In today’s world, it is so easy to buy new things at any hour of the day. All of us are blessed with living in a period of time where there’s a surplus of things all of us can purchase at our fingertips.
The issue that plagues our generation is not so much making sure we have enough of what we need, but quite the opposite. We have the difficult task of choosing what we want, when we want it, and not blowing every last dime on these things.
I know from personal experience, that quite a few millennials are very determined to have what they didn’t have growing up. So we overextend ourselves, and our finances, to overcompensate for that perceived shortcoming.
Or we spend more than we should – trying to keep up with the Joneses.
All of these things only cause more of our hard-earned cash to slip through our fingers. Which in turn, begins the slippery slope towards becoming terrible with money.
So, if you want to stop the money drain, become more disciplined and have a higher chance of reaching your financial goals, then these tips may just help you get there.
What’s Ahead:
1. Pay off your credit card debt in full every month
Even if using a credit card doesn’t cause as much emotional pain, the majority of us still prefer to use a credit card. With approximately 70% of us choosing a credit card over cash for transactions, the chances of credit card debt affecting your finances can be pretty high.
But, just because you choose to use credit over cash, doesn’t mean that you have to go into credit card debt. The best way to avoid this is to make sure you pay off your credit card(s) in full every month.
By doing so, you avoid any interest charges from accruing and still get to take advantage of the credit card rewards. Just make sure that you regularly check your credit card to ensure there are no erroneous charges not made by you.
At the same time, you should be checking your balance so that you know exactly what you need to budget next month to pay it off by the due date.
Read more: How To Use A Credit Card Responsibly
2. Open a high yield savings account and save a set amount every month
No matter what your debt-to-income ratio is, there is always room to save something. It may only be $20 a month, but that will add up over time. And while an amount as small as that may not add up to what you need for retirement, it can still be a huge help.
The best way to bulk up your savings account is to budget for the same amount to be deposited monthly until you get to the specified amount you need to feel comfortable.
My advice? Just pretend this amount is another monthly bill that must be paid, so you won’t feel tempted to spend it.
The amount you end up putting away in savings is your emergency fund. And everyone needs a fund to dip into in those times of emergency. Having an emergency fund helps cushion the blow when life gets tough.
Interest rates closer to 2% in high yield savings accounts are still much better than the national average of 0.09% in traditional savings accounts. So, while these high yield savings account rates may not be anywhere close to the average return you will get on investing your money, it’s still nice to make some interest on your savings.
The best high yield savings account, in my opinion, is the CIT Savings Builder.
Read more: How Much Should You Save Every Month?
CIT Bank Savings Builder
CIT Bank Savings Builder has an APY up to 1.00%. Compared to the pennies you get from a credit union savings account, this is an incredible APY.
You only need $100 to open an account and they charge no maintenance fees. To earn the highest APY, you need to get your account up to $25,000, or you need to deposit at least $100 monthly. See details here.
The CIT Savings Builder has a completely online platform, so everything can be done directly from your smartphone, just to make life simpler. They are also FDIC insured up to $250,000 per account type.
CIT Bank. Member FDIC.
3. Set your financial goals
Setting your financial goals is a very important piece of the puzzle. After all, it can be extremely difficult to be disciplined about money if you don’t have clear cut goals lined up.
The most effective way to do this is to set short-term, mid-term and long-term goals. Here are a few examples of each type, but feel free to fill in the blanks with your own personal financial goals.
Short-term goals
Putting away the same amount every month in your emergency fund.
Going out to dinner with friends twice a month.
Small household projects (planting a small indoor garden, painting a room, etc.)
Mid-term goals
Long-term goals
4. Stay focused on your financial goals
Once you have figured out your financial goals, staying focused on them is the next step. And sometimes, that can be the hardest part. It is so easy to get derailed when life throws you a curveball.
But, one of my favorite tools to help keep you focused is Personal Capital. I’ve been using it for years and it has really helped me see where I’m at and where I want to go.
Personal Capital
Personal Capital offers a few different services for investing and checking up on your financial health. But, in this instance, I’m referring to the free tools they offer to keep track of your net worth.
You can create an account with them without opening an investment account. The wealth management and planning tools are the ones that you will probably be most interested in to help determine where you are at currently.
You will need to connect all of your financial accounts within the tool. These will be things, such as:
Sometimes, it can be pretty scary to see what your actual net worth is vs. where you want to be.
But, I use this as a driving force to work harder every month to increase my overall net worth. Because the faster I can get my net worth up, the faster I can get to my long-term goals.
5. Determine your needs vs. your wants
Setting up your financial goals and a way to track them are the first steps. But staying on track can get tricky when life happens. This is where needs vs. wants come into play. There are things that all of us want to have. But these are the things that can throw us off track so fast it will make your head spin.
So keeping in mind if the item/service is a need or a want can help you be more disciplined about your money. Just remember to think long and hard about any purchases before you pull the trigger. If it is a need, then go ahead and do it. But if the item is actually something you want instead, it’s usually best to hold off even for a bit to make sure you still really want it as much as you think you do.
Because reaching your overall financial goals takes a lot of discipline.
6. Reduce, reuse, recycle
When it comes to purchasing wants, you have a few other options that can save you a ton of money. If there is an item that you are wanting to purchase, but it simply isn’t in the budget, what might be some other ways to achieve the same goal?
Reduce, reuse or recycle may just be the best option here. If you have things in your house that you can get rid of (and maybe even make some money off of their sale), then that is one way to get the potential want. Sell your old stuff and then use the proceeds to purchase the new want item.
Or, if you can reuse an item you have in your house already, paired with something else, in order to create a similar item, then why not do that? Sometimes, all a table or chair needs is a fresh coat of paint in order to feel like a completely new item. So get creative and think outside the box about things you already have at your disposal.
And if all else fails, recycle your old items. You may not make any money off of them, but you could potentially get a tax write-off. Plus, it declutters your space, which can make it feel like a completely new room. Sometimes, that is really all you need.
7. Avoid peer pressure to spend
Everyone wants to have fun and enjoy the ride, but sometimes things can get a little out of hand. And our friends are usually the biggest culprits of increasing our spending. They want us to go and play with them, which can cost us more than originally anticipated.
Just going out to have a meal or a drink with friends can end up costing $100 or more in some instances. Something that sounded so innocuous, has now completely derailed our budget for the month.
This is where you have to create a part of your budget for having fun. But, once you decide how much that monthly allowance is, you can’t go over it. Having this in place will make it easier for you to make these financial decisions when the peer pressure hits. Instead of having two-three drinks, only have one. Go out for lunch instead of dinner, or a matinee instead of a night movie.
All of these options still give you the freedom to hang out with your friends and enjoy your life, but it won’t cost you nearly as much. And when you stick to your budget, your future self will thank you for your discipline.
Read More: The Cost Of Friendship – How Your Friends Affect The Way You Spend
Summary
Overall, it is extremely easy for our money to flow through our fingers like water. This is why you have to be cognizant of what you have and where you want to be with your finances.
Being disciplined with money is an ongoing issue for a lot of us; getting financially fit is a tough one for sure.
Travel has always been a priority for me. I love seeing new places, experiencing new cultures, and just getting away from the routines of my daily life. Even more important, my family and close friends are a pretty far-flung crowd. I have loved ones spread from Boston to Buenos Aires. We buy a lot of plane tickets in my family. We buy so many tickets that I should have become savvy about how we buy them much earlier than I did.
For years, I’ve mainly just flown with JetBlue. I use Farecast to see if there’s a better deal available elsewhere. If there’s not a significantly cheaper ticket on that site, I buy my ticket through JetBlue. They generally have low fares and a good frequent-flyer program. This is a pretty simplistic approach. Since I’d never researched it carefully, I didn’t know if I was really getting the best deals on my travel.
Now, my best friend is moving to San Francisco. (Yes, between losing my cat and my health problems and my friend’s move, it’s been a doozy of a month). I’m suddenly looking at traveling a lot more than I already do! Figuring out how to squeeze a few trips a year to the West Coast into my budget is a challenge. Before I overhaul my other spending areas, I wanted to find out if I could get more travel for the same amount I’m already spending. Maybe I can make my existing travel budget take me further — literally.
Maybe. As far as I can tell, there are two essential components to getting the best possible deals on air travel:
Finding the lowest fares, and
Using rewards travel programs
Both are complex tasks, fraught with potential pitfalls.
Finding Low Fares Finding the cheapest tickets is a clear starting place. Airlines compete with each other primarily on fares. Who would want to pay more for the same service? Of course you’ll buy the lowest fare you can find, all else being equal. Unfortunately, the golden age of finding cheap fares easily online is coming to an end. The New York Times recently published a fascinating story about how airlines are pulling their fare listings from sites like Orbitz and Expedia. Some carriers, like JetBlue, are using new media like Twitter to advertise their best fares, which they sell only through their own websites.
To find the best fares, the New York Times recommends starting with ITA software, a small company that provides the technological background for a number of popular travel sites. You can cover your bases to find deals they may have missed by also checking out meta-sites like Kayak.com and FareCompare.com. Another site the New York Times says is worth checking out is AirfareWatchdog.com, where real people collect information about cheap fares, sometimes catching special deals the bigger, automated sites have missed.
If you care about features other than price, you may want to pay a visit to Hipmunk.com, which uses an “agony index” to help you find the best value on a flight, taking into account not only price but duration and number of stops.
Using Rewards Travel Programs Once you’ve found your airfares, there’s the question of how you’ll pay for them. Will you just reach into your wallet for cold hard cash, or try to deploy one of the many “travel rewards” programs out there. I’ve always done the former, and am now starting to explore the latter.
Travel rewards programs aren’t exactly as free as they might at first appear. They seem to come in basically two forms:
Frequent-flyer rewards programs run by a particular airline to reward customer loyalty, and
Credit-card rewards programs that let you earn miles to be used on any airline.
I mentioned that I’ve used JetBlue’s frequent flyer program. They recently changed it to a points system not unlike the credit card travel rewards program.
In essence, rewards programs award you points for miles traveled or dollars spent. Once you’ve accumulated a certain number of points, you earn either a free flight or a voucher towards a ticket on the airline of your choosing. Most credit card rewards programs are designed with a $1 = 1 point system. In general, travel-related expenses like airfares, hotel stays, car rentals and restaurants earn double points. You can also find even better deals if you hunt around. My bank has a rewards program that will give my husband three points for every dollar he spends with his bank credit card, as a reward for also having a checking account with the same bank.
He’ll need those extra points if he wants to earn a travel reward, because the threshold for getting a $200 airfare voucher is 41,000 points. Even at the triple points rate, we’d have to spend $15,000 to earn one one-way ticket from Boston to San Francisco. JetBlue’s deal with American Express is a little better, offering up to 8 points per dollar spent if I buy my tickets through Jet Blue. Even so, I’d have to spend well over $10,000 to earn a free flight cross country.
At first those numbers seemed prohibitively high. Then I looked at how much my household spends each month on living expenses. If I funneled all that money through one of these rewards credit cards, I’d get two or three reward tickets a year. That’s not as good a return on my “investment” as I was hoping, but doing it through my bank’s program doesn’t cost me a thing. I spend that money anyway; I may as well get the travel coupons!
Getting a rewards credit card is a more complicated proposition. The interest rates are higher than I’m used to: in the mid-teens even for someone with excellent credit. They carry an annual fee of around $40-$50 as well. If I’m going to use a rewards credit card, I need it to really pay for itself.
To make things even more complicated, there’s now a website, Points.com, that lets consumers exchange points from frequent flyer and consumer rewards programs. You can log in for free and swap your JetBlue travel points with points in American Airlines frequent-flyer program or a few other airlines. That expands your options when searching for the lowest fares: you’re less likely to have to choose between taking the very lowest fare and paying a little more for an airline you’re building frequent flyer credit with.
Getting Started with Travel Hacking I plan to route most of my household expenses through my bank’s existing rewards program, taking advantage of that three-points-per-dollar rate. I decided to try JetBlue’s rewards AmEx deal for my travel purchases because I usually fly with them, and the way they couple the rewards program with their frequent-flyer program makes it likely I’ll get a benefit from it. If I don’t, I’ll cancel the card next year.
The effort I put in to maxing out my travel dollars might bring huge rewards. Hopefully in the form of plane tickets to San Francisco to see my friend and her family. But it will clearly cost me some substantial time and brain power. I’m going to try it for a year, and see if it pays off. My hunch right now is that just traveling on JetBlue and using their rewards program may well be nearly as cost effective, with far fewer hassles.
Tip: For more about cheap travel, check out the brand-new Travel Hacking Cartel, which is designed to help novices learn how to make the most of frequent-flyer miles.
Amazon Prime members can signup for the Chase Amazon Prime Rewards Visa card and get a $200 Amazon gift card bonus instantly upon approval. This offer will begin on June 29th and continue through July 26, 2023.
This is part of Prime Day 2023 special lead-up deals.
Card Details
No annual fee
No foreign transaction fee
Card earns the following rates:
Earns 5% back at Amazon.com & Whole Foods with an eligible Prime membership
Earns 3% back at Amazon.com & Whole Foods without an eligible Prime membership
Earns 2% back at restaurants, gas stations, and drug stores
Earns 1% back on all other purchases
There are often special offers to get 10% – 20% back on select specially-marked Amazon purchases for cardholders
This card does not appear to be subject to the 5/24 rule
Read our full review here.
Our Verdict
The current signup bonus offer is up to $275 which requires $2,500 spend to max out the bonus. Personally I’d go for the upcoming $200 offer which is instant and does not require any spend.
Last Updated: May 26, 2023 BY Michelle Schroeder-Gardner – 13 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Mystery shopping. Many of you have emailed me and asked me the question “what is mystery shopping” and have been wondering how I am making money through mystery shopping.
I usually make around $150 to $200 a month from mystery shopping.
Side note: If you are interested in the many other ways I earn extra money, check out my Extra Income page on my blog.
I use mainly Bestmark for my mystery secret shops. I’m not sure what other companies are good and reputable mystery shopping websites, but I know for a FACT that Bestmark is a legitimate mystery shopping website, so you can trust me when I say that.
Last month I didn’t make too much because not a lot of “good” shops were offered in my area. Lately, I’ve been a little more picky with the shops that I sign up for also.
What I consider a worthwhile shop for ME:
Either an online shop or phone call shop
If I have to drive, it’s close to somewhere I’ll be
Something I’ll use. I love doing Estee Lauder shops because I always love free makeup.
Restaurant shops, because I have to eat, of course.
Of course, what’s worthwhile to you and me might be different. When I first signed up for mystery shopping (sometime last summer I think), I literally signed up for everything. I made decent money, but it wore me out. The amount of surveys that you have to do is so repetitive that it makes you want to throw your computer at the wall.
Sometimes surveys take just a minute, but sometimes they literally take an hour. Restaurant shops usually take a little longer than others because usually you are grading every little detail.
Some examples of mystery shops I’ve done include:
Restaurants. This ranges from cheaper restaurants where I’m reimbursed for around $30 worth of food, all the way up to nice steakhouses where I get $100.
Dealerships. Bestmark has a ton of dealership shops available, but I only have done the phone call and scheduling services online secret shops.
I usually do about 4-5 of these a week and these are the easiest shops. You don’t have to drive anywhere and the surveys literally take one minute. And you get paid around $5 for them. Although recently they’ve lowered the payment to only $3, and there’s a ton more work involved. I had to cancel around 3 or 4 shops because they didn’t make it clear enough about the amount of work that I signed up for. And for $3, I’m not really willing to do too much.
They also have dealership secret shops where you go in and pretend you want a car. These usually pay around $20. This is something I’ve never done, and they have plenty of these available for everyone to do. I’ve never done this because car salesmen scare me. I’m not ready for thousands of annoying phone calls and I’m afraid that I’d be stuck in a dealership for an hour while trying to run away from the salesperson.
Retail. I mainly do Estee Lauder. I’ve done a lot of these. I’ve gotten foundation, lotion, toner, face wash, concealer, lip gloss and so on, all for FREE! And these aren’t sample sizes, I’ve probably gotten over $200 in stuff, plus gotten paid around $10 on top for each shop as well.
I’ve also done a couple of Best Buy shops. These are easy too. You just survey a certain department (takes like a minute), and then you can just buy something small like a candy bar so that they have your receipt for proof that you were actually there and performed it. Best Buy shops usually pay around $13. Not a ton, but the Best Buy is along the way home from my work so I just pop in.
This is a mystery shopping check from one week’s of mystery shopping.
The highest paid shops I do are usually for restaurants. I’ve done a couple of nice restaurants where I had to eat over $100 worth of food. Crazy! I’ve also seen Hotel mystery shops, but they’ve never been on a good day for me, so I’ve never been able to sign up.
Also, if you find that you cannot do a shop that you sign up for, all you do usually is contact your scheduler and say you need to reschedule or cancel. Try not to do this too often though. These schedulers will remember you, and if you’re good to them, they will give you good shops, so remember that!
Mystery shopping money will NOT make you rich. I want to make that clear. It’s just a nice form of side income, where I can get things I want for free! What I make from mystery shopping, I add to my vacation fund. So it’s a nice little addition every month.
If I want to eat at a nice restaurant that I would usually go to, then YES I would love to do a secret shop there. Those are always the greatest shops because you are paid to have fun.
Do you secret shop such as through Bestmark? Any tips?
Also, if you join Bestmark, please say I referred you! My ID is MO4999. You can join Bestmark by clicking here.
If you are new to my blog, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:
Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $30,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
Lower your cell phone bill. Instead of paying the $150 or more that you spend on your cell phone bill, there are companies out there like Republic Wireless that offer cell phone service starting at $5. YES, I SAID $5! If you use my Republic Wireless affiliate link, you can change your life and start saving thousands of dollars a year on your cell phone service. I created a full review on Republic Wireless as well if you are interested in hearing more. I’ve been using them for over a year and they are great.
Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 gift card bonus to Macys, Walmart, Target, or Kohls!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first two weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
Answer surveys. Survey companies I recommend include American Consumer Opinion, ProOpinion, Pinecone Research, Opinion Outpost, Survey Spot, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
Use Swagbucks for your online searches. Swagbucks is something I don’t use as much, but I do occasionally earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded “points called SB” for the things you do through their website. Then, when you have enough Swagbucks, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up today!
Try Digital Voice. Another one you may be interested in related to Swagbucks is Nielsen Digital Voice. Digital Voice is a part of Nielsen, which I’m sure you’ve heard of. All you have to do is surf the web and you may be able to start earning money.
Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
Find a part-time job. There are many part-time jobs that you may be able to find. You can find a job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), Monster, and so on.
If you haven’t started your children or teens off with a kids checking account optimized for their needs, you’ll want to help your college student open a checking account before they begin school.
Opening a checking account for your child can teach them about money management and financial responsibility, along with providing them an easy way to make debit card purchases. It’s never too late to get started.
One advantage to helping your young adult open their first student checking account is they have more options than they might have when they were 16 or younger. Students over 18 can open a bank account with few restrictions.
But choosing a student checking account may give them access to higher interest rates and added features and benefits, along with fee-free checking, no monthly maintenance fees, and no minimum deposit to open an account.
12 Best Student Checking Accounts
Not surprisingly, many of the best student checking accounts come from banks that also offer some of the best checking accounts for any age. However, the products below – in most cases – are tailored for young adults from the ages of 18 to 24, with the features this age group desires most, including an intuitive mobile app and low or non-existent minimum deposit requirements.
1. Best for Students under 18: Capital One MONEY Teen
Most of the student bank accounts on our list exclude children under the age of 17 or 18. Capital One MONEY Teen checking is available to children ages 8 and up. It comes with all the benefits and security of a big bank, providing peace-of-mind. This includes access to Capital One branches and Capital One Cafes for in-person service. This account also serves as a great tool to teach your young adult the basics of banking.
Capital One MONEY Teen checking is a joint account with no monthly fee, no overdraft fees, and access to 70,000 ATMs with no fees. Plus, earn 0.10% on all balances, including those in checking.
You can link Capital One MONEY Teen checking to any other bank account through any bank or neobank, making it easy to transfer money to your teen while they are away at college. Plus, you can keep tabs on their spending with their linked account in the Capital One mobile app.
When they graduate, your teen can hold onto their MONEY account or transfer the funds into a top-rated Capital One 360 Checking account of their own.
2. Best for Working Students: Chime
Chime is not a bank. It’s a financial technology company and mobile app backed by Stride Bank, NA, and The Bancorp Bank. Many features make it perfect for working students. First, you can receive your paycheck up to two days earlier than you might at other banks with ACH deposit.
Plus, you can set up automatic transfers to your linked Chime Savings account, helping you to establish good financial habits early on. Simply set up Chime to transfer a percentage of your paycheck into your Savings Account every time you receive a direct deposit.
When you use your debit card for purchases, the “Save When You Spend” program rounds up your purchase and transfers the difference directly into savings. That small change can really add up, whether you’re saving for your first apartment after college, a new car, or your next tuition bill.
For working students looking to build their credit, Chime gives account holders access to a Credit Builder Secured Visa, with no annual fee, no credit check, and no security deposit required. Instead, the credit account is secured by your Chime checking account with monthly direct deposits.
Like many of the best student bank accounts on this list, Chime has no overdraft fee, no monthly service fee, no ATM fee for in-network ATMs, and no minimum balance requirements.
3. Best Account Opening Bonus: Chase College Checking
Chase Bank has been handing out student account opening bonuses like they hand out lollipops at their branches lately. College students ages 17 to 24 can snag a $100 bonus when they open an account online or at a local branch (students age 17 will need to visit a branch). You’ll just need to make 10 qualifying transactions within the first 60 days of opening the student bank account.
What’s a qualifying transaction? Virtually anything, according to the Chase website, including debit card purchases, online bill payments, Chase QuickDeposits, Zelle transfers, and ACH credits. Bank as you normally would, and you should easily earn that $100.
In addition to the generous sign-up bonus, Chase College Checking has no monthly fees for college students for up to five years, access to 16,000 ATMs and 4,700 branches across the U.S., and zero liability protection for unauthorized debit card purchases.
Chase Overdraft Assist covers purchases that exceed your account balance. You’ll pay no overdraft fee if you’re overdrawn by $50 or less at the end of the next business day.
4. Best for Yield: Ally Interest Checking
Ally Bank is the first bank on our list not designed specifically for students, but the vast array of features in this interest bearing checking account makes it ideal for young adults.
Ally Bank offers an APY of 0.25% on checking account balances and 4.00% APY on balances in a linked Ally Bank savings account. Neither account has any monthly fees.
Ally offers several features to help those on a tight budget manage their money. You can organize your money into spending and saving buckets, which can help you see exactly where your money goes each month. Ally will also review your bank accounts and help you find opportunities to save, and shuttle that extra money into your high yield Ally savings account.
Customers who have deposited $100 or more into their Ally checking account, or $250 via direct deposit, gain access to Ally’s CoverDraft service after 30 days. This protection covers up to $100 or $250 in charges that would overwise overdraft your account. Some purchases, including Zelle transfers, or ATM withdrawals, may be declined if they would put your account into overdraft.
Ally has no monthly maintenance fee, no overdraft fees, no ATM fee for in-network ATM transactions and no minimum balance requirement.
5. Best for Referrals to Earn Extra Cash: GO2bank
GO2bank, the digital bank associated with the top financial technology company Green Dot, offers an easy, straightforward money account with overdraft protection up to $200 with eligible direct deposits. The linked savings account pays a high 4.5% APY, with no fees for qualifying customers and no minimum balance requirement.
You can get regular ACH deposits from your job or side gigs up to two days earlier than most traditional banks. If you receive government benefits, such as Social Security, you can receive those deposits up to four days early.
Your GO2bank account will have a monthly service fee that costs $5 per month, unless you have a qualifying direct deposit that month. You will also pay fees for transfers from a linked debit card from another bank or fintech, mobile check deposits, and cash deposits.
If you are the type of person with friends who come to you for advice, you can earn $50 for each friend you refer to GO2bank who signs up with direct deposit. Your friend will also earn $50. You can use this offer for up to 30 friends, yielding $1,500 annually. This makes a GO2bank account great for social media influencers or college students with a large friend group.
6. Best for Full-Service Banking: Bank of America Advantage SafeBalance Banking
Bank of America Advantage checking accounts offer options for people in various stages of their financial life. College students might be best to start out with Bank of America Advantage SafeBalance banking, a straightforward money account with no overdraft fee and no checks.
The account has no monthly fee for students under the age of 25 or customers under the age of 18. Preferred Rewards customers also receive free checking. There is a $25 minimum deposit to open an account.
New Bank of America customers can earn a $100 account opening bonus when they open an account and set up direct deposits of $1,000 or more within 90 days.
7. Best for Comprehensive Money Management: PNC Virtual Wallet Student
Money Magazine named the PNC Virtual Wallet on its best banks for students list three years running. PNC Bank divides this mobile account into three separate accounts for everyday spending, “reserve,” or short-term savings, and “growth” for long-term savings.
The account has no monthly service fee for students for up to six years, along with all the benefits of a regular PNC Virtual Wallet. Additionally, students receive a courtesy refund of your first overdraft fee on your Spend account, one free incoming domestic or international wire transfer per statement period, and free paper statements if you opt in to receive them.
Once six years have passed or you are no longer a student, your account converts into a regular PNC Virtual Wallet, which may have associated monthly fees. Check the PNC website at that time to determine the fees and how you can waive them.
Your PNC Virtual Student Wallet pays a 0.01% APY on money in your Reserve account, and .02% on account balances up to $2,499 in your Growth account, with .03% APY on balances over $2,500. These may not be the best rates available, but the reputation of PNC Bank, along with the money management features in a Virtual Wallet Student account, make this an account worth considering for students just learning to budget.
8. Best for Establishing Savings Habits.: Wells Fargo Clear Access Banking
As one of the Big Four banks in the U.S., Wells Fargo offers a reliable and safe place to store your money, plus access to thousands of branches nationwide.
The Wells Fargo Clear Access banking account is great for teens and college students, since it’s available for account holders ages 13 to 24. Anyone under the age of 18 will need to open their account in a branch and anyone younger than 17 must have an adult aged 18+ as a joint account holder. The account has no monthly maintenance fee for anyone 24 or younger. A $25 minimum opening deposit is required.
Wells Fargo Clear Access banking is a simple, straightforward money account with no checks and personalized service at Wells Fargo branches. There are no overdraft fees with the account, but also no overdraft protection. Transactions that exceed the account or minimum balance amount will be declined, which helps put teens and young adults in charge of their money.
You can link your Clear Access bank account to a Way2Save Savings account and earn a 0.15% APY. You can establish good money habits by setting up automatic savings. Wells Fargo will transfer $1 from your Clear Access account into your checking account each time you use online bill pay or use your debit card for a one-time purchase. You can also transfer as little as $25 per month or $1 per day into your account to see your savings grow even faster.
9. Best for Cash Back: Discover Cashback Debit
The Discover Cashback Debit account may not be marketed to teens and students, by name. But, it’s enticing to anyone looking for a standard checking account with no monthly service fees and 1% cashback on debit card purchases, up to $3,000 per month. It’s highly unlikely for most college students to max out that free money (unless they are putting housing, tuition, and car expenses on their card).
Discover Cashback! debit card offers many of the benefits you’d expect from these top-rated money accounts, including early direct deposit, 60,000+ no-fee ATMs, and overdraft protection from your linked Discover Savings with no fees. Discover charges no fees for insufficient funds, bank checks, regular checks, or expedited delivery of a replacement debit card.
These features make it one of the most convenient accounts you can hold. Plus, you don’t have to worry about “aging out” of the account and facing fees for a non-student bank account. Your Discover Cashback Debit account will be free no matter your age. Link it to a Discover Savings Account to earn 4.0% APY with no minimum deposit required.
10. Best for Unlimited Out-of-Network ATM Fee Reimbursement – Axos Bank Rewards Checking
Another bank account not marketed to students but meeting all their needs is the Axos Bank Rewards Checking account. This account has no monthly fees. It also reimburses ATM fees for out-of-network ATMs nationwide, which is great for students who travel domestically or who don’t have ATMs in their network on campus.
Pay no overdraft fee or non-sufficient funds fees with this account. Best of all, earn an APY of 0.40% on your checking balance if you receive monthly direct deposits of $1,500-plus. Young investors can ramp up their interest rate by 1% with an average daily balance of $2,500 in an Axos Invest Managed Portfolio Account, plus another 1% by holding $2,500 in a self-directed trading account. If you take out a loan through Axos, you can add another 0.60% to your APY.
College students likely won’t regret opening an Axos Bank account to take them through adulthood, especially with options for investing, low mortgage rates, car loans, and more.
Plus, earn a welcome bonus when you open an account and have direct deposits of at least $1,500 within a single calendar month during the first three months of account opening.
11. Best Credit Union: Alliant Credit Union Teen Checking
Alliant Credit Union offers a teen checking account for minors ages 13 to 17. The account is insured up to $250,000 per account holder by the National Credit Union Administration (NCUA). The adult account holder must be an Alliant Credit Union member. But it’s easy to join by depositing $5 into an Alliant Credit Union saving account. Alliant Savings earns an APY of 0.25%.
The teen checking account has no overdraft fees or non-sufficient funds fee. It also has no monthly fees or minimum balance requirements. Account holders gain access to 80,000+ fee free ATMs nationwide plus $20 per month in ATM fee reimbursement for out-of-network ATM use. This is an interest earning checking account which also pays 0.25% APY on all balances as long as you have at least one deposit, via ACH direct deposit, mobile check deposit, or transfer from another bank or credit union, each month.
12. Best for Young Shoppers: Varo Bank
Varo Bank is another account not necessarily marketed to college students but definitely optimized for their needs. The Varo Bank debit card delivers up to 6% cash back, with money deposited into your Varo account as soon as you accrue $5 in rewards.
Like many of the best student accounts on this list, Varo has no monthly fee, no minimum balance requirements, and no overdraft fee. If you need money before payday, you can use Varo Advance, an interest-fee program that allows you to borrow up to $250 and pay it back within 30 days. You will not pay fees to borrow less than $20. Borrowing up to $250 comes with fees that can be as high as $15, depending on the amount of cash advance you need.
Varo Bank uses the Allpoint network of ATMs, with fee free access to 55,000+ ATMs nationwide. Using other bank ATMs could result in charges up to $3 from Varo and fees charged by the other banks, as well.
It pays to open a linked Varo Bank savings to take advantage of a high 3% APY. Account holders with direct deposits equal to $1,000 per month and a positive balance in their Varo checking and savings can earn up to 4% APY.
One of the best things about a Varo account is it can grow with you. You won’t pay additional fees as an adult out of college, so you can keep the same bank account you started with for your entire life if you want.
Methodology: How We Select the Best Student Checking Accounts
To find the best student checking accounts, we evaluated the monthly maintenance fees, ATM fees, minimum deposit requirements, features, benefits, banking services provided, along with customer service and mobile app access at several of the biggest and most well-known banks and credit unions.
ATM Network
Most banks have ATM networks or partner ATM networks of 20,000 or more ATMs nationwide where you can use your debit card with no ATM fees. You might be surprised to learn that even online banks and financial technology companies that are not a bank provide access to thousands of ATMs nationwide through partner programs.
Nationwide availability (physical locations or mobile access)
College students often split time between their college campus and the home where they grew up. Finding a bank with physical locations in the areas they live or an online bank that provides a mobile banking app with fee free mobile banking from anywhere is important.
Fees and minimum requirements
Bank fees no longer have to be a way of life for today’s young adults. We chose financial institutions with no monthly maintenance fees or easy ways to waive maintenance fees.
Benefits such as high APY, cash-back rewards, or other additional perks
Student checking accounts today are more than just “bare bones” places to store your cash. Many student bank accounts offer perks, benefits, and high-yield savings or an interest bearing checking account to provide added value.
Overdraft fees
Cash management mistakes happen, especially when young adults first start learning to budget and manage their finances. Many banks have no overdraft fees and some offer overdraft protection to help out in a pinch.
How to Choose the Best Bank for College Students
We’ve offered 12 solid options to help you choose the best student checking account. Before you open a student bank account, it’s a good idea to think about what you need in your primary checking account and a linked savings.
The list below makes it easy to review your must-haves and nice-to-haves when you choose your first bank account as a college student.
Best student checking account interest rates
If you’re looking to earn interest on your standard checking account, many banks offer this feature. Review annual percentage yield (APY) figures for your top choices.
Remember, a higher savings interest rate might benefit you more, since money in your checking account tends to fluctuate based on paychecks, bills, and expenses. The best checking account may not pay interest, but can save you money in other ways.
Annual Percentage Yield (APY)
Likewise, you can put money in your pocket with an account with linked savings offering a high annual percentage yield (APY).
Mobile Check Deposit
If you get paid via paper checks, you’ll want to find an account with a mobile app that offers mobile check deposit. Find out how fast deposits clear, and if mobile banking services are fee free.
No Monthly Maintenance Fees
Many banks today make it easy to find a free checking account with no maintenance fees. If you have to pay a monthly maintenance fee, find out exactly what you’re getting for your money. Find out if the perks and benefits, such as a cash back debit card or reimbursement of ATM fees make the maintenance fees worthwhile.
Minimum Deposit and Minimum Balance Requirements
When you’re just getting started, cash may be tight. It’s important to find an account with no minimum deposit to open.
Banking Services Provided
Accounts should have customer service online, by phone or in branches, plus an easy-to-use mobile app and a debit card with no ATM fees.
FAQs About Student Checking Accounts
Read what people are asking about the best student checking accounts, including minimum deposit requirements and benefits of a student checking account.
What are the benefits of a student bank account?
A bank account tailored for students gives young adults a head start on their financial future and learning how to manage money. For students who work, they can receive direct deposits in their student account, pay bills online, and send money to friends and family using Zelle.
How to get a student checking account bonus?
Several student checking accounts, including Chase, provide sign-up bonuses. Make sure to read the fine print and complete the requirements, which may include setting up direct deposit or making a minimum opening deposit, to collect the bonus.
Can I open a student checking account without a deposit?
To open a student checking account without a minimum deposit amount, simply look for a bank account, like Varo, that has no minimum opening deposit.
Are there any downsides to opening a student checking account?
When you open a student checking account, you’ll want to make sure you won’t pay monthly maintenance fees. Some student checking accounts convert to a regular account once the student graduates, and there may be fees associated with the regular account.
Is there an age limit on a student checking account?
Most student checking accounts are open to students from the age of 18 to 24 without a joint account holder. Customers under the age of 18 may be able to open an account with a joint owner.
Can minors open student checking accounts?
Accounts like Capital One Money Teen are available to children ages 8 and up with a joint account holder. Some other accounts require students to be 18 or older.
What happens to your student checking account when you graduate?
Many of the student bank accounts on this list won’t change when you graduate college. Others offer the option to convert your account to one of the bank’s regular checking products. A Chase College Checking Account has no monthly fees for your first five years in college, but if you graduate or exceed that time frame, you might pay a $6 monthly maintenance fee unless you meet other requirements.
As the world grapples with reducing the effects of climate change, people are looking to their homes for solutions. Investing in renewable energy by using solar panels or wind turbines is one option. Another is lowering the total amount of energy you use by switching to efficient appliances and using less water. Yet another method is by starting a home garden and using a living roof. But what if you could accomplish all of this with one house? You can with an Earthship home.
Earthship homes redefine sustainable living by bringing it to your home. With an Earthship, your entire house is lowering your carbon footprint and helping pave the way toward a sustainable future. This home style uses renewable energy, indoor gardening, on-site water treatment, and passive heating and cooling to be as climate-neutral as possible.
So whether you’re in the market for a new house in Wilmington, NC, or are looking to build a new home in Charleston, SC, this Redfin article has everything you need to know about Earthship homes. Are they right for you? Read on to learn more.
What is an Earthship home?
An Earthship home, or Earthship, is a type of sustainable home that is entirely self-sufficient and designed to have a minimal to no environmental impact. These unique homes are typically built using natural and recycled materials, and are designed to use the natural resources of their environment to provide all human needs. These include: food, shelter, energy, clean water, garbage management, and sewage treatment. Earthship homes are intended to allow people to live completely free from municipal utilities, sometimes called “off the grid.” The most common type of Earthship is the Global Model Earthship.
Earthship homes can function in most places around the world. However, because of their design and environmental requirements, Earthship homes aren’t right for all climates; they work best in seasonal, subarctic regions of the world. Tropical and bitterly cold areas are often not a good fit due to excess cost or overwhelming maintenance demands.
History of Earthships
Earthship homes were created by architect Michael Reynolds in the 1970s, around the time of the environmental movement and first Earth Day. Reynolds was concerned about the amount of trash in the environment and the lack of affordable housing, and wanted to create a solution.
Earthship homes promote personal autonomy, environmental responsibility, and affordability, aiming to provide sustainable housing for all. The first Earthship homes were built in New Mexico, and have undergone many design changes up to the present day.
Principles of Earthship homes
The Earthship concept has six design principles that are focused on eliminating the home’s environmental impact and promoting sustainable living.
1. Natural and recycled materials
Earthships are constructed using a variety of natural and recycled products. One of the most common materials is used car tires, which are packed with earth and then stacked to form strong, insulating walls. Other common materials include recycled cans, bottles, and reclaimed wood. This not only reduces the home’s environmental impact, but also gives them a unique and recognizable appearance.
2. Passive heating and cooling
Earthships are designed to take advantage of natural climates to provide a comfortable indoor environment without traditional heating or cooling systems. Earthships have thick walls typically made from natural and recycled materials, providing thermal mass which naturally regulates the indoor temperature. The buildings are also often partially covered with soil or even built into the side of a hill, which further helps stabilize the home’s temperature.
Additionally, Earthship houses are often oriented specifically to allow the sun to heat the interior during the winter, while using overhangs and other shading techniques to prevent overheating during the summer.
3. Solar and wind energy
Most Earthships are usually equipped with solar panels or wind turbines to generate electricity, making them independent of the conventional power grid. The electricity is stored in a bank of batteries and then used as needed for lighting, appliances and other electrical requirements. Inside, most homes have efficient appliances and LED lighting to help to reduce electricity use.
4. Water harvesting
Earthships capture and store rainwater and snowmelt from their roofs, making them ideal for fairly wet climates. The water is filtered and used for drinking, cooking, and bathing. After being used once, the water becomes greywater and is reused for irrigation. The remaining water is then treated and used for flushing toilets. After this, it becomes blackwater, which is then treated and used for landscape irrigation.
5. On-site sewage treatment
Instead of being connected to a municipal sewage system, Earthship homes treat their own waste water. Most homes accomplish this through a mix of greywater and blackwater systems. Greywater (water from sinks, showers, etc.) is typically filtered through indoor gardens and used to grow food. Blackwater (sewage) is usually treated in an anaerobic digester or a constructed wetland, with the goal of reusing it for landscaping.
6. Food production
A key part of Earthship architecture is self-sustaining food production. Earthship homes include internal greenhouses, which are used to grow a variety of plants, including fruits and vegetables. Greenhouses also aid in heating and greywater treatment. The combination of direct sunlight, greywater irrigation, and a controlled climate makes it possible to grow healthy food year-round. Some designs also incorporate outdoor garden spaces and even aquaponic systems.
Pros and cons of Earthship homes
In theory, Earthship homes offer reduced environmental impact without sacrificing many modern amenities. However, there are important pros and cons to consider before building a new Earthship house.
Pros
Sustainability: Earthships are built largely from recycled and natural materials, which reduces their environmental footprint. They also incorporate renewable energy systems, water harvesting, and on-site waste treatment, which further enhances their sustainability.
Self-sufficiency: Earthships are designed to be largely self-sufficient. They can generate their own electricity, collect and purify their water, manage their sewage, and even produce food. This reduces their reliance on public utilities and can provide security in case of a utility outage.
Energy efficiency: The design of Earthships allows for natural temperature regulation, reducing the need for artificial heating and cooling. The use of solar and wind energy for power contributes to energy efficiency and further reduces the carbon footprint of the home.
Cons
Regulations and permits: Because Earthships deviate from traditional construction methods, they can face challenges with local building codes and regulations. Obtaining the necessary permits can be a difficult and time-consuming process.
Initial investment: While Earthships often save money in the long run through reduced utility costs, the initial investment can be high, especially when considering the cost of land, materials, and labor. However, construction costs are dramatically lower than a traditional house, and usually an entire community helps out.
Labor-intensive: Earthship construction and maintenance can be labor-intensive, especially if using traditional Earthship building techniques, such as pounding dirt into used tires. This can add to the time and cost of building.
Not suitable for all climates: Earthship homes are a financially viable and environmentally sustainable home style in most parts of the world, including dry, humid, and subarctic climates. However, they are impractical in warm and wet climates.
Challenging to sell: Because of their unique designs, challenging upkeep, and typically remote locations, Earthship houses can be hard to sell. However, recently, they’ve been gaining value and are becoming a more popular option.
Earthship homes vs. earth homes
Earthship homes and earth homes (sometimes called earthen homes) are two home styles that are designed to reduce your carbon footprint. While they have similar names, they are often entirely different from each other. Let’s break this down.
Earthship homes are a style of home use entirely renewable, recyclable, and natural materials. They must adhere to a strict set of principles such as passive heating and cooling, renewable energy, and water harvesting. Some people use a significant amount of earthen materials during construction, but it’s not necessary.
Earth homes, or earthen homes, are homes that are built using a significant amount of earthen materials, often built into the earth, such as the side of a hill or buried underground. Importantly, earth homes don’t have to adhere to certain design principles and may not be as environmentally friendly as other home styles. However, many earthen structures are environmentally friendly.
Final thoughts
Earthship homes offer a unique and reliable way to reduce your carbon footprint, and are proof of the possibilities of sustainable architecture. While building and maintaining an Earthship can pose challenges, the rewards can be very rewarding. Exploring the potentials of Earthships invites people to reimagine their homes and see the part they play in slowing the effects of climate change.
All images are credited to Earthship Biotecture, founded by Michael Reynolds.
Secured credit cards are good options for those with bad credit (FICO scores of 629 or lower). They’re easier to get approved for because they require you to put down a refundable security deposit, which becomes your credit line and eases the risk that the card issuer is taking by lending you money.
But coming up with that deposit, often around $200, can still pose a hurdle.
The Yendo Credit Card, issued by Cross River Bank, works a lot like a secured credit card, but instead of a cash deposit, it’s secured by an asset: your car.
For those who lack the liquidity for a cash deposit — and can’t afford to tie up that money for months on end — this might sound appealing. But using your car as collateral, even if it’s just for a few months, is a move that warrants careful consideration. After all, your automobile is among your most important assets, as it allows you to get to and from a job. And if you default on your payments with the Yendo card, it’s possible that your car could be repossessed. (More on that later.)
Here are five things to know about the Yendo Credit Card.
1. Your car is your collateral
The Yendo card isn’t the only asset-secured credit card on the market, but it may be one of the only ones specifically tailored for automobile owners. Eligible vehicles that can be used as collateral for the Yendo card include:
Light-duty trucks.
Sport utility vehicles.
Furthermore, the vehicles must meet these requirements:
Must be 1996 or newer.
Must be in working condition.
Must be owned by the card applicant. If you leased the car or took out a loan to purchase it, it can’t be submitted as collateral.
To be approved for the Yendo card, you’ll need to upload pictures of the car in the Yendo app, then drop the title off at one of Yendo’s partner locations or mail it to Yendo via FedEx. (Yendo covers the shipping costs.)
Your credit limit on a Yendo card will depend on the year, make, model and condition of your vehicle and will range from $450 to $10,000. If Yendo determines that the value of your car isn’t at least $450, you can’t get the credit card. Only one vehicle is allowed per credit line.
2. Owning a car isn’t the only requirement
Potential Yendo cardholders have to check a few more boxes to qualify. Applicants must live in the U.S., Washington, D.C., or a U.S. military location and have either a Social Security number or Individual Taxpayer Identification Number (ITIN); however, U.S. citizenship isn’t required.
You’ll also need to provide proof of income to demonstrate an ability to pay your credit card bill, but Yendo doesn’t disclose the minimum income required to get the Yendo Credit Card.
🤓Nerdy Tip
The Yendo card joins a list of credit cards that can be used almost immediately upon approval. Most Yendo applicants, within 30 minutes of being approved, will receive a virtual credit card that can be used to make online purchases or with Apple Pay, Google Pay or Samsung Pay.
3. You can get the title back …
Yendo will return the vehicle title to you as long as you’ve completely paid off the credit card balance and ask Yendo to close the account.
In this way, the Yendo Credit Card acts like a secured card that returns the security deposit to the cardholder if the account is closed in good standing.
4. … Or you could lose your car
Yendo founder and CEO Jordan Miller said in an email that repossession is a possible consequence of missed payments — but only after the issuer has exhausted all other options to recoup the outstanding balance. He also said that one missed payment will not trigger a repossession as long as the cardholder communicates to Yendo about their financial hardship.
Even if losing your car isn’t a likely outcome, some people may still be wary of putting up a vehicle as collateral. For those who don’t want to take that risk, other secured cards may be more appealing. The OpenSky® Plus Secured Visa® Credit Card requires a $300 security deposit, but you can pay that over 60 days. The Capital One Platinum Secured Credit Card also allows cardholders to pay the deposit in installments, and it’s possible to get a $200 credit limit with a $49 security deposit, depending on your creditworthiness.
The point is, you may not need $200 to get started with a secured credit card.
🤓Nerdy Tip
As of this writing, the Yendo Credit Card reports to two of the three major credit bureaus: Equifax and Experian, but not TransUnion.
5. There’s an annual fee
The Yendo Credit Card doesn’t require a cash security deposit, but it does charge a $40 annual fee that’s waived in the first year. And unlike the deposit for secured credit cards, annual fees aren’t refundable.
A solid $0-annual-fee alternative is the Capital One Quicksilver Secured Cash Rewards Credit Card. It earns an unlimited 1.5% cash back on all purchases, and eligible cardholders can eventually qualify to upgrade to a traditional, non-secured Capital One credit card (and get their deposit back).
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
The information related to the Chase United Business Card has been collected by Money Crashers and has not been reviewed or provided by the issuer of this card.
As a small-business owner, you’re leaving money on the table if you don’t use the credit card that offers the most valuable rewards and benefits available. And when you’re also a regular traveler, the right travel rewards card can give you tremendous value.
If you regularly fly with United but don’t have a massive business travel budget, the United Business Card might just be that card. Just be sure to understand its shortcomings before you apply.
What Is the United Business Card?
The United Business Card from Chase is the least expensive small-business credit card in United’s co-branded lineup, but it still packs plenty of compelling features.
As a new applicant, you start off with a very attractive sign-up bonus whose spend requirement should be manageable for most business owners. You also earn double miles not just on United Airlines purchases but also at restaurants, gas stations, office supply stores, and on local transit and commuting purchases.
This card also offers a wide range of benefits, even more than most airline cards in this price range. You start off with a free checked bag for yourself and a companion, as well as priority boarding. This card also features a $100 United travel credit after qualifying flight purchases, and 5,000 bonus miles each year when you have both a United personal and a business card.
If you’re trying to earn elite status, this card speeds up the process by giving you 500 Premier Qualifying Miles (PQP) for every $12,000 you spend on purchases with your card, up to 1,000 PQP in a calendar year. And when you’re waiting for your flight to depart, you can relax by using one of your two United Club one-time passes each year. You even get 25% off of in-flight purchases each year, plus expanded access to economy class award seats at the lowest mileage levels.
Other cardmember benefits include auto rental collision damage waiver coverage, baggage delay insurance and lost luggage reimbursement of up to $3,000 per passenger. If you have to cut short or cancel a trip, then you can be reimbursed up to $1,500 per person and $6,000 per trip for your pre-paid, non-refundable passenger fares. If your travel is delayed by more than 12 hours, or overnight, then you can be reimbursed for meals and lodging, up to $500 per ticket.
Finally, you also receive purchase protection and extended warranty policies on certain nontravel purchases.
There’s a $95 annual fee for this card that’s waived in the first year. This card charges no foreign transaction fees either.
What Sets the United Business Card Apart?
This card has several features that help it distinguish itself from other airline credit cards.
5,000 mile anniversary bonus. If you already have a personal United credit card, such as the United Explorer Card or United Club Card, this card gives you 5,000 bonus miles each year on your account anniversary.
$100 United travel credit. After you make seven qualifying flight purchases of $100 or more, United will give you a $100 credit.
Outstanding travel insurance benefits. At a time when many card issuers have eliminated all of the travel insurance policies that used to be standard, the United Business Card still has you covered for most kinds of problems.
United Club access. You get two free United Club (airport lounge) passes a year. That’s not much if you fly United every month. But if you don’t travel with United very often, this could be enough to use during an occasional long layover or delay.
Waived first year’s annual fee. By waiving the $95 fee in the first year, United and Chase are effectively saying, “Give this card a try at no cost to you.”
Key Features of the United Business Card
The United Business Card has a strong sign-up bonus, a relatively generous rewards program, and plenty of perks for regular United flyers.
Sign-Up Bonus
Earn 50,000 bonus miles after you spend $5,000 on purchases in the first 3 months your account is open. This offer might not be available if you’ve received a new cardmember bonus for the United Business Card in the past 24 months.
Earning Rewards
With this card, there are plenty of purchases that qualify for double miles:
United Airlines purchases
Dining purchases, including eligible delivery services
Gas station, office supply store, and local transit and commuting purchases
All other purchases earn 1 mile per $1 spent.
Redeeming Rewards
You can redeem your accumulated miles for award flights operated by United and its partners.
Exactly how much value you get from them is less clear. United no longer publishes an award chart, and in the past, it has changed redemption values without notifying anyone.
In general, you’ll need 80,000 to 100,000 miles for a one-way, business class ticket to Europe. You’ll need about half that if you travel in economy, and even fewer for economy flights within North America.
Valuable Travel Perks
Beyond rewards, travel perks and benefits are the real reason to have an airline card. These include:
A free checked bag for you and a companion
Priority boarding
25% back on United in-flight purchases
Earn 500 Premier Qualifying Points (PQPs) after spending $12,000 in a calendar year (up to 1,000 PQPs or $24,000 spent)
These perks come on top of numerous travel insurance and purchase protection policies:
$1,500 per person in trip cancellation/interruption insurance
$500 per person in trip delay reimbursement
An additional $3,000 in lost luggage coverage
Anniversary Award Flight Credits
You can also earn two 5,000 mile anniversary awards so long as you have both this card and a United personal card, such as the United Explorer Card.
Important Fees
This card has a $95 annual fee for this card that’s waived the first year, and no foreign transaction fees.
Credit Required
This card requires good or better credit to qualify. If your FICO score is much below 700, or your personal credit history is limited, then you’ll likely have trouble being approved. However, this is pretty standard for a premium business travel credit card.
Pros & Cons
The United Business Card has some clutch upsides and a few downsides worth noting.
Strong sign-up bonus
Surprisingly generous travel perks
United has lots of customer-friendly policies
United miles’ redemption value can be low
$100 annual flight credit comes with restrictions
2x miles category doesn’t cover everything
Pros
This card has lots of advantages, especially for regular United business travelers.
Strong sign-up bonus. Earning 75,000 miles after spending $5,000 on new purchases is a competitive bonus.
Generous travel perks. The $100 annual travel credit will outweigh the costs of this card’s annual fee, if you earn it. The 5,000 mile annual flight credit is also very valuable for anyone who also has a personal card. And it’s always nice to enjoy priority boarding, and a free checked bag for you and a companion.
Broad bonus categories. Many airline credit cards only offer 2x miles for ticket purchases, but this card also offers 2x at restaurants, gas stations, office supply stores and on local transit and commuting.
MileagePlus partners and policies. You can redeem your United miles for flights on its numerous Star Alliance and non-alliance partners. United also eliminated change and cancellation fees on awards, so you’re free to book a ticket when you find a good deal and cancel it later if it doesn’t work out.
Cons
This card has a lot going for it, especially at its price point. But it still has a few flaws:
United devalues its miles. United eliminated its award charts several years ago, which means that it can always charge more miles for awards whenever it feels like it. For example, United recently started charging up to 50% more miles for many of its award flights to Europe — without any prior notice. Transatlantic travelers were understandably upset by this. So don’t count on the price you see now being available when it comes time to redeem your miles.
Restrictions on its $100 annual flight credit. You have to read the fine print to find out that you only get it if you make seven transactions of $100 or more. You could split your round-trip tickets into one-ways for each traveler, but that’s a bit of a hassle.
No across-the-board 2x miles category. There are some travel rewards cards that now offer 2x everywhere. Offering 2x miles for only certain purchases is so 1995.
How the United Business Card Stacks Up
This card’s closest competitor is probably the CitiBusiness® / AAdvantage® Platinum Select® World Elite Mastercard®. Here’s how the two cards compare.
United Business Card
CitiBusiness® / AAdvantage®Platinum Select® World Elite Mastercard®
Annual Fee
$95, waived the first year
$99, waived the first year
Rewards Rate
Up to 2x
Up to 2x
Travel Insurance
Yes
No
Purchase Protections
Yes
No
Foreign Transaction Fee
None
None
Credit Needed
Good or better
Good or better
While these cards are pretty similar, the United Business Card has a slightly lower annual fee after the first year and offers some travel and purchase protections that the CitiBusiness / AAdvantage Platinum Select card doesn’t. Its 2x bonus categories are broader as well, and its frequent flyer benefits more generous. So all in all, it’s the better option unless you rarely fly United.
Final Word
The United Business Card is a strong offer for small business owners who fly United. It appeals to new applicants with an impressive sign-up bonus and a waiver on the first year’s annual fee. It then continues to offer value with double miles on many purchases, and numerous travel benefits.
The only place that you might stumble isn’t this card’s fault, exactly. When it comes time to redeem your miles, you might discover that United has devalued its miles — and that the award you were hoping to redeem now costs much more than it used to. But when you’re earning double miles on so many purchases, and enjoying so many benefits, this might not matter too much.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
@media (max-width: 1200px)
body .ns-buttons.ns-inline .ns-button-icon width: 100%; .ns-inline .ns-button –ns-button-color: #000000;
Jason Steele is one of the nation’s leading experts in credit cards and travel rewards since 2008. Jason is also the founder and producer of CardCon, which is The Conference for Credit Card Media. Jason lives in Denver, Colorado where he enjoys bicycling, snowboarding and piloting small airplanes.
It’s fair to say that almost everyone living in a home today worked with a real estate professional to purchase or mortgage their home. Historically, though, professionals let their clients go after the transaction is complete rather than building a moat around the client that assures future transactions. The newest prop tech applications to moat the client relationship are home management tools.
According to the latest data from Altos Research, the real estate market is experiencing unusual patterns in pricing, inventory and demand. The data shows that home prices have held steady even in an environment with higher mortgage rates, in large part because inventory continues to be at near record low levels. This has created a competitive market where buyers are struggling to find suitable properties, leading to increased competition and few bargains.
In such a market, homeowners are more likely to stay in their homes for longer periods, unless compelled to move due to life-related reasons. This trend has important implications for real estate and mortgage professionals, who need to adapt their customer experience strategies accordingly. It is crucial to focus on capturing the business that exists in this market in the near term while also planting seeds with clients that will yield long-term rewards. Helping homeowners monitor the value of their home, access maintenance and remodel services, monitor mortgage rates, and other tools deepen the relationship between the homeowner and real estate professional.
Milestones CEO Dustin Gray emphasizes the importance of investing in relationships and playing the long game in this market. Whether you’re on the brokerage or lending side, offering clients something that aligns with today’s narrative is key. This involves helping homeowners maximize the value of their current homes while being readily available to assist with borrowing money or facilitating a move when the need arises.
Strategies for Success
Embracing the homeowner opportunity is crucial for real estate professionals in the current market. Over the past decade, the industry has primarily focused on optimizing and monetizing transactions. While this approach has no doubt generated considerable revenue, it has often led to a lack of repeat business, with the typical Realtor earning only 16% of their income from repeat clients.
Dustin Gray believes that the future of real estate and mortgage lies with the homeowner and the home itself. Research indicates that 90% of homeowners underestimate the costs of homeownership. In a transaction-focused industry, this data may seem insignificant, but in a homeowner-focused industry, it represents a substantial opportunity.
To stay ahead of the competition and capitalize on the homeowner opportunity, real estate professionals can adopt the following strategies:
Meet customers where they are: living in their home. Focus on providing value to homeowners by helping them make ROI-positive remodeling choices for equity growth, assisting younger family members with building credit and saving for future homeownership, or connecting them with trusted home service providers. Building trust and solving problems between transactions demonstrates a commitment to the long game, and shows you’re not just a transaction agent.
Offer bundled services options. National portals and direct-to-consumer lenders are increasingly bundling services to create a seamless digital experience for customers. While many real estate businesses already offer ancillary services (e.g. mortgage, title, insurance, warranty) they are typically siloed and rely heavily on agents to promote them. Milestones brings all of these services under one roof and keeps them front and center for consumers and homeowners. By doing so, companies can increase their capture rate and prevent clients from being lured away by competitors.
Give customers one place to manage their home. Milestones is an experience that homeowners want to continually visit because it provides value and educates them. By offering homeowners a centralized platform to manage their home and home-related wealth, real estate professionals can create a valuable touchpoint for regular interactions and foster customer loyalty.
Redefine your value proposition as a trusted advisor. Instead of solely focusing on transactions, real estate professionals should position themselves as trusted advisors who assist homeowners in making informed decisions and building wealth from their homes. This long-term approach goes beyond the closing table and establishes a strong database of homeowners for repeat business and referrals.
Evolve the technology stack. Traditional real estate technology stacks have primarily focused on transaction outcomes. However, with homeowner management technology, businesses can shift their focus to homeowner outcomes. By leveraging data and AI, real estate professionals can gain insights into the true value of their past client portfolio, forecast future buyers and sellers, and create revenue opportunities for core services in between transactions.
The current housing market presents a unique opportunity for real estate and mortgage professionals to invest in relationships, play the long game and provide homeowners with an exceptional experience. Milestones provides a solution that enables companies to scale their ability to build trust, solve problems, bundle services and deliver value to homeowners beyond the transaction. This reduces customer acquisition costs and the need for constant top-of-funnel marketing strategies, while capturing more near-term revenue and planting seeds for growth. Moating the customers that you already have is the strongest opportunity for growth in today’s competitive market.
It’s fair to say that almost everyone living in a home today worked with a real estate professional to purchase or mortgage their home. Historically, though, professionals let their clients go after the transaction is complete rather than building a moat around the client that assures future transactions. The newest prop tech applications to moat the client relationship are home management tools.
According to the latest data from Altos Research, the real estate market is experiencing unusual patterns in pricing, inventory and demand. The data shows that home prices have held steady even in an environment with higher mortgage rates, in large part because inventory continues to be at near record low levels. This has created a competitive market where buyers are struggling to find suitable properties, leading to increased competition and few bargains.
In such a market, homeowners are more likely to stay in their homes for longer periods, unless compelled to move due to life-related reasons. This trend has important implications for real estate and mortgage professionals, who need to adapt their customer experience strategies accordingly. It is crucial to focus on capturing the business that exists in this market in the near term while also planting seeds with clients that will yield long-term rewards. Helping homeowners monitor the value of their home, access maintenance and remodel services, monitor mortgage rates, and other tools deepen the relationship between the homeowner and real estate professional.
Milestones CEO Dustin Gray emphasizes the importance of investing in relationships and playing the long game in this market. Whether you’re on the brokerage or lending side, offering clients something that aligns with today’s narrative is key. This involves helping homeowners maximize the value of their current homes while being readily available to assist with borrowing money or facilitating a move when the need arises.
Strategies for Success
Embracing the homeowner opportunity is crucial for real estate professionals in the current market. Over the past decade, the industry has primarily focused on optimizing and monetizing transactions. While this approach has no doubt generated considerable revenue, it has often led to a lack of repeat business, with the typical Realtor earning only 16% of their income from repeat clients.
Dustin Gray believes that the future of real estate and mortgage lies with the homeowner and the home itself. Research indicates that 90% of homeowners underestimate the costs of homeownership. In a transaction-focused industry, this data may seem insignificant, but in a homeowner-focused industry, it represents a substantial opportunity.
To stay ahead of the competition and capitalize on the homeowner opportunity, real estate professionals can adopt the following strategies:
Meet customers where they are: living in their home. Focus on providing value to homeowners by helping them make ROI-positive remodeling choices for equity growth, assisting younger family members with building credit and saving for future homeownership, or connecting them with trusted home service providers. Building trust and solving problems between transactions demonstrates a commitment to the long game, and shows you’re not just a transaction agent.
Offer bundled services options. National portals and direct-to-consumer lenders are increasingly bundling services to create a seamless digital experience for customers. While many real estate businesses already offer ancillary services (e.g. mortgage, title, insurance, warranty) they are typically siloed and rely heavily on agents to promote them. Milestones brings all of these services under one roof and keeps them front and center for consumers and homeowners. By doing so, companies can increase their capture rate and prevent clients from being lured away by competitors.
Give customers one place to manage their home. Milestones is an experience that homeowners want to continually visit because it provides value and educates them. By offering homeowners a centralized platform to manage their home and home-related wealth, real estate professionals can create a valuable touchpoint for regular interactions and foster customer loyalty.
Redefine your value proposition as a trusted advisor. Instead of solely focusing on transactions, real estate professionals should position themselves as trusted advisors who assist homeowners in making informed decisions and building wealth from their homes. This long-term approach goes beyond the closing table and establishes a strong database of homeowners for repeat business and referrals.
Evolve the technology stack. Traditional real estate technology stacks have primarily focused on transaction outcomes. However, with homeowner management technology, businesses can shift their focus to homeowner outcomes. By leveraging data and AI, real estate professionals can gain insights into the true value of their past client portfolio, forecast future buyers and sellers, and create revenue opportunities for core services in between transactions.
The current housing market presents a unique opportunity for real estate and mortgage professionals to invest in relationships, play the long game and provide homeowners with an exceptional experience. Milestones provides a solution that enables companies to scale their ability to build trust, solve problems, bundle services and deliver value to homeowners beyond the transaction. This reduces customer acquisition costs and the need for constant top-of-funnel marketing strategies, while capturing more near-term revenue and planting seeds for growth. Moating the customers that you already have is the strongest opportunity for growth in today’s competitive market.