Monthly income your family will need (future college tuition for children, groceries, monthly bills)
How to save money on life insurance
There is no such thing as a coupon for discounts on life insurance, but there are other ways you can save money.
Buy term. Term life insurance is the most affordable coverage you can own. Permanent insurance can cost 10 times more than term life insurance.
Pay annually. Insurance companies add fees for the extra administrative work needed to provide you that convenience of paying monthly or quarterly. Paying annually typically saves you around 5%.
Compare quotes. Life insurance pricing isn’t the same across the board with insurance companies. Different carriers evaluate your application on their specific guidelines, so you may save money by choosing a company that is more lenient toward your health situation. When you compare quotes using a tool like Quotacy, you are provided with competitive prices from all the top life insurance carriers.
Take another look. You may be overpaying especially if you purchased life insurance directly through an agent that only represents one insurance company. Chances are you may be able to get a lower rate just by comparison shopping different companies.
Unbundle your coverage. Bundling your life insurance with home and auto insurance is typically more expensive.
Put the cost of life insurance into perspective
We insure our health, cars, home, valuables, and even our phones, but most of us don’t realize that life insurance is cheaper to insure than most of these. In life we face financial challenges. We budget for daycare, student loans, phone bills, car payments and much more. Life insurance may not feel like a necessity when we are on a tight budget, but when you realize that you can get your family covered for pennies on the dollar, it’s easy to make that decision. If you feel the financial struggle now, what happens to your family if you die? Make sure your family is protected.
Fitting life insurance into a budget
Let’s look at three easy changes that you can make to fit life insurance into your budget. I’ve even made them myself!
1: Practice BYO (Bring Your Own)
Do you go through the Starbucks drive-thru or out to lunch on a daily basis? What about those happy hours and brunching on the weekend? I get it. It may take baby steps to start making your own coffee, packing your own lunch, and cutting back on eating out in general. But you’ll be surprised at how quickly the savings adds up.
My girlfriends and I alternate between throwing our own happy hours or brunches on the weekends. There’s no pressure to get all dolled up, and we make it easy by having everyone pitch in and bring their favorite drink or dish. Sure, I still go out and have fun, I just do it a little less often.
2: Conduct a subscription audit
These days with all the apps we have our fingertips and that fine line between need and want, it’s easy to let the number of subscriptions we have get out of hand. So many of these subscriptions are auto withdrawn, so when you look at your bank account it’s hard to decipher what you are even paying for anymore. Chances are you don’t need to pay for Hulu, cable, and Netflix, or Pandora, Spotify, and iTunes Radio. Give up a few and your bank account will thank you.
I’m the queen of subscriptions. But after my budget boyfriend became my budget husband, I was encouraged to give up a few subscriptions in order to save for our future. I thought $10 per month was no big deal, but when I added everything up, it became a real chunk of change. I encourage you to go through your subscriptions and decide what you really need.
3: Get creative with date nights
Going out for a date night gets expensive. Even if you just go out for dinner and a movie, that night adds up quickly. A dinner for two can quickly reach $50 or more, especially when you add in drinks. Have you been to a movie lately? Evening tickets are averaging $12-$14 each! And of course you want that delicious, buttery popcorn to go along with that show. It’s easy to spend $100 for a simple night out.
I’m a lover of date nights, but when my husband and I made it a weekly thing, it became a large monthly expense. While we enjoy a dinner and a movie, sometimes we make it a daytime activity. A lunch and a matinee can cost almost half the price of an evening out. Or, we choose a movie on Netflix and make a dinner at home.
We also decided to spice things up by finding activities we both enjoy and took up tennis lessons. Now we love taking our dates to the tennis court and loser has to make dinner at home. Fortunately my game is better than his, so I rarely have to cook. Not only do we save money by not going out, we also get a good sweat session in.
How to shop around for life insurance coverage
Admittedly, you’ll be shopping for the lowest price. Make sure the prices you see are from well-known brands with high financial strength ratings (A rated or better). These companies have been around a century or more and will be here for a long time to come.
Let’s say you’re looking for a $500,000, 20 year term policy. To stay competitive, insurance companies all have around the same price for the same policy, maybe just within a few cents of each other, so at first look they all appear to be about the same. Starting prices are based on your gender, your age, what state you live in, and whether or not you smoke cigarettes.
From there, pricing starts to change based on specific niches that insurance carriers have created for certain medical conditions and lifestyle habits. For instance, if you enjoy an occasional cigar during your monthly golf game, many carriers will consider you to be a smoker at a higher price, while a few companies see that as less of a big deal and will classify you a non-smoker at lower prices.
Here’s another example. Even if you are the epitome of health, but one of your parents wasn’t, prices can be higher because of the genetic risk they passed onto you. Let’s say your father died of cancer before we was 50. Your low rate won’t be affected with one or two carriers, but with all the rest your price will be higher.
A good place to start your shopping is at Quotacy. When you use Quotacy’s life insurance quoting tool you’ll see how easy it is to find and compare prices between the top carriers. You’ll be able to find the right price for you.
Jeanna Simonson is a writer and the Ambassador of Buzz at Quotacy. She has been researching and writing educational articles on the importance of life insurance since 2015. When not writing for Quotacy, you can find her scoping out the newest fitness and beauty trends for her own personal blog, traveling and spending time with her husband and fur babies. Connect with her on LinkedIn.
Save more, spend smarter, and make your money go further
Have you heard about Fetch Rewards? My Fetch Rewards Review will show you how to earn free gift cards by simply snapping a picture of your receipts with your phone. That’s it – Fetch is really that easy!
Fetch Rewards is a cash back and gift card cell phone app that rewards you for purchases that you’ve already made.
With this app, you can scan your grocery receipts (from any grocery store or wholesale club, any time) and earn free gift cards.
Plus, Fetch Rewards is free. You don’t have to pay money to sign up or to use the app.
I will explain more in my Fetch rewards app review, but with Fetch, you earn points when you submit your receipts to the Fetch Rewards app from any grocery store, clothing store, restaurant, gas station, and more. Yes, ANY!
Then, you redeem your points for gift cards (to places such as Target, Amazon, or Apple) and other rewards.
All you have to do is take a picture of your receipt with your cell phone and easily earn points.
Here’s how Fetch Rewards works:
Shop like you normally would
Scan your receipt after you’re done
Earn points on Fetch Rewards
You can sign up for Fetch Rewards here.
Content related to my Fetch Rewards review:
Fetch Rewards Review
What is Fetch Rewards?
I want to start my Fetch Rewards review with some basic information about the company and app. Fetch Rewards is based out of Madison, Wisconsin, and this shopping app has helped millions of people save money with the tap of a button as you simply scan physical and digital receipts.
Every month, over 11,000,000 people use Fetch Rewards. It is super easy to use Fetch and receive free gift cards.
I keep saying it’s simple because it really is! Every time you shop or dine out, you can scan your receipt into the Fetch Rewards app.
You can scan receipts from any grocery store, clothing store, pet store, home improvement store, club store, restaurant, gas station, and more. Basically, anywhere you shop, you can snap a picture of the receipt and scan it into Fetch.
You can even use your digital receipts from online purchases such as Amazon, Target, Instacart, and more by connecting your online accounts.
If you have a receipt, then you can scan it!
You earn points when you submit your receipts, and Fetch pays you in points that you can redeem for gift cards.
There are many redemption options. Here are some of the places you can receive gift cards from:
Starbucks
Dunkin Donuts
Amazon
Target
Visa gift cards
Airbnb
Old Navy
Ulta
Barnes & Noble
Bass Pro Shops
Instacart
Sam’s
BJ’s
Best Buy
Lowe’s
And so many more!
You can also decide to put your points towards charitable organizations, such as The Red Cross or the Clean Water Fund. You can even use your points to enter sweepstakes in the Fetch app.
Don’t worry, I’ll explain more about how to redeem your points further down in my Fetch Rewards review.
How does Fetch Rewards work?
Here’s how Fetch Rewards works:
Sign up and download Fetch Rewards by creating an account or connecting a Google or Facebook account account, and then make a password for your account.
Go shopping like you normally do.
Scan your first receipt and earn points. To do this, you simply go to your Fetch Rewards app and click on the orange circle at the bottom of your screen that says “Snap.” You then take a picture of your receipt. If you have a digital receipt, you can just tap on the blue circle instead.
Redeem your points for gift cards, make charitable donations, enter sweepstakes, and more.
I have personally used Fetch to prepare for my Fetch Rewards review, and I can promise you it’s just that simple!
How much can you earn with Fetch Rewards?
The amount you can earn on Fetch Rewards really depends on your spending, whether you are completing the Fetch Special Offers, and so on.
Because I am writing this Fetch Rewards review, I wanted to use the app for a while to give you the best review possible, and I was able to earn around $56 in free gift cards in 2-3 months by simply spending how I normally do. I didn’t put any additional effort in the app other than just scanning my shopping receipts.
As you can see, Fetch Rewards clearly won’t make you rich, but you can easily make a little extra money shopping like you normally do.
I also don’t think that I spent more than 20 minutes total in the Fetch app. It’s easy to use and only takes like 10 seconds to scan a receipt. You don’t have to do anything else.
What stores can I use for Fetch Rewards?
The great thing about Fetch Rewards is that you can use any retailer or store where you buy groceries, from big box stores, to mom and pop stores, to drug stores, convenience stores, hardware stores, liquor stores, gas stations, club stores (such as Costco), and more.
With any receipt I get, I scan it into the Fetch Rewards app. It takes less than a minute, and you earn points with every scan – so easy!
Plus, you don’t have to jump through any hoops to get points. You don’t need to pre-select the offers in the Fetch Rewards app or scan barcodes, plus there are no surveys or ads. Simply go shopping at your favorite retailers just like usual.
You simply scan your receipt after you are done shopping and earn points.
How many receipts can I scan on Fetch a day?
Fetch Rewards allows you to submit 35 receipts within a 7-day period. Electronic receipts that are processed on your account do not count toward the 35 receipt limit.
Other things to know about using Fetch Rewards:
Fetch Rewards works for stores located in the United States and Puerto Rico.
You have 14 days to scan your receipts to earn points.
When you scan your receipts, your receipt must include the store name, the items that you bought, the date of your purchase, the store’s address, and the total amount that you spent. All of that information is included on your receipt.
If you scan a receipt with a participating item from the Special Offers tab, then you will get bonus points.
If you have a long receipt, you simply just snap more pictures to make sure that your whole receipt is included.
You should never make fake receipts or scan the same receipt twice in order to try and get more points. This violates Fetch’s terms of service. Always be honest!
Does Fetch Rewards take gas receipts?
Yes, you can scan your gas receipts with Fetch Rewards.
If you’re looking to earn even more from your gas station purchases, then I recommend Upside.
Upside is an app that helps you find gas stations, groceries, and restaurants where you can earn cash back. You simply sign up for a free account, and then look at the Upside app to find places near you.
You can earn up to $0.25/gallon cash back at gas stations, up to 30% back on grocery purchases, and up to 45% back at restaurants.
You can check out Upside here to learn more.
Fetch Rewards Special Offers
What receipts give you the most points on Fetch?
There are several main ways that you can earn points on Fetch Rewards, such as:
Scanning receipts. When you purchase something, whether it be online or in-person, you can take a picture of your receipt with your cell phone and earn points. Every time you scan a receipt in the app, you will receive a minimum of 25 points.
Complete special offers. When you are logged into your Fetch Rewards account, you can see what products will give you the most points. As you can see in the image above, you simply just go to the Fetch Rewards App and go to the Discover tab. There, you will see what items will earn you the most points and extra points. Special offers can give you anywhere from 250 points to even over 5,000 points. New special offers are added almost every day too, so even if you don’t see something today, there may be something that interests you tomorrow. Now, you don’t have to look at the Discover page if you don’t want to – it’s simply just another way to earn more points. You can just use Fetch Rewards and scan your receipts without ever doing anything else in the Fetch Rewards app.
Refer friends and family. Sometimes, you can receive around 2,000 to 4,000 points by referring a new user. You can simply head to the Refer A Friend tab in the Fetch Rewards app to find your referral code.
Joining the Huggies Rewards+ Club.If you use Huggies diapers, you can earn up to 50,000 points by simply purchasing certain Huggies items, such as Huggies Diapers or Huggies Little Movers. Plus, you can get Huggies special offers points as well which are quite high as well.
Save on prescriptions. With Fetch, you can also save on your prescriptions. GoodRx is a free prescription price comparison tool that anyone can use. Simply head to your “Me” tab and click on GoodRx. You can then show this card when paying for prescriptions. You’ll get 10,000 points on your first prescription purchase, and then 1,500 points for future purchases and refills.
For me, I mainly just scan my receipts and refer others to Fetch Rewards. But if I wanted to earn more, there are several other great ways to increase the amount of rewards points that I can earn.
How many points equal a dollar on Fetch?
On average, 1,000 points equals $1 in rewards.
10,000 points is equivalent to around $10.
How do I redeem a free gift card from Fetch Rewards?
To redeem a Fetch reward, you will simply go to your Fetch account, and look at the bottom of the app. Look for the Rewards tab and tap on that.
Here, you will see what you can use your points on, such as:
Gift cards up to $50
Sweepstakes entries
Charitable organizations
Fetch merchandise, such as t-shirts
Then, you click on the button that shows how many points you want to use.
Next, you click on the orange button that says “Get My Reward” at the bottom.
You will then be asked to confirm that this is what you would like to do. It typically takes around three days to process your redemption request.
Once your reward is ready, you will get a notification. You can then go to your Rewards tab, then click on “My Rewards” to find your reward. Here, you will see your gift card code so that you can redeem your gift card at the company that you have chosen.
What’s the Fetch bonus code?
Fetch Rewards does not currently have an active bonus code. But, once they do, I will update this and let you know.
What is the catch with Fetch Rewards? How does Fetch Rewards make money? What does Fetch Rewards do with your receipts?
These are all great questions, and they are definitely things I want to cover in this Fetch Rewards review.
Fetch Rewards is so easy to use, but what’s in it for them? Why do they give out rewards and free gift cards just for scanning your receipts?
Fetch Rewards is paying you for the data they get from your receipt. They don’t see your name or other private or personal information. Instead, they are observing trends in shopper behavior. They then use this information to help their partners better understand their customer’s shopping habits.
Fetch Rewards also makes money by finding good deals for those who are signed up for Fetch Rewards. The Special Offers section in the Fetch Rewards app is an area where companies pay to be featured in this list, sort of like an advertisement. Companies know that they can get a lot of people looking at their company in the Fetch Rewards app, so they pay Fetch Rewards for this advertisement.
Is Fetch Rewards safe?
Yes, Fetch Rewards is safe to use.
They go through many steps to protect your personal information, and all of the data that they collect is anonymized and aggregated with everyone else’s, so your personal information is never shown.
Also, your receipts only show the last five digits of your credit card number, so you don’t have to worry about that being shared either because Fetch can’t see it.
Do my Fetch Rewards points expire?
If your Fetch Rewards account is not used for 90 days, then your points will expire. Your account will receive inactive status if you haven’t submitted any receipts or redeemed any rewards in a 90-day period.
This means that you just simply need to scan a receipt or redeem your Fetch points so your points never expire. If you get in the habit of scanning your receipts every time you shop, you shouldn’t have a problem with expiring points.
It’s very easy to stay active as pretty much everyone spends money in a 90-day period.
Is Ibotta or Fetch better?
Fetch Rewards and Ibotta are very similar.
Fetch Rewards is a little easier to use than Ibotta because all you need to do is scan your receipt into the Fetch Rewards app, and then you are done. With Ibotta, it’s more like clipping coupons and takes a little more time, but you may be able to earn a little more with Ibotta.
The great thing is that you can use the same exact grocery receipt for both Fetch and Ibotta. So if you have the time, you can try using both to earn even more rewards and free gift cards. This will allow you to increase your earnings by doing very little extra work.
Here’s how Ibotta works:
With Ibotta, you simply create an Ibotta account, unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
You can redeem rebates from over hundreds of stores, such as Walmart, Target, Kroger, Publix, Walgreens, Home Depot, Old Navy, Chewy, and more.
You can also earn cash back online and in-store with Ibotta.
Ibotta is one of the easiest money making apps because you’re making money shopping like you normally do. They pay in cash or gift cards to Amazon, Starbucks, and other stores.
Is Fetch legit? – Fetch Rewards Reviews
Yes, Fetch Rewards is legitimate.
I looked through other online Fetch app reviews and found it’s rated 4.8/5 in the App Store with over 2,600,000 ratings.
In the Google Play store, the average Fetch app review is 4.6/5 stars with over 475,000 reviews on Fetch rewards and over 10,000,000 downloads.
You can see even more Fetch Rewards reviews on Trustpilot.
How do I contact Fetch Rewards?
If you have any questions or concerns with Fetch Rewards, you can contact them at [email protected].
You can also go to your app, click on the “Me” tab on the bottom, then click on “Help Center,” then “Contact Us.”
Here’s a screenshot of my Fetch Rewards Account. In 2 months, I have earned 55,566 points, which is equal to a little over $50 in free gift cards.
My Fetch Rewards Review
I hope you enjoyed my Fetch Rewards review. I have been using it for several months now and it is very easy to use.
Fetch Rewards rewards shoppers for shopping at their local supermarket and other popular retailers.
With Fetch Rewards, you can start earnings points by submitting both physical receipts and e-receipts so that you can turn your points into Amazon gift cards, Visa gift cards, and more. There’s no coupon clipping and it is very easy to use.
Simply just upload receipts that you have and earn Fetch Rewards points.
You can upload receipts from retailers such as Target, Walmart, Costco, Publix, Kroger, Walgreens, Home Depot, and more. Small stores, big stores, and everything in between.
This is a must-have shopping app that will help you to save more money, without spending a lot of extra time or effort on your end.
You can sign up for Fetch Rewards here.
Do you use Fetch Rewards? What other questions do you have for this Fetch Rewards review?
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
We are going to under the cover and discover $14 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $14 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $14 an hour is how much a year. Also, we will break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive until the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1213.
How Much is $14 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $29120 per year.
This is the same as the example above for an annual salary making $14 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 14 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a frugal green minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $14 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $14.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $14 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $14 an Hour
In this last section, grasp these tips on how to live on $14 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $14 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $14 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $14 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $14 an Hour
You can always find jobs that pay $14 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Save more, spend smarter, and make your money go further
We live in an increasingly cash-free society. While cash is still king and accepted almost everywhere, more and more people are moving away from cash. From credit cards and contactless payments, different banks and credit issuers have an incentive to make sure that THEIR card is at the top of your wallet. That can lead to an opportunity for people with the financial savvy to earn a little extra by making the most out of their credit cards.
How many credit cards should you have?
The first question you might wonder in trying to make the most out of your credit cards is how many credit cards you should have. While there is no one right answer to that question, you should consider the possibility of signing up for a new credit card. The reason for that is that the most value you will ever get from your credit card is its welcome or signup bonus.
Normally, credit cards might give anywhere from 1-2 cents (or 1-2 airline miles or points) per dollar spent on most purchases. It’s really hard to get any appreciable amount of rewards only earning one or two cents per dollar. On the other hand, when you sign up for a new credit card, the credit card company will usually offer an initial signup bonus.
An example might be earning 50,000 airline miles for spending $2,000 in the first three months of having the card. So while you’re making that $2,000 of spending, you’re earning TWENTY-FIVE miles per dollar spent. An example like that can help illustrate the power of signing up for new credit cards — it’s just so much easier to get a healthy balance of rewards this way.
How signing up for credit cards affects your credit
Before you start signing up for every credit card you see, there are a few things that you’ll want to know. One of the most common credit card questions people ask is whether signing up for new credit cards hurts your credit score. For most people, signing up for a new credit card every couple of months will not have a material impact on their credit score. In fact, the increased credit limit can actually help your credit score.
Get organized
The one thing that CAN hurt your credit score is if you aren’t organized and start missing payments on your credit card. So if you do decide to open new credit cards, make sure that you have a system in place for organization. You want to make sure that you have the financial ability and discipline to pay your credit card statement, in full, every month. If you don’t, you risk hurting your credit score, and the interest and late fees can really put a dent into any rewards that you might earn.
Using the “right” credit card
When you only have one credit card, it’s pretty straightforward to decide which card that you should use with any given merchant. You just use the one credit card that you have, every time and everywhere. If you have multiple credit cards, it starts to get a bit more complicated. Some credit cards earn the same amount of rewards no matter where you use them, while others earn bonus points in certain categories.
There are a couple of ways that you can handle using the “right” credit card. Some people just try to remember what bonus categories each of their cards have and use the right one based on their memory. Another strategy is to tape a small note to each card in your wallet with where to use it — groceries, gas, restaurants, everywhere else, etc.
An important thing to remember is that the difference between using the “right” and “wrong” credit card on any one transaction is minimal. We’re talking less than a dollar’s worth of rewards per purchase. And while every bit adds up, it’s not something to lose a whole lot of sleep over.
Maximize your credit card rewards
Once you have earned a good stash of credit card rewards, it’s time to put them to their best use. If you’re wise, you can maximize your credit card rewards without hurting your credit. A good rule of thumb is that most travel rewards are best used with the program where you’ve earned them. Delta Skymiles are best used to travel on Delta; Hilton Honors points are best used to stay at Hilton hotels.
Flexible bank rewards points like American Express Membership Rewards, Citi ThankYou points, or Chase Ultimate Rewards are more valuable because they can effectively be used in multiple ways. You can use them to pay for travel, transfer them to hotel or airline travel partners or redeem them as statement credits to help pay yourself back. Having that flexibility is a good way to maximize the value of your rewards points.
Save more, spend smarter, and make your money go further
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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller
For anyone who’s dreamed of having their own little private pool with infinity views out over the ocean, the Waldorf Astoria Los Cabos Pedregal delivers — and for the points and miles enthusiasts among us, award nights can be surprisingly accessible.
Not every piece of this rugged paradise is perfect, though my recent stay came pretty close. Here’s a closer look at the Waldorf Astoria Los Cabos Pedregal.
The basics
The resort, part of the Hilton Honors portfolio, is located on the southern tip of Baja California Sur in Cabo San Lucas, Mexico. It first opened in 2009 and was rebranded to a Waldorf in 2019; it’s one of just 34 Waldorf Astoria properties worldwide.
Other things to know at a glance:
Standard check-out time: Noon (later for Hilton elites if available).
Cancellation policy: Varies from as little as 14 days out during the off season to 90 days out during peak times.
Room types: Starting with standard rooms up to larger casitas and multi-bedroom private villas. There are 115 rooms and suites in total on the property.
Transportation: Los Cabos Airport (SJD) serves several hubs on all the major U.S. carriers. The hotel is about a 40-minute drive or cab ride away (Uber isn’t allowed to do pickups). If you’re adventurous and packed very light, the slow but comfortable Ruta del Desierto bus from the airport’s domestic terminal can get you as far as Puerto Paraiso mall, a mile from the resort, for $5. On the other end of the cost spectrum, private transport can be arranged with the hotel.
Parking: Complimentary valet parking.
Location: Along the southernmost stretch of beach in town, a 15-minute walk from the tourist center.
This property stands out even among other luxury properties in Los Cabos because every unit, from the standard rooms on up, comes with its own (small) heated pool. We’ll have plenty more on those pools below.
Booking with points
Paid rates all-in start at just over $1,200 a night for a standard room, but at high season those rates can more than double.
Awards start at 120,000 points per night for a base room, in which case your redemption would be worth no worse than 1 cent per point and easily north of 2 cents per point at peak periods.
As with many things in award travel, fortune favors those with the flexibility to drop everything and go. When I booked this with points in mid-March, every single day for the rest of the month was available at low-level award pricing:
What’s more, Hilton elites get every fifth night free when booking five or more consecutive standard award nights, which can effectively reduce the per-night rate to 96,000 points.
Watch out, though: Rates can jump to over 1 million points per night based on demand.
At last check, no 120,000-point dates remained for the winter 2023-24 travel season. If that’s when you want to go, watch award availability like a hawk, as it seems to come in waves.
🤓Nerdy Tip
American Express Membership Rewards transfer to Hilton Honors points at a 1:2 rate, meaning 60,000 AmEx points could theoretically cover a night here. If you prize luxury hotels over fancy flights, it’s a decent value.
The base room for award bookings is a Pacific View King. In my recent stay and a prior stay in 2021, the Hilton Honors Gold status conferred from holding the Hilton Honors American Express Surpass® Card ($95 annual fee; terms apply) scored me a double upgrade to an Ocean View Deluxe room. It’s the same size as the base room with a full, unobstructed ocean view.
Around the resort
Design and layout
Cabo itself is situated in a landscape where desert, mountains and sea all seem to collide, and the resort’s design blends well with its surroundings.
In fact, you actually have to go through a little mountain — via a chandelier-lit tunnel — to get to the resort from town.
I arrived on foot, passing through a security checkpoint before getting whisked through the short tunnel on a golf cart. Once on the other side, I arrived at the open-air check-in lobby, where I was greeted with a welcome margarita.
While standard check-in time is 3 p.m., I arrived at noon, which gave me some time to explore the grounds before the desk texted me around 1 p.m. to tell me my room was ready.
Beyond the lobby, the resort sprawls out over 24 beachfront acres along and up the base of the mountainside.
Most common areas are grouped on two-tiered levels; it only took me a few pleasant minutes to walk from one end of the resort to another.
The tiered design assures that every unit has a view of some kind, although some views are better than others.
Generally speaking, the higher on the property you go, the more expansive the view — but the more you’ll see between you and the ocean.
In terms of privacy, it can vary wildly. The outdoor spaces of some of the casitas around the pool are quite exposed, as are the lower levels of some of the larger buildings. I wrote ahead to request a more private room and was happy with what I wound up with.
Although the resort’s design can feel somewhat spare from the outside, the small details stand out once indoors.
Food and beverage
The property features four restaurants ranging from fancy to poolside casual, along with three bars and a coffee shop.
As a Hilton Honors Gold member, I could enjoy the $34 continental breakfast buffet for free at Don Manuel’s, which is open for all meals of the day but serves breakfast starting at 7 a.m.
Continental breakfast included granola, fruit, cereal, coffee, freshly squeezed juice and a selection of pastries.
For an upcharge of $13 (including taxes) I upgraded to the Mexican breakfast, which included made-to-order huevos rancheros, chilaquiles, omelets and a rotating daily special, among other hot items.
For the sheer selection alone, it’s more than worth the price to upgrade, especially since you’re allowed to sample as many items as you’d like.
Everything I tried was good, but the most memorable items I had were the crackling, delicious buffet pastries and a spiced hot chocolate.
The highly regarded (and priced to match) El Farallon is open for dinner from 5 p.m. to 11 p.m. I didn’t partake during my short stay, although if I carried the Hilton Honors American Express Aspire Card ($450 annual fee), this would be a solid way to use up much of the $250 annual Hilton resort credit that comes with the card. The cliffside location looked stunning.
Meanwhile, a recent addition to the resort’s bar offerings is Agave Study at Peacock Alley, which offers mezcal and tequila tastings paired with local bites.
Down on the beach you’ll find a separate champagne bar with swings for chairs, a fun place to spend a few minutes even if you’re not indulging.
Additionally, the resort offers cooking and cocktail-making classes for a fee.
Pools and hot tubs
The hotel features two main pools, one for adults and one for all ages. Each was consistently busy during my stay; these photos are generally from early in the day.
Both pools are designed with an infinity-style setup overlooking the long beach, which is shared with a few other hotels but felt secluded otherwise, given that it’s essentially cut off from the town proper.
The adults-only pool boasts a shaded swim-up bar, while the family pool features a built-in hot tub.
Just see an attendant and they’ll set you up at an available lounger with umbrella shade as desired. Sunscreen is available at both pools, too.
Poolside service was prompt and friendly, with several small water bottles delivered in a bucket of ice as soon as I got settled. (That said, I far preferred spending time in my own little balcony pool, where it’s a lot easier to imagine you’re the only one at the resort.)
Staff occasionally comes around with free popsicle treats, which is a nice touch.
Farther up from the beach are a small circular kids pool, suitable for splashing around, and a pool reserved for spa guests with small waterfalls built in.
🤓Nerdy Tip
As with most beaches around Cabo San Lucas, the ocean here isn’t really suitable for casual swimming due to waves that crash like thunder, plus an immediate, steep drop-off into deep water. For a more peaceful wave experience, take a short ride to busy Playa el Medano or a longer trek to gorgeous, less touristy Playa Palmilla.
Other amenities and extras
Elsewhere at the resort, you’ll find:
The aforementioned spa, with a full complement of paid treatments.
A kids club, which offers “family movie nights, curated programming, scavenger hunts, Spanish classes [and] cooking adventures,” the resort says.
A business center (basically just one room with a computer) and meeting facilities.
A well-appointed fitness center with yoga and a variety of other classes available.
A gift shop.
Two tennis courts.
Additionally, you’ll receive an email before arrival outlining the various paid excursions the resort is happy to set up for you, including land and sea activities.
In the room
Once my room was ready, I was escorted over and given a full tour by the agent who had checked me in. My unit was on the third of four floors of Building 1, beachside on the edge of the property next to El Farallon.
Previously, I’d stayed in Building 3, higher up near the lobby. The views were excellent in both cases, but I preferred Building 1 because there was no visual distraction between me and the beach/ocean.
The star of the show was the infinity ocean-view balcony and plunge pool, which is roughly 12 feet long by 4 feet across. It’s 3 feet deep with a full-length step-down that can seat at least 4 comfortably.
While nobody would confuse this for a full-size pool, you can paddle around and even do mini-laps if you desire. Or you can sit, stretch your legs, soak for hours, and (in season) scan the horizon for whales — your choice.
The only whales I spotted were a couple of cruise ships as they meandered past, alas.
The plunge pool got good morning sun but was shaded for most of the day, which I actually appreciated. It’s kept at a comfortably warm temperature (between 80 and 84 degrees year-round, the resort says) and felt nice even on mild 65-degree nights.
The balcony features slanted privacy slats on the side making it easy to see out while shielding others from seeing in. There’s plenty of comfy seating, although I wouldn’t have minded a full-size lounger in lieu of one of the two small sitting couches.
In terms of outside noise: I didn’t hear much of anything while in my room (score one for the soundproofing), but on the balcony, it’s pretty much impossible not to hear others nearby enjoying their outdoor space. If you’re anywhere near a main pool, you’ll likely hear that during the day, too, but it’s nothing a good pair of earbuds can’t cancel out. At night, all I could hear with my balcony open was the sound of crashing waves.
The room was a cozy 856 square feet, which included a knob-controlled fireplace and an oh-so-comfy king bed. (The square footage includes the outdoor space, too.)
The open bathroom boasted a rain-water shower and a large soaking tub with a loofah and what looked like honey but was actually bubble bath solution. It also had a mini seating area that functions as a visual buffer as much as anything else.
Toiletries come in the form of pump-style bottles meant to carry over from guest to guest, a slight letdown to those who like to take home leftover samples of fancier stuff than we’d otherwise use day-to-day.
Rooms include complimentary mini-bars stocked with water and soft drinks. (Did I get in touch in advance to request a fridge full of zero-calorie Coke products? Maybe…)
🤓Nerdy Tip
Tap water in Mexico isn’t safe to drink, but the staff will bring you as much water as you need upon request for free. As far as room service dining goes, that’s available too, but for an extra cost.
Also in my room, and complimentary for all guests, was a 200 mL bottle of Clase Azul Reposado tequila (a roughly $40 value and equivalent to four or five shots) with a ramekin of warm nuts, along with some apples. The tequila bottle is yours to take home and makes for a nice keepsake of your stay.
Every unit on property, from standard rooms to stand-alone villas, also includes the following:
A Nespresso machine.
Plush bathrobes for use during your stay.
A set of binoculars, useful for whale-watching.
A nice toiletry bag that was stocked (rather sparsely, in my case) with mouthwash, shoe shine, a sewing kit and a shower cap. The bag is yours to keep.
A beach bag, also yours to keep.
Free Wi-Fi, which was reliable all over the property (at least for basic internet browsing).
An afternoon snack of warm tortilla chips served with outstanding guacamole and pico de gallo, plus a pair of Corona beers, available from 4 p.m. to 6 p.m. and delivered upon request. (The hotel has a chat feature in the Hilton app that makes this or any other request seamless.) On both of my stays the resort accommodated my request for margaritas rather than beers.
A safe to lock your valuables.
An evening turndown service is offered in addition to morning housekeeping, but allow a wide time window for both. When asked at check-in when I’d prefer my turndown I said 8 p.m., but it wasn’t done yet when I returned to my room a little before 9. By then, I was ready to fall asleep to the crashing waves and texted the front desk to (nicely) say never mind.
🤓Nerdy Tip
I initially thought I’d have to unplug a lamp by the bed to charge my phone, but upon looking more closely, I found that the night tables have a well-camouflaged set of plugs and USB outlets on the sides adjacent to the bed.
Larger suites and stand-alone villas might include such extras as a fire pit, a larger private pool, beach hammocks, a full kitchen or even a dedicated butler.
Beyond the resort
If you’re staying longer than a couple days, it’s well worth budgeting some time to get to know the Cape region, preferably by car.
CentralCabo San Lucas(just outside the resort) exudes an overtly touristy party vibe that might not be for everyone. Large cruise ships dock here often, and strolling the pedestrian zone that encircles the marina is a great way to feel like you’re back in the States.
That said, if it’s endless shopping you’re after, check it out — just try to time your visits to avoid those midday cruise crowds. You can walk through the tunnel into town or request a golf cart to take you as far as the outer security gate, from which the marina is a 5-minute walk.
San Jose del Cabo, closer to the airport, is San Lucas’ more sedate, artsy counterpart. The strollable streets of its compact central core radiate from Plaza Mijares, a large car-free public square. A pleasant walk (or bike ride, along separated green lanes) southward along the estuary and then westward alongside the beach resorts is a pleasant way to pass a couple of hours.
If you like San Jose, you’ll likely love Todos Santos, an even more charming, artsier outpost about an hour north of San Lucas. Even farther afield, La Paz is known for its pretty colonial downtown. The largely unspoiled East Capeis also worth exploring, but you’ll want a 4×4 to access many of its jewels.
When to go
Cabo San Lucas has a dry, relatively mild season from roughly December through March. The rest of the year is warm to hot, with rains mostly confined to August through October. Hurricanes are a factor to consider; for instance, Hurricane Kay brought heavy rains as it passed just west of Cabo in September 2022.
For me, the sweet spot for visiting Cabo is between mid-November and New Year’s, when the ocean is still warm enough for comfortable swimming (at wave-free beaches) but the air temperature isn’t sweltering and rain chances are minimal.
The bottom line
When this property became bookable with Hilton points it was an instant darling in the world of award travel, and for good reason.
It’s more than just that warm pool of your own, where hours can easily slip away gazing out at the ocean with a pleasant margarita buzz.
It’s also the gracious service that’s there when you need it but never hovers, delivered with a palpable sense of pride that makes it easy to forgive a few relatively minor lapses.
Given that the base rate for many standard-issue Hilton properties these days is 40,000 points per night, it’s easy to wonder how much longer this oasis can be enjoyed for just triple that amount. Soak it up while you can.
This stay was independently reviewed and paid in full by the writer.
All information about the Hilton Honors American Express Aspire Card has been collected independently by NerdWallet. The Hilton Honors American Express Aspire Card is no longer available through NerdWallet.
(Top photo by Brad Walters)
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