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Apache is functioning normally

May 27, 2023 by Brett Tams

Iowa is a growing, thriving state with plenty of things to offer residents. With so many choices available, it can be tough to decide on the best bank. Once you’ve made sure your bank of choice is insured by the Federal Deposit Insurance Corporation, there are other factors to look at, including whether you’ll find branches in your area and what fees you’ll be charged. This list can help you decide.

11 Best Banks in Iowa

Before you open a new bank account, take a look around at the best banks in your area. Here are a few to consider.

1. Hills Bank

Hills Bank has branches in the Cedar Rapids, Marion, Iowa City, and Mount Vernon areas, but you can access funds nationwide through thousands of SHAZAM and MoneyPass ATMs. There are three tiers of checking accounts, but Free Checking has no maintenance fees and no minimum balance requirements.

Fees:

No monthly fees
$27 overdraft fee

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Free at Hills, SHAZAM, and MoneyPass locations
No fee for out-of-network transactions

Interest rates:

Up to 0.40% on savings accounts
Up to 4.43% on fixed-rate CDs

Additional perks:

In-person banking services available at branches throughout Iowa
Competitive rates on CDs

2. Bank Iowa

Bank Iowa is an Iowa-only bank with branches in five areas, including Iowa City, but there are no branch-based banking services in Cedar Rapids. You’ll find five checking account options, including two with no monthly maintenance fee or minimum balance.

Fees:

No monthly maintenance fees
$35 overdraft fee

Balance requirements:

No minimum balance
$10 minimum opening deposit

ATMs:

Free access at Bank Iowa ATMs and SHAZAM locations nationwide
$2 for out-of-network withdrawals

Interest rates:

Up to 0.19% on savings
Up to 1.28% on money markets
Up to 2.56% on CDs

Additional perks:

Checking accounts come with complimentary identity theft services
Competitive rates on personal and home loans

3. GO2Bank

If an online bank can meet all your banking needs, GO2Bank might be the best bank. You can easily manage your funds through the mobile banking app, and you’ll also have access to a nationwide network of ATMs and retailers for deposits and withdrawals. As long as your paycheck is automatically deposited, you’ll pay no monthly maintenance fees, but otherwise, it’s only $5 per statement cycle.

Fees:

No monthly fee with direct deposit
$15 overdraft fee for every transaction not paid within 24 hours

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Free access at AllPoint locations nationwide
$3 for out-of-network withdrawals

Interest rates:

Up to 4.50% annual percentage yield on savings account

Additional perks:

Deposit cash at more than 90,000 retailers nationwide
Earn up to 7% cash back on gift card purchases

4. Regions Bank

If you limit your travel to the southern and Midwestern U.S., Regions Bank might be a contender for your business. This regional bank covers Iowa, along with Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

As long as you have at least one $500 check deposited directly each month, you can get free checking. But banking services like loans and a financial advisor upon request make this bank really stand out.

Fees:

$8 monthly (waived with qualifying activity)
$50 minimum opening deposit

Balance requirements:

$1,500 minimum balance or $500 direct deposit to qualify for free checking
$36 overdraft fee

ATMs:

More than 2,000 ATMs
$2.50 per withdrawal at out-of-network ATMs

Interest rates:

Up to 0.01% APY on savings
Up to 4.75% on CDs

Additional perks:

Wide range of banking products
Wealth management services available

5. Northwest Bank

Based in Spencer, Iowa, Northwest Bank is a family-owned bank with locations in both Iowa and Nebraska. Northwest is considered one of the best banks in Iowa for its quality customer service and great rates on checking. Currently, Northwest Bank is offering a $100 bonus on each new checking account as long as you sign up for new products like e-statements, Zelle, and BillPay.

Fees:

No monthly fee
$28 overdraft fee

Balance requirements:

No minimum balance
$10 minimum opening balance

ATMs:

Free at MoneyPass ATMs nationwide
$2 per withdrawal at out-of-network ATMs

Interest rates:

0.01% APY on qualifying checking accounts
.001% APY on savings
Up to 2.25% APY on money markets
0.03% on CDs

Additional perks:

$100 cash bonus to qualifying new accounts
1.50% cash back on debit card purchases ($8 limit)

6. Chime

Another online and mobile banking option is Chime, which offers all the amenities of bigger banks without the cost. Online banking options include a checking account with autosave features to help you meet your financial goals. Chime’s savings accounts offer 2% APY, which is competitive with what other banks in Iowa are offering.

Fees:

No monthly fee
No charges for overdrafts

Balance requirements:

No minimum balance
No minimum opening deposit

ATMs:

Fee-free at Allpoint and MoneyPass ATMs
$2.50 fee for each out-of-network ATM transaction

Interest rates:

2% APY on savings accounts

Additional perks:

Pay accessible up to two days early
Automatically round up each debit card purchase to build your savings account

7. CIT Bank

Another online banking option is CIT Bank, which has no local branches. CIT’s bank accounts come without monthly charges, including no overdraft fees, but there is a downside. CIT Bank’s ATM network is nonexistent. You’ll be reimbursed up to $30 a month in out-of-network costs, though.

Fees:

No monthly fee
No charges for overdrafts

Balance requirements:

$25,000 minimum balance or $100 monthly deposit
$100 minimum opening deposit

ATMs:

Up to $30 in ATM costs refunded per month

Interest rates:

Up to 0.46% APY on savings
Up to 1.55% APY on money market
5% APY on CDs

Additional perks:

Great rates on CDs
Savings Builder account motivates you to save at least $100 monthly

8. Fidelity Bank & Trust

Fidelity Bank & Trust is a community bank with a hometown feel. It has more than 30 branches in Northeast Iowa, Northwest Illinois, and Southwest Wisconsin. The bank offers robust online and mobile banking options, as well as money management help through its investment services team.

Fees:

No monthly fee
$30 overdraft fee

Balance requirements:

No minimum balance
$50 minimum opening balance

ATMs:

Free at Fidelity Bank locations across Northeast Iowa
Free at SHAZAM ATMs nationwide

Interest rates:

0.05% APY on qualifying checking accounts
0.05% APY on savings
Up to 0.50% APY on money markets
Up to 4.77% on CDs

Additional perks:

myPIC debit card lets you add your photo to your card
Specialized Christmas and children’s savings account options available

9. Bank of America

Even though it’s a large national bank, Bank of America brings some of the benefits you get from a small bank. Customers can enjoy fee-free account types as long as they sign up for Preferred Rewards. But one of the biggest benefits is the nationwide network of branches and ATMs.

Fees:

$12 monthly fee (waived with qualifications)
$10 overdraft fee

Balance requirements:

$1,200 minimum balance or qualifying deposits to waive fee
$100 minimum opening balance

ATMs:

Free at Bank of America ATMs nationwide
$2.50 fee for each out-of-network ATM transaction

Interest rates:

0.04% APY on savings (with preferred rewards)
Up to 4.20% on CDs

Additional perks:

In-person service at branches and with virtual assistant at ATMs
Preferred Rewards programs offer discounts on accounts and loans

10. Bankers Trust

Based in Des Moines, Bankers Trust has banks in Iowa and Arizona. There are multiple accounts to meet your banking needs, including some checking accounts with tiered interest rates. New customers may be eligible for a $250 bonus by choosing a participating checking account.

Fees:

No monthly fee with at least 12 debit card transactions
$10-$30 overdraft fee

Balance requirements:

No minimum balance
$25 minimum opening deposit

ATMs:

Fee-free at Allpoint and MoneyPass ATMs
$2 fee for each out-of-network ATM transaction

Interest rates:

Up to 0.60% on checking
Up to 1.45% on savings
Up to 4.55% on CDs

Additional perks:

$250 bonus for new BreakFree or Direct Checking account
Education center provides training and information

11. MidwestOne Bank

If customer service is a priority, MidwestOne Bank is one of the best banks in Iowa. This regional bank has 45 branches across Iowa, as well as Minnesota, Wisconsin, Colorado, and Florida. You’ll also find great rates on auto and personal loans with MidwestOne.

Fees:

No monthly fee
$35 for overdrafts

Balance requirements:

No minimum daily balance
$100 minimum opening deposit

ATMs:

Fee-free at MoneyPass ATMs
$1 fee for each out-of-network ATM transaction

Interest rates:

Up to 0.75% APY on savings
Up to 1.00% APY on money market
Up to 2.47% APY on CDs

Additional perks:

Bank Your Change automatically rounds up debit purchases to put toward savings
Competitive rates on personal loans

Bottom Line

The best banks in Iowa offer great customer service and easy access to your funds. To ensure you make the right choice, consider not only these factors, but also the range of financial products, convenience, and technological innovation each bank provides. As you compare different banks, keep in mind your specific financial needs, preferences, and goals, such as low fees, high interest rates, or specialized services.

Once you’ve found the best bank, it’s essential to regularly review your account and stay informed about new offers and changes in rates and amenities. By doing so, you can maximize your financial benefits and adjust your banking relationship as your needs evolve. Ultimately, the best bank for you will consistently deliver on all fronts, helping you achieve financial stability and success in Iowa.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

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When you are trying to tighten down the hatches on your spending, you are doing everything possible to stick to your budget.

You are determined to stick to your budget this time around. But, you always hear that budgeting can be hard.

Well, here are some quick budgeting tips that will make sure to stick to your budget.

As most new budgeters learn, they struggle to stick to a budget for their monthly expenses. It is a natural process everyone goes through.

Budget, if you are looking for an easy button, then learn which payment type is best if you are trying to stick to a budget.

Especially if you spend a lot of time on social media, studies have shown you are more likely to overspend. So, you must learn which payment type will have you stick to a budget.

Then, you may be wondering and wanting help deciding which payment type is best for you.

Which payment types is best if you are trying to stick to a budget? Do you want to stick to a budget but find it difficult in choosing which of the many options available including budget debit cards? This guide will help you decide among the different types of payments on the market.

The Optimal Solution Payment Type Solution

The most efficient payment type is something that is instantaneous and there are no fees associated with the transaction.

Cash is the most efficient payment type: Cash payments are usually the most efficient and convenient way to pay for goods or services.
Credit cards can be a less favorable option: Credit cards tend to have high-interest rates and can lead to financial disaster if used irresponsibly.
Debit cards are a great way to keep your spending within your budget: Debit cards should be considered a top priority for budgeting because they keep you within your spending limits.
Developing a budget will help you avoid financial disaster: A budget helps you stay organized and make informed decisions about which payment method works best for you.

Today, there are so many options on which payment type to use in today’s online world.

1. Cash

Cash is a payment type that can be used to reduce debt spending. It is versatile and can be used for a variety of expenses, such as groceries, medical bills, and gym memberships.

Cash is an excellent choice for people just starting to budget and save.

It is more restrained than credit or debit cards. The envelope method of cash budgeting can be used to train your brain to reduce spending. Cash is the most traditional payment method and has the fewest drawbacks. However, you need a safe place to store your cash, and some stores may not accept it.

Benefits of Cash:

Cash is an excellent payment type when your financial goals are to reduce debt spending.
Cash is a finite payment method that prevents you from overspending.
You have a set amount of money to spend each month, so there’s no chance of overspending.
Easy to track with the envelope method: Utilizing the envelope method ensures that you are tracking your spending (i.e groceries, gas, medical bills) and making sure that you aren’t overspending.
Cash is a quick and easy way to pay for goods and services.
No Fees. No maintenance fees or interest rates as credit cards. Cash is just plain cash – printed paper of currency.
You can avoid high fees associated with card transactions: There are no associated fees when paying with cash, making it the cheapest option overall.
Cash discounts may be available. Since you are paying with cash many small businesses offer a cash discount of 2-5%.
You can use cash at any store: No need to carry around extra cards or checks.
It’s easy to get cash: You can easily get cash and make extra cash.
There’s no need for bank account details: No need for bank account details means you’re free from identity theft risks and other inconveniences that come with having a bank account.
Cash allows you to skirt some financial regulations: Because cash payments don’t fall under the purview of many financial regulations, businesses can take advantage of loopholes in the law that allow them to charge higher interest rates on loans or engage in shady business practices. (highly recommended to stay above book)

Cons of Cash:

Possibility of losing or stolen cash: Keep your cash in a safe place!
You need a safe place to store your money: Another disadvantage of using cash is that you may need a safe place in which to keep it – some stores don’t accept it as a payment method.

Why Choose Cash?

Total control over your money, so there’s little chance of unexpectedly running out of funds.
Cash is a great way to stay on budget, as you can easily track your spending and see where you need to cut back.
Unpleasant to spend money with cash, which can help train your brain to reduce spending.
Cash is a quick and easy way to pay: Using cash eliminates the need for banks, credit cards, or other forms of payment.

Verdict: Paying with cash is the best method for budgeting and saving.

Overall, cash is a great payment type when it comes to budgeting. You can immediately see how much money you’ve spent and what needs to be cut back.

You can’t make impulsive buying decisions with debit cards or credit cards.

With a finite amount you can spend, cash is an excellent choice to prevent overspending. According to research, paying with cash can feel unpleasant, which can train your brain to reduce spending as much as possible.

2. Credit cards

Credit cards offer a number of benefits, including convenience, cash back, and the ability to make large purchases or pay bills in case of emergency. However, credit cards also come with credit card debt and can lead to overspending and financial problems if not used carefully.

For many, credit cards are the easiest way to blow your budget because you don’t have control over how much money you spend.

It is possible to overspend with credit cards if you are not mindful of what you charge.

On the flip side, this is a preferred method as many credit cards also offer rewards programs that give you cash back or points for purchases. If you make the conscious decision to use credit cards, you must make payments on time to avoid penalties.

Benefits of Credit Cards

Credit cards are convenient: Convenient to use and don’t have to worry about losing cash.
Use a credit card if you are disciplined and have strict spending habits: If you are disciplined and have strict spending habits, then using a credit card can work well for budgeting purposes.
Flexibility on larger purchases: Some benefits that come with having a credit card include more cash flow as well as being able to make larger purchases.
Credit cards provide support in times of crisis: Many credit cards offer extended services that can help like 24-hour fraud protection, lost wallet services, traveler’s insurance, and many other benefits – check each issuer for details.
$0 Liability on Unauthorized charges: Your credit card company will not be held responsible for any charges that were not authorized by you. This means that if you did not authorize a charge in person, online, or otherwise, you will not be responsible for it.
Fraud protection: Check your credit card issuer, but many offer fraud protection.
New card introductory APR is helpful to pay down debt: The introductory APR for the new card may not last long.
Payments on balance transfer should be manageable: Make sure that the payments on your balance transfer are manageable.
Points: You can accrue points along with your spending which can be a great perk.
Credit card interest rates are significantly lower than payday loans: Interest rates on credit cards are usually much lower than payday loans.
Due Date is After your statement closes. Since your bill cycle is at least another 21 days between the closing date for your statement and the due date, it gives you flexibility. Personally, I still account for the credit card bill in the same month that it was accrued.

Cons of Credit Cards

Potential for credit card debt: When using a credit card, be aware of your credit limit and the interest rate that you will have to pay on your debt. Also one of the categories of debt.
Credit limit often leads people to spend money: The credit limit often leads people to spend money by giving them a false sense of security, when they should stick to a budget and pay attention to their credit card statement and the billing cycle.
Credit card overspending can lead to debt: Consider the purchase if it is essential or delay it if possible.
Ability to easily purchase something you cannot afford. Buying something that you don’t have the money saved up for will cost you interest fees associated and maybe even with a credit card balance transfer.
There are a number of fees associated with a balance transfer: Transfer fee, interest on new purchases charged to the card.
Your introductory APR may not be valid if you make too many payments late: If you fall more than 60 days behind on payments your introductory APR might be canceled and you may face higher interest rates.
Credit score can suffer from debt: When you carry a credit card balance or don’t pay your monthly bills on time, you will lower your credit score.
Avoid carrying a balance: Pay your statement in full each month to avoid paying interest and maximize your grace period.

Key Takeaways on Credit Cards

Make sure to pay attention to the dates: Don’t spend more than you can afford, and make sure you’re making your minimum monthly payments on time so that your debt doesn’t increase over time.
A credit card can be used for budgeting only if you’re very disciplined: If you know that overspending is NOT an issue and you pay the credit card’s monthly balance in full, then using a credit card is fine.
Credit card transactions usually take several days to register in the feedback system: Something to look out for!
You can step back into debit cards or cash if needed: If credit cards are not for you, there are other options available such as debit cards or cash

3. Debit cards

Debit cards are a good option if you want to stick to a budget because the predetermined amount of funds can help you stay within your means. Additionally, debit cards are more convenient than cash and just as accepted as credit cards in most places.

A debit card works more similarly to cash than to credit cards.

They provide an easier way to track your spending and avoid having to carry a lot of cash.

Pros of Debit Cards:

No Need to Carry Cash: A debit card is better than cash because you don’t have to carry a lot of paper money and change around, and they’re also safer.
Debit cards are faster and easier to use: Debit cards work just like credit cards – withdrawing cash, making purchases, and paying bills – but they are linked directly to your bank account, so there is no need to carry around a separate cash envelope wallet or purse for them.
A debit card is a good option if you want to stick to a budget: Debit cards come with a predetermined amount of funds that you can spend from your bank account just like cash.
Tracking payments is easy with debit cards: Your debit payments will appear on your issuer’s dashboard, which you can monitor anytime from any location.
Convenience: Debit cards are more convenient to use and faster than needing to write a check or carry around cash. Plus they don’t add to your debt.
Shopping online is easy. You can use your debit card to make online purchases with your bank account, and digital banking tools make tracking your spending easy.
Points: Some debit cardholders can earn points for spending on their cards, which can be redeemable for rewards such as cash back or gift cards. This is new to compete with credit cards.
Fraud protection is typically offered for free with most debit cards—meaning if your card is stolen or used without your permission, you can get your money back.
No impact on your credit report. When you use a debit card, the funds are actually withdrawn from checking or savings accounts so there is no credit reporting occurring.

Cons of Debit Cards:

An overdraft on a debit card can happen when a purchase exceeds the amount of money in the checking account, leading to overdraft fees.
Funds on hold with fraudulent charges. If your account gets hacked, your losses will be limited since most banks protect their users against fraudulent charges and online purchases with their accounts. However, those funds will be held while they investigate and you may be liable for $50.
No chance to improve your credit score. Since you are not borrowing money, you are unable to improve your credit score.

Debit cards are a great way to keep your spending within your budget and avoid overspending which can lead to many detrimental issues.

Regardless of the overdraft fee, debit cards are still better than cash because they’re safer and easier to carry around.

4. Checks

Checks… do people still write checks? Why yes they do!

Checks offer a few benefits as a payment method, even though they are slowly being replaced by more modern options.

This can help you keep track of your spending and make sure you do not overspend. Additionally, if you ever need to dispute a charge, having a check can be helpful in proving what you paid for.

What is a check?

A check is a written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer from the check writer’s account. The date is usually written in month/day/year format. The signature of the check writer is usually on the line below “Pay to the order of.”

There are three main types of checks:

A cashier’s check is a check guaranteed by a bank, drawn on the bank’s own funds, and signed by a cashier.
A certified check is a personal check for which the bank has verified that there are sufficient funds to cover the payment.
A personal check is one that you write yourself and that is not guaranteed by the bank.

Pros of Checks

Checks are still a payment option: Checks are one of the traditional payment methods, but it is slowly dying out because of modernization.
Physical written record. It can be helpful to have physical copies of checks in addition to digital records through the bank.
You need to make both digital and physical copies of the check: Save check stubs but also transfer the information to a budgeting system.

Cons of Checks

Saving check stubs is helpful, but you still need to transfer the information to a budgeting system: Useful for tracking spending, but you’ll likely want more detailed records than just check stubs.
Not as convenient as credit or debit cards.

5. Apple Pay or Apple Cash

Apple Pay is easy to use and convenient since you only need to connect your smartphone to your cards and bank accounts via the app.

It is easy to use since you just hold your phone up to the reader and wait for the payment screen to appear.

You can even get cash back with apple pay.

Pros of Apple Pay:

Apple Pay is easy to use and convenient: You only need to connect your iPhone to your cards and bank accounts via the app.
You don’t need to carry any extra cards or cash: No need for additional cards or cash when you’re out and about
You can use Apple Pay on different devices: You can use Apple Pay on your iPhone, iPad, and Mac.
Transactions are secure: Your transactions are secured with Touch ID or a passcode.
Set up Spending Limits for each user. This way you can make sure you (or others with authorized access) are not spending more than you intended. Learn how.
Protection of Data during transactions. Your actual credit card number is changed to a different digital number, which allows limits your card number’s exposure.

Cons of Apple Pay:

Not widely accepted (yet). This method of payment is 100 percent guaranteed. While many stores offer apple pay, not all do quite yet.
The same rules apply if you load apple pay with a debit or credit card drawbacks include late fees, interest rates, and overspending: Keep that in mind when choosing Apple Pay as your payment method.

6. Mobile wallets like Google Pay, Samsung Pay, Venmo, or Zelle

Mobile wallets are digital payment systems that allow you to pay for items with your smartphone. Many people find mobile wallets are very convenient and becoming a traditional method of payment (such as credit cards).

With mobile wallets, you are making digital payments without having to carry around cash or cards using just your smartphone.

Mobile wallets are easy to use and provide instant payment convenience, making them perfect for shopping online.

Pros of Mobile Wallets:

Mobile wallets use credit cards and debit cards: Connect your smartphone to your bank accounts and use it for digital payments.
Mobile wallets are easy to use and convenient: Instant payment convenience makes them perfect for shopping online as well.
No need for cash or cards: No need for cash or cards.
Strong secuirity features provide privacy and security features that ensure your personal information is safe from data breaches and unwanted charges.
You can make purchases without having to show your identification: You can make purchases without having to show your identification.
Additional Layer of Security. Additionally, mobile wallet data is protected with verification, such as fingerprints.

Cons of Mobile Wallets:

With Zelle and Venmo, it is easy to send money to the wrong person or add an extra zero and send more money from planned. More often than not, it is difficult to recover your money.
You need to be disciplined when using a mobile wallet: Pay attention to late fees and interest rates, as well as the amount you spend in a month.

7. Prepaid Cards or Gift Cards

A prepaid card or a gift card could be right for you. The advantage of these is the mere fact that you reached the limit is enough to deter overspending.

It can make you think twice about whether you need to purchase an item or not.

Pros of Prepaid Cards and Gift Cards

Easy to use: Prepaid and gift cards are easy to use and manage your finances with.
The mere fact that you reached the limit is enough to deter overspending: It can make you think twice about whether you need to purchase an item or not.
No strings attached: No need to worry about any fees associated with the prepaid card once activated.
Privacy: The prepaid card does not track your spending or use any personally identifiable information.
Credit Score Doesn’t Matter: Your credit score does not matter when obtaining a prepaid card.

Cons of Prepaid Cards or Gift Cards

Losing a prepaid card is not a fun experience. Contact the prepaid card issuer right away to protect the funds on the prepaid card.
Fraud protection: Consider whether your prepaid card issuer offers any theft or fraud protection, as not all providers offer this feature.
Prepaid cards have limits on how much money you can load onto them, which can be frustrating if you need to make a large purchase.

8. PayPal

PayPal is a very convenient way to pay for items online or in person. It is widely accepted and used by many people.

PayPal is a digital payment service that offers convenience and ease of use. You can use them to send money to people or pay for online purchases.

However, because these services can only be used online, they should not be relied on as your sole method of budgeting and tracking expenses. Instead, consider Paypal in combination with another budgeting tool, like a spreadsheet or app, to get a fuller picture of your spending.

Pros of PayPal:

PayPal is one of the most popular online payment methods: Widely accepted and used by many people.
You can use them to send money to people or pay for online purchases: Help you review your spending prior to purchase.

Cons of Paypal:

Easy Target for phishing scams. A phishing scam is when someone tries to trick you into giving them your personal information, like your password or credit card number. They might do this by sending you an email that looks like it’s from PayPal, but it’s not. Or they might create a fake website that looks like PayPal. If you enter your information on these sites, the scammers can then use your account to make purchases or send money to themselves.
Reputation for poor customer service. This is evident in their customer service ratings, which are some of the lowest in the industry. The majority of complaints against PayPal revolve around poor service received when asking for assistance with fund freezes and account holds.

9. Cryptocurrency (ie: Bitcoin)

Cryptocurrencies offer a new and innovative way of handling payments. They’re not yet widely accepted, so there’s potential for businesses to get in on the ground floor with this new technology.

However, because cryptocurrencies are so new, it’s uncertain if they will be regulated or not. This could pose a challenge for businesses down the road.

Pros of Crypto

Not subject to the same regulations as traditional currency, which makes them appealing to those who want to avoid government intervention.
The valuation of Crypto changes rapidly. If you are smart with crtyple this is a great way to spend your crypto coins.

Cons of Crypto

Cryptocurrencies are not accepted everywhere: Cryptocurrencies are not accepted by most organizations yet, which it makes it difficult to use them in day-to-day life.
It’s unclear if cryptocurrencies will be regulated: It’s uncertain if cryptocurrencies will be strictly regulated or not. This poses a challenge for those who want to use them as a payment method.
Bitcoin and other cryptocurrencies are still in their infancy: Bitcoin and other cryptocurrencies have only been around for a few years, so they may still face challenges in the future.

Here are the most popular budget apps today:

Other Payment Methods:

ACH payments

ACH Payments is an excellent way to pay bills and other financial obligations: You can easily set up a billing cycle for recurring payments, making it safe and convenient.

Fewer people are aware of your transactions when using ACH payments, reducing the chances of fraud or theft.

Key Facts:

Fewer people know about your transactions when using ACH payments, reducing the chances of fraud or theft.
Your checking account information is not shared or accessed by the system in any way.
You can quickly pay bills and other expenses with ACH payment: Financial institutions offer this as part of their deals.
When setting up recurring bills with ACH payment, you are aying your bills on time is important for maintaining a good credit score.
Pay attention to your check account balances: Make sure you have enough funds in your check account to avoid paying overdraft fees.

Money orders

A money order is a document that orders the payment of a specified amount of money. Money orders are convenient because they can be bought at many locations, including post offices, banks, and convenience stores.

To get a money order, you will need to fill out a form with the payee’s name, the amount of the payment, and your contact information. You will then need to purchase the money order with cash or a debit card.

To cash a money order, you will need to take it to a bank or post office. You will need to show identification and sign the back of the money order. The teller will then give you the cash for the payment.

More secure than cash: Money orders are more secure than cash because they don’t require a bank to make the transaction.
Less convenient: money orders are less convenient because you must purchase them in person.
Able to trace. They are also more secure than cash because they can be traced if lost or stolen.

Wire Transfers

Wire transfers are a more secure way to transfer money than traditional methods like checks and cash. These are sent through the banking system and are usually processed within two business days.

Typically, wire transfers are used when sending and receiving large sums of money (over $10000).

More secure than cash: Wire transfers are more secure than cash as the bank verifies there is enough money to make the wire transfer.
Fees involved with using a wire transfer. Most institutions charge for handling a wire transfer.

What method of payment is best?

Cash is the most widely accepted form of payment, but debit and credit cards are very popular.

The payment method that is best for you depends on which one helps you to stick to your budget and spend less money. The goal is to be financially stable.

What method is best for sticking to a budget?

There are several different types of budgeting methods that people use in order to manage their finances. Many people focus on using the 50/30/20 method, in which each percent corresponds to a different category of expenses.

There are plenty of budgeting tools available today to make sure you stick to your budget.

You need to find what works best for you. At the end of the month, you want to spend less than you make. That is the winning combo!

1. Budgeting App

There are many budgeting tools available online, which can be helpful as it can be easier to track your progress and budget over time.

You can use various popular budgeting apps like Quicken, Qube Money, or Simplifi.

These apps can help you track your spending, set goals, and stay on track with your budget.

2. Paper and Pen or Simple Spreadsheet

Some people find that they prefer using a simple spreadsheet or paper budget. This may be due to personal preference or because they find it easier to understand and use.

Additionally, using a paper budget may help you stay more organized as you can physically see where your money is going.

Options to get you started include our own budgeting spreadsheets or using an automated system like Tiller.

3. Envelope budgeting method

The cash envelope system is a good way to stick to a budget because it is rigid and based on envelopes and cash. You can’t get more money until your cash payday. So, this system helps you track your spending and budget better.

However, using only cash can have drawbacks as having large amounts of cash on hand can be risky.

The envelope method gives you a sense of control over your spending and makes it more tedious to write down your transactions. If you find writing down your transactions tedious, the envelope method may be too much for you.

4. Know Your Budget Categories and Track expenses

Tracking expenses is essential to move ahead financially: Knowing what you have spent in each category will help you make better financial decisions.

Be specific with your budgeting categories. Don’t make it too complicated. Always remember to include household items, clothing, and groceries when tracking expenses.

5. Prioritize your Budget Plan

A budget can provide a realistic picture of your finances, help reduce stress related to money matters, and guide you toward achieving your goals.

Creating a budget can help ensure that you are able to meet your financial obligations and still have money left over for savings and other goals. A budget can also help you track your spending so that you can make adjustments if necessary.

Make a budget plan: This will help you stay on track and make sure that you are spending your money wisely.
You decide where to spend money: A budget helps you set future goals and achieve your financial goals.
Creating a budget can help reduce stress: If you tend to get stressed about money matters, creating a budget can give you peace of mind.
A budget has other benefits beyond financial ones: If you want to achieve something in life, creating a budget can help guide you in the right direction.
See where to cut back spending. You can also look at your past spending habits to see where you can cut back. Sometimes it may be necessary to save more in order to achieve long-term goals, like buying a house or having a wedding. Always be mindful of your budget when making payments and spending money.
It’s a three-step process that involves basic math: Making a budget is simple and requires only basic math skills.
Stay on track: Making a budget plan will help you stay organized and keep track of your expenses.

A budget plan will help you stay on track and make sure that you are using the best payment type for your budget.

Making a budget is an easy way to save money. By following a few simple steps, you can keep track of your expenses and make sure that you are spending your money wisely.

Which type of payment is best for sticking to a budget?

One of the main pros of using cash as a method of payment is that it is the most efficient way to keep track of your finances. This is because it is very easy to budget when you are only dealing with cash.

However, many people prefer debit or credit cards are the best type of payment. They are more convenient than cash and can help you keep track of your spending. However, if you have a bad credit history or a low credit score, credit cards may not be the best option for you.

Cash payments are the most efficient: Most convenient and easiest to keep track with cash envelopes.
Credit cards allow you to accrue points along with your spending: These are a great benefit and one that can be a perk if handled well as part of your budgeting process. As long as pay them off in full each month to avoid credit card debt, high-interest rates, and other negative consequences.
Debit cards are also a good option for sticking to a budget. They can be used like credit cards but with less risk of debt.
Cash-based payments are a newer option and are more reliable: May not have as many negative consequences as other payment methods such as credit cards or loans.

What Not to Use when you are Trying to Stick to a Budget

You need to steer clear of these types of payments if you want to be financially stable person.

Personal loans

Personal loans are a risky way to budget. However, if you need the money for an emergency or unexpected expense, a personal loan can be a lifesaver.

There are many risks to consider and other ways to lower your spending before resorting to a personal loan.

Loans can cause budgeting problems: Loans can mess up your budget and make it difficult to stick to spending plans.
Taking out a personal loan just for the sake of having money can disrupt your budgeting: Consumers often borrow money in order to pretend they’re doing better financially than they really are.
Borrowing money is usually not a good idea: When you borrow money, you may find that you cannot handle seeing low checking account balance, which can lead to deeper debt problems.

Payday Loans

Payday loans are a bad option for someone looking for a long-term solution. They are expensive, and there is a high chance that the person will not be able to pay back the loan.

The interest that is charged is also high, and it can add up quickly.

Write bullet points about what happens with a payday loan

Payday loans can trap people in a cycle of debt, as they are often unable to pay back the loan in full on the due date.
When someone takes out a payday loan, they are borrowing money from a lender in a short amount of time, usually two or three days.
Payday loans are often expensive, with interest rates that can be above 300%.

Debt Consolidation Loans

Debt consolidation can be a good way to manage your debt because it can result in a lower monthly payment and extended payments may impact your financial plan. You can use a debt consolidation calculator to estimate how much debt you can afford before taking out a consolidation loan.

Debt consolidation loans also provide convenience because they have lower interest rates than payday loans. However, be careful when consolidating your debt because it is possible to overspend and lose your introductory APR.

You may be able to pay off your debt with one monthly payment: A consolidation loan often results in a much lower monthly payment than all of your previous monthly payments combined.
Extended payments may impact your financial plan: Take a look at how these extended payments will impact your financial planning.
You can estimate how much debt you can comfortably afford: use this tool – Tally .
It is possible to overspend with debt consolidation: If you spend more money than you planned on your day-to-day expenses, this could increase your debt. Consider if the purchase is necessary or if it can be delayed.
You may lose your introductory APR: If you fall more than 60 days behind on payments, you will likely lose your introductory APR and may even trigger a penalty interest rate.
You need to be careful when transferring a balance: Transferring a balance can also forfeit your grace period and you’ll need to pay interest on new purchases charged to the new card.

What type of payment method is best for sticking to a budget?

There are a variety of payment methods available, and each has its own benefits and drawbacks. It’s important to choose the payment method that’s best suited for your business and budget.

A payment method that allows you to stick to a budget is the best option.

FAQs

There are three main types of payment methods: cash, debit cards, credit cards, and cash-based payments.

The envelope budgeting method is a simple way to create a budget. You will need envelopes and divide your money up into the different categories that you spend money on. You will then put the corresponding amount of money into each envelope. This method can be helpful if you have a hard time sticking to a budget.

The zero-based budgeting method is a more methodical way to create a budget. With this method, you track every penny that you earn and spend. This can help you to see where your money is going and make adjustments accordingly.

A debit card is a plastic card that is linked to a checking account. Customers can spend money by drawing on funds they have already deposited. An overdraft on a debit card can lead to overdraft fees, which have high-interest rates.

A credit card is a plastic card that allows customers to borrow money up to a certain limit in order to purchase items or withdraw cash. Using a credit card can help build credit or improve your credit score.

There are a few different ways to use a credit card. You can use it to check your balance and review your spending history, which can be helpful in staying accountable.

Credit cards also offer online tools which make the analysis of your spending easier which can be helpful in tracking your budget.

Finally, you can use a credit card to rebuild your credit score by using it responsibly and paying off the balance in full each month.

Which payment type can help you stick to a budget?

When it comes to choosing a payment type that will help you stick to a budget, there is no one-size-fits-all solution.

The best payment method for you will depend on your specific needs and preferences.

When you are creating a budget, it is important to consider which payment type will help you stay on budget. Different payment types work better for different people, so it is important to experiment and find the one that works best for you.

As I stated for me, I have learned how to use credit cards to maximize cash back. But, I learned how to budget with cash when first starting.

Please pay attention to your budget and how it changes over time, as different payment types may work better at different stages of your life.

Consequently, I hope that this guide has given you a better understanding of the different payment types available and helped you narrow down your options. There are a variety of payment types that can help you stick to a budget, so it’s important to research each one carefully.

I highly recommend using an app to track your expenses and know where you spend your money. By developing a budget and choosing the right payment type, you can stick to your financial goals.

Source: moneybliss.org

Apache is functioning normally

May 25, 2023 by Brett Tams

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Do you dream of seeing the world but don’t have a fat travel fund to do it? Today, there are more opportunities than ever to travel the world on the cheap — or even for free.

My wife and I visit an average of 10 countries every year, all on her salary alone. No, she’s not an investment banker or neurosurgeon. She’s a school counselor with a salary comparable to a teacher.

Part of our travel strategy involves visiting inexpensive countries and looking for low-cost accommodations through Airbnb and local guesthouses. But the primary reasons we can afford to see the world are all the ways we’ve found to travel for free.

Travel Tips to See the World for Free

Some of these options offer free accommodations, others offer free transportation, and a few offer both. They all come with limitations and trade-offs, but for anyone looking to travel on a tiny budget, these travel tips are hard to beat.

One quick note: We’ll talk about maximizing credit card rewards in more detail below, but we do want to mention upfront that you should always use a rewards credit card to book travel and make purchases abroad. (Those you can’t avoid using these free travel strategies, that is.)

Our top travel rewards credit card pick is the Chase Sapphire Preferred® Card. Its selling points include:

An excellent sign-up bonus
An annual $50 hotel credit against eligible hotel bookings through Chase Travel, making it one of the best hotel credit cards on the market
5x points on eligible Chase Travel purchases after the $50 hotel credit is exhausted
3x points on eligible purchases, including restaurant dining, select streaming service purchases, and online grocery purchases
2x points on all other eligible travel purchases

And now for the most reliable strategies to save money while traveling the world.

1. Work Abroad in Expat-Friendly Industries

There are plenty of expat-friendly job options overseas, from international nurses and doctors to au pairs to educators to engineers.

Teaching abroad is how my wife and I can afford to do so much traveling. She works at an American school in Abu Dhabi. It provides us both with round-trip flights home every summer, free upscale housing that includes a gym, pool, and jacuzzi, and comprehensive health insurance. Oh, and there’s no income tax in the United Arab Emirates.

Living in Abu Dhabi has allowed us to travel all over the world. We flew nonstop to Bulgaria for $185 round-trip. We spent even less on nonstop round-trip flights to Cyprus. Every time we fly back to the United States, we make a stopover in Europe for a few days to enjoy gastronomy in Lyon, the Christmas markets in Munich, or the nightlife in Amsterdam.

There are thousands of international schools worldwide looking for qualified English-speaking employees, from IT specialists to administrators to teachers of all specialties. If you’re interested, check out international recruiting agency Search Associates.

Don’t have a teaching degree? You can still potentially teach English as a foreign language with a TEFL (teaching English as a foreign language) certificate. But don’t expect the same benefits as credentialed teachers working at international schools.

Or keep it even simpler and research international positions for your existing skill set. You’d be surprised at the number of opportunities for Americans overseas.

2. Look for Work Exchanges

There are plenty of employers who provide free housing for short-term or even long-term stays in exchange for work. This arrangement is called a work exchange.

For example, if you’ve ever been intrigued by the idea of living and working on a farm, WWOOF is your chance to see the world while you do so. WWOOF stands for World Wide Opportunities on Organic Farms.

Farming is primarily seasonal work, and farmers need seasonal help. While they often have an abundance of space, housing, and food, many organic farmers don’t have an abundance of money. So in exchange for four to six hours’ help each day, they provide room and board. You’re on your own for the cost of transportation to get there, though.

You can go “WWOOF’ing” by yourself, as a couple, with friends, or even as a family with children. Select which country you’re interested in, and WWOOF will show you a list of host farms and connect you with the farmers.

And many hostels find themselves in a similar situation as organic farmers — with plenty of beds and rooms but short on labor. So they offer a free room (and sometimes free meals) in exchange for work. A few even pay a small stipend of spending money.

Check out HelpX, helpStay, and Workaway for thousands of opportunities worldwide to stay for free in exchange for your services.

3. House-Sit or Pet-Sit

Did you know there are entire websites dedicated to connecting house sitters with pet owners? Pet owners don’t want to leave their pets in kennels surrounded by unknown dogs and cats when they travel. They’d rather let them stay at home — a home which is just sitting vacant and unused.

House sitters can stay for free at these homes for the price of caring for the owners’ pets. While it’s a relatively easy job, it does mean you have to schedule your day around the pets’ needs. You can’t leave for a weekend excursion or go on 14-hour day trips. But for animal lovers, it can be an easy way to save money with free accommodations anywhere in the world, often in high-end homes.

And house-sitting isn’t limited to pet owners. Some homeowners sleep easier knowing someone is minding their home while they’re away, whether that means you care for their plants or are simply there to deter break-ins.

But these opportunities are the exception, not the rule, and most house-sitting gigs do involve caring for pets.

Try TrustedHousesitters as a starting point for free house-sitting gigs in many different countries.

4. Volunteer Long-Term With the Peace Corps

The Peace Corps offers incredibly rewarding opportunities to live for several years in a community that needs committed volunteers. While the Peace Corps is a large international organization, they do an excellent job of keeping their focus on the grassroots level. Volunteers go to the ends of the earth, living and working in the poorest communities on the planet.

The Peace Corps isn’t for everyone, though. It requires a 27-month commitment: three months of training, then two years in the field. You’ll also be leaving the comforts of Western democracy behind. You may or may not have mobile phone service, and you may not have air conditioning in hot climates.

You receive a living stipend, which is enough to cover housing (if they don’t provide you with a free place to stay), food, and basic spending in the community where you’re stationed. But when you come home to visit, don’t plan on fancy dinners out or hotels. Expect to crash with friends and family.

That said, you’ll have the opportunity to personally transform poor communities into livable, sustainable towns and villages. In many cases, you will literally save lives. If you’re truly driven to change the world and see some of it in the process, the Peace Corps may be a good fit for you.

5. Volunteer With Short-Term Volunteer Organizations

If your volunteer travel timeline is measured in weeks or months rather than years, try short-term volunteer placement services like Go Overseas or Idealist. They offer global opportunities for work ranging from teaching English to building infrastructure.

For a comfortable way to ease into international volunteering, try Diverbo. It hosts one-week English retreats in Spain and Germany to immerse non-Native English speakers in English-based activities. As a native speaker, you’re there to give them someone to practice with. It pays for hotel stays and meals. All you have to do is get there.

There are endless ways to volunteer abroad for free travel and rewarding experiences in a new culture. Spend an hour researching options online, and you can’t help but be inspired by the possibilities to give back while seeing the world.

6. Organize Your Own Volunteer Trip

You can also organize your own volunteer trip. With crowdfunding websites like GoFundMe, you can raise money from your friends, family members, and colleagues (and sometimes even strangers) to cover the costs of your volunteer trip. Perhaps they’ll even join you on your expedition.

But ensure your trip will genuinely change lives for needy people rather than serve as a cover story for you to persuade your friends to pay for your vacation.

I saw this happen just recently with a newly arrived couple at my wife’s school. They raised money from their friends back in the United States, inventing the name of an education-based “ministry” they claimed to be leading here in Abu Dhabi. It was an utter scam, as they have the same generous teaching package my wife does.

Whether they got away with it among their friends back home or not, they didn’t get away with it here. The link to their GoFundMe page made the rounds among the school faculty, and they’ve found few friends as a result.

So approach any crowdfunding attempts with complete sincerity and transparency.

7. Maximize Credit Card Rewards

If you have the right card, you can earn free plane tickets by putting purchases on your credit card. And many of the best travel rewards credit cards offer some enticing benefits. But that’s far from the only option for maximizing your rewards.

Many travel rewards cards, such as the Delta SkyMiles Platinum card from American Express, offer free or discounted companion vouchers every year. You can score a free flight from your rewards points plus a cheap or free flight for your travel partner from the companion voucher.

Then there are sign-up bonuses. Some are positively generous, like the Chase Sapphire Preferred Card‘s.

You can also maximize rewards by using your credit card every time you pay for flights. Some credit cards and partner airlines offer double or triple rewards — or higher — for booking flights.

There are loads of ways you can score free flights with rewards. Just don’t overspend in the name of saving money.

8. Capitalize on Loyalty Programs

Rewards don’t just come from credit cards. Airlines, hotel chains, and other travel businesses often offer loyalty points for frequent travelers.

If you always fly with the same airline, you can rack up frequent flyer miles. The same goes for hotels. These businesses sometimes offer brief promotions with killer deals to score points quickly and cheaply or accept fewer points than usual for flights or stays.

Travel forums and frugal travel blogs let you stay on top of current promotions.

9. Swap Houses

You live in Seattle and want to visit Berlin. Someone in Berlin wants to visit Seattle. Why not swap houses with them for your trip? It’s a win-win. You get to stay for free in an authentic local home rather than a hotel, and your home doesn’t have to sit vacant and vulnerable to catastrophes like break-ins or flooding.

Granted, it’s not always that simple. Perhaps you want to visit Berlin in July, and the Berliner wants to visit Seattle in October. Perhaps you’re worried about the risk of having a stranger stay in your home.

The good news is reputable home-swapping websites provide a level of transparency, with peer reviews and identity verification to give members greater peace of mind. Some home-swapping websites also offer credit systems for indirect house-swapping. By offering your house to others, you accumulate points or credits, which you can redeem at your leisure at houses all over the world. Think of it like couch surfing for grown-ups.

A few reputable house-swapping websites to try are HomeExchange, Love Home Swap, and HomeLink. But even if you’re using one of these services, always do your homework before agreeing to your first swap.

10. Travel to ‘The Old Country’ for Free

Some countries offer discover-your-roots programs for descendants to come back and visit the home of their ancestors. In most cases, these programs are designed for young adults to come and stay with local host families.

Programs include:

Whatever your heritage, do some research on private or government-funded programs to streamline your visit back to “the old country,” stay for free while there, and potentially even cover your airfare.

While you’re at it, you can also look into citizenship programs for descendants. For example, Italy has a generous citizenship program through which descendants who can prove an Italian ancestor are generally eligible for dual U.S.-Italian citizenship.

A close friend of mine who was born in Boston was able to dig up proof that his great-great-grandfather was Italian, and he now has an Italian passport and the option of living in the European Union if he so wishes.

11. Drive Someone’s Car Cross-Country

During cross-country moves, people sometimes need help moving their cars. That’s where you come in. Some car owners will pay you to move their vehicles from Point A to Point B within a specified time frame. In some cases, they also cover your flight home. There’s no better way to get to know a country, especially your own country, than driving it.

In my 20s, I spent two years moving across the country every few months with my then-girlfriend, a travel nurse. I drove across the country a half-dozen times and developed a fondness for and truer sense of the U.S. than I ever felt from flying and visiting cities for a weekend.

After sitting alone in a car for six hours, when you stop at a roadside diner for lunch, you’re more likely to strike up a conversation with the locals. You can end up meeting fascinating people while eating local favorites.

And these road trip experiences don’t necessarily have to happen within the U.S. People on every continent need their cars moved. Start with Auto Driveaway for U.S. and Canada car transports — and a free road trip.

12. Crew a Yacht or Cruise Ship

Just because you don’t know a slipknot from a half-Windsor doesn’t mean you can’t crew a boat. Yachts and cruise ships need crew members of all skill sets, from cooking to security to communications. The ship provides room and board plus a chance to see the world while sailing the Seven Seas and beyond.

But expect the hours to be long and the wages to be low. One of my friends spent a year working on a cruise ship. She reports she averaged five hours’ sleep every night they were at sea.

If you long for the sea life but are wary of cruise ships, look into yacht jobs instead. Several websites help connect yacht employers with crew members, including CrewSeekers, Yacrew, and Find a Crew.

13. Sit Through a Timeshare Presentation

I’ve taken plenty of free vacations through timeshare presentations. But it’s playing with fire, and it can cost you far more in the long term if you end up buying.

Timeshare sellers have their pitch down to a precise science. They’re the best salespeople you’ll ever meet. Take my father’s advice and commit before going that you won’t buy, write it down on a piece of paper, and pull that paper out of your pocket to read it when you feel an overwhelming desire to buy.

Think about it. If it weren’t so profitable, how could they possibly give away a free vacation to everyone who attends?

At the event, the salespeople make the initial presentation and offer. A few people buy at the opening price. Then, you sit down one-on-one with an expert salesperson, who pitches you personally, probing for weaknesses and customizing their pitch directly to you. Then they drop the price — a lot.

After they probe and coax and tempt you some more, they drop the price again — and then again and again. By their final offer, the price is a tiny fraction of the opening price from the original presentation, which is hard to pass up.

If you understand and accept the risk, you can scope out some of these deals at TimesharePresentationDeals.com.

14. Take Advantage of Overbooked Flights

You’ve probably experienced this one. The airline employee opens the intercom and announces, “We’re slightly overbooked for today’s flight and are offering a free flight voucher up to $500 for any passengers willing to take our next flight at 7pm.”

It’s not always practical to take them up on it. Sometimes, you need to get home for a pressing reason, such as a big meeting the next morning. But sometimes, it only costs you a few hours at the airport, and you stand to save a lot.

Typically, if no one takes the airline up on these offers, they escalate. They may start at a $300 voucher, then $500, then $700, and keep going until the offer is so astounding people race to the counter to take it. If the first offer isn’t worth the inconvenience to you, but you do have some flexibility, move closer to the counter and keep your ears open. Be ready to jump on the deal if it escalates enough to be worth your trouble.

A little flexibility can go a long way.

15. Open a Bask Bank Account

Most rewards programs require you to spend money — counterproductive to saving.

But Bask Bank rewards you with American Airlines miles for saving money, rather than spending it. Every dollar you save earns you 1 mile with American Airlines, every single year.

Best of all, Bank Bank doesn’t charge fees, so you get the rewards at no cost. Unlike credit cards, who fund their rewards programs with the interest paid by less savvy-cardholders who don’t pay their balances in full each month.

Final Word

The less glossy the travel experience, the more memorable, rewarding, and authentic it feels. I can’t tell you anything about the Bahamas Wyndham I stayed in when I was 23 and trying to impress a girlfriend. But I can give you every detail of the $19-per-night guesthouse in Telavi, Georgia (the country, not the state), where the owner poured us homemade wine from her own vines.

Stay flexible and open-minded, and you can find ways to travel the world for free. Just remember there’s usually some trade-off to free travel, and you need to understand it completely before committing.

G. Brian Davis is a real estate investor, personal finance writer, and travel addict mildly obsessed with FIRE. He spends nine months of the year in Abu Dhabi, and splits the rest of the year between his hometown of Baltimore and traveling the world.

Source: moneycrashers.com

Apache is functioning normally

May 25, 2023 by Brett Tams

By Peter Anderson 1 Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited January 21, 2019.

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Later this month we’ll be celebrating Thanksgiving, and for many people the Thanksgiving week is a time to sit back and reflect on all of the blessings that we’ve been given throughout the year. For some the week is about getting together with family and enjoying all of the good food. For others, however, Thanksgiving week is all about gearing up to go out and go shopping on Black Friday, or Cyber Monday.

I don’t usually go out on Black Friday, but I’m never one to say never when it comes to finding a deal. There have been several years where I have gone out on Black Friday, with mixed results. In years where I planned ahead, knew exactly what I wanted, and got to the store plenty early, I didn’t have any issues. In years where I just decided last minute to show up and see if I could get a deal – it didn’t work out well at all.

So today I want to go over a few Black Friday shopping tips, and look at some things you can do to prepare for the hottest shopping weekend of the year.

black-friday-shopping-tips

Don’t Just Wing It, Plan Ahead

One of the biggest mistakes I’ve made when shopping on Black Friday was to not really make a plan ahead of time, and to just wing it when it came to getting a deal on the items I was shopping for. When I showed up at the store trying to get a deal, it was a complete mess. I didn’t know where the item I was looking for was going to be, others had showed up way before I did and the store in general was much busier than I had anticipated.

Here’s a video looking at my experience and the madness that ensued at Wal-Mart that night.

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View the video on YouTube

So as you can see it was complete madness and mayhem. I hadn’t planned ahead, and it was obvious others had. I saw one family talking on walkie-talkies, coordinating their battle plan!

Websites To Research Your Black Friday Deals

As mentioned above it’s a good idea to plan ahead and to research all of the Black Friday sales ahead of time. Track down and find the best deals on the items that you need.

So where can you go to do all your research? There are a ton of Black Friday and Cyber Monday shopping sites you can check out, here are a few of the better ones:

This “most wanted” list from gottadeal.com – will give you an idea of what items are most wanted at each store. Using that information you can prioritize you list and make a battle plan.

Black Friday Most Wanted Deals

8 Tips For Black Friday Shopping

Black Friday shopping starts way ahead of the early morning hours on Friday following Thanksgiving. It starts by doing your homework ahead of black friday shopping tips

black friday shopping tips time, and making a battle plan for where you’re going to go, and what you’re going to get.

Make a list in the order of importance: Make a list of things you were planning to buy this year anyway, and then prioritize them in the order that you want them the most – so you can make sure to go and wait in line for those items first.
Make a budget and save up the cash: Make a spending budget for the day, and save up the cash ahead of time to pay for all your purchases. Don’t spend more than you had planned!
Make sure the stores don’t have advance Black Friday deals: Some stores will give you the Black Friday price on the item ahead of time, they start the sales earlier in the week. If you can avoid going to the store on the big day, do it! Some stores also have rewards programs and members will sometimes get a preview shopping event and get Black Friday prices earlier in the week! (for example, Sears does this)
See if the item is available online too: Some stores will have Black Friday deals on their websites as well, so if you can get the deal online and avoid the store, go for it!
Go on a reconnaissance mission: If you’re looking for an item that’s going to be extremely popular, you may even want to go to the store ahead of time and scout out the location of the item so you know where to go. Be careful, however, as some stores will place Black Friday deals throughout the store, so make sure to get that store’s Black Friday sales plan layout.
Go with a friend.. or two: If you’re looking for more than one big ticket item, you may want to go to the store with the friend so you can wait in separate lines and get both of the items you wanted.
Bring some snacks: If you plan on waiting in line for a long time Friday morning, bring along some snacks, and maybe even some coffee (but don’t go overboard or you may lose your spot on line when you go to use the restroom!)
Figure out if you need a voucher for big items: Some stores will hand out vouchers to people in line for more popular or big ticket items to avoid a scramble once the doors open. Find out if your items need a voucher at that store, and if so, make sure to be in line super early.

So start planning for your big shopping day today, and you’ll be sure to get the deals that you wanted and save on your Christmas shopping, unlike those poor slobs like me who just show up!

Cyber Monday Is Great For Deals Too!

If you don’t get the deal you wanted on Black Friday, don’t worry. Cyber Monday – the Monday after Black Friday – also has a ton of great deals, mainly at online stores. Checking the sites linked above will also give you access to a lot of the best online deals to be found then.

Also, remember that while Black Friday has a lot of hype surrounding it, it isn’t always the best time to buy certain items.

When you do finally get around to buying the things you want, make sure you’re taking advantage of all available discounts to get the best possible deal! Also, remember, you can always go the route of buying or making frugal Christmas gifts for your family as well!

Have your own Black Friday shopping tips? Tell us what they are in the comments!

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Source: biblemoneymatters.com

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May 15, 2023 by Brett Tams

Inside: Did you know that you can get cash back when paying with Apple Pay? If not, there are plenty of rewards and perks to be had.

Apple Pay is the newest way to make payments. It’s the easiest, most secure way for you to pay with your iPhone or iPad anywhere credit and debit cards are accepted.

But how does it work? And what can you get back if you use Apple Pay?

Here is everything that we know about using Apple Pay:

Apple Pay is a digital wallet that allows you to pay with your phone for purchases.

It’s an easy way to spend less, save more, and shop responsibly.

In fact, new trends show that 82% of Americans use digital payment methods; a significant increase over previous years (source).

But what if I told you there was a hidden perk of Apple Pay? You can get cash back on every purchase!

Did you know that you can get cash back when paying with Apple Pay? If not, there are plenty of rewards and perks to be had. This article will go over how it works as well as offer some suggestions on how to take advantage of this new feature.

What is Apple Pay?

Apple Pay is a digital payment system that was introduced by Apple in 2014. With the mobile wallet, Apple Pay allows users to make payments with their iPhones.

You can pay for products and services in person or online using your iOS device. With Apple Pay, you no longer need physical cards as transactions can be made by scanning your fingerprint, iris scan, or Face ID on your device.

Transactions are more secure than traditional methods. In addition, cashback and credit card rewards programs are available for those who use Apple Pay.

Can you get Cash Back with Apple Pay?

Yes, you can get cash back with Apple Pay!

All you need to do is make sure the store takes Apple Pay and have a card linked with your account. Then, make your purchase as usual and earn cash back just like before.

It’s that easy!

Way #1 – Link Your Cash Back Credit Card to Apple Pay

There are a few ways to add your credit or debit card to Apple Pay. One way is to use the Wallet app on your iPhone and follow the steps below:

Tap the plus sign in the upper-right corner of the app.
Enter your card information manually or scan it with your camera.
Verify your details and tap Next.
Choose how you want to use Apple Pay: With Face ID, Touch ID, or a passcode.
Tap Done and wait for a confirmation message that your card has been added.

You earn cash back according to your credit card used with Apple Pay. Also, some credit cards offer additional cash back when using Apple Pay.

Almost all credit card issuers work with Apple Pay.

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.

Way #2 – Apply for the Apple Card

The card is a new electronic cash back card that gives you 3% back on all purchases from Apple and when using Apple Card with Apple Pay at selected merchants. Plus 2% back on all purchases everywhere else.

Given Apple Pay is accepted by over 85% of U.S. merchants it is easy to maximize your Daily Cash.

You can apply for the Apple Card on the Apple website or in the Wallet app.

Way #3 – Get Debit Card Cash Back with Apple Pay

There are a few different requirements to get cash back when using your debit card with Apple Pay.

First, you must link a debit card to your Apple Pay account. The store accepts Apple Pay and the store must offer cash back on the purchases.

For many people, this is easier than going to ATM.

How does Apple Pay work?

Apple Pay was designed to move consumers away from physical wallets into a world where their card is on their iPhone or Apple Watch.

This is done through contactless payment technology which allows users to make payments by holding their device near a contactless reader. The reader will communicate with the device and complete the payment.

Apple Pay is very simple to use.

What are the benefits of using Apple Pay?

Picture of a phone that says I love shopping with a credit card for the benefits of using apple pay.

When you use Apple Pay, there are a number of benefits that come along with it.

#1 – More Secure

Using Apple Pay is more secure than using a traditional credit card.

#2 – Cash Back

You can earn “cash back” rewards on your purchases. Just like you normally would.

#3 – Promotions and Deals

Apple Pay also offers a number of promotions and deals that can help you get the most out of your purchases. For example, right now Apple is offering bonus points for those who use their service to pay for their holiday gifts. This allows you to earn rewards like statement credits and real cash back on your routine purchases.

These promos are emailed to their Apple pay users.

#4 – Convenience

Plus, as more companies begin to accept Apple Pay as a form of payment, it’s becoming easier and more convenient to use this mobile wallet instead of carrying around a bunch of cards in your wallet or purse.

So if you’re looking for an easy way to make payments and rack up some rewards at the same time, then Apple Pay is definitely the way to go!

Is Apple Pay secure?

Apple Pay is a digital payment service that allows users to make payments using their iPhone, Apple Watch, Mac, and iPad. One of the main benefits of using Apple Pay is that it is much more secure than using a physical card.

Your card details are not stored on your device or on Apple’s servers, instead, they are encrypted and stored in the Secure Element on your device. In order to make a purchase with Apple Pay, you need to use your Face ID, Touch ID, or passcode.

When you make a purchase, a one-time payment number and code are created so that the merchant can’t access your credit card information. This makes Apple Pay more secure than traditional methods of paying with a credit card.

How do I know if a store accepts Apple Pay?

Apple Pay is a mobile payment system that allows users to make payments with their iPhone, iPad, or Apple Watch. It’s accepted at many stores and restaurants and can be linked with any other card you have.

To know if a store accepts Apple Pay, look for one of these symbols at the payment counter:

where can i get cash back with apple pay

When using Apply Pay, select merchants offer 3% Daily Cash back.

You need to check with app to see what each store offers.

Also, many stores offer BONUS daily cash!

What happens if I lose my iPhone with Apple Pay?

If you lose your iPhone with Apple Pay, you can use the Find My iPhone app to suspend or remove your card from Apple Pay.

You can also call Apple Support at 1-800-MY-APPLE (1-800-692-7753) if you need help suspending or removing your card from Apple Pay.

Cash Back with Apple Pay

There are a variety of reasons you may want cash back with Apple Pay. Some just want to earn more money when shopping; others want to skip going to ATM for cash back.

Apple Pay is the company’s contactless payment system that allows customers to make purchases by holding their iPhone near a point-of-sale terminal. Apple has been promoting its cash back program for quite a while now, but many customers have been asking how it works because it is a newer cashless digital payment method.

Yes, you can get cash back with Apple Pay.

You need to learn which payment type is best if you are trying to stick to a budget.

Source: moneybliss.org

Apache is functioning normally

May 15, 2023 by Brett Tams

.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrappadding:23px 23px 23px 23px;background-color:#f9fafa;border-color:#cacaca;border-width:1px 1px 1px 1px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-contents-titlefont-size:14px;line-height:18px;letter-spacing:0.06px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:700;text-transform:uppercase;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrap .kb-table-of-content-listcolor:#001c29;font-size:14px;line-height:21px;letter-spacing:0.01px;font-family:-apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Oxygen-Sans,Ubuntu,Cantarell,”Helvetica Neue”,sans-serif, “Apple Color Emoji”, “Segoe UI Emoji”, “Segoe UI Symbol”;font-weight:inherit;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-wrap .kb-table-of-content-list .kb-table-of-contents__entry:hovercolor:#16928d;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-list limargin-bottom:7px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-table-of-content-list li .kb-table-of-contents-list-submargin-top:7px;.kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-basiccircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-arrowcircle .kb-table-of-contents-icon-trigger:before, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:after, .kb-table-of-content-nav.kb-table-of-content-id_88a319-9a .kb-toggle-icon-style-xclosecircle .kb-table-of-contents-icon-trigger:beforebackground-color:#f9fafa;

As we transition from childhood to adulthood, there are certain milestones we all must pass. Among the earliest, most significant, and biggest pain in the you-know-what is choosing a new bank.

Whether you’re starting your first job, saving for a big purchase, or simply looking to better manage your finances, the bank you choose can have a significant impact on your financial well-being.

With so many options available, choosing the right bank can feel overwhelming. But if you work through it step by annoying step, it’ll be over before you know it.

Factors to Consider When Choosing a Bank

When it comes to choosing a bank, there’s no one-size-fits-all solution. The best bank for you depends on your individual needs and priorities. So before settling for wherever your mom/dad/betrothed banks, think about the most important factors influencing your decision.

Type of Bank: National, Local, or Online

The type of bank you choose can impact your banking experience in significant ways. There are three main types of banks to consider: national, local, and online.

National banks are typically the largest, with branch networks that span the country and a wide range of options. However, they also tend to have higher fees and lower interest rates. Some of the most venerable may also lag behind more modern banks in user-facing technology, including their apps and available features.
Local or regional banks, including credit unions, offer more personalized service, often with lower fees and a more community-focused approach. However, their branch networks may be more limited, and they may not have as many account options or advanced technology — or they could be eons ahead of their behemothic competition. You really just never know.
Online banks are a newer option that have gained popularity in recent years. Also called neobanks, they frequently offer low fees, high-interest savings accounts, and advanced mobile and online banking features. However, they may not have any physical branches, which can be a drawback for some customers.

Convenience: Location, Hours, & Availability

When considering convenience, think about factors like the location of branches and ATMs, hours of operation, and availability of customer support.

If you prefer to do your banking in person, look for a bank with branches located near your home or work. If you travel frequently or often find yourself in areas without your bank’s branches, you need a bank with a larger ATM network or fee-free access to third-party ATMs.

Speaking of travel, if that’s something you find yourself doing frequently, a bank with reliable online access or branches far and wide may be a must.

Banking hours are also an important consideration. If you work a traditional 9-to-5 job, you need a bank with extended or weekend hours. Some banks also offer 24/7 customer support, which can be helpful if you need assistance outside regular business hours.

A bank with convenient locations, hours, and availability can save you time and hassle in the long run.

Fees: Account, Overdraft, & ATM Fees

When choosing a bank, it’s important to consider the fees associated with its accounts and services. Depending on your personal tendencies and the account type, look out for fees like:

Maintenance fees. Monthly maintenance fees can range from $0 to $25 per month. Some account types waive them if you adhere to the minimum balance requirement or have direct deposit. A few have no maintenance fees at all.
Overdraft fees. Banks charge overdraft fees or nonsufficient (NFS) funds fees when you spend more than you have in your account. Overdraft fees can be particularly costly at around $35 per transaction. Some banks, especially neobanks, don’t charge them. However, those banks may block spending when you don’t have enough.
ATM fees. Both your own bank and other banks charge ATM fees when you use an out-of-network machine. They can be as much as $2 or $3, meaning a single transaction at an out-of-network ATM could cost you $5 or $6 if both parties charge. Look for a bank with a large network of fee-free ATMs, or consider an online bank that reimburses ATM fees.
Foreign transaction fees. If you don’t travel internationally, you don’t have to worry about these. Banks charge them for using your debit card outside the United States. Foreign transaction fees generally range from 1% to 3% of the transaction amount, though some banks go higher and others have no foreign transaction fees.

Look for a bank with transparent fees and no hidden charges, and consider your own banking habits to choose the account that’s best for you.

Account Features: Interest Rates, Rewards Programs, & Account Minimums

The account features a bank offers can make a significant impact on your banking experience. Common account features to consider include:

Interest rates. The interest rate on your account determines how much you’ll earn on your deposits. Most banks only offer interest on certain savings accounts or savings subaccounts. If you’re looking for an account like that, look for a bank that offers competitive interest rates that help your money grow over time.
Rewards programs. It’s not terribly common, but some banks offer rewards programs that give you cash back, points, or miles for using your debit card. Look for a bank with a rewards program that fits your spending habits and offers rewards you’ll actually use.
Account minimums. Some banks require a minimum balance to open an account or avoid account fees. Check the minimum balance requirements before opening an account, and consider whether you can meet them.
Special considerations. Some banks give existing customers special considerations when they open other account types. For example, you might get better rates on a loan, higher interest on a savings account, or extras on your kid’s bank account. Ask about these types of bonuses before opening an account.

Look for a bank with the features that fit your lifestyle and help you achieve your financial objectives.

Technology: Online Portal & Mobile Banking Features

In a time not-so-long ago in a land right underneath us, the info in this section would have been a mere bullet point in the previous one. But the pandemic pushed those of us who are a tad older than Gen Z to acquiesce to the digital revolution if we hadn’t already.

Since then, the closest I’ve been to a human bank teller is unwittingly passing one in the produce section of the grocery store (I assume). If you’re like me and prefer to stay out of brick-and-mortar banks or just want to preserve your non-corporeal options, online and mobile banking features are a must.

Unless you also hate technology, run the other way from any bank without an app and online portal. If they don’t have them, you can expect them to be similarly behind the times on other things. I bank with a really massive bank, and their app was — I kid you not — just a link to their mobile website rather than a real stand-alone app for way longer than it should have been. And they literally just stopped charging overdraft fees to keep up with neobanks.

Look for a bank with a user-friendly online portal that makes it easy to check balances, transfer funds, pay bills, and view statements. You also need a powerful mobile app with the same features plus mobile check deposit.

But you don’t have to stop there.

Some banks offer additional app-only features that can help you manage your finances and achieve your goals. For example, roundup savings is a feature that automatically rounds up your purchases to the nearest dollar and deposits the difference into a savings account, helping you save without even thinking about it. And savings goals, which online banks may call buckets or envelopes, allow you to set savings goals and track your progress without opening separate savings accounts for each goal.

You’re most likely to get advanced app-only features from online-only neobanks. But you may find these features at traditional or regional banks too.

Make a list of the types of online and mobile features you use and double-check that the bank you choose has an app for that.

The more it matters to you, the more research you have to do. For example, you can look for app or portal walk-throughs on YouTube and check out screenshots on their website or app download page.

Safety & Security: Fraud Protection & Security Measures

When it comes to banking, safety and security are of the utmost importance. You wouldn’t use a bank that was dimly lit and secluded during the hours you needed it. By the same token, you want to ensure your money and personal information are protected at all times.

Look for a bank that offers two-factor authentication, which adds an extra layer of security by requiring a code in addition to your password to access your account. Also, look for a bank that provides alerts for suspicious activity, such as transactions from an unusual location or unusually large transactions. Some banks may also offer identity theft protection services to help you monitor your credit and detect any fraudulent activity.

It’s also important to consider the bank’s overall security measures, including encryption and firewalls to protect your data from hackers. Check that the bank you choose has a robust security policy and that they’re Federal Deposit Insurance Corporation-insured, which protects your deposits up to $250,000.

Getting Help: Customer Service & Support

No matter how user-friendly a bank’s online portal and mobile app are, there may come a time when you need help from a real person. That’s when it’s important to know what customer service and support options are available.

Ideally, look for a bank that offers 24/7 customer support via phone or chat. If that’s not an option, they should at least have support available during hours you’re likely to have time to use it. Some banks also offer support via email or social media.

Consider the quality of customer service as well, reading reviews and talking to friends and family members who bank with the same institution.

Finding a bank with stellar customer service is especially important if they don’t have great online or mobile banking options.

Steps to Help You Make a Decision

Choosing a bank can feel overwhelming, but by breaking the process down into manageable steps, you can make a decision that best suits you.

Identify your banking needs and preferences. Think about the features that are most important to you. Consider your lifestyle and banking habits as well. Make a list of items to research at each bank.
Research different banks and compare features. Use online resources such as bank websites and banking and review sites like Money Crashers to learn more about different banks and their features. Make a pros and cons list of the banks that seem to offer the features you’re looking for.
Narrow down your options. Use your pros and cons list to narrow down your options and identify the bank that best fits your needs.
Try a bank’s services before committing. Once you’ve identified a bank you’re interested in, try out their services before committing. No, they don’t offer free trials, but you should think of it that way. Open a checking or savings account, and use their online portal and mobile app to see how easy they are to use. Make sure you feel comfortable with the bank’s customer service and security measures as well. Set a reminder on your calendar to reconsider the bank after three months. If you’re not happy, try something else. It’s a bit of a pain, but ultimately, you’ll be glad you didn’t settle.

Final Word

Choosing the right bank can have a significant impact on your financial — and honestly, mental — well being, but it’s important to remember that you’re not married to your bank. If your bank isn’t meeting your needs or expectations, switch to a bank that does.

It’s also worth having multiple bank accounts at different banks for different purposes. For example, you can open a checking account at a local bank for convenient in-person banking and an online savings account at a different bank for higher interest rates.

The most important factors to consider when choosing a bank are your individual needs and priorities.

Heather Barnett has been an editor and writer for over 20 years, with over a decade committed to the financial services industry. She joined the Money Crashers team in 2020, covering banking and credit content for banking- and credit-weary readers. In her off time, she enjoys baking, binge-watching crime dramas, and doting on her beloved pets.

Source: moneycrashers.com

Apache is functioning normally

May 14, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

Credit cards can do a variety of things: Buy items, facilitate auto-billing, earning rewards, and more. Some might even call them the Swiss Army Knife of the financial world.

But, can credit cards be used to help build a retirement nest egg? The answer is, yes.

There is a small handful of credit cards with rewards programs structured to allow you to deposit cash rewards into retirement accounts. These rewards are in lieu of cash back, airline miles, or points.

These cards, while relatively unknown, are very attractive products because they offer what no other rewards program offers: Wealth building capabilities.

Unfortunately, the number of cards that offer retirement rewards is very small. In fact, I was only able to find five of them. The cards offer rates and terms comparable with garden-variety rewards cards and some offer slightly higher credit limits than their non-reward peers.

American Express and Fidelity Brokerage Services

American Express has a partnership with Fidelity Brokerage Services and backs three such investment credit cards.

These cards allows the holder to convert the rewards points earned into cash deposited into a brokerage account, a 529 college savings plan or other retirement accounts, like an IRA. They also pay 2% cash back for your retirement account compared to only 1% for traditional cash back rewards programs.

Visa Signature

If you frequent merchants that don’t take the American Express card, then no worries. Visa partnered with Fidelity to offer an investment rewards card, Visa Signature credit card.

This card is more like a traditional cash back card and pays 1.5 points for every dollar you spend up to $15,000 and then 2 points after. This Visa card can be used to fund brokerage accounts, 529 accounts and IRAs.

And, my favorite thing about these American Express cards and the Visa card? No annual fees.

Upromise, Barclays Bank and MasterCard

For those of you who live and love Upromise, you’ve got an option too. Barclays Bank issues a Upromise branded MasterCard with tiered cash back rewards, depending on where and how you use the card.

The cash back can be deposited into a Upromise 529 college savings plan, into a high yield savings account or can be credited toward a Sallie Mae serviced student loan.

Credit Card and Retirement Savings Rules Still Apply

When choosing whether or not to use any credit card, including the aforementioned investment reward cards, be aware that the card issuer will go through their normal underwriting and approval process. These rewards cards tend to be reserved for people who have strong credit reports and credit scores.

When using the cards you’ll want to try your best to spend responsibly. If you revolve a balance, then you’ll start paying interest. When you pay interest on a rewards credit card you’re essentially funding your own rewards program with the interest fees.

Finally, these investment rewards cards are great for supplemental retirement efforts. They are not designed to be your only means of retirement funds.

Fifty dollars here, fifty dollars there will add up over a long period of time but it’s not enough to be your nest egg. And, while these investments can grow over time, they can also lose value because you’re going to be choosing what stocks or funds to buy with the value deposited into an IRA or a brokerage account.

If you’re not comfortable with risk or red numbers then stick to standard cash back credit cards.

John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. The opinions expressed in his articles are his and not of Mint.com or Intuit. Follow John on Twitter.

Save more, spend smarter, and make your money go further

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Source: mint.intuit.com

Apache is functioning normally

May 11, 2023 by Brett Tams

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The best student credit cards are a lot like the best credit cards for nonstudents.

They generally have low fees, reasonable APRs, and perks that specifically appeal to college students. A few even have cash back programs that reward spending on gas, groceries, dining out, and other routine purchases.

So it should come as no surprise that finding them is pretty easy. Read on to learn our top picks.

Best Credit Cards for College Students of 2023

These are the best student credit cards on the market this year. Each one does at least one thing really well, whether that’s delivering outsize rewards on everyday spending or setting unusually high credit limits for the category.

Our top pick offers the best overall value of any card in the space, in our humble opinion.

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The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is not your typical student credit card, not least because it’s not specifically marketed to students. But it has a slew of features that make it a fantastic choice for college students and recent graduates:

Petal has relaxed underwriting standards. If you have a FICO score, you can qualify with a score as low as 600.
You can apply for this card with no credit score. Petal evaluates applicants without FICO scores on non-credit factors, such as income.
Petal reports to all three major consumer credit bureaus, helping you build credit.
You can earn up to 10% cash back on purchases with select merchants.
Petal 2 has no annual or foreign transaction fees.
Credit limits start from $300 to $10,000, depending on your income and creditworthiness. You may qualify for a credit limit increase after six months of timely payments.

Petal credit cards are issued by WebBank, Member FDIC.

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Best for Value-Added Perks: Deserve EDU Student Credit Card

Our Rating

Qualify with no U.S. credit history, then earn 1% cash back on all eligible purchases. Plus, get a free year of Amazon Prime Student with qualifying early spending.

Rewards Rate

1% cash back

Annual Fee

Credit Needed

No credit history required

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The Deserve EDU Student Credit Card is a no-annual-fee student credit card that earns unlimited 1% cash back on all eligible purchases.

Its biggest value-added perk is a one-year complimentary subscription to Amazon Prime for new cardholders who spend at least $500 in purchases in the first three billing cycles. That’s a $69 value for free.

Deserve EDU also stands out for a relaxed underwriting process that doesn’t require any credit history at all. Instead, you qualify based on income, profession, and other noncredit factors. This makes Deserve EDU an excellent choice for international students.

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The Capital One SavorOne Student Cash Rewards Credit Card is the best cash-back credit card for students in our book. Eligible purchases earn up to 8% back, and a much wider array of purchases earn unlimited 3% back.

Despite its super-generous rewards program, SavorOne Student Cash Rewards costs nothing to keep in your wallet. It has no annual fee or foreign transaction fee, which is excellent if you’re an international student or planning to study abroad.

Plus, you could qualify for a credit limit increase after as few as six timely payments. The biggest downside: You need a FICO score to qualify.

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Like its stablemate, the SavorOne Student Cash Rewards Credit Card, Capital One Quicksilver Student Cash Rewards Credit Card can earn you a credit line increase in as little as six months with responsible use. However, you do need a FICO score (and thus some credit history) to qualify.

Along with this card’s flat, unlimited 1.5% cash-back rate on most purchases, that’s good enough to nab a spot on this list. Additional perks like no annual fee, no foreign transaction fee, and a complimentary UberOne membership (which includes free delivery on eligible UberEats purchases) further add to Quicksilver Student’s appeal.

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Bank of America® Travel Rewards Credit Card for Students

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Our Rating

Earn unlimited 1.5x points on all eligible purchases — a 1.5% return when you redeem for statement credits against travel and dining purchases. Plus, get a category-leading sign-up bonus with qualifying early spending.

Rewards Rate

1.5x points (1.5% back)

Annual Fee

Credit Needed

Good or better

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With a sign-up bonus better than many adult credit cards and a very long 0% intro APR promotion on purchases and balance transfers, the Bank of America Travel Rewards Credit Card for Students is the most generous card on this list.

It’s not without its drawbacks though. You need good credit (and a lengthy credit history) to qualify, and there’s no way to earn above the 1.5x rewards baseline other than the one-time sign-up bonus.

On the bright side, you never pay an annual fee with this card. And if you travel or study abroad, you don’t have to worry about foreign transaction fees either.

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Chase Freedom® Student Credit Card

Our Rating

Earn unlimited 1% cash back on all eligible purchases. Plus, get a $20 good standing bonus every year your account is open (up to five years) and get a cash bonus after your first purchase.

Rewards Rate

1% cash back

Annual Fee

Credit Needed

Good or better

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The Chase Freedom Student Credit Card is a no-annual-fee card with a straightforward cash-back program and lots of value-added perks. One standout: a $20 good standing bonus each year for the first five years your account is open.

Freedom Student does have some downsides, including an unusually picky credit qualification requirement, a low baseline cash-back rate, and foreign transaction fees that may penalize students studying abroad. But if you can qualify and get past the drawbacks, it’s worth a closer look.

The information related to the Chase Freedom Student Credit Card has been collected by Money Crashers and has not been reviewed or provided by the issuer of this card.

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Methodology: How We Choose the Best Student Credit Cards

We use several key factors to assess student credit cards and build this list. Most relate in some way to these cards’ overall value — how well they reward cardholders while helping them build credit and make the leap to post-college life.

Eligibility and Qualification

Some student credit cards are very easy to qualify for. If you’re a student at a U.S. university and you have a U.S. bank account, you’re in.

Others are stricter. They’re more like traditional credit cards in the sense that you need a good credit score and decent income to pass underwriting.

And some fall in the middle. Most of the cards on this list fit that bill. But we do our best to uncover products that aren’t overly strict.

Spending Limits

Your credit card’s spending limit is a function of your income, your credit score, and your perceived ability to repay. Accordingly, most student credit cards have low spending limits — students just aren’t a wealthy, well-qualified bunch.

That said, some next-generation cards have impressively high spending limits, at least by the category’s standards. We prefer cards that let you charge up to $5,000 (or more) without going overlimit. Because let’s face it, school is expensive.

Rewards

Many student credit cards don’t have rewards programs. Those are for grown-up credit cards, they say.

But some do reward users for everyday purchases. Those are the ones we like — though not offering a return on spending is not necessarily a dealbreaker for us.

Secured Status

Most of the student credit cards on this list are unsecured, meaning they don’t require a security deposit as a condition of approval. That ensures student users don’t have to tie up cash for months or years at a time.

That said, we do include a couple of secured cards on this list because they excel in other ways and because they’re easier to qualify for than some pickier unsecured cards. We just urge students to understand what they’re getting into.

Fees

The fewer fees, the better. Most of the cards on this list don’t charge annual fees, which is good news for frugal students. Where possible, we look for cards that cut students breaks on other fees — particularly foreign transaction fees, which put students studying abroad at a disadvantage.

Student Credit Card FAQs

Choosing a student credit card isn’t as simple as it might seem. These are some of the most common questions that come up during the process.

How Do You Qualify for a Student Credit Card?

You’ve heard all the clichés about starving students. While you’re hopefully not actually going without regular meals as you work and study your way through school, you probably don’t have as much disposable income as you’d like.

But don’t worry — you don’t need much income to qualify for a student credit card. Many student credit cards don’t even require you to have a credit score. As long as you’re a U.S.-based student on track to earn your degree, you can probably find a card that’ll accept you.

And if not, consider asking a parent or older sibling to cosign your application. That way, the credit card issuer can fall back on their financial firepower if you stop making payments.

Why Do You Need a Student Credit Card?

Most college students have limited experience with credit cards and other forms of credit. Accordingly, their credit histories are often thin or nonexistent. Therefore, the single most important reason for students to apply for credit cards is to build a positive credit history.

If you’re keen on building credit quickly, you need to look for cards that report timely payments to one or more (ideally all three) consumer credit reporting bureaus. Then, you need to keep up your end of the bargain by making in-full, on-time payments.

What’s the Spending Limit on a Student Credit Card?

Credit card issuers know that, on average, college students have less money than older people with full-time jobs. Accordingly, they tend to tightly restrict how much their student customers can spend on their cards.

So don’t expect your first student credit card to come with an exceedingly high credit limit, particularly if your only source of income is a stipend or work-study job.The good news is that if you make regular payments, build a positive credit history, and look for ways to earn extra income on the side, your credit limit — and spending power — is likely to increase over time. Years from now, when you think back to your time as a student, you might just identify your first-ever student credit card approval as a decisive milestone on your personal finance journey.

Final Word: How to Select the Best Student Credit Card

To choose the best student credit card, you need to look inward.

Don’t laugh. Understanding which cards you’re likely to qualify for is an important first step in your credit journey — and helps protect your valuable time, which you have far too little of as a full-time student.

If you’ve never had a credit card before and don’t have any student loans in your name, you might not have sufficient credit history to qualify for a traditional student card. In that case, you’ll need to look for cards that use nontraditional factors in their underwriting process.

If you do have a credit score, you’ll have more choice. If your credit is good and you have some income, you’ll likely have your pick of any card on this list. If your credit isn’t so good, you may need to settle for a secured card, at least at first.

From there, look for cards that suit your spending habits. That might mean choosing a rewards program that offers higher returns on the types of spending you do most often, or finding a slate of perks that aligns with your lifestyle.

Chances are, you’ll find the card that works best for you. It just might take some time.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

Apache is functioning normally

May 11, 2023 by Brett Tams

I recently came across an interesting statistic. According to a poll from Harris Interactive, 41 percent of people rarely or never redeem their credit card rewards. It almost hurts to know all of those rewards are going to waste. A more recent study found that 73 percent of Americans are enrolled in rewards programs but have no idea how many points they have.

That used to be me. I discovered the magic of rewards points sometime right after college, when I finally started to take an interest in my financial situation. I wondered what the large number looming above my account number was, and, next thing I knew, years of unknowingly accumulating rewards points turned into a $100 statement credit.

Since then, I’ve been taking full advantage. I use my credit card like a debit card, budgeting and paying off everything I spend. My card doesn’t carry a fee, and I don’t rack up consumer debt — I just earn points. And as modest an amount as it may be, I always get a little excited when I periodically redeem my rewards.

How do you use your rewards?

Mad money

Here’s something about me a lot of people don’t know: I like buying clothes. This may seem uncharacteristic for a couple of reasons, one being that I call myself frugal, and, second, I dress like crap. Still, I love buying clothes. Mostly cardigans.

But I also don’t like spending money right now, because I’m trying to save up for something that I deem more important than fashion. There’s certainly nothing wrong with spending your money on cardigans. But for someone who’s trying to save, cardigans have become a weakness.

To make myself feel a little better, I automatically categorize my cash rewards as “shopping money.” This gives me a small budget to occasionally indulge a temptation.

Obviously, I could just as easily budget for this using my income, and the numbers would be the same. Maybe this is a silly psychological mind game I play with myself, but hey, it works, as it satisfies my nagging inner consumer.

Goals

After college, my goal was paying off my student loan debt. I used any and all extra cash I’d earn from anything, including rewards points, to accomplish that goal.

But again, that was student loan debt. If you’ve got consumer debt, you probably don’t want to put out a fire by playing with one. In fact, I’d be careful about using a credit card altogether.

Travel

I have a cash back card now, but even when I had a points-based rewards card, I never redeemed my points for travel.

With my old card, the travel deals were really terrible — I could always find cheaper flights without them — so I’d just redeem my points for cash, because they were worth more that way. If I can get more in cash than the trip is worth, I’m going with cash.

But this doesn’t take into consideration luxury travel — fancy hotels and first-class flights. Instead of comparing value using the cheapest travel option, some people might prefer to use their rewards points to pay for things they couldn’t otherwise afford. Guest writer Hilary Stockton wrote about her own experiences with luxury travel using a travel rewards card. She makes a compelling argument, and the photos don’t hurt, either.

I’m not experienced in this area, so feel free to elaborate on how you determine the value of your rewards travel.

Stuff

There’s also the option of trading your rewards points in for Stuff, but according to this report, that’s a terrible idea:

“Merchandise awards typically return only one cent in value for each point or mile spent, and that is only if you consider the product’s full retail price. In fact, cardholders are getting less than one cent in value for their points…when they likely could have purchased the items at a discount and received additional rewards from using their credit card for the transaction.”

Donate

Some people feel a little guilty about getting free money, even if it is, ultimately, part of a sales promotion from a large credit card company. Redeeming your rewards for a cash donation to a charity might be a good option for those feeling a little guilt-stricken or those who just want to do a good thing. Just make sure the amount they donate is the equal of or greater than the value in cash; otherwise, you might as well just give cash.

(I understand there are other ethical concerns about using credit cards, namely dealing with small businesses and transaction fees. That’s perhaps a topic for another post, but yeah, I understand that donating to a charity doesn’t assuage those larger concerns.)

Set and forget

There’s also the option of simply redeeming your points for statement credit and not putting too much thought into it, which is just fine, too. I also used to do that. It’s not as fun, but your budget is the same either way. I have Capital One’s Cash Rewards card now, and they even offer an option for auto-redemption.

Other Fun Hacks:

Combining With Other Programs

A few times now, I’ve booked travel on Priceline or Expedia using Mypoints.com. I log onto the site, go to Priceline, then use my credit card to pay for the ticket and also use my frequent flier number. Thus, I rack up airline miles, rewards points and Mypoints (which I later redeem for gift cards).

Churning

Holly wrote about this a while back, and while I lack the stamina for churning, she was able to take advantage of several credit card offers. She did warn about the possibility of this affecting one’s credit score, but churning has really worked for her.

My Rewards Work for Me, Not the Other Way Around

I earn points on things I already buy; I don’t buy things just to earn rewards.

Here’s an example. When I wrote about revisiting the envelope system, a couple of readers were concerned about losing rewards by paying with cash. But the thing is, earning rewards doesn’t dictate my spending or my budget. Sure, I use my rewards for mad money, but I’m not going to make significant decisions about my budget based on earning more rewards. So if the envelope system helps me to save hundreds of dollars a month, well, then, I’m just going to have to stand to lose the $3.56 I’d earn in rewards by using my card for groceries.

Rewards are awesome, but they’re an ancillary bonus, not something I consider a steady profit.

My rewards card also offers higher percentages of cash back at certain stores. I’m careful not to get so caught up in the coolness of rewards points that I spend money at places I wouldn’t otherwise spend money.

However, I love Trader Joe’s. Unfortunately, the store by my house is almost always packed, and I hate looking for parking, so I usually shop a little farther up the road at Ralph’s. But when I discovered I could earn a significantly higher cash back percentage at Trader Joe’s, I dealt with the parking headache.

As I mentioned, I use my rewards card like a debit card. I used to actually be able to put money on my card so that it would carry a credit. From there, I’d simply use up that credit until my balance reached $0.00. I’d still rack up points, but I was never carrying a balance on the card. But when I switched to the Capital One card, this was no longer possible; they don’t allow me to pay anything more than my balance. So I have to be a bit more careful, but hey, that’s what a budget is for.

At any rate, these are my experiences in dealing with rewards programs. Like couponing or any other frugal tactic, I don’t spend a whole lot of time analyzing the many ways I could save, because, at some point, my time is more valuable. But I still enjoy taking advantage of the rewards. So what are your experiences? How do you redeem your rewards, and what frugal tricks have you learned along the way?

Source: getrichslowly.org

Apache is functioning normally

May 8, 2023 by Brett Tams

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Driving for a ridesharing app like Uber or Lyft or a food delivery app like DoorDash or Instacart. Working as a writer or graphic designer for hire. Teaching English online in your spare time. These are among the most popular side gigs and freelance opportunities for people looking to earn extra income.

These solopreneurs count as self-employed individuals — small-business owners, technically — and are typically eligible for many small-business credit cards. This is true even for those with no plans to turn their side business into a full-time enterprise.

What follows is a list of the best credit cards for freelancers and side hustlers hoping to earn rewards for business-related purchases and raise their business credit score in the process.

Best Credit Cards for Freelancers & Side Hustles

The best small-business credit cards for freelancers, sole proprietors, and side hustlers pair modest annual fees — if they have annual fees at all — with generous rewards programs whose bonus categories favor general spending or a broad range of everyday business expenses.

Many also have attractive sign-up bonuses — also known as welcome offers, welcome bonuses, or early spend bonuses, depending on the issuer. And all accept personal guarantees from applicants, which means you can apply using your personal credit score. This is very useful if you don’t have any business credit history (or you haven’t formally incorporated your freelance business at all).

Chase Ink Business Unlimited® Credit Card

card

Our Rating

Earn unlimited 1.5% cash back on all purchases and enjoy an unusually long 0% APR introductory promotion (for a business credit card).

Rewards Rate

Unlimited 1.5% on every business purchases

Annual Fee

0% intro APR for 12 months on purchases, then variable regular APR

Regular APR

17.99% to 23.99% (variable)

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Chase Ink Business Unlimited® is a popular small-business cash-back credit card with no annual fee. All purchases earn unlimited 1.5% cash back, with no spending categories or tiers to keep straight.

Ink Business Unlimited also has an amazing sign-up bonus for cardholders able to spend enough in eligible purchases during the first three months. The introductory 0% APR promotion on purchases is rare to find on a business credit card too, easily justifying its inclusion on our list of the best business credit cards.

Pros

No annual fee
Well-above-average sign-up bonus
Unusually long 0% intro APR promotion

Cons

No way to earn more than 1.5% cash back
Relatively few business benefits

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Chase Ink Business Cash® Credit Card

card

Our Rating

Earn up to 5% cash back on everyday business purchases. Plus, take advantage of an above-average 0% intro APR offer and sign-up bonus opportunity.

Rewards Rate

Up to 5% cash back

Annual Fee

0% intro APR for 12 months on purchases, then variable regular APR

Ongoing APR

17.99% to 23.99% (variable)

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The Chase Ink Business Cash® Credit Card is another Chase-issued business card with no annual fee.

Its sign-up bonus is identical to Ink Business Unlimited’s, and it has the same great lineup of value-added perks and benefits. The rewards program is more generous for freelancers and side hustlers who frequent office supply stores, gas stations, and restaurants.

Pros

No annual fee
Up to 5% cash back on eligible purchases
Unusually long 0% intro APR promotion

Cons

Few value-added business benefits
Low baseline cash-back rate

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American Express Blue Business Cash™ Card

card

Our Rating

Earn 2% cash back on the first $50,000 in eligible purchases, then 1% cash back on all eligible business purchases. Plus, enjoy 0% intro APR for the first 12 months on purchases.

Rewards Rate

Up to 2% cash back

Annual Fee

0% intro APR for 12 months on purchases, then variable regular APR

Ongoing APR

18.24% to 26.24% (variable)

Terms Apply

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The American Express Blue Business Cash™ Card has an excellent rewards program that favors everyday business spending, no annual fee, and a 12-month 0% APR introductory promotion for purchases (terms apply).

For rewards-hungry side hustlers, the highlight of Blue Business Cash is its rewards program, which pays 2% cash back on the first $50,000 per year in combined eligible purchases. Purchases over this annual spending cap earn 1% cash back.

Pros

No annual fee
Above-average welcome offer
Long 0% intro APR on purchases

Cons

Few value-added business benefits
Earn rate capped at 2% back

For rates and fees of the American Express Blue Business Cash™ Card, please visit this rates and fees page.

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The Blue Business® Plus Credit Card from American Express

card

Our Rating

Earn 2 points per $1 spent on the first $50,000 in eligible purchases, then 1 point per $1 spent. An above-average welcome offer and 0% intro APR on purchases add yet more value.

Rewards Rate

Up to 2x points

Annual Fee

0% intro APR on purchases for 12 months, then variable regular APR

Ongoing APR

18.24% to 26.24% (variable)

Terms Apply

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The Blue Business® Plus Credit Card from American Express is another no-annual-fee business credit card that’s ideal for freelancers.

Like Blue Business Cash, its rewards program favors everyday business purchases and pays double (2 Membership Rewards points per $1 spent) on eligible purchases up to the first $50,000 in combined annual spending, after which eligible purchases earn 1 Membership Rewards point per $1 spent. Terms apply.

Also like Blue Business Cash, it has a solid 0% APR introductory promotion.

Pros

No annual fee
Above-average earnings on the first $50,000 in eligible purchases each year
Above-average 0% intro APR on purchases

Cons

Low baseline rewards rate
Few value-added business benefits

For rates and fees of the Blue Business® Plus Credit Card from American Express, please visit this rates and fees page.

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Capital One Spark Cash Plus

card

Our Rating

Earn unlimited 2% cash back on most eligible purchases. Plus, get one of the category’s best welcome bonuses with qualifying early spending, and earn another bonus with qualifying annual spending.

Rewards Rate

Up to 5% cash back

Annual Fee

Ongoing APR

Pay in full each month

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Capital One Spark Cash Plus is a premium business cash-back card that’s ideal for prosperous freelancers and side hustlers. It boasts a category-leading early spend bonus (worth up to $1,000 bonus cash) and a super-generous rewards program that earns a flat, unlimited 2% back on most eligible purchases.

The $150 annual fee is the biggest downside. A $200 bonus cash offer for big spenders — after spending at least $200,000 in a year — more than offsets it, though most freelancers probably won’t get there.

Pros

Unlimited 2% cash back on most purchases
Multiple bonus opportunities for heavier spenders

Cons

$150 annual fee
New cardmember bonus and ongoing spend bonus require heavy spending

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The Capital One® Spark® Miles for Business card is similar to Spark Cash for Business.

The main difference: It has a mileage-based rewards program that’s great for travelers who’d prefer to redeem for credit against eligible travel purchases rather than general statement credits. It’s a travel rewards credit card, in other words.

The rewards program is basically the same though. You earn unlimited 2x miles on most eligible purchases, with no spending caps or categories. The only exception: travel bookings made through Capital One Travel, which earn 5x miles.

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Capital One Spark Cash Select for Excellent Credit has a very attractive early spend bonus — one of the best around for a no-annual-fee business credit card.

There’s also the ongoing rewards program, which promises 1.5% cash back on most eligible purchases without caps or restrictions. That’s almost on par with the Spark Cash Plus card, just without the annual fee. And eligible travel purchases (including hotel and rental car bookings) still earn 5% cash back when made through Capital One Travel.

Pros

No annual fee
No caps on earning potential
Above-average early spend bonus

Cons

Cash back capped at 1.5% for most purchases
Relatively few value-added benefits

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Spark Cash Select for Good Credit has the same great ongoing rewards program as Spark Cash Select for Excellent Credit.

The biggest difference: Instead of an early spend bonus for cardholders who clear $4,500 in eligible purchases in the first three months, it has a 0% introductory APR promotion that applies to purchases and stretches for 12 months from account opening. If you’re planning a big purchase (or several) in the near future, this could save you hundreds of dollars in interest charges.

Pros

No annual fee
Above-average 0% intro APR promotion
No caps on cash-back earnings

Cons

No spending-based bonus for new cardholders
Cash back tops out at 1.5% for most purchases
Relatively few value-added benefits

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Methodology: How We Choose the Best Credit Cards for Freelancers & Side Hustlers

If you’re a freelancer or sole proprietor in the market for a credit card to cover professional expenses, you need to consider many of the same factors owners of (slightly) larger enterprises do when shopping for small-business credit cards. These are the most important criteria that we use to separate the best freelancer-friendly credit cards from the rest.

Personal Guarantee Requirement

Many freelancers and side hustlers aren’t formally incorporated and have no desire to be. Because they have no “business” in the technical sense, they have no business credit. They can’t get approved for business credit cards that don’t accept personal guarantees.

For this reason, a missing personal guarantee requirement is a deal-breaker. All the cards on this list accept personal guarantees or offer ways around them, like guarantees based entirely on business revenue rather than credit.

Credit & Income Qualification Requirements

Most credit card issuers require applicants to back up their personal guarantee (or business guarantee) by meeting certain credit and income standards. For premium business credit cards, these standards can be high — effectively out of reach of the typical freelancer or side hustler.

So we look for freelancer-friendly credit cards with more relaxed qualification standards. Most of the credit cards on this list set minimum FICO scores near 700, but they’re not as picky as top-shelf business cards and don’t ask applicants to prove they’re pulling in tens of thousands of dollars a month on top of that.

Rewards Program

Every card on this list has an above-average rewards program. When evaluating these programs, we look for cards that do one of two things:

Earn higher returns on common business purchases, such as office supplies and telecommunications
Earn an above-average flat rate of return (1.5% or above) on most or all eligible purchases

We rule out cards that only earn rewards on certain purchases or ask you to jump through too many hoops (like activating your cash back before each purchase).

Welcome Offers for New Cardholders

Most of the cards on this list have spending-based welcome offers (aka sign-up bonuses) that increase their rewards programs’ appeal. We intentionally exclude cards with uncomfortably high spending requirements — a $3,000-per-month pace or above. The remaining offers’ spending requirements are realistic for many if not most freelancers.

Other Business Benefits

Freelancers have less use for common business credit card benefits like Amazon Web Services credits and Salesforce integrations, but all else being equal, we prefer cards that offer the option. And some business credit card benefits are legitimately freelancer-friendly, like discounts on popular bookkeeping software.

Interest Rate & Introductory APR Promotions

We don’t advise anyone to carry a credit card balance if they can avoid it, but business owners — including sole proprietors — sometimes have no other option. With that in mind, we look for freelancer-friendly cards with low ongoing interest rates and long 0% APR introductory promotions.

Annual Fee

All else being equal, we prefer professional credit cards without annual fees. However, committed freelancers can offset more modest annual fees (under $100) without too much trouble, so this list isn’t entirely annual-fee-free.

Credit Card FAQs for Freelancers & Side Hustlers

Finding and applying for a freelancer-friendly credit card isn’t too much different from the process for consumer cards. Once in your hands, these cards work more or less the same as consumer cards too. But if it’s your first time, you might still have questions as you work through the process.

Do You Need to Incorporate to Get a Professional Credit Card?

Not necessarily. Freelancer-friendly credit cards generally don’t ask applicants to prove they’ve formally incorporated their business. This is a good thing for part-time freelancers who don’t want the headache (and added cost) of managing a legal business entity.

By contrast, some small-business credit cards do require formal incorporation. Those cards don’t make this list.

How Much Can You Spend on a Professional Credit Card?

It depends on two factors: whether the card has a preset spending limit, and if so, the limit’s dollar value.

Some business credit cards have no preset spending limits, including some we consider freelancer-friendly. To prevent runaway spending, these cards usually have a pay-in-full requirement, so you can’t charge more than you can afford to repay (for long, anyway). If your freelance business is thriving, these no-limit, pay-in-full cards usually offer better spending power.

Other business credit cards base spending limits on revenue. This is more common for cards that underwrite based on business credit, but if you’ve been freelancing for a while and can show consistent income, you might qualify for a generous credit limit without a business credit score.

Do Freelancer-Friendly Credit Cards Allow Personal Guarantees?

They should if they want to be on this list. Some freelancers have incorporated business entities of their own, but many don’t. This means they can’t get a business credit card that doesn’t accept personal guarantees.

Does Your Professional Credit Card Affect Your Personal Credit Score?

If you qualified using your personal credit and income, yes.

This effect can be positive, negative, or both at different times. If you use your professional credit card responsibly, your personal credit score could increase over time. If you bump up against your credit limit or miss payments on your professional credit card, your personal credit score could suffer.

What’s a Good Annual Fee for a Professional Credit Card?

The most freelancer-friendly credit cards waive annual fees altogether. However, cards with unusually generous rewards programs or perks generally charge annual fees. If you spend enough to offset these fees by earning rewards and net more than you would have with a no-annual-fee alternative, it’s worth the cost.

Final Word

Because freelancers and side hustlers are eligible for many credit cards traditionally marketed to small-business owners with employees or contractors on the payroll, this list overlaps considerably with our overall list of the best credit cards for small-business owners.

The lists aren’t identical, however.

Some of the top cards for small businesses, such as the Chase Ink Business Preferred Credit Card and the Amex Business Platinum Card, aren’t ideal for part-time entrepreneurship or freelance work due to some combination of high annual fees, strict credit underwriting requirements, and welcome offers that require heavier spending than most side hustlers can manage.

That’s not to say those cards don’t appeal to unusually prolific side hustlers.

If you’re fortunate enough to be able to scale your side business into a full-time enterprise with a balance sheet to match, you might find yourself in search of a credit card with a credit limit to meet your spending needs. When that day comes, you’ll be only too happy to trade up.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com