For years, developers have considered downsizing to be an old man’s game. Downsizing, it was assumed, fit the budgets of retirees with empty nests.
Then came the tiny house movement and with it a whole group of young people devoted to downsizing. Now, people across age groups are attempting to spend less on property to free up cash for recreation, travel, or investment. Why not minimize housing costs and maximize fun?
But when a building trend receives no less than three shows on HGTV, you know the real estate community has achieved peak hysteria. Sure, downsizing has become a young person’s game, but when is it actually right for you? These experiments in small living can often go awry. One tiny house builder ended up spending $220,000 to build a 500ft2 cabin in Colorado—that’s $440 for every square foot of her small cabin!
Downsizing Is Ultimately A Cost-Cutting Move
The lessons of tiny house hysteria perfectly apply to the situation of an average downsizer; it is important to manage expectations and prices. Unless you have decided to move to a radically more expensive neighborhood, the price of your new home should cost a fraction of your previous one.
The goal here is to free up cash. Especially during retirement, this extra money can be critical for quality-of-life improvements.
According to the Center for Retirement Research, downsizing can lead to major financial gains. Home equity is your largest store of wealth while, paradoxically, home ownership is often your biggest single expense.
Researchers at the center hypothesized that downsizing from a house that costs $250,000 to one that costs $150,000 could increase yearly income by $3,000 and reduce annual expenses by $3,250. Overall, the household expenses of the downsized home are half those of the costlier one, from $8,125 to $4,875.
Who Is Downsizing, Why, and How
For the older crowd, downsizing is still an alluring concept. Who needs 4 bedrooms once the kids have all moved out? Who needs to climb multiple sets of stairs when their knees start to go?
In these cases, smaller homes carry the added bonus of being a health and sanity booster. Homes adapted to older communities eliminate the stairs and provide single-floor living spaces, wide hallways, and outlets accessible at any height. For a vastly reduced price, you can get a livable, affordable new home with minimal upkeep.
Others choose to downsize for environmental reasons. A larger house leaves a noticeably larger carbon footprint on the world. In contrast, smaller homes require less energy and have the ability to run self-sufficiently if supplied with solar panels and other green devices.
If you plan on staying in a large home, fortunately there are some green energy solutions that can help minimize your costs, but the fact remains that smaller homes are a vastly more sustainable option.
A Final Word on Financing Your Downsize
If you are seriously considering a downsize, it would be advantageous to get the equity back on your home first. Experts suggest that you close on the new purchase after closing on the current home’s sale. Once you have secured the funding, it’s time to go ahead and purchase that dream home—tiny, small, and anything in between.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Bank of America is offering 70,000 miles when you spend $3,000 or more within the first 90 days of account opening.
Card Details
Annual fee of $95 is not waived
Card earns at the following rates:
3x miles per $1 spent on Alaska Airlines tickets, vacation packages, and cargo purchases
2x miles for every $1 spent on eligible gas, cable, streaming services and local transit (includes ride share) purchases
1x miles on all other purchases
Free checked bag for you and up to six other passengers on your reservation
No foreign transaction fees
Earn a 10% rewards bonus on all miles earned from card purchases if you have an eligible Bank of America account
Priority boarding benefit
20% back on all Alaska Airlines inflight purchases
$100 off an annual Alaska Lounge+ Membership when you pay with your new card
Get Alaska’s Famous Companion Fare from $122 ($99 fare plus taxes and fees from $23) each account anniversary after you spend $6,000 or more on purchases within the prior anniversary year
This card will not be available to you if you currently have or have had the card in the preceding 24 month period. This does not apply to the business credit card product.
A lot of these details are from recent changes.
Our Verdict
Not as good as the 70k + $100 offer, I tried to do a dummy booking but didn’t see 70k + $100 unfortunately. I’d wait a bit to see if that starts to appear, but 70k might be enough for some people to apply.
For many people, college is the first time they’re truly in charge of their own finances. While it’s often a challenge, creating and maintaining a savings account for students is a foundational lesson for building healthy financial habits that last a lifetime.
And saving money as a student has its short-term, practical benefits, too.
“Life throws a lot of expenses our way that are hard to plan for—like when your car suddenly refuses to start when you’re running late for class,” says Jacqueline DeMarco, a freelance writer specializing in personal finance content. “That’s why building out a solid emergency fund is something that every college student should prioritize.”
So, how can you save money as a student in college? These savings tips can help give you some monetary breathing room and a financially secure start in adulthood.
Can you make your bank accounts work for you?
First things first: Make sure you have a good place to keep your savings. That means finding a bank that’s convenient and offers the features and benefits that work best for you.
DeMarco notes that students may feel limited to banks available on or near campus.
“If they aren’t happy with their on-campus bank options, college students may find that an online bank is a better fit for them,” DeMarco says. “Not only do online-only banks offer all of their services digitally, they also tend to have lower fees and offer higher interest rates than banks with expensive brick-and-mortar locations to pay for.”
Whichever bank you choose, DeMarco says there are two accounts every new student should strongly consider opening: a checking account and a savings account.
Setting up both a savings account and a checking account can be done online within a few hours at the bank of your choice.
How can students save money?
Once you’ve set up your checking and saving accounts, it’s time to take the next step toward financial responsibility. One of the best ways to save money for students is by setting up a budget.
How much should a college student spend per month? To determine that, DeMarco recommends subtracting your monthly expenses (essentials like food, utility bills, etc.) from your monthly income (whether it’s from a part-time job, student loans, or money from a parent). Doing this simple math will help reveal how much you can safely spend each month on fun stuff like new clothes or going to the movies—after you’ve put aside a portion for your savings, of course.
Looking to add more wiggle room to your budget? Try these money-saving tips for students:
Shop at consignment and thrift stores
Consignment and thrift stores offer previously owned clothes and other items at a discount. The primary differences are that thrift stores tend to be nonprofit organizations, accept more donations, and are generally less selective in what they choose to sell. Consignment stores are often more selective about the donations they accept, and they pass a portion of the sale to the person who donated—or consigned—the product.
DeMarco notes that consignment stores are not only a smart option for saving money—they’re also a way for students to make extra money by selling unwanted items.
Buy used textbooks
Textbooks can cost students hundreds of dollars if they’re new. Instead of paying full price, consider buying or renting used textbooks. “Many college bookstores offer used options, and online platforms often provide affordable alternatives,” DeMarco says.
You might also be able to recoup some of the money you spent once you’ve finished a class by reselling your textbooks to a used bookstore or an online vendor. “Sometimes I could even sell a book for more than I bought it,” DeMarco says, referencing her time as a student. Cha-ching!
Think about meal planning
So busy with classes and assignments that you find spending money at vending machines for on-the-go snacks easier than planning ahead? Stop, shop, and save. Set aside a few hours each weekend to prepare all of your meals for the week to come. Or, if you live in a dorm, hoard some extra items from the dining hall so you’re ready when those late-night study session cravings inevitably strike.
“Planning meals in advance gives students the chance to make a shopping list and stick to it,” DeMarco says. “As a bonus, having their meals planned will make it easier to avoid the temptation to dine out after a long day of classes.”
Explore free activities
Who says you need to splurge to have a good time? There are plenty of ways to have fun without spending money. Chances are, multiple free activities are happening on and around your campus on any given night. You can look up event calendars online or keep an eye out for announcements. Groups and clubs are always looking for participants and potential new members, so you can bet they’ll be happy to have you. (Plus, a lot of these events have free food.)
Ask for student discounts
It’s common for stores on and off campus to offer student discounts. To reap the benefits, always keep your student ID in your wallet, purse, or cellphone case so you can flash it and save some money.
“You’d be surprised how many retailers, restaurants, theaters, and entertainment venues offer discounts specifically for students,” says DeMarco, who relied on student discounts to help build her professional wardrobe as she neared graduation. “Plenty of major mall brands offer these discounts.”
Get a cheap coffee maker
Relying on caffeine to get through those late-night study sessions—or just to get moving each morning? Save money on java by buying a coffee maker and becoming your own barista. DeMarco says that a cheap or used French press is easy to use and could save you hundreds of dollars over the course of a year.
Rethink the car
It can be tempting to bring a car to college—whether for grocery runs or the occasional road trip. But the costs of gas, maintenance, and parking can add up quickly, DeMarco says. So leaving that set of wheels at home is another way for students to save money. Most college campuses are great for biking and walking. And many also provide shuttle buses and rides to essential off-campus places like grocery stores—as well as safe rides at night.
Track your savings
As you put these ways for students to save money into practice, DeMarco suggests tracking their positive impact on your budget. That way, you can see how your small saving techniques can add up over time. There are even money-saving apps for students you can download to measure your progress.
Where should college students keep their savings?
As you’re finding new ways to trim your budget, where should you put the money you’ve set aside? DeMarco says you’ve got a few options to consider:
Rewards checking account
While there are better places for long-term savings, rewards checking accounts are a valuable tool for college students as they begin to manage their own finances. Certain online checking accounts will provide cash back rewards based on how much you spend. For example, the Discover® Cashback Debit Account provides a 1% cash back bonus1 as well as overdraft protection if you overdraw your account.
Checking accounts are an ideal place to keep your spending money, funds for paying bills, and income earnings from part-time jobs or side hustles since they allow you to access the cash you need at any time.
High-yield savings account
Starting a high-yield savings account, like the Discover Online Savings Account, in college can make a dramatically positive impact on the rest of your financial life.
DeMarco recommends a high-yield savings account for any money that students may not immediately need but still want to keep available. “That way, their savings can earn interest, but they can access those funds if needed,” she says.
Call it a sunny day fund—online savings with no monthly fees
Discover Bank, Member FDIC
And putting aside a set amount of money each month into a high-yield savings account can start earning you compound interest. Even depositing a small amount of savings while you’re in college can add up over the years to make a sizable stash down the line.
CD
CDs, or certificates of deposit—especially those with a longer maturity term—can provide a higher return than a savings account. Use CDs for savings that you don’t expect to need over the CD’s term. The term length for CDs can vary widely. For example, Discover Certificate of Deposit terms range between three months and 10 years, with competitive annual percentage yields.
“If a student has a solid chunk of savings they know they won’t touch for a while, they may want to consider keeping their money safe in a CD, where it’s guaranteed to experience growth,” DeMarco suggests.
Retirement account
If you’re ready to start preparing for the more distant future (always a good idea), you can start by contributing money to an IRA, or individual retirement account. While some college students wait until they have a full-time job that offers a 401(k) plan to begin saving for retirement, the sooner you can get a head start, the better.
Discover offers both IRA CDs and IRA savings accounts.
Why not start saving while in college?
There’s really no better time to start saving than in college. To make your savings dreams a reality, set goals at the start of each semester and check your progress periodically. Maybe even reward yourself (nothing too extravagant, of course) for staying on track. Something as small as the occasional special meal or an activity that doesn’t blow your budget can be a fun way to celebrate those financial milestones.
Saving money can also create some amazing memories with the new friends you’ll be making. Ramen might seem dull, but challenging friends to see who can come up with the best recipe using cheap instant noodles can spice up the fun.
College can be a wonderful experience. And weaving these saving tips into that experience can help build the foundation for a comfortable and secure financial future. Just think: It could all start with a high-yield savings account.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
Aer Lingus is the flag carrier of Ireland. The airline goes back to 1936 when the carrier was called Aer Lingus Teoranta.
When you participate in the AerClub, the loyalty program of Aer Lingus, you earn Avios that are redeemable for award flights on Aer Lingus, as well as its partners British Airways and Iberia. You can even transfer Avios between these programs for free.
Here’s your guide to Aer Lingus and its frequent-flyer program.
About Aer Lingus
Headquartered in Dublin, Ireland, Aer Lingus flies to nearly 100 destinations in 23 countries, including the United States.
Combined with its partners, you’ll be able to fly to about 150 destinations. The airline operates under three brands: Aer Lingus, Aer Lingus UK and Aer Lingus Regional.
Aer Lingus operates direct flights from Dublin and Shannon airports, as well as from Manchester, England, to the following U.S. cities.
From Dublin
Cleveland.
Hartford, Connecticut.
Los Angeles.
Newark, New Jersey.
Orlando, Florida.
Philadelphia.
San Francisco.
Washington.
From Shannon
From Manchester
Aer Lingus fare classes
When booking transatlantic Aer Lingus flights, you’ll have a choice of several fare classes: Saver, Smart, Flex, Business and Business Flex. The higher the fare you purchase, the more extras will be included.
Each fare type includes the following items:
Saver
Carry-on bag (22 pounds/10 kilograms).
Small personal carry-on item.
Complimentary meal.
Smart
No change fees.
Checked bag (one 50 pounds/23 kilograms bag in economy or three 50 pounds/23 kilograms bags in business class).
Advance seat selection.
Eligible for a credit voucher.
Flex
Eligible for a cash refund (minus the fees).
Business
Dedicated check-in line.
Airport lounge access.
Lie-flat seats.
Complimentary Wi-Fi (on Airbus A330 and Airbus A321neo Aer Lingus aircraft).
Luxury dining.
Standby for earlier flight.
Fast Track through security at Dublin Airport.
Refundable fare (minus 15% and fees).
Business Flex
Fully refundable fare.
Aer Lingus business class aircraft
Aer Lingus operates three types of planes on its transatlantic routes: Airbus A330-200, Airbus A330-300 and Airbus A321neo LR.
Aer Lingus A321neo business class
Just 16 lie-flat beds are available in business class on the Aer Lingus Airbus A321neo plane. The seats are arranged in 2-2 and 1-1 configurations in a single-aisle cabin.
Aer Lingus A330-200 business class
Aer Lingus doesn’t operate a ton of routes with an Airbus A330-200, but it’s still possible you might fly this aircraft between Ireland and the United States, especially on routes from Dublin to either Los Angeles or San Francisco.
This business-class cabin features 23 seats arranged in a 1-2-2 or 1-2-1 configuration. The seats are 22 inches wide and provide 58 inches of pitch.
Aer Lingus A330-300 business class
The largest aircraft in the fleet, Airbus A330-300 more commonly operates Aer Lingus flights to and from the United States. The seats are the same size as its A330-200 counterpart, but because it’s larger, you’ll find 30 lie-flat seats arranged in a 1-2-1 or 1-2-2 configuration.
How to earn Aer Lingus Avios
Aer Lingus AerClub members earn Avios, the same currency shared by British Airways Executive Club, Iberia Plus, Vueling Club and Qatar Airways Privilege Club.
Earn by flying
You can earn AerClub Avios by flying Aer Lingus and its partners, such as British Airways and United Airlines.
On Aer Lingus flights, the number of Avios you’ll earn is based on how much you spend on the ticket and the currency you used to pay for the flight:
3 Avios per 1 euro.
4 Avios per 1 British pound.
3 Avios per U.S. dollar.
2 Avios per Canadian dollar.
If you fly British Airways or United, you’ll earn Avios based on the purchased fare class and the percentage of the distance flown.
Earn by spending on credit cards
Chase issues the Aer Lingus Visa Signature® Card. It earns 3 Avios per dollar spent on Aer Lingus, British Airways, Iberia and LEVEL; 2 Avios per dollar spent on hotel accommodations purchased directly from hotels; and 1 Avios per dollar spent on all other purchases.
The current sign-up bonus is: Earn 75,000 Avios after you spend $5,000 on purchases within the first three months of account opening.
Earn by transferring points
AerClub is a transfer partner of American Express Membership Rewards and Chase Ultimate Rewards®. Points transfer at a ratio of 1:1 in both cases.
If you have Marriott Bonvoy points, you can transfer them to AerClub at a ratio of 3:1, with a bonus of 5,000 Avios for every 60,000 Marriott points converted at once.
Transfer Avios from partners
Use avios.com to transfer Avios from either British Airlines or Iberia to Aer Lingus. If you need to transfer Avios from Qatar, use British Airways as an intermediary first and then follow the next step to transfer them to Aer Lingus.
What are Aer Lingus Avios worth?
NerdWallet values British Airways Avios to be worth 0.8 cent each. Because Avios can be transferred from British Airways to Aer Lingus, we’ll say that they’re worth the same. Keep this in mind and use it as a target value when redeeming AerClub Avios for flights.
How to redeem Aer Lingus Avios for maximum value
You can redeem Aer Lingus Avios for awards on Aer Lingus, British Airways and Iberia only, so you don’t have many options to maximize the value. However, you still can get a decent deal redeeming Avios for award flights.
To redeem AerClub Avios, you have to log in on avios.com with your Aer Lingus credentials. The redemption rates depend on the distance you fly, the season and the class of service.
U.S. East Coast to Ireland on off-peak dates
One of the best Avios redemptions through Aer Lingus is for award flights between the East Coast of the United States and Ireland during off-peak season. The one-way mileage rate is just 13,000 Avios in economy class and 50,000 Avios in business class. You’ll pay $116 to $138 in taxes, but it’s still a great deal.
Ireland routes in the East Coast travel zone include:
Cleveland.
Minneapolis.
Philadelphia.
Washington.
U.S. East Coast to Europe on off-peak dates
If Ireland isn’t your destination, you can connect to other European cities that Aer Lingus flies to for an additional 4,000 Avios. So, you’ll redeem 17,000 Avios for an Aer Lingus economy flight anywhere in Europe on off-peak dates.
U.S. West Coast to Ireland on off-peak dates
West Coast residents can take advantage of some great redemption rates on routes to and from Ireland. A one-way economy flight is going to cost you 16,250 Avios, and a business class flight will cost 62,500 Avios.
Ireland routes in the West Coast travel zone include:
Los Angeles.
San Francisco.
Aer Lingus AerClub, the elite status program
Status levels and benefits
Launched in 2016, AerClub is quite a newcomer to the airline loyalty program scene. It has four membership levels: Green, Silver, Platinum and Concierge. If you sign up for the AerClub program, you automatically become a Green member, so technically there are three elite tiers.
Depending on your elite level, benefits include priority check-in and boarding, lounge access, complimentary bags, complimentary upgrades, free Wi-Fi and waived change fees.
How to earn Aer Lingus elite status
Achieving elite status in the AerClub program requires earning Tier Credits, which are awarded based on your route and fare type. The more Tier Credits you earn within a qualification period, the more you progress in the elite levels. Keep in mind that only Aer Lingus ticketed and operated flights earn Tier Credits.
The qualification period is based on when you join AerClub, so make sure to remember the date you signed up as a member. The Tier Credits reset to zero annually on your anniversary date.
European flights earn a different number of Tier Credits than transatlantic flights ticketed and operated by Aer Lingus.
Here’s how many Tier Credits you’ll earn on flights within Europe:
And here’s how many Tier Credits you’ll earn on transatlantic flights:
Keep in mind that the earning rates will change for travel after Oct. 1, 2023.
Aer Lingus AerClub recapped
As a relatively new airline loyalty program, AerClub still has a long way to go. Members can redeem Aer Lingus Avios for award flights on Aer Lingus or its partners. The option to transfer Avios to British Airways, Iberia and Qatar also greatly expands their use.
(Top photo courtesy of Aer Lingus)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Looking for an app that does it all – automate savings, track spending, investing, and get a free $250 cash advance?
Welcome to my Albert App Review.
Looking for an all-in-one personal finance app that will help you manage your money, save for your future, or even get a free cash advance when you need it?
In that case, you’ve come to the right spot!
In this Albert App Review, I’ll go over everything you need to know about the popular Albert app, and I will discuss its features, benefits, how the app can help you, and more.
You can sign up for the Albert app here.
The Albert app is becoming more and more popular as a money tool that can simplify your life. Instead of needing a bunch of different financial apps, Albert can help you consolidate your phone and need less. The app is a one-stop shop for your monthly financial needs – it automates savings, helps you manage your budget, and has spending, borrowing, and investing tools. With this easy app and the wide range of tools that you can use, Albert has many benefits.
This app reduces the need for multiple apps since it offers a wide range of tools and features.
If you’re looking for a money saving app, Albert can be a great option to start with. There’s a reason why it’s one of the top money apps in the App Store!
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Albert is one of the most popular personal finance apps, and it is designed to make it easier to save and invest all in one place. This app has features for saving, investing, and budgeting.
Quick Summary – Albert App Review
Albert app is a financial management tool that helps you to save, spend, and invest right in the app
The Genius feature allows you to ask any money question and get a real response from a real person
Albert app’s cash advance feature can get you up to $250
The app is free, but some features do require a monthly subscription
Albert App Review
What Is The Albert App?
The Albert app is a personal finance app that will help you manage your money better by making it easier to save and invest all in one place. This app has features for saving, investing, budgeting, and more.
It has many different features, such as budgeting tools, real-time alerts, and a helpful service where you can ask an expert money questions and get real answers catered to your situation. The app strives to make financial management easier and more organized for everyone.
Albert makes it easy to manage your finances, eliminating the need for visits to physical bank branches or formal phone calls with a financial expert. With the ease of using an app, you can easily track your financial well-being, helping you stay organized, reach goals, and find smart ways to save, spend, and invest. Albert stands out by simplifying your personal finances, all while keeping things very easy to use.
Albert also has a feature where you can get a small cash advance of up to $250 with no late fees, interest, or credit check. This advance is repaid from your next paycheck, giving you the option to avoid high-interest personal loan lenders for those in need of quick cash.
There are no hidden fees, and it is free to sign up. They do have a paid subscription plan that you can sign up for which will give you access to different features such as financial advice from experts. I talk about the paid part further below.
Does The Albert App Give You Money?
Albert provides instant cash advances to users who need small amounts of money before their payday. They do not charge late fees, interest, or run a credit check for this feature.
This can be a great way to not pay high rates on payday loans for when you just need a little bit of cash.
How it works is that the Albert app will send you up to $250 from your next paycheck straight to your bank account. Then, you simply repay them when you get paid. You can pay a small fee to get your money instantly, or you can wait 2-3 days and get the cash advance for free.
Albert Instant is available to all members of the Albert app who qualify, whether they are a paid subscriber or not. Now, not everyone will qualify. To determine your eligibility for a cash advance, they look at things such as if your income is direct deposited into your connected bank account, if your bank account has been open for at least 2 months and has a balance greater than $0, and if you’ve received consistent income in the past 2 months from the same employer.
Albert App Features
The Albert App has many other features, such as:
Banking with Albert
Albert has a user-friendly banking service through its partnership with FDIC-insured Sutton Bank. This includes features like no minimum balance requirement and access to your paycheck up to two days early.
With an Albert account, you can also earn cash back rewards, such as getting a cash back bonus on gas, groceries, and more when you purchase items with your Albert debit card. You can earn an average of $2.00 per gas tank fill-up. You do need to be a Genius subscriber to take advantage of this benefit.
The app also has fee-free ATMs for their paid subscribers at over 55,000 ATMs (when using the Albert Mastercard debit card).
Albert Savings
Albert Savings is the app’s automatic savings tool that is available to Genius subscribers. It saves money from your linked bank account to your Albert Savings account.
This automated savings tool helps you build up your funds without the stress of manual transfers. It analyzes your income and expenses to calculate the amount you can save comfortably. Or, you can manually set your own savings schedule.
The Albert saving feature can help you to save more money and reach your goals.
The money in your Albert Savings account is yours, and you can withdraw it at any time.
Albert Budgeting
The Albert Budgeting feature is super handy and packed with a bunch of useful tools to help you manage your money with ease.
The Albert app has budgeting tools to help you track your income and expenses, find fees that you shouldn’t be paying, and watch your financial progress. The app will send real-time alerts and notifications to help you stay on track with your budget. But, that’s not all.
Other features of Albert Budgeting include:
The Albert app can negotiate your bills so that you can save money. The app will help you lower your bills such as for cable TV, internet, cell phone, and more.
The Albert app also makes it easy to see all of your budgeting info in one quick place, such as tracking your recent bills, seeing how much you’re spending in different categories, and more.
The app will categorize your spending so that you can see where your money is going (this can help you to realize where you may need to cut back)
Also, the app will help you find hidden charges and subscriptions that you may not be using.
These are all very helpful features that can help you save a lot of money in the long run.
Albert Investing
If you’re new to investing or you’re looking for an easier way to invest, the Albert Investing side of the app can make getting started much, much easier.
With Albert Investing, you can start an investment portfolio that matches the amount of investment risk you want to take on and your financial goals. The app even provides investment guidance and lets you start investing without any minimum investment amount needed.
So, that means that you can start investing with Albert Investing with just $1.
You can get started investing in the app by answering some questions (the app wants to learn more about you so that it can make selections based on your personal situation). The app will then choose individual stocks or funds for you to invest in (or, you can choose these yourself if you know what you want to invest in). You can even ask the app to only invest in themes as well, such as companies that are interested in sustainability and the environment. You can then continue to invest automatically or on a recurring schedule. The auto-investing feature can be a great tool if you are looking to save time and invest regularly without really thinking about it.
Albert Genius
This is one of my favorite parts in the app.
The Albert Genius service gives you financial advice from a team of expert financial advisors (this is a team of real human experts that you are able to talk to – not a robot), available through a paid monthly subscription in the app.
You can ask their experts any money question that you have, whether it’s a big or small question, a general question, or something more specific to your personal situation. Your questions can be about anything from credit cards, budgeting, student loans, investing, credit card rewards, life insurance, your personal financial life, and more. These experts will help you answer your questions 7 days a week too. And, there’s no limit to the amount of questions you can ask.
This is a very nice feature to have access to.
Some of the questions you can ask include:
How do I start a budget?
How do I lower my car insurance? Am I paying too much?
How much can I personally afford to spend on a house?
How can I improve my credit score?
How much money should I have in my emergency fund?
Should I use extra cash to pay off debt or invest?
Can you help me to better under travel miles and credit cards?
There are so many different questions that you can ask the team at Albert!
Albert Protect
Albert Protect is a feature for paid subscribers on the app.
The Albert Protect feature monitors your money around the clock. The app will alert you if something suspicious comes up for any of your connected financial accounts or your identity. The app continuously watches for suspicious activity on your credit report, the dark web, data breaches, and unusual charges.
How Does The Albert App Work?
Signing up for Albert is easy!
Simply click here to get started.
Or, you can head to the Google Play or App Store, depending on your device (Android or iOS), and download the app. Once installed, the app will walk you through the setup process. There’s no need to worry about a credit check as Albert doesn’t require one for signing up.
Next, you’ll be asked some questions about yourself such as your name and age. The app is trying to learn more about you. Here’s what Albert says specifically about the questions that they ask: “We do this in order to best serve your needs: a 19-year-old single student has different financial objectives and priorities than a 37-year-old professional with two kids who will be starting college soon.”
Then, you’ll be asked to connect your financial accounts to the app. So, you may connect your bank account that your bills come out of, your credit card accounts, student loans, mortgage, investments accounts, and more. You can connect as many or as little as you want. This information helps the app better serve you so that it can give you recommendations, track your spending, give you alerts, and more.
After you sign up, you’ll have access to the many features mentioned above to help you manage your finances. As you learned above, there are a lot of tools in this app, so I recommend just playing around in the app at first to better familiarize yourself with it and see how it can help you. Maybe sit down for a few minutes at a time until you understand how to use the app in the best way for your financial situation. That’s exactly what I did when I first downloaded the app because it was a little intimidating at first trying to see all of the different things that the app can do. But, it’s so nice that everything can be done right from one app!
To sign up for the app, they do require that you be a U.S. citizen or resident, be at least 18 years old, and have a bank account with a U.S. financial institution. Unfortunately, at this time, the app is not available to those outside the U.S.
How Much Does Albert App Cost?
The Albert app has a lot of different features, so you may be wondering what the cost is or if there are any monthly fees.
The great thing is that many of the tools and features on the Albert app are free.
For example, the Albert App has a fee-free cash advance feature to help you cover unexpected expenses. If you need some extra cash until your next paycheck, you can get up to $250 as a cash advance, with no cost. There are no late fees, overdraft fees, or maintenance fees associated with this service.
You can also start investing with as little as $1 and use the free cash advances feature (as long as you meet eligibility requirements) without the need for a subscription.
Now, the Genius subscription does have a cost.
If you’re looking to unlock all of Albert’s helpful budgeting, saving, and investing tools, you might want to consider their Genius subscription. This subscription starts at just $14.99 per month and gives you access to some helpful benefits like cash bonuses and personalized financial advice. Keep in mind that the true value of the Genius subscription depends on how often you use the app and all its features. So, if you’re a frequent user of the app, it could be a great investment in your financial well-being.
Is Albert App Safe to Use?
Yes, Albert is safe to use.
Let’s start with the basics – the Albert app isn’t a bank, but it teams up with FDIC-insured Sutton Bank to offer you banking services. That means that the money in your Albert Cash account is safe because it’s protected by the Federal Deposit Insurance Corporation (also known as FDIC). That’s a fancy way of saying your funds are insured for up to $250,000.
Your Albert Savings accounts are held at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo.
When it comes to data security and privacy, Albert takes that seriously too. The app has security measures to protect your sensitive personal and financial information.
As for customer service, if you ever face any issues with the Albert app, you can easily reach out to their support team for assistance. Many Albert app reviews have mentioned their responsive customer service.
Pros and Cons of Albert
Like with any personal finance app, there are pros and cons. I can’t write an Albert app Review and not talk about the pros and cons, so that you can make the best decision for yourself.
Some of the benefits of using Albert include:
The app aggregates all of your accounts – Albert gives you an overview of your financial life by combining all your accounts in one place.
Savings and investments – The app offers customizable savings goals and can create a custom portfolio for your investment needs. It will also keep track of your transactions and help you identify potential savings opportunities as well as avoid late fees.
The Albert app is safe – Your information is kept safe with the same level of security used by major banks, as well as FDIC insurance.
Albert Genius – This feature provides personalized money advice from financial experts (real people, not a robot!) to help you make smarter financial decisions. You can ask any money question and will get personalized advice.
Free cash advance – Get a cash advance on your next paycheck without any late fees using Albert Instant, or access your paycheck up to two days early with direct deposit.
Free ATM withdrawals – This is a feature paid monthly members get to have.
While Albert has many helpful tools and features, there are some potential downsides to using the app such as:
App-only functionality – All features of Albert are limited to the app, which may be inconvenient for some people who prefer to be on their computer instead of their cell phone.
Fees – While many features in Albert are free to use, some, such as the Albert Genius service, require a subscription fee. The fee is quite affordable for the services you receive, though.
No phone calls – If you need to talk to customer support, there is no phone number to call. Instead, it’s all done through the app, text message, or email.
Frequently Asked Questions
Here are answers to commonly asked questions about the Albert app.
Is Albert a trustworthy app?
Yes, Albert is a trustworthy app. Your banking money is FDIC-insured, with coverage up to $250,000, and your investments are SIPC-insured. The app has many financial tools and you can even get personalized advice from experts.
How much can you borrow with Albert?
The maximum for a cash advance is $250.
How do you get $250 from Albert app?
Albert offers a cash advance feature called Albert Instant. After you enable this feature and meet the requirements, you can access funds quickly, sometimes up to $250.
Does Albert give you money right away?
In some cases, Albert can provide instant cash advances or help you get your paycheck up to two days early via direct deposit, depending on your employer and banking situation.
How long does it take to get money from Albert?
Getting your hands on the cash you need from Albert is all about the service you’re using. If you’re in a hurry, instant cash advances could have those funds in your pocket right away. But for paycheck advances and other features, it might take a couple of days before you see the money.
What are the requirements to get a cash advance on Albert?
Requirements for a cash advance with Albert include a history of consistent income, using the Albert app for a certain period, and having a bank account linked.
Does Albert hurt your credit?
Albert does not directly impact your credit score as it is not a lender. However, using the app’s guidance to improve financial management can help you work towards building or maintaining a higher credit score.
Does Albert need your social security number?
Yes, when signing up for the Albert app, it will ask you for your SSN. This is because it is an investment app and they need to verify that it is actually you signing up.
Is Albert or Chime better?
Albert and Chime are different financial apps with different features. Albert focuses on money management, investing, and advice, while Chime is a mobile banking app offering checking and savings account services. Your choice should depend on your financial goals and preferences.
Why is Albert taking money from my account?
If you’re already an Albert user, this may be a troubleshooting question that you have (and perhaps you searched Google and found this blog post). Albert takes money from your account (such as your bank checking account) to fund the services you’ve opted into, such as investments or automatic savings. You can check the app’s settings or contact Albert to learn more,
Is Albert app affiliated with a specific local bank?
Albert is backed by Sutton Bank.
Is the Albert app reliable and secure for banking?
Yes, Albert is a reliable and secure app for managing your finances. It is FDIC and SIPC-insured and has a variety of financial tools and resources to help you improve your financial situation.
How is Albert app customer service?
I did some research and I found great Albert app reviews on their customer service. The Albert app has customer service options within the app and online. They do not have an option to call their customer service and speak on the phone. But, if you’re like me, you probably prefer to get your questions answered via text message or email anyways.
Is Albert app legit?
Yes, the Albert app is a legitimate personal finance app that can help you manage and improve your finances. Millions of people (last I checked, over 10,000,000 people use this app) use the app’s many helpful tools. The app is available for people on Apple or Android devices and it has great reviews.
Who is Albert app best for? Who should not use it?
The Albert app is a helpful all-around financial app that can help many different people. If you’re looking for an all-in-one app to help you save, spend, borrow, and invest, Albert might be a good fit for you. The app is helpful for people who:
Want fee-free cash advances up to $250 (this is a feature that many people like because they don’t have to sign up for high-interest rate loans when they just need something for a short amount of time)
Need an app that gives you an overview of all your accounts in one place
Are interested in automatic savings and easy investing tools
Albert takes the work out of managing your finances and may be helpful for people who are trying to stay on top of their personal budget without having to juggle multiple apps.
However, Albert may not be the best fit for everyone and not everyone needs to have it. So, if you fall into any of the below, then this may not be the app for you
If you’re an experienced investor looking for more advanced trading tools, then this may not be the best investing app for you (the Albert app is basic in this area because I think it caters more to those who are new investors or are looking for something easier to manage)
If you’re someone who doesn’t feel comfortable linking their bank accounts to a third-party app (you will need to link accounts in order to get full use of the app – I understand that some people may not want to do this)
Albert App Review – Summary
I hope you enjoyed my Albert App Review.
I think this is a very helpful app, and I can see why it’s one of the most popular money apps today.
Albert is an app designed to help manage your saving, budgeting, investing, and more, all in one easy app. The app has all of the different money tools that you would want, plus some extras that you may have not realized you needed yet.
Albert is an app that helps you to manage many different parts of your financial life right from your cell phone (it’s not available on computers).
They even have the Genius feature (one of my favorite parts of the app), which is an in-app chat where you can ask one of their experts anything related to money, from credit cards, buying a car, student loans, and more. This is very helpful if you ever have questions about money.
And, if you need cash now, Albert may be able to give you a small advance of up to $250. There are no late fees, interest, or a credit check. If you want to avoid personal loan lenders who have high-interest rates, and only need a small cash advance, then Albert may be a place to start with. How this works is that they send you $250 from your next paycheck. You simply repay them when you receive your next paycheck.
You should keep in mind that investment options don’t include retirement plans and customer service can only be reached via email and text. Though the app’s budgeting tools are more basic compared to budgeting-focused apps, the Albert app still has many, many benefits to help you manage your finances effectively and it’s all from one easy-to-use app.
You can learn more about Albert here.
What’s your favorite personal finance app? Do you use the Albert app?
Chase is offering 65,000 Hyatt points after $5,000 in spend within the first three months when you open a new World of Hyatt Business card and an additional 15,000 bonus points after you spend $12,000 within the first 6 months
Card Details
$199 annual fee (fee is NOT waived the first year)
Card earns at the following rates:
Earn 4x points per dollar at Hyatt properties
Earn 2x points per dollar on your top three categories, from a selection of the following eight categories (they call this “Adaptive accelerator”):
Dining
Shipping
Airline tickets when purchased directly with the airline
Local transit & commuting
Social media & search engine Advertising
Car rental agencies
Gas stations
Internet, cable & phone services
Earn 2 points per dollar on fitness club and gym memberships
Earn 1 point per dollar on all other spend
Spend $50,000 or more on the card in a calendar year and receive 10% of redeemed points back as Bonus Points for the remainder of the calendar year (maximum of 20,000 Bonus Points per calendar year)
Earn $100 in Hyatt credit each anniversary year: Spend $50 or more at any Hyatt property and earn $50 in statement credits up to two times each anniversary year
Automatic Discoverist status in World of Hyatt (typically requires 10 Tier-Qualifying Nights or 25,000 Base Points)
Gift up to 5 Discoverist statuses to their company employees (they do not have to be cardholders)
5 Tier-qualifying night credits with each $10,000 in spend on the card in a calendar year
With World of Hyatt’s 2021 reduced elite status criteria, World of Hyatt Business Credit cardmembers can earn top tier Globalist status with $60,000 in spend on the card now through Dec. 31, 2021.
Access to Hyatt Leverage, Hyatt’s global business travel program that offers special rates to qualifying small and mid-sized enterprises at participating Hyatt hotels worldwide
No foreign transaction fees
No fee for employee business cards
Primary rental car collision damage waiver
Our Verdict
This is the same bonus that the card launched with and an all time high (actually not as good as that only required $5,000 total spend). Hopefully it becomes available as a referral bonus as well. Could definitely be worth it for some people, especially as Chase business cards don’t count towards your 5/24 status (you still need to be under 5/24 to get approved though). We will add this to our list of the best credit card bonuses.
College is an exciting time: You’re surrounded by new people, new opportunities, and a chance to dive into the next chapter of your academic career. But this transition also comes with different financial realities—and the need to develop new skills around spending and saving money.
Along with navigating your new campus and sharpening your study skills, there’s another key lesson to learn: how to create a college student budget. When done right, a budget can help you limit debt, build some savings, and accomplish your goals. Need to make sure you have enough for textbooks, rent, food—and some left over for a little fun? Want to spend a semester abroad? Creating a college student budget can help with these goals and more.
Whatever financial issue is giving you trouble, Katie Waters, CFP®, founder of a financial planning firm, has tips for how to set yourself up for success. Here’s how to get started.
Assess your income and expenses
As you begin building your college student budget, you first need to figure out how much money you have coming in and how much you have going out. You can use anything from a simple spreadsheet to a budgeting app to track your income and expenses.
How should students pay for monthly expenses? Start by writing down all the sources of after-tax money you get each month, Waters says. That includes money from a part-time job, financial aid, stipends, grants, loans, or a monthly allowance from your parents.
Next, figure out how much you’re spending each month. Waters recommends looking back at three months’ worth of your expenses. To do that, refer to your debit and/or credit card statements, plus any record of money sent through payment apps.
You should account for every dollar you’ve spent, Waters says, separating expenses into common categories such as:
Cell phone
Food
Entertainment (movies, fun with friends, streaming services)
Clothing
Internet
Transportation (airfare, bus tickets, car insurance, gas)
Tuition
Room and board or rent
Textbooks and school supplies
The point is to add up everything, Waters says. “We want a line item for it all.”
If you’ve gotten this far and you already realize that your expenses weigh in heavier than your income, consider ways you could start giving your income a leg up. Check out these tips to help you make money as a college student.
Create your college student budget
Making and following a college student budget is the best way to ensure you have enough money to pay for the things you need while still having some money left over for the things you want. Here’s how to budget as a college student:
1. Create your spending categories.
Your budget should contain categories for all your major spending groups. (Refer to the list of expenses you created when assessing your expenses.) Then decide how much you must spend for each and assign a dollar amount or percentage to that category.
2. Choose a type of budget.
There are different budgeting styles, and Waters notes that one might fit your specific situation better than another. You could try the 50/30/20 rule, which allocates 50% of your money toward needs (food, textbooks, tuition); 30% toward wants (entertainment, clothing); and 20% toward savings.
You can also go with the envelope system, which involves setting aside a limited amount of money for each spending category. Once you hit the limit in a given category by running through money in its envelope—whether literal or digital—you can’t spend any more in that category until the next budget period begins.
3. Optimize your budget regularly.
Once you’ve set a budget, keep track of it. If you’re consistently under or over, see if there are areas where you can save more or spend less. As your needs change, so should your budget.
Checking with cash back and no monthly fees
Discover Bank, Member FDIC
Prioritize essential expenses
Whichever kind of college student budget you choose, make sure necessities such as your tuition payment (if you’re paying for school yourself) or things like bus fare to get to your part-time job are covered. To make that easier, Waters says you can find ways to reduce your expenses, such as:
Renting, borrowing, or buying used textbooks
Buying snacks in bulk or cooking meals that are large enough that you’ll have leftovers
Asking for student discounts when shopping in person or looking for online discounts
Opening a cash back checking account or using a cash back rewards credit card to earn rewards1 for purchases you already make.
Focusing on what you must pay for first can help to lessen the debt you acquire, Waters says. Bonus: If you can do that, you’ll also reduce the amount of interest you’ll have to pay while in school or after you graduate.
Manage your fixed and variable expenses
Certain expenses, such as your cell phone or car insurance bill, typically stay the same every month. Those are fixed expenses. Variable expenses include costs that can change from month to month, like food, gas, or entertainment, depending on your behavior. Variable expenses can be tougher to budget for, but they can also provide more flexibility to your budget.
The envelope budget method can help you learn to budget more accurately for variable expenses when making a college student budget. For example, let’s say you spent $140 dining out in month one, $175 in month two, and $120 in month three. Take the average of the three—$145—and set that as your “dining out” monthly line item that you shouldn’t exceed.
“The biggest ‘don’t’ for college students is saying yes to everything,” according to Waters. Instead, it’s important to set limits. “Get to know your town and find ways to hang out that are free or low cost.”
Save for emergencies
College might not seem like a natural time to save money, especially if you’re not making much to begin with—but it can be done. And saving money will be a critical skill you can continue to use throughout your life.
Often, the easiest way to save is to make it automatic, Waters says. You can automate your savings by opening a savings account and setting up regular transfers from your checking to your savings account. You can choose how much is socked away based on a percentage of your income, as with the 50/30/20 rule, or you can set aside a chunk of your remaining balance at the end of each month.
It’s also important to try and build an emergency fund, even if it’s small, Waters says. An emergency fund is money you use for unexpected expenses—think paying to fix a flat tire, covering medical bills, or repairing a malfunctioning laptop. A good goal for the amount to save in an emergency fund is three to six months of your expenses. That might sound like a lot, but you can build your savings slowly over time.
Waters notes that a savings account or emergency fund is also a great place to stash cash you weren’t expecting to receive—like birthday money from Grandma. Think of it this way: If you save $25 a week, in just six months, you’ll have saved $600. This is also a great chance to learn how to invest as a college student. By keeping your savings or emergency fund money in a high-yield savings account, you can watch how your savings grows over time with interest.
Start building your financial foundation today
Once you’ve set a budget that you feel comfortable with, make sure to regularly check in with yourself about your spending. One trick that’s great for budgeting for college students is a financial checklist, which helps you look closely at your spending habits and whether your needs have changed. Earning more or less money, a change in your rent, or a tuition hike can make it necessary to reassess your budget and tweak as needed, Waters says.
College can be the perfect time to start your financial future off on the right foot. Things like building credit, saving for retirement, and creating a thriving savings account all come from making the right choices early—and regularly. Getting a handle on your finances in college with a college student budget is one of the best first steps you can take.
Creating a budget and learning to manage your finances as a college student can put you in a stronger financial position when you graduate. Here are some of the first steps you can take to ensure your long-term financial wellness.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), online sports betting and internet gambling transactions, and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple Pay® is a trademark of Apple Inc. Venmo and PayPal are registered trademarks of PayPal, Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd. Google, Google Pay, and Android are trademarks of Google LLC.
As an Amazon Associate I earn from qualifying purchases.
Looking for the perfect blend of comfort and affordability in Northwest Washington, DC? Look no further than Dahlia Apartments, nestled in the heart of the historic Takoma neighborhood. These recently renovated studio apartments offer an unbeatable living experience, and right now, you can enjoy one month free when you rent one of these gems!
Spacious Apartment Living in the Heart of DC
Dahlia Apartments offer a range of studio apartments that have been thoughtfully designed to maximize your comfort and convenience. Each studio boasts spacious floor plans and generous closet space, ensuring you have room for all your belongings. The pet-friendly policy means you can bring your furry friend along for the adventure.
Inside your studio apartment, you’ll find a range of modern features that make daily living a breeze. The gas range allows you to whip up your favorite meals with ease, and the stunning picture windows flood your space with natural light, creating a warm and inviting atmosphere.
Modern Upgrades for a Contemporary Lifestyle
Dahlia Apartments have recently undergone a transformation to bring you upgraded features that enhance your living experience. From upgraded lighting fixtures to gooseneck faucets, every detail has been carefully chosen to elevate your daily life.
The modern cabinetry not only adds style to your kitchen but also provides ample storage space for all your culinary needs. You’ll also appreciate the convenience of a microwave and dishwasher, making meal prep and clean-up a breeze.
Affordable Living Made Easy
At Dahlia Apartments, affordability doesn’t mean sacrificing convenience. Your rent includes water, sewer, and trash payments, simplifying your financial responsibilities. Paying rent is hassle-free with the option to pay online, and you can rest easy knowing that these apartments offer unbeatable value in a prime location.
Dahlia Apartments focus on providing comfortable and affordable living spaces without the frills. This approach ensures that you get the best value for your money in one of DC’s most cherished neighborhoods.
Special Offer: One Month Free!
Right now, Dahlia Apartments is offering a special deal you won’t want to miss. Rent one of their fully renovated studio apartments for just $1,750 per month, and enjoy the added bonus of one month free. This limited-time offer makes the prospect of living in the heart of Takoma even more enticing.
So, if you’re in search of an affordable, comfortable, and conveniently located studio apartment in Washington, DC, Dahlia Apartments should be at the top of your list. Don’t miss out on this opportunity to enjoy one month free and make the Takoma neighborhood your new home. Contact Dahlia Apartments today to schedule a tour and secure your slice of DC living at its finest.
Take a tour
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
The holiday shopping season will be a potentially rewarding time for eligible Discover cardholders this year.
From Oct. 1 through Dec. 31, 2023, qualifying cards like the Discover it® Cash Back and the Discover it® Student Cash Back will earn 5% cash back on up to $1,500 in combined quarterly spending in the following bonus categories (activation required; all other purchases earn 1% back):
Amazon.com.
Amazon.com has long been a staple on the Discover Q4 bonus list, having appeared there every year since 2015. Amazon.com sells almost everything, so this could be a great opportunity to avoid the crowds during the holiday shopping season and earn bonus cash back. All eligible purchases made through Amazon.com checkout can qualify, including digital downloads, Amazon Fresh orders, Amazon Local Deals, Amazon Prime subscriptions, and items sold by third-party merchants.
Target is also a common Q4 bonus category for Discover, and this year purchases made in-store, on Target.com and through the Target app can qualify for bonus cash back. However, purchases from individual merchants within physical target stores (like Starbucks or Pizza Hut) in addition to online purchases through affiliates like Target Optical or Target Photo may not qualify.
Discover bonus rewards categories for 2023
Q1 (Jan. 1–March 31)
Grocery stores.*
Drugstores.
Select streaming services.
Q2 (April 1–June 30)
Restaurants.
Wholesale clubs.
Q3 (July 1–Sept. 30)
Gas stations.
Digital wallets.
Q4 (Oct. 1–Dec. 31)
Amazon.com
Target, including Target.com and the Target app
*The grocery stores category does not include grocery purchases at Walmart or Target or at other superstores or wholesale clubs.
🤓Nerdy Tip
For the first time in the past five years, Discover has elected not to release its entire 5% bonus calendar all at once in January, meaning cardholders must wait for categories to be revealed quarterly. The release of the full year’s bonus calendar had been a distinctive feature, making it easier for cardholders to time their purchases. But this move puts Discover in line with other 5% rotating-bonus-category cards, like the Chase Freedom Flex℠.
Bonus categories can be activated online at Discover.com, through the mobile app or by calling 1-800-347-2683. Bonus rewards will not be applied retroactively, and only qualifying purchases made after activation will be eligible for bonus rewards.
Cash back may be redeemed for a statement credit, direct deposit, gift card or charitable donation. Discover’s Pay With Cashback Bonus program also allows cardholders to use rewards to pay for merchandise with select merchants.
Retail lender Guild Mortgage announced Monday that Mary Ann McGarry is retiring from the CEO position in late June, remaining on the California-based lender’s board of directors after retirement. Terry Schmidt, Guild’s current president, is the successor.
McGarry joined Guild in 1984 as a supervisor in internal audit and held several leadership positions until promoted to president in 2005 and CEO in 2007. She led the company from its base in the western U.S. to become a nationwide lender with operations in 49 states.
In 2016, McGarry was recognized as one of HousingWire’s Women of Influence, and honored as a HousingWire Vanguard in both 2017 and in 2022. Under her leadership, Guild developed a specialty in serving first-time homebuyers, introducing innovative low down-payment programs and helping active duty and retired military personnel secure VA loans.
McGarry has also led the lender through several acquisitions of late, including Cherry Creek Mortgage, Inlanta Mortgage and Legacy Mortgage. In an interview with HousingWire in October, she said the shift from a refinance boom to a purchase market will leave some mortgage lenders and loan officers with only two options: “Consolidate or exit the business.”
McGarry, who started at Guild when female mortgage executives were rare, rapidly became a leader in the company, going from managing six people to 90 by the time she was in her late 20s. She became adept at spotting and growing talent, including Schmidt, her successor.
“My first hire at Guild, more than 38 years ago, is now the president and a partner,” McGarry said at HW Annual in October. “She’s amazing and everyone in my internal audit group is still with the company today in a leadership position. Three of them are partners. It’s proof that empowering your colleagues and having confidence in them as well as yourself is important.”
In 2010, McGarry worked with her team to create the Guild Giving Program, which encourages employees to donate their time to worthy causes in their own communities. Beneficiaries have included domestic violence shelters, Habitat for Humanity, the Navy SEAL Foundation and the Children’s Cancer Association.
In addition, Guild became one of the first IMBs to support the Mortgage Bankers Association‘s Open Doors Foundation, which provides mortgage and rental assistance to parents of critically ill or injured children.
McGarry will continue to receive her current base salary and other benefits until the effective retirement date. It includes the eligibility for a cash bonus with a target amount of 150% of her salary, prorated for a partial year of service as CEO, according to filings with the Securities and Exchange Commission (SEC).
McGarry’s salary for 2021 was $600,000, and her total compensation reached $3.2 million. (There’s no public information about 2022.) As a non-employee member of Guild’s board of directors, she will receive cash and equity compensation, including a $50,000 annual cash retainer, according to a 14A filing.
Schmidt, president since August 2020, will be the CEO effective July 1. The SEC filings show her base salary will increase from $600,000 to $675,000, and her target bonus will go from 125% to 150% of her base salary. Schmidt will also receive an award of restricted stock units valued at $500,000 on July 1, 2023.
Guild’s executive vice president David Neylan, who joined the company in 2007, will replace Schmidt as president. He will continue as Guild’s chief operating officer.
“Guild has been a remarkable growth story since McCarthy Capital invested alongside Mary Ann, Terry, and other Guild partners in a management buyout of the company from its founder in 2007,” said Patrick Duffy, chairman of the board, in a statement.
Guild posted a net income of $328 million in 2022 despite posting a loss of $15 million in the fourth quarter of the year. Net income rose 16% from the previous year’s $283.8 million.