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Apache is functioning normally

August 12, 2023 by Brett Tams

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

If you find yourself owing taxes after your tax filing is done, you may be wondering how you’re going to pay them. While there are several options—from savings to getting a loan—many people wonder if it’s possible to put their tax bill on a credit card. Maybe even someone else’s credit card. Learn how paying for your taxes with a credit card works and how to choose the best method for your situation.

Financial manager using smartphone at her workplace, view from the top

In This Piece

Can You Pay Your Taxes with a Credit Card?

Yes, it’s possible to pay your taxes with a credit card. Several IRS-approved payment processors, including Pay1040.com, PayUSAtax.com, and OfficialPayments.com, allow credit card payments for tax bills. Tax preparers sometimes link to these processors so you can use them to pay your tax bill once the tax professional is done filing your taxes.

Can You Pay Your Taxes with Someone Else’s Credit Card?

As long as you’re authorized to use someone else’s credit card to pay your taxes, you can do so. The tax processors don’t require that the credit card name match the filer, so if you have a family member or friend who’s willing to let you use their credit card to pay your taxes, you can do so.

Can You Pay Someone Else’s Taxes with Your Credit Card?

You can also use your credit card to pay someone else’s tax bill, but that person’s Social Security number must be used when the payment is made to the account.

Can You Pay Your Taxes with Someone Else’s Bank Account?

It’s possible to pay your taxes with a payment directly from your bank account. You can do this through the Electronic Federal Tax Payment System. You’ll need your information to verify your identity as well as the routing number and account number for the account you’re paying from. As long as the account owner allows it, you can use someone else’s bank account to pay your taxes, and vice versa.

How Tax Payments Appear on Your Card Statement

When you pay your tax bill with a credit card, the transaction is listed as United States Treasury Tax Payment or something similar on your credit card statement. And the processing fee you pay the payment processor is usually listed as a Tax Payment Convenience Fee or something similar.

How Long Does It Take for the IRS to Post Your Payment?

Your payment is processed immediately—at least by the next business day—and the payment date is the date the payment is authorized. While the payment is processed almost immediately, it can still take five to seven days for the IRS to post the payment to your tax account.

Can You Use More Than One Card for a Tax Payment?

You can use two different credit cards to make your payment. You do need to complete two separate transactions, though—one for each card. You’ll also receive a different confirmation number for each transaction. If you need to make a partial payment on your credit card rather than a full amount, you can do this as well.

How to Pay Taxes with a Credit Card

Here are the basic steps for paying your taxes with a credit card:

File your taxes, either through a tax service or on your own, by the deadline. Keep an eye on the IRS website as the COVID-19 pandemic has changed some deadlines in the past.
Go to the Electronic Federal Tax Payment System website.
Select the Pay by Debit or Credit Card option.
Select your preferred processor, making sure to note the fees.
Follow the prompts to verify your identity and make the payment.

If you use a tax preparation service you may be directed to pay your taxes through the software, but the process should be generally the same. You’ll be made aware of any fees or processing charges, and you’ll then enter in your info and the credit card numbers to make the payment. These services are also a good idea if you’re not sure what deductions and exemptions you qualify for or if you want to make sure you’re getting the biggest refund possible.

Pros and Cons of Paying Your Taxes with a Credit Card

Before you pay your taxes—or someone else’s—with a credit card, it’s important to be aware of both the benefits and drawbacks.

Pros

One of the biggest pros of paying by credit card is that it’s convenient and easy. If you happen to have a credit card that offers frequent flyer miles or pays cash back, you might also benefit from charging a transaction like an income tax bill, potentially earning yourself points toward a free vacation or your next cashback bonus.

Depending on how much you owe in taxes and how long it takes you to pay the IRS, you may save money—in the form of avoiding IRS late penalties and interest fees—by paying the bill immediately with a credit card. That’s assuming those fees and penalties don’t outpace the APR on your credit card, of course.

Cons

All payment processors charge a processing fee to let you pay your taxes with a credit card. For the 2021 tax season, processing fees range from 1.87% to 1.98% of your tax bill or a minimum fee of $2.50 to $2.69, whichever is higher. ACI Payments, Inc., charges 1.98% or a $2.50 flat fee. PayUSAtax.com charges 1.96% or a minimum $2.69 fee. And Pay1040 charges 1.87% or a minimum $2.50 fee. Tax preparation software usually charges similar fees.

If you pay with your credit card and don’t pay off your credit card bill the month after you pay, you’ll pay interest. This means you can end up paying interest twice what you paid for the processing fee in added interest charges on your credit card bill. The numbers can be even higher if you pay only the minimum balance due each month.

Choose the Best Credit Card to Pay Your Taxes

If it takes you a few months or more to pay off the credit card balance after you use it to charge your tax bill, make sure you choose the best credit card available to you. Choose your credit card with the lowest interest rate. Using a card with a 0% introductory interest rate and paying your full tax bill before the introductory period ends is ideal, because this allows you to avoid paying interest on your tax bill.

Upgrade Triple Cash Rewards Visa®

$200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
Unlimited cash back on payments: 3% on Home, Auto, and Health categories and 1% on everything else after you make payments on your purchases
No annual fee
Combine the flexibility of a credit card with the predictability of a personal loan
No touch payments with contactless technology built in
See if you qualify in minutes without hurting your credit score
Great for large purchases with predictable payments you can budget for
Mobile app to access your account anytime, anywhere
Enjoy peace of mind with $0 Fraud liability
*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.

You may be tempted to reach for a rewards credit card to pay your tax bill, because the rewards, such as a cashback offer, will help to offset the processing fee you pay. Before you pull out a rewards card to pay your tax bill, though, take a close look at the card’s interest rate and calculate how long it’ll take to pay the bill in full. Carrying a big balance on a rewards card with a high interest rate may not be worth the rewards you earn.

Will Paying My Taxes with a Credit Card Affect My Credit Score?

Paying your tax bill with a credit card can affect your credit score depending on your tax bill compared to your total available credit limit. Using a credit card to pay your taxes can result in a higher credit utilization rate, which can negatively impact your credit score. The ideal limit for your credit utilization ratio is under 30% of your available credit. If you go above these limits, it could negatively affect your score.

Whether you choose to use a credit card to pay your taxes or not, it’s a good idea to keep an eye on your credit report. Services like ExtraCredit® can do all the legwork for you so you always know what your credit score is and how your financial decisions are impacting it.

Other Options for Paying Your Taxes

If your tax bill is so large that you can’t pay it off quickly or you don’t have a credit card with a low or 0% APR, there are better alternatives. Choosing another option to pay your tax bill is a good idea if it helps you avoid paying interest on a credit card balance on top of an already sizable tax bill.

The IRS has payment plans for taxpayers who meet certain criteria. An installment can reduce, or eliminate altogether, penalties and interest. It’s worth your time to consider this option, especially if you’re already financially strapped. Learn more on the IRS payment plan and installment agreement page.

Source: credit.com

Apache is functioning normally

August 11, 2023 by Brett Tams

Ally Bank offers a suite of three credit cards, which are currently available by invitation-only regardless of whether you’re an Ally banking customer. In some ways, the cards are competitive with similar credit card products from larger institutions. However, the lack of a sign-up bonus on any of the Ally credit card offerings could mean missing out on valuable rewards.

If you’ve considered adding an Ally credit card to your wallet, here’s what you need to know.

Who doesn’t want to be rewarded?

Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.

1. There are multiple Ally cards

Ally Bank currently offers three different credit cards, each with its own rewards structure and fee. When you receive an invitation to apply for an Ally credit card, that invitation will apply to a specific card, so it’s important to understand which card you’re eligible for.

The Ally Platinum Mastercard is a $0-annual-fee card marketed toward consumers who are building credit. This straightforward card comes with no rewards, sign-up bonus, or introductory annual percentage rate (APR), but it advertises automatic reviews for opportunities to increase your credit line.
The Ally Unlimited Cash Back Mastercard is a $0-annual-fee card that offers an unlimited flat rate 2% cash back on all purchases.
The Ally Everyday Cash Back Mastercard is a tiered-rewards credit card that earns an unlimited 3% cash back at gas stations, grocery stores, and drugstores and 1% back on all other purchases. This card may carry an annual fee between $0-$39, depending on the applicant’s credit profile.

All three cards carry a variable interest rate between 19.99%-29.99%, with no option for an introductory interest rate as of August 2023.

🤓Nerdy Tip

On its website, Ally advertises an additional Unlimited Cash Back card for nurses and teachers. However, all features, benefits, and rates of this card appear to be identical to the general-purpose Ally Unlimited Cash Back card.

2. Ally credit cards are currently available by invitation only

Currently, Ally credit cards aren’t open to the general public. To apply, you first need to receive an invitation, usually by direct mail. Each invitation applies only to a specific card, so unless you’ve received multiple offers from Ally, you won’t be able to shop among cards.

Invitations are being issued both to current customers of Ally Bank and to nonbank customers. According to a representative, though, the bank plans to open credit card applications to the general public in the future.

3. Annual fees vary depending on the card and applicant

There’s no annual fee for either the Ally Platinum Mastercard or the Ally Unlimited Cash Back Mastercard. However, the annual fee for the Ally Everyday Cash Back Mastercard can range from $0-$39, depending on the applicant’s credit profile. Check the terms of your offer before applying to confirm whether an annual fee will apply to your account.

4. There’s no cap on cash back

Both the Ally Everyday Cash Back Mastercard and the Ally Unlimited Cash Back Mastercard have no limit to the total cash back you can earn. That’s not uncommon among flat rate 2% cash back earning cards like the Ally Unlimited Cash Back Mastercard. Both the Wells Fargo Active Cash® Card and the Citi® Double Cash Card earn an unlimited 2% cash back with no annual fee. (For the Citi® Double Cash Card that’s in the form of 1% cash back when you buy, plus an additional 1% as you pay for those purchases.)

But the lack of an earnings cap is a relatively rare perk of the Ally Everyday Cash Back Mastercard, which earns 3% back at gas stations, grocery stores, and drugstores. Most cards that earn 3% back or more in these categories come with either a quarterly or annual spending cap, or a much higher annual fee.

5. Don’t expect a sign-up bonus or introductory APR

A notable downside of the Ally credit cards is they don’t come with any sort of sign-up bonus or introductory APR. That means by choosing these cards over a different card, you could be leaving valuable savings on the table.

For example, compare the Ally Everyday Cash Back Mastercard with the Capital One SavorOne Cash Rewards Credit Card. Both earn 3% back on purchases at grocery stores. But the SavorOne also comes with no annual fee, 0% introductory APR offers and an enticing bonus: Earn a one-time $200 cash bonus after you spend $1,000 on purchases within the first 3 months from account opening.

And the Ally Unlimited Cash Back Mastercard also lags behind competitors like the Wells Fargo Active Cash® Card. Both cards carry no annual fee and earn unlimited 2% cash back, but the Active Cash stands out, both for its long introductory interest rate and this valuable welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Source: nerdwallet.com

Apache is functioning normally

August 10, 2023 by Brett Tams

The Chase Freedom Unlimited® Credit Card is ideal for those who want to earn cash back on everyday purchases. You can earn anywhere from 1.5% to 5% cash back rewards. These points don’t expire and there’s no limit to how much you can earn.

Basic Features

Intro Apr: intro_apr_rate,intro_apr_duration
Ongoing Apr: reg_apr,reg_apr_type
Balance Transfer: balance_transfer_intro_apr,balance_transfer_intro_duration
Annual Fee:annual_fees
Credit Needed: credit_score_needed

Additional Details

Great intro rewards, including a $200 intro bonus if you spend $500 on credit card purchases within your first 3 months.
5% cash back on gas station credit card purchases (up to $6,000) within your first year.
1.5% – 5% cash back, depending on purchases ranging from travel, drugstore, dining, and all other purchases.
Cash back rewards do not expire!
You do not need to hit a minimum to redeem your cash back rewards, you can redeem your rewards to receive a statement credit or as a direct deposit into your checking and savings account at any time.

>>Ready to make money back on your purchases? Sign up for card_name!

Who Needs This? Cash back Rewards Fans

There are so many opportunities for cash back rewards with this card, that really, there’s nowhere you can go wrong. You’re going to bonus_miles on all purchases. If you’re new to cash back credit cards, this is a great card to start out with. However, you’re going to get the most out of this credit card if you’re willing to pay close attention to this card’s rewards rates.

Full Review of Chase Freedom Unlimited®

As far as cash back credit cards go, we’re a fan of the card_name credit card. Not only does it have so many great intro benefits and rewards, but it also has a relatively low ongoing APR and a annual_fees annual fee, which is a match made in credit card heaven.

There are some unique features of this card – most positive, some complicated – that we’ll dive into below.

>>Learn more about your cash back rewards potential here card_name!

What You’ll Like About This Card

Fantastic Intro Bonuses

In terms of intro rewards, the card_name credit card offers a lot. $200 bonus if you spend $500 in your first three months, not to mention the 5% cash back on gas station purchases (up to $6,000) during your first year. And a nice intro_apr_rate,intro_apr_duration.

Easy 1.5% Cash Back

Although this card has a variable cash back rate on different categories, some as high as 5% (travel purchased through Chase Ultimate Rewards®), most all purchases will at least offer that 1.5% cash back, which makes it a good beginner card.

annual_fees Annual Fee

Collect rewards on your purchases without having to factor in the cost of the card itself, with card_name’s annual_fees annual fee.

The Drawbacks

You Earn Points, Which Can Be Redeemed for Cash Back

So the card_name credit card is a little different from other cash back cards in that you receive points. Each point is worth one cent. You will make 1.5% – 5% cash back on your purchases (depending on what you purchase and how you purchase).

Pros	Cons
Good bonus intro rewards	Can be complicated to track points and rewards
1.5% cash back on everything
No annual fee

>>Convinced? Sign up here! card_name!

Is it worth it?

Is it worth it? Totally. If you’re looking for a straightforward card that offers cash back rewards with no maximum limits and no minimums to redeem points, the card_name credit card may be the right card for you. Be sure to explore all the alternative cards before making your final decision.

Source: credit.com

Apache is functioning normally

August 10, 2023 by Brett Tams

The Chase Freedom Rise stands out among credit cards designed for people building credit. The newest member of the Chase Freedom portfolio of credit cards offers holders an uncapped 1.5% cash back while avoiding the excessive recurring fees that plague other credit-builder cards. Applicants can also earn a small bonus for setting up automatic payments. That makes the card cheaper and more rewarding than most of its counterparts.

Here are five things to know about the Chase Freedom Rise.

Who doesn’t want to be rewarded?

Create a NerdWallet account for personalized recommendations, and find the card that rewards you the most for your spending.

1. No credit history is required

The Chase Freedom Rise is a true credit-builder credit card; you don’t need an existing credit profile to qualify. Although it’s an unsecured card and doesn’t require a security deposit, applicants can increase their chances of approval by having or opening a Chase checking account with a minimum balance of $250 within two days of applying. There is no minimum deposit balance required once approved, according to Chase.

You can qualify for a credit line increase in as few as six months by using your card responsibly and making on-time payments. That larger credit limit can, in turn, help your credit score by lowering your credit utilization ratio.

While applications are available online, Chase is encouraging potential applicants to apply in a branch so they can speak to a banker and learn about educational tools that can help build their credit and financial well-being.

2. It’s relatively light on fees

Credit-builder cards are sometimes loaded with exorbitant fees, but not the Chase Freedom Rise.

There are no recurring annual, monthly, or administrative fees or a required security deposit. That means you can start building credit without worrying about the impact on your wallet.

However, note that the card does charge certain standard one-time fees for specific transactions: paying late, making a purchase internationally, or initiating a balance transfer or cash advance, for example. And, of course, you’ll want to pay off your balance in full each month to avoid interest charges.

3. It offers a competitive cash-back rate

The Chase Freedom Rise fits the bill if you’re hoping to earn rewards while building your credit profile. It offers an uncapped, no-fuss 1.5% cash back on all purchases.

Among cards for those just starting out, that’s quite good, and it can help put some money back in your pocket while establishing credit.

🤓Nerdy Tip

Though it’s touted as a cash-back card, rewards earned come in the form of Chase Ultimate Rewards® points. Points are worth 1 cent each when redeemed as cash back.

4. It has potential upgrade options

The Chase Freedom Rise is part of the broader Chase Freedom family of credit cards. That means once you’ve bolstered your credit with the Rise card, you may have an eventual pathway to upgrade to a different Chase Freedom card with rewards or features that better fit your spending habits.

Upgrading your card won’t require a hard inquiry on your credit report. You’ll also keep the same account number, so your average age of accounts will keep increasing. This is important, as hard inquiries and average account age are two factors in calculating your credit scores. (Keeping the same account number also means you avoid the hassle of having to update that number in places you’ve stored it for autopayments.)

5. You can earn a bonus for automatic payments

New cardholders can earn a $25 statement credit when they enroll in automatic payments within the first three months of account opening. This is similar to an introductory welcome offer, which many credit-builder cards don’t offer.

While $25 is not a huge amount, this benefit helps set the Chase Freedom Rise apart from competitors.

Source: nerdwallet.com

Apache is functioning normally

August 9, 2023 by Brett Tams

Want to get paid sooner? Your checking account might be able to help.

August 9, 2023

Watching for a direct deposit to hit your bank account can be a stressful waiting game, especially if you have everyday expenses to cover and bills that need to be paid. If this is an all-too-familiar challenge, you aren’t alone. Many Americans live paycheck to paycheck, without much of a financial buffer between paydays. And even after your paycheck is sent to your bank, it can still take a few days before that money is in your checking account and available to spend.

Whatever the reason, being able to get your paycheck early can make a huge difference. And your checking account can actually help you do this, depending on your bank. So, how can you get your paycheck early using an online checking account? It just takes a few simple steps and a little know-how.

Can you get your paycheck early using your online checking account?

Yes! You may be able to get your paycheck early and access your cash even sooner than expected, depending on the checking account you pick. Early access to these funds could help you cover immediate expenses or pay bills without having to rely on credit cards or incur late fees.

Not all online checking accounts allow you to get paid early, but some do. For example, Early Pay is one of the many benefits of a Discover® Cashback Debit checking account, and this feature allows you to tap into qualifying deposits days earlier than scheduled.¹

What is Early Pay?

Early Pay is a no-fee service offered to Discover checking account customers, giving you access to qualified Automated Clearing House (ACH) funds up to two days early. (ACH is an electronic fund transfer network across which banks and credit unions transfer money.) Eligible funds can include a direct deposit paycheck from your employer or an ACH transfer from a government entity, just to name two.

With the Early Pay feature, your direct deposits are made available to you soon after Discover is notified that the pending transfer is on the way. This means you can pay bills, make purchases, and prevent overdrafts on your Discover checking account up to two days earlier than expected.

How do I set up direct deposit?

The process for setting up direct deposit will vary by the payor (your employer, in most cases). Payors often have their own direct deposit form for you to fill out, or you may be able to provide an ACH form that your bank generates on your behalf.

In order to set up direct deposit, you’ll need to provide the payor with information such as your:

Name on your account
Bank name
Bank account and routing numbers
Bank address

Also, you’ll likely need to tell the payor how you want the money deposited. Suppose you want half of your paycheck to go into savings, for example, or a set dollar amount to be redirected into another checking account. You may be able to specify those details when you set up direct deposit.

Checking with cash back and no monthly fees

Discover Bank, Member FDIC

What types of accounts are eligible for Early Pay?

Early Pay is available to Discover customers with online checking accounts, online savings accounts, or money market accounts. Early Pay isn’t available for Individual Retirement Account (IRA) savings accounts or IRA CDs because those are retirement accounts that aren’t typically used for short-term expenses.

What kinds of ACH deposits qualify for Early Pay?

If you have an online checking account, online savings account, or money market account with Discover, your ACH deposits may be eligible for Early Pay.

How early will direct deposit funds be available?

Discover Cashback Debit customers may be able to access their eligible direct deposit funds up to two days early. The timeline depends on when the ACH transfer is initiated by the payor and when Discover is notified that funds are on their way.

Will funds from my qualifying direct deposit always be available early?

Early Pay is available to eligible banking customers with qualifying direct deposits, but does direct deposit come early for all Discover customers, all the time? Not necessarily. Discover can’t guarantee that the funds will always be available early because of actions the payor may take. Timing can also depend on when Discover is notified of the pending payment.

How do I enroll in Early Pay?

If you’re wondering how to get your direct deposit funds early with Early Pay, it’s easier than you might think. Once you get set up with direct deposit, which is usually done with an employer or benefits provider like Social Security, Discover takes care of the rest. Or, if you’re already receiving qualifying ACH direct deposits into your checking, savings (excluding IRA savings), or money market account, you’re already automatically enrolled in the Early Pay feature. Once Discover is notified that a qualifying ACH payment is en route, you can have access to your money up to two days early.

Is there a fee for using Early Pay?

For Discover Cashback Debit customers, there’s no fee for the Early Pay feature. This means you can access your ACH deposits sooner at no additional cost.

Can I be informed when my direct deposit posts with Early Pay?

You sure can. With Discover Cashback Debit, you’ll automatically be set up with Early Pay email alerts, so you’ll always know when your paycheck or other qualified deposit hits your account. If you want to turn off email alerts, you can unsubscribe anytime. And if you prefer text or push notifications, you can turn those on in the Discover App.

Start using your checking account to get your paycheck early

When choosing a bank, you’ll want to look for important benefits such as no fees, expansive ATM networks, mobile check deposit, and even rewards on checking accounts. Being able to get your paycheck early might be one of the most beneficial perks, though, whether you need it to pay some bills or if you’re ready to make a big purchase.

Discover Cashback Debit customers enjoy more than 60,000 no-fee ATMs in their network, receive 1% cash back on up to $3,000 in monthly debit card purchases,² and can even get paid up to two days sooner with Early Pay—all with no fees. Take a closer look at Discover Cashback Debit and see if it’s right for you.

¹ Early Pay is automatically available to checking, savings (excluding IRA savings) and money market customers who receive qualifying ACH direct deposits. At our discretion, and dependent on the timing of our receipt of the direct deposit instructions, we may make funds from these qualifying direct deposits available to you up to 2 days early. See our Deposit Account Agreement for more information.

²ATM 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.

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.

Source: discover.com

Apache is functioning normally

August 9, 2023 by Brett Tams

It’s not uncommon for banks and mortgage lenders to offer special perks to customers who take out mortgages.

After all, a mortgage is somewhat of a commodity, despite there being many different types of loans and lenders out there, and varying levels of service.

For this reason, lenders are constantly looking for ways to separate themselves from the crowd.

Examples include the 1% cash back Chase offers to its mortgage holders, or Quicken’s Rate Drop Advantage, which protects borrowers if interest rates fall.

Many banks also offer on-time closing guarantees, which puts some money in the pockets of borrowers if the closing doesn’t happen on schedule.

But those all pale in comparison to what a Russian bank is offering.

Free Cats with Your Mortgage!

It’s a little hard to follow, given the fact that I don’t read or speak Russian. But the takeaway using Google Translate is that Sberbank is offering up “housewarming cats” to the first 30 customers who receive a mortgage approval with the bank.

The offer appears to be going on from August 18th until December 14th, and there are 10 cats to choose from.

You can see the cats on the website – they’re all named and vary in appearance, with Russian monikers like Sonia, Timothy, and Fedor. There’s even a hairless breed named Kuzma.

But here’s the strangest part. You don’t actually get to the keep the cat. It is simply brought to your new home or apartment for a short period of time before being returned back to headquarters.

Apparently the Russians are superstitious about new homes and it’s good luck if a cat enters the property first. So a delivery guy will show up and send the cat in to check things out before you step foot into the place.

Sberbank’s claim is that after the “trained cat” visits your property, you can be assured of happiness in your new home. It’s a play on a tradition their “wise forefathers” came up with that the bank says it has not forgotten.

Russia seems to be enjoying a bit of a mortgage boom at the moment, with lending up nearly 36% compared to a year earlier.

This gimmick aims to take advantage of that, and should prove to get a lot of free press, if my post is any indication.

(photo: Tetsumo)

Source: thetruthaboutmortgage.com

Apache is functioning normally

August 4, 2023 by Brett Tams

The Offer

Direct link to offer

Capital One Spark Cash Plus is offering $1,200 bonus with $30,000 in spend

Card Details

$150 annual fee not waived
Card earns 2% cash back on all purchases
Earn an annual $200 cash bonus every year you spend $200,000 or more
Card earns cashback; if you have a different points-earning Capital One card (such as the Venture or Spark Miles), you’ll be able to transfer over the cash back into miles which could be more valuable

Our Verdict

Not as good as the previous bonus of $3,000 that required $50,000 in spend. Because of that we won’t add it to our best credit card bonuses.

Source: doctorofcredit.com

Apache is functioning normally

August 4, 2023 by Brett Tams

American Express is notoriously secretive about the details of the Centurion Black Card. For many years, the company didn’t acknowledge the existence of the Black Card. And there’s some evidence that the card became a part of pop culture lore before becoming an actual product.

But today, the Centurion Card very much exists as a product for a select group of high net worth individuals willing to shell out a generous sum of money to carry perhaps the most exclusive credit card out there.

Here are 10 things we know about the AmEx Centurion Card.

1. The Centurion Black Card is invitation-only

You don’t get the Centurion Card by applying for it.

If you want to join the exclusive club of cardholders who carry the Centurion Black Card, you must get an invitation from AmEx. And a Centurion Card invitation isn’t something AmEx hands out lightly. While AmEx services over 100 million cardholders, there are estimates that AmEx only has 100,000 Centurion cardholders worldwide.

2. It will cost you $10,000 to get one

The Centurion Card carries a hefty initiation fee. Reports vary, but the most recent information is that AmEx charges $10,000 to become a Centurion member.

You might think paying a five-figure fee would be enough to grant you a lifetime of benefits, but not with the Centurion Card.

If you want to keep the card, you’ll have to shell out $5,000 per year. And that annual fee is not waived in the first year.

3. You can request a Centurion Card invite online

While the Centurion Black Card is invite-only, it is possible to request an invitation online. You must have an AmEx card to make the request. AmEx also clearly states that an invitation request does not mean you will receive an invitation.

4. You need to be a big spender to get a Centurion Black Card

It is widely accepted that you need to be a big spender for AmEx to give you a Centurion Card.

Reports on the internet range from requiring $250,000 to over a million dollars of annual spending. AmEx has not confirmed any specific spending requirements, and there’s no known threshold at which Platinum cardmembers receive an invitation.

While the exact amount you need to spend on your cards is a matter of speculation, you probably need to spend at least six figures annually on an AmEx card to get a Centurion Card.

5. Centurion Cardmembers still get to bring guests into the Centurion lounge

Centurion cardmembers didn’t suffer this cut and still retain expanded access. Centurion cardmembers may bring in two guests or immediate family members. Eligible immediate family members include a spouse, a domestic partner and children under 18.

6. The Centurion Black Card offers an unbelievable level of concierge service

For the multimillionaires and billionaires who carry the AmEx Centurion Card, probably the most helpful benefit is the Centurion concierge.

The concierge service offered on The Platinum Card® from American Express is limited to helping with travel reservations, getting event tickets, making restaurant reservations and fulfilling shopping requests. The concierge service offered by the Centurion Card offers seemingly unlimited service.

Centurion cardholders report using the Centurion concierge for things you might expect. One cardholder says that his concierge makes travel bookings considering his seat preferences based on the airline cabin configuration. His concierge also contacts hotels to inform them of the cardmember’s arrival time.

But Centurion concierges have also handled requests such as arranging elaborate tours, getting front-row tickets for in-demand concerts, locating personal items lost during travel and even arranging emergency evacuations.

For someone who might not have a full-time personal assistant, the Centurion concierge can offer an alternative.

7. AmEx offers Centurion cardmembers exclusive perks

Like many other things about the Centurion Black Card, the card’s perks are shrouded in secrecy. AmEx doesn’t provide much information about the card on its website and most reports about the card’s perks are based on third-hand accounts and speculation.

However, we have confirmed a partial list of benefits offered to Centurion cardmembers. Here are some of these exclusive benefits:

An auto program that allows cardmembers to anonymously negotiate prices on luxury automobile purchases through a members-only website.
Global chef partnerships, which grant access to daily table reservations at fine dining restaurants around the world.
Exclusive seating in ticket blocks reserved for Centurion cardholders at many major events worldwide.
Various onboard credits, excursion credits and vouchers are available exclusively to Centurion cardmembers through Centurion Cruise Partners.
Private jet arrangements can be made for Centurion cardholders through the AmEx Private Jet program.

8. Yes, you can buy a mansion or a private jet on a Centurion Card

Like many aspects of the Centurion Black Card, the card’s purchasing power has been the subject of much speculation. The card offers no preset limit, but how far does that go? While there are no credible reports of someone buying a Gulfstream or even a Cessna Citation (private jet) with a Centurion Card, the card has been used for some substantial purchases.

In 2015, The New York Times reported that Chinese billionaire Liu Yiqian purchased a Modigliani painting at Christie’s auction house in New York. The price? $170.4 million. If you can put a $170 million painting on an AmEx card, why not a jet or a mansion?

9. You can get many of the Centurion Card’s perks from The Platinum Card® from American Express

Many of the perks offered by the AmEx Centurion Card can be had with The Platinum Card® from American Express, a card that carries a much more affordable $695 annual fee compared to its counterpart. Here are some of the perks that the Centurion Card shares with The Platinum Card® from American Express:

The Global Lounge Collection grants access to 1,400 airport lounges across 140 countries.
The AmEx International Airline Program offers preferred airfares with participating airlines.
Presale ticket access.

And just like The Platinum Card® from American Express, the Centurion Card earns Membership Rewards, which can be transferred to any of AmEx’s transfer partners.

Terms apply.

10. You can get better rewards on many other cards

The AmEx Centurion Card isn’t the card to get if you want to earn the maximum rewards on your spending. And even if it were, you’d have to chase a lot of category spending to compensate for the card’s annual fee.

If you’re looking for generous rewards on your spending, consider a card that earns 2% cash back on all purchases. Many of these cards have no annual fee.

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:

Source: nerdwallet.com

Apache is functioning normally

August 3, 2023 by Brett Tams

If you live in a typical American household, 66% of which own a pet, you know the many benefits of being a pet parent. Pets provide companionship, reduce stress and even improve your health. Pet owners, especially those with dogs, are more likely to get outside and take a stroll through the park. So what could be the down side?

Although the benefits outweigh the costs, pets are expensive. It’s important to take a close look at the financial side of pet ownership before you add a new member to the family. Even if you’ve considered the adoption fee and supplies, the ongoing costs of food, grooming, and routine vet bills add up.

If you’re financially savvy, you may have looked into ways to save on pet food or perform at-home pet pedicures, but veterinary visits can add up. Scheduling routine physicals and keeping up to date on vaccines is the best preventative measure against future health conditions that may be costly to treat. Emergency medical care can leave even the most prepared pet owner in a mountain of debt. Or in the worst cases, economic euthanasia—a heartbreaking decision for any family.

Most people agree that the unconditional love of a pet is worth any amount of money. Still, preparing for the true cost of pet ownership can help you plan your budget. Pets become a part of the family, and making sure you can afford one can help you avoid tough decisions down the road. Fortunately, if you plan ahead, you can maintain the health of your pet and your finances.

Cost of Owning a Dog

Based on the average life span of 12 years, the lifetime cost of owning a dog can range from $20,000 to over $55,000. Studies show about half of all pet owners underestimate the cost of raising a pet. Before purchasing a dog, it’s important to understand both the initial cost of bringing a dog into your home and the ongoing annual expenses of raising a dog.

Note: Expenses and costs are possible ranges

One-Time Expenses

Aside from emergency care, most major expenses occur in the first year. New pet owners can expect to shell out nearly $400 for the bare necessities alone. Depending on the specific breed and size of dog, these costs could range well over $2,000. Below is a look at some initial costs you can expect to incur.

Adoption fee/cost: $0 to $700—can be higher depending on breed
Food and water bowls: $10 to $100
Spaying or neutering: $200 to $800
Initial medical exam and vaccines: $70 to $300
Collar, tags, and leash: $25 to $60
Bed and crate: $35 to $250
Carrying crate: $60 to $150
Microchipping: $20

Total one-time expenses: $420 to $2,180

In some cases, puppies can be more expensive than healthy adult dogs, since they need more shots and veterinary procedures. They may also require obedience training due to their boundless energy and tendency to chew on household items.

Annual Expenses

How much do dogs cost per year? According to the ASPCA, the average pet owner spends nearly $1,400 annually on their furry pal. However, other sources put this number much higher.

Below is a look at some of the expenses you can expect to incur every year you have a dog. If you have multiple dogs, these costs will be a lot more.

Food: $200 to $700
Vaccines and routine care: $200 to $500
Heartworm and flea prevention: $175 to $200
Vitamins: $58
License: $15
Treats and chew toys: $100 to $300
Grooming supplies: $25 to $75

Total average cost of owning a dog per year: $773 to $1,848

In addition to the basics, such as food and veterinary care, other routine and unexpected expenses will arise. You’ll also need to consider pet-related costs that come along with life events, such as travel and moving. For instance, many apartments charge a pet deposit. You also may need to pay additional cleaning fees.

Professional grooming: $200 to $400
Training: $100 to $400 per hour
Boarding and travel fees: $25/day
Accessories: $0 to $500
Pet health insurance: $225 to $516 annually

While raising your dog is a significant investment, most pet owners feel it’s money well spent. After all, you get paid back with unconditional love and affection.

Cost of Owning a Cat

Cats may be less expensive to own than dogs, but even these lower-maintenance creatures can put a dent in your bank account. For one reason, cats tend to live longer than dogs—they have a life span of about 15 years. Additionally, 44% of cat owners have more than one cat, compared to just 35% of dog owners. The average lifetime cost of owning a cat can range from $12,000 to $26,000.

The biggest factor affecting the life span and total expenses of a cat is whether it lives indoors or outdoors. An outdoor cat has a much shorter life span—only five years on average—and is at greater risk of injury from other animals, traffic, and diseases. If you plan to let your cat outdoors, lower your financial risk by vaccinating against diseases and purchasing pet insurance to cover potential injuries.

You also want to ensure it’s not illegal to let your cat roam outside in your area. If your beloved cat ends up at animal control, you’ll have to pay a fee to get it back.

One-Time Expenses

As with dogs, the initial expenses of cat ownership are the highest. You can expect to pay up to $1,000 when buying a cat.

Adoption fee/cost: $0 to $300—can be higher depending on breed
Food and water bowls: $5 to $30
Spaying or neutering: $145 to $200
Initial medical exam: $130 to $175
Collar or leash: $10 to $20
Litter box: $10 to $50
Cat bed: $20 to $100
Carrying crate: $35 to $70
Microchipping: $20

Total one-time expenses: $355 to $965

Annual Expenses

Of course, cats aren’t always predictable. You may have a certain cat food in mind—one that fits your budget—but that doesn’t mean your cat will like it. Cats can also be particular about the type of litter they use. Still, the following ranges give you an idea of what to expect in the years ahead.

Food: $200 to $500
Medical care and vaccines: $200 to $550
Flea and tick prevention: $140 to $200
Treats: $35 to $100
Litter: $150 to $200
Toys and scratching post: $20 to $100
License: $15
Grooming supplies: $28

Total annual cost to own a cat: $788 to $1,693

Cats have a penchant for knocking things off tables, and they don’t differentiate between empty toilet paper rolls and expensive vases. Additionally, they have sharp claws, and if you don’t give them someplace to scratch, they may turn your furniture into a shredding post. This is all to say you may want to set aside money for miscellaneous expenses.

Here are some other extras you may want to consider:

Pet health insurance: $175 to $350 per year
Accessories: $0 to $300
Pet sitting or boarding: $25/day

Ways to Save Money on Your Furry Pet

Pet costs can quickly get out of hand if you’re not careful. Fortunately, you can do several things to save money on care for your pets.

Spay or Neuter

Unless you’re a breeder, having your pet spayed or neutered should be one of your top priorities. Not only can this step help you save money in the long run, but it can also prevent unwanted litters of puppies or kittens.

Set a Budget

Setting a budget for your pet expenses can help you avoid spending too much on unnecessary purchases. Start by tracking how much you spend per month on pet care expenses. Use this information to set your budget for these costs.

Buy in Bulk

You can save a significant amount of money throughout the year by purchasing your pet food and treats in bulk. With proper storage, many types of pet food have a shelf life of up to 18 months.

Preventive Care

The best way to keep your pet’s medical expenses down is to invest in preventive care. Scheduling regular checkups, including dental care, and ensuring your pet is up to date on all necessary shots, including heartworm and vaccines against fleas and ticks, can avoid costly medical charges later.

Groom at Home

Instead of paying anywhere from $200 to $400 for professional grooming services, you can groom your pet at home. Once you purchase the original supplies, which can cost around $50, you can groom your pet at home for significantly less money.

Cash-Back Rewards and Loyalty Programs

Consider purchasing your pet supplies using a cash-back rewards credit card. This step can help you save money by earning cash back on your everyday purchases.

Should You Buy Pet Insurance to Cover Pet Costs?

One step that can make the cost of pet ownership more affordable is pet insurance. The right insurance plan can help cover some of your pet’s medical expenses. This, in turn, can reduce your out-of-pocket expenses.

Pet insurance can also give you peace of mind knowing that if your pet requires unexpected medical care, some costs may be covered. It’s important to realize not all pet insurance policies are alike. Be sure to carefully read the benefits and exclusions for each policy to ensure you select the one that’s right for your situation.

Prepare for the Unexpected

Emergency Vet Expenses

When you bring home your new fur baby, the last thing you want to think about is a tragedy or major illness hitting them, but it’s important to be prepared. Even if you establish healthy habits such as regular exercise, you should plan ahead for unexpected veterinary bills.

Once you become a pet parent, you may find that you’ll do anything for your canine or feline companion, even risking your credit to save their lives. While many pet owners feel that their pet’s well-being is worth the necessary sacrifices, setting aside money for a rainy day can help deflect some of the costs of an emergency procedure or unexpected illness.

Pet Insurance

Putting money aside for unexpected pet expenses is a good idea, but it’s difficult to save enough to cover a major medical bill—especially if you’re paying off existing debt at the same time. A diagnostic procedure alone can cost up to $2,000. And common medical conditions, such as orthopedic surgery or removing a foreign body can cost $7,000. If your pet has a chronic condition requiring regular follow-up visits or medications, your pet could rack up tens of thousands of dollars in medical expenses.

Rather than set yourself up to be forced to decide between your financial health and your pet’s health, plan for the worst by taking out pet insurance. With ongoing expenses adding up, it’s tempting to cut corners by skipping pet insurance, but the peace of mind it will give you is invaluable.

Tips for Budgeting for a Pet

Advance planning, such as signing up for health insurance or contributing to a savings account with your pet in mind, can help keep you out of financial water. But there are other ways to make pet ownership affordable and keep costs down.

Consider whether you’re willing to cut back in other areas

Being a responsible pet owner requires sacrifices of your time and sometimes, your finances. You may need to reconsider your morning latte once you’re splurging on treats for your new best friend.

It takes a village

Pet sitting or boarding can cost you $15 to $60 a day, but asking for help from friends and neighbors can save you money, even if you offer to pay for their time.

Search out low-cost clinics for routine pet care

Animal welfare organizations often offer low-cost vaccinations, spaying, and neutering, saving you money both now and in the long run by helping prevent costly medical conditions. Check with your local humane society or local pet rescue groups to get more information.

Avoid Pet Debt

Prevention can be the most effective tool for avoiding surprise pet costs. Regular exams help detect problems earlier making them less expensive and more likely to have a positive outcome. For example, spaying/neutering your pets reduces their risk of certain cancers.

If you can’t afford an expensive but necessary medical procedure, you may be able to get financial assistance from veterinary medical colleges or non-profit organizations. The American Veterinary Medical Association has a list of organizations that offer aid to pet owners with financial needs. This list is by no means comprehensive, so if you don’t find an option there, keep looking.

Credit Cards for Pet Owners

While you don’t want to rely on credit cards alone to cover the cost of owning a pet, choosing the right card can help you earn cash back and rewards points on pet-related purchases you’re already making. Some even offer 0% financing, which is useful for transferring a hefty vet bill from an existing card to a new one. Depending on whether you plan to use the card for pet purchases alone or everyday spending will help you determine which card is best for you.

If you’re considering bringing a furry friend home, make sure your credit is in good standing first. A credit card that rewards pet purchases can make it more affordable to own a pet. You’ll want to check your credit scores to know where your credit stands before you apply, so you can reduce the risk of a rejected application and come up with a plan to work your way toward better credit if necessary.

Sources:

Source: credit.com

Apache is functioning normally

August 3, 2023 by Brett Tams

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off.

Are you looking for a creative way to pay off your loans? If you hope to get extra travel points while reducing your monthly payments, you might wonder, “Can you pay a loan with a credit card?”

This post will delve into the types of loans you can pay off with a credit card and the pros and cons of making these payments.

In This Piece:

Can I Pay a Loan with My Credit Card?

Whether or not you can pay a loan with a credit card depends on various factors, including the lender’s policies and the type of loan you wish to pay off.

While some lenders may allow credit card payments, others may not accept them. Understanding the terms and conditions of your loan agreement before attempting to pay it off with a credit card is crucial.

Which Loans and Debts Can I Pay with a Credit Card?

You can use credit cards to pay off different loan types, providing flexibility and potential benefits. Here are some common types of loans you can typically pay with a credit card:

Personal loans: These unsecured loans can often be paid with a credit card, allowing you to consolidate debt or manage your monthly payments conveniently.
Medical Bills: Many healthcare providers accept credit card payments for medical expenses, allowing you to pay off medical bills over time.
Small Business Loans: If you have a small business loan, check with your lender to see if credit card payments are accepted. This option can offer cash flow management advantages for entrepreneurs.
Balance Transfers: While not a specific loan, balance transfers are a preferred method. They allow you to move existing credit card debt to a new card with a lower interest rate, potentially saving you money in the long run.

Pros and Cons of Paying Loans with Credit Card

Using a credit card to pay off loans has its own advantages and disadvantages. Let’s explore both sides to help you make an informed decision.

Pros

Convenience and flexibility: Paying a loan with a credit card provides convenience and flexibility, allowing you to manage your debt from a single source. It simplifies your monthly payments and can help you stay organized.
Rewards and cash back opportunities: Some credit cards offer rewards programs or incentives, allowing you to earn points or money back on your loan payments. This can be beneficial if you use your credit card responsibly and take advantage of these perks.
Potential for consolidation: If you have multiple loans or high-interest debts, paying them off with a credit card can consolidate your debt into a single monthly payment. This simplifies your financial obligations and may allow you to save on interest charges.

Cons

Higher interest rates and fees: Credit cards typically have higher interest rates than other loan types. If you cannot completely pay off the credit card balance each month, you may incur significant interest charges, which can offset any rewards or benefits.
Impact on credit score: Utilizing a large portion of your available credit can impact your credit score negatively. Additionally, applying for new credit cards to pay off loans may result in hard inquiries on your credit report, potentially lowering your score.
Limited acceptance and more restrictions: Not all lenders accept credit card payments, and some may impose restrictions or fees for using this method. It’s essential to confirm with your lender before attempting to pay off a loan with a credit card.

Then, is it a good idea to pay a loan with a credit card? It depends on your unique circumstances. It can be advantageous in certain situations, such as consolidating high-interest debts or taking advantage of rewards programs.

However, it’s crucial to consider the interest rates, fees, and potential impact on your credit score. Assessing your financial goals and consulting with an advisor can help determine if this approach aligns with your financial well-being.

How to Pay a Loan with a Credit Card

If you’ve decided to pay off a loan with a credit card, follow these steps:

Review loan terms: Confirm that your lender accepts credit card payments and inquire about any associated fees or restrictions.
Assess your credit card’s terms: Check the interest rate, credit limit, and any balance transfer options on your credit card. Ensure that the card’s terms align with your financial goals.
Calculate feasibility: Determine if paying off the loan with a credit card is financially feasible based on the interest rates, fees, and your ability to repay the credit card balance promptly.
Contact your lender: Inform your lender of your intention to pay the loan with a credit card and follow their instructions for making the payment.
Make payments promptly: Pay your credit card bill on time to avoid additional interest charges and late fees.

FAQs

Many questions come up regarding paying loans with a credit card, but there are four common questions people always seek answers for. Let us take a look.

Can You Pay a Mortgage with a Credit Card?

In most cases, paying your mortgage with a credit card is impossible. Mortgage lenders typically require payments through bank transfers, checks, or online bill payment methods. However, you may be able to indirectly use a credit card by utilizing balance transfer checks or money transfer services to pay off a mortgage. Before considering this option, assessing the fees, interest rates, and credit card terms is essential.

Can You Pay Off a Car Loan with a Credit Card?

Car loan lenders generally do not accept credit card payments directly. Like mortgage payments, you can typically make car loan payments through bank transfers or other approved payment methods. However, you may be able to use a credit card to indirectly pay off a car loan by employing balance transfer checks or money transfer services. Evaluate the feasibility and costs associated with this approach before proceeding.

Can You Pay a Student Loan with a Credit Card?

Paying student loans with a credit card is usually not possible. Most student loan servicers do not accept credit card payments because they have high transaction fees. However, you can explore alternative options such as balance transfers or personal loans to pay off student loans. It’s crucial to evaluate the interest rates, fees, and terms of these options before proceeding.

Can I Use a Credit Card to Pay Off Payday Loans?

While it’s possible to use a credit card to pay off a payday loan, it’s generally not advisable. Payday loans can come with high interest rates, and adding credit card interest can lead to significant debt.

Exploring other alternatives for paying off payday loans is recommended, such as negotiating a repayment plan with the lender or seeking assistance from credit counseling organizations.

In conclusion, paying off a loan with a credit card can be a viable option depending on your specific circumstances. It offers convenience, flexibility, and potential rewards or debt consolidation benefits. However, it’s essential to consider the higher interest rates, fees, and potential impact on your credit score.

Assess your financial situation by consulting with professionals if needed, and ensure that your credit card terms align with your goals. To find the right credit card and loans, visit our credit cards and personal loans. Empower yourself to take control of your credit and achieve your financial well-being.

Source: credit.com