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June 14, 2023 by Brett Tams

Why use credit cards? Other payment options, like debit cards and cash, may seem like an easier way to stay within budget. After all, credit cards have a reputation for encouraging you to spend money you don’t have — especially when enticing offers come in the mail.

But here at Money Under 30, we think a good credit card is a must-have. When used responsibly, credit cards can be great for your financial well-being. In fact, smart credit card holders can earn money just by using their card.

So, what are the benefits of credit cards over cash, and how can using one help you come out ahead?

What’s Ahead:

1. They build credit history

Perhaps the most important reason to have a credit card is to build credit history.

You can get a credit card no matter what your current credit score and then use it to build credit. Even if your credit score is low you can always start with a secured card. This makes credit cards a great place for anyone to start building credit.

A good credit score is essential if you plan to borrow money. These scores come partially from your credit card usage. Using credit cards responsibly can help in building credit.

When you pay at least your minimum payment by the due date the bank reports that to your credit file. When you want to borrow money in the future, creditors can see that you have a history of paying your debts on time. And the longer you use credit cards, the more you’ll build your credit history, improving your score even more.

Read more: How credit works

2. They offer rewards programs

One of the biggest credit card benefits are the rewards you can earn. There are almost as many rewards programs as there are credit cards. The trick is to find a rewards program that fits with spending habits you already have. This allows you to earn rewards on your everyday purchases without having to change your spending habits.

You’ll also want to find a rewards program that gives you rewards you’ll actually use. While everyone can benefit from a cash back credit card, you may get more value from a travel rewards credit card. However, a travel rewards credit card is not much use if you don’t travel very much.

Rewards programs can include, but aren’t limited to:

Cash back cards: These credit cards give you cash back on your everyday purchases. Often they have bonus rewards for certain kinds of transactions, such as extra cash back on gas or groceries. You can typically redeem your rewards for statement credits or a check.

Read more: Best cash back credit cards

Points and miles travel rewards cards: These credit cards let you earn points and miles on your everyday purchases. Like cash back cards, you can earn bonus rewards in certain categories. You can redeem your rewards for free or discounted travel. One popular program is the Chase Ultimate Rewards program.

Hotel or airline specific cards: These credit cards allow you to rack up rewards at specific hotels or airlines. While these credit cards can get you big discounts on travel, they are not as flexible as general travel rewards credit cards.

Many rewards credit cards have annual fees. Make sure that the rewards outweigh the annual fee before you sign up.

3. They may come with welcome bonuses

Many cards offer welcome bonuses for signing up. These could include perks like bonus miles/points that you can redeem for air travel or hotel stays, or bonus cash back that you can use as a statement credit.

Usually, you have to spend a certain amount on the card within a certain time period to get the one time bonus, so read the fine print. But it’s still an invaluable perk.

Read more: Best credit card sign-up offers

4. They protect against fraud

One of the biggest credit card benefits over debit cards is the level of fraud protection they offer.

Say your credit card is stolen or someone finds your card information online. If the thief starts making purchases, they aren’t spending your actual money. Unlike when someone steals your debit card.

Once you notify the card company of the theft, they’ll put a hold on your card and investigate. You aren’t liable for any fraudulent purchases made in the meantime. Federal law protections for credit card holders keep you from losing cash. Legally, the most you’ll potentially be liable for is $50, but I’ve never heard of a bank actually holding to that. Most, if not all, credit card issuers have a zero-liability fraud policy, you won’t lose anything.

Now say your debit card is stolen. Since debit card funds are instantly deducted from your checking account, any money spent on unauthorized charges will be gone. Automatic payments you’ve scheduled might overdraft as a result. If you report the theft within 60 days, the transactions can be reversed and the money restored. But this takes time and can be much more disruptive than a credit card theft.

Read more: The 5 biggest debit card dangers

5. Balance transfers let you move your debt to a lower rate

Often time, credit card welcome bonuses include a period of time with 0%, which typically includes balance transfers.

Balance transfers allow you to move your debt from one credit card to another. Other debts, like car loans and monthly installment payments, can also be moved to a balance transfer credit card. Keep in mind there is often a balance transfer fee when you do this – 5% is a common fee for balance transfers.

Now, this doesn’t mean you wipe out the debt. You’ll still have to pay what you owe, of course. However, the 0% APR for the first year will make it easier to pay off what you owe since all the money you’re putting towards it goes against the debt, which will save money on interest charges.

How much you can transfer to your new credit card will depend on your credit line. And if you keep adding more charges to the card, then you’re going to struggle to pay off the debt, even with 0% interest.

But if you do them responsibly, balance transfers can consolidate your debt, lower your interest payments, and make your life easier.

Read more: Best balance transfer credit cards

6. They may come with purchase protection

Consumer protection is a huge perk of many credit cards. If you buy an item with a credit card and later find out it’s damaged or the quality is poor, you can return the item and a statement credit for the amount of the purchase price. It may also cover you if the item is lost or stolen.

Credit cards may also offer extended warranties on electronics, furniture, and other items you hope to use for a long time. In many cases the card doubles the time on the manufacturer’s warranty. Make sure to keep your receipts!

Read more: Best credit cards with extended warranty protection

7. They have built-in grace periods

Essentially, credit cards offer a zero-interest loan for 30 days or less. Unlike debit cards, credit cards don’t require you to have the funds for a purchase immediately. There’s a grace period for you to make payment arrangements.

This grace period is the time between the end of a billing cycle and the day your payment is due (30 days). During this period, you will not receive interest charges to your balance. But you must pay the balance in full by the due date. If you don’t, then all the accrued interest will apply to your account.

Use this grace period wisely. Even if you pay the bill on time, but not in full, or if you pay it off in full, but not on time, then the interest-free grace period is over.

Read more: How grace periods work (and how to make them work for you)

8. They track your spending for you

Want to budget better? Credit card statements are a built-in expense tracker. Your purchases get recorded online with all the essential information — where, when, how much, and how often you’re spending. Some credit card companies keep your spending records around for years.

This benefit becomes especially useful come tax time. With one record of the past year’s spending already compiled, you’ll save time and effort on your taxes. Business expenses, rental property expenses, charity contributions, and more tricky tax return areas all show up on a credit card bill.

Read more: How to budget using credit cards

9. They tack on insurance

Check out the consumer protections offered with your credit card. Chances are you’ll find credit card benefits you didn’t even know you had.

In addition to extended warranties and purchase protection, many cards offer return protection, rental car insurance, and travel insurance.

Travel reward credit cards are known for providing some pretty sweet travel insurance perks. For example, several Chase credit cards offer primary rental car insurance. Meaning that you can decline the rental car insurance at the counter and use the insurance provided by your credit card instead – without having to involve your personal car insurance company if you need to make a claim.

Many credit cards also offer trip cancelation or interruption insurance. This means that if you have to cut your trip short, or cancel it completely, you’ll get reimbursed for your costs. Of course, the trip needs to be canceled or interrupted due to covered events, such as illness or injury.

Read more: Is it worth it to get a credit card just for the insurance benefits?

10. They’re universally accepted

Speaking of travel, your credit card is your best friend when you’re traveling. Accommodations and rental cars are much easier to book with credit than debit. Rental services generally place a hold of a few hundred dollars on your card. This hold can be inconvenient with a debit card.

Credit cards are also more readily accepted than debit cards worldwide. If you’re traveling to a foreign country, plan to use the lower exchange rates on your credit card instead of paying high exchange rates for cash at airports. Keep in mind that many credit cards charge foreign transaction fees – however not all do, so check before travel.

Read more: Best credit cards for international travel

Disadvantages of using a credit card

While credit cards come with a lot of convenience and flexibility, there are some cons of credit cards that you need to be aware of as well, particularly if you’ve had a rocky payment history in the past.

High interest rates

It’s not uncommon for credit cards to come with an interest rate of 20% or even higher. That’s much higher than other forms of debt, like mortgages or car loans. It can quickly add up and lead you into debt if you don’t pay off your balance each month.

When you carry a balance from one month to the next, you accrue interest charges on the unpaid balance. This leads to an accumulation of debt over time and makes it challenging for you to pay it off.

Potential for overspending

For some people, using a credit card doesn’t feel like “real” money. So it’s easier to lose track of your spending if you’re undisciplined, which can lead to a surprise balance at the end of the month.

Overspending is a common disadvantage of using a credit card. You aren’t limited by the amount of money you have available in your bank account, only by your credit limit. This can lead to the temptation to overspend and accumulate debt that might be hard to pay off in the future.

Credit card issuers often provide incentives, like cash back rewards or points, to encourage users to spend more with their credit cards. These credit card rewards can be enticing and might lead to impulsive purchases that aren’t necessary or within your budget.

Annual fees

Some credit cards charge an annual fee, which can be as much as several hundred dollars per year. These fees can add up quickly, especially if you’ve got multiple credit cards.

If the annual fees don’t outweigh the credit card benefits then you’ll want to start looking for another credit card. If you don’t travel very much then travel rewards can be difficult to redeem. Travel rewards credit cards also tend to have the highest annual fees.

If you find yourself in this situation then look for a rewards card with more straightforward rewards.

Read more: Is an annual fee credit card ever worth it?

Incentives and rewards can have conditions

Credit card issuers offer incentives and rewards to entice people to apply. But sometimes there are caveats that make it difficult to take full advantage of the rewards.

For example, a credit card may advertise up to 5% cash back, but if you read the fine print it’s only on certain rewards categories or up to certain spending limits.

Another common condition is to have rotating rewards categories. Each quarter the categories you can earn rewards in changes and you need to register each quarter to qualify for the extra cash back or bonus points. It’s easy to forget to register or the bonus categories aren’t always going to fit into your spending habits.

Irresponsible use can damage your credit score

Irresponsible use of a credit card can damage your credit score. Late payments, high balances, and maxing out cards are all reported on your credit file and can all negatively impact your credit report. This can have long-term consequences.

A low credit score can make it hard to get credit in the future, especially for large items like buying a house or a new car.

How to find the best credit card for you

There’s no one-size-fits-all solution when it comes to credit cards. Finding the card that’s right for you will depend on various factors such as your credit history, if you want travel perks or cash back, if you are looking to consolidate your debt with balance transfers, or a variety of other factors.

For example, you might prioritize a card that has no annual fee. Or you might be after a card with a good welcome bonus.

It’s a good idea to carefully examine how, and how much, you spend to figure out the rewards card that makes the most sense for you.

MoneyUnder30’s credit card comparison tool can help you quickly narrow down the cards that meet your criteria. Check it out today! Then you can read our reviews to see the pros and cons of each card and make an informed decision.

Summary

Credit card benefits include rewards, protection, and convenience, as well as regular reporting to the credit bureaus, which builds your credit.

The key is to be smart with your card and pay it off each month. Doing that can actually save money and keep you protected from unauthorized purchases. And, depending on which card you choose, you’ll have some nice perks thrown in as well. Just watch those annual fees.

Apache is functioning normally

June 14, 2023 by Brett Tams

Editor’s note: This post has been updated with new information and offers.

Marriott Bonvoy Brilliant American Express Card overview

The Marriott Bonvoy Brilliant® American Express® Card is Marriott’s most premium card offering. Standout benefits include automatic Platinum Elite status, an annual free night at hotels participating in the Marriott Bonvoy program that is worth up to 85,000 points and up to $25 in statement credits each month when you use your card at eligible restaurants worldwide, all alongside its best-ever welcome offer. Card Rating*: ⭐⭐⭐½

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Marriott has six cobranded cards available to new cardholders, with fees ranging from none to $650 per year.

The Marriott Bonvoy Brilliant® American Express® Card is the most expensive one, at $650 a year (see rates and fees). But does that necessarily mean it’s the best?

The Bonvoy Brilliant card is compelling for loyal Marriott guests — but let’s dig a little deeper to see if it’s right for you.

Related: Which Marriott Bonvoy credit card is right for you?

Amex Bonvoy Brilliant welcome offer

The Marriott Bonvoy Brilliant offers new cardholders 150,000 Marriott Bonvoy bonus points after using their new card to spend $6,000 on eligible purchases in the first six months; plus, they can earn 50,000 bonus points after they stay 6 eligible paid nights at Marriott hotels through Jan. 31, 2024. Offer ends Aug. 9.

Based on TPG’s valuations of Marriott points at 0.84 cents each, those 200,000 points are worth a whopping $1,680.

The previous highest offer on this card was 150,000 Marriott Bonvoy bonus points, meaning that the current bonus is the best-ever welcome offer on the card.

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THE POINTS GUY

How do the 50,000 extra points work? Essentially, the promotion earning period runs from the date your new card opens through the end of January. In that time, you’ll have to stay six eligible paid nights at Marriott properties to qualify for the extra points.

Those nights include, per the terms and conditions, “all paid stays, including pre-paid stays and bookings paid with Marriott eGiftCards that are booked using the eligible cardmember’s Marriott Bonvoy account.”

Notably, this offer does not factor in award redemption stays, free night awards, points redemptions or stays booked through third parties. Be sure to check the full terms and conditions before booking to make sure you cash in on this offer.

Also remember that Amex has restrictions limiting your ability to collect a new-member bonus if you’ve had similar Marriott products from Chase or previous Starwood Preferred Guest cards from American Express. Be sure to review the card’s offer details page to ensure you’re eligible.

Related: Is the Marriott Bonvoy Brilliant Amex worth the $650 annual fee?

Earning points on the Amex Bonvoy Brilliant

The Bonvoy Brilliant’s earning structure is similar to that of the regular Marriott Bonvoy Amex and the Marriott Bonvoy Boundless Credit Card, but with two additional bonus categories: dining at restaurants worldwide and select airfare purchases.

Cardholders earn 6 Bonvoy points per dollar spent on eligible purchases at hotels participating in the Marriott Bonvoy program, 3 points per dollar at restaurants worldwide and on flights booked directly with airlines, and 2 points per dollar on other purchases.

BENJI STAWSKI/THE POINTS GUY

The non-Marriott earning rates are a bit low, so you’ll probably want to pair the card with one or more other cards that offer superior bonus categories, such as The Platinum Card® from American Express for airfare and the Chase Sapphire Reserve for dining and other travel purchases. There are also some other great options for your everyday spending.

Redeeming points on the Amex Bonvoy Brilliant

There are many lucrative ways to use Marriott Rewards points. The most apparent redemption is for free stays. With the ability to book at more than 7,500 properties across 30 brands in over 130 countries, you’ve got a lot of choices. The Marriott portfolio has many fantastic hotels, including some of the world’s most over-the-top, luxurious properties.

These include a number of Ritz-Carlton and St. Regis properties, some of which are all-suite, such as the St. Regis Maldives, and others in dreamy destinations like the Al Maha Resort in the desert outside Dubai. Rooms at top-tier properties like these typically cost 100,000 points (or even more) per night. That may seem like a hefty price in points, but it isn’t that bad, considering room rates can be $1,500-plus per night most of the year.

Related: Maximizing redemptions with the Marriott Bonvoy program

ST. REGIS MALDIVES

Amex Bonvoy Brilliant benefits

Where the card shines the most is in the perks it offers:

Marriott elite status: Primary cardholders (authorized users aren’t included) receive complimentary, automatic Marriott Platinum Elite status, including perks like upgrades to suites, free breakfast and lounge access. You will receive your upgraded status in less than two weeks, on average, according to spokespeople for American Express and Marriott Bonvoy.
Annual free-night award: Each year after your card renewal month, you’ll receive a free night award worth up to 85,000 points. That’s much more valuable than the free night certificates that come with the lower-tier Marriott cards, which are capped at 35,000 points. Some of the best uses of the certificate include five-star hotels such as The Ritz-Carlton Macau and The St. Regis Langkawi, where rooms routinely top $500 per night — though Marriott’s dynamic pricing may impact the ability to book some of these properties.
$300 in restaurant credits: Cardmembers receive up to $25 in statement credits each calendar month when they use their card at eligible restaurants worldwide. This equates to a total value of $300 each year. (A spokesperson for American Express has confirmed that this credit applies to worldwide restaurants, is automatically applied and does not require registration prior to using this benefit.)
Property credit of up to $100: When you book a paid stay of at least two nights at participating Ritz-Carlton or St. Regis properties with the special “$100 property credit, Luxury Credit Card Rate,” you’ll receive a credit of up to $100 for incidentals.
Priority Pass Lounge access: As is pretty standard among premium travel rewards cards, the card comes with a Priority Pass Select membership, which gives you and two guests unlimited access to more than 1,230 airport lounges worldwide. Additional guests are charged $32 per lounge visit (enrollment required).
Travel protections: This card offers trip cancellation and interruption insurance* as well as trip delay insurance* for trips delayed by more than six hours due to a covered reason. You must book a round-trip ticket and pay entirely with your card to be covered. (Underwritten by New Hampshire Insurance Company, an AIG Company.)
Application fee credit for Global Entry or TSA PreCheck: Like many other premium cards, the Bonvoy Brilliant will reimburse you when you charge the application fee for Global Entry or TSA PreCheck to the card up to $100 ($85 for TSA PreCheck or $100 credit for Global Entry, 4 years for the application fee for either Global Entry or every 4½ years for the application fee for TSA PreCheck). Unlike the Priority Pass membership, which essentially becomes useless if you already receive the benefit through other cards, if you already have Global Entry or PreCheck, you can use this credit to cover a friend or family member’s application fee (enrollment required for select benefits). This benefit is available to cardholders once every four years. Remember, Global Entry includes PreCheck, so it’s typically the smarter choice.
Shopping protections: Purchases made with the card can get up to one year of extended warranty coverage* and 90 days of purchase protection.* This applies to warranties of five years or less on covered purchases in the U.S. or its territories or possessions. (Underwritten by Amex Assurance Company.)
Elite night credits: Cardholders will receive 25 elite qualifying night credits per year. This benefit can be stacked with the nights you earn with a Marriott small-business card, allowing you to fast-track up to 40 elite nights per year.
Annual Earned Choice Award: Earned each calendar year after making $60,000 in purchases. This is separate from the Choice Benefits you’d unlock by reaching 50 and 75 elite-qualifying nights. You can choose from the following:
5 Suite Night Awards.
An 85,000-point free night reward.
$1,000 off a mattress or box spring from Marriott Bonvoy Boutiques.

Certain hotels have resort fees.

*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details.

Related: The top travel rewards cards that can pay for themselves

TOMOHIRO OHSUMI/GETTY IMAGES

Which cards compete with the Marriott Bonvoy Brilliant Amex?

If you’re not loyal to Marriott, there are a number of cards you might consider instead of the Bonvoy Brilliant:

For additional options, check out our full list of the best hotel and Marriott credit cards.

Read more: Is the Marriott Bonvoy Brilliant Amex worth the $650 annual fee?

Bottom line

If you’re a Marriott loyalist in need of a cobranded credit card or are looking to change from a different Marriott card, the Marriott Bonvoy Brilliant is an ideal choice.

Its earning rates are not as lucrative as those of some of its competitors, but the large welcome offer coupled with impressive built-in perks — like $300 in restaurant credits and an annual free-night certificate of up to 85,000 points — make it easy for even an infrequent traveler to get tremendous value out of the card.

Although you shouldn’t have trouble finding a hotel at which to redeem points, the program’s many airline transfer partners also make it a great choice for racking up points to redeem for free flights.

Application link: Marriott Bonvoy Brilliant with up to 200,000 bonus points. Offer ends Aug. 9.

For rates and fees of the Marriott Bonvoy Brilliant Amex, click here.
For rates and fees of the Hilton Aspire Card, click here.
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Marriott Bonvoy Bevy Amex, click here.

Additional reporting by Ryan Wilcox.

Source: thepointsguy.com

Apache is functioning normally

June 13, 2023 by Brett Tams

In our increasingly interconnected world, money knows no borders. However, the complex web of global financial transactions needs a reliable system to keep things running smoothly. That’s where the SWIFT code steps in.

This globally recognized code, akin to an international passport for banks, ensures that your money gets to its correct destination when you’re involved in international transactions.

So whether you’re a globetrotter managing expenses across countries, an expat sending money back home, or a business dealing with international clients, understanding the SWIFT code is crucial. Join us as we decode the SWIFT system and discover its importance in transferring money internationally.

What is SWIFT?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, a global member-owned cooperative headquartered in Belgium. Established in the 1970s to streamline and standardize financial transactions, it is now used by over 11,000 financial institutions worldwide for international money transfers.

Understanding SWIFT Code

A SWIFT code, sometimes known as a SWIFT BIC (Bank Identifier Code) or BIC code, is a standard format of Business Identifier Codes approved by the International Organization for Standardization (ISO). It’s a unique identification code for both financial and non-financial institutions. The term ‘SWIFT’ is often used interchangeably with ‘BIC’; thus, ‘SWIFT code’, ‘SWIFT BIC code’, ‘BIC code’, and ‘SWIFT ID’ essentially refer to the same thing.

A SWIFT code consists of 8–11 characters and contains information about the specific bank and branch where an account is held. The first four characters indicate the bank code, identifying the bank’s name.

The next two characters are the country code, representing the country where the bank’s head office is located. The following two characters are the location code, which can be numeric or alphabetic and identifies the bank’s head office’s city. The final three characters, which are optional, are the branch code, identifying a specific branch of the bank.

For example, let’s say the SWIFT BIC code is ‘ABCDGB2LXXX’. Here, ‘ABCD’ is the bank code, ‘GB’ is the country code for Great Britain, ‘2L’ is the location code, and ‘XXX’ is the branch code.

Function of SWIFT Codes

The primary function of SWIFT codes is to enable international money transfers between banks efficiently and accurately. When you send money overseas, you’ll need a SWIFT BIC code to identify the recipient’s bank. This ensures that your funds are routed to the correct bank in the correct country.

In addition, SWIFT codes also assist in various other international financial transactions, including issuing Letters of Credit (LCs), payments for import/export purposes, and interbank transfers. They are also used in communication between banks and allow these institutions to exchange messages securely via the SWIFT network.

Where to Find SWIFT Codes

Finding the correct SWIFT code is crucial when making international transfers. You can find your bank’s SWIFT code by looking at your bank account statements or your online banking portal.

Alternatively, if you’re looking for another bank’s SWIFT code, you can use online SWIFT code databases or simply contact the specific bank directly. Just be sure to confirm the legitimacy of the SWIFT code you receive to avoid any hiccups during your transaction.

Using SWIFT Codes to Send Money Abroad

When you transfer money internationally using the SWIFT system, your bank will send a message via the SWIFT network to the recipient’s bank. This message will indicate the amount of money to be transferred and the account to be credited. The receiving bank then credits the account, and the money is transferred.

However, if the recipient’s bank does not have a direct relationship with your bank, intermediary banks might get involved, and additional fees may apply. Therefore, it’s essential to be aware of any potential charges related to SWIFT transfers.

Common Misconceptions about SWIFT Codes

Many people think that SWIFT codes are exclusive to banks, but they are used by various other financial institutions as well. Moreover, while SWIFT codes are vital for international transactions, they do not facilitate the actual transfer of funds but rather ensure that your money is sent to the correct institution.

SWIFT vs. IBAN

While both SWIFT and IBAN (International Bank Account Number) codes are used to transfer money internationally, they serve different purposes. The SWIFT code identifies a specific bank during an international transaction, while an IBAN identifies an individual account involved in the international transaction. In other words, while SWIFT codes ensure that the funds are sent to the correct bank, an IBAN ensures that the money goes to the correct bank account.

Alternatives to SWIFT for Sending or Receiving Money

While SWIFT is the standard for international wire transfers, other options may provide lower fees or faster transfer times. These alternatives include TransferWise, SEPA (Single Euro Payments Area), and various cryptocurrency solutions. However, each of these methods has its pros and cons, and the best method for transferring money will depend on your specific needs and circumstances.

Conclusion

Navigating international banking transactions need not be a Herculean task. A solid understanding of SWIFT codes and their role in global transactions can take you a long way in ensuring your international payments are processed accurately and promptly.

Frequently Asked Questions

What happens if I use the wrong SWIFT code?

If you use the wrong SWIFT code, your international money transfer might be sent to the wrong bank, causing delays. In the worst-case scenario, your money could end up in a completely different bank account. If you realize that you have used an incorrect SWIFT code, it’s important to contact your bank immediately to attempt to resolve the issue.

Are SWIFT codes the same for all branches of a bank?

Not necessarily. While the first four characters of a SWIFT code, the bank code, remain the same across all branches of a specific bank, the last three characters, the branch code, can vary. This branch code identifies the specific branch of a bank. However, not all banks have unique codes for each branch, and in such cases, a generic ‘XXX’ is used in place of the branch code.

Can I receive money internationally without a SWIFT code?

It largely depends on the country and the bank. Some countries, like those in the Eurozone, primarily use International Bank Account Numbers (IBAN) for international transfers. However, most banks and financial institutions worldwide use the SWIFT network for receiving international payments.

If your bank does not have a SWIFT code, it will likely partner with a bank that does have a SWIFT code (also known as a correspondent bank) to receive international payments.

Is the SWIFT code the same as the IBAN?

No, a SWIFT code and an IBAN serve different purposes in international transfers. A SWIFT code identifies the bank involved in the transaction, whereas an IBAN identifies the specific account within the bank. When processing international payments, you will usually need to provide both the SWIFT code and the IBAN.

Is it safe to give out my bank’s SWIFT code?

Yes, it’s safe to share your bank’s SWIFT code. It’s a public piece of information and used to identify your bank during international transactions. However, remember that other sensitive information like your bank account number should be kept confidential and only shared when necessary and with trusted entities.

What do I do if my bank does not have a SWIFT code?

If your bank doesn’t have a SWIFT code, it typically means that they’re using a partner bank to receive international payments. You should contact your bank’s customer service to understand the procedure for receiving international wire transfers. They can provide you with the partner bank’s SWIFT code and any additional information needed for the transfer.

Source: crediful.com

Apache is functioning normally

June 13, 2023 by Brett Tams

If you’re looking for the most affordable way to go to Disney World, Disneyland or on a Disney Cruise, you may have wondered if Disney’s credit card offerings, the Disney Visa Card and the Disney Premier Visa Card, are good options.

Both earn Disney Rewards Dollars that you can use to pay for most things Disney, including trips to the parks or a cruise. And, after all, anything that makes a Disney trip more affordable can be a very good thing to consider.

But the answer to whether or not the cards are worth it is a little more complicated than a simple yes or no. We’ll break down how the cards work and when they are — and aren’t — worth getting in anticipation of an upcoming Disney vacation.

Disney Visa card welcome offers

The Disney Visa is the entry-level product that has no annual fee and currently awards a $150 bonus after you spend $500 on purchases in the first three months. The Disney Visa Premier has a $49 annual fee, but currently awards a $300 statement credit after $1,000 in spending in the first three months. Both are issued by Chase and thus are subject to Chase 5/24 rules.

I’m not one to turn down $150 to $300 in statement credits, but remember that several credit cards have sign-up bonuses worth $1,000 or more.

Just as an example of what else is out there, the Capital One Venture Rewards Credit Card is currently offering 75,000 bonus miles after you spend $4,000 total on purchases within the first three months from account opening, and the Chase Sapphire Preferred Card has a bonus of 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.

So while $300 toward a Disney vacation sounds great (and it can be) — it’s good to compare to the value of other cards.

SUMMER HULL/THE POINTS GUY

Related: How much does it cost to go to Disney World?

Disney Visa card rewards

Now that we’ve discussed the bonuses, when you look at everyday spending, the Disney credit cards earn rewards at different rates.

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The no-annual-fee Disney Visa earns a simple 1% back on all card purchases in the form of Disney Rewards Dollars you can use at Disney. The Disney Visa Premier, meanwhile, earns 5% back on card purchases made directly at DisneyPlus.com, Hulu.com or ESPNPlus.com, 2% back on purchases at gas stations, grocery stores, restaurants and most Disney locations, and 1% back everywhere else.

Disney Rewards Dollars are extremely limited — they’re only good for use at Disney locations With the Premier, you can also redeem your dollars for a statement credit toward airline travel, but it’s likely that there are still better options out there for you. Earning up to 5% back in Disney Rewards Dollars in some spending categories isn’t bad, but just for perspective, there are many credit cards out there that provide a better return for everyday spending than either of the Disney cards.

For example, the Capital One Venture earns 2 miles per dollar spent on all purchases, albeit for a higher annual fee of $95 per year. Some credit cards award up to 4 or 5 points per dollar at places such as grocery stores and on gas purchases, travel purchases, etc.

In other words, you can do much better than earning Disney Reward Dollars with your everyday purchases via a wide variety of credit cards.

Related: Earn more than 1 point per dollar with these cards

Disney Visa card perks

The unique perks are where the Disney Visa products get more interesting for those looking to vacation with Mickey Mouse.

First, you can save 10% on some Disney merchandise purchases of $50 or more and save 10% on select dining locations on eligible dates at Disneyland and Disney World. Some eligible spots include: Skipper Canteen at the Magic Kingdom, Rose & Crown Dining Room (lunch only) at Epcot, Kona Cafe at the Polynesian Village Resort, the Hollywood Brown Derby at Hollywood Studios and Storytellers Cafe at the Grand Californian at Disneyland (I highly recommend the breakfast with characters at Storytellers).

Related: Best restaurants at Disney World

SUMMER HULL/THE POINTS GUY

You can also get a 10% discount on some activities, such as the horseback rides at Fort Wilderness. Finally, Disney card members also get some exclusive photo opportunities.

Related: Is Disney Cruise concierge level worth it?

Why the Disney debit card may be better

At TPG, we aren’t huge fans of using debit cards for everyday purchases, as you typically don’t earn rewards or have the same level of built-in protections as with credit cards. That said, the Disney debit card may make sense if you’re mainly interested in the Disney perks that come by having the card.

Having the debit card won’t count against Chase 5/24 status and carries no annual fee. However, you will need a Chase checking account to access this debit card option.

The Disney debit card doesn’t earn rewards (so there is no need to really use it much), but it gets you access to many of the same photo ops and discounts on Disney merchandise, dining, cruise expenses, park tours, etc., as the Disney Visa credit cards. This is a way to get the perks but avoid fees or using a 5/24 slot on a Disney credit card.

Related: Why you shouldn’t use debit cards

Why the Disney Visa cards aren’t always the best choice

I’m a bit of a Disney fanatic, so I get the appeal of having one of these Disney cards — they’re cute, too, with the different available Disney design options. If the built-in perks — the in-park character photo ops and available discounts — sound intriguing, then a Disney Visa might be right for you since those are perks not really replicated on other cards.

If you are big on Disney dining and some out-of-park experiences, saving 10% or so on those charges can add up for frequent Disney visitors.

SUMMER HULL/THE POINTS GUY

However, if your main goal is to get a rewards-earning credit card that will rack up points or rewards you can use toward a Disney vacation, you can probably do better both in terms of a larger welcome bonus and better everyday earning rates that you can use at Disney than a Disney Visa.

Here are my favorite credit cards for families who want to use perks to travel.

Related: How to use points for Disney tickets

If you spend a lot of money at Disney and want to earn as many points or as much cash back as possible on these expenses, the Disney Visa Premier is a good choice but not always.

Bottom line

The Disney Visa credit cards are fun rewards choices for fans of all things Disney. However, the cards are far from slam dunks for Disney enthusiasts looking to earn or use rewards for a Disney vacation in all situations.

In terms of rewards, the Disney cards are better than paying for things with checks or debit cards, but they often aren’t the absolute best credit cards on the market if your goal is to use points for your next Disney trip.

Instead, have read our guide to the best credit cards for Disney vacations to save the most money and earn maximum points on your ticket, flight and hotel expenses on your next Disney vacation.

Read more: Disney Premier Visa and Disney Visa card reviews

Additional reporting by Ryan Wilcox.

Source: thepointsguy.com

Apache is functioning normally

June 13, 2023 by Brett Tams

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High mortgage rates are wreaking havoc on a lot of people’s homebuying hopes this year.

Nearly two-thirds of Americans planning to buy a home have decided to postpone their search until mortgage rates come down from their current elevated levels, according to the most recent BMO Real Financial Progress Index (a forward-looking indicator of consumer sentiment regarding personal finance).

While potential homebuyers in today’s market are very rate-sensitive regarding a home purchase, they’re also considering other factors. The survey shows that 65% of respondents are delaying their homebuying plans because of overall economic uncertainty.

What the data shows

While most Americans are merely putting their homebuying plans on hold, others are rethinking homeownership entirely. Forty-three percent of survey respondents say they’re no longer sure when, or even if, they will buy a home.

Only 6% of respondents plan on buying a house this summer, with 4% saying they’ll buy in the fall.

Thirty-two percent say they will wait until 2024 or later to enter the market — depending on when mortgage rates go down.

More than half of millennials and Gen Zers feel stressed about buying a home, believing homeownership is more out of reach for them compared to previous generations.

Housing costs are the most significant source of financial anxiety for 68% of the survey respondents.

Home affordability may be high on Americans’ minds, but it isn’t the only concern. The economy is causing significant anxiety, as well, with 83% of respondents saying unknown expenses are their largest source of financial anxiety.

High mortgage rates stretch homebuyer affordability

The start of 2023 seemed encouraging for millions of Americans thinking of buying a house. Freddie Mac’s average mortgage rate dropped as low as 6.09% during the first week of February. Well-qualified buyers could find mortgage rates below 5%: a level not seen since early 2022.

But since then, rates have been steadily climbing once again. Current mortgage rates are now at 6.79% due in part to fears over a debt ceiling default (although that pressure eased when Congress struck a deal over the weekend), inflation still running hot, and the lingering possibility of a recession.

When it comes time to run the numbers, the full impact of higher rates can be sobering for many potential buyers.

For example, a borrower who qualifies for a $400,000 mortgage at 6.09% has a $2,421 monthly payment. At 6.79%, the payment increases to $2,605. That’s an increase of $184 per month — or $2,200 per year in housing costs.

Bottom line

It’s a rough housing market, as the BMO survey shows. But despite the challenges, there are still plenty of buyers and sellers out there — and there’s some good news on the horizon.

With more buyers pulling back from the market, home prices have been falling in cities nationwide. Nationally, median home prices are down by $18,000 compared to last year, with some cities seeing prices as much as $80,000 lower year-over-year. Some of the most significant price declines are happening in pandemic boomtowns, where prices are more than 10% lower.

With more sellers willing to negotiate concessions and mortgage lenders offering rate buydowns, closing cost credits and negotiable lending fees, there are still buying opportunities for those willing to tough it out.

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More from Money:

The Best Mortgage Lenders of 2023

10 Cities Where Housing Costs Are Cooling Off Fast

Here Are the Top 20 Emerging Housing Markets for Spring 2023

Source: money.com

Apache is functioning normally

June 12, 2023 by Brett Tams

Editor’s note: This is a recurring post, regularly updated with new information and offers.

Lounge access can make travel much less stressful. Whether you’re traveling during a busy season and need to escape the madness of the terminal or simply need a place to stay when your flight is delayed, lounge access can make the difference between being flustered and remaining calm.

Many cards provide Priority Pass memberships, but the American Express® Green Card takes a slightly different approach to lounge access. Instead of providing membership to a network of lounges or a set number of complimentary lounge access passes, the American Express Green Card provides up to $100 in statement credits per calendar year when you use the card to purchase lounge access directly from LoungeBuddy through its website or app.

Lounge access through LoungeBuddy starts at $9 per entry, although most lounges cost between $27 and $54. So today, we’re looking at how to maximize the $100 annual statement credit for LoungeBuddy passes that comes as a benefit of the American Express Green Card, which has a $150 annual fee (see rates and fees).

Use other lounge passes first

If you have complimentary lounge access through other means, use that lounge access when it’s available so you can save your LoungeBuddy statement credits for other trips.

For example, if you have The Platinum Card® from American Express or The Business Platinum Card® from American Express, you have access to the American Express Global Lounge Collection, which provides Centurion Lounge access, a Priority Pass membership and access to Airspace and Escape lounges, along with Delta SkyClubs on the day you fly. Enrollment is required for select benefits.

If you have Centurion Lounge access, you’ll likely want to visit the Centurion Lounge if there’s one at your airport. SUMMER HULL/THE POINTS GUY

Additionally, if you have select airline cards you may have access to the airline’s lounges when flying that airline or its partners. Elite status or flying in premium cabins also may afford you lounge access.

In short, it’s worth checking whether you have complimentary lounge options before booking a paid visit through LoungeBuddy.

Related: Best credit cards for airport lounge access

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Research your options

If you want to book a lounge using LoungeBuddy, you can see all the bookable lounge locations on the LoungeBuddy website. For example, the following image shows all the U.S. airports that currently have a lounge bookable through LoungeBuddy. As you can tell, there are still a lot of airports where you won’t have any lounge options.

LOUNGEBUDDY.COM

You can use the LoungeBuddy website to compare lounge options before booking. It’s worth the time to compare amenities, important information, reviews and cost on the LoungeBuddy website to help you decide which lounge to visit. And you might be surprised at the little difference in cost between lounges. The Escape Lounge at Cincinnati/Northern Kentucky International Airport (CVG), for instance, actually costs less than The Club at CVG, so researching in advance will help you choose your most valuable option.

Likewise, if you decide on a particular lounge, it can be a good idea to determine whether you can purchase lounge access for less through another method if you’ll easily use your American Express Green Card’s $100 annual LoungeBuddy statement credit on other lounge visits.

Related: Airport lounge do’s and don’ts

Use LoungeBuddy to pay for extra guests

Amex Platinum and Business Platinum cardholders get complimentary access for themselves and up to two guests to Escape Lounges, but you can use LoungeBuddy to purchase passes for additional guests if you’re traveling in a larger group.

Lounge. (Photo by Teddy Minford/Skukuza Airport)

Similarly, if a lounge participates in both Priority Pass and LoungeBuddy, you can purchase access for additional travel companions through LoungeBuddy if you aren’t allocated enough guests through your Priority Pass membership.

Related: How to get a family of four or more into an Amex Centurion lounge

Keep track of your usage

You can certainly keep using LoungeBuddy to purchase lounge access once you’ve exhausted the American Express Green Card’s $100 annual statement credit. But you may want to keep a note on your phone so you can track your LoungeBuddy usage.

This way, you’ll know when you book the lounge visit that puts you over the $100 mark for the year, which means you won’t see any more statement credits from your American Express Green Card for additional LoungeBuddy visits the rest of the year.

Related: Credit card perks you should be using

Splurge on an impressive lounge

Maximization doesn’t have to be about getting the most lounge visits from your American Express Green Card’s $100 LoungeBuddy statement credit.

The Lufthansa Business Class lounge at JFK could be a fun splurge. EMILY MCNUTT/THE POINTS GUY

Instead, maximization might mean using the statement credit to visit an impressive lounge you wouldn’t normally splurge to visit. For example, you can use the majority of your credit for a single visit for two to the Lufthansa Business Class lounge in New York JFK if you’ve been wanting to check it out.

Related: 7 lounges that are worth going out of your way for

Consider international lounges

Many lounges outside the U.S. cost less than domestic lounges. This means you may be able to squeeze more lounge visits out of the American Express Green Card’s $100 LoungeBuddy statement credit if you are abroad. Many of these lounges include more substantial food and better amenities than comparably priced lounges within the U.S.

For example, you’ll find multiple lounges bookable through LoungeBuddy in Singapore (SIN) that range in cost from $28 to $43 per entry, and in Bangkok (BKK), there are several lounges you can book for just $36 per entry. These prices are only slightly less than you’d normally find in the U.S., but it’s nice to have affordable options no matter where you find yourself.

A few lounges are accessible for even less. You can get an entry to the Mingalar Sky Lounge in Yangon (RGN) for $10. Similarly, the Aviserv Lounge in Mumbai (BOM) offers three-hour lounge access for just $9 or seven-hour access with a shower and sleep pod for $52.

With options like these, you can stretch your $100 statement credit if you’re traveling abroad.

Related: How valuable is a Priority Pass membership?

Bottom line

One benefit of the American Express Green Card is an annual $100 LoungeBuddy statement credit, which you can use in many different ways. You could visit a $10-per-entry lounge in Yangon 10 times, or use the credit to splurge for Lufthansa Business Class lounge in New York JFK. Maximization looks different for each traveler, but you have plenty of options to use your LoungeBuddy statement credit in a way that provides the most value to you.

If you want to learn more about lounge access and the American Express Green Card, check out the following guides:

For rates and fees of the Amex Green Card, click here.

Additional reporting by Emily Thompson.

Source: thepointsguy.com

Apache is functioning normally

June 12, 2023 by Brett Tams

A comparison between two standout travel credit cards, the American Express® Gold Card and The Platinum Card® from American Express, is the rare case where it’s hard to pick a clear winner. If you’re more interested in the perks, the Platinum is a dream for the high roller who wants to travel in style. But the Gold is a better earner and worthy travel companion, too, offering 4x points on dining worldwide (and at U.S. supermarkets). Terms apply.

Here’s a guide to help you decide what card to get — and when it makes sense to get both.

	American Express® Gold Card	The Platinum Card® from American Express

Annual fee
Welcome offer	Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership. Terms Apply.	Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. Terms Apply.
	4x points at restaurants worldwide. 4x points at U.S. supermarkets, on up to $25,000 in purchases. 3x points on airfare on a scheduled flight charged directly with passenger airlines and charged directly with amextravel.com. 1x points on everything else. Terms apply.	5x points on flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year. 5x points on prepaid hotels booked with American Express Travel. 1x points on everything else. Terms apply.

Extra perks	$120 dining credit, up to $10 per month at select restaurants. Enrollment required. $120 Uber Cash credit, up to $10 per month. Terms apply.	$200 hotel credit. $240 digital entertainment credit. Enrollment required. $155 Walmart+ credit: $200 airline incidental fee credit. Enrollment required. $200 Uber Cash credit; $10 per month plus a $20 bonus in Dec. $300 Equinox credit. $189 CLEAR Plus credit. Up to $100 in Saks Fifth Avenue credit; $50 semi-annually. Enrollment required. $100 Global Entry credit. $300 SoulCycle at-home bike credit. Enrollment required. Terms apply.

Why you’d want The Platinum Card® from American Express

The Platinum is a bonafide premium travel credit card for the bonafide traveler. Its annual fee is among the highest compared to cards in its class, but in exchange, cardholders receive several superior travel perks that make flights, stays and car rentals a luxe experience.

Airport lounge access

Don’t want to wait at the gate with the masses? The Platinum Card® from American Express has you covered. Cardholders can enjoy complimentary snacks, drinks, Wi-Fi and even a hot shower with access to more than 1,400 airport lounges around the world. That includes the exclusive American Express Centurion lounges, which only Platinum and Black card holders can enter. The American Express® Gold Card, on the other hand, won’t grant entry into any lounge.

🤓Nerdy Tip

Unlike the American Express Gold Card, the The Platinum Card® from American Express offers cell phone protection up to $800 per claim, or $1,600 (two claims) per 12-month period when you charge the bill on your card and pay a $50 deductible. (Insurance is underwritten by New Hampshire Insurance Company, an AIG Company. Eligibility and benefit level varies by card. Terms, conditions and limitations apply.)

Automatic status

Nothing says traveling in luxury like room upgrades, VIP treatment and the ability to skip the line. The Platinum Card® from American Express gives its cardholders these automatic status boosts:

Concierge services

Help scoring tickets to world-class sporting events, reservations at posh restaurants and seats at the hottest concerts can be yours with The Platinum Card® from American Express. Just call the number on the back of your card to connect with a Platinum Concierge, who can help with everything from sending flowers to navigating travel disruptions. Access to such in-demand experiences pairs nicely with the card’s Platinum Travel Service that can create custom trip itineraries.

Why you’d want the American Express® Gold Card

Smaller annual fee

The American Express® Gold Card costs about $400 less in annual fees than The Platinum Card® from American Express, a significant difference. Sure, the Gold still isn’t cheap, but it can pack tremendous value.

Both cards have Uber Cash credits, too. The Gold’s is worth up to $120 (doled out in monthly increments of $10) while the Platinum’s is up to $200. But, if you’re able to get the full value of the American Express® Gold Card Uber credit — which you can do pretty easily by calling an Uber or ordering from Uber Eats every month — you’ll nearly cut the Gold’s annual fee in half.

To get the credits, the AmEx Gold Card must be added as a payment method in the Uber app, and credits are only awarded for U.S. Uber rides and Uber Eats orders. Terms apply.

Superior rewards-earnings

The American Express® Gold Card is a rewards powerhouse — not just compared to The Platinum Card® from American Express, which earns a paltry 1x points on most purchases, but compared to many other rewards cards. It boasts a whopping 4x rewards rates on the popular spending categories of restaurants and U.S. supermarkets (up to $25,000 per year; 1x thereafter). It ranks on NerdWallet’s lists of best credit cards for groceries and restaurants. Terms apply.

If your household spends $12,000 a year on groceries and dining, you’d earn 48,000 Membership Rewards by putting all of those expenses on the Gold card. If you’re willing to put in a little effort to transfer and redeem points with travel partners rather than with AmEx directly, you can reap outsized value. NerdWallet values American Express Membership Rewards at 2 cents each when transferred to partners to book travel.

Why you’d get both

If you can afford two high annual fees, consider getting the American Express® Gold Card and The Platinum Card® from American Express. For the dedicated traveler, they make a perfect pairing. You’ll get all of the travel perks from the Platinum and big rewards rates on everyday spending categories with the Gold. Ultimately, the Gold can help you rack up Membership Rewards to pay for travel, while the Platinum can make the actual travel experience more enjoyable.

Source: nerdwallet.com

Apache is functioning normally

June 11, 2023 by Brett Tams

When it comes to smart money decisions, understanding a ledger balance is key. A ledger balance is an important tool for small business owners and investors that helps track their financial health in real-time. It’s the foundation of any successful budgeting or investing strategy, but how exactly do you calculate your own? In this article, we’ll discuss what a ledger balance is, why it matters and how to calculate yours accurately – so you can make better-informed money decisions!

What’s Ahead:

What is a Ledger Balance?

A ledger balance is a record of all the financial transactions that have taken place in an account. It is used to track and monitor the money coming into and out of an account, such as income, expenses, investments, loans, etc. You can use the ledger balance to determine how much money is available for spending or investing at any given time.

Definition of a Ledger Balance

A ledger balance summarizes all financial activity within an account over a certain period. It shows the total amount owed (debits) versus the total amount received (credits).

Components of a Ledger Balance

The components of a ledger balance include debits and credits from various sources, such as deposits, withdrawals, transfers between accounts, or payments for goods/services. Debits are amounts subtracted from your account, while credits are amounts added.

For example, if you make two payments on your credit card bill totaling $200 each month, your debit would be $400 ($200 x 2). If you also deposit $500 into your checking account during this same period, your credit would be $500 ($500 x 1). Your net ledger balance after these transactions would be +$100 ($500 – 400 = +$100). This means that you now have an extra $100 in your checking account compared to before these transactions took place.

A ledger balance is integral to understanding your financial situation and making smart money decisions. In the next section, we’ll discuss using a ledger balance to help you make informed decisions about your finances.

Benefits of Maintaining a Ledger Balance

Maintaining a ledger balance is essential to the financial organization and record keeping. It can help you keep track of your finances, save time when preparing taxes, and ensure accuracy in all your financial transactions.

Improved Financial Organization

A ledger balance helps you stay organized by tracking all the money in and out of your accounts. You can easily view where each dollar goes and how much you have left to spend or save for future goals. This will give you a better understanding of your overall financial picture so that you can make informed decisions about spending, saving, investing, etc.

Accurate Record Keeping

By maintaining a ledger balance, you can accurately document every transaction made from each account – income or expenses – making it easier to audit if needed. This also allows for more efficient tax preparation since everything is already documented in one place instead of searching multiple documents for the same information.

Easier Tax Preparation

When filing taxes with accurate records on hand, such as those found in a ledger balance, it eliminates any guesswork or potential errors that could occur while manually entering data into forms or spreadsheets used during tax season. This information readily available saves time when filing taxes because there is no need to go back and look up specific details regarding certain transactions throughout the year; they are already recorded within the ledger balance!

By maintaining a detailed ledger balance throughout the year, individuals and small business owners can benefit from improved financial organization, accurate record-keeping practices, and easier tax preparation processes come April 15th. These benefits will help ensure that all finances are properly tracked and documented for future reference and provide an efficient way to file taxes without any guesswork or potential errors.

Maintaining a ledger balance is essential to keeping your finances organized and up-to-date. In the next section, we’ll discuss setting up a ledger balance and tracking your transactions.

The Gist: Maintaining a ledger balance is essential to the financial organization and record keeping. It can help you stay organized, accurately document transactions, and simplify tax preparation: • Improved Financial Organization • Accurate Record Keeping • Easier Tax Preparation. A detailed ledger balance throughout the year provides individuals and small business owners with efficient ways to track finances, ensure accuracy in all their financial transactions, and save time when filing taxes.

How to Calculate Your Ledger Balance

It helps you stay organized and keep accurate records, making tax preparation easier. Knowing how to calculate your ledger balance is essential for small business owners and investors. Here’s what you need to know about calculating your ledger balance:

Step 1: Gather All Relevant Financial Documents

The first step in calculating your ledger balance is gathering all the relevant financial documents related to the account or accounts you want to track. This includes bank statements, credit card bills, investment portfolios, loan agreements, etc. Make sure all these documents are up-to-date so that you have an accurate picture of where you stand financially.

Step 2: Add Up All Debits and Credits

Once you have gathered all the necessary documents, it’s time to add up all debits and credits associated with each account or transaction. A debit is any money taken out of an account, while a credit is any money put into an account (including interest earned). When adding debits and credits for each transaction or account, be sure to include fees and taxes paid on investments, if applicable.

Step 3: Subtract Debits from Credits To Get The Final Amount

After adding debits and credits for each transaction or account, it’s time to subtract them from one another to get the final amount owed or due on each item/account/transaction listed in Step 1 above. For example, if there were $500 worth of debits associated with a particular bank statement, subtracting this number from $1000 worth of credits would give us a total remaining balance due on that particular statement of $500 ($1000 -$500 = $500). Once we do this for every document we gathered in Step 1, our overall ledger balance should be accurately calculated!

Knowing how to calculate your ledger balance can help ensure everything adds up correctly when it comes time to file taxes or make other financial decisions, such as investing in stocks and bonds. Keeping track of income versus expenses will also help small business owners budget accordingly, so they don’t overspend beyond their means.

Once you have gathered all your financial documents, added up the debits and credits, and subtracted them to get the final amount, you will be able to calculate your ledger balance. Next, we’ll look at how to use this information to make intelligent money decisions.

The Gist: Calculating your ledger balance is integral to managing finances. It helps you stay organized and make accurate records for tax preparation, budgeting, and investing decisions. Here are the following steps: 1. Gather all relevant financial documents 2. Add up all debits and credits 3. Subtract debits from credits to get the final amount owed or due

Tips for Maintaining an Accurate Ledger Balance

Maintaining an accurate ledger balance is essential for any individual or business to ensure their financial records are up-to-date and accurate. Here are some tips that can help you stay on top of your finances:

Keep Track of All Transactions Regularly

It’s essential to keep track of all incoming and outgoing transactions to understand where your money is going clearly. This includes recording deposits, withdrawals, transfers, bills paid, etc. Doing this regularly will help you stay organized and prevent errors from slipping through the cracks. Additionally, reviewing these transactions periodically ensures everything adds up correctly.

Double Check Your Math Before Finalizing Entries

When entering numbers into your ledger balance sheet or other financial documents, it’s always best practice to double-check your math before finalizing entries. Even if you think something looks correct at first glance – take the extra time to verify accuracy by running calculations twice just in case you made any mistakes. This will save you time and energy when reconciling accounts or preparing tax returns!

Utilize Automated Accounting Software When Possible

Technology has come a long way in recent years, making tracking finances more manageable! Utilizing automated accounting software such as QuickBooks or Xero can be extremely helpful when managing multiple accounts simultaneously, as they provide real-time updates with each transaction entered into them. Not only does this save time, but it also helps reduce the human error associated with manual entry processes – making it much more efficient overall!

Overall, maintaining an accurate ledger balance is key for anyone looking to manage their finances properly and efficiently over time – whether they’re a small business owner or simply trying to budget better personally. By following these simple tips outlined above (keeping track of all transactions regularly, double checking math, utilizing automated accounting software), individuals should be able to set themselves up for success in no time.

Maintaining an accurate ledger balance is essential for making sound financial decisions. With these tips, you can stay on top of your finances and make smart money moves.

The Gist: Maintaining an accurate ledger balance is essential for any individual or business to keep their financial records up-to-date and accurate. To do this, it’s vital to • Keep track of all transactions regularly • Double check math before finalizing entries • Utilize automated accounting software when possible By following these tips, individuals can set themselves up for success in managing their finances efficiently over time.

The Importance of a Ledger Balance for Small Business Owners and Investors

A ledger balance is integral to managing your finances, especially for small business owners and investors. A ledger balance is the total amount of money combined in all accounts. It’s calculated by subtracting all debits from credits to get the final amount. A clear understanding of your ledger balance can help you make better financial decisions and stay on top of your finances.

Why It Matters for Small Business Owners

For small business owners, having an accurate record of their ledger balance is essential to running their businesses efficiently and effectively. Knowing exactly how much money they have in each account helps them plan for budgeting, taxes, payroll, and other expenses. Additionally, keeping track of their ledgers allows them to quickly identify any discrepancies or errors so they can be addressed immediately before they become more significant problems.

Why It Matters for Investors

Investors also need to keep close tabs on their ledger balances because it gives them insight into how well their investments perform over time. By regularly monitoring changes in their ledgers, investors can determine if certain investments are worth continuing or if adjustments need to be made based on current market conditions or other factors that may affect returns on investment (ROI). This information can then be used as a guide when making future investing decisions.

Overall, a good understanding of one’s ledger balance is critical for small business owners and investors alike, as it provides valuable insights into where funds are coming from and going at any given moment in time. This ultimately leads to more informed decision-making about personal finance management strategies.

A clear understanding of your ledger balance is essential for small business owners and investors alike, as it allows them to make informed decisions about their financial future. Next, we’ll discuss why it matters for small business owners.

The Gist: A clear understanding of your ledger balance is essential for small business owners and investors. It allows them to keep track of all their accounts, quickly identify discrepancies or errors, monitor investments’ changes over time, and make more informed decisions regarding budgeting, taxes, payrolls, and other expenses. Key takeaways include: • Subtracting debits from credits to get the total amount • Monitoring ledgers regularly for any discrepancies or errors • Keeping track of investments’ performance over time • Using ledger information as a guide when making future investing decisions.

FAQs about What Is a Ledger Balance

Can we withdraw money from the ledger balance?

No, you cannot withdraw money from your ledger balance. Ledger balances are a record of the transactions that have occurred in an account and do not represent actual funds available for withdrawal. You must transfer funds to another account or use a payment method such as a debit card or check to access funds.

How long does the ledger balance take to be available?

The availability of a ledger balance depends on the financial institution you are using. Generally, most banks and credit unions will update your account information within 24 hours. However, if you have recently made a deposit or withdrawal from an ATM, it may take up to 3 business days for the transaction to be reflected in your ledger balance. Additionally, suppose you have recently transferred funds between accounts at different institutions. In that case, it could take up to 5 business days for the transfer to be completed and reflected in your ledger balance.

How do I make my ledger balance available?

The best way to make your ledger balance available is to use online accounting software such as QuickBooks or Xero. These programs allow you to easily track and monitor your financial transactions, giving you a real-time view of your current finances. Additionally, they provide helpful features like budgeting tools and automated reminders to help you stay on top of your money management goals. With these services, you’ll be able to quickly access and review your ledger balance whenever needed.

Can I transfer the ledger balance to the bank account?

Yes, you can transfer your ledger balance to a bank account. This is typically done through an online banking platform or app. It’s important to double-check the transaction details before confirming it, as mistakes may be costly and time-consuming to fix. Additionally, there may be fees associated with transferring money from one account to another, so understand those costs beforehand.

Conclusion

It allows you to track your financial activity and make informed decisions about where to invest or how much money to allocate for certain expenses. By understanding the basics of calculating and maintaining a ledger balance, you can ensure that your finances are in order and that you’re making smart money decisions. So take some time today to review your ledger balance and get on the path toward financial success!

Source: moneyunder30.com

Apache is functioning normally

June 10, 2023 by Brett Tams

The mortgage and real estate industry is no stranger to disruptors, especially over the past few years as scores of companies have tried to change the way we buy, sell, and obtain a home loan.

One of the latest examples is “Tomo,” a venture-backed fintech with some big-name founders and investors, including former Zillow employees Greg Schwartz, Carey Armstrong, and Spencer Rascoff.

What’s unique about this mortgage lender is they only originate home purchase loans. No refis. That means they’re completely committed to home buyers.

Like other lenders, they’re attempting to level the playing field between cash buyers and those who need a mortgage, an especially relevant concern in today’s ultra-competitive housing market.

Tomo Mortgage Fast Facts

Direct-to-consumer, purchase loan-only mortgage lender
Founded in 2020, headquartered in Stamford, CT
Started by former Zillow executives Greg Schwartz and Carey Armstrong
Do not charge lender fees and offer both a low rate and closing guarantee
Will also pair you with a real estate agent for an additional mortgage rate discount

Tomo Exists Because Buying a Home Can Be Terrible

Tomo was created because purchasing a property can be a real pain in the neck, and instead of relying on old technologies, they’re going the digital route.

This means you can get started right from their website in minutes, whether by desktop computer or smartphone.

They’re also streamlining the process, simplifying how you can complete tasks, and throwing in a bunch of guarantees along the way.

It all starts with a mortgage pre-approval, which they break down into two options: verified and an underwritten pre-approval.

The verified pre-approval assesses your credit score, income, and debt, and turns around the paperwork in no more than three hours after they receive your information, without a hard pull.

The more robust underwritten pre-approval does all that with a hard credit check and a complete assessment by an underwriter, backed by their Closing Guarantee.

The second option takes about 24 hours to complete, once you’ve uploaded all your necessary documents.

Tomo commits to closing on time, and are confident they can do so by moving critical steps earlier in the process.

But if there is a delay on their end, they guarantee your closing date will not change.

It’s unclear what happens if they aren’t able to meet their obligations, but they appear to not let that be an issue.

The Tomo Price Match

While all that sounds good, there’s even more to like about Tomo when it comes to their pricing.

For one, they do not charge lender fees, similar to companies like Better Mortgage, Filo Mortgage, and PenFed Mortgage.

On top of that, they offer the Tomo Price Match if you happen to find a better mortgage rate elsewhere.

Just provide a valid, comparable Loan Estimate (LE) dated within one business day of submission to Tomo and they’ll lower their rate if need be to match it.

But they’re confident they can offer some of the lowest rates around because they’ve simplified the home loan process and made it more cost-efficient.

Speaking of mortgage rates, they’ve got them on full display on their website, so they’re not hiding anything.

Simply navigate to “Find your rate” and you’ll see a list of rates and corresponding costs (discount points) or rebates (lender credits).

You can also fine-tune the rates by entering in your borrower and property information for a more accurate gauge of pricing.

Tomo Brokerage Partner Agent

Speaking of pricing, to sweeten the deal even more, they’ll throw in a .125% (eighth) discount in mortgage rate if you use a Tomo Brokerage Partner Agent.

This is essentially their real estate referral network that pairs you with a local real estate agent, which makes a lot of sense because both Schwartz and Armstrong worked on Zillow’s Premier Agent product previously.

In truth, Tomo might be even more similar to Redfin Mortgage, which doesn’t charge fees and has an obvious real estate agent affiliation.

It also plays into the trend of controlling more of the home buying process instead of just the lending piece, or merely the agent portion.

Assuming you don’t already have a real estate agent, you could save some money by going with one of their recommendations.

This is known as “Tomo Perks,” and on a $300,000 loan amount could save you more than $7,000 over the life of the loan.

To get paired up, you simply provide your info to Tomo and they’ll send video profiles for three local real estate experts they love. Then it’s up to you who to pick, if any of them.

For the record, it is possible to take advantage of both the Tomo Price Match and Tomo Perks.

Where Is Tomo Mortgage Available? And What Loan Types Are Offered?

Currently serve just five states: CO, CT, FL, TX, WA
Offer home purchase loans only
Fixed-rate mortgages: 15- and 30-year loan terms available
Minimum loan amount of $150,000 and min. credit score of 660 required
Jumbo loans available with loan amounts up to $3 million
Single family homes, townhomes, condos, and 2-4 unit properties acceptable
Do not offer FHA/VA loans

At the moment, the company is licensed in just five states, including Colorado, Connecticut, Florida, Texas, and Washington.

And currently only operates in three markets, Dallas-Fort Worth, Houston, and Seattle. My assumption is they’ll expand fairly quickly with their big venture cap backing.

They also only offer home purchase loans, as stated above, though it’s possible they may expand into mortgage refinances in the future.

In terms of loan choice, you can get a conventional mortgage starting with loan amounts of $150,000, or a jumbo loan up to $3 million.

You can’t yet get your hands on an FHA or VA loan, though that could change in the future.

A minimum 660 credit score is required, and they only offer 15- and 30-year fixed mortgages. No ARMs just yet.

While it seems like a limited product menu, something like 90% of home buyers go with the 30-year fixed, and most home loans are conforming.

In summary, Tomo is yet another mortgage/real estate startup looking to shake up the status quo.

While it’s a crowded place, their low rate guarantee and on-time closing guarantee, combined with their fresh modern look, might be enough to help them stand out.

Source: thetruthaboutmortgage.com

Apache is functioning normally

June 10, 2023 by Brett Tams

Since launching in 2021, hundreds of thousands of users have used the TPG App to track more than 100 billion points and miles.

To help users maximize their points potential even more, the TPG App has a new feature called “Rewards Boost,” giving users even more personalized insights into choosing their next credit card.

How the new feature works

The TPG App already tracks users’ spending across all of their connected cards, including via its “Out Making a Purchase” Card Advisor feature, which helps users choose the most optimal credit card already in their wallet for a specific purchase in real time.

The app’s latest feature, “Rewards Boost,” analyzes users’ existing spending habits to recommend a credit card based on their highest spending category to maximize earnings. It also shows users exactly how many points they could have earned the previous month by using those cards.

For example, let’s say you spent a significant amount of money, $1,200, on dining last month via your Capital One Venture Rewards Credit Card.

Rewards Boost would let you know that 2 miles per dollar per purchase earned from the Venture card would equate to 2,400 miles per month. This card earns users 2 miles per dollar per purchase, a stellar return for flat-rate rewards and certainly better than earning no rewards at all. However, Rewards Boost would notify you that another card, such as the American Express® Gold Card, would have earned you more since it earns 4 points per dollar on dining at restaurants (including takeout and delivery in the U.S.) in addition to 4 points per dollar on up to $25,000 in purchases at U.S. supermarkets per calendar year (then 1 point per dollar).

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By using an Amex Gold on those dining purchases, you could have earned 4,800 points, equivalent to $96 when used as Amex Membership Rewards, per current TPG valuations. If May was a typical month for dining spending for this person, then over time, using this card would equate to over $1,150 annually in points just in the restaurant and dining category.

Though you may be deterred by the Amex Gold’s $250 annual fee (see rates and fees), Rewards Boost would inform you that you’re still saving more than $900 in net points value – and that’s before factoring in the aforementioned spending categories, in addition to 3 points per dollar on flights booked directly with the airline or through the Amex Travel portal and 1 point per dollar on all other eligible purchases. These earning rates are on top of the statement credit offered by this card, including $120 in Uber Cash annually and a $120 annual dining credit (both divvied up as $10 monthly credits).

The real value of Rewards Boost

We get it — one of the biggest hurdles for getting a new credit card is understanding whether it will truly be valuable to you and your personal spending habits. Also, the high annual fees of some cards (looking at you, The Platinum Card® from American Express; see rates and fees) can be enough to scare off even seasoned credit card veterans.

With Rewards Boost, you don’t have to worry about keeping track of every credit, perk or other benefit a card offers just to barely offset an annual fee for a card that doesn’t fit your lifestyle. Rewards Boost tells you the exact value you could be saving on a monthly and annual basis just by switching to using a card to complement your biggest spending category.

Bottom line

Not only does Rewards Boost show your best next card, but it takes all the guesswork out of whether a card will actually be a valuable addition to your wallet.

Download the free TPG App to see how you can boost your rewards today!

Related reading:

For rates and fees of the Amex Gold Card, click here.
For rates and fees of the Amex Platinum Card, click here.

Source: thepointsguy.com