credits Archives - Page 8 of 170

Apache is functioning normally

August 12, 2024 by Brett Tams

Qatar Airways offers two branded credit cards for U.S. consumers. Launched by the airline in May 2024 in partnership with financial technology company Cardless and issued by First Electronic Bank, the cards offer sign-up bonuses, rewards on purchases and an accelerated path to status in Qatar Airways Privilege Club (the airline’s frequent flyer program) and the Oneworld alliance (of which the airline is a member).

One card is more feature-rich than the other, and the difference is evident in an annual fee that rivals what you’d pay for the best premium travel rewards credit cards. For that price, other cards may have more to offer, especially if you’d prefer more flexibility with your rewards.

Here are five things to know about the Qatar Airways credit cards.

1. There are two Qatar Airways credit cards

You can choose between the Qatar Airways Privilege Club Visa Signature Credit Card, with a $99 annual fee, and the Qatar Airways Privilege Club Visa Infinite Credit Card, with a $499 annual fee.

Here’s how the cards compare:

	Qatar Airways Privilege Club Visa Infinite Credit Card	Qatar Airways Privilege Club Visa Signature Credit Card
Annual fee
Sign-up bonus	Earn up to 50,000 Avios, including 25,000 Avios after the first transaction and 25,000 Avios after spending $5,000 in the first 90 days.	Earn up to 40,000 Avios, including 20,000 Avios after the first transaction and 20,000 Avios after spending $3,000 in the first 90 days.
Loyalty program points	Earn 150 Qpoints after spending $5,000 in the first 90 days. Earn 2 Qpoints for every 1,500 Avios earned.	Earn 2 Qpoints for every 2,000 Avios earned.
Earnings rates	5 Avios per $1 spent on Qatar Airways. 3 Avios per $1 spent at restaurants. 1 Avios per $1 spent on all other qualifying purchases.	4 Avios per $1 spent on Qatar Airways. 2 Avios per $1 spent at restaurants. 1 Avios per $1 spent on all other qualifying purchases.
Other perks

2. The cards earn Avios

The cards earn rewards in the form of “Avios,” which you can use to book award travel on Qatar Airways. Avios are also the rewards currency for several other airlines, including British Airways, Iberia, Aer Lingus and Finnair; you can transfer Avios among those airlines’ frequent flyer programs, although the value you get per point will differ.

Because Qatar Airways is part of the Oneworld alliance, you can also redeem Avios toward flights on partner airlines such as American Airlines, Alaska Airlines, Qantas and more.

3. You get an accelerated path to status

With the Qatar Airways Privilege Club Visa Signature Credit Card, you automatically get Silver status in Qatar Airways’ Privilege Club for the first year you have the card. This grants you a 25% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; a 20% discount on the cost of seat selection; an allowance for extra baggage; and lounge access. You’ll also get Ruby status in the Oneworld alliance, which gets you business class priority check-in, preferred seating and priority on waitlists and standby.

The Qatar Airways Privilege Club Visa Infinite Credit Card grants you Privilege Club Gold status for the first year, which comes with a 75% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; preferred seats; an allowance for even heavier extra baggage; lounge access; credits you can redeem for upgrades; a “meet and assist” service; and a discount on online redemptions. You’ll also get Sapphire status on Oneworld, which provides the benefits of Ruby plus access to business class lounges, priority boarding, a free extra checked bag and priority baggage handling.

Note that the automatic elite status lasts for only the first year. To keep (or increase) your status, you need to earn “Qpoints,” which you can do by flying Qatar Airways or any Oneworld member airline. Using the Qatar Airways credit cards can also earn Qpoints — you get 2 Qpoints for every 1,500 to 2,000 Avios you earn with credit card spending, depending on the card.

4. One card’s annual fee is extra pricey

The “Infinite” version charges a sky-high $499 annual fee, which is certainly something to take into consideration when considering these two cards. For the extra cost, you get a larger sign-up bonus, higher ongoing rewards rates, a higher rate at which you earn Qpoints, a higher status tier and Visa Infinite benefits.

5. Other premium travel cards may be a better option

If you’re considering the more expensive Qatar Airways Privilege Club Visa Infinite Credit Card, note that other premium travel cards allow you to transfer points to airline partners, which includes some of the Avios airlines mentioned above.

With the Chase Sapphire Reserve®, which has a $550 annual fee, you can transfer Chase Ultimate Rewards points to airlines including British Airways, Aer Lingus and Iberia. Plus, you get a $300 annual travel credit, a statement credit toward TSA PreCheck or Global entry, airport lounge access and more.

Full list of Chase transfer partners

Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
British Airways (1:1 ratio).
Emirates (1:1 ratio).
Iberia (1:1 ratio).
JetBlue (1:1 ratio).
Singapore (1:1 ratio).
Southwest (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).

Hyatt (1:1 ratio).
InterContinental Hotels Group (1:1 ratio).
Marriott (1:1 ratio).

The Capital One Venture X Rewards Credit Card includes both British Airways and Finnair among its transfer partners. The $395 annual fee can be effectively wiped out by the card’s many perks — a $300 annual travel credit for bookings made through Capital One Travel, a statement credit toward TSA PreCheck or Global Entry, airport lounge access and a 10,000-mile anniversary bonus.

Full list of Capital One transfer partners

Aeromexico (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
Avianca (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Etihad (1:1 ratio).
EVA (2:1.5 ratio).
Finnair (1:1 ratio).
Qantas (1:1 ratio).
Singapore Airlines (1:1 ratio).
TAP Air Portugal (1:1 ratio).
Turkish Airlines (1:1 ratio).

Accor (2:1 ratio).
Choice Privileges Hotels (1:1 ratio).
Wyndham Rewards (1:1 ratio).

Source: nerdwallet.com

Apache is functioning normally

August 12, 2024 by Brett Tams

Right now, nine states do not charge state income taxes, which means residents in those states don’t need to file a state-level tax return. While an obvious benefit of that is a reduction in their annual tax liability, are there also drawbacks to living in a state without income taxes?

Here, learn the pros and cons of no state income tax. This intel can help you determine if living in a state with no income tax is better for you.

Key Points

• Living in states without income tax can significantly reduce an individual’s overall tax burden, benefiting primarily high-income earners during tax season.

• Higher sales and property taxes often compensate for the lack of income tax, potentially placing a heavier burden on lower-income residents in these states.

• Tax filing becomes simpler for residents in states without income tax, eliminating the need for state tax returns and associated expenses for tax preparation.

• The absence of income tax can lead to reduced funding for essential public services, such as education and infrastructure, impacting the quality of life.

• Although no income tax may attract new residents, the overall cost of living in these states can still be relatively high, complicating financial advantages.

Which States Have Zero State Income Tax?

Currently, nine states do not have state income tax on earned income:

• Alaska

• Florida

• Nevada

• New Hampshire^*

• South Dakota

• Tennessee

• Texas

• Washington

• Wyoming

^*New Hampshire currently charges state taxes on interest and dividends but not on income, but it is set to phase this out after 2026, as Tennessee has recently done.

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Recommended: Earned vs. Unearned Income on Taxes

What Are the Pros and Cons of Having No State Income Tax?

At first blush, having no state income tax sounds like a win for Americans — and for many high-earners, it might be. However, there are also downsides to living in a state with no income taxes. Here’s a closer look.

Pro: You’ll Spend Less Money on Income Taxes Overall

While nearly everyone must file federal taxes, residents in states without income taxes will benefit from a lower overall tax bill each tax season. This can be a boost to one’s financial health.

Con: You’ll Likely Spend More on Sales and Property Taxes

Just because states don’t charge income taxes doesn’t mean they’re not getting revenue through different types of taxes. States without income taxes sometimes have higher sales and property taxes, for example.

Tennessee, Washington, Nevada, and Texas are all in the top 20 states with the highest combined state and local sales tax. New Hampshire, Texas, and Florida all have property taxes higher than the national average — with the former two in the top 10 states overall.

An added con to this: Unlike income taxes, which get progressively higher based on your income level and resulting tax bracket, sales taxes are the same no matter how much you make. That means lower-income taxpayers shoulder a heavier tax burden in states with no income taxes, according to the Institute on Taxation and Economic Policy.

Pro: Tax Filing Is Easier

If you live in a state without income tax, filing can be a breeze. You’ll have one less tax filing deadline to worry about.

Those who reside where state tax is collected, however, may need to invest in professional tax software or an accountant to handle their state taxes. This is of course an added expense — and creates extra steps in the tax filing process.

Con: There’s Less in the Budget for Infrastructure and Education

States use income taxes to fund projects like improving infrastructure and investing in education. Without income taxes, there could be less in the budget for such investments.

For instance, Nevada, Florida, Tennessee, and South Dakota are all among the top 10 states that spend the least amount of money per K-12 student, per a report from the Education Data Initiative. The common thread? These four states don’t have income taxes.

Pro: Having No Taxes Can Attract People to Move to the State

A lack of state income taxes may be a selling point for many people looking to move, whether they are looking for a more affordable lifestyle, a welcoming state to retire in, or to be closer to friends and family.

Why does this matter? An influx of residents to a state can be a boon to the local economy.

Con: Cost of Living May Be Higher

Though it’s not the case across all nine states without income taxes, the cost of living could be higher. Four out of the nine states were among the 20 most expensive states to live in last year: Alaska, New Hampshire, Washington, and Florida.

Now, here’s how the pluses and minuses stack up in chart form:

Pros	Cons
Less money spent on income taxes	Potentially higher sales and property taxes
Easier tax filing	Potentially lower infrastructure and education spending
Potential state population growth	Potentially higher cost of living

Why Do Some States Have Zero State Income Taxes?

Some states may choose to enact a no-state-income-tax policy to encourage Americans to move there from other states and thus boost their economy. IRS and Census data backs up this theory.

It may also reflect local political sentiment: Conservative politics tend to favor lowering taxes, while progressive politics often prioritize the social programs that can be achieved through higher taxes.

Recommended: Tips on Saving Money Daily

Do States With No Income Tax Save Residents Money?

States with no income taxes save residents money — on their income taxes. However, many states without income taxes can be expensive in other ways. They might have a higher sales tax, higher property taxes, and/or a higher cost of living.

Before deciding on a move to a state without income taxes, it’s a good idea to view the whole picture by researching sales and property tax rates and overall cost of living.

Recommended: Tax-Friendly States that Don’t Tax Pensions and Social Security Income

Is Living in a State With No Income Tax Better?

Some taxpayers may say that living in a state with no income tax is better, but others might not. In general, high-income earners benefit more from a lack of state income taxes, since they may enjoy reduced taxes. Low-income earners, however, may actually shoulder more of the tax burden when states generate revenue from sales tax.

Taxpayers should also consider how much they value lower taxes versus more social programs and investments in things like infrastructure and education. Each individual will have their own opinion.

The Takeaway

States without income taxes may save you a lot of money when it’s time to file taxes, but there may be hidden costs of living in such states, like higher sales and property taxes. Before moving, it’s important to consider the full picture to better understand the potential impact on your finances.

Regardless of where you live, it can be a wise money move to take advantage of a high-yield bank account to grow your savings. When you open a SoFi Checking and Savings account, you’ll enjoy a competitive annual percentage yield (APY) on deposit and pay no account fees, both of which can help your cash grow more quickly. Plus, there’s the convenience factor: You’ll spend and save in one place, and qualifying accounts can access their direct deposit 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

Are other taxes higher in states with no income tax?

Though it varies, it is common for states without income taxes to make up for that lack of revenue through other forms of taxes, primarily sales and property taxes.

Are food costs more in states with no income tax?

Food costs contribute to a state’s total cost of living. In 2022, four of the 20 most expensive states to live in had no income taxes. While that doesn’t inherently mean food costs are higher in such states, it may validate that a disproportionate number of states with no income tax have higher costs of living.

Is living in a state with no income tax better for low- or high-income taxpayers?

High-income taxpayers benefit more from living in states with no income taxes. The more money you make, the higher percentage of your income you must pay in taxes, so high-earners will likely save more.

In addition, states with no income tax may see less spending on education, which can affect the quality of learning for students. High-income earners can probably more easily afford private schools for their children; such schools do not rely on taxes to operate. Low-income earners may not be able to afford private schools.

Photo credit: iStock/mihailomilovanovic

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.

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

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

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

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

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

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

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.

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.

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Source: sofi.com

Apache is functioning normally

August 10, 2024 by Brett Tams

Update 8/9/24: Deal is back until 10/2/2024

The Offer

Amex Marriott Bonvoy Brilliant | Bonvoy Bevy

American Express has increased the signup bonus offer on the premium Marriott Bonvoy Brilliant card and the mid-level Marriott Bonvoy Bevy card:

American Express is offering a bonus of 185,000 points after you spend $6,000 within the first six months on the Marriott Bonvoy Brilliant card.
American Express is offering a bonus of 155,000 points after $5,000 in spend on the first 6 months on the Marriott Bonvoy Bevy.

Offers are valid through May 1, 2024.

Card Details

Bonvoy Brilliant:

$650 annual fee
$300 in total dining statement credits – $25 each month
Card earns at the following rates:
- 6x points per $1 spent at participating SPG & Marriott Rewards hotels
- 3x points per $1 spent at U.S. restaurants and on flights booked directly with airlines
- 2x points per $1 spent on all other purchases
Free night award every year after your card account anniversary (can be used at any property that costs under 85,000 points per night)
Complimentary gold elite status
Platinum elite status
25 nights towards elite status (you’re restricted to getting this benefit once per Marriott Loyalty program number)
Unlimited complimentary priority pass lounge access for you and up to two accompanying guests
Statement credit for Global Entry ($100) or TSA PreCheck ($85) every four years
No foreign transaction fees
Free in-room premium internet access at SPG & Marriott participating hotels
Welcome offer not available to applicants who (i) have or have had The Ritz-Carlton^™ Credit Card from JPMorgan or the J.P. Morgan Ritz-Carlton Rewards^® Credit Card in the last 30 days, (ii) have acquired the Marriott Bonvoy Boundless^™ Credit Card from Chase, the Marriott Rewards^® Premier Plus Credit Card from Chase, the Marriott Bonvoy^™ Premier Credit Card from Chase, the Marriott Rewards^® Premier Credit Card from Chase, the Marriott Bonvoy Bold^™ Credit Card from Chase, the Marriott Bonvoy^™ Premier Plus Business Credit Card from Chase or the Marriott Rewards^® Premier Plus Business Credit Card from Chase in the last 90 days, or (iii) received a new Card Member bonus or upgrade offer for the Marriott Bonvoy Boundless^™ Credit Card from Chase, Marriott Rewards^® Premier Plus Credit Card from Chase, the Marriott Bonvoy^™ Premier Credit Card from Chase, the Marriott Rewards^® Premier Credit Card from Chase, the Marriott Bonvoy Bold^™ Credit Card from Chase, the Marriott Bonvoy^™ Premier Plus Business Credit Card from Chase or the Marriott Rewards^® Premier Plus Business Credit Card from Chase in the last 24 months.

Bonvoy Bevy

$250 annual fee
Card earns at the following rates:
- Earn 6X points for every $1 spent at Marriott properties
- Earn 4X points for every $1 spent on the first $15,000 in combined purchases each year on grocery stores and dining
- Earn 2X points for every $1 spent on all other purchases
Free Night Award every calendar year, after $15,000 in spend within that calendar year (good for up to 50,000 points)
Complimentary Gold Elite status
15 elite night credits toward elite status
Welcome offer not available to applicants who (i) have or have had The Ritz-Carlton® Credit Card from JPMorgan, the J.P. Morgan Ritz-Carlton Rewards® Credit Card, the Marriott Bonvoy Bountiful™ Credit Card from Chase, the Marriott Bonvoy Boundless® Credit Card from Chase, the Marriott Rewards® Premier Plus Credit Card from Chase, the Marriott Bonvoy® Premier Credit Card from Chase, the Marriott Bonvoy Bold® Credit Card from Chase, or the Marriott Bonvoy® Premier Plus Business Credit Card from Chase or the Marriott Rewards® Premier Plus Business Credit Card from Chase in the last 30 days, (ii) have acquired the Marriott Bonvoy Bountiful™ Credit Card from Chase the Marriott Bonvoy Boundless® Credit Card from Chase, the Marriott Bonvoy Bold® Credit Card from Chase in the last 90 days, or (iii) received a new Card Member bonus or upgrade offer for the Marriott Bonvoy Bountiful™ Credit Card from Chase, the Marriott Bonvoy Boundless® Credit Card from Chase, or the Marriott Bonvoy Bold® Credit Card from Chase in the last 24 months.

Our Verdict

These are both best-ever offers. A lot of people will find these interesting for the signup bonus and benefits, despite the high annual fees.

Use a friend’s referral link to apply so that they’ll get some free points as well. Check out these Things To Know About Amex before applying. We’ll add this to our list of Best Current Credit Card Signup Bonuses.

Source: doctorofcredit.com

Apache is functioning normally

August 9, 2024 by Brett Tams

If you’ve flown with Southwest Airlines, you know this budget carrier does things a little differently. From free checked bags to no seat assignments (though Southwest says it’s changing to assigned seats later this year), the Southwest experience — including its unique fare classes — is truly one-of-a-kind when it comes to domestic airlines.

So if you’ve ever wondered what the difference between the airline’s fare class options or how to navigate booking in Southwest, you’re in the right place. Here’s everything you need to know about Southwest fare types, how they’re different and what to expect with each.

What are the different Southwest Airlines fare types?

There are four fare classes on Southwest flights:

Business Select.
Wanna Get Away Plus.
Wanna Get Away.

Here’s an overview of what each ticket type entails.

	Business Select		Wanna Get Away Plus	Wanna Get Away
Refundability	Refundable.	Refundable.	Nonrefundable. Transferable Flight Credit.	Nonrefundable. Flight credit issued.
Early boarding	Priority boarding A1-A15.	EarlyBird Check-In. Priority and Express Lanes.
Same-day change and standby	Free same-day confirmed change.	Free same-day confirmed change.	Free same-day confirmed change.	Free same-day standby.
In-flight perks	Complimentary premium drink. Free in-flight internet.
Points earnings	Earn 12 Rapid Rewards points per dollar per qualifying flight.	Earn 10 Rapid Rewards points per dollar per qualifying flight.	Earn eight Rapid Rewards points per dollar per qualifying flight.	Earn six Rapid Rewards points per dollar per qualifying flight.
	All the benefits of Anytime.	All the benefits of Wanna Get Away+.	All the benefits of Wanna Get Away.

All ticket types come with additional benefits:

Two checked bags fly free (plus a carry-on and personal item).
No change fees if you need to switch flights (though you may have to pay the difference in fare depending on status and purchased fare type).
No cancel fees as long as you cancel more than 10 minutes before scheduled takeoff.
Flight credits received after changed or canceled flights don’t expire.

That said, you shouldn’t think of Southwest Airlines fares like you do fare classes on other airlines. For starters, there is no first or business class on Southwest flights. There aren’t even extra large seats like on Spirit Airlines or Delta Air Lines’ Comfort Plus (though that is also changing when Southwest reconfigures its airplanes next year). So upgrading to a higher fare class has more to do with other benefits than perks like more legroom or lay-flat seats.

Business Select

This is the most expensive fare class that Southwest offers, but it comes with the most benefits and flexibility regarding flight changes and cancellations.

Tickets are fully refundable, meaning you’ll get refunded to your original form of payment (not just a flight credit) as long as you cancel your reservation at least 10 minutes before your flight is scheduled to take off.
Get automatic access to priority boarding in group A1-A15, meaning you’ll be one of the first to board and select where you want to sit.
Enjoy a free premium drink like beer or wine on flights that are at least 176 miles.
Get access to free in-flight internet, which is typically offered for an additional fee.
Earn 12 Rapid Rewards points per dollar, the most of any fare class.
Plus score all the benefits of Anytime fares like access to priority and express lanes for faster check-in and security.

The next highest fare class is Anytime, which still offers a fair amount of flexibility and point-earning potential, but at a slightly lower cost.

Tickets are fully refundable, meaning you’ll get a refund to your original form of payment as long as you cancel your reservation at least 10 minutes before your flight is scheduled to takeoff.
EarlyBird Check-In, which means you’ll get automatically checked in 36 hours before takeoff. That means you’ll have a better shot at an earlier boarding position, so you can be one of the first to claim a seat and coveted overhead bin space. EarlyBird check-in generally costs $15 to $99 each way per customer.
Access to Priority and Express Lanes (if available) so you can check in and even get through security faster.
Earn 10 Rapid Rewards points per dollar on your flight.
Plus score all the benefits of Wanna Get Away Plus fares like a transferable flight credit and free same-day changes.

Wanna Get Away Plus

For those who want to save some cash but are looking to earn a few more points per dollar spent on airfare, there’s Wanna Get Away Plus.

Fares are nonrefundable, but you will still receive a Southwest flight credit for the amount you paid if you cancel your travel plans.
If you cancel, you’ll receive a transferable flight credit that lets you transfer your credit to another Rapid Rewards Member.
The option to take advantage of free same-day confirmed flight changes if you need to switch your flight last minute (though taxes and fees may cost extra).
Earn 8 Rapid Rewards points per dollar.
Plus get all the benefits of Wanna Get Away, like free same-day standby.

Wanna Get Away

This is Southwest’s base fare and the most affordable option for those looking for a no-frills booking.

Tickets are nonrefundable, but you will receive a flight credit if you cancel your travel plans.
Access to free same-day standby that allows you to keep your current flight and boarding position but also list yourself for standby on an earlier flight in case a seat is available.
Earn six Rapid Rewards points per dollar.

Which of these Southwest ticket types is right for you?

Naturally, which of the Southwest fares you should choose depends on how you like to travel and what kinds of point-earning potential you want. After all, the higher the fare class, the more Rapid Rewards points you’ll earn, which is compounded by the fact that you’ll also be spending more on the fare itself.

For example, a Wanna Get Away flight from San Diego to Dallas might cost $204. At six points per dollar, that means you’ll net 1,224 Rapid Rewards points. But a Business Select fare for the same flight costs $334 and scores you 12 points per dollar, resulting in a whopping 4,008 points.

According to NerdWallet valuations, Southwest Rapid Rewards are worth 1.5 cents each. Based on that valuation, 4,008 points are worth $60.12 and 1,224 points are worth $18.36. So, you would pay an extra $130 out-of-pocket to net $41.76 in extra value from the additional points earned.

If perks like early boarding, refundability, in-flight internet and a premium drink onboard sound good to you, then buying the higher ticket is worth it. But despite the significant difference in point earning potential, points alone may not be enough to warrant the upgrade.

That said, those reaching for elite status, which can be achieved by flying a certain number of segments or earning a set amount of points (starting at 35,000) may find it worth the higher cost.

But whether the difference in price is worth it depends on whether you’ll benefit from the other perks of higher fare classes like refunds, early boarding and transferable credits, so consider all of the costs and benefits together before deciding.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

August 9, 2024 by Brett Tams

When you think about making money online, chances are, you visualize selling something, whether it’s beaded necklaces you make, electronics you don’t use anymore, or a cool product you cooked up. But there are many ways to make money without offering a product, which can eliminate a lot of barriers to entry, along with the hassles of order fulfillment and shipping.

It’s not a cinch, but if you have a clever idea or some expertise, you can make money online without selling anything. For example, if you have an Instagram account with loads of followers, you might earn cash by creating a YouTube channel sharing the secrets of your social media success.

Think about where your strengths and skills lie: Is it coding? Then you might consider building an app. Do you know how to reach out to people and coalesce them into an active, supportive community? Then you might succeed in building a membership website.

Ready to find out how to make money with a website without selling anything? There’s inspiration ahead.

Key Points

• Various online income opportunities exist that do not require selling products, minimizing barriers to entry and logistical hassles associated with traditional selling.

• Starting a dropshipping business allows individuals to earn money by acting as a middleman between suppliers and customers without holding inventory.

• Creating a YouTube channel can lead to monetization through ads once a sufficient subscriber base is established, focusing on engaging content in a specific niche.

• Freelancing offers many ways to leverage skills such as writing or design, enabling individuals to work remotely and access various job platforms to find clients.

• Building a membership website can generate income by offering exclusive content to subscribers, fostering a community, and utilizing specialized web-building software for management.

Is It Possible to Make Money Online Without Selling a Product?

Fortunately, there are many ways to make passive income online without manufacturing and selling a product in the traditional sense. If you dread the idea of renting a warehouse or packing up and shipping items, this will be good news.

For example, many influencers on YouTube make money simply by providing informational videos that people find valuable. Once they have a following, they make money through YouTube ads that run on their channel. Did you know, for instance, that YouTuber Mr. Beast set a new high-earning record recently of $54 million? While that’s hardly a typical achievement, it does show that the sky is the limit, as the saying goes.

Beyond YouTube, there are plenty of other ideas for how to make money with a website without selling anything. You might translate your tech knowledge and experience into building an app, or you could create a blog based on your favorite hobby that resonates with a particular audience.

11 Ways You Can Make Money Without Selling Anything

Ready to dig into some specifics? From dropshipping to streaming, the following are 11 ways people make money online without actually manufacturing or selling products.

1. Start Dropshipping

Dropshipping is one way to make money with a website without selling anything. Dropshippers sell products to customers, but they do not own or stock them. For the dropship business model, a customer places an order, and the dropshipper forwards the order to the supplier for a fee. The supplier then takes care of the shipping.

In essence, the dropshipper is the middle man. You don’t need to buy any items or manufacture anything yourself. And it can help you bring in some cash: One recent survey showed that dropshippers earn almost $20 an hour.

Recommended: 11 Benefits of Having a Side Hustle

2. Launch a YouTube Channel

A YouTube channel can be lucrative once you have 1,000 subscribers. At that point, YouTubers can monetize their channel by accepting ads. How do you get 1,000 subscribers? By providing content that people want to see.

That could be showing off your cake decorating skills, your super cute Pomeranian puppy, or your ability to do your own taxes quickly and correctly. Choose a niche where you have expertise and create compelling content on that topic. Use clever headlines that will draw people to your channel, plus keywords to optimize them for YouTube searches and help you gain traction. Keep viewers engaged by producing a series of videos on a topic so that they continue to tune in.

Recommended: Can You Make a Living on Social Media?

3. Write a Blog or Podcast

Have ideas, intel, and opinions you’d like to share? Why not start a blog, which is similar to starting a YouTube channel. The cost of running a blog can be minimal, and it can be an exciting way to share your passions in life. You can create content on a niche topic that people are curious about and that you love. It could be travel, DIY advice, fashion, fitness, or finance.

If you are good, you can build a following. Once your following is big enough, companies will pay you to promote their products or services on your blog through ads and links. Brands may even sponsor you to write about them or invite you to write blogs for their own sites.

4. Create a Membership Website

If you find demand for your content, you could build a website for subscribers only and charge for the membership. The idea is to build a community of like-minded people who want to share knowledge and access exclusive content. A paid membership could offer videos, webinars, other educational products, and the ability to interact with other members.

Membership web-builder software can help you build a site and wrangle your followers, or you could use a third party to do it for you. The software allows you to register new members; process monthly dues, donations, and event payments; update member profiles; send emails to members about upcoming events, and send invites. A simple website builder will run from $20 to a few hundred dollars per month, and help you get your site up and running and hopefully growing.

Recommended: 25 Tax Deductions for Freelancers

5. Try Freelance Work

You probably have had some work-from-home experience due to the pandemic. You might want to transition even more to remote work. Some careers can be transferred to the digital environment. For example, writers, teachers, designers, and coders can all learn how to make money from home. There are marketplaces for freelancers, such as Fiverr and Upwork, and you can establish a website of your own to pull in work.

There are also many job boards for freelancers, such as Flexjobs.com. Freelancers need to build a portfolio of work, which may require taking on lower-paying jobs at first as you work your way up.

Recommended: 15 Low-Cost Side Hustles

6. Become a Writer

Being a writer is an aspiration for many people, and there happens to be a huge market for website content. Many companies want to create informative blogs with SEO-optimized articles that will drive traffic to their websites. If you have expertise and knowledge in a niche area, you could write engaging articles for companies in that niche. Companies want ghostwriters, but there are also opportunities for bylined articles. Look for writing jobs on job boards like Flexjobs.com and Upwork.

7. Be a Product Tester

This is a fun one: You can make money online without selling by being a product tester. Brands often need people to try out their products to see how they rate with consumers. In return for their time and feedback, product testers may receive payment in the form of cash, merchandise, and gift cards.

Popular products for testing include toys, food, electronics, beauty products, household products, baby products, clothes, and websites. These gigs may pay about $25 an hour and can sometimes feel like play time.

You might also take surveys and provide feedback on marketing ideas online, as well. Sign up with a market research firm like I-Say by Ipsos, Opinion Outpost, and Branded Surveys to get started.

8. Accept Micropayments

Looking for more ways to make money online without selling stuff? Let’s say you write a blog that benefits a community. For example, you might be someone on the autism spectrum and blog about your experiences for a supportive audience. You can use a free app like “Buy Me a Coffee” to accept micropayments on your blog; this allows people who want to show their appreciation to send you a bit of money. Readers click on a widget on your blog to donate a few dollars to your site.

9. Set Donation Requests

One step up from accepting micropayments is to request donations directly. An example is Wikipedia, which intermittently asks its visitors to donate to fund the site’s research. Another example is virtual tip jars that appear on websites. Basically, it’s a way to monetize a website. You can collect feedback from engaged users at the same time to better understand what visitors would like to see on your site.

10. Create an App

Even if you are not a coder or app developer, you might have a great idea for an app that would make people’s lives simpler, better, or just more fun. Once you have an idea, a market that you’re targeting, and a brand concept, you can hire an app creator to do the coding for you. Once you have the app, add it to the App Store or Google Play. Start with a free app, and if it is a success, you can offer add-ons or premium features for a fee.

Recommended: How to Pay for Coding Bootcamps

11. Monetize a Twitch Channel

Chances are, you’ve heard of Twitch, the streaming platform that has expanded from gaming to a variety of content types, such as sports and entertainment. Still, gaming is its heartbeat, and Twitch streamers can monetize their love for the platform by sharing their gameplay with fans and subscribers who can hear and watch them live.

Streamers can gain a sizable following by providing consistent entertainment, and they can then sell products and Twitch ads. They can also land brand sponsorships, obtain fan donations, and sell subscriptions. Of course, not everyone will be a success at this, but those with the right skills and personality can thrive. For those who gain a real following, earnings can be in the $3,000 to $5,000 a month range if working 40 hours a week.

How Making Money Online Can Help You on Your Financial Journey

You might not become a billionaire by choosing an online gig, but you can certainly supplement your day job or help with your college expenses. Making money online is flexible, and you can leverage your expertise and your niche. Start small and see where it leads.

Recommended: How to Earn Residual Income

The Takeaway

How to make money online without selling anything comes down to creative thinking and a will to experiment. It’s actually a very accessible marketplace for anyone; you can avoid the typical startup costs en route to making a profit. Plus, you can work from home and tap your particular skills, whether that means creating fitness videos or developing an app.

3 Money Tips

When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for an online bank that doesn’t charge you for overdrafting.
If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

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

Is it hard to make money online?

How to make money online without selling products is not difficult as long as you pick the right niche. It helps to choose an activity where you have an interest and skills. You also need to be creative if you want to scale. Some tenacity and determination will help when you experience a lull or want to get to the next level and grow organically.

What is a great way to learn skills to make money?

There are so many online and offline resources where you can learn skills. If you are interested in programming, you can learn coding languages online. If you are interested in marketing, you can take a course and get certified in Google Analytics and Google Ads. YouTube and webinars can help you train up; just do your research and make sure the so-called expert has solid credentials.

Do donation requests work?

Donation requests work if people value what you are doing. There are quite a few scams out there, and people are becoming more wary. However, if you can establish a following and provide content of value, you’re onto something. The trick is to engage people by connecting them to a community that means something to them.

Photo credit: iStock/Eva-Katalin

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.

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Source: sofi.com

Apache is functioning normally

August 8, 2024 by Brett Tams

Savings accounts sometimes have withdrawal limits, such as no more than six outgoing transactions per month. That’s because savings accounts are fundamentally different from checking accounts, which are designed for everyday spending.

Because money in a savings account is meant to primarily stay put and be added to, it earns interest. Checking accounts, on the other hand, generally offer no interest or a nominal interest rate, as it’s constantly flowing in and out. Due to this distinction, there are sometimes withdrawal limits on savings accounts.

Here, you’ll learn more about savings withdrawal limits, why they exist, when they are applied, and how you might be able to avoid them.

Key Points

• Savings accounts typically impose withdrawal limits to distinguish them from checking accounts, which are intended for regular transactions and spending.

• Regulation D historically limited convenient transactions from savings accounts to six per month, though this enforcement was lifted in 2020, allowing banks more flexibility.

• Many banks still impose withdrawal limits despite the change, potentially resulting in fees or account conversions if exceeded, emphasizing the importance of checking individual bank policies.

• Only certain transactions, like electronic transfers and debit card purchases, count toward the withdrawal limit, while in-person withdrawals and ATM transactions do not.

• To avoid exceeding withdrawal limits, use checking accounts for frequent transactions and consider making larger transfers to checking when anticipating more withdrawals.

How Many Times Can You Withdraw From Savings?

“How many times can I withdraw from savings?” is a common question. To help maintain the distinction between checking and savings accounts (and encourage people to save money), bank accounts traditionally come with savings account withdrawal limits. A federal rule called Regulation D used to limit certain types of transfers and withdrawals — known as “convenient transactions” — from a savings deposit account to no more than six a month.

That changed in April 2020, when the Federal Reserve removed the requirement that banks enforce the limit. However, many banks and credit unions have kept restrictions in place. They may charge a fee, transition your account to a checking account, or close it if you go over that amount.

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

Earn up to 4.60% APY with a high-yield savings account from SoFi.

Open a SoFi Checking and Savings account and earn up to 4.60% APY – with no minimum balance and no account fees.

Why Is There a Savings Withdrawal Limit?

Savings account withdrawal limits stem from Regulation D, mentioned above, which is a federal regulatory rule that sets standards for how banks and credit unions oversee savings deposits. But why are these guardrails in place? Some points to know:

• One of the main reasons Regulation D exists is to ensure that banks and credit unions have the necessary amount of cash on hand to always cover customer withdrawals.

• When you deposit any amount of money in your bank account, the bank uses most of that money for other things, such as consumer loans, credit lines, and home mortgages. (They most likely loan that money at a higher rate than the interest rate they pay you, the savings account depositor. That’s one of the ways banks make money.)

• Banking institutions, however, face a legal requirement to have cash available to service customers. Withdrawal limitations help protect both banks and consumers.

• One of the other motivations for Regulation D is to encourage consumers to see their transactional accounts and savings accounts as separate.

• A savings account ideally encourages long-term savings, whereas checking accounts enable short-term spending. In some cases, these limitations can help motivate consumers to prioritize saving overspending.

Recent Changes in Savings Account Withdrawal Rules

Because of the financial strain caused by the coronavirus pandemic, the Federal Reserve altered the rules regarding Regulation D in April 2020. Currently, depository institutions have the ability to suspend enforcement of the six transfer limit.

Regulation D

As you’ve learned, in the past, Regulation D was in place and enforceable in order to limit the number of transactions flowing out of savings accounts. This encouraged bank customers to keep money in savings accounts, hopefully save for their goals, and allow banks to use the funds on deposit, confident that the money wouldn’t constantly be flowing in and out.

Now, however, financial institutions can allow their customers to make an unlimited amount of convenient withdrawals and transfers from their savings accounts. The word “can” is important here.

Just because banks aren’t required to follow the six transaction limit anymore, however, doesn’t mean they won’t continue to penalize the account holder for going over that limit.

Many banks still enforce caps on the number of convenient transactions customers can make from their savings accounts.

It can be well worth your while to check in with your financial institution and find out what policies are in place regarding savings withdrawal limits.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

Which Transactions Apply to the Cash Withdrawal Limit?

Only “convenient transactions” count towards the monthly withdrawal and transaction limits that consumers face when managing their savings account. But what exactly are convenient transactions?

Regulation D sees these types of transactions as convenient transfers:

• Overdraft transfers

• Automated clearing house (ACH) transfers, such as bill-pay

• Electronic funds transfers (EFTs)

• Transfers made by writing a check to a third party

• Debit card transactions

• Transfers or wire transfers made by phone, fax, computer, or mobile device.

Which Transactions Don’t Count Toward the Withdrawal Limit?

While the six transaction limit per month can sound fairly strict, it does not mean account holders can’t access their savings accounts more than six times a month.

Whatever type of savings account you have, there are less-convenient transfers you can make that do not count towards the monthly limit. These include:

• Withdrawals or transfers made in-person at the bank.

• Transfers and withdrawals made at the ATM.

• A withdrawal made by asking the bank to send you a check.

Recommended: ATM Withdrawal Limits

Convenient Transactions

As mentioned above, Regulation D defines convenient transfers to include such transactions as:

• Transfers, whether by check, electronic funds transfer, overdraft, or other means.

• ACH transfers

• Payments made with your debit card.

What If I Go Over The Savings Withdrawal Limit?

The penalty for exceeding the cap set by your bank for savings transactions will depend on your institution.

You may be charged a fee, and even if your financial institution charges a low (or no) fee for exceeding the cap on transactions per month, you may still want to watch how many withdrawals or transfers you make.

The reason: If there are excessive withdrawals from a savings account, financial institutions have the right to convert the savings account into a checking account or even close the account.

Savings Withdrawal Limit Fees

If you are charged a fee for too many convenient transactions, it might be called a “withdrawal limit fee” or “excessive use fee.” These fees tend to run anywhere from $1 to $15 per transaction.

In some cases, you might ask your bank and see if they would waive the fee.

3 Tips to Avoid Hitting Withdrawal Limits

If your financial institution does have withdrawal limits, here are a couple of ways to avoid fees.

Use Your Checking Account

One simple way to avoid overstepping savings account withdrawal limits, is to use your checking account for most of your transactions.

It can be easy to get your accounts mixed up when you are banking online or in an app. By learning which account is which as you transfer funds, you can minimize use of your savings account.

Do a Single Large Transfer to Checking

If you think you will need to use your savings account to make more than six (or whatever your bank’s current transaction limit is) in a given month, consider making one substantial transfer from savings to checking at the beginning of the month.

You can then arrange to have your withdrawals or automatic bill payments taken right out of checking.

Try Work-Arounds If You Get Close to Your Limit

If you are already at your limit, you can avoid penalties by visiting the bank in person or using the ATM to initiate withdrawals or transfers from your savings account. (You may want to make sure, however, that you’re not triggering any out-of-network ATM charges.)
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Opening a Bank Account with SoFi

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

How much can you withdraw from your savings account?

Individual banks set limits about withdrawals, both the number and the amount, often according to method (such as ATM withdrawals). Check with yours to learn the specifics.

Why can you only withdraw 6 times from savings?

Regulation D set the number of convenient transactions out of a savings account at six to encourage people to save and to leave their funds in the account, earning interest. The bank, in turn, could count on having a significant amount of those funds to use in their business activities.

Can banks stop you from withdrawing money?

Your bank account can be frozen, which will stop you from withdrawing money. Your bank may do this if they think illegal activity is occurring, or if a creditor or the government requests it.

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Source: sofi.com

Apache is functioning normally

August 6, 2024 by Brett Tams

As of August 2024, DoorDash is the exclusive grocery and restaurant delivery partner for Chase’s credit cards. As a result, eligible Chase cardholders — including those with select co-branded cards — will receive new, exclusive DoorDash benefits starting Aug. 1, 2024.

Free DashPass membership

All eligible Chase cardholders will receive a complimentary DashPass membership benefit, though the free promotional period varies by credit card. DashPass members get unlimited $0 delivery fees on orders over $12 and reduced service fees on eligible orders. A DashPass membership costs $9.99 per month or $96 for an annual subscription.

Chase Sapphire Reserve®, JP Morgan Reserve and Chase Sapphire Preferred® Card cardholders with active, free DashPass memberships will continue to receive the benefit through Dec. 31, 2027. New and existing Sapphire Reserve cardholders who haven’t activated the DashPass benefit can enroll to receive a complimentary DashPass benefit through Dec. 31, 2027, or a minimum of 12 months, depending on the activation date.
Holders of the Chase Freedom Flex®, Chase Freedom Rise®, Chase Freedom Unlimited®, Chase Freedom® Student credit card, Chase Slate Edge℠, and legacy Chase Freedom® cards who haven’t used the DashPass benefit have until Jan. 31, 2025, to enroll. Those cardholders will receive three months of free membership, then nine months at 50% off. Starting Feb. 1, 2025, new enrollees will receive six free months of DashPass.

Cardholders may activate their complimentary DashPass membership on DoorDash’s website or within the DoorDash app.

Credits on DoorDash orders

In addition to a free DashPass membership, eligible Chase cardholders will receive promotional credits of varying amounts to defray the cost of their DoorDash orders.

Chase Sapphire Reserve® and JP Morgan Reserve cardholders with an active DashPass membership will receive two $10 promos every month on non-restaurant DoorDash orders. Reserve cardholders also receive a $5 monthly credit for restaurant orders.
Chase Sapphire Preferred® Card cardholders with an active DashPass membership will receive one $10 promo every month on non-restaurant orders.
Chase Freedom, Slate and eligible Chase co-brand cardholders with an active DashPass membership will receive one $10 promo every quarter on non-restaurant orders.

Information about the Chase Freedom®, the Chase Freedom® Student credit card and the Chase Slate Edge℠ has been collected by NerdWallet and has not been reviewed or provided by the issuer of these cards.

Source: nerdwallet.com

Apache is functioning normally

August 6, 2024 by Brett Tams

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

A statement credit is money credited back to your credit card account, decreasing your balance. It’s usually the result of a return, redeemed credit rewards or disputed a charge.

Ever browse through your credit card statement and come across a negative transaction? This is a statement credit, which is essentially money credited back to your account, reducing the amount you owe. Statement credits may appear on your account after making a return, redeeming cash back or disputing a charge.

Keep reading to discover reasons you might receive a statement credit and how to redeem them to save money on your credit card bill.

What is a statement credit?

A statement credit is money that your credit card company credits back to your account. Typically, statement credits appear as green or red with a negative to indicate that you’re receiving money, thus reducing your credit card balance.

Statement credits are usually applied automatically to your credit card bill, reducing the total amount you owe on your credit card.

Keep in mind that statement credits aren’t the same as payments, and you must still pay your credit card bill by the due date. The only exception is if the statement credit you receive is more than the amount you currently owe on your credit card. In that case, you wouldn’t necessarily need to make a payment since the statement credit covers the balance.

6 reasons you might receive a statement credit

Below are five of the most common reasons you might receive a statement credit.

1. Making returns

The most common reason for receiving a statement credit is that you made a return. If you used your credit card to make the original purchase, you’ll receive your money back as a statement credit on your credit card account.

2. Redeeming cash back rewards or points

Most types of credit cards offer cash back or points, which you can put toward your balance. When you redeem these rewards, they’ll show up as statement credit.

3. Receiving a new cardmember bonus

In today’s competitive credit card market, many credit card companies will offer statement credits as an incentive to get new customers to sign up for their cards. For example, the Wells Fargo Active Cash® Card gives new cardholders a $200 cash bonus after they spend $500 within the first three months after opening the account.

4. Applying for Global Entry or TSA PreCheck

Several credit cards offer cardholders a credit of $85 or $100 towards travel programs like Global Entry or TSA PreCheck. After you use your credit card to pay the application fee, you’ll receive a statement credit as reimbursement.

5. Receiving a price adjustment

Some merchants have price adjustments or “best price guarantees,” which allow buyers to get a partial refund if they can find the item at a lower price or if it goes on sale within a specific time frame. Therefore, you would receive a statement credit for the difference if you can find the item at a better price.

6. Disputing a charge

You might dispute a charge for many reasons, such as fraudulent charges, billing errors or merchant issues. If you dispute a charge on your credit account and your credit issuer approves it, you’ll receive the money back in the form of a statement credit.

How to use statement credit

Typically, statement credits are automatically applied to your credit card account, so you don’t need to take further action to redeem them.

If you’re looking to apply your rewards as statement credit, you’ll have to do so manually in your account’s online portal. You can typically find this in the benefits section of your credit card issuer’s online portal or mobile app.

Keep in mind that redeeming travel points as statement credit is generally not recommended since your points can lose value. For example, with the Chase Sapphire Preferred® card, you can redeem your travel points for 1.25 cents per point, while each point is only worth 1 cent if you opt for cash back.

Improve your credit with Lexington Law Firm

Statement credits can help you save money on your credit bill from time to time. However, understanding statement credit and how it works is just one aspect of credit and how it works.
If you’re looking to remove inaccuracies on your credit report, our team at Lexington Law Firm can help you get started. Learn more with a free credit assessment today.

Source: lexingtonlaw.com

Apache is functioning normally

August 5, 2024 by Brett Tams

Before any federal tax incentives, the average cost for solar panels in Illinois was $35,347 during the second half of 2023. Illinois offers many incentive programs, in addition to federal tax incentives, for installing solar panels.

Illinois Solar For All, for example, helps low-income households add solar panels to their roofs, typically for no upfront cost. Illinois Shines pays an incentive upfront by purchasing solar renewable energy certificates (SRECs) from certain solar panel owners. Due to these programs, solar panels are often much more affordable and have a faster payback rate than in many other states.

Solar costs in Illinois at a glance


Typical cost of home solar system before federal solar tax credit
Typical cost of home solar system after federal solar tax credit
Median cost per watt
Average system size
Source: EnergySage, a solar and home energy product comparison marketplace founded in 2012. Data is from the second half of 2023.

Costs and trends in Illinois

Solar panel system costs in Illinois are slightly higher than the national average, at $3.10 per kW in 2023. System sizes are also close to the national average. System sizes trended slightly downward from early 2023 to the second half of the year, from 11.8kW to 11.4kW, according to EnergySage.

The Illinois Power Agency requires their approved vendors to provide specific disclosure forms about pricing

. This helps customers compare quotes for solar panels. Multiple bids can help customers find the best pricing and maximize the benefits of the available incentives in Illinois.

Residential solar panel policy in Illinois

Illinois has a Renewable Portfolio Standard that requires 25% of the state’s energy to come from renewable sources by 2025

. The state’s Future Energy Jobs Act of 2016 requires the state’s two biggest electric utilities to expand their energy-efficiency programs and makes renewable energy more accessible to Illinois residents .

Illinois tax incentives, rebates and net metering

Net metering/billing

Major investor-owned utilities offer net metering in Illinois. Net metering is a billing mechanism that credits homeowners and businesses for excess solar electricity they generate and send to the power grid. Rural electric cooperatives and municipal electric providers have slightly different net metering policies but also offer net metering.

“Net metering policies and rates for ComEd, Ameren and MidAmerican distributed generation (on-site) residential and small commercial solar customers are changing starting in 2025,” Audrey Steinbach, Senior Program Manager of Illinois Shines, said in an email.

“Currently, Illinois residents and small businesses receive a credit at the ‘retail rate.’ That is, all excess generation sent to the grid is compensated at the rate that customer pays for distribution and supply from the utility,” Steinbach said. “Systems that receive retail rate net metering will continue to be credited at that rate for the life of the system. Full retail net metering will no longer be available to residential and small commercial customers interconnecting new renewable systems after December 31, 2024.”

Smart inverter rebate

Residential customers of ComEd, Ameren and MidAmerican can receive a rebate of $300 per kW of DC power if they choose to install a smart solar inverter

Illinois Solar For All

This program offers a path to rooftop solar that requires no initial payment up front and saves lower-income households money throughout the life of the system. The program defines low-income households as those earning 80% or less of the Area Median Income

Illinois Shines

The state issues SRECs to solar providers that install renewable energy systems such as residential solar. The solar providers then sell the SRECs to Illinois Shines, and they may pass the savings onto their customers. “Anecdotally, we’ve heard that REC incentives covered about 40% of installation costs,” said Anthony Star, Chief of the Planning and Procurement Bureau at the Illinois Power Agency, in an email

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Energy storage in Illinois

Solar batteries can bring peace of mind that can come with a battery backup, but they often cost thousands of dollars.

“To date in 2024, 3.9% of residential projects that have been verified include battery storage,” Star said. “The programs administered by the IPA (Illinois Shines and Illinois Solar for All) do not include incentives for batteries. A rebate is available through the utilities if a battery is included in an installation that includes a smart inverter. The current rebate level is $300/kWh.”

Frequently asked questions

Do all electric providers offer net metering in Illinois?

The net metering guidelines for Ameren, ComEd or MidAmerican customers are slightly different than for other providers. If you’re in Mount Carmel or have service from a municipal utility or a rural electric cooperative, contact your electric provider to get the specifics of their net metering policy.

Is Illinois Solar For All restricted to homeowners?

If you rent or don’t have a suitable roof, there’s a way to subscribe to a community solar farm via Illinois Solar For All and receive some savings. Renters in places with a suitable roof can talk to their landlords about applying for Illinois Solar For All or finding an approved vendor through Illinois Shines. Solar panels can make particular rental properties more appealing due to the lower energy costs.

Source: nerdwallet.com

Apache is functioning normally

August 4, 2024 by Brett Tams

The Offer

Check your email for the following offer on the Citi Sears card with Shop Your Way Rewards:

Spend $450 or more each month through 10/31/2024 on total eligible utilities purchases on your Shop Your Way Mastercard and earn 5% back in statement credits each month during this offer.
Hurry, offer ends 10/31/2024!
Only purchases made after activation qualify. Activate by 10/31/24.
Max earn is $50 each month; $150 over the course of the offer.

Our Verdict

Nice savings for Utilities which are typically an non-bonused category. This can potentially stack with other spend offers you have on the SYW card.

Hat tip to reader Gary A

Source: doctorofcredit.com