bonus Archives - Page 17 of 329

Apache is functioning normally

July 15, 2024 by Brett Tams

The Offer

Direct link to offer

Wells Fargo is offering up to 100,000 Choice points on the Wells Fargo Choice Privileges card

Choice Privileges Select Mastercard

Sign up bonus of 100,000 Choice Privileges points after spending $3,000 in qualifying purchases during the first three months
$95 annual fee waived first year
Card earns at the following rates:
- 10X points on stays at participating Choice® hotels
- 5X points on qualifying purchases at gas stations, grocery stores, home improvement stores, and phone plans
- 1x points on all other purchases
Automatic Platinum Elite Status: 20 Elite night credits
Earn 30,000 bonus points every account anniversary, enough for at least one night at any eligible Choice Hotels property

Choice Privileges Mastercard

Sign up bonus of 70,000 Choice Privileges Points after spending $1,000 in qualifying purchases during the first three months
You can also do a dummy booking and get 40,000 points + a $150 statement credit
Card earns at the following rates:
- 5X points on stays at participating Choice® hotels
- 3X points on qualifying purchases at gas stations, grocery stores, home improvement stores, and phone plans
- 1x points on all other purchases
Automatic Gold Elite Status: 10 Elite night credits

Our Verdict

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

Apache is functioning normally

July 15, 2024 by Brett Tams

Credit card scams have been well publicized in recent years, but you may not be aware of the uptick in debit card scams. According to FICO®, the total number of compromised debit cards in 2023 was up 96% over the last year surveyed, and more than 315,000 cards were impacted.

Whether swiping your debit card in person or while shopping online, you’ll want to be vigilant. Here, learn the ins and outs of debit card fraud, plus how to protect yourself.

What Is Debit Card Fraud?

Debit card fraud occurs when an unauthorized third-party or individual uses your debit card to take out cash or make purchases without your permission. Scammers can use sensitive financial details — your card number, PIN, CVV code, and expiration date — to make purchases that drain your bank account.

If left undetected, debit card fraud could potentially wipe out your bank balance. You’ll need to go through a process to dispute the charges and/or withdrawals to try to get your money back.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

Common Debit Card Fraud Tactics

Debit card scams can take many forms. Here are some of the most common types of debit card fraud.

Skimming Devices

Fraudsters install skimming devices on ATMs and payment terminals. These devices can look as if they are simply part of the machine; they fit over the slot where your card usually goes. If you unwittingly insert your debit card, the skimmer can scan the microchip on your card. Your card’s details can then be downloaded, stored, and used without authorization. Skimming can happen at any payment terminal, but it tends to be most common at gas station pumps and ATMs.

Phishing Scams

A phishing scam occurs when scammers create fake sites, and/or send bogus emails or text messages in hopes of luring you to reveal your debit card details. Then, your financial credentials can be used by criminals.

These fraudsters often pretend to be an individual or company with a too-good-to-be-true offer or an urgent situation that spurs you to take action. For instance, they might offer a new laptop at a remarkably low price, or they could tell you your bank account has been compromised and you need to update your credentials immediately.

The goal is to get you to click on a fake site and input your debit card information. While less common, you might get a phone call with an offer that requires your card info on the spot.

Card Theft

Another common way fraudsters can use your debit card to make purchases or take out cash is to steal your physical card. Once they have their hands on your card, they might try to guess your PIN by taking a stab at what your PIN might be — for instance, your birth year. (This information may also be gleaned from social media accounts or the dark web once they have your name.)

Scammers might also figure out your PIN by “shoulder surfing” or subtly peering over your shoulder as you punch in your PIN at an ATM. Once they have that information, they could steal your card and use it to empty your checking account.

Recommended: When Were Debit Cards Invented?

Preventing Debit Card Fraud

Here are steps you can take to safeguard your personal and financial card data from would-be thieves:

Secure Your Card

You can secure your card by signing the back of your debit card, keeping your PIN private, and changing your PIN regularly.

You might also want to consider using a credit card for online purchases and when paying for gas at the pump. Credit cards typically have greater fraud protection than debit cards.

Monitor Accounts Regularly

By monitoring your accounts, you can spot any suspicious debit card activity more quickly. For instance, set text or email alerts for debit card transactions and aim to check recent activity through your bank’s mobile app.

Many people find checking their bank accounts once or even a few times a week is a wise move. It’s also a good idea to comb through your recent banking statements for anything that seems out-of-the-ordinary, such as:

• Purchases you didn’t make, including micro payments of a dollar or so

• Unauthorized big-ticket transactions

• Multiple purchases from the same store you didn’t authorize

Use Chip Cards and Digital Wallets

Chip cards use EMV technology, which involves a tiny embedded computer chip that makes it harder for fraudsters to skim and access your debit card’s details. They can be less susceptible to fraudulent activity than those with the standard magnetic strip.

Digital wallets have greater protections, too. They employ security features such as encryption and tokenization, which add a wall of protection against fraudsters trying to access your card data. Additionally, because digital wallets are stored on your phone, they’re usually safeguarded by biometric screening, multi-factor authentication, and passwords.

What To Do if Fraud Occurs

Should you fall victim to hackers, know that it can (and does) happen to anyone. With more sophisticated tactics and greater technology, fraudsters are getting better at finding ways to snag your debit card data. Here’s what to do should you find yourself a victim of debit card fraud.

Report It Immediately

If your debit card has been lost or stolen or you suspect fraud, the first step is to report it to your bank immediately. Reporting the fraud as soon as possible limits your financial responsibility and can halt the damage the scammer can do. Contact your bank ASAP if you notice unusual activity and request guidance. Depending on your particular situation, you may also have to take steps to report identity theft.

Dispute Fraudulent Charges

If the issue is a fraudulent charge on your debit card, try contacting the merchant to see if you can resolve the issue on their end.

At the same time, you’ll also want to dispute fraudulent charges by contacting the bank or credit union, as mentioned above. It’s important to do this ASAP (and no more than 60 days after the problem occurs). Once you dispute a charge, the financial institution can take up to 90 days to investigate and resolve your dispute.

You can also request a “chargeback” on debit card transactions. Essentially, a chargeback occurs when you dispute a transaction and reverse it. The money that got charged goes back into your account as the financial institution investigates the issue. When it’s resolved, you either keep the credit or, if the bank decides there wasn’t fraud, the funds are taken out of your account.

Get a New Debit Card

When you report fraudulent charges, the bank or credit union can freeze your account, which blocks anyone — including yourself — from using it. If they aren’t already sending you a new debit card, ask for one. Your old card is compromised, so you’ll want a new one.

Also, if you lose your debit card, that’s another reason to call your bank about freezing your account and getting a new one sent to you. Your missing card could be in the hands of a criminal.

Recommended: What Is An ATM Card?

Debit Card Fraud Protections

Under the Electronic Fund Transfer Act (EFTA), if you let your financial institution know within two business days after you notice suspicious activity, you are typically only liable for up to $50. If you inform them after that 48-hour period but within 60 days, you could be liable for up to $500. If you don’t notify them until more than 60 days has passed since the incident, you could face unlimited losses.

Tips for Safer Debit Card Use

Next, delve into best practices to keep your debit card and its details secure.

Avoid Unsecured Wifi

Hackers will go to great lengths to try to tap unsecured networks and steal private information, including personal details, passwords, and data about your checking and savings accounts, plus other financial intel.

To avoid making your banking data vulnerable to thieves, don’t use public or unsecured wifi. Instead, make sure you’re on a secure network. Secure networks have protective measures in place to ward off unauthorized access and theft.

Update PINs and Passwords

Make it a habit to update your debit card and app PIN and banking passwords regularly. Make sure you use unique, strong passwords. In other words, alphanumeric passwords that also contain special symbols. You’ll also want to steer clear of using weak passwords that can be easily guessed, like your date of birth.

Use Credit Cards for More Protection

Credit cards can offer greater protection than debit cards. When a hacker uses your credit card for fraudulent purchases, they’re not using your money but your credit. So you won’t risk having your bank account wiped out.

Plus, most credit cards provide zero liability protection for unauthorized charges. And, if you notice any suspicious activity, you can likely freeze your card to prevent any additional credit card scams from occurring.

The Takeaway

While debit card fraud is on the rise and scammers are more sophisticated in their tactics, you can take steps to prevent debit card fraud from happening. Monitoring your accounts regularly, keeping your credentials private, and being wary of skimmers are among those moves that can help you keep your bank account secure.

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.

FAQ

What are common debit card fraud red flags?

Red flags for credit card debt include multiple transactions from the same retailer, unusually large purchases, or purchases made in a place you haven’t visited. It’s always a good idea to check your transactions and monitor your banking activity regularly, at least once a week.

Are debit or credit cards safer?

Credit cards offer greater fraud protection and are generally safer to use than debit cards. Many major card issuers offer zero liability fraud protection. However, you can accrue interest on your purchases, while debit cards simply tap funds you have on deposit.

Can a bank reverse fraudulent debit charges?

Yes, a bank may be able to reverse fraudulent debit card charges. You can request a chargeback, for example, when a transaction goes awry. If your card was lost or stolen and there has been suspicious activity, let your financial institution know ASAP. If you alert them within two business days after discovering the fraudulent charges, you generally won’t be held accountable for more than $50. If it’s been more than two days but less than 60 days, you can be liable for $500. If you wait more than 60 days, you could endure unlimited losses.

Photo credit: iStock/Bussarin Rinchumrus

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.

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.

*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.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK-Q224-1900742-V1

Source: sofi.com

Apache is functioning normally

July 15, 2024 by Brett Tams

The makeover includes a heftier sign-up offer for new cardholders, more points earned on some everyday purchases, changes to how you earn status, and an interest-free financing option.

The card will retain its $0 annual fee.

Here’s a breakdown of the card’s latest features.

What’s changing

Bigger sign-up bonus

The Marriott Bonvoy Bold® Credit Card now features the following welcome offer: Earn 60,000 bonus points and one Free Night Award (valued up to 50,000 points) after spending $2,000 on purchases in the first three months of opening the account.

That’s a significant improvement over the card’s previous offer: 30,000 bonus points after spending $1,000 on purchases in the first three months of opening the account.

More points for some everyday purchases — but less back on ‘other’ travel

The Marriott Bonvoy Bold® Credit Card will offer the following ongoing rewards:

3 points per $1 spent at participating Marriott Bonvoy hotels. (No change.)
2 points per $1 spent at grocery stores and on services that include rideshares, food deliveries, select streaming, internet, cable and phone. (Previously, these categories earned 1 point per $1 spent.)
1 point per $1 on everything else, including “other” travel purchases such as airfare, taxis and trains. (Previously, those forms of travel earned 2 points per $1 spent.)

Different approach to status

Previously, the Marriott Bonvoy Bold® Credit Card offered 15 Elite Night credits per calendar year, which would qualify you for Silver Elite status (and put you 10 elite nights away from Gold Elite status).

Now, you’ll receive automatic Silver Elite status, but only get five elite qualifying nights toward your next status tier (leaving you 20 elite nights away from Gold Elite status).

Silver Elite status comes with perks like priority late checkout (if available), 10% bonus points on qualifying hotel purchases and complimentary Wi-Fi. Terms apply.

An interest-free financing option

If you can qualify for it, the Travel Now, Pay Later option allows you to break up eligible travel purchases ranging between $100 and $5,000 into equal monthly payments without interest charges or fees. Purchases must be made directly with an airline or hotel participating in Marriott Bonvoy to qualify.

Source: nerdwallet.com

Apache is functioning normally

July 14, 2024 by Brett Tams

Update 7/13/24: Showing up in app with no lifetime language.

Update 6/20/24: This is working for more people again.

Update 5/24/24: There is a direct link you can try, YMMV as always when using these links as there is always a risk of shut down.

The Offer

No direct link to offer, sent out via e-mail. Subject line is ‘<name>, maximize your value on everyday business spending’

American Express is offering 150,000 points after $10,000 in spend on the American Express Business Gold card

Card Details

$375 annual fee, not waived first year.
$240 flexible business credit. Up to $20 in statement credits each month after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores
$12.95 monthly Walmart+ credit.
Card earns 4x points on the two categories your business spends the most each billing cycle, from the following list (up to $150,000 in combined purchases each calendar year):
- Transit purchases including trains, taxicabs, rideshare services, ferries, tolls, parking, buses, and subways
- Monthly wireless telephone service charges made directly from a wireless telephone service provider in the U.S
- U.S. purchases at restaurants
- U.S. purchases for advertising in select media
- U.S. purchases at gas stations
- U.S. computer hardware, software, and cloud computing purchases made directly from select providers
3x points on AmEx Travel

Our Verdict

This looks to bypass pop up jail so should be able to get the bonus even if you’ve had the card before, but that might be YMMV. Good deal if targeted, especially if you’ve already had the card before.

Hat tip to olympia_t

Source: doctorofcredit.com

Apache is functioning normally

July 14, 2024 by Brett Tams

Summer is heating up, and so are the introductory offers on eligible IHG Hotels credit cards.

From July 11 to Sept. 4, 2024, new applicants for the IHG One Rewards Premier Credit Card and the IHG One Rewards Traveler Credit Card can grab the following limited-time offers:

The new sign-up bonus on the IHG One Rewards Traveler Credit Card is a big increase over the previous offer of 80,000 points after spending $2,000 in three months. NerdWallet values IHG points at 0.8 cent each, making this new offer worth around $800. That’s a massive boon for a card with a $0 annual fee.

The transition from a points-based sign-up bonus to free-night certificates on the $99-annual-fee IHG One Rewards Premier Credit Card is becoming more common among hotel credit cards. Each certificate can be used on a room worth up to 60,000 points per night, making the new offer worth up to 300,000 points at the high end — once again, a big increase from the card’s previous bonus of 140,000 bonus points after spending $3,000 on purchases in the first 3 months. Note that certificates expire 12 months from the date of issuance, so have a plan to use them before you apply for the card.

Other than the changes to the sign-up bonuses above, the benefits on the IHG consumer credit cards remain unchanged. New and existing cardholders will receive the following ongoing perks:

How the cards compare

IHG One Rewards Traveler Credit Card

on Chase’s website

IHG One Rewards Premier Credit Card

on Chase’s website

Annual fee

Rewards rate

Up to 17 points total per $1 spent at IHG (5 from card, 10 from loyalty program, 2 from automatic elite status).

3 points per $1 spent on monthly bills, gas stations and restaurants.

2 points per $1 spent on all other purchases.

Up to 26 points total per $1 spent at IHG (10 from card, 10 from loyalty program, 6 from automatic elite status).

5 points per $1 spent on travel, gas stations and restaurants.

3 points per $1 spent on all other purchases.

Other perks

Automatic Silver status.
Earn Gold status when you spend $20,000 or more on your card in a calendar year.
Fourth night free when redeeming points for four or more nights.

Automatic Platinum status.
Fourth night free when redeeming points for four or more nights.

Still not sure?

🤓Nerdy Tip

Points earned through the sign-up bonus on the IHG One Rewards Traveler Credit Card can be used with the fourth-night-free benefit when redeeming points for four or more nights. However, free-night certificates earned with the IHG One Rewards Premier Credit Card can not be used for a free fourth night.

Source: nerdwallet.com

Apache is functioning normally

July 13, 2024 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

When do you typically think about Christmas shopping?

Around Thanksgiving? Year-around? Christmas Eve?

Regardless of when you plan to start your Christmas shopping, it is never too early to start creating your Christmas budget. Especially if you are Christmas shopping on a tight budget!

When are trying to figure out what should I buy for a Christmas gift on a budget? It can seem like you are putting together a jigsaw puzzle based on what you can afford.

Well, there is great news you will find out in this post! By starting a little early and planning you can guarantee Christmas shopping on a low budget will work for you! Then, you can keep on charging around with your personal money goals.

One of the best tips for Christmas shopping on a budget is to save money all year for the occasion.

That way you avoid the trap of not having money to spend and then resorting to charging your Christmas presents on a credit card. Just a warning… a small amount of debt can turn into a slippery slope and can snowball into much, much more!

Back in the day, many families received a bonus around the holidays. They would determine their Christmas budget on the amount of money they are awarded in this bonus for gifts. However, there is a downfall and risk to use this strategy because these bonuses aren’t guaranteed. Nowadays, very few companies actually give out Christmas bonuses.

So, take it upon yourself to save money on a consistent basis. This could be in the form of bank account or cash envelope. Either way, you can set aside a set dollar amount or a percentage of your income throughout the year for Christmas shopping.

If you are serious about learning how to Christmas shop on a budget, then it is crucial to start with a budget and share your plan for Christmas gifts without exceeding this pre-determined budget.

By spreading out the amount saved for Christmas shopping or actually buying gifts throughout the year, you can successfully keep your budget in control. More importantly, you can eliminate a great deal of stress, which often accompanies last-minute Christmas shopping.

This is exactly how do you make a Christmas special on a budget.

Simple Ideas on Budgeting for Christmas Shopping

One of the best budgeting for Christmas tips is to actually plan out your Christmas shopping. For some of us, who despise planning, you may loathe the idea.

However, in the end, it is one of the best money saving ideas to embrace for long term financial freedom.

If you are trying to figure out how can I do Christmas cheap, then this post has eight simple ideas for budgeting for Christmas shopping.

1. Decide Your Christmas Budget

It is necessary to determine how much to spend before your start Christmas shopping and especially Christmas shopping online.

It is never too early to start thinking about creating your budget for Christmas shopping. As much as I would like to be able to purchase everything under the sun for our friends and family, I must make choices on where my hard-earned money should go. (Hint: This is wise money management advice all-year-around.)

With most of our unfortunate reality, we must budget carefully to be able to purchase Christmas gifts for everyone on our list. With this in mind, it is very imperative to set a budget for Christmas shopping and stick to that budget you agreed on.

2. Make a Christmas List (and check it twice)

After creating a Christmas budget, making a Christmas list in the one of the best budgeting for Christmas tips you can take away!

Just like with regular money management, it is a smart move to make plans for your money BEFORE you start spending it.

Grab our free printable gift tracker and start writing down everything you can possibly buy during the holiday season.

Review your Christmas list and make sure your dream list is something that you can truly afford. Make sure to check it twice!

3. Limit the Number of Gifts

What is the true meaning of Christmas? Buying loads of presents you can barely afford or spending quality time with family and friends?

It is absolutely okay to limit the number of gifts you buy for each person on your list.

Many people apply the 4 gift rule at Christmas to stay within their Christmas budget, avoid overspending, and to teach their kids that materialistic items is not the purpose of Christmas.

This gift-giving idea is simple and based on each child receiving four presents:

a want
a need
something to wear
something to read

4. Shop Early or Shop Late?

Decide what type of shopper you are. Do you prefer to shop throughout the year and pick up frugal bargains? Or are you scrambling at the last minute to shop to do your Christmas gift shopping on a budget?

Honestly, there is no right or wrong answer.

You need to decide how to Christmas shop on a budget that will work for your personality.

Your shopping habits will decide how you will best stay within your Christmas budget and not stress more during the holiday season.

5. Use Cash

Okay, cash is becoming phased out as credit cards and debit cards are the norm. In this case, we are talking about the premise of using cash.

You have the cash available to spend on Christmas shopping sitting in your bank account.

It doesn’t matter if you shop with cash, debit card, or credit card, you can cover all of your Christmas shopping with the money allocated in your Christmas budget. The goal is to enjoy a debt free Christmas.

Before you begin to shop online, evaluate the amount of Christmas gift money you have saved. Then, double-check that amount equates with the budget set for your Christmas shopping.

Even if you are using a credit card and the bill will arrive the following month, today you must have enough money to repay the bill in its entirety and avoid paying interest.

6. Buy in Bulk

Buying in bulk is a term that refers to the idea of buying large quantities of goods or services at a discounted price.

If you’re low on money or short on time, bulk shopping can be a good idea. Many stores offer discounts for customers who purchase large quantities of goods at one time.

This is great for someone who needs to buy a large number of gifts for extended family.

7. Negotiate a better deal

Negotiate a better deal.

Sometimes all you have to do is ask for a discount.

If the company has any promotions or special offers, make sure to ask them about them before making your purchase. Just click the chat or help button when shopping online.

8. Add to Online Cart & Don’t Buy (Yet)

This is probably my favorite trick for Christmas shopping online!

Add the item to your cart and make sure you go far enough through the checkout that the company has your email address. But, don’t buy yet.

Wait for 24 hours.

More than likely, the company will send you a promo code for 10-25% off.

Shopping on Amazon? Add to a wish list. Then, the Amazon app will notify you of a lower price or lightning deal!

Cha-ching! Saving on Christmas shopping.

9. Combine Presents with Needs

This money saving tip is truly my personal favorite!

Think ahead of what the person you are buying for needs and try to find presents that suit that need.

For example, our kids wanted their own snorkeling gear for our next vacation. We have no idea when that trip will happen. So, we bought them snorkeling gear for their birthdays. Instant win-win!

Curious to know how we afford trips… We use a vacation fund.

10. find extra savings

Key tip for Christmas shopping on a budget… always look for deals and a lower price!

Given that so much Christmas shopping is done online, this is a great way to find a cheap presents for much less.

Here are some great apps to make sure you either get cash back or they check for extra coupon codes:

During this time of year, you should never pay for shipping. Honestly, it is one of the reasons, I truly like Amazon prime membership. They will drop ship your gifts to your destination at no extra cost to you.

11. Skip the Bags

Pull out the wrapping paper, ribbon, and bows!

You can spend about $10 a year to wrap all of your gifts, which is a bargain given most holiday gift bags cost about $2-5 each.

Plus if you have little eyes that like to peek, a wrapped box with ribbon is much harder to figure out their presents. This is my favorite book to teach kids about waiting patiently for their Christmas gifts. (Also, it is a big hit with my kids, too!)

Frugal Saver Tip – If you absolutely despise wrapping your presents, then save the gift bags and tissue paper to reuse year after year. That is one of the most fabulous money saving tips for Christmas shopping on a budget!

Christmas Shopping Tips:

The tips outlined are important, but they don’t tell the whole story. The key to saving money throughout the year is making sure you check your budget and keep an eye on how much you spend before Christmas hits.

It’s easy to get caught up in the season and overspend without realizing it.

The best time to save money is before Christmas hits.

Here are some Christmas Shopping Tips to remember.

Make a list of people who would like gifts
Check out sales at stores around town
Buy gift cards for stores where you know people shop
Make your gifts more personal by decorating them yourself
Avoid the guilt of overspending on Christmas with these ideas to make your next holiday a little more affordable

The key to saving money throughout the year is making sure you check your budget and keep an eye on how much you spend.

It’s easy to get caught up in the season and overspend without realizing it.

My Christmas Gift Shopping on a Budget Went over

Yikes, this is exactly what you didn’t want to do. But, the temptation to keep grabbing a couple of things was too much.

We all have the best of intentions, but may find themselves going over your budget when Christmas shopping. You need to keep things in perspective when this happens.

The key is not to go too far over Christmas budget.

If you spent more than planned on one or two people on your Christmas list, then you can recoup this by purchasing less expensive gifts than planned for a few other people to compensate.

Don’t throw in the towel and give up completely when Christmas gift shopping on a tight budget.

What are your favorite for christmas shopping Tips?

Whether you are looking to figure out how can I do Christmas cheap? Or just to save a few extra dollars with these money saving tips?

In this post, we covered the best ways to be prepared for Christmas shopping on a budget.

But, don’t just stop there, use these tips to improve your money management all year around.

Saving extra money just for Christmas is one of the frugal living tips you can start with. Starting in January, stick around Money Bliss and learn a few more ways to improve your money situation.

You won’t regret learning budgeting tips for Christmas. That will change your finances forever.

More Christmas Shopping Money Saving Ideas:

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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July 13, 2024 by Brett Tams

Money market and checking accounts can both offer a safe place to store your cash, easy access to your funds, and the ability to earn a bit of interest. However, they are not identical. Money market accounts generally offer higher interest rates, but may require higher minimum deposits and balances, and they may also restrict how many transactions you can make per month.

Understanding the differences between these two accounts, and the pros and cons of each, can help you determine which is the best choice for your needs.

What Is a Checking Account?

A checking account is a deposit account where you can keep your money, safely storing your earnings and managing your everyday spending. A deposit account, for those who aren’t used to the term, is a type of bank account that lets you deposit and withdraw funds.

Unlike a savings account (which is often designated for an emergency fund and future goals, like a new car), a checking account is designed for frequent use, such as paying for your living expenses and basic purchases.

Checking accounts typically feature unlimited transfers, deposits, and withdrawals. If the checking account is with a bank, the funds are likely protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per account ownership category, per insured institution. If the account is with a credit union, the money is likely insured up to the same limits by the National Credit Union Administration (NCUA).

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💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

What Is a Money Market Account?

A money market account (MMA) is also a deposit account. If you’re putting different deposit accounts on a spectrum, a money market account leans more toward the savings account end of the range. They tend to have higher interest rates than a checking account and are typically better suited to storing your funds for future goals.

Money market accounts are protected by the FDIC and NCUA in the same way as checking accounts. However, these accounts often have limits on withdrawals and transfers. Another feature to note: They frequently have higher minimum deposit and balance requirements than checking accounts.

Recommended: Money Market Account vs Certificate of Deposit (CD)

Key Differences

Here are some key differences when comparing money market vs. checking accounts.

Interest Rates

You have a better chance of scooping up a higher interest rate on a money market account vs. a checking account. (Some checking accounts offer no interest at all.)

The national average interest rate for money market accounts is 0.67%, but you’ll likely find higher rates than that. Some financial institutions offer money market accounts with annual percentage yields (APYs) of 5.00% and higher. On the other hand, the national average rate for checking accounts is 0.08%.

Accessibility of Funds

As checking accounts are made for everyday purchases, they feature unlimited transactions — transfers, deposits, and withdrawals. A money market account will likely provide similar forms of access to your money, such as check writing privileges, debit card transactions, and ATM withdrawals. However, how often you can conduct these transactions with a money market account may be limited, as you’ll learn in the next point.

Transaction Limits

With a checking account, you typically can access your funds as often as you like. With money market accounts, this may not be the case. While the Federal Reserve lifted previous caps on monthly limits for withdrawals, deposits, and transfers set by Regulation D, a bank or credit union might still set limits. You could find yourself restricted to, say, six transactions of a certain kind per statement period. It’s therefore important to read the find print on your account agreement or to ask a customer service rep for details.

Opening Deposit Requirements

Another key difference between a money market account and a checking account is the opening deposit requirements. Money market accounts typically have higher minimum opening deposits than their checking counterparts.

Plus, you might need to maintain a higher monthly balance. Stashing a larger sum of cash (say, $2,500) in your money market account may be necessary to snag a higher interest rate and lower account fees. Standard checking accounts typically don’t have these conditions, although some premium accounts do require higher balances.

Pros of Checking Accounts

When comparing these two financial products, ponder the pros and cons of checking accounts. First, consider their advantages:

Low opening deposit. You can open a checking account with no initial deposit at some financial institutions. Others may require $25 to $100.

Convenient access. As previously noted, you can typically access the funds in a checking account as often as you like via a debit card, an ATM, electronic transfers, or checks. There may be an unlimited number of transactions you can make in a given month.

Pay bills. You can usually set up automatic bill pay so your financial institution sends funds to payees on your behalf. Plus you can set up autopay with different companies so that they can deduct funds from your checking account to pay for bills each month, such as utility bills, insurance premiums, and credit card payments.

Debit card. When you open a checking account, you typically receive a debit card for everyday purchases, whether in-person and online, and for withdrawing cash at an ATM.

Cons of Checking Accounts

Now, consider some of the downsides of a checking account:

Low interest. Checking accounts aren’t designed to grow your savings; they’re designed to pay bills, make everyday purchases, and constantly move money in and out. As such, they don’t feature high interest rates. Some may not earn any interest. It’s likely that any interest earnings on a checking account will be outpaced by inflation.

Monthly service fees. A checking account might come with a monthly service fee. However, you might be able to opt out of these fees by maintaining a minimum balance or receiving a certain amount in direct deposits in a statement cycle.

Other fees. You might also find yourself paying out-of-network ATM fees, overdraft fees, bounced check or returned payment fees, and paper statement fees with a checking account.

Pros of Money Market Accounts

Here are some advantages to opening a money market account:

Higher interest rates. You will typically enjoy a higher rate with a money market than a standard checking account, though perhaps not as much as a savings account. The rates vary depending on where you do your banking.

Access to cash. Unlike certificates of deposit (CD), your money isn’t locked in your money market account for a specific term. Instead, you can access your money and use a linked debit card to make purchases or ATM withdrawals.

Cons of Money Market Accounts

Next, review some potential drawbacks to money market accounts:

Transaction limits. Depending on the financial institution, monthly transaction limits on electronic transfers and outgoing checks may be in place. For example, you might be limited to six withdrawals and transfers per statement period. If you exceed these limits, you might be on the hook for paying a fee or receiving a lower interest rate.

Opening deposit. Money market accounts typically require a larger chunk of change for the opening deposit. The amount depends on the bank but usually starts at roughly $2,500.

Fees. As with checking accounts, you may find yourself paying a number of fees that can eat away at the interest you earn.

Which Account Is Right for You?

When comparing a money market account to a checking account, a checking account may be a better fit if you intend to keep the funds for everyday use. Most people (82% or more of Americans) have a checking account, and it can be the hub of one’s daily financial life. Think of it as a well from which you’re constantly drawing water — you’ll enjoy unlimited access to withdrawals, transfers, and debit card spending.

It might also be a stronger fit if you’re looking for an account that requires a low minimum opening deposit and monthly balance thresholds.

If you have a larger sum of money to keep in an account, want to earn more interest, and don’t anticipate needing to make a lot of transactions, a money market account could be a better fit. It’s also important to look at the initial deposit requirement and monthly balance minimum before making your decision.

Using Both Account Types

Consider using both a checking and a money market account. For instance, you can use your checking account for your everyday spending and to set up autopay on some of your recurring monthly bills.

Your money market account can be linked to pay a few of your bills. If you don’t touch your money market account otherwise, you can stay within any monthly transaction limits that may exist and earn a higher rate of interest, perhaps even an APY that’s competitive with high-yield savings accounts.

The Takeaway

While checking and money market accounts do share some similarities, they have important differences. A money market may offer higher interest, but it could have higher opening deposit and balance requirements, as well as transaction limits. Which kind of account works best for you will depend on your preferences and your unique financial situation.

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FAQ

Can a money market account replace checking?

It depends: A money market account can have limited monthly withdrawals. Plus, there might be a higher minimum opening deposit and monthly balance needed. That said, it could potentially replace your checking if you don’t typically make a lot of transactions with your checking account and the potential requirements mentioned don’t bother you.

Do money market accounts have debit cards?

Yes, money market accounts typically come with debit cards, which can make spending easier. Money market accounts might have monthly caps on the number of withdrawals and transfers, however. The limit, if it exists, can vary depending on the bank or credit union.

How do money market rates compare to savings?

Money market rates can be comparable to those of some savings accounts. To get the most competitive rate, you might find a money market that’s offering around what you’d earn with a high-yield account at an online bank (currently around 4.00% or even 5.00%).

Photo credit: iStock/PeopleImages