As expected, the rules target financial institutions with $100 billion or more in total assets, which was undoubtedly influenced by the recent collapses of U.S. financial institutions with assets between $100 billion and $200 billion, including Silicon Valley Bank and Signature Bank.
Per the proposed changes, regulators expect that large holding companies’ binding common equity tier 1 capital requirement, including minimums and buffers, would increase by around 16%, compared to the 15% to 20% range mentioned earlier. Insured depository institutions would face an estimated 9% increase, including regional lenders. Community banks would not be impacted.
The proposal would include a three-year transition period beginning July 1, 2025.
“While the proposal would not generally change the minimum required capital ratios, the amount of required capital would change due to changes to the calculation of risk-weighted assets” says the memorandum released by the regulators.
“Staff of the agencies estimated that five large bank holding companies would have shortfalls in their common equity tier 1 capital requirement under this proposal based on year-end 2021 data,” FDIC Chairman Martin Gruenberg said in a statement. “For those large holding companies with shortfalls, the amount is estimated to be below one year of average earnings over the last seven years. This means these banking organizations would be able to achieve compliance with these revisions through earnings over a short timeframe, even while maintaining their dividends.”
The changes would boost capital requirements for large banks’ residential mortgage portfolios compared to international standards. Currently, first-lien whole loans prudently underwritten and performing to their original terms receive a 50% risk weight, while other loans receive a 100% risk weight.
Under the draft proposal, 40% to 90% risk weights would be assigned for large banks issuing residential mortgages, depending on the loan-to-value ratio, which is 20 basis points above the international standard. For example, a 50% risk weighting would be considered for a mortgage with LTV between 60% and 80%, and a 90% would be considered for an LTV above 100%.
Travis Hill, vice chairman at the FDIC who voted against the proposal., said risk sensitivity is a “double-edged sword.” When risk sensitivity is too little, it incentivizes risk-taking. But setting increasingly risk-sensitive standardized risk weights always involves choosing winners and losers.
“Nonetheless, there are some areas where additional risk sensitivity is justified. For example, in the proposal, incorporating loan-to-value ratios into the risk weight treatment for residential mortgages is understandable,” Hill said in a statement. “Market participants have been analyzing mortgage credit risk for many decades, spanning numerous business cycles, yielding a great deal of data and experience demonstrating the relationship between LTV and credit risk.”
Jonathan McKernan, a member of the FDIC board of directors, said the proposal offers no “loss history or other evidence to support the sizing of the surcharge.”
According to McKernan, the purported rationale is to avoid putting smaller banks, which would not be subject to the proposal, at a competitive disadvantage to large banks. But one alternative worth exploring is to extend the modernized Basel III to all banks. It has not been explored because the Basel III requirements are generally less than today’s requirements, McKernan said. “So, in reverse engineering a significant increase in capital, we have backed ourselves into this surcharge without evidence or real rationale.”
McKerarn said there likely will be real economic costs, such as increase in interest rates for low- and moderate-income and other historically underserved borrowers who cannot always afford a 20% down payment. It would also “perpetuate an existing capital arbitrage that drives mortgage lending out of the banking system
The Mortgage Bankers Association said the proposal would increase borrowing costs and reduce credit availability, ultimately hurting macroeconomic growth.
“Given ongoing affordable housing challenges, regulators should be taking steps that encourage banks to better support real estate finance markets,” Bob Broeksmit, president and CEO at MBA, said in a statement.”These proposed changes do precisely the opposite during a time of near record-low single-family delinquencies and pristine underwriting. This proposal also undermines several current policy objectives, from closing the racial homeownership gap to promoting competition over consolidation.”
Broeksmit is critical to issuing a proposal without “an advance notice of proposed rulemaking and a “quantitative impact study to assess the macroeconomic and sector impacts.”
“Experience with such significant capital changes tells us that equity markets will react immediately, and banks will respond to that pressure in real-time, long before the final rule is issued.”
“Increasing the risk weighting on mortgages by 20% across the board over Basel III is unnecessary, unwarranted, and dramatically impacts banks’ lending to low- and moderate-income individuals, particularly in a market where home prices and mortgage rates are at historic highs,” David Dworkin, National Housing Conference president and CEO, said in a statement. “Further, the proposal ignores the significant role of mortgage insurance in mitigating losses.”
Comments on the proposal will be accepted through November 30, 2023.
Inside: Are you looking for a way to borrow money? Cash App has you covered. This guide will show you how to unlock the borrowing feature on Cash App and get started borrowing money.
Borrowing money can be a stressful experience. You may feel like you’re in over your head and that there’s no way out.
If you’re in need of some extra cash, you may be wondering if Cash App offers a way to borrow money.
Fortunately, at this time Cash App does offer a borrowing or lending feature for selected users.
This cash advance may help you in your cash crunch, but it does come with a fee.
But what if I told you that there is a way to borrow money without all of the stress?
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What is Cash App Borrow?
Cash App Borrow, brought to you by Block (formerly Square, Inc.), is a handy short-term loan feature within the Cash App.
Let’s say you’re in a pinch and need a quick $50; Cash App Borrow can let you borrow from $20 up to $200.
You’ve got four weeks to repay with a minimal 5% fee. Be aware that if you don’t pay back on time, there’s a 1.25% late fee each week.
However, this lifesaver isn’t for everyone and the feature varies based on your region, credit history, and usage of the app. Remember, it’s designed for small emergencies, not big expenditures.
This may help your cash flow budget plan.
How to Unlock Borrow on Cash App
The Cash App’s feature, “Borrow,” offers a swift and convenient way for users to access funds without resorting to traditional loans.
This service could be the solution you need for immediate access to funds, helping you bridge any financial gaps with ease. Whether you’re using borrowing for mitigating an unexpected expense or getting quick liquidity, learning how to unlock this feature can be pivotal to leveraging these benefits at your fingertips.
This feature opens the door to short-term borrowing, eliminating the usually lengthy and complex process often associated with financial institutions.
In this section, we will walk you through the steps to unlock the “Borrow” feature within the Cash App, elaborating on its benefits and offering a clear picture of its operations.
Step #1: Sign Up or Open Cash App & Log In
First, you need to be a Cash App user.
Start by downloading the app. Once you’ve installed it, open the app, and hit the ‘Sign Up’ button.
Input your email and phone number, then follow the prompts you’ll receive to verify your identity.
Step #2: Start the Borrow Loan Process
Tap on the “Banking” or “Money” icon, it looks like a little bank building.
Scroll and look for “Borrow”. It should be right there! If you qualify, tap “Borrow” then “Unlock”.
Now, choose the amount you’d like to borrow and select a convenient repayment plan.
Step #3: Decide How To Repay Your Cash App Loan
Before you take on debt, you need to choose a repayment method for your Cash App loan. This is one step many people forget!
Pick one from three options:
Paying ‘As you get cash’ spreads the cost, but remember, any incoming funds will chip at your loan first.
‘Four weekly payments’ allows for consistent budgeting, but never miss a payment, it could hit your credit score!
‘All at once’ option keeps it simple but needs a big chunk of cash.
You can always repay early without penalties – a nice flexibility!
Choose what suits your financial strategy best.
Step #4: Accept Loan Terms & Borrow Instantly
The final step is to review the loan details carefully.
You need to know that Cash App Borrow is still a type of loan and key details needs to be reviewed.
Once you agree to their terms, tap “Borrow Instantly”.
Note: Approval times can vary, but typically it’s super speedy. And remember, the borrow feature is best for emergencies, not long-term needs.
How quickly can one access a loan from Cash App?
Cash App Borrow allows you to get a quick loan within seconds from the Cash App’s main screen. Choose your loan amount, up to $200, select a repayment option, and voila! After reviewing the terms, hit “Borrow Instantly.”
Your money pops up in your account right away.
However, remember that the feature is only available to a limited set of users currently. If you can’t find it, you might need to wait until it’s rolled out universally.
Learn where can I load my cash app card.
How does the repayment process work for Cash App loans?
Settle your loan directly via the app, either automatically or manually.
Here are your options:
you can repay as you receive cash
make weekly payments,
or clear the entire amount at once.
Remember, early full payment has no penalty. Also, non-payment can lead to suspension from the Cash App.
Just, make sure you don’t default!
Why don’t I have Cash App Borrow Option?
If you’re scratching your head wondering why the Cash App ‘Borrow’ is not showing up, don’t stress. There might be a few reasons behind its vanishing act.
Beta Status: Have patience! The borrow feature may not always be available as it’s currently in beta testing.
Location Matters: Sometimes, it’s all about where you live. Cash App Borrow isn’t accessible in all US states.
Credit Stance: Your credit history could be denying you access. Poor credit or not meeting other Cash App requirements can keep the option hidden.
Usage Pattern: How often do you use Cash App? Regular users with frequent deposits are more likely to have the borrow feature.
Remember, unlocking Cash App’s Borrow isn’t fast or guaranteed, but being a frequent, responsible user might just tip the odds.
How to get the borrow feature on cash app?
When the feature is available, you’ll be able to request a loan through the app. For most users, it may be based on the state you reside as to whether the borrowing feature is available.
To get the borrow feature on Cash App, you first need to unlock it on your account. Here’s how to do it:
Begin by opening Cash App and logging in to your account.
Navigate to the “Money” tab located at the bottom left of your screen.
Click on the button labeled “Unlock” which will lead you to the borrow feature.
Tap on “Continue” to unlock the feature.
In the event that you can’t find this option, it’s possible that this feature is not accessible for your account currently.
Eligibility Criteria for Borrow on Cash App
Cash App Borrow is a feature that allows eligible users to borrow money directly from the app itself.
However, to be eligible, you must meet certain criteria set by Cash App, which is not widely known.
So, here are the general guidelines most lenders use to determine loan eligibility:
Are you over 18 years old?
Are you a United States resident?
Do you have a valid bank account and a debit card?
Are you a regular and frequent user of the app to possibly boost your chances of accessing the “Borrow” feature?
What is your credit score and past credit history?
Do you utilize the direct deposit feature with Cash App?
What state do you reside in?
Have you repaid your previous Cash App loans on time?
Please note that the exact requirements might vary, with some users reporting that a credit check is not always required and others suggesting that regular, substantial deposits might be necessary.
Cash App Borrow States
However, the eligibility to borrow also depends on the state you live in, as the Cash App Borrow feature is not available in all states.
So, you got to be living in certain states.
Consequently, the Cash App Borrow Loan Agreement does not specify in which states you must reside to be eligible for a loan.
However, these states have additional state notices, so the assumption is Cash App Borrow is likely in these states (and subject to change):
California
Florida
Iowa
Kansas
Massachusetts
Missouri
New Jersey
New York
Ohio
Rhode Island
South Dakota
Utah
Vermont
Washington
Wisconsin
This doesn’t guarantee instant access, though.
Cash App will send an invite for you to use the feature. So, keep an eye on your Cash App interface.
How often can you borrow from Cash app?
The frequency of borrowing from Cash App isn’t explicitly stated due to the novelty and selective availability of the feature.
However, it is essential to acknowledge that Cash App offers short-term loans, which must be paid back in full within four weeks. Therefore, the allowance for another loan likely depends on whether the borrower has successfully repaid their previous loan within the stipulated time frame.
Therefore, it is advisable for borrowers to prioritize prompt repayment and maintain responsible borrowing habits to avoid falling into a debt cycle.
While this might suggest that the borrowing cycle could potentially be monthly, specific details about the frequency of borrowing have not been openly advertised by Cash App.
Is it safe to use Cash App for borrowing money?
Cash App is a secure mobile app that lets you borrow a quick buck when you’re facing financial hurdles. It works like a digital buddy who lends you money and expects you to pay it back in due time.
The true beauty of Cash App is how it values your security. It works with approved lenders and employs advanced safety measures to protect your data as seriously as a hawk guarding its nest.
It allows for convenient money transfers.
Do bear in mind though, your credit history plays a role in securing this loan.
Remember, always research and consider all your options before entering a financial contract (even with your digital buddy!).
How to increase cash app borrow limit?
Increasing your Cash App borrowing limit involves actively using the loan features within the app and repaying smaller loans promptly.
Here’s how you can achieve this:
If your current borrowing limit is small (for example, $20), borrow that amount and make sure to repay it immediately.
Note from user experiences shared on platforms like Reddit, your limit may not increase if you repay your loan early. To potentially raise your limit, let your loan automatically repay when it is due. However, this might not be the same for everyone.
After you have repaid the loan, when you borrow again, you should notice a slight increase in your borrowing limit for the next loan.
Keep in mind, not everyone will be eligible for increasing their Cash App borrowing limit.
Eligibility and limit increases strongly depend on individual financial situations, borrowing history, and timely repayment abilities.
Nonetheless, by adhering to the principles of responsible borrowing, you can potentially increase your borrowing limit on Cash App.
What Do to If Cash App Borrow Ended?
Despite offering an attractive short-term loan program, Cash App Borrow has been relatively silent about its operations, leading to confusion among users.
This may have happened because of failure to repay a previous loan.
So, before you jump into finding alternatives, remember to carefully consider the costs and risks involved in borrowing money.
Despite its usefulness, if Cash App Borrow is inaccessible to you or has ended, here’s what you can do:
Seek other cash advance apps: Numerous apps offer similar services, and might have lower fees.
Consider a credit card cash advance: While it bears a fee, of 3% it’s lesser than Cash App’s 5% fee.
Evaluate online lending options: Comparing cost and repayment terms can help you find a better deal.
Borrow from an emergency fund or family member: These are often the cheapest sources of short-term support.
With any financial decision, proper research and a thorough understanding of the terms can help you make an informed choice and avoid further financial distress.
How does Cash App compare to other borrowing apps?
Cash App is a versatile player in the lending field, offering a blend of banking capabilities and micro-loans under one roof. It stands as a convenient alternative to traditional borrowing apps with its unique features and loan offer.
Top Cash App features include:
Peer-to-peer payments
Investments in stocks and Bitcoin
Bill payment through direct deposits
Short-term loan feature, “Borrow”
If the Cash App Borrow feature isn’t accessible to you or doesn’t suit your needs, there are numerous alternatives to consider.
Loan Amount
Fees
Repayment
Cash App
$20-$200
5% of the loan
4 weeks
Credit Cards
depends on credit approval
View current rates/terms
According to terms
Upstart
$1000-50000
varies
Agreed upon terms
LightStream
up to $50000
view current rates/terms
Auto-pay is preferred
In conclusion, Cash App offers an all-in-one platform that changes the game for borrowing apps. It may not be perfect, but it’s a notable contender.
FAQ
On Cash App, you can borrow up to a max of $200.
However, the amounts typically start low, like $20 or $40, and your limit increases as you repay your loans.
So, let’s say you began with a $40 loan, repay it, and ta-da! Your next loan could be a higher amount.
But remember, you need to pay off one loan before jumping onto another.
Just in case you’re thinking of taking out a loan with Cash App Borrow, you should know a few things about the fees involved.
You’ll need to pay back this short-term loan within four weeks along with a flat 5% fee – kinda like the interest, ya know?
But be careful not to miss the deadline! If you’re late, they’ll start charging an additional 1.25% late fee each week until you square up.
For example, if you borrow $100, you’ll need to pay back $105 within a month. If you don’t, it’d be $106.31 in the following week.
Cash App Borrow Not Showing Up? Now You Know Why
In conclusion, the Cash App Borrow feature can serve as a lifeline in times of financial need, offering short-term loans ranging from $20 to $200.
That being said, it’s prudent to be mindful of the potential for debt to accumulate and to pay the loan before the grace period ends.
If you’re not eligible or need a larger loan, other cash advance apps might provide a suitable alternative.
However, the process of borrowing from Cash App is also simple, making it a convenient choice for many.
Exercise caution, fully understanding the commitment you’re entering into and prioritizing financial responsibility to avoid the slippery slope of debt.
Remember, the money borrowed via Cash App should be repaid on time to use borrow feature continuously.
Know someone else that needs this, too? Then, please share!!
The Super Man complex most healthy people have has a kryptonite when it comes to life insurance options: the non-medical factors that affect your life insurance rates.
It’s a huge shock to many people who get a free life insurance quote who are in the best shape of their lives when they can’t qualify for the best life insurance rates because of non-medical factors. It usually goes something like this:
“I Crossfit 3 times/week and compete in Iron Man triathalons and you’re telling me that I can’t qualify for the best rates because I’m a rock climber?”
Yes. That’s what we’re saying.
In our 8 years of helping consumers find the lowest life insurance rates available, here are the top 5 “non-medical” factors that affect your life insurance rates (in no particular order).
Non-Medical Factors that Affect Life Insurance Rates
1. Hazardous Occupations
Have you seen “Deadliest Catch” ? Those 700 lb steel traps on a boat being swung around by 25 foot waves isn’t really the ideal risk for life insurance companies. Expect to pay more… a lot more.
We’re also talking about occupations like oil rig workers, ironworkers (think high rise structural construction) and bomb diffusers. Yes, I’ve actually insured a police bomb diffuser. One of the sharpest clients I can remember – but he pays A LOT more for his life insurance than if he didn’t have this hazardous occupation.
Again, most of these people are in great shape because of the nature of their occupation – but their non-medical factors come into play when underwriting their applications.
2. Hazardous Activities
In this group, the most common risks we see are deep sea scuba divers, private pilots, motor racing, skydivers and high altitude rock climbers. Most of these people HAVE to be in great shape to perform these activities at a high level and most of them are. However, these risky activities come with increased premiums when it comes to life insurance no matter how fit you are.
Be prepared to fill out a questionnaire regarding the specifics of your hazardous activities as life insurance companies will determine your pricing based on many factors including your training, experience, and how often you perform these activities. If you are going to participate in high-risk activities don’t be surprised if you land in the high-risk life insurance premium bucket.
3. Foreign Travel
If you have any plans to travel abroad, your life insurance company wants to know about them. If it’s a high-risk area, like any of the places on this government Travel Warnings List, you’ll have a very hard time finding coverage until you come home from your trip.
Life insurance companies will also be looking at the purpose of travel and length of stay. For example – you may have a 2 week vacation planned to Bali, Indonesia, but Indonesia may be on the state departments “Travel Warnings” list or be a high risk country in the company’s underwriting guidelines. Many companies won’t consider this risk after factoring the purpose and length of stay.
Many companies will ask about previous foreign travel as well. If you show a pattern of traveling to potentially high risk places, they may factor that in to their underwriting decision.
4. Family History
This is the biggest disappointment to consumers purchasing life insurance because it’s something you have no control over. Generally speaking, if any of your parents or siblings passed away before the age of 60 of cancer, heart disease or diabetes – most life insurance companies won’t offer their best health classification.
However there are some highly rated and very well known life insurance companies that don’t factor this in. If you’re in great health, make sure your agent provides you with these options.
Ads by Money. We may be compensated if you click this ad.Ad
5. DUI’s and Moving Violations
Life insurance companies will pull your Motor Vehicle Report (MVR) and factor in any excessive moving violations and DUI’s. A couple speeding tickets usually isn’t an issue, but when you get a reckless driving ticket, DUI or an excessive number of moving violations – it becomes a factor in your life insurance pricing.
Every life insurance company will have different underwriting guidelines for each specific high risk activity.
The best advice we can give is to be open, honest and detailed with your agent about your non-medical factors. It’s your life insurance agent’s job to find you the best life insurance rates available and the more information we have, the better chance you have of actually securing the best rates.
Lastly, if you have a family or anyone financially dependent on you – don’t be disheartened because of the higher pricing. Many people we speak with think it’s “unfair” that they have to pay more because of these “non-medical” factors that come into play when determining your life insurance rates. It’s unfair to your family if you don’t protect them.
Remember the purpose of this coverage. Tomorrow is promised to one, so protect your family today.
Jeff Root is an independent life insurance agent at rootfin.com where he helps consumers across the nation find the lowest life insurance available.
After trying and failing twice before, a coalition of housing advocates led by the AIDS Healthcare Foundation have collected enough signatures to place a measure on the 2024 ballot asking voters to repeal a major restriction on rent control, in effect allowing more cities and counties across the state to cap rents on more types of homes.
California Secretary of State Shirley Weber’s office announced Wednesday that the initiative has qualified for the November 2024 ballot after its proponents submitted more than 800,000 signatures and enough were certified as valid.
In a news conference Thursday, backers of the Justice for Renters Initiative said the changes would give Californians living on the edge an ability to hold on to their housing as wages lag behind increases in rent across the state. Supporters said that many people are one rent increase away from homelessness and that the initiative would give cities and counties more tools to prevent tenants from being displaced.
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“Many of our members are the working poor,” said Ada Briceno, co-president of Unite Here Local 11, who noted that her union members are on the picket lines right now for the same reasons that the ballot initiative is necessary.
“They live paycheck to paycheck. They’re couch surfing. They’re living in their cars and struggling to pay rent,” she said. “Many of them have been pushed out of their communities and now have long hours of commute.”
Some of the initiative’s supporters include the Coalition for Humane Immigrant Rights of Los Angeles and the California Nurses Assn., along with Housing Is a Human Right, the housing advocacy division of the AIDS Healthcare Foundation.
If the initiative succeeds, it would repeal the Costa-Hawkins Rental Housing Act, a state law that prohibits rent control from being placed by cities and counties on single-family homes and apartments built after 1995, among other prohibitions. The measure would also specify that the “state may not limit the right of cities and counties to maintain, enact, or expand rent control. However, the state still could set some minimum protections for renters, like the current statewide limit on rent increases,” according to a summary from the Legislative Analyst’s Office.
Cities including Los Angeles and San Francisco, among others, already have limits in place for whether rent can be raised on a yearly basis, if at all. The state has also passed regulations in recent years that limit rent hikes to either 5% plus yearly inflation or 10%, whichever is lower.
In recent years, smaller municipalities have also begun instituting their own rent control ordinances.
In 2018 and 2020, the same groups backed efforts to pass similar ballot measures. In both instances, nearly all of the funding for the initiative came from the Los Angeles nonprofit AIDS Healthcare Foundation, which put about $60 million into the losing efforts. Both efforts to repeal the Costa-Hawkins Rental Housing Act lost by nearly 20 percentage points in 2018 and 2020 after $100-million-plus campaigns in which landlord groups outspent supporters of the initiative by more than 2 to 1.
One of the biggest opponents of the last two efforts was the California Apartment Assn., which is gearing up to oppose this latest proposition as well.
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If this measure passes, “landlords lose any hope of ever charging fair market value for their investment,” Tom Bannon, the association’s chief executive, said this year when supporters began collecting signatures. “There is little incentive to keep the unit on the market, let alone invest in improvements.”
Michael Weinstein, president of the AIDS Healthcare Foundation, and others said this time will be different because the situation is so much more dire.
“Renter protection legislation goes to Sacramento to die, and we have no hope of getting it through the Legislature,” he said. “The main reason why we have a better chance now is that the situation has gotten so extreme. Rates of homelessness are going up. Where are people going to live? The population of California is shrinking, and the California dream is dying.”
Around the time of the first ballot initiative, the foundation — best known as a behemoth in the healthcare industry, with more than $2 billion in annual revenue earned largely from its chain of pharmacies and clinics — began purchasing single-room-occupancy hotels and other apartment complexes in Skid Row and other parts of Los Angeles. Its goal has been to provide homes to low-income residents more quickly, cheaply and humanely than private developers, public agencies and other nonprofits.
Some of these buildings, The Times found, have been plagued by problems, including substandard conditions and faulty elevators, which led several residents to sue. The foundation settled a lawsuit about an elevator at one building for more than $800,000, but other class-action lawsuits alleging overall uninhabitable conditions at two buildings remain pending.
Right off the shore of Oahu island, Honolulu‘s skyline rises along the water. From crystal clear beaches to great hiking on Diamond Head and surfing on the North Shore, Hawaii is truly a paradise.
Honolulu is Hawaii’s business and cultural center, as well as the home to the Pearl Harbor naval base. Beyond tourism, Honolulu’s major employers are in the banking and transportation industries.
But, what if you wanted to live there and have access to that every day?
In 2020, Kiplinger found Honolulu one of the top 20 most expensive cities in the U.S. Honolulu’s cost of living is higher than most due to the city and state having to import goods from other places via boat or by plane.
When compared to the national cost of living rate, Honolulu clocks at 92.7 percent higher than the national average. That’s five percent higher than in 2021.
Still thinking of making Hawaii’s capital your home? Here’s a glimpse at the cost of living in Honolulu.
Honolulu housing prices
These days, as rent prices continue to skyrocket, housing costs are the first thing you should look for as a prospective resident. Monthly rent cost is one of the main lines of your budget — in theory, you shouldn’t spend more than 30 percent of your income on rent. In Honolulu, housing prices are 220.7 percent above the national average as of 2022.
The average rent in Honolulu for a one-bedroom apartment is $3,085 per month, a 29 percent increase from 2021. A two-bedroom costs $4,890 per month on average, a 188 percent year-over-year increase.
You’ll find the highest one-bedroom rents in Waikiki, home to Honolulu’s nightlife, high-end shopping and surf beach. If you move inland to Palolo, you’ll find more affordable one-bedroom rents at $1,600 per month on average, only four miles from downtown Honolulu.
Average rent prices in cities near Honolulu
If the hustle of downtown Honolulu is not for you, there are options across the island for more affordable housing in quieter neighborhoods. These neighborhoods’ rent prices have remained relatively stable in the past year.
Here are a few examples of the average rent for a one-bedroom apartment in cities near Honolulu:
Home prices in Honolulu
Just like across the mainland U.S., Honolulu is no stranger to a hot housing market and low inventory. After all, an island has only so many options for housing.
The current median home price in Honolulu is $565,000, an increase of nearly 11 percent over the past year. Homes are currently selling for about two percent above the list price, according to Redfin, and go pending in just 32 days with multiple offers.
However, when you look closely at the housing market, the median sale price for a single-family home in Honolulu is $1.3 million, while a condo falls into the $507,500 range.
Honolulu food prices
Living near the ocean has its perks. Honolulu boasts fresh seafood, delicious fruits and vegetables grown locally. Local dining is also influenced by Japanese culture and local Indigenous groups. Poke, spam and pork are the most popular dishes you’ll see.
You’ll find fine dining restaurants in resorts that cater to tourists, as well as food trucks and stands with delicious food for a more casual experience. Dining out for two people averages between $18 and $87.50 per person, depending on the restaurant.
You’ll find local breweries like Hana Koa Brewing Co. and Stewbum & Stonewall Brewing Co. serving cold pints.
For those looking to eat at home, groceries are 52.7 percent above the U.S. average in 2022. While some produce is grown on the island, most basic items come from the mainland U.S. or elsewhere in the world. Grocery food decreased five percent since 2021.
A steak at the grocery store will cost $19.39 and other foods like eggs ($3.97), milk ($4.05), potatoes ($9.17) and bread ($5.07) also are above the national average.
Staying on a budget is difficult in Honolulu, but a good balance between dining out and groceries can help.
Honolulu utility prices
Hawaii’s mild weather helps when it comes to heating or cooling your home. The average temperature in the hottest month in Hawaii is 88 degrees Fahrenheit and the lowest is around 60 degrees Fahrenheit. Nothing a fan and an open window with a sea breeze can’t fix.
This is a good thing since utilities cost 44.6 percent above the national average in Honolulu. While renewable energy is growing on the island, it’s still expensive to power up the city. An average electric bill can cost $318 per month.
Phone bills average around $182.61, on par with most U.S. cities.
Honolulu transportation prices
After rent prices, transportation is the second factor you should take into consideration. Distance to work, friends and family and favorite restaurants can make all the difference, especially as transportation costs get higher.
Transportation costs in Honolulu are 24.2 percent higher than the U.S. average (six percent lower than in 2021). While a car is always more convenient, gasoline prices have increased in the past year to $4.29 a gallon.
Also, when thinking about a car, you have also take maintenance into consideration. Car maintenance like a tire balance costs $61.60, higher than the national average. Parking in Honolulu is expensive, $4.50 per hour on average except for Sundays and holidays.
Luckily, Honolulu offers other methods of transportation, including the bus, scooters and even bicycles. The city has a 60 bike score, with bike lanes throughout. The walking score for Honolulu is 74, depending on the neighborhood.
For public transit, the HOLO bus costs $3 for a single ride, anywhere on Oahu island. You can pick them up at 7-Eleven or any supermarket on the island. A monthly pass is $80 for an adult, while a day pass costs $7.50 per adult.
Of course, taxis and ride-sharing apps are available but are more expensive. Just make sure that you’re near one of these options when looking at apartments in your budget.
Honolulu healthcare prices
Healthcare costs will depend on the individual and whether they have insurance. And even with insurance, costs will differ. Healthcare is 20 percent higher than the national average in Honolulu.
Going to the eye doctor will cost you around $162.96 per visit and the dentist, around $95.60. Prescription drugs cost around $528.75, while over-the-counter meds like ibuprofen average around $13.47.
Honolulu goods and services prices
Your budget should have items for recreation and household things like haircuts and dry-cleaning. Overall, you’ll pay nearly 30 percent more on goods and services in Honolulu than the national average. An average trip to dry cleaning will cost $23.64.
A haircut will set you back $17.36, while a more involved salon visit (think color, treatment, etc) will cost $73.80. It’s pretty high, especially compared with a West Coast metro like Seattle, where a salon visit is around $57.70.
For a night out, you’ll pay $14.58 for a movie, around $10 for a beer pint with pizza costing $14.99. That’s for one person, the costs can definitely add up.
Taxes in Honolulu
Another big factor you’ll have to take into consideration is taxes, both state income tax and sales tax. These taxes can add a significant burden to your budget unexpectedly.
In Honolulu, sales tax is 4.5 percent (4 percent from the state and 0.5 percent from Honolulu county). So, if you made a $1,000 purchase, you’ll pay an additional $45 in sales tax.
Hawaii’s individual income tax ranges from 1.4 percent to 11 percent, according to the Tax Foundation.
How much do I need to earn to live in Hawaii?
According to the U.S. Census Bureau, the average income in Honolulu (according to 2019 figures) is $87,722 per year. The average salary in Honolulu is $69,000/year.
An average one-bedroom in Honolulu goes for $3,150 per month. This means that you’ll spend $37,800 on rent annually.
It’s important to stick to the 30 percent as much as you can in your budget to allow you to have enough left over for groceries, recreation and incidentals. To find out if you can afford the cost of living in Honolulu, check out our free rent calculator.
Living in Honolulu
Honolulu, a paradise in the middle of the Pacific Ocean, can quickly turn you from a tourist to a resident, thanks to its mild weather and beautiful beaches. However, the cost of living in Honolulu is something to consider since island living is a little more expensive than the mainland U.S.
Whether you want to find a quiet neighborhood or live in the middle of Waikiki, there are beautiful homes available for you. Just make sure to check your budget — twice.
Find apartments for rent in Honolulu today!
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Who doesn’t love a bad movie? The only thing better than a self-aware terrible movie is a bad movie trying to be good.
There’s a guilty pleasure in knowing that even some of the brightest, most talented filmmakers can flop sometimes. According to an online movie forum, these are the ten biggest flops meant to be a hit.
1. The Lawnmower Man (1992)
It’s jarring to see a movie rated 5.4 on IMDb with Stephen King’s name attached, but one commenter claims the movie was so bad King sued to have his name removed from the film’s involvement.
The film was adapted from one of King’s books and was directed by Brett Leonard. This movie-watcher describes it as “bad, but it’s also strange, unpredictable, and fun.” They also cite that a scene in the movie about a monkey robocop had to be cut from the theatrical release because it was irrelevant to the rest of the film.
2. Who Killed Captain Alex? (2015)
Funnily enough, this terrible movie is rated 7.0 on IMDb because of the sheer amount of ironic 10s. One person jokes, “nothing but a true passion for cinema was poured into that movie.” Another user remarks, “They asked for terrible movies, not peak cinema.” Watching the amateur acting and terrible CGI in the trailer is a trip.
The synopsis of the film is beautifully ridiculous. The Ugandan president orders Captain Alex to defeat the Tiger Mafia but dies trying. Alex’s brother investigates and vows to avenge his brother. I give it a solid 10 out of 10 for the trailer alone.
3. Battlefield Earth (2000)
This film stars John Travolta and Forest Whitaker and is set in the year 3000, where the ruling alien race Psychlos has enslaved humanity. It’s based on the book by L. Ron Hubbard, the founder of Scientology.
A connoisseur of terrible movies insists this is the gold standard of unintentionally bad films, calling it the stuff of legends. To encapsulate just how bad they think it is, I leave you with this quote: “I simply couldn’t even fathom what perfect storm of events had to unfold to allow something so aggressively bad to exist on a multi-million dollar scale.”
Wait, they’re not done, “I honestly don’t think it could’ve been any worse if, literally, every person involved was actively trying to sabotage the film.” Quite possibly one of the lowest-rated films on IMDb, with a 2.5 rating.
4. Troll 2 (1990)
Troll 2 is a slight upgrade from the last film, at least earning a 2.9 IMDb rating. One individual thinks it gets funnier every time they watch it. The movie’s premise is a vacationing family discovers the town they’ve arrived at has been taken over by human-impersonating goblins who want to eat them.
A second user added more context, explaining the director was not a native English speaker but insisted the lines be spoken just as they were written.
5. Samurai Cop (1991)
Samurai Cop follows the lives of two police detectives who try to stop the Katana, a killer gang trying to lead the drug trade in L.A. The movie is famous for its supposedly fluent Japanese-speaking main character mispronouncing every other character’s name and uttering cringe lines.
When one character asks him what katana means, he responds, “It means Japanese sword.” The flat delivery is fantastic; I highly recommend this terrible gem, rated 4.6 on IMDb.
6. Zardoz (1958)
Rated 5.8 on IMDb, this X-rated film starring Sean Connery takes place in the late 23rd century. A savage who knows only how to kill is taken in by a bored community of immortals who are tasked with preserving man’s achievements. Someone says Zardoz fits the bill of an awful and amazing film.
Judging by the IMDb reviews, that assessment checks out. As one reviewer describes, it’s an “incredibly profound allegory disguised as a cheesy movie.” The trailer is simultaneously intriguing and disturbing.
7. The Fanatic (2019)
Poor John Travolta — this is the second terrible movie on this list that he stars in. Directed by Fred Durst, this psychological thriller is about a rabid fan who, when cheated out of the opportunity to meet his favorite action hero, resorts to stalking and increasingly sinister methods of getting the star’s attention.
Someone comments this is easily one of the worst movies that weren’t intentionally meant to be terrible because it takes itself so seriously. A commenter named Emily gives it credit purely because everything the movie could have possibly done wrong, it got wrong, which is no easy feat. The Fanatic is rated 4.1 on IMDb.
8. Cats (2019)
This film went viral online for supplying the internet with endless amounts of cringe. Despite having a star-studded cast including James Corden, Judi Dench, Taylor Swift, and Jason Derulo, the CGI was bizarre, and the tone was weird.
Cats is based on the famous musical about a tribe of cats called the Jelicles who, every year, select one among them to ascend to the Heaviside Layer — a type of heaven-like rebirth for cats. One person who saw the movie on a date comments the movie was so bad it ended the relationship.
9. Birdemic: Shock and Terror (2010)
There’s some debate over whether this film is intentionally bad, but one commenter insists it’s worse than The Room — the certifiable worst movie of all time. Another clarifies, “The director legitimately thinks he’s the next Hitchcock.”
This movie, directed by James Nguyen, is about a flock of mutated birds descending upon a quiet California town, causing casualties. Two citizens fight back against the birds. The movie is an homage to Hitchcock’s The Birds but with terrible directing and CGI. It stands at a shockingly low 1.7 on IMDb.
10. The Happening (2008)
This movie singlehandedly destroyed both M Night Shyamalan and Mark Wahlberg’s careers. It’s about a science teacher and his family trying to survive a plague that somehow causes those infected by a plant neurotoxin to commit suicide. Most of the ridiculousness of this movie can be attributed to the awful writing and delivery of the lines.
A final moviegoer recited the famous line, “What? Noooo!” which is uttered by Wahlberg’s character in response to a woman who asks if he’s going to murder her in her sleep — it’s hilarious because the line is supposed to be believable but is delivered more like an SNL skit.
Source: Reddit.
Who is one actress you can never stand watching, no matter their role? After polling the internet, these were the top-voted actresses that people couldn’t stand watching.
10 Actresses People Despise Watching Regardless of Their Role
These 7 Celebrities are Genuinely Good People
We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?
These 7 Celebrities are Genuinely Good People
Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.
These 10 Activities Are an Immediate Red Flag
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
I recently mentioned two Liz Pulliam Weston articles in passing. They’re good enough to merit closer attention. Both articles profile couples who found the courage to save money when they were young so that they could enjoy the freedom of early retirement. Weston writes:
Think it’s impossible to retire in your 40s? I’d like you to meet some ordinary folks who have done it. “Ordinary” may be a misnomer, because retiring after just 20 years or so in the workplace is an extraordinary act, and most took extraordinary measures to get where they are. But they’re ordinary in the sense that they were working people with pretty regular jobs. They didn’t strike it rich with stock options, inheritances or the lottery.
[…]
Their retirements look different from the retirements depicted on television. These folks don’t live on the golf course or roam the country in 32-foot recreational vehicles. Most, in fact, are actually still working — but usually part time and in their own businesses, doing things they feel strongly about. They’ve retired from the 9-to-5 world, but not from their passions.
In Retired by 50: What it really takes, Weston looks at Brad and Janine Bolon, who took the lessons of The Tightwad Gazette and Your Money or Your Life to heart. By being frugal, they made early retirement happen.
Brad was fortunate to find a high-paying job in southern California. But rather than live like they were earning a quarter million dollars per year, he and Janine pinched pennies. They bought a house across the street from his office so he could walk to work. They made use of the public library. They watched their costs wherever they could:
“We saved $35 a month by hanging the laundry instead of using the dryer,” Janine said. “We didn’t use our air conditioner more than six or seven days of the year,” an accomplishment in sunny Southern California.
“We went to ‘U pick it’ farms. I’d go with the kids and we’d pick fruit … and can them and make preserves,” Janine said. “And I used a price book. That saved us $3,000 to $5,000 every year.”
Though the family had a salary that many people dream about, they lived like Brad earned much less. After eight years of frugal living, the Bolons sold their home and moved to Utah. They could now live solely off investment income, but they continue to work.
I love this story because it highlights a couple that focused on a dream, pursued it, and made it a reality. It might be easy to write off their success by saying, “Yeah, but if I made a quarter million per year, I could do that too.” I’m not so sure. First of all, it takes a lot of work to put yourself into a situation where you can earn that kind of money. Second, I think it shows tremendous restraint to live frugally when those around you do not. It’s easiest to accumulate wealth when you minimize expenses and maximize income.
Pulliam’s second article, Retired by 50: Real-life stories, profiles three more couples who have achieved this dream.
One of the couples — the Hennesseys — found inspiration in books like the afore-mentioned Your Money or Your Life and Paul Terhost’s Cashing in on the American Dream: How to Retire at 35 (which I recently ordered from Amazon, and hope to review later this week). On unremarkable incomes, the Henneseys made all the right moves to ensure they could retire early:
They reduced their grocery bill by making beans, rice and powdered milk staples of their meals. (Of course, they could also eat at the restaurants in the days they worked there, which helped liven up their diets.) They replaced their light bulbs with compact fluorescents to save energy — and this was back in the early 1990s, when that was unusual. They paid off their debt, including car loans, student loans and their home mortgage, to eliminate interest payments. They also kept meticulous records of their spending.
For most of these couples, early retirement means partial retirement. Instead of leaving the workplace completely, they downshifted into jobs that are more meaningful, but for which they earn less. This supplemental income also means they don’t have to draw heavily on their retirement savings.
Early retirement has always been one of my goals. I used to dream of retiring at 35 and moving to a cabin in the woods. I’m 38 now, and though I don’t have my cabin, I do have a good life. I still dream of early retirement. But now my dreams resemble the sorts of lives these couples lead.
October 21st-27th is National Save for Retirement Week in the United States.
“Look at this,” Kris said yesterday when she returned from grocery shopping. She held up two yogurt containers for me to see.
“So what?” I said. “Black cherry yogurt.”
“Look closer,” she said.
“That one’s smaller,” I said. “Did they change the container size?”
“Yes,” she said. “But they didn’t change the price.”
The Incredible Shrinking Yogurt
I’ve received several e-mails lately from readers noting the same thing. They go to buy a product they’ve been using for years, only to discover that the container has shrunk. The price hasn’t changed — only the packaging. Reader David Cox, for example, wrote with the following anecdote that mirrors our own:
We went to the grocery last night and one of the items I wanted to get was yogurt. The store always seems to have their brand of yogurt on sale @ 10/$5.00. I was about to scoop up a bunch, when I noticed that they had redesigned the packaging with pretty new colors, but the package seemed a bit smaller. On closer examination, it was.
The new size was 6 oz. of yogurt, while the old style had been 8 oz. The price per package hadn’t changed, but the package now contained 25% less product. I thought it was very tricky of them to leave the big sales sticker on the shelf (10/$5.00!!!) just like we were used to seeing, without any thing to warn you of the repackaging. I guess they would claim it was obvious, but it still seems a bit tricky to me.
Is it tricky? I don’t know. I understand that manufacturers need to make a profit, but when they reduce the container size instead of raising the price, it does seem a little sneaky. It’s as if they’re unwilling to raise prices directly, so they take a circuitous route.
Standard Operating Procedure
I recently had a conversation with a friend who knows a great deal about this subject.
“You see marketing stories like this over and over,” Freeman told me. “Fabric softeners cut the sheets from 40 to 36 — same size box and same price. Ketchup switches from a glass bottle to a smaller plastic bottle and the price stays the same. Some companies mess with cap and lid sizes as a way to increase consumption. Want a bottle of laundry detergent to run out faster? Then increase the cap size slightly. (Many people use a capful per load.)”
Freeman then pointed out other ways companies subtly manipulate spending. “Think of the famous lather, rinse, repeat instructions on shampoo. Like you really need to do that. Same things happen with chips, cereal, and on and on. Just consider: maybe a box of cereal hasn’t gone up in price much in the past decade, but I guarantee you that the average box size has certainly decreased.”
Another friend, Jeffrey, chimed in: “I always wondered why, if the cost of packaging is so expensive, do cereal companies reduce the amount inside the box but the leave the size of the box alone?”
“They also do this with cereal bars,” Jeffrey said. “A while back, General Mills came out with Fiber One bars. The box is the same size as all the other boxes but there’s only five bars in the box, not the standard six bars that are in every other box. Nature Valley does the same thing with their family size box of granola bars. You open the box and only half of the box has product. It’s the same thing as lying but it’s disguised as ‘marketing’ so it’s okay.“
Savvy Shoppers
Again, I’m not sure it’s lying, but it’s obvious that shoppers don’t like to be duped this way. But both David’s e-mail and Jeffrey’s comments reveal they don’t appreciate being tricked. They’d rather have the same package size but see the price increase. I would, too.
Food inflation is a hot topic in the United States right now. I think we’re all beginning to realize that the things we love cost more. But some of us would rather pay the increased price than have manufacturers try to hide the inflation with packaging.
For more on this subject, take a look at Nickel’s thoughts on product packaging. He observes that suggested portion sizes are increasing even as package sizes are decreasing. You may also be interested to read about unit pricing in the GRS archives.
While some feel yesterday’s Federal Open Market Committee decision to raise short-term rates by 25 basis points is likely to be the last of this cycle, others are expecting another hike at some point in 2023.
The Fed’s actions this week had already been baked into the 10-year Treasury, which closed on Tuesday at 3.91%, 17 basis points higher from the July 19 close. The latest raise is likely to have little impact on mortgage rates, which are already close to the top, said Bill Cosgrove, the president and CEO of Union Home Mortgage.
“We expect rates should start to trend down. We think it’s going to be slow,” added Ruben Gonzalez, the chief economist at Keller Williams. “We aren’t expecting a lot of movement before the end of the year.” But there’s still the potential for volatility in how mortgage rates move as various pieces of data come out.
While a good case can be made for this being the last hike by the FOMC, Gonzalez added he doesn’t believe it will hesitate to push short-term rates higher if the data points to the need for that.
The 10-year fell 6 basis points on Wednesday (the closing price is posted at 3 p.m. Eastern time, one hour after the FOMC made its announcement), but had started rising again in trading on Thursday morning, as U.S. government data estimated second quarter gross domestic product at a 2.4% annual gain, with the first quarter’s updated to 2%.
The positive GDP report “I think gives them continued room to raise rates if they feel it’s necessary,” Gonzalez said.
Freddie Mac’s Primary Mortgage Market Survey put the average for the 30-year fixed rate loan at 6.81% as of July 27, up 3 basis points from 6.78% seven days prior. For the same week in 2022, the rate was 5.3%.
The 15-year FRM was at 6.11%, a 5 basis point week-to-week increase from 6.06% and 153 basis points higher than 4.58% year-over-year.
Higher rates continue to dampen housing activity. “However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023,” Freddie Mac Chief Economist Sam Khater said in a press release. “Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.
But because pent-up demand co-exists with the inventory shortage, the FOMC’s latest move is not a detriment to the housing market, Cosgrove said.
He was chairman of the Mortgage Bankers Association in 2015 and one of his talking points even then was the multiyear existence of a housing shortage. Not only has that not been dealt with, the pandemic-driven rush has added to the deficit and those dynamics aren’t likely to change any time soon.
Even if mortgage rates were to move down 25 or 50 basis points, the shift would not free up a large amount of homes already owned by borrowers hanging on to their low rate, Gonzalez noted. “We’re going to be in a stable but continually depressed market in terms of the sales of existing homes.”
Controlling inflation and wages have been the FOMC’s primary goals. But there is an extreme labor shortage, especially in some sectors like health care. “And then obviously, with the housing shortage of single-family homes, you’re not getting any price relief, or very little price relief there,” Cosgrove said.
So reducing inflation to the decades-old 2% target will be difficult for Fed Chair Jay Powell to achieve.
“If they would adjust their thinking to 3% as a target, you would have a better chance of having a soft landing of the economy, but at a continued 2% target, they may not be done with rate hikes and that’s concerning,” Cosgrove explained.
Current mortgage rates are being affected as “investors weigh the risk that an increase in the Fed’s benchmark short-term rate may not be its last,” said Orphe Divounguy, senior macroeconomist at Zillow Home Loans. “Although the latest inflation reading shows price growth is moving toward the Federal Reserve’s target, the slower pace of disinflation, stubbornly high nominal wage growth, and the recent uptick in economic activity suggest the inflation battle may not be won yet.”
As of Thursday morning, Zillow’s tracker had the 30-year fixed rate mortgage at 6.54%, one basis point lower than the prior week’s average of 6.55%.
Mortgage rates are likely to remain elevated until the FOMC sees more evidence suggesting core inflation is still moderating, Divounguy said in a separate statement.
While it may not happen at the next meeting, Cosgrove expects the FOMC to push rates up another 25 basis points during this year.
The Fed’s next steps will be based on what the data shows over the next two months, noted Melissa Cohn, regional vice president of William Raveis Mortgage, in a statement. The next FOMC meeting is on Sept. 19 and 20.
“The Fed looks for inflation to continue to moderate as the high rate environment begins to take its toll on employment and consumer spending; both having been surprisingly resilient to date,” Cohn said.
She thinks 2% is an achievable target, but likely many months down the road. However, “we will hopefully see mortgage rates begin to settle down soon,” Cohn said.
Jobs and inflation are now moving in a direction that could make this the Fed’s last hike in the current cycle, said Mike Fratantoni, the MBA’s chief economist, in a statement.
“We expect that to be the case, but for the Fed to hold off on any rate cuts until we are well into 2024,” Fratantoni said. “We do expect mortgage rates to trend down once the FOMC clearly signals that they have reached the peak for this cycle, as the reduction in uncertainty with respect to the direction of rates should narrow the spread of mortgage rates relative to Treasury benchmarks.”
Based on the 10-year Treasury being at 3.94% as of 11:25 a.m. Thursday morning and the Freddie Mac PMMS, the current spread is about 287 basis points; normal is in the range of 150 basis points to 200 basis points.
“In the housing context, the stability afforded by a pause mindset in the back half of the year should help shrink the spread between the 10-year Treasury and 30-year FRM, providing relief after a spring of skyrocketing rates; however, we will still see tension in the short term,” said Dan Burnett, head of Investor Strategy at Hometap Equity Partners, in a statement.
The outlook for further Fed rate hikes this year remains unclear, with the market currently pricing it at under 50%, said a Keefe, Bruyette & Woods analyst report from Bose George, Christopher McGratty, David Konrad and Catherine Mealor.
“Given this interest rate backdrop, mortgage volumes are likely to remain under pressure through year-end 2023 as rates remain elevated,” KBW said. “This is challenging for mortgage volume-dependent names (title insurers/mortgage originators) but constructive for mortgage servicers.”
Inside: Looking to put money on your Cash App card? This guide will show you how to do everything from adding funds to verifying your identity. Whether you’re using a debit card, bank account, or mobile payment service, this guide has you covered.
The Cash App Card, often called the Cash Card, is a top-rated, mobile electronic money transfer service.
This reloadable tool functions like a Visa debit card, allowing it to easily serve as a primary banking solution for users. Not limited to traditional banking hours and locations, the Cash App Card provides high flexibility for financial management.
The good news is this free and customizable debit card is linked to your Cash App balance, providing you the convenience and flexibility to handle your finances effectively and efficiently.
So, the question remains… how do you put money on the Cash App Card?
In this guide, we will teach you where can I load my Cash App Card.
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.
What is a Cash App Card?
A Cash App Card, often mentioned as the Cash Card, is a free, reloadable debit card designed to let you tap into your Cash App balance.
Picture it as your ticket to your digital wallet, allowing you to:
Shop anywhere Visa is accepted, both online and in physical stores.
Make use of the Cash Boost feature for instant discounts at participating retailers and eateries.
Personalize it with your unique design from the app.
Reload it at places like 7-Eleven, CVS, Walmart, and more.
Send or receive funds among friends and family.
Manage your spending and stay on budget.
The catch? Your spending power ties strictly to your Cash App balance, so be sure to top it up!
How to Get a Cash App Card
Cash App is one of the hottest new payment apps on the market.
And, like most things these days, there’s a Cash App card you can use to make purchases or withdraw money from your account.
This is great to use for the cashless envelope system.
So, how do you get started with a Cash App Card?
Step #1: Download the Cash App
To get started with Cash App, you first need to download the app.
The easiest way is to scan this QR code to get started.
After locating it, simply tap “Install” or “Get.” Once the app has finished downloading, hit “Open” to launch it.
Pro tip: Be sure you’re downloading the genuine Cash App, look for the icon that’s green with a white dollar sign (pictured above). That’s it, you’re one step closer to your Cash App Card! Now, let’s get you set up.
Step #2: Create an Account
It is ideal for digital banking, allowing you to make cash deposits, and pay in-store or online with the convenience of a Cash App Cash Card, simulating many of the features of a typical checking account.
To create a Cash App account, follow these steps:
Once installed, open the application and follow the on-screen instructions to set up your account.
You will have to enter your phone number or email address.
For security certification, the Cash App will send you a secret code to verify you. Enter it.
Select a $cashtag, which is a unique username to send and receive money (similar to Venmo)
Step #3: Link a bank account or card
Remember, in “My Cash” you’ll spot the “Add Money” option for funding.
This is the easiest way to load your Cash App Card, so you should set it up properly.
Open Cash App; it’s the icon with a white dollar sign on a green background.
Tap the top-right profile icon.
Navigate to “My Cash” – it’s a tab on the home screen.
Click “Link a Bank,” nestled within the options.
Follow the prompts to add your bank account or debit card info.
Once your card is linked, you’re all set.
Insider’s guide: Double-check your digits to prevent delays!
Step #4: Order a Cash App Card
To order a Cash App card after successfully establishing your account, follow these steps:
First, open the Cash App on your mobile device.
On the bottom of the screen, locate the card icon that is second from the left and tap on it.
Click on the green ‘Get a Free Cash Card‘ button.
You may choose your desired card style (color). Please keep in mind that certain color options may entail a small fee.
If you’d like, click on ‘Personalize Card’ to add a unique touch such as a drawing or stamp.
When you’re ready, simply click ‘Order Card.’
Through this process, Cash App provides a credit card number straight away for immediate online use. Meanwhile, your physical card should arrive in your mail within 5 to 10 business days.
How to Put Money on Cash App Card
Adding money to your Cash App card is an easy and straightforward process that can be done within a few minutes directly from the Cash App.
This process essentially involves transferring funds from your linked bank account or card to your Cash App card balance.
Below, you will learn other ways you can also deposit money, easing the process of managing your digital finances.
Step 1: Open the Cash App on your phone
To add money to your Cash App card, begin by launching the Cash App on your phone.
This app flaunts a simple green icon that should be pretty easy to spot amongst your other apps.
Bonus Tip: remember to link your bank account or debit card for smoother transactions.
Step 2: Tap on the “My Cash” tab
Now that the Cash App is opened on your device.
Tap on the ‘My Cash’ tab at the bottom-left corner of the screen.
Expert Tip: Use biometric features (facial recognition or fingerprint) for faster and more secure access.
Step 3: Select “Add Money”
After you’ve successfully navigated to the “My Cash” tab within the Cash App, the next step is selecting the “Add Money” option.
Type in the exact amount you’d like to transfer to your Cash App Card.
Be sure to double-check this figure – you don’t want to add more or less than you intended.
Learn about how to unlock borrow on Cash App.
A handy tip: If you enter an amount that surpasses your current bank balance, the App will kindly let you know.
Step 4: Confirm with your PIN or Touch ID
After entering the desired amount to load onto your Cash App card, you’re going to see a little “Add” button – go ahead and tap that.
The app now needs to confirm it’s really you, so you’ll be asked to put in your PIN or use Touch ID.
Remember, this is just to make sure your money stays secure, so it’s an important step.
Pro-tip: Make sure your PIN is both easy for you to remember and tough for others to guess.
Step 5: Wait for the money to be added
Alright, you’re almost done!
After you’ve confirmed your transaction, just sit tight while the money gets added to your Cash App Card. This usually occurs within a few moments—it’s pretty speedy. But just in case, give it a good few seconds before you check your balance.
Remember, patience is a virtue, even in the digital world! You’ve now successfully added funds to your cash card. Easy, right?
The simplicity and speed of the process is genuinely impressive, isn’t it?
Step 6: Tap “Sign Out” button at the bottom of the screen
You are going to want to do is tap that “Sign Out” button you’ll find chilling at the bottom of the screen.
Go ahead and tap it.
Do you know why this step is crucial? Because it’s like leaving your house and locking the front door. It keeps your account secure from any sneaky hands looking to fiddle with your money.
So always, always remember to sign out, alright? It’s a small step but it does a big job in keeping your account safe.
Where Can I Load My Cash App Card?
If you’re wondering how to put money on a Cash App card, you’ve come to the right place.
In this section, we’ll show you where and how to load your Cash App card so you can start using it right away.
1. Bank Account
The easiest place to load money is your bank account. Plus you can keep yourself within a spending limit for your budget.
Let’s get that Cash App Card loaded up with money from your bank.
First, make sure your bank account is linked with your Cash App. If not, just click on the ‘Banking’ tab and follow the prompts. Easy peasy!
Now, tap the ‘Money’ tab on your Cash App.
Hit ‘Add Cash’.
Choose the amount you want to transfer.
Tap ‘Add’ again, then confirm using your PIN or fingerprint.
Don’t go overboard, friend; remember, there’s a limit of $1000 per week!
2. Debit Card
Now, let’s load it up using your debit card.
Head to your profile on the Cash App.
Found the “Linked Banks” button? Great! Click it to add your debit card.
You’ll need the card number, expiry date, and security code.
Cash App might run a quick test to confirm the connection.
Now you’ve got to spend money on your Cash App Card.
3. Retail Stores
Did you know you can load your Cash App Card at various retail locations?
Forget running to a bank, just pop into one of these convenient spots. Here’s a quick list to guide you:
Walmart
Rite Aid
Family Dollar
Duane Reade
Walgreens
GoMart
Sheetz
Kum & Go
GoMart
KwikTrip
Speedway
H-E-B
Thorntons
TravelCenters of America
Dollar General
Pilot Travel Center
7-Eleven
Remember, availability may vary by location. So, ensure to check your nearest store whether they support Cash App deposits.
4. Visa Gift Cards
Similar to how to use a Visa Gift Card on Amazon, you can conveniently load your Cash App Card.
As such Visa Gift Cards are popular gifts with their widespread acceptance makes them a favorite choice.
To load your Cash App Card using a Visa card, follow these simple steps:
Open your Cash App: Tap on the “Banking” tab visible on the screen’s bottom left.
Choose “Add Cash”: Input the amount you want to load onto your Cash App Card.
Tap “Add”: Make sure you select the Visa gift card you want to transfer money from.
Authenticate your Identity: Depending on your setting, you may have to use Touch ID, Face ID, or a PIN.
Voila! That’s it, remember to keep an eye on your card balance to ensure the correct amount was loaded.
5. PayPal
While PayPal is a popular option to transfer money, you cannot transfer money directly to your Cash App Card.
You will need to transfer the money from PayPal to a linked bank account first and then move the money to Cash App.
Learn which payment type is best if you are trying to stick to a budget.
What are Paper Money Deposits?
Just like the slang for how much is a rack, paper money deposits are what Cash App calls the transfer of your money.
Remember, you can deposit up to $1,000 every 7 days and $4,000 every 30 days. Deposits must be a minimum of $5 per transaction and not exceeding $500.
There is no fee to use the card. As Cash App makes their money by the transaction may be subject to a small fee charged by certain retailers.
What are Boosts?
Heard of ‘Boosts’ in the Cash App world? Let’s break it down.
Boosts can help you get more bang for your buck, offering discounts on eateries or stores you frequent. It’s like enjoying 15% off your latte at your go-to coffee shop, neat, right?
Here’s how to utilize ‘Boosts’:
Open your Cash App and find the Boosts.
Scrutinize your options and activate one Boost.
Swiftly switch on and off your Boosts to fit your needs.
So, add a little boost to your Cash App Card and enjoy some savings!
Tips for Using Cash App Card Safely
To make the most of your Cash App card, it’s crucial to have a grasp on the safety and security measures.
The Cash App card offers users the flexibility of managing money without the restrictions of traditional banking. Plus it serves as a tool for receiving and sending money, and also helps in money management and budgeting.
1. Check Your Card Balance and Transactions
Knowing your balance and checking transactions is crucial when using your Cash App Card.
Being aware of your balance ensures you can make transactions without exceeding your available funds, helping avoid any embarrassing situations or penalties.
Monitoring transactions regularly allows you to spot any fraudulent activities promptly and acts as a deterrent for any additional, unwarranted fees that could be associated with specific transactions.
Additionally, when you add funds to your card at a physical store, you should always confirm that the funds have been accurately transferred to your Cash App account before leaving, to sidestep any discrepancies or issues.
To check your balance, log into your Cash App account and click on the dollar symbol on the home screen. This will promptly display your current balance.
Now, for transactions, tap the “Cash” tab to view your recent transactions.
2. Avoid Scams
Navigating Cash App Card could be a breeze, but it’s crucial to be aware of potential scams that might catch you off guard.
**Be Aware of Who You’re Trading With** Transactions on Cash App are instant and can’t usually be reversed. Be cautious in your dealings.
**Secure Your Account:** Maintain strict privacy over your Cash App PIN and use your phone’s security lock feature to avoid unauthorized access.
Remember, your alertness is your best bet to keep scams at bay! Keep yourself informed and stay safe.
3. Use the Security Features
The Cash App strives to prioritize security and protect its users’ money, making it a pocket-friendly financial tool.
The Card is issued by Sutton Bank and has FDIC insurance, ensuring your hard-earned money is safeguarded.
But, besides this innate security feature, there are multiple ways to assure maximum security while using your Cash App Card:
Securing Your Cash App Account: Before using the Cash App Card, it is pivotal to add strong security measures to your Cash App account. This can include setting up a unique and complex password, enabling two-factor authentication, or using touch ID/facial recognition if your device supports it.
Transaction and Deposit Limits: Cash App sets transaction and deposit limits to protect your account. Familiarize yourself with these limits and stick to them. Going beyond these restrictions might expose your account to risks.
Linking your Cash App Card with Trusted Accounts: While you can link your Cash App Card to multiple banks or external bank accounts, it’s crucial to ensure these accounts are trustworthy and secure. Avoid linking to accounts on public computers or networks to prevent unauthorized access or data theft.
Watching out for phishing scams and suspicious activities: Always be vigilant when receiving unsolicited communications asking for your Cash App Card Information. Remember, Cash App will never ask for your PIN or sign-in code outside of the app.
Real-time Alerts: You can also activate instant transaction alerts. This way, if your card is utilized, you will get immediate notification on your mobile device, helping you stay on top of your spending and identify any potential fraudulent activity.
Safe deposit and withdrawal: Making sure to use secure networks when depositing to or withdrawing from your Cash App Card can offer an additional layer of protection.
Navigating through these security features is not overly complex, but it reinforces your financial safety.
4. Know Your Limits
Knowing your Cash App Card limits plays a vital part in managing your finances effectively.
You want to be wary of overspending and blowing your budget.
So, if you transferred $500 for the week, stick to the $499 spending limit.
5. Use the App’s Help Function
Knowing how to use the Cash App’s help function is crucial, as it assists you in troubleshooting any issues quickly. It also shows you how to maximize the platform’s robust offerings.
To access the help function, simply tap on the “Profile” icon in the bottom-right corner of the Cash App screen, then scroll down and select the “Support” option.
If you need to get in touch with customer service, tap “Contact Support” and explain your situation in the message field.
6. Use Cash App Card for the Things It’s Meant For
The Cash App Card puts a world of financial opportunity in your hands. Convenient as a debit card, you can use it for online shopping, paying bills, or sending cash to mates. It’s your money manager without the hassles of bank operating hours.
Primarily, here’s what you should do:
Add funds to the card: You can reload your card at numerous locations, with options such as CVS, Walmart, or Dollar Tree.
Manage wisely: Budget and spend your earnings across your essentials and save some for a rainy day! This will help you to spend money wisely.
Use cash boosts: Add thrills to your regular shopping by using the exclusive ‘Cash Boosts’ for instant discounts.
The goal of the Cash App Card is to not go into debt but to live within your means.
Now, Add Cash to Cash App
In conclusion, obtaining and using a Cash App Card can greatly enhance your financial savviness by providing a convenient way to use your Cash App balance both in-store and online.
The process for getting this card is straightforward and cost-free, and gives you instant access to your card number for immediate online purchases, while the physical card arrives within 5-10 business days.
Whether it’s sharing money with friends and family, managing your personal budget, or teaching young adults about financial responsibility, this card offers a sophisticated and straightforward approach. Although it doesn’t replace traditional checking accounts, it’s an excellent alternative for unbanked consumers, those looking to rebuild credit, or teenagers with money to spend.
Just remember to keep track of the transaction and deposit limits set by Cash App to avoid any surprises.
Take hold of your finances today with your Cash App Card and experience the convenience it offers.
Start leveraging the benefits of your Cash App Card now!
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