Credit Cards

Which Credit Card Has the Best Travel Rewards Program?

January 5, 2018 By James Hendrickson Leave a Comment

travel rewards program, credit card program, travel rewards

If you’d like to get a little more mileage from your travel rewards credit card, it might be time to request an upgrade. There are a handful of travel cards that combine premium rewards with elite perks for travelers who don’t mind paying a higher annual fee. But which card rates as the most exceptional? Here are three contenders to consider if you’re looking for a first-class travel rewards option.

1. Platinum Card® from American Express

The Platinum Card® from American Express offers maximum rewards on travel, plus some luxury extras. Travelers can earn 5X Membership Rewards points on flights booked directly through the airline or with American Express Travel, and hotels booked through AmexTravel.com. Members also enjoy a $200 annual fee credit and up to $200 in Uber credit each year.

American Express Global Lounge Collection access is included, as is a $100 fee credit for Global Entry or TSA Pre✓. Platinum Concierge service, Hilton Honors Gold Status, Starwood Preferred Guest Gold Status and a generous introductory points bonus round out the list of card benefits. But, there is a $550 annual fee to contend with.

2. Chase Sapphire ReserveSM

The Chase Sapphire ReserveSM card features a similar array of valuable benefits. The introductory bonus is slightly lower compared to the Platinum Card but you can get 50% more in travel redemption value when you redeem rewards through Chase Ultimate Rewards. New purchases earn 3X points on travel and dining, along with 1X points per dollar on all other purchases.

Card extras include a $300 annual travel credit and complimentary access to over 1,000 lounges worldwide through Priority Pass™ Select. Like the Platinum Card, rewards can be transferred to partner airline and hotel loyalty programs but the difference is that with the Chase Sapphire ReserveSM card, points always transfer on a 1:1 basis. Another added plus? The annual fee is slightly lower at $450.

3. Citi Prestige® Card

The Citi Prestige® card offers 3X points per dollar on airfare and travel, 2X points per dollar on dining and entertainment and 1X point per dollar on all other purchases. There’s no introductory bonus but the card makes up for it with other benefits, like an annual $250 air travel credit, a complimentary fourth night stay at any hotel of your choice after booking a minimum of four nights consecutively through ThankYou.com or Citi Prestige Concierge, a $100 Global Entry fee credit and Priority Pass™ Select membership.

Like the Chase Sapphire ReserveSM card, this one also comes with a $450 annual fee.

Selecting a Premium Travel Rewards Card

When a $450 or $550 annual fee is on the table, it’s important that you make the right choice. As you compare cards, consider the number of rewards you can earn and the introductory bonus, if there is one. Also, remember to analyze your spending and travel habits. Opting for a higher annual fee to enjoy premium benefits and rewards only make sense if you know you’ll use them.

Also, keep in mind that you’ll need a good credit score to be approved for most of these credit cards. Check your credit score before applying.

Seeing Double Charges on Your Capital One Account?

January 4, 2018 By James Hendrickson Leave a Comment

On Wednesday morning, many Capital One customers awoke to additional charges on their credit cards. In many cases, the charges were duplicate charges, possibly showing up on their statement even more than twice. As you can imagine, Capital One customers were not ecstatic about the mix-up.

Angry Capital One customers took to Twitter early Wednesday morning, leaving complaints about the company and the charges appearing on their accounts. Many Capital One card users were experiencing negative balances when they should have had $1,000 or more in the bank, according to The Washington Post.

How Capital One is Fixing the Problem

Founded in 1994, Capital One Financial Group employees approximately 49,900 people. At the end of the 2016 fiscal year, the company had a revenue of $25.5 billion, $350 billion in assets, and $240 billion in deposits. So, when something like this happens it impacts many people.

As mentioned above, many customers were experiencing negative balances when there should have been money in the account. When they reached out to Capital One about the issue, the company has deposited money into the negative accounts so that people are able to make their regular day-to-day purchases.

Capital One spokesperson Amanda Landers had this to say about the mishap: “We’re currently experiencing technical difficulties where some bank branch customers today are seeing duplicate postings for debit card transactions. We’re working to resolve as quickly as possible and apologize for this inconvenience.”

Check Your Capital One Account

If you are a Capital One customer, the company has urged users to take a close look at their bills and be sure nothing has been charged to their account more than once. Capital One officials say it is not yet clear how the mishap occurred or how many of its customers will be impacted. However, the company has assured its card users that they will not be held responsible for any fees incurred during this time.

According to Landers, “customers will be credited for the inaccurate postings related to this issue. Customers can continue to access their accounts and services via our online banking, mobile app, branches, and ATMs.” If your Capital One account is still showing a negative balance this morning or any double charges, be sure to contact customer service to ensure the mistake is noted and corrected.

To contact Capital One customer service, call 1 (877) 383-4802 or find a specific department to contact on the Capital One website.

Readers, were you impacted by the Capital One mishap? Have your accounts been corrected?

What to Look for in a Business Credit Card

December 10, 2017 By Susan Paige Leave a Comment

Are you thinking about applying for a business credit card? Do you have reason to believe that one of these could be just what your company needs? Do you already have some ideas about how you will use your credit card?

It’s easy to believe that one business credit card is as good as the next, but nothing could be further from the truth. Even if two offers appear similar, you should keep this in mind: there are always finer details that set them apart.

If you find yourself searching for the perfect business credit card, here are a few things that you should focus on:

1. Interest Rate

It goes without saying that you want to secure a card with the lowest possible interest rate. This way, if you carry a balance from month to month you aren’t running into heavy finance charges.

Some business credit cards are better than others in regards to the interest rate, so make sure you check on this before applying.

2. Reward Program

There is nothing better than earning points for every dollar you spend. When you do this, you won’t feel nearly as bad about using your credit card.

Don’t assume that every offer has a reward program. Also, make sure you learn more about the finer details, including how you earn points and what they can be used for.

3. Good Reputation

Thanks to the internet, it’s simple to understand which business credit cards have the best reputation among others.

As you read reviews, you’ll come to find that some offers are well thought of while others are talked down on, time and time again.

You can’t believe everything you read online, but you should definitely take the time to browse a few reviews before applying for a credit card. If different people have the same complaint, there’s a good chance it’s true. This could sway your decision.

4. Online Account Access

With online account access, you never have to worry about calling a representative on the phone. Also, this makes it much easier to track your spending and rewards.

Most business credit cards have online account access, but you should still check on this before you do anything. You want to know exactly what you will get once you create an account.

5. Low or No Fees

While you may not mind a few fees, especially if you are getting something in return, you need to have a clear idea of what these are.

For example, many business credit cards have an annual fee. In some cases, this can reach as high as $500, so you need to know exactly what to expect.

Before you apply for any credit card, request a list of fees. Once you review these, you’ll have a better idea of if the fees will come into play in the future, as well as how they will impact you.

You Have Options

The nice thing about a business credit card is that you have plenty of options. You don’t have to concern yourself if you run into an offer that doesn’t suit you. Instead, you can search for something that is better suited to your current needs. Don’t make the mistake of jumping at the first offer that’s thrown at you.

Remember this: you can learn a lot about credit cards by searching online. As long as you keep an open mind, you’ll eventually find yourself narrowing your options and closing in on the card that best suits your company.

Final Thoughts

No two people are the same, so the way you search for a business credit card may not be identical to the next person. A digital marketing agency in Los Angeles will have different needs from an agricultural company in Ohio.

Fortunately, when you know what you’re looking for, everything will come together. At that point, you’ll have a clear idea of what to do next in order to put the process behind you once and for all.

Do you have any experience applying for and using a business credit card? Is there anything you did, in particular, to find the right offer without delay? Would you have done anything differently if given the chance? Share your experiences and top tips in the comment section below. When you do this, you may be able to help another business owner choose the credit card that makes the most sense for them – and that’s something you should be proud of!

How Do Credit Card Companies Make Money?

January 24, 2017 By Amanda Stewart 1 Comment

Credit card companies are tricky. They are some of the wealthiest companies in the world but how do credit card companies make money? Of course you may say to yourself, “They make money from interest and people who don’t pay on time.” However, there are many more ways credit card companies make money.

How Do Credit Card Companies Make Money?

When you look at the overall business structure and what credit card companies are supposed to do you wonder how they make money. If you pay your bill on time then they shouldn’t make any extra money from you, right?

Wrong. There are multiple ways credit card companies make money. Below are the main ways these companies make money:

Fees

Fees are the number one way credit card companies make money but there are many different fees associated with your credit card that you may not even realize.

Interest. When you ask yourself “How do credit card companies make money” interest is the first thing that comes to mind and it is the main way most credit card companies say afloat.
Late fees. The second biggest fee credit card companies capitalize on are late fees. When you don’t pay your bill on time, it adds up.
Annual fees. Many credit card companies also make a pretty penny from annual fees. Some credit card companies charge hundreds of dollars each year for simply carrying one of their cards.
Overlimit fees. Another fee the companies make bank on are over limit fees. Many people go over their credit limits and credit card companies rake in the cash.
Cash advance. Cash advances are another huge way credit card companies make money. When you go to an ATM with your credit card you will pay a fee through the credit card company. You will also pay a fee for the ATM and higher interest on the cash you took out (usually 20 percent or more).
Balance transfer. Much like a cash advance, credit card companies are able to make money through balance transfers. Usually this is a one-time fee. For instance, if you transfer your $10,000 balance from a Visa to a Discover account with less interest you could pay up to $300 up front to transfer the balance.

Interchange

Interchange is another great answer to the question “How do credit card companies make money?” Every time you use your credit card at a store you assume that the store gets all of the money. That isn’t true though. Part of the cash goes to your credit card company.

A certain percentage of your purchase goes to the credit card company and the rest goes to the merchant. This is why at many smaller stores there is a charge for using a credit card instead of debit or cash.

Selling your information

Another, more controversial, way that credit card companies make money is through selling your information. If you’ve ever received a privacy statement from your credit card company and you’ve actually read it you’ll know that the card companies can sell your information unless you tell them not to.

The good news about this is that your information is grouped with all of the other customers so your information won’t be identifiable. However, if you want credit card companies to stop making money by selling your information specifically you can deny them this access.

Stop Giving Them Your Money

Now that you know how credit card companies make money you may be wondering who you can stop giving them yours. Here are a few tips on how to stop your credit card company from cashing in on your account:

Pay your balance in full. By paying your balance in full each month you won’t be paying an arm and a leg in interest.
Pay on time. Paying on time will eliminate any late fees associated with your credit card company.
Avoid advances. Avoid getting any cash advances if you can. Of course, there are emergency situations but avoid grabbing cash from the ATM with your credit card when you can.
Research balance transfers. Balance transfers can help you pay your credit cards off but they can also be costly, as mentioned above. Try to find a card without a balance transfer fee.
Don’t get a card with an annual fee. Cards with annual fees can be okay but only if your rewards program is paying you back for the fees you pay each year. If they aren’t, ditch the cards with the annual fee.

Credit card companies are able to make a ton of cash from you without you even realizing it but you can take steps to avoid paying them too much. Have you experienced any of these fees or other ways credit card companies make money? Has it affected you?

Photos: 401(K) 2012 and Sean MacEntee

How to Raise Your Credit Score By 200 Points

January 20, 2017 By Amanda Stewart 4 Comments

credit score tips, raising your credit score, credit score advice

There are no words to describe the absolute panic someone has when they realize their credit has taken a turn for the worse. Credit scores can keep you from buying a car, renting certain apartments, buying a home and even getting a job.

If you’ve run into a problem with your credit score you’re probably looking for an immediate fix. Sorry to be the Debby Downer but there’s no overnight fix for your credit. MyFico.com suggests that you should think of your credit like your weight. Losing weight isn’t easy. It takes time, just like repairing your credit will take time.

For those of you looking to increase your score, here are some tips on how to raise your credit score by 200 points (relatively quickly):

How to Raise Credit Score By 200 Points

There are a few things you can do right away to help your credit score. Although you won’t see immediate progress, you can start with these steps:

Check your credit score and report. If you want to know how to raise your credit score by 200 points you’ll need to know what your score is now (and what it means). You’ll also need to see a full credit report to know what steps you need to take to improve it. See the range of credit scores in the chart below.

Set up payment reminders. Payment reminders are a great way to help increase your credit score. The majority of credit problems are due to nonpayment or late payments. By setting up payment reminders (on your phone, computer or even through your bank) you can stay on top of your bills, which will help your credit over time. Check out the graph below and see how important paying your bills on time is to your credit score:

Reduce your debts. The most obvious piece of advice on how to raise your credit score by 200 points is to reduce your debt. If you have a lot of debt your credit score will remain low.
Research secured credit cards. According to Good Financial Cents, a secured credit card is a great way to raise your credit score. A secured credit card is a credit card that you provide cash down payment for. You then use and pay off that credit card over time. Eventually, the credit card company you opened the card with will give you a higher credit line.
- Put down a cash payment you can afford and use the card sparingly. Make sure that the cash you put down for the secured card is money you can afford not to have in your pocket. Think of it as an emergency savings account that you’ll only use if you can put the money right back.
Make payments in full. Once you have a secured credit card (or any line of credit) pay it off in full when you can. This will help you increase your credit score as well.

Keeping Your New and Improved Score

Knowing how to raise your credit score by 200 points is only a small portion of mending your credit. If you are going to spend the time and energy it takes to raise your score you will want to maintain the score you earned. Here are a few credit tips that will help you keep your score high:

Pay your bills on time. As mentioned above paying your bills on time is important for raising your credit score. It is also important for maintaining a credit score.
- If you are behind on bills, get up-to-date and stay there. Being behind on your bills will hurt your credit score greatly. Get caught up and make sure you stay there.
Keep balances low on credit cards. Any lines of credit you have should have no balance or a low balance. Your credit score stays high when your available line of credit remains open.
Don’t close unused accounts. If you have any line of credit you don’t use very often, don’t close it! Closing accounts can actually hurt your credit in the long run.
Establish new credit history. Once you’ve been able to raise your credit score you’ll want to begin to establish a new credit history. Open new credit card accounts or get a department store charge card. Having more available lines of credit will help your credit score.
- Don’t open unnecessary accounts. Even though you should open a new account to establish new credit history you shouldn’t open any account you find. Opening too many new accounts, however, can hurt your score.

Even though there’s no sure-fire “how to” to raising your credit score these are all great starting points. The bottom line is that raising your credit score will require work fixing your credit history and being able to maintain the work you’ve done. If you’re looking for more tips check out this video on lesser-known ways to improve your credit score:

Have you raised your credit score a significant amount? We’d love to hear your story. Contact us here.

Photos: Photos by CafeCredit under CC 2.0

Does Target Have Gift Registries?

August 17, 2016 By James Hendrickson 2 Comments

Target Corporation is the second largest retailer in the United States. Fans often want to know if Target has a gift registry where they can list the items they would like for special occasions. It makes sense. Target carries many desirable items for people who are planning a wedding, have gotten engaged, are expecting a child, have a student in the family or have just purchased a new home. Is there a Target gift registry for these events? In some cases yes, in others no.

Does Target have a wedding registry?

Yes, Target does have a wedding registry. The major advantage of the Target wedding registry is after your wedding, Target will send you a coupon for 15% off the items that were not bought for you on the registry. For the Target wedding registry we recommend that you consider triple stacking. We recommend first getting the 15% discount, next purchasing the leftover items with a Target Red debit card (5% discount) or buying it with a used giftcard (2% to 8% discount) and thirdly adding a manufacturers coupon. Target will honor the manufacturers coupon. Target’s wedding registry is here.

Does Target have a bridal registry?

No, Target doesn’t have a bridal registry. Target does have a wedding registry.

Does Target have a baby registry?

Yes, Target does have a baby registry. Expecting parents will be pleased to know that Target does have a baby registry. The main perk of the Target baby registry is the 15% rebate on any items which aren’t sold by 8 weeks before the child’s due date. If you combine this with the 5% discount available through the Target Red debit card you could leverage the Target baby registry for an up to 20% discount on diapers, wipes or other items. You could possibly get an even bigger discount if you are able to utilize any promotional codes. Target’s baby registry is here.

Does Target have a graduation registry?

No, Target doesn’t have a graduation registry. For graduating students Target won’t be much help. However, for new students Target does have a college registry. Leftover items in the Target college registry which have not been purchased for the student receive a 15% discount coupon two weeks before the student first starts classes. Target’s college registry is here.

Does Target have a new home registry?

No, Target doesn’t have a new home registry. Anyone who has moved into a new place knows there typically new things which need to be bought, which makes it disappointing that Target doesn’t have a registry specifically for new homes. While Target stores have lots of what you need to get your home set up, the only way to register these specific wants is to create an “other” register in Target’s online registry system. There simply is no Target new home registry.

How can I register gifts I want from Target?

Even though Target doesn’t have some types of registries, you can still list what you want from Target on third-party registry websites. These can actually have an advantage over store specific gift registries because you can pick out your wants from a variety of stores instead of a single one. Some of the more popular registry sites are Thankful, Zola and CheckedTwice. Using a third-party gift registry like this can help ensure you get what you want from Target even if there isn’t an official Target registry.

Set up your Target gift registry through the internet. Target operators have a habit of not being on duty when you call and sometimes you need to chase down the associates when you visit Target locations. If you don’t have access to the internet be sure to check Target’s holiday opening hours if you want to set up the registry during the Holidays.

(Photo courtesy of Mike Mozart)