For example, loans closed within 15 business days earn an extra 1,500 points, while those closed within 21 days receive 1,000 bonus points. According to A&D’s media release, other point-earning opportunities include: 1,500 points for joining the program 500 points for completing a New Broker Orientation Webinar 500 points monthly for attending live webinars 500 … [Read more…]
Bank guarantees are often used in real estate contracts and infrastructure projects, while letters of credit are primarily used in global transactions. But a bank guarantee and a letter of credit are quite similar.
With both instruments, the issuing bank accepts a customer’s liability if the customer defaults on the money it owes, and they both, effectively, are a show of good faith from a lending institution that ensures the bank will step up if a debtor can’t cover a debt.
Bank guarantees represent a more significant contractual obligation for banks than letters of credit do. With a guarantee, the seller’s claim goes first to the buyer, and if the buyer defaults, then the claim goes to the bank.
Bank guarantees serve a key purpose for businesses. The bank, through their due diligence of the applicant, provides credibility to them as a viable business partner in a particular business dealing. In essence, the bank puts its seal of approval on the applicant’s creditworthiness, co-signing on behalf of the applicant as it relates to the specific contract the two external parties are undertaking.
A bank guarantee is an assurance from a bank regarding a contract between a buyer and a seller. Essentially, the bank guarantee acts as a risk management tool. A bank guarantee provides support and assurance to the beneficiary of the payment, as the bank guarantee means that the bank is assuming liability for completion of the contract.
This means that if the buyer defaults on their debt or obligation, the bank makes sure the beneficiary receives their payment.
Any business may benefit from a bank guarantee, but especially small businesses that would be more affected if a payment from a business partner or customer falls through.
Bank guarantees only apply to a certain monetary amount and last for a set period of time. There will be a contract in place that dictates in which scenarios and at what point in time the guarantee is applicable.
Before taking on a bank guarantee, the bank does research on the applicant to make sure they are credible and will act as a reliable business partner. In a way, a bank guarantee serves as a seal of approval as the bank has good reason (they’re on the hook for the money) to only accept creditworthy applicants.
There are a few different types of bank agreements, here’s a closer look at the main ones.
With a financial bank guarantee the bank guarantees that the buyer repays all debts they owe to the seller and if they fail to pay those various types of debts, the bank has to assume responsibility for the money owed. The buyer will need to pay a small initial fee when the guarantee is issued.
When it comes to a performance-based guarantee, the beneficiary has the right to seek reparations from the bank if contractual obligations aren’t met due to non-performance. If the counterparty doesn’t deliver on promised services, then the beneficiary will have the choice to claim resulting losses caused by the lack of performance.
Foreign bank guarantees can apply to unique scenarios such as international export situations. In this case, there may be a fourth party involved — a correspondent bank operating where the beneficiary resides.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
A letter of credit (sometimes referred to as a credit letter) is a document provided by a financial institution such as a bank or credit union that guarantees a payment will be made during a business transaction. The bank acts as an impartial third party throughout the transaction.
When the bank issues a letter of credit, they are assuring that the purchaser will in fact pay for any goods or services on time and in full. If the buyer doesn’t make their payment on time and in full, the bank that issued the letter of credit will guarantee that they will make the payment instead. The bank will cover any remaining overdue balance as long as it doesn’t surpass the full purchase amount.
Letters of credit are commonly used in international trade (but can be used domestically as well) where, understandably, companies require more certainty when making deals across borders. A letter of credit can provide security and confidence to importers and exporters since they know the issuing bank guarantees the payment.
Applicants for letters of credit need to work with a lender in order to secure this backing. The applicant will need to provide a purchase contract, and a copy of the purchase order or export contract (among other documents) during the application process. Applicants will pay a fee to obtain the letter of credit and it usually equates to a percentage of the amount the letter of credit backs.
There are multiple types of letters of credit, with some being more common than others, and some applying to unique situations. Here’s a look at the main types.
This type of letter of credit applies to commercial transactions and is commonly used for international trade deals. In this case the bank makes a direct payment to the beneficiary.
A standby letter of credit acts as a secondary payment method. The bank will pay the beneficiary if they are able to prove they didn’t receive the promised product or service from the seller.
A revolving letter of credit can help secure multiple transactions when two parties anticipate doing multiple deals.
With a traveler’s letter of credit, the issuing bank guarantees to honor letters of credit signed at certain foreign banks.
This type of letter of credit specifies that the seller’s bank will be the party to ensure that the seller receives payment if the buyer and their issuing bank default on the agreement.
Bank guarantees and letters of credit differ slightly, but both serve the same purpose: to give confidence and protection during transactions.
Because the financial institutions that back these guarantees confirm that the buyer is creditworthy in the case of a bank guarantee or a letter of credit, the seller can be confident that the transaction should go through as planned if they have one of these agreements in place. If it does not, they know they’ll still receive payment from the institution that backed the agreement.
These are the most important differences to know about a bank guarantee vs. a letter of credit.
With some letters of credit the bank pays the seller directly so they take on the primary liability.
With a bank guarantee they only pay if the buyer fails to do so, so they take on a secondary liability.
The bank takes on more risk with a letter of credit as they take on the primary liability, but that means the seller and customer take on more risk with a bank guarantee.
At least three parties are involved in letters of credit and bank guarantee transactions. To start there is the buyer, seller, and a bank or other type of financial institution. With a letter of credit, a lender also gets involved. Sometimes two banks (more common in foreign transactions) are involved in a letter of credit or bank guarantee.
With a bank guarantee, the bank only makes payment if the buyer fails to do so. With a letter of credit this is also usually the case, but the bank can be more involved in the transaction, so disputes tend to be resolved faster.
When considering a letter of credit versus bank guarantee, both can help two parties involved in a transaction feel more confident that the seller will be paid and the buyer will receive the goods or services promised — or they will be reimbursed by the bank that issued the agreement. Each type of agreement may be especially helpful when conducting business across borders.
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When it comes to a bank guarantee vs. a letter of credit, both letters of credit and bank guarantees function very similarly. The main difference is that with a letter of credit the bank takes on more risk than they do with a bank guarantee.
A bank guarantee is an assurance from a bank that a contract between a buyer and a seller will be executed or they will reimburse the wronged party accordingly.
The main difference between a letter of credit and a bank guarantee is risk level. With a bank guarantee the bank takes on less risk than they do with a letter of credit.
Photo credit: iStock/fizkes
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
SOBK-Q224-1945853-V1
Source: sofi.com
We just posted that American Express CEO Stephen Squeri stated that a refresh to the Gold card is coming in the following weeks and it looks like the full details have been leaked on the www2 American Express test server. No guarantees these changes will be coming, but it’s highly likely.
Hat tip to US Credit Card Guide
Source: doctorofcredit.com
Direct Link to offer (keep in mind, you can’t signup online)
Not a bad signup bonus, especially given the 0% APR into offer and given the fact that there’s a report indicating M&T won’t business cards to the personal bureaus. The branch sign up will kill the deal for a lot of people; I wonder whether it’s possible to sign up over the phone, as the landing page seems to suggest. It might also be interested to someone who is going in-branch anyway for this M&T business checking bonus.
Hat tip to yt-nthr-rddtr
Source: doctorofcredit.com
According to NerdWallet’s 2024 Summer Travel Report, Americans who plan to travel this summer expect to spend $3,594, on average, on airfare or hotel expenses on their vacations. If you and your partner want to get away on a budget, you’ll need to choose your destination wisely.
Fortunately, there are many cheap romantic getaways that can help you cut costs without sacrificing romance and quality experiences. Here are five vacation ideas for couples to spark your wanderlust.
New Orleans offers a vibrant culture, nightlife and historical sites for visiting couples on a budget. Once you’ve settled in upon arrival, start your visit with beignets at the iconic Cafe Du Monde. This deep-fried pastry is generously smothered in powdered sugar, and one order includes three pieces for $3.85.
From there, take a leisurely stroll through the French Market, and ride a street car for only $1.25 per person to take you to your next activity.
During New Orleans’ peak season of February through May, you can still find many hotels in the French Quarter, the city’s oldest and most historic neighborhood, at less than $150 per night.
Other affordable things to do: Catch a live street performance of jazz music on Frenchmen Street, see the architecture of the St. Louis Cathedral for free or take a self-guided walking tour of the Garden District.
Outdoorsy couples will love the abundant greenery, trails and waterfalls that Portland, Oregon, has to offer. For instance, Forest Park — located within city limits — overlooks the Willamette River and is home to more than 80 miles of lush trails.
Couples who prefer staying on pavement also can appreciate the city’s unique sights. Visit the International Rose Test Garden which has more than 610 rose varieties, or thumb through books at Powell’s City of Books, the largest independent new and used bookstore in the world.
Hotel accommodations in Portland at the start of the peak season in late June are below $150 per night. For the most frugal couples, there are also plenty of private and intimate Airbnb options for under $100 per night.
Other affordable things to do: Visit Hoyt Arboretum, go biking along the Willamette River or go food truck hopping for affordable bites.
It’s no surprise that summertime is a popular period of the year to soak in the tropical vibes and coastline of Key West, Florida, with your significant other. You can have a relaxing picnic on the sand for two and then go snorkeling at Fort Zachary Taylor Historic State Park.
When you’re back on land, wander through the historic Old Town together and consider visiting the unique Key West Shipwreck Museum, which starts from $17.99 per person.
Like many beach destinations during peak season, hotel stays can be pricey. However, some Key West accommodations, like the Hilton Garden Inn Key West Hotel, offer summer rates under $200 per night.
🤓Nerdy Tip
Several co-branded Hilton credit cards are available, including one without an annual fee, and offer perks like automatic elite status in the Hilton Honors program.
Other affordable things to do: Watch a pink sunset at Mallory Square (a waterfront plaza), visit the Ernest Hemingway House Museum or take a commemorative photo at the Southernmost Point of the Continental U.S.A. buoy.
If the idea of staying in a cozy cabin or lodge is more your pace, some of the best cheap romantic getaways can be found in the towns surrounding Lake Tahoe, which sits across the California and Nevada state lines. You’ll enjoy scenic views of the Sierra Nevada mountains and the lake’s crystal waters.
Riding the Heavenly Gondola offers breathtaking 360-degree views, if you’re willing to budget $75 per person for a round-trip ticket. If you would rather be in nature than above it, plan a picnic or take a guided tour at Emerald Bay State Park.
For an ethereal and minimalist experience, spend a night stargazing together to end your day with tranquility.
Wherever you’re looking for hotels around the lake, you can typically find accommodations under $150 per night.
Other affordable things to do: Hike Eagle Falls Trails, which ends at a waterfall, sunbathe and swim at Zephyr Cove, or visit Truckee Thursdays Summer Street Festival.
If you’re planning a cheap vacation for couples in the fall, Albuquerque, New Mexico, can be a romantic destination. During the first full week of October, hundreds of hot air balloons take flight for the Albuquerque International Balloon Fiesta.
A hot air balloon ride can be costly (about $275 per person), but general admission tickets are just $15 per person, per session, which is typically half-day access on any day of the Fiesta.
You’ll find many hotels and other accommodations that are reasonably priced at less than $150 per night during the event.
Other affordable things to do: Walk through the shops and art galleries in the city’s Old Town neighborhood, birdwatch at the Rio Grande Nature Center State Park or learn about local cultures at the National Hispanic Cultural Center.
If you want to make your getaway even more affordable, consider opening one of these travel cards and earning the welcome bonus:
The Platinum Card® from American Express
Capital One Venture Rewards Credit Card
Chase Sapphire Preferred® Card
on Chase’s website
Citi Strata Premier℠ Card
Annual fee
Welcome offer
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.
Enjoy $250 to use on Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening – that’s equal to $1,000 in travel.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
Earn 70,000 bonus ThankYou® Points after spending $4,000 in the first 3 months of account opening, redeemable for $700 in gift cards or travel rewards at thankyou.com.
Still not sure?
With travelers feeling the pinch of inflation for day-to-day goods, planning ahead for a romantic but affordable vacation is that much more essential. Whether you and your partner are looking to relax and unplug, or seek out new experiences and adventure together, one of the destinations above is likely a fit.
Source: nerdwallet.com
Airlines, including Delta Air Lines, use dynamic pricing for ticket sales. As a result, the cost of flights between the same cities can vary greatly. This variability is influenced not only by the class of service, but also by the specific type of ticket, known as the fare class.
Delta’s cabin classes range from basic economy to Delta One (first class on international and long-haul domestic flights). Then, these cabin classes are divided into ticket or fare classes, which can also affect the price of the ticket.
Let’s examine the Delta cabin classes and class codes to understand what is included in each ticket type and why you should care.
Fare classes (sometimes called “buckets”) are different ticket types within the same cabin class.
For example, Delta One may have multiple fare classes, such as fully refundable, changeable for a fee and nonrefundable. Each fare class is given a letter, which is used internally by airline staff to understand details about the ticket purchased by the passenger.
Passengers should pay attention to these letters because they can affect the restrictions on their ticket, how many miles they will earn and their ability to upgrade to a higher cabin or use a Delta Companion Certificate.
When it comes to travel day amenities and benefits, cabin class matters more than your fare bucket. The fare bucket comes into play when dealing with ticket change restrictions or potential upgrades, as well as the hierarchy for complimentary upgrades.
These are the Delta fare classes the airline most often uses:
Discounted Main Cabin – U, T.
Deeply Discounted Main Cabin – X, V.
Depending upon the aircraft and destination, not every plane or flight will offer each of these cabins or ticket classes. For example, an international wide-body flight will have Delta One, while a regional jet-operated domestic flight won’t.
🤓Nerdy Tip
Award tickets booked with Delta SkyMiles use a different fare bucket system.
Delta.com makes the fare bucket information easy to find when searching for airfare. It is the letter in parentheses above the fare.
To learn more about what the fare bucket will include, click on the letter within the parentheses. It will provide details on the seat and any restrictions that go along with it.
When traveling on a Delta flight, Delta SkyMiles members earn miles at different ratios. The higher your tier in the Medallion elite status program, the more miles you’ll earn per dollar spent.
Members earn miles based upon the cost of the ticket at these ratios:
Note that basic economy tickets don’t earn miles.
When traveling on Delta airline partners, it is important to understand how many miles you’ll earn because this will vary based on the fare bucket.
Each fare bucket category earns different amounts of miles. For example, a full-fare business ticket in the J bucket would earn 200% of the miles equal to the distance flown, while discounted fare classes earn fewer miles and Medallion Qualification Dollars (key for earning Medallion status).
🤓Nerdy Tip
If you plan to credit a Delta flight to another frequent flyer program, you will want to compare the earning for the fare bucket in that program with Delta’s. They aren’t always the same. The website WhereToCredit.com can be especially helpful.
This is Delta’s most premium cabin and is used primarily on international flights as well as select premium long-haul domestic routes.
Delta One has a variety of seating, with the most appealing being the Delta One Suites with doors that close for privacy. Most Delta One cabins are in a 1-2-1 configuration, with those at the windows offering extra solitude.
🤓Nerdy Tip
The Boeing 757s have a 2-2 configuration. Delta.com’s aircraft overview page makes clear the layout for each flight.
Delta One passengers receive multicourse meals, an open bar, amenity kits stocked with Grown Alchemist toiletries, noise-reducing headphones and more dedicated service. On certain flights, mattress pads make the seat more comfortable, but all passengers enjoy a large pillow and duvet.
This is Delta’s premium economy cabin, which is mostly found on international flights and wide-body aircraft. It includes a larger seat with more recline. These seats are similar to what you might find in domestic first class. They recline more than seats in economy class but don’t lie flat. A footrest and spacious armrests with a small table add to the comfort.
Food and beverages include plated meals with a more impressive presentation than economy class and an open bar. A day blanket, a small amenity kit with Grown Alchemist products, noise-reducing headphones and a memory foam pillow await at each seat. Sky Priority access and the option to check two bags up to 50 pounds each round out the experience.
Medallion members don’t receive free upgrades to this cabin unless they use an upgrade instrument like a Global Upgrade on longer flights.
This is Delta’s premium cabin on most domestic and regional international flights. The cabins are in a 2-2 layout or 1-2 layout on regional jets. These seats are more spacious than those in economy with a side table to place a drink and larger seat pockets.
On some newer aircraft, Delta has installed seats with small privacy “wings” that act as side headrests, too. One complaint of these seats, however, is that they aren’t as padded as other Delta first class seats.
The standard level of service in first class is a welcome bottle of water at the seat, pre-departure beverages, complimentary drinks from the bar and, based on flight length and time of day, a meal. When flights don’t have a meal, a snack basket is passed around. Passengers receive Sky Priority access and the ability to check two bags per person up to 70 pounds.
Most domestic and regional first class flights are eligible for complimentary upgrades for Medallion members, which is a great perk although availability can be limited.
These seats are integrated into the main cabin but have additional legroom and expedited boarding. They also receive a few extra food and beverage perks like complimentary alcoholic drinks and more snack selections.
There are no additional checked bag perks for this fare class, but those with a Delta co-branded American Express card get these benefits without an upcharge.
Passengers must pay a fee to upgrade to one of these seats, but Medallion members receive free upgrades to them.
The economy class section with standard airplane seats is the main cabin. On domestic Delta flights, nonalcoholic beverages and a snack are complimentary, but on long-haul international flights, a hot meal is served with complimentary drinks from the bar.
On long-haul international flights, a blanket is available. Passengers must pay to check a bag unless they have a Delta credit card or Medallion status.
This is the most restrictive Delta fare class and doesn’t include a seat assignment. These passengers are the last to board, which means finding space for carry-on bags can be a challenge (often, travelers must gate-check their bags).
Changes aren’t permitted to these tickets, and passengers won’t earn miles for their flight. Medallion members won’t be eligible for seat upgrades and cannot access the Sky Club.
Once the flight takes off, there are no additional restrictions with basic economy passengers afforded the same benefits as the rest of the main cabin, including free nonalcoholic drinks and snacks (a hot meal, alcoholic beverages and blanket on longer sectors).
After you purchase your ticket, Delta may send you offers via email, on the website or through the Delta app to upgrade your ticket using miles or paying in cash. Medallion members will also be added to the upgrade list for a higher cabin on eligible flights.
For long-haul flights, the only way to get an upgrade without paying miles or cash is to use an upgrade certificate.
These are an option for Platinum and Diamond Medallion members, but competition for upgrade seats (like with complimentary upgrades) can be fierce. For that reason, some travelers choose to pay the difference upfront to guarantee a better cabin.
Delta doesn’t charge a fee to change your ticket, but if you choose to upgrade or downgrade, any difference in fare would be charged (or credited).
Secure the best earning rates and benefits for your Delta flight needs by purchasing your tickets with the right credit card.
Here are a handful of Delta card options — or you can read a NerdWallet analysis on which are the best.
Delta SkyMiles® Blue American Express Card
Delta SkyMiles® Gold American Express Card
Delta SkyMiles® Platinum American Express Card
Delta SkyMiles® Reserve American Express Card
Annual fee
$0 intro for the first year, then $150.
Welcome offer
Earn 10,000 bonus miles after you spend $1,000 in purchases on your new Card in your first 6 months. Terms Apply.
Earn 40,000 Bonus Miles after you spend $2,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.
Earn 50,000 Bonus Miles after you spend $3,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.
Earn 60,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.
Learn more
If you seek more flexibility in redeeming miles for award flights, consider applying for a general travel credit card instead. A general travel credit card differs from an airline card in that you can book flights with multiple carriers, rather than reaping the benefits of staying loyal to a single brand.
The more high-end (or “premium”) the travel credit card, the more benefits you can enjoy, including airport lounge access or elite status in certain programs. That said, a brand-specific airline card can net you benefits like waived baggage fees, which can have a meaningful dollar value.
Delta has several different cabins and levels of service, as well as fare classes that correspond to each one.
Understanding Delta fare classes can be a helpful way to make sure you have the flexibility and experience you want for a trip, including helping you earn more SkyMiles.
(Top photo courtesy of Delta Air Lines)
Source: nerdwallet.com
Direct link to offer
Best offer in the past was 100,000 points. That offer was more flexible as it didn’t have the $250 travel credit but had a slightly higher minimum spend requirement at $5,000. Still worth considering/doing for most people as I’m not sure if/when we will ever see that 100,000 point offer again. Read these things everybody should know about Capital One cards. We will add this to our list of the best credit card bonuses.
Source: doctorofcredit.com
Direct link to offer
This is the highest bonus we’ve seen on this card, previous high was 175,000 points. This new offer does have a higher minimum spend requirement though. A reminder that the personal version of this bonus is five free night certificates of up to 60,000 points per night. One advantage of Chase business cards is that they don’t count towards your 5/24 status. Before applying read these things everybody should know about Chase. We will be adding this to our list of the best credit card bonuses.
Source: doctorofcredit.com
Bank accounts can be a great place to stash your cash: They keep your deposits secure while typically earning interest. When you need to access that money for bills, everyday purchases, or big expenses, you’ll have a variety of ways to get cash, including withdrawing funds from an ATM, visiting a bank or credit union branch, or using mobile methods.
Below, you’ll learn how to withdraw money from a checking account and a savings account, plus tips for tracking transactions and avoiding overdrafts.
There are two main types of bank accounts you’ll probably have as the hub of your daily financial life: a checking account and a savings account. (You might have other types of deposit accounts, including money market accounts and certificates of deposit as well.)
• Checking accounts are designed for spending, meaning you’ll regularly take money out to cover expenses. You might write a paper check, swipe a debit card (or enter in the card number online), add the account to a digital wallet or peer-to-peer payment app, or direct debit from the account online to pay bills. You can also easily withdraw cash from a checking account to make cash payments.
• Savings accounts are designed for — you guessed it — saving. Ideally, you’ll leave the money untouched most of the time. But once you’re ready to use some or all of the cash you’ve saved to make a big purchase, you’re still able to withdraw that money as needed.
Previously, the Federal Reserve limited savings account withdrawals to six a month as part of Regulation D, but in April 2020, it removed this requirement. Worth noting: Many banks and credit unions still adhere to the six withdrawals per month, but they’re not federally mandated to do so.
There are three common ways to withdraw money from a checking or savings account, though each bank and credit union may offer its own policies and options.
Automated teller machines (ATMs) offer an easy way for you to access your cash from your checking account — and sometimes even your savings account. ATMs are often located at physical bank and credit union branch locations, but they’re also commonly found inside stores, gas stations, and other businesses.
You’ll simply slide in your debit card (or ATM card) and punch in your PIN. You’ll then be able to access a few different account features, including withdrawing cash. A few points to note:
• Many banks and credit unions have their own branded ATMs, but there are also ATM networks to which your financial institution may belong. Typically, as long as you find an ATM within your bank’s network, transactions are free.
Otherwise, your bank may charge you an ATM fee. (The ATM operator may also charge its own fee for using the machine.) One recent study found that the average out-of-network fee was $4.73 per transaction.
• ATMs may have withdrawal limits per transaction, and your bank or credit union may also limit the amount you can withdraw from an ATM per day. One reason why these caps exist: They can protect you against fraud in case someone gets access to your debit card and knows your PIN. Typically, the daily limit for ATM withdrawals can range from $300 to $5,000 depending on your financial institution and the type of account you have.
If you bank at a traditional financial institution, you might withdraw money from your checking account or savings account in another way. You could visit the bank or credit union in person and get money from the teller. There are a few ways you can do this:
• Write a check to cash: If you have a checkbook, make a check out to “Cash” for the amount you’d like to withdraw. Present this to the teller, who will take the money from your account and give it to you. Don’t write the check until you’re at the bank — if it falls in someone else’s hands, they’ll be able to cash the check as well.
• Fill out a withdrawal slip: Banks and credit unions usually have withdrawal slips that you can fill out. You’ll need to fill out your bank account number to use this method.
• Present your ID: Maybe the easiest way to withdraw money at a bank is to simply visit the teller, present your ID and/or debit card, and tell them you’d like to withdraw money from your account.
Keep in mind that a bank or credit union may have a limit on how much cash you can withdraw at one time or in one day. For instance, you may not be able to walk into a branch and make a five-figure withdrawal without first clearing it with your bank. If you plan on making a very large cash withdrawal, it’s wise to contact your bank first about their policies.
The world of online banking has revolutionized how we access our money. In fact, there are many banks and credit unions that are online-only, meaning they don’t have physical locations. The benefits of online banking can include higher interest rates and lower fees, but it does mean you’ll have to get creative with how you access your cash.
Online banks and credit unions typically let you withdraw your money at ATMs and even retail locations, in some instances, but you can also use some other methods to access your cash. Some of these methods may also be used by those who have accounts at traditional financial institutions, if it suits them:
• Transfer funds: You can do an online transfer from your savings account to your checking account via the bank’s mobile app, then use your debit card to access your money at a point of sale or ATM. Alternatively, you can transfer your money to another bank account you have that offers brick-and-mortar locations.
• Use a peer-to-peer payment app: If you need cash to pay a friend, family member, or small business, you might be able to use a peer-to-peer payment app, such as Venmo, PayPal, or Cash App.
• Pay with a digital wallet: You can also add your online banking payment methods to a digital wallet. Many merchants now let you pay from such wallets, meaning you can complete transactions with the tap of a phone.
Recommended: The Difference Between Deposits and Withdrawals
When withdrawing money from your bank account, it’s important that you keep track of your transactions. Luckily, banks and credit unions now typically offer digital options where you can monitor your transactions in real time. Either log in on a desktop or mobile device, and you can see your new account balance after withdrawing money.
Many mobile banking apps offer transaction alerts. You can get a text, email, and/or push notification any time you make a transaction from your account. You may also be able to receive low-balance alerts so you know when you need to add more funds to your account.
You can also use the old-school method of balancing your bank account. Every time you withdraw cash or spend with a debit card, paper check, peer-to-peer payment app, or digital wallet, log the transaction in your transaction register. Similarly, when you deposit cash or the account earns interest, you’ll need to reflect that in the register.
Recommended: What Is Cardless ATM Withdrawal?
Tracking transactions — either with a digital app or old-fashioned register — is important, as it can help you avoid overdrafts or risking a negative balance. Overdrafting is when you spend more money than you have in your account.
Many banks charge fees when you overdraft; some may decline the transaction (say, they won’t pay a check you wrote) and still charge a fee. These can be pricey: Fees can be as high as $35 or even more for an overdraft.
Some banks offer what’s known as overdraft protection. This means they will cover overdrafts up to a certain amount. There may, however, be fees involved for this banking feature. It can be a good idea to find a bank without overdraft fees, if possible. There will likely be a limit to your coverage, such as no fees up to a $50 overdraft.
That said, it’s smart to avoid these overdraft scenarios as much as possible. In other words, stay on top of your bank account balance and make sure there’s always enough money for your automatic bill payments and everyday spending.
Checking accounts and savings accounts are great resources for storing your money until you need it. And when you do need it, you have multiple ways to withdraw funds, including at ATMs and points of sale, in person at banks and credit unions, and through transfers online and payment apps.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
Technically, there is no limit to how much you can withdraw from a bank account, as it’s your money to do what you please with. Nevertheless, banks and credit unions typically limit the amount of money you can withdraw from an ATM in a single transaction or day. They may also cap how much cash you can withdraw by seeing a teller. You may also need to maintain a minimum balance in your bank account to keep it open; this should be spelled out in the bank’s fine print.
Withdrawals from checking and savings accounts can be almost instantaneous at ATMs and physical bank and credit union branches. Moving money from one account to another within a mobile app can also sometimes be almost instantaneous, but if you’re transferring money from one bank to another, it may take more time to process.
If you don’t have enough money in your bank account when you attempt to withdraw it, your bank may decline the withdrawal and charge you a fee. Conversely, you may be able to withdraw the funds if you have overdraft protection — but your bank could charge you a fee for this service as well.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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Both bonuses are 10,000 points higher than when they launched. Free nights start at 6,000 points per night and go up to 35,000 points per night (properties in Australasia go up to 75,000 points). With Choice it’s always a good idea to have a redemption in mind before applying. Still worth it for some people as some good value can be had, will add this to our list of the best credit card bonuses.
Source: doctorofcredit.com