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Apache is functioning normally

May 12, 2024 by Brett Tams

When you open a new checking or savings account, some financial institutions require you to make a minimum opening deposit, which might be anywhere from $25 to $100. In some cases, you may also need to meet certain ongoing minimum balance requirements to avoid fees or qualify for a certain annual percentage yield (APY).

Fortunately, there are banks, credit unions, and other financial institutions that don’t require a minimum deposit so you can stash and spend your money even if you’re low on cash. Here are key things to know about minimum deposit and balance requirements for bank accounts.

What Is a Minimum Deposit?

A minimum deposit is the lowest amount of money you need to open a new bank account with a bank or credit union. It can also refer to the minimum balance you must maintain in order to receive certain perks or avoid fees.

Minimum deposits vary depending on the type of account and the financial institution. Some banks do not request a minimum deposit to open a basic checking or savings account, while others require between $25 and $100. Generally, higher minimum deposits are associated with premium services and higher APYs.

If you’re in the market for a bank account, it’s a good idea to check with the bank or credit union to determine whether an initial deposit is required, your options for depositing the funds, and if there are any ongoing balance requirements.

Types of Minimum Balance Requirements

When researching checking and savings accounts, keep in mind that there are typically two types of minimum balance requirements. Let’s clarify those terms, since they can sometimes be used interchangeably and cause confusion.

Minimum Opening Deposits

A minimum opening deposit is the amount of money required to activate a new account, such as a checking, savings, or money market account, or a certificate of deposit (CD). Generally, a money market account or CD will come with a higher opening deposit than a basic savings or checking account.

You can usually make a minimum opening deposit by transferring money from an account at another bank or from an account you already have at that same bank. You can also usually make an opening deposit using a check, money order, or debit card. Keep in mind you are not limited to making the minimum opening deposit — you can typically open a bank account with more than the required minimum.

There are some financial institutions that offer accounts with no minimum opening deposits. However, it’s important to read the fine print. In some cases, these accounts may require you to make a deposit within a certain timeframe (such as 60 days) in order to keep the account open.

Minimum Monthly Balance

A minimum monthly balance is the amount of money that must be maintained in the account each month to enjoy certain benefits or avoid fees. These minimums can range anywhere from $100 to $2,500, depending on the institution and type of account. If you opt for an account with a balance minimum, you may be able to set up alerts on your bank’s app to let you know when your funds are slipping below a certain threshold.

Minimum balance requirements can vary in their specifics, but typically fall into one of these three categories.

• Minimum daily balance: This requirement means you need to maintain a minimum amount of money in your account each day to avoid fees or qualify for certain benefits, like earning interest.

• Average minimum balance: Banks calculate this by adding up the balances in your account at the end of each day over a statement period, then dividing that total by the number of days in the period.

• Minimum combined balance: This involves averaging the total amount of money you have across multiple accounts, such as a checking and a savings account, each month. This combined average must meet the minimum balance requirement to avoid fees or earn benefits.

How Do Minimum Deposits Work?

Minimum deposits work by setting a threshold that must be met to open or maintain a bank account. The minimum opening deposit is required to open a new account, while the minimum monthly balance must be maintained each month (or day) to avoid fees or earn a higher interest rate. It’s important to note that the minimum opening deposit is a one-time requirement, while the minimum monthly balance must be maintained on an ongoing basis.

In addition, some accounts may require a minimum monthly deposit (such as direct deposit of your paycheck) to qualify for certain account benefits, such as earning a higher APY or avoiding a monthly fee.

Real World Example of a Minimum Deposit

Let’s say you decide to open a savings account at XYZ bank. The bank has a $50 minimum deposit to open the account and to start earning interest, so you transfer $50 into the account from an account you have at another bank.

XYZ bank also requires you to maintain a monthly minimum balance of $250 to avoid a $3 service fee. You’re not a fan of fees, so you keep tabs on your account and make sure you always have at least $250 in the account. To help, you set up an automatic alert on your banking app to let you know when the account dips below $250 so you can top up the account and avoid fees.

What Happens If You Don’t Maintain a Minimum?

If you fail to maintain the minimum monthly balance required by your bank, you may be charged a fee, lose any interest you were set to earn that month, or forgo other perks. The specific consequences vary depending on the financial institution and the type of account.

The Takeaway

Minimum deposits are an important aspect of managing a bank account. When you open a new checking or savings account, you may need to make a certain initial deposit to activate the account. You may also be required to keep the balance in the account above a certain threshold in order to avoid a monthly service fee or earn a certain interest rate.

It’s important to be aware of the minimum deposit requirements for your bank account. This helps ensure that you get all the perks of your bank account, while avoiding any unexpected costs.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is a minimum opening balance and how much is it?

A minimum opening balance is the initial deposit required to open a bank account. This amount varies depending on the bank and the type of account. For example, some banks may require as little as $25 to open a basic savings account, while others may require several hundred dollars for a checking account that earns interest.

What is a minimum monthly deposit and how much is it?

A minimum monthly deposit is the amount of money you must deposit into your bank account each month to avoid fees or earn certain perks, like a higher interest rate. This requirement varies by bank and account type. Some banks may not have a minimum monthly deposit requirement, while others may require a certain amount, such as $500 or $1,000, to be deposited each month to avoid fees.

What bank has no minimum balance?

Several banks and credit unions offer accounts with no minimum balance requirement. These banks include Ally, NBKC, SoFi, Discover, Connexus Credit Union, Ally, Capital One, and Chime.

Why do banks require an initial deposit?

Banks require an initial deposit to open an account for several reasons. First, it helps ensure that the account is legitimate and that the customer is serious about opening and maintaining the account. Second, it helps cover the costs associated with opening the account, such as processing paperwork and issuing a debit card. Finally, it helps the bank establish a relationship with the customer, which can lead to additional business in the future.

Photo credit: iStock/pinstock

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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

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

SOBK-Q224-1874405-V1

Source: sofi.com

Apache is functioning normally

May 8, 2024 by Brett Tams

Did you know that there are many ways to get free Target gift cards? You can get free Target gift cards and make extra money for this favorite store. Target is a very popular store in the United States, and their gift cards make a great present for any occasion. Whether you’re getting one as…

Did you know that there are many ways to get free Target gift cards?

You can get free Target gift cards and make extra money for this favorite store.

Target is a very popular store in the United States, and their gift cards make a great present for any occasion. Whether you’re getting one as a gift or want to use them for your shopping, you might want to know how to get Target gift cards without spending any extra money.

You can earn these free gift cards through many different ways too.

Before you think it’s not doable, let me tell you – I’ve personally earned over 110 free gift cards over the years. It feels so nice to use a free gift card to get something I want. So, it’s definitely possible with some effort!

Best Ways To Get Free Target Gift Cards

Below, you will see the different ways you can earn free Target gift cards.

Here are my quick picks to get started with:

Here’s what you’ll see on Swagbucks when redeeming your points for free Target gift cards.

1. Swagbucks

Swagbucks is one of the top sites to start with if you want to earn free gift cards to your favorite places, such as Target.

Swagbucks is a website where you can earn points (they call them “SB”) by doing tasks like browsing the internet, watching videos, using their shopping deals, and answering surveys. Simply sign up, complete your account profile, and start earning points to get a free Target eGiftCard code.

I’ve been using Swagbucks for years, and in that time, I’ve personally earned over 110 free gift cards. It’s easy to earn points, and the website is very easy to use as well.

You can get anywhere from a free $5 Target gift card to $100 at a time on Swagbucks.

Please click here to sign up for and use Swagbucks (and receive a $10 bonus).

2. Fetch Rewards

Fetch Rewards is a cell phone app (that I personally use at least once a week!) where you earn points by scanning receipts from grocery stores. You can then use these points to redeem Target gift cards.

I personally use Fetch Rewards every time I go grocery shopping as it’s one of the easiest apps to use to earn points. I just shop like I normally do, and once I get home, I use the Fetch Rewards app on my phone and take a picture of my grocery receipt.

Fetch Rewards then scans the receipt and adds points to my account within just seconds. And, it doesn’t matter what I buy at the grocery store – I can earn points.

You can sign up for Fetch Rewards by clicking here.

4. Free Target gift card with purchase

Did you know you can earn free Target gift cards while shopping for your everyday items?

Target has deals where you can get more for your money. When you purchase certain products, Target gives you a free gift card as a bonus.

For example, sometimes they have a deal where if you buy two boxes of diapers, you can get a free $20 Target gift card. I have also seen a similar deal for if you buy face wash, household goods, pet food, and more.

These will typically be listed either online on Target’s website or in person right on the shelf. Then, after you check out, you’ll get the free gift card.

This is a very easy way to get free Target gift cards for stocking up on things that you most likely already buy and need anyway.

4. InboxDollars

InboxDollars is a rewards site that gives points for answering online surveys, watching quick clips, playing games, and more.

You can use your points to get free Target gift cards.

You can join InboxDollars and get a free $5 sign-up bonus.

5. American Consumer Opinion

American Consumer Opinion is a market research company that pays people to share their opinions by answering surveys.

It’s free to join, and surveys typically pay around $1 to $5 each. Once you reach a certain amount, you can then redeem your earnings for free Target gift cards (and many other rewards like PayPal cash).

Please click here to sign up for American Consumer Opinion.

6. Survey Junkie

Survey Junkie is a popular platform where you can earn free Target gift cards by sharing your opinions through surveys. When you complete surveys, you earn points that can be redeemed for gift cards, including Target gift cards.

By answering three surveys daily on Survey Junkie, you can earn about $40 per month in free Target gift cards.

Please click here to sign up for Survey Junkie.

7. Branded Surveys

Branded Surveys is a survey platform where you earn points by answering questions, and you can redeem these points for free Target gift cards.

The surveys typically take 5 to 15 minutes to complete and pay between $0.50 and $5.00 each.

You can sign up for Branded Surveys here.

8. PrizeRebel

PrizeRebel is a website where you earn rewards points by completing tasks such as surveys and watching videos. Once you collect enough points, you can exchange them for free Target gift cards.

I personally just redeemed around $150 in points last week, so I know that this is a legit way to get free Target gift cards!

You can join PrizeRebel here.

9. PayPal Honey

Another great way to get free Target gift cards is to download PayPal Honey. You can install the Honey browser extension, which automatically finds and applies coupon codes and promo codes when you shop online.

Here’s how it works:

Shop online as you normally would.
At checkout, Honey will find and apply the best coupon codes for you.

You can redeem your points from Honey for cash, Target gift cards, or PayPal shopping credits.

You can add Honey by clicking here.

10. Upside

If you ever buy gas for your car (which is pretty much everyone!), then Upside is the app for you. Upside is a cash back rewards app specifically for gas purchases.

When you use the app to find and purchase gas at participating gas stations, you can earn cash back that can be redeemed for gift cards, such as for free Target gift cards.

Not every gas station is included in the app, but you can earn rewards by selecting from the stations listed within the app. You do need to select the gas station before you pump the gas into your car – this is important to remember!

You can sign up for Upside here.

11. Ibotta

Ibotta is an app that gives you cash back for shopping, especially at grocery stores. After you shop, just upload your receipts to earn cash back that you can use for free Target gift cards. I use Ibotta often and think it’s really helpful!

Here’s a quick summary of how you use Ibotta:

Download the Ibotta app.
Check available offers before you shop (such as a specific brand of crackers or fruit).
Scan your receipt once you’re done shopping to get points.

You can join Ibotta here.

12. Rakuten

Rakuten has an easy way to earn cash back on purchases from over 3,500 stores. When you buy something, a percentage of your purchase comes back to you as cash. Your earnings can be sent to you by check or PayPal.

While Rakuten doesn’t pay you in free Target gift cards directly, you can use the cash you earn from Rakuten for other purposes, like going shopping at Target.

You can join Rakuten by clicking here.

13. Find Target gift card giveaways

If you want to get free Target gift cards, entering sweepstakes and giveaways can be a fun way to try.

To earn free Target gift cards through giveaways:

Follow brands on social media – Many companies host giveaways on platforms like Instagram. Follow your favorite brands and keep an eye out for their posts or stories announcing gift card giveaways.
Search hashtags – Use hashtags like #freetarget, #giveaway, #giveawayalert, #contest, and #freebie on Twitter, Facebook, and Instagram to find Target gift card giveaways.
Use sweepstakes websites – Subscribe to online sweepstakes websites that list current giveaways.

Entering these giveaways can be a simple way to possibly get free gift cards, even though winning isn’t guaranteed.

14. Prime Opinion

Prime Opinion is a survey website where you can earn money by sharing your opinions from home.

It’s simple: You share your thoughts and they pay you for it. Prime Opinion is a legitimate survey platform that has many surveys to complete (there are over 40 different surveys currently listed in my personal dashboard).

You can redeem your points for Target gift codes or cash payouts, starting at just $1.

Click here to join Prime Opinion and get up to a $5 free bonus.

Here’s a screenshot of Target’s weekly ad, and it shows how you can get a free Target gift card (this is an old ad, so this offer is not valid).

15. Check out Target’s weekly circular

If you want to get free Target gift cards, I highly recommend reading Target’s weekly circular! It’s your go-to for the latest deals and promotions – whether that be seasonal promotions, weekly promotions, holidays (such as Mother’s Day, President’s Day, Father’s Day, Labor Day, Thanksgiving, etc.), and more.

Target’s weekly circular is also great around Black Friday and Cyber Monday, as they will list many Target coupons and free gift card deals here.

This is a flyer that Target updates every week, filled with sales on items from clothes to electronics. But that’s not all! Target also announces when you can earn free gift cards after buying certain products.

To find the weekly circular, check online on Target’s website or look in your mailbox if you receive paper ads. Target makes it easy to spot offers for free gift cards – they’re usually highlighted to stand out.

16. Join Target Circle and look for free Target gift card offers

Joining Target Circle, Target’s free loyalty program, is an easy way to get free Target gift card offers.

Here’s how this works:

Sign up – Start by signing up for Target Circle either online or in a Target store. It’s free and you just need your phone number.
Earn cash back – As a Circle member, you earn 1% cash back on eligible purchases. If you have a RedCard, you get 5% back instead!
Exclusive deals – Watch out for exclusive member-only sales. Sometimes, these include offers for free gift cards with certain purchases.

This is easy to use too – when ringing out at Target, just enter your phone number in the keypad.

17. Get a free Target gift card through the Target electronics trade-in program

Do you have old gadgets collecting dust at home? Your unused electronics can be turned into a free Target gift card through Target’s trade-in program. You can swap phones, tablets, game consoles, and more for a Target eGiftCard.

Here’s how it works:

Find your device – Visit Target’s trade-in website and select your device from the list of eligible options.
Get a quote – Answer a few questions about your gadget’s condition to receive an instant estimate from Target.
Ship for free – If you accept the offer, ship your device to Target using the provided prepaid shipping label. Target covers the shipping costs, so it’s free for you!
Get your free Target gift card – Once Target receives and evaluates your device, they’ll send you a Target eGiftCard by email.

Frequently Asked Questions

Below are answers to common questions about how to get free Target gift cards.

How can I get a Target gift card for free?

You can earn a free Target gift card through different promotions, such as buying specific items at Target, joining the Target Circle loyalty program, or taking advantage of special deals that include a gift card as a bonus.

Are there any expiration dates on Target gift cards I get for free?

No, Target gift cards do not expire, even the ones you get for free. This means you can use them anytime – you don’t have to rush! But, I do always recommend keeping up-to-date on this as it can change at any time.

How do I check the balance of my Target gift card?

Checking your Target gift card balance is easy. Just go to Target’s website, find the gift card balance page, and enter the card number and access code. The balance will show up, and you’ll know exactly how much you can spend.

Can I win a Target gift card from legit contests online?

Yes, you can win Target gift cards from legitimate online contests. Just make sure you’re entering contests from reputable websites and companies to avoid scams.

Is it true that you can earn Target gift cards by taking surveys?

Yes, you can earn Target gift cards by taking surveys on websites like Swagbucks and Branded Surveys. These sites give gift cards, including ones for Target, as rewards for completing surveys. Keep in mind that you typically need to accumulate a certain amount of credits before you can cash out for a gift card.

How do I redeem a Target eGiftCard code in person?

To use a Target eGiftCard in stores, just show the barcode on your phone. I have done this in the past and it is very easy.

How To Get Free Target Gift Cards

I hope you enjoyed this article on how to get free Target gift cards.

There are many, many ways to earn free gift cards to Target as you learned above. From answering online surveys, taking pictures of your grocery shopping receipts, and using cash back sites, there are probably many ways that you can save some money at Target or SuperTarget by using Target gift cards.

I’ve earned many free gift cards over the years, and I absolutely love it. Just last week, I redeemed over $150 in gift cards to some of my favorite retailers.

Do you like to earn free Target gift cards?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

May 4, 2024 by Brett Tams

Money management — how to save, budget, and invest — is a vital life skill that isn’t part of most school curriculums. As a result, it often falls to parents to prepare kids for this aspect of adulthood. The trouble is, talking about things like spending, saving, and taxes with your kids may not come naturally, especially if you were raised in a “don’t talk about money” household.

So when — and how — do you start talking about money with your kids?

Generally, it’s never too early to begin teaching kids about the concept of money. You might start just by normalizing conversations about money, so kids feel comfortable asking questions. Other easy strategies include offering a piggy bank to young kids, to introduce the concept of saving, and providing an allowance to older children, which helps them learn to budget and manage their own money.

Read on to learn more about some of the best ways to teach kids about money and put them on the path towards financial health and independence.

Why It’s Important To Teach Kids About Money Management

Whether it’s the importance of saving or how to open a new bank account, money lessons help ensure that kids will make smart financial decisions in the future.

Children who are introduced to basic financial concepts at an early age are likely to feel more confident about their spending habits and have less financial anxiety when they’re older. Teaching young children simple lessons about money management also makes it easier to impart more complex financial lessons as they get older. This can help set them up for success when they get that first summer job, go off to college, and enter the working world.

Money Management Explained

First, let’s look at the big picture. Helping kids understand the basics of money management is important…but what is money management anyway? Some adults can’t answer that question, let alone explain it to their children.

Simply put, money management refers to how you handle all of your finances. It involves keeping track of what’s coming in and what’s going out (and making sure that latter doesn’t exceed the former), being smart about debt, and setting money aside for both short- and long-term goals.

While adults generally understand that saving money is important, it typically takes an engaging approach to get kids psyched about hoarding their pennies rather than spending them on a video game. With the right strategies, however, teaching kids about money management can wind up being a satisfying and fun experience for the whole family. It might even give you a renewed focus on your own money skills.

Money Management for Kids in 6 Steps

Here’s a look at some of the best ways to boost money management for kids.

1. Start Early

Children as young as three years old can start to grasp the basic concept of “We need dollars to get ice cream.” Talking about money in a positive, or simply neutral, way and being transparent about your own financial life (“I got paid today,” or “I need to pay bills tonight”) begins to ground kids in the ebb and flow of finances. It helps a child learn the value of money.

Parents can use a routine trip to the grocery store to point out price tags and how some things cost more than others. Asking a salesperson or cashier, “How much is this?” can clue children in to a transactional truth: You have to have money to buy something. Paying bills in front of them helps them understand that families also have household expenses.

Get up to $300 when you bank with SoFi.

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

2. Provide an Allowance

Offering an allowance can be a great way to teach kids to manage money responsibly. The ground rules for a child’s allowance vary from family to family; some start a child off with an allowance at age five, and others at age 14. How much kids get also varies widely and is entirely up to you. One rule of thumb is to match the number of dollars per week with a child’s age, such as $10 a week for a ten year old. You might also ask around among other parents to get a sense of the “going rate.”

Here’s a look at the two common ways to structure allowance.

• Chore-based allowance: With this set-up, a child does chores in order to get paid. This system can instill a strong work ethic that will benefit children in the future. Some say a drawback of this method is that it could send a message that household chores are optional. But for many families, it works well.

• Fixed allowance: Here, you agree to pay your child a set amount of money every week or month no matter what. Separately, they are expected to do their chores and help around the house because they are part of the family. This arrangement allows a child to feel part of a greater whole — to be responsible for the tidiness of their room and offer to help with the dishes because that’s what family members do. Some may argue that paying children an allowance that isn’t chore-based could compromise their work ethic or promote a sense of entitlement, but it’s really up to each family to determine what works best for them.

3. Encourage Saving and Goal-Setting

Just as adults are motivated to save when they want to have enough money for, say, a vacation or new car, your child may be incentivized to save a target amount for a specific purpose. Or, you may have a child who just wants to see how high their savings can go — that’s fine too! You can encourage them to save just to find out how much they can stash.

You might also offer rewards for reaching savings milestones. For example, you could make a deal that if your child saves a certain amount, you’ll kick in a little bit more. This rewards them for exercising restraint, and it’s similar to a vesting or “company match” principle, which you could explain to an older child.

4. Give Them a Place to Stash Their Cash

For younger kids, keeping money close at hand can work well. Having their own piggy bank or child’s safe can also make saving more fun. For older kids, you might want to open a savings account in their name. Many banks offer savings accounts specifically geared toward children and teens. Typically, these are joint or custodial accounts that come with parental controls and tools that teach financial education.

5. Introduce Them to Credit

As teenagers become more independent and start driving themselves around, consider enrolling your child as an authorized user on one of your credit cards. This can not only be helpful in the event of an emergency, like a flat tire, it’s an opportunity to discuss how to be responsible with credit. You can explain how credit cards work differently than debit cards and how interest racks up quickly if you don’t pay off what you charge in full by the end of the billing cycle.

6. Explain Budgeting When They Graduate From College

Once your kids are earning money regularly and responsible for paying their own room and board, it’s a good idea to help them draw up a budget based on their salary and estimated expenses.

There are all kinds of budgeting methods, but they might start with the basic 50/30/20 approach. This involves putting 50% of their earnings toward needs, 30% toward wants, and 20% toward savings (including any money they are putting into a retirement plan offered by their employer). If their employer offers any matching contributions to their retirement contributions, encourage them to take full advantage, since this is essentially free money.

Fun Ways To Teach Kids Money Management

To make financial literacy fun and engaging, try one of these four money activities for kids.

Go Thrifting

Buying second-hand clothes can be a great way to teach kids how to be smart spenders. You might first go to a regular clothing store and look at the price tags on new clothing, then head to a local thrift store and compare prices. Consider giving your child a set amount they can spend on second-hand clothing. You can then enjoy watching them try to get as much as they can for their money.

Encourage Some Sibling Rivalry

If you’re teaching more than one child about money, consider setting up a competition to see which sibling can save more by a certain date. You might set a goal, such as saving a specific amount or towards a specific item, then offer a reward to the winner.

Set Up a Lemonade Stand

Letting kids set up and run a lemonade stand can help them learn valuable lessons about money, including earning income and entrepreneurship. It can also help them build confidence, resilience, and management skills. Plus, it’s fun. Just be aware that many states require kids to have a permit to operate a lemonade stand, so the first step is doing a bit of research.

Play Financial Board Games

Classic board games like Monopoly and Payday can also be great money activities for children. In Monopoly, for example, players buy and trade properties, develop them, and collect rent. There is even Monopoly Jr. for younger kids. Other fun money board games for your next family game night: the Game of Life, the Allowance Game, the Stock Exchange Game, and the Sub Shop Board Game.

Recommended: 52 Week Savings Challenge (2024 Edition)

The Takeaway

Teaching kids about money and how to manage it can prepare them to be financially responsible adults. By offering an allowance or payment for doing extra chores, kids can learn the value of money and rewards of saving and delayed gratification. Helping older kids learn how to budget and set up a bank account can instill a sense of confidence and independence, not to mention pride.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

When should you start teaching kids money management?

Children as young as three years old can begin to understand the concept of paying for something and saving money in a piggy bank. Some parents start giving kids an allowance between the ages of five and seven, which can help them learn basic financial literacy concepts like saving, spending, and sharing. As kids get older, you can gradually introduce more complex concepts like budgeting, investing, and “good” vs. “bad” debt.

What are the benefits of teaching kids money management?

Teaching kids about money has numerous benefits. It instills financial responsibility, fosters good habits early on, and prepares them for real-world financial challenges. It also encourages critical thinking, goal-setting, and independence in making financial decisions.

How do you teach kids the value of money?

You can teach the value of money through hands-on experiences and age-appropriate activities. Encourage earning money through chores or tasks, involve them in family budgeting discussions, and demonstrate the consequences of spending choices. Emphasize the importance of saving for goals and how to differentiate between needs and wants.

How do you organize your kids’ money?

You can organize a kid’s money by helping them establish savings goals, allocate their money into different categories (such as saving, spending, and giving), and track their progress regularly. Consider using tools like jars, envelopes, or savings accounts to physically or digitally separate their money.

What is the 3 piggy bank system?

The “three piggy bank” system involves dividing money into three categories: saving, spending, and sharing. Each piggy bank represents a different purpose, teaching kids to allocate their money wisely. They learn the importance of saving for future goals, budgeting for everyday expenses, and contributing to charitable causes or sharing with others. This system helps instill foundational money management skills in a simple and practical way.

Photo credit: iStock/kate_sept2004

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Apache is functioning normally

May 3, 2024 by Brett Tams

If someone is applying for disability benefits, they may be relieved to learn that, yes, you can have a savings account while on Social Security disability. While there are certain financial factors that can disqualify someone from Social Security eligibility, having a savings account is not one of those factors.

But of course, there are some subtleties to be aware of with any benefits matter, so it’s important to take a closer look. Among the points to learn are the difference between SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income), who is eligible for Social Security disability benefits, and what the guidelines are for having a savings account while receiving benefits.

What Is Social Security?

There’s a reason the Social Security program is so well known: It has been providing financial support to Americans for many decades. Social Security benefits are designed to help maintain the basic well-being and protection of the American people. These benefits have been around since the 1930’s in response to the economic crisis caused by the Great Depression.

Today, one in five Americans currently receive some form of Social Security benefits — one third of those are disabled, dependents, or survivors of deceased workers. More than 10 million Americans are either disabled workers or their dependents.

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Can I Get Social Security Disability Insurance or Supplemental Security Income with a Savings Account?

You may be thinking you can’t have that kind of asset if you want to qualify for Social Security Disability funds. However, it is indeed possible to receive Social Security Disability Insurance (SSDI) or supplemental security income if you have a checking or a savings account.

Even better, it doesn’t matter how much money is held in that account. There are other program requirements that must be met to qualify for SSDI, but how much money someone has or doesn’t have in the bank isn’t one of them.

Eligibility for SSDI

In order to be eligible for SSDI benefits, the individual must have worked in a job or jobs that were covered by Social Security and have a current medical condition that meets Social Security’s definition of disability. Generally, this program can benefit those who are unable to work for a year or more due to a disability.

It provides monthly benefits until the individual is able to work again on a regular basis. If someone reaches full retirement age while receiving SSDI benefits, those benefits will automatically convert to retirement benefits maintaining the same amount of financial support.

Eligibility for SSI

If you receive Supplemental Security Income (SSI), however, there is a limit on how much you can have in savings. SSI is a federal support program that receives funding from the type of taxes known as general tax revenue, not Social Security taxes.

This program provides financial support to help recipients cover basic needs such as clothing, shelter, and food. It provides aid to those who are aged (65 or older), blind, and disabled people who have little or no income (or limited resources). To qualify, participants must be a U.S. citizen or national, or qualify as one of certain categories of noncitizens.

What You Have to Tell SS about Your Assets if You Want Benefits

There are certain assets (in this case, they’re known as resources) that must be disclosed in order to qualify for benefits through the SSI program. Typically, to receive benefits, one can’t own more than $2,000 as an individual or $3,000 as a couple in what the SSA deems “countable resources.” However, there aren’t any such limits in place for the SSDI program.

The value of someone’s resources (aka their financial assets) can help determine if they are eligible for Social Security benefits. If a recipient has more resources than allowed by the limit at the beginning of the month (when resources are counted), they won’t receive benefits for that month. They can be eligible again the next month if they use up or sell enough resources to fall below the limit.

Eligible resources can include:

• Cash

• Bank accounts (checking account, regular savings account, growth savings account; whatever you have)

• Stocks, mutual funds, and U.S. savings bonds

• Land

• Life insurance

• Personal property

• Vehicles

• Anything that can be changed to cash (and can be used for food and shelter)

• Deemed resources

The term “deemed resources” refers to the resources of a spouse, parent, parent’s spouse, sponsor of a noncitizen, or sponsor’s spouse of the Social Security benefits applicant.

A certain amount of these deemed resources are subtracted from the overall limit. For example, if a child under 18 lives with only one parent, $2,000 worth of deemed resources won’t count towards the limit. If they live with two parents, that amount rises to $3,000.

Recommended: What are the Different Types of Savings Accounts?

How Much Can I Have in My Savings Account and Receive SSI or SSDI?

For the SSI program, the total resource limit (which includes what’s in a checking account) can not be more than $2,000 for an individual or $3,000 for a couple. Again, there are no asset limits when it comes to the SSDI program. If someone is applying for the SSDI program, they can surpass that $3,000 limit, and it won’t matter as it doesn’t apply to them.

SSA Exceptions and Programs

Not every asset someone owns will count towards the SSI resource limit (remember, there is no such limit for the SSDI program). For the SSI program, there are some exceptions regarding what counts as a resource. The following assets aren’t taken into consideration:

• The home the applicant lives in and the land they live on

• One vehicle—regardless of value—if the applicant or a member of their household use it for transportation

• Household goods and personal effects

• Life insurance policies (with a combined face value of $1,500 or less)

• Burial spaces for them or their immediate family

• Burial funds for them and their spouse (each valued at $1,500 or less)

• Property they or their spouse use in a trade or business or to do their job

• If blind or disabled, any money they set aside under a Plan to Achieve Self-Support

• Up to $100,000 of funds in an Achieving a Better Life Experience account established through a State ABLE program

The Takeaway

When applying for Social Security benefits, having a savings account may or may not impact your eligibility. It depends on which program you are applying for. It is possible to have a savings account while receiving SSDI benefits. It’s also possible to have a savings account while receiving SSI, but there are limits regarding how much the value of the applicant’s assets (including what’s in their savings accounts) can be worth to qualify for support.

If you happen to be in the market for a savings account, take a look at your options.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How much money can I have in a savings account while on Social Security?

Personal assets aren’t taken into account, including savings, when applying for the SSDI program. For SSI, however, countable resources (including savings accounts) are capped at $2,000 for individuals and $3,000 for couples.

Does Social Security look at your bank account?

That depends. If someone is applying for Supplemental Social Security Income (SSI) benefits, their personal assets are taken into consideration when it comes to eligibility. With Social Security Disability Insurance (SSDI), applicant assets aren’t taken into consideration.

What happens if you have more than $2,000 in the bank on SSI?

If you have more than $2,000 in the bank and are on SSI as an individual (more than $3,000 if you are part of a couple), you will not receive benefits for that month. Your finances will be evaluated the following month to see if your assets have fallen and you therefore qualify.

Does Social Security check your bank account every month?

Money in the bank doesn’t affect Social Security disability benefits. However, there is a $2,000 to $3,000 limit (varies by household) for the SSI program.

Photo credit: iStock/MicroStockHub

This article is not intended to be legal advice. Please consult an attorney for advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Source: sofi.com

Apache is functioning normally

May 2, 2024 by Brett Tams

Raising the minimum wage is a hot-button issue, politically speaking — and rightly so, as it has a real impact on everybody’s finances. So what are the pros and cons of raising the minimum wage?

Raising the minimum wage could have immediate effects on the lives of low-wage hourly workers by helping them to move out of poverty and keep up with inflation. Some economists argue that other pros of raising the minimum wage could include increased consumer spending, reduced government assistance (and increased tax revenue), and stronger employee retention and morale.

Alternatively, other financial experts point to the cons of raising the minimum wage, including potentially increasing the cost of living, reducing opportunities for inexperienced workers, and triggering more unemployment.

Learn more here, including:

• What is the federal minimum wage?

• What is the purpose of the minimum wage?

• What are the pros and cons of raising the minimum wage?

• What are the likely effects of raising the minimum wage?

What Is the Federal Minimum Wage in 2023?

The federal minimum wage in 2023 is $7.25 per hour. The last time that minimum wage increased was on July 24, 2009, when it grew $0.70 from $6.55 an hour. This was part of a three-phased increase enacted by Congress in 2007.

It’s worth noting that tipped employees (say, waiters) have a different rate. The current federal tipped minimum wage is $2.13, as long as the worker’s tips make up the difference between that and the standard minimum wage.
Some states have their own minimum wage laws with a higher (or lower) starting wage than the federal minimum. In such states, employers must pay out the higher of the two minimum wages.

Here are some minimum wage fast facts:

• The highest current minimum wage is in Washington, D.C., where it is $16.10 — and will go up to $17.00 on July 1, 2023.

• According to a 2022 Oxfam American report, 51.9 million US workers, or a little less than a third of the workforce, make less than $15 per hour, and many are making the federal minimum wage of $7.25 per hour or less.

• While the minimum wage has been stagnant since 2009, inflation has not. The spending power of $7.25 in 2009 is equivalent to $10.11 in 2023. This means that $7.25 can buy today about 7!5 of what it could buy in 2009.

Recommended: 7 Factors That Cause Inflation

What Is the Purpose of the Minimum Wage?

So why was the minimum wage originally created? The minimum wage was an idea that gained traction during the Great Depression era. During that time, President Franklin D. Roosevelt worked with Congress to pass the Fair Labor Standards Act of 1938, which officially established the minimum wage. Even then, politicians bickered over the hourly rate and potential impacts on the economy, and the final legislation (25 cents an hour) was not what FDR originally had in mind.

Regardless of the final number that Congress landed on, FDR’s vision for this minimum wage law was to “end starvation wages and intolerable hours,” according to the Department of Labor. The Legal Information Institute of Cornell Law School paints an even clearer picture: “The minimum wage was designed to create a minimum standard of living to protect the health and well-being of employees.”

In short, early proponents of the minimum wage legislation intended for it to be a living wage. And as the Kenan Institute of Private Enterprise points out, in today’s economy, “there is a stark difference between the federal minimum wage and a living wage.”

Recommend: Salary vs. Hourly Pay

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Benefits of Raising the Minimum Wage

Many economists point to several pros of raising the minimum wage, including the following:

Helping Families Get Out of Poverty

Even without minimum wage increases in today’s market, inflation is skyrocketing. In July 2022, it was up 9.1% year-over-year, a four-decade high. The average American family is likely trying to cut grocery costs, gas prices, and utility bills.

A nonpartisan analysis conducted by the Congressional Budget Office found that raising the federal minimum wage to $15 an hour would reduce the number of people in poverty by nearly 1 million within a decade. And that same report indicates that earnings could increase for up to 29 million workers by 2031.

While raising the minimum wage will not stop inflation (in fact, it can have the opposite effect), it can help families more easily afford basic necessities. It can also fulfill the legislation’s original intention of eliminating starvation wages and establishing a minimum standard of living.

Recommended: Is Inflation Good or Bad?

Increasing Consumer Spending

Multiple studies over the last decade have demonstrated that low wage earners are more likely to put their income directly back into the economy. That’s because low wage workers spend a larger portion of their budget on immediate needs, like food, clothing, transportation, and shelter.

Increased consumer spending is a boon to the economy, as it is a positive economic indicator reflecting consumer confidence in the market — and brings more revenue to small businesses and corporations alike.

Increasing Federal Revenues

The CBO’s report found that federal spending would both increase and decrease if the minimum wage were raised. While those with newly raised wages might rely on government assistance less (for example, the CBO predicts reduced spending on nutrition programs like SNAP), workers who lose their jobs as a result of minimum wage increases will put an excess burden on unemployment.

However, increased tax revenue from higher wages should boost federal revenues overall, per the CBO report.

Increasing Employee Retention and Performance

The theory of efficiency wages suggests that higher-paid employees are more motivated to work harder and thus produce more goods and services faster. If that theory is true, increasing the minimum wage could help businesses become more profitable.

Further, employees are more likely to stay with a company longer if they earn good wages. The longer an employee is with a company, the more skilled that employee can become — and thus more valuable to the business.

On top of that, employee turnover is expensive. Replacing an employee with a new candidate can cost up to 150% of the worker’s salary or possibly more. In many cases, it might be cheaper for a business to pay an employee a better salary to keep them from leaving. It could be cheaper than recruiting and training a new worker to replace them after they’ve left.

Cons of Raising the Minimum Wage

There are multiple downsides to raising the minimum wage to consider when debating this policy as well:

Increasing Labor Costs and Unemployment

The largest concern with raising the minimum wage is increased labor costs. If the minimum wage increased to $15 an hour, businesses would suddenly need to give raises to everyone making less than that.

But if some employees were making $10 to $15 an hour, they might not be thrilled to hear that other workers with less tenure and experience are suddenly being paid the same. And employees who were making $15 an hour or slightly above it may also expect a raise once entry-level workers are bumped to $15.

The problem? Not all businesses can afford that. Restaurants, for example, operate at a 3% to 5% profit margin. Increasing labor costs could shrink (or eliminate) their margins, meaning they might have to let go of some staff or go out of business.

The report from the CBO supports this data; it estimates that raising the minimum wage to $15 could result in the loss of roughly 1.5 million jobs within a decade.

Another aspect of this is that if employers have to raise their wages, they might well raise their prices, passing along the increase to their customers.

Increasing Cost of Living

As businesses adjust prices to accommodate higher labor costs, consumers should expect that their dollars won’t go as far as they used to. That is, many economists argue that minimum wage is correlated with inflation. Some say that if business owners have to raise the minimum wage they pay workers, they will pay along those costs to their customers, ratcheting up their prices and contributing to inflation.

That said, other economists paint inflation as the boogeyman of the minimum wage debate. For example, Daniel Kuehn, a research associate at The Urban Institute, said that, though increasing wages will increase the cost of goods and services, it’s not really a 1:1 ratio. In other words, it won’t be “enough for consumers to really feel a burn in their wallet.”

Recommended: Compare Texas Cost of Living to California Cost of Living

Decreasing Opportunity for Inexperienced Workers

Typically, employees without specialized skills — first-time workers in high school and college, people with disabilities, and the elderly — fill some minimum wage jobs. But as employers are forced to pay workers more, some argue that companies will look for employees with more experience (or will invest in automated technology). This could make it more challenging for unskilled laborers to find work.

Recommended: What Is a Good Entry Level Salary?

Handling the Effects of Raising the Minimum Wage

Businesses may need to adjust practices to pay employees a higher hourly rate if the federal or state minimum wage increases. Here are a few ways company leaders might be able to handle the effects of increased wages:

• Raising prices: If a company’s labor costs go up, the company may need to offset those expenses with higher prices for its goods and services. Paying attention to what competitors are doing and how consumers are reacting to price hikes can be helpful in determining how much you raise prices.

• Working with independent contractors: Independent contractors might be more affordable than full-time employees for specific job duties. For instance, the employer would save on paying benefits. Before establishing an independent contractor model at your business, it’s a good idea to research the guardrails around independent contractors, as laid out by the IRS.

• Automating some positions: Technology continues to offer new ways to automate certain business functions, which may allow employers to reduce headcount, avoid future hires, or reassign existing employees to more revenue-generating work.

• Reducing hours or cutting costs: Business owners who do not want to lose any employees might be able to reduce overall hours or find other ways to cut costs instead (perhaps a less expensive benefits package, for instance).

• Getting creative: Offsetting increased labor costs can be as easy as generating more business. But then generating more business isn’t always so easy. Some creative ideas to get customers in the door could include loyalty programs or offering low-cost alternatives for budget-conscious customers.

Recommended: How Does Unemployment Work?

The Takeaway

The original intention for establishing a minimum wage was to enable workers to have a standard of living that allowed for their health and well-being. While opponents may still argue over “living wage vs. starting wage,” many signs point to today’s federal minimum wage not being enough to have a basic standard of living. Raising the minimum wage has several pros, but it’s important to remember that there are many negative effects to minimum wage increases as well. The economic solution may not be simple, but it will likely be a debate that’s in the spotlight today and in the near future.

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FAQ

How does increasing the minimum wage affect the economy?

Some economists argue that increasing the minimum wage encourages consumer spending, helps families out of poverty, and boosts tax revenue while reducing tax-funded government assistance. Other economists point out the cons of raising the minimum wage, like increased inflation and unemployment.

How does decreasing the minimum wage affect the economy?

In general, the discussion around minimum wage is about increasing it. Economists and politicians are not considering decreasing the minimum wage; doing so would send more families into poverty and decrease consumer spending.

Why are state minimum wages different?

States are able to enact their own laws that supplement or deviate from federal laws. Many states with a higher cost of living, like California and Washington, have increased their minimum wage to roughly double the federal minimum. If a state’s minimum wage differs from the federal minimum wage, employers must pay the higher of the two rates.

Photo credit: iStock/MicroStockHub

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Source: sofi.com

Apache is functioning normally

April 29, 2024 by Brett Tams

Nashville is one of the most popular destinations for live music and bachelorette parties. With its growing popularity, Nashville International Airport (BNA) had more than 20 million passengers fly through its airport in 2023.

If you’re considering a visit to “Music City,” relax and enjoy extra amenities at one of the Nashville airport lounges before heading out. Learn more about the airport lounges at BNA, what they offer and how you gain access to them.

About Nashville airport lounges

BNA is a hub for Southwest Airlines, which isn’t known for offering premium benefits like airport lounges. However, BNA is serviced by numerous domestic and international airlines, so there are lounges at Nashville Airport that travelers can enjoy.

Most lounges are restricted to passengers of specific airlines, but Priority Pass options are also available to all travelers, regardless of carrier.

🤓Nerdy Tip

While you can buy a Priority Pass membership, many premium travel credit cards include Priority Pass memberships or day passes as a complimentary benefit.

The airport is divided into four concourses, depending on which airline you’re flying. Passengers can walk between concourses to take advantage of its lounge options.

Concourse A: No lounges

You won’t find any lounges in BNA’s Concourse A. Though this concourse serves a variety of airlines — including Alaska Airlines and United Airlines, which do operate their own lounges at other airports — none offer a Nashville airport lounge.

If your gate is in this part of the airport, walk to one of the other concourses to access an eligible lounge.

Concourse B: Delta Sky Club

When flying out of Concourse B, the only Nashville Airport lounge available is the Delta Sky Club, which recently completed a renovation to almost quadruple in size.

Delta Sky Club

Located near Gate B3.
Boarding pass is required for entry.
Open to eligible Delta passengers and SkyTeam travelers, as well as certain card holders.

The Delta Sky Club lounge in Nashville Airport recently underwent a renovation that finished in 2022. The renovation added over 10,000 square feet and nearly 200 seats for guests to enjoy. It offers complimentary Wi-Fi plus premium food, spirits and liquor at no charge, including an extensive assortment of regional whiskies, bourbons and ryes.

Guests can enter this Nashville airport lounge up to three hours prior to departure time. However, passengers with basic economy tickets do not have access to the lounge.

Travelers with Delta Medallion elite status also receive free entry when traveling internationally on an eligible ticket, like Delta One or similar class on a partner airline.

Concourse C: American Airlines Admirals Club and Priority Pass restaurant

There are two lounges at Nashville Airport in Concourse C. The first is the American Airlines Admirals Club lounge, which is primarily for passengers flying on American Airlines, and the other is a Priority Pass restaurant.

While many premium credit cards offer Priority Pass benefits, there are only two currently available that include dining credits.

American Airlines Admirals Club

Located near Gate C15.
Must present a boarding pass to enter.
Open to eligible American Airlines passengers and Oneworld travelers and certain American Airlines-branded card holders.

Visitors to the Admirals Club from American Airlines receive complimentary Wi-Fi, food and drinks during their stay. This Nashville airport lounge also offers a full-service bar where guests can order premium food and drinks for an extra fee.

Complimentary admission is available to travelers on American Airlines and Oneworld flights with Admirals Club membership, ConciergeKey members and AirPass members with Admirals Club® privileges.

American Airlines also extends club access to Oneworld elite status Emerald and Sapphire members on any American or Oneworld flight.

If you don’t qualify based on the other methods, one-day passes can be purchased for $79 or 7,900 AAdvantage miles if there’s space available.

This fee is waived for active duty military traveling in uniform and their immediate family (or two guests) when flying on American Airlines.

400 Degrees Hot Chicken

Located near Gate C19
Available for all travelers, but must show a boarding pass to use Priority Pass benefits.

One of Nashville’s most popular dishes is hot chicken, and it’s now available at the airport. Travelers can test the strength of their stomach with spicy chicken or choose from any number of breakfast, lunch and dinner options. 400 Degrees Hot Chicken also serves craft cocktails, beer and other drinks.

This restaurant is open to the public, but eligible Priority Pass members receive $28 per person in dining credits. Some cardholders are grandfathered in, but the only cards that include Priority Pass restaurant benefits that are open to new applicants are the Chase Sapphire Reserve® and Capital One Venture X Business.

If your card is eligible, you must activate your Priority Pass membership before you can redeem the credits.

Concourse D: Priority Pass and USO

You’ll find limited Nashville airport lounges in Concourse D. Minute Suites is a Priority Pass lounge that is also available to the general public. Plus, the USO offers active duty military and their families a place to relax and enjoy light snacks.

Minute Suites

Located near Gate D3.
No boarding pass is required for entry.
Open to all travelers. Eligible Priority Pass members receive one hour free.

Minute Suites offers five private retreats for travelers to escape from the noise and hustle of the airport. Although this Nashville airport lounge doesn’t offer showers, guests can nap, watch TV, work or take calls in their dedicated space.

Rooms include free Wi-Fi, a flat-screen TV, a workstation and a comfortable daybed. Unlike other lounges, complimentary drinks and food are not included. However, Minute Suites offers a limited assortment of drinks, snacks and travel essentials for sale.

Travelers can enter Minute Suites Nashville by renting rooms by the hour or in 15-minute increments. Walk-ups are accepted, or you can reserve a room online. Prices start at $55 for one hour of $13.75 for each 15-minute increment.

On-site discounts are available for flight crews and active military. Eligible Priority Pass members receive one hour for free, and additional time is charged a discounted $34 per hour.

USO Lounge

Located near Gate D1.
No boarding pass is required for entry.
Restricted to active duty military and their families.

USO Lounges are reserved for active duty military and their families to relax before or after a flight. The USO Lounge at Nashville airport offers complimentary coffee, snacks, Wi-Fi, television and video games. Space is limited, so this lounge restricts its capacity to just 40 guests at a time.

Final thoughts on the lounges at Nashville Airport

While BNA is a smaller regional airport, it offers airport lounges from two major carriers plus two Priority Pass options.

The Nashville airport lounges are an excellent way to enjoy complimentary drinks, food, Wi-Fi and entertainment if your flight, elite status or credit card benefits provide access.

To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.

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 2024, including those best for:

Source: nerdwallet.com

Apache is functioning normally

April 29, 2024 by Brett Tams

The Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® are two of the most popular travel rewards credit cards on the market. To make sure they stay popular, Chase has repeatedly tweaked their benefits and features over the years. This page tracks some of the most significant changes, including their rewards rates, perks and bonus offers. Offers that have expired are marked.

First, here’s a look at what the cards currently offer:

Current benefits

Chase Sapphire Preferred® Card

on Chase’s website

Chase Sapphire Reserve®

on Chase’s website

Annual fee

Sign-up bonus

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Travel℠.

Rewards

5 points per $1 spent on travel booked through Chase.
3 points per $1 spent on dining (including eligible delivery services and takeout).
3 points per $1 spent on select streaming services.
3 points per $1 spent on online grocery purchases (not including Target, Walmart and wholesale clubs).
2 points per $1 spent on travel not booked through Chase.
1 point per $1 spent on other purchases.
Through March 2025: 5 points per $1 spent on Lyft.

Points are worth 1.25 cents apiece when redeemed for travel through Chase.

10 points per $1 spent on Chase Dining purchases.
10 points per $1 spent on hotel stays and car rentals booked through Chase.
5 points per $1 spent on air travel booked through Chase.
3 points per $1 spent on travel and dining not booked with Chase.
1 point per $1 spent on other purchases.
Through March 2025: 10 points per $1 spent on Lyft.

Points are worth 1.5 cents apiece when redeemed for travel through Chase.

Other benefits

A $50 annual credit on hotel stays booked through Chase.
Each account anniversary, cardmembers earn bonus points equal to 10% of total purchases made the previous year.
1:1 transfer partners, including United, Southwest, JetBlue, Marriott and Hyatt.

$300 annual credit, automatically applied to travel spending.
1:1 transfer partners (same as the Chase Sapphire Preferred® Card).
Access to more than 1,000 airport lounges worldwide through Priority Pass Select, including Chase Sapphire lounges.
Up to $100 reimbursement every four years for NEXUS, Global Entry or TSA PreCheck application fees charged to your card.
Access to “Reserved by Sapphire” restaurant-booking feature.

Learn more

Still not sure?

CHASE SAPPHIRE RESERVE® OVER THE YEARS

February 2023: New Peloton promotion

From Feb. 1, 2023, through March 31, 2025, holders of the Chase Sapphire Reserve® can earn 10 points per dollar spent on eligible Peloton purchases, up to a maximum of 50,000 points. Eligible purchases include equipment or accessories over $250, such as Peloton bikes, treadmills and rowing machines, as well as Peloton Guide, a strength-training program that uses a camera to help you work on your form. Purchases must be made directly through Peloton and paid in full at the time of purchase. (This means that financing equipment with Affirm will not result in extra points.) Apparel and app memberships also aren’t eligible.

November 2022: Lyft Pink All Access

Chase Sapphire Reserve® cardholders had previously been offered a free year’s membership in the “Lyft Pink” loyalty program. Effective Nov. 15, 2022, that offer was upgraded. Cardholders would then receive complimentary Lyft Pink All Access membership for two years and 50% off for their third year. All Access is the highest tier membership available from Lyft and retails for $199. It includes:

Faster pickups with Free Priority Pickup upgrades.
10% off all luxury ride types.
Free ride cancellation, up to three times per month.
Free roadside assistance for your own car up to four times per year.
Free SIXT car rental upgrades.
Unlimited free 45-min classic bike rides.
Free unlimited e-bike and scooter unlocks, plus discounted rates.
3 bike or scooter guest passes per year.

Cardholders continue to earn 10 points per dollar spent on Lyft rides, a promotion that began in 2020 and has been extended through March 2025.

October 2022: 80,000-point bonus

Expired offer: In mid-October 2022, the Chase Sapphire Reserve® offered a sign-up bonus of 80,000 points, which was available until Dec. 1, 2022. This was the biggest sign-up incentive on the card since the 100,000-point bonus it debuted with (to great fanfare) in 2016.

August 2021: Major overhaul

On Aug. 16, 2021, Chase rolled out the biggest set of changes to the Chase Sapphire Reserve® since the card’s debut five years earlier. Those changes included new bonus categories:

10 points per dollar spent on Chase Dining purchases.
10 points per dollar on hotel stays and rental cars booked through Chase.
5 points per dollar on airfare booked through Chase.

The card continued to earn 3 points per dollar on dining and on travel not booked through Chase, and 1 point per dollar on other purchases. Other benefits of the card were largely unchanged, and its annual fee remained $550.

March 2021: Bigger bonus in effect

Expired offer: The sign-up bonus on the Chase Sapphire Reserve® got a temporary bump in March 2021. That offer: Earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That was 10,000 points bigger than the standard bonus at the time.

March 2021: Extra points on Peloton

Expired offer: From March 2021 through March 2022, the Chase Sapphire Reserve® earned 10 points per $1 spent on each Peloton Bike, Tread and accessory purchase of over $1,800, for a maximum of 50,000 points.

February 2021: 10X on Chase Dining

Expired offer: In a limited-time promotion that began in early 2021, holders of the Chase Sapphire Reserve® could earn 10 points per dollar spent on Chase Dining purchases (including takeout and prepaid reservations), on up to $500 in spending. The promotion ended on June 30, 2021, but 10x rewards on Chase Dining purchases later became a standard benefit of the Chase Sapphire Reserve®. Also, through Sept. 30, 2021, Chase Sapphire Reserve® holders could redeem points for Chase Dining purchases at a rate of 1.5 cents per point.

November 2020: Boosted grocery rewards

Expired offer: Chase added another round of bonus grocery rewards as the COVID-19 pandemic lingered. From Nov. 1, 2020, through April 30, 2021, the Chase Sapphire Reserve® earned 3 points per dollar spent at grocery stores, up from the usual 1 point per dollar.

October 2020: Peloton promotion

Expired offer: Starting in October 2020 and running through June 2022, Chase Sapphire Reserve® cardholders could earn up to $120 in statement credits on Peloton Digital and All-Access memberships. Digital memberships cost about $13 a month at the time; All-Access memberships, $39 a month.

July 2020: More COVID-era benefits

Expired offers: From July 1 to Sept. 30, 2020, Chase Sapphire Reserve® cardholders could earn bonus rewards on spending that was soaring in the midst of the COVID-19 pandemic:

Instacart: 5 points per $1 spent on Instacart delivery and pickup orders, on up to $3,000 in spending during the three-month promotional period.
Gas stations: 5 points per dollar, on up to $1,500 spent at gas stations over the three-month period.
Streaming: 10 points per dollar, on up to $1,500 in purchases with select streaming services like Spotify and Netflix during the promotional period.

May 2020: Bonus rewards on groceries

Expired offer: As the COVID-19 pandemic took hold and Americans quarantined at home, Chase added bonus rewards on groceries to a host of travel credit cards that might have otherwise seen little use. Holders of the Chase Sapphire Reserve® would earn 5 points per dollar spent at grocery stores, on up to $1,500 a month in spending, from May 1 to June 30, 2020.

May 2020: ‘Pay Yourself Back’ added

Expired offer: With most travel on hiatus due to the COVID-19 pandemic, Chase gave cardholders new options to redeem points for statement credit against certain purchases. Notably, holders of the Chase Sapphire Reserve® were able to get the same 1.5-cents-per-point value as they received when redeeming points for travel bookings. Eligible categories for the “Pay Yourself Back” program have included grocery stores and gas stations. The program evolved as time went on, with categories and redemption options changing. Find the latest on Pay Yourself Back here.

January 2020: Annual fee increase and new benefits

The annual fee on the Chase Sapphire Reserve® increased from $450 to $550 in January 2020. It was the first time the fee had increased since the card launched in 2016. For new applications, the higher fee took effect on Jan. 12. For existing cardholders, the new fee was charged the first time their account came up for renewal after April 1, 2020. Meanwhile, Chase also added two new perks for holders of the Chase Sapphire Reserve®:

Lyft: Chase announced that cardholders would earn 10 points per dollar spent on Lyft rides, a significant boost from the 3 points per dollar that cardholders earn for other travel purchases. (This 10x promotion remains in effect through March 2025.) Cardholders also got a free year of “Lyft Pink,” the rideshare company’s paid membership program, with benefits including discounts on rides, priority pickups and a number of free bike and scooter rentals. (The Lyft Pink offer has expired.)
DoorDash: Chase also announced that Chase Sapphire Reserve® cardholders would get a $60 statement credit in 2020 and 2021, for a total of $120, as well as a one-year subscription to DashPass. (This offer has expired.)

March 2019: Luxury hotel partnership

Chase announced that it had partnered with hospitality company SBE to provide benefits to Chase Sapphire Reserve® cardholders who stay at select SBE luxury hotels, including locations in the Bahamas, Istanbul, Miami and Las Vegas. Cardholders who book through SBE’s promotional reservation page using their Chase Sapphire Reserve® can qualify for certain benefits, including: the fourth night free for every four consecutive nights booked; a $30 hotel credit per room, which can be used toward food and beverage; complimentary room upgrades, when available; daily continental breakfast for two people; free Wi-Fi; and late checkout, when available.

August 2018: Perks tweaked (not for the better)

In May 2018, Chase announced three noteworthy changes to some of the signature perks on the Chase Sapphire Reserve®. These changes would take effect Aug. 26 of that year.

$300 travel credit: Purchases that qualify for this credit would no longer earn points. In other words, cardholders got an automatic statement credit for the first $300 in travel purchases each year. Once they’d spent $300, they’d earn 3 points per dollar on spending. Previously, you earned 3x points on all travel spending — including those purchases reimbursed via the automatic credit.
Price protection: Chase discontinued this perk, which refunded a portion of the purchase price of an item you had bought if you found it advertised for less.
Priority Pass: Cardholders who activated and used the card’s airport lounge benefit — a complimentary Priority Pass Select membership — would be limited to two guests per membership card. Previously, the card didn’t set a limit. Cardholders would be charged $27 per additional guest.

November 2017: Digital Priority Pass access

Chase Sapphire Reserve® cardholders who had activated the card’s complimentary Priority Pass Select membership gained the ability to set up a digital membership card on their phone. That reduced the risk that they would be unable to access airport lounges because they had forgotten to bring along their physical membership card.

August 2017: One Sapphire card per person

In a policy change that took effect Aug. 27, 2017, Chase prohibited consumers from holding more than one Sapphire-branded card. Cardholders who already had more than one Sapphire card were allowed to keep them, but the door was shut on new approvals for people already carrying one. So if you have only a Chase Sapphire Reserve®, you won’t be approved for a Chase Sapphire Preferred® Card, and vice-versa.

May 2017: Travel credit calendar redrawn

The $300 travel credit on the Chase Sapphire Reserve® originally operated on a calendar-year basis. The first $300 in travel purchases each calendar year would get reimbursed through statement credits. That created an opportunity for opportunists and optimizers: Apply for the card late in the year, get $300 in credit, wait just a few weeks for the credit to reset, then get another $300 in credit. Chase put a stop to that for applications received from May 21, 2017, onward. For those cardholders, the credit operates on a “cardholder year” basis. If you open your account on, say, Oct. 12, then that’s when the credit resets each year.

May 2017: Bonus points for mortgages

Expired offer: From about May until August 2017, holders of the Chase Sapphire Reserve® who closed a new mortgage with Chase were eligible to receive 100,000 bonus points. This offer was good only for new mortgages — not refinancings or home equity loans. The offer expired Aug. 6, 2017.

January 2017: Huge bonus cut in half

Expired offer: Five months after it debuted with an astounding 100,000-point bonus offer (which was worth $1,500 when redeemed for travel booked through Chase), the Chase Sapphire Reserve® came back to Earth a little. On Jan. 12, 2017, the bonus offer dropped down to 50,000 points for online applications. The 100,000-point offer remained available in person at Chase bank branches for a little longer — until March 11.

August 2016: Sapphire Reserve launches

Expired offer: The launch of Chase’s premium travel credit card was easily the biggest credit card story of 2016. The $300 automatic travel credit made up for a large chunk of the annual fee (initially $450), and the 100,000-point bonus offer at launch made up for the rest of it for years to come. The card proved so popular that Chase temporarily ran out of the special metal used to make the card. Chase CEO Jamie Dimon said in December of that year that the overwhelming interest in the card and the sign-up bonuses paid out would likely cut Chase’s profit by $200 million to $300 million in the fourth quarter of 2016, according to a Bloomberg article.

CHASE SAPPHIRE PREFERRED® CARD OVER THE YEARS

April 2023: 80,000-point bonus

Expired offer: For the second April in a row, the Chase Sapphire Preferred® Card offered an 80,000-point sign-up bonus in April 2023. The offer expired May 25, 2023.

February 2023: New Peloton promotion

From Feb. 1, 2023, through March 31, 2025, holders of the Chase Sapphire Preferred® Card can earn 5 points per dollar spent on eligible Peloton purchases, up to a maximum of 25,000 points. Eligible purchases include equipment or accessories over $250, such as Peloton bikes, treadmills and rowing machines, as well as Peloton Guide, a strength-training program that uses a camera to help you work on your form. Purchases must be made directly through Peloton and paid in full at the time of purchase. (This means that financing equipment with Affirm will not result in extra points.) Apparel and app memberships also aren’t eligible.

April 2022: 80,000-point bonus

Expired offer: The sign-up bonus on the Chase Sapphire Preferred® Card increased to 80,000 points in mid-April 2022, then returned to the previous amount (60,000 points) at the end of May 2022.

August 2021: Major overhaul

On Aug. 16, 2021, the Chase Sapphire Preferred® Card received the most significant upgrade to its ongoing benefits in years. Those included new bonus categories:

5 points per dollar spent on all travel booked through Chase.
3 points per dollar on dining (up from 2 points per dollar previously).
3 points per dollar on select streaming services.
3 points per dollar on online grocery purchases (not including Target, Walmart and wholesale clubs).

The card continued to earn 2 points per dollar on travel not booked through Chase and 1 point per dollar on other purchases. The card also added two significant benefits:

A $50 annual credit on hotel stays purchased through Chase.
Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year.

Other benefits of the card were largely unchanged, and the annual fee remained $95.

June 2021: 100,000-point bonus sets new mark

Expired offer: The Chase Sapphire Preferred® Card rolled out its most lucrative offer up to that point on June 4, 2021. For a limited time, cardholders who spent $4,000 on purchases in the first three months could get 100,000 bonus points. That was a 20,000-point jump from the previous special offer and 40,000 points higher than the standard offer at the time.

March 2021: Bigger bonus in effect

Expired offers: The sign-up bonus on the Chase Sapphire Preferred® Card got a decent boost in March 2021. That offer: Earn 80,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That was 20,000 points bigger than the standard bonus at the time. The $50 grocery credit for new cardholders that had been added in January 2021 remained in effect (although it has since expired).

March 2021: Extra points on Peloton

Expired offer: From March 2021 through March 2022, the Chase Sapphire Preferred® Card earned 5 points per $1 spent on each Peloton Bike, Tread and accessory purchase of over $1,800, for a maximum of 25,000 points.

February 2021: 10X on Chase Dining

Expired offers: In a limited-time promotion that began in early 2021, holders of the Chase Sapphire Preferred® Card could earn 10 points per dollar spent on Chase Dining purchases (including takeout and prepaid reservations), on up to $500 in spending. The promotion ended on June 30, 2021. Also, through Sept. 30, 2021, Chase Sapphire Preferred® Card holders could redeem points for Chase Dining purchases at a rate of 1.25 cents per point.

January 2021: $50 grocery credit

Expired offer: As an incentive to apply for a travel credit card at a time when travel was drastically curtailed by the COVID-19 pandemic, the Chase Sapphire Preferred® Card offered new cardholders an automatic $50 statement credit for grocery store purchases. The credit was available for 12 months from account opening, with no activation required or spending threshold to meet.

November 2020: Boosted grocery rewards

Expired offer: Chase added another round of bonus grocery rewards as the COVID-19 pandemic lingered. From Nov. 1, 2020, through April 30, 2021, the Chase Sapphire Preferred® Card earned 2 points per dollar spent at grocery stores, up from the usual 1 point per dollar.

October 2020: Peloton promotion

Expired offer: Starting in October 2020 and running through June 2022, Chase Sapphire Preferred® Card cardholders could earn up to $60 in statement credits on Peloton Digital and All-Access memberships. Digital memberships cost about $13 a month at the time; All-Access memberships, $39 a month.

September 2020: 80,000-point bonus

Expired offer: Chase temporarily sweetened the bonus offer on the Chase Sapphire Preferred® Card starting Sept. 15, 2020. Cardholders who spend $4,000 in the first three months could earn 80,000 bonus points — up from the 60,000-point offer that was standard at the time. The offer ended a few months later.

July 2020: More COVID-era benefits

Expired offers: From July 1 to Sept. 30, 2020, Chase Sapphire Preferred® Card holders could earn bonus rewards on spending that was soaring in the midst of the COVID-19 pandemic:

Instacart: 3 points per $1 spent on Instacart delivery and pickup orders, on up to $3,000 in spending during the three-month promotional period.
Gas stations: 3 points per dollar, on up to $1,500 spent at gas stations over the three-month period.
Streaming: 5 points per dollar, on up to $1,500 in purchases with select streaming services like Spotify and Netflix during the promotional period.

May 2020: Bonus rewards on groceries

Expired offer: As the COVID-19 pandemic took hold and Americans quarantined at home, Chase added bonus rewards on groceries to a host of travel credit cards that might have otherwise seen little use. Holders of the Chase Sapphire Preferred® Card would earn 3 points per dollar spent at grocery stores, on up to $1,500 a month in spending, from May 1 to June 30, 2020.

May 2020: ‘Pay Yourself Back’ added

Expired offer: With most travel on hiatus due to the COVID-19 pandemic, Chase gave cardholders new options to redeem points for statement credit against certain purchases. Notably, holders of the Chase Sapphire Preferred® Card were able to get the same 1.25-cents-per-point value as they received when redeeming points for travel bookings. Eligible categories for the “Pay Yourself Back” program have included grocery stores and gas stations. The program evolved as time went on, with categories and redemption options changing. Find the latest on Pay Yourself Back here.

January 2020: 5X points on Lyft rides

Chase announced that several cards would begin earning extra rewards on Lyft rides. Chase Sapphire Preferred® Card holders would earn 5 points per dollar spent on Lyft rides. The end date for this promotion has been extended, and it is now available through March 2025.

March 2019: Bigger bonus, no fee waiver

Expired offer: On March 19, 2018, Chase temporarily bumped up the sign-up bonus on the Chase Sapphire Preferred® Card, offering 60,000 points if you met the requirement of spending $4,000 in the first three months your account was open. That was 10,000 more points than the standard offer at the time. Keeping in mind that points were worth 1.25 cents when redeemed for travel booked through Chase, that made the bonus worth an extra $125. However, at the same time, Chase announced that the annual fee on the Chase Sapphire Preferred® Card (which was $95 at the time) would no longer be waived in the first year. So for new cardholders, the net effect was a $35 boost in value.

September 2018: Authorized user bonus eliminated

Holders of the Chase Sapphire Preferred® Card used to be able to earn 5,000 points by adding an authorized user and having that person make a qualifying purchase. As of Sept. 11, 2018, that opportunity was eliminated.

May 2018: Biggest bonus offer yet

Expired offer: A limited-time offer that took effect on the Chase Sapphire Preferred® Card in May 2018 dangled the biggest publicly available sign-up bonus the card had seen to that point. The offer was available only on Chase’s site, not through marketplaces like NerdWallet. New cardholders could earn up to 80,000 points, which were doled out in two chunks:

50,000 bonus points after spending $4,000 on purchases within the first three months of account opening. This part was the same as the standard bonus on the card at the time.
30,000 additional bonus points based on total spending within the first year. The amount a cardholder had to spend varied depending on the offer they were presented with on the Chase site. In some cases, it was $20,000; in others, $30,000.

August 2017: One Sapphire card per person

In a policy change that took effect Aug. 27, 2017, Chase prohibited consumers from holding more than one Sapphire-branded card. Cardholders who already had more than one Sapphire card were allowed to keep them, but the door was shut on new approvals for people already carrying one. So if you have only a Chase Sapphire Preferred® Card, you won’t be approved for a Chase Sapphire Reserve®, and vice-versa.

May 2017: Bonus points for mortgages

Expired offer: From about May until August 2017, holders of the Chase Sapphire Preferred® Card who closed a new mortgage with Chase were eligible to receive 100,000 bonus points. This offer was good only for new mortgages — not refinancings or home equity loans. The offer expired Aug. 6, 2017.

Source: nerdwallet.com

Apache is functioning normally

April 28, 2024 by Brett Tams

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Home equity loan Home equity line of credit (HELOC) Interest rate Fixed Variable Monthly payment amount Fixed Variable Closing costs and fees Yes Yes, might be lower than other loan types Repayment period Typically 5-30 years Typically 10-20 years

FAQ

What is a rate lock?

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.

What are mortgage points?

Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments.

What are closing costs?

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.

If you’re trying to find the right mortgage rate, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

Source: foxbusiness.com

Apache is functioning normally

April 27, 2024 by Brett Tams

The U.S. Department of Housing and Urban Development (HUD) on Friday announced that a proposed change to the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program has been modified to bar the practice of premium pricing, and it will only allow interested party contributions (IPCs) on H4P closing costs from property sellers, builders, real estate agents and developers.

After concerns were raised in the public comment period following the proposed H4P changes announced late last year — including from AARP — some planned updates will not be implemented, according to a statement from the Federal Housing Administration (FHA). A Mortgagee Letter (ML) detailing the particulars of the policy changes has been released in conjunction with a new entry in the Federal Register.

Changing course

In October, FHA published proposed guidance for the H4P program in the Federal Register. In certain circumstances, the program would allow for inclusion of “an ‘interested party contribution’ [of] up to six percent of the sales price,” according to the original plan. After concerns during the proposal’s comment period were brought to the attention of policymakers, however, HUD and FHA have decided to walk back some of these plans.

“FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. “However, at this time, FHA will not allow [lenders] and third-party originators (TPO) to make such IPCs, nor will it allow premium pricing to qualify as an eligible funding source to meet the borrower’s minimum required investment.”

The new guidance as published in the Federal Register and in a new ML “also restores FHA’s previous policy that discount points and interest rate buydowns are not allowable closing costs,” FHA explained.

The original effective date as announced last fall remains in effect, which will be April 29, 2024. ML 2024-06 details the particulars of the policy revisions, changes to particular regulations and added that the “model HECM fixed and adjustable rate mortgage payment plans and model Exhibit II – Schedule of Closing Costs have been modified to align with the provisions of this ML.”

Initial concerns

In a letter sent to FHA Commissioner Julia Gordon in December, David Certner, legislative counsel and legislative policy director in the government affairs division at AARP, explained why the group opposed the initially proposed changes to the H4P program.

“We oppose the permitting of mortgagee and third-party originator premium pricing credits to be used toward the down payment,” Certner wrote at the time. “Premium pricing credits are discretionary and can be used as a means to influence a borrower to engage in the transaction. These credits can lead to fair lending violations. In the forward market, there have been cases where lenders do not pass on the full amount of premium pricing credits to consumers, resulting in an enforcement order and penalty fines to the lender.”

Additionally, since HECMs are negatively amortizing, then accepting a higher interest rate in return for a closing credit “is a very costly tradeoff for a consumer, and even more costly for a reverse mortgage transaction since interest costs are added to the loan balance each month,” the letter stated.

While AARP supported IPCs on H4P loans from the seller, real estate agent, builder or developer, the group opposed “permitting mortgagees and third-party originators to contribute to closing costs. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

Reactions to the changes

Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA), told RMD that the association is disappointed in some aspects of this decision.

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Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA).

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Steve Irwin

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg?w=256″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg?w=400″ src=”https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg?w=400″ alt=”Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA).” class=”wp-image-386627″ srcset=”https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg 400w, https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg?resize=128,150 128w, https://www.housingwire.com/wp-content/uploads/2023/05/NRMLA-Steve-Irwin.jpg?resize=256,300 256w” sizes=”(max-width: 400px) 100vw, 400px”>

Steve Irwin

“NRMLA, and its members, are disappointed that HUD has had to pull back on certain specific H4P features, which would have better aligned the product with the way things are done on the forward side of the mortgage business,” he said. “We also understand that we must ensure there is clarity for the consumer in how these product features work, and the [resulting] consumer impacts. NRMLA will devote itself to identifying any concerns regarding these features and work to resolve them.”

Reverse mortgage originator Chris Bruser with Mutual of Omaha Mortgage told RMD that he remains excited in general about the closing cost changes and builder incentives, but the discount point changes are discouraging as an industry professional who actively sources H4P business.

“I’m kind of a little bit disappointed in that,” he said. “It would be nice to be able to see that, especially here in Florida, where our closing and third-party costs are quite a bit higher. Any kind of extra help that our borrowers could obtain to lower their investment would be a welcome change.

“But I think at least allowing the credits to be there is a big step. Not allowing the discount points doesn’t necessarily seem like a game changer to me, though it would be nice to have that additional help. Still, I’ll take what we got.”

The National Consumer Law Center (NCLC) quickly lauded the development, according to an announcement issued by the organization.

“Reverse mortgage borrowers take on a complex financial product to reduce housing expenses and maintain stable shelter,” said Sarah Mancini, co-director of advocacy at NCLC. “HUD’s policy announcement today will remove the risk that these older homeowners will be up-charged on their interest rate in ways that would cost them more and eat up their home equity faster.”

The move will also stabilize housing for older Americans, according to Odette Williamson, a senior attorney with NCLC.

“HUD’s actions to strengthen the HECM program are extremely important steps toward increasing stable housing for older adults,” Williamson said. “We look forward to continuing to share information with the agency as it bolsters this crucial loan program.”

Source: housingwire.com

Apache is functioning normally

April 24, 2024 by Brett Tams

The following is a sponsored partnership with Kudos. Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With…

The following is a sponsored partnership with Kudos.

Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With the average Kudos member earning $750 per year, you won’t want to miss out on this game-changing tool!

With Kudos, you can always choose the best card for maximum rewards at checkout, easily autofill your card information (including CCV) with just one click, find new cards that match your shopping preferences, and more.

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Personally, I find Kudos incredibly helpful. As someone with multiple rewards credit cards, each with their own unique benefits, Kudos saves me a ton of time by instantly identifying the best card to use for each transaction. This not only simplifies my life but also helps me earn more money!

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Key Takeaways from this Kudos Review 2024

Kudos is a free AI-powered wallet that maximizes your credit card rewards when you shop online, whether you’re buying groceries, clothing, travel packages, furniture, or anything else—all with a single click.
With Kudos, you no longer have to guess which credit card to use for each purchase. Just shop like normal and Kudos will automatically recommend the best card to make sure you always earn the highest cashback, points, or miles on every transaction.
Kudos supports over 2 million stores, so you’re virtually guaranteed to find your favorite retailers and maximize your rewards with them.
Even if your credit card doesn’t typically offer rewards, you can still earn rewards by shopping through the Kudos browser extension at participating merchants.
Kudos is compatible with all major desktop browsers (Chrome, Safari, Edge) and is also available as an iPhone app, making it easy to boost your credit card rewards across every device.

Kudos Review 2024

Below is my Kudos review.

What is Kudos?

Kudos (also known as Kudos Technologies, Inc.) is a helpful AI-powered browser extension and app designed to help you make the most of your credit cards, particularly when shopping online. It was founded by Tikue Anazodo and Ahmad Ismail, and Kudos has been featured on Forbes, Yahoo Finance, Bloomberg, The Motley Fool, Nasdaq, and more.

Think of it as a smart wallet for your browser. Driven by the complex world of credit card rewards, the Kudos team created this tool to simplify the process.

Here’s how it shines: Select the cards you commonly use (without the need for any sensitive bank details) and Kudos tells you which one to use at checkout. You see, your cards might be packed with potential rewards for different spending categories—travel, groceries, or dining.

Different credit cards have so many different benefits (such as the rewards percentage, extended warranties, purchase protection, insurance, and more), which can be difficult to keep track of.

Kudos makes sure you’re using the best card possible to earn the most rewards, which is especially useful if you have more than one rewards credit card.

Members have collectively earned over $150 million in rewards with Kudos. On a personal level, you could boost your annual shopping rewards by an average of $750 just by using Kudos.

Plus, Kudos is super user-friendly. You can add it to your preferred desktop browser (Chrome, Safari, Edge) or use it on your iPhone, and it’s completely free. The service makes money by earning a small commission when you shop at participating stores or sign up for a card through their recommendations.

When you shop without Kudos, you could be missing out on opportunities to earn rewards with your purchases. Why miss out on potential earnings when Kudos provides a free and simple solution?

Kudos also has a really helpful Instagram account full of helpful credit card tips. I highly recommend checking that out here.

How Kudos works

Imagine you’re online shopping, ready to checkout, and you pause, thinking, which credit card do I use? That’s where Kudos steps in, always there to give you the best advice.

Kudos knows your cards and suggests which one to use at checkout. But how? First, you add your credit cards to the Kudos wallet. It’s safe and simple. When it’s time to buy something, Kudos pops up and says, “Hey, use this card!” Why? Because it’s the card that will give you the most rewards or savings for that purchase.

Here are the steps to get started:

Download the Kudos browser extension (takes less than a minute to do) on your desktop browser (Chrome, Safari, Edge) or iPhone. You’ll also answer basic questions like your name and the type of credit card you have (such as the Chase Freedom card).
Shop like you normally do.
Once you’re ready to checkout, Kudos will automatically appear to let you know which credit card you should use to get the most rewards and benefits.
Click the card you want to use and Kudos will then autofill the card info, making checkout a breeze.

What stores does Kudos work on?

Kudos works at over 2 million online stores and with over 3,000 credit cards – so there’s a very good chance that it’ll work for you.

Don’t see a store supported or can’t find your card? Their support team is super responsive and will help you out!

After I told Kudos what credit card I wanted to add, the site then told me what benefits I have.

Kudos vs. other rewards tools: What sets Kudos apart?

When it comes to maximizing credit card rewards, Kudos stands out from other popular tools like Rakuten, Honey, and Capital One Shopping.

While these platforms primarily focus on providing cashback offers or coupon codes, Kudos takes a more comprehensive approach to optimize your entire credit card strategy.

What sets Kudos apart is its AI-powered technology that analyzes your specific credit cards and spending habits to recommend the best card for each purchase.

This makes sure that you’re not only earning cashback but also maximizing your points, miles, and other card-specific perks. By considering factors like bonus categories, statement credits, and exclusive benefits, Kudos helps you get the most value out of your credit cards.

Key Features of Kudos

When shopping online, you want to stretch your dollar as far as it can go. Kudos has features that make this easy by helping you get the most out of your credit cards such as:

Maximize your credit card rewards

When you’re shopping online, Kudos helps you pick the best card to use to maximize your rewards and benefits.

With Kudos, you no longer have to guess which credit card to use. This AI-powered wallet automatically recommends the best card for each purchase, making sure you always receive the highest cashback, points, or miles possible.

I personally didn’t even know that one of my credit cards had some of the benefits that Kudos listed, and I can’t believe I had been wasting so much money by skipping out on such a valuable benefit! Kudos makes it very easy for me to see my card’s benefits all in one easy place.

Plus, if you’d like, you can add your credit card information to Kudos, and Kudos will autofill your card info (including CCV) to make checking out fast.

Another way that Kudos helps you earn more rewards is because Kudos helps you build your Dream Wallet so you can get the most out of your everyday purchases. You’ll go through a quick quiz to help Kudos gather information about your needs.

Double your rewards with Kudos Boost

With Kudos, you can increase the amount you can get in credit card rewards with just one click.

If you usually earn 4% cash back when shopping at sites like Walmart or Sephora, you’ll now earn a total of 8% back with Kudos Boost. The best part? You can earn Boost at participating stores even if your card doesn’t offer its own rewards.

Kudos Boost are reward points you earn by shopping at Boost merchants.

It works like this:

Shop at one of Kudos’ 15,000 participating Boost merchants
Click “Activate Boost” on the bottom right corner of the screen
Use Kudos at checkout – At checkout, Kudos will find your best credit card to use, autofill the payment forms, and match your credit card rewards.
Redeem rewards for a gift card

You’ll receive an email from Kudos around 1-2 days after completing an eligible transaction. After the store confirms your purchase it usually takes between 60 to 120 days for your rewards to be available, and you can then find your rewards on your Activity page on Kudos.

When you’ve earned 1,000 Kudos Boost points (equal to $10.00 USD), you can exchange them for an Amazon gift card.

Receive personalized credit card recommendations

Stop wasting time opening up credit card application pages on incognito. You can receive access to elevated card offers on Kudos’ Explore Tool through their partnership with The Points Guy.

So, if you are looking for a new credit card, use Kudos to help filter the best one for you and your situation and compare different cards in one easy place.

For example, Kudos member Christina L. was able to get 150,000 Membership Rewards points after spending $6,000 on the Amex Platinum card within the first three months of account opening. That’s almost double the 80,000 points after spending $8,000 found on the American Express website!

Answer all your credit card questions with MariaGPT

Maria GPT is an AI-powered, personalized assistant designed to answer all your credit card questions, available on the Kudos mobile app.

She can help you understand the benefits of your current cards and offer personalized suggestions for new cards based on your spending habits, goals, and objectives.

Frequently Asked Questions about Kudos Review 2024

Below are common questions about Kudos, the free AI-powered wallet.

Is Kudos free to use?

Kudos is free to use.

How does Kudos make money?

Kudos earns a small affiliate commission when you make an online purchase at one of their participating merchants. Additionally, if you use the Kudos Explore Tool to apply for a new credit card, Kudos may receive a payment from the credit card issuer.

Is there a Kudos referral code?

Yes! Sign-up for Kudos for free and use the Kudos referral code “CENTS” to earn $20.00 back after your first eligible Boost purchase.

How much can you earn with Kudos?

On average, Kudos members earn $750 per year in rewards by using the app to maximize their earnings.

Do I need to provide my credit card numbers to use Kudos?

No, you don’t need to enter your credit card numbers to use Kudos. Simply select the cards you have in your wallet, and Kudos will help you maximize your benefits at checkout. Providing your credit card information is optional if you want to speed up the checkout process.

Can I use Kudos with other browser extensions?

If you use Kudos Boost and then activate another rewards program like Rakuten, Honey, Capital One Shopping, or others during the same shopping session, Kudos may not be able to earn an affiliate commission. To make sure you get maximum rewards, it’s best to use Kudos exclusively during your online shopping.

Is Kudos wallet legit?

Yes, Kudos is a legitimate browser extension and app used by over 200,000 shoppers who have earned over $150 million in rewards. You can find genuine user reviews on trusted platforms like Trustpilot, Chrome Web Store (4.8/5 stars from 667+ reviews), and the Apple App Store (4.7/5 stars from 3,500+ reviews).

Is Kudos safe and secure?

Yes, Kudos prioritizes user security and employs industry-leading protocols, including bank-grade 256-bit encryption, to safeguard your data. Kudos handles your personal and financial information with the utmost care and never sells or shares it with third parties. You can feel confident and secure when using the Kudos browser extension and app.

My Kudos Review 2024: Final Thoughts

I hope you found this Kudos review informative and helpful in understanding how this AI-powered wallet can help you maximize your credit card rewards.

Navigating the world of credit card rewards can be overwhelming, but Kudos simplifies the process with its intelligent recommendations. By analyzing a database of over 3,000 cards, Kudos ensures you always use the best card for each purchase, boosting your rewards effortlessly.

In addition to its AI-driven recommendations, Kudos streamlines your online shopping experience with a one-click autofill feature. This not only saves you time but also guarantees that you’re always using the card with the most advantageous benefits for each transaction.

Personally, I find Kudos to be a must-have shopping tool. As someone with multiple rewards credit cards, each with their own unique perks, trying to determine which card to use for every purchase can be time-consuming and confusing. Kudos eliminates this hassle by automatically identifying the best card for each transaction, allowing me to maximize my rewards efficiently.

Even if you only have a single credit card, Kudos can still help you earn more rewards. By shopping through the Kudos browser extension at thousands of participating online stores, you can accumulate points that can be redeemed for free gift cards. This means that regardless of how many credit cards you have, Kudos enables you to optimize your rewards earning potential.

Kudos also helps users find new credit cards through its partnership with The Points Guy, a well-known credit card rewards and travel website. By using the CardMatch service, Kudos helps users find the best credit card offers tailored to their specific needs and spending habits. This feature is particularly useful for those looking to expand their credit card portfolio and maximize their rewards earning potential across multiple cards.

You can sign up for Kudos for free by clicking here.

Do you use Kudos? What other questions do you have for this Kudos review?

Source: makingsenseofcents.com