Remember those old internet ads promising one “weird trick” to improve your fitness forever? I never clicked on those, but I wonder if the trick was “exercise often.” Because that would work.
Similarly, I’m asked all the time about the best way to use credit card reward points — specifically, points issued by banks designed to cover a variety of travel expenses. Three-quarters of credit card accounts offered rewards in 2022, according to the Consumer Financial Protection Bureau, and many come with flexible redemption options. The answer is surprisingly simple: Learn how to transfer those points to travel loyalty programs.
Transferring points isn’t a particularly easy or obvious option. But the value of the points from popular issuer loyalty programs — such as Chase Ultimate Rewards®, American Express Membership Rewards and Capital One miles — can vary dramatically depending on how they’re used. That’s why NerdWallet offers both a “baseline value” and “maximized value” in our point valuations.
The baseline value is how valuable points are when used for booking travel directly through the issuer’s rewards portal, such as Chase Travel℠ or Capital One Travel. The maximized value relates to how much these points are worth when transferred to their best partner program. For example, the baseline value of American Express Membership Rewards is 1 cent, while the maximized value (when transferred to the best partners) is 2 cents.
$99 for a $6,205 luxury resort?!
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Don’t be deterred
Most credit card reward programs make it easy to use your points for their baseline value. They usually show the cost of using points right next to the cash price when searching for travel on their booking platforms.
To be clear: There’s nothing wrong with using your points this way. Sometimes it’s actually the most valuable redemption option. And you generally get benefits like earning miles on flights booked this way. But there is another way.
American Express puts the “transfer points” option at the bottom of a hard-to-find menu on its account page. Don’t be deterred.
Figuring out how to actually transfer your points is one thing. Then comes the real challenge: Which partner program should you transfer them to?
This is the step where most people — including me — are most likely to get deterred. Each credit card program has a long list of transfer partnerships ranging from well-known U.S. brands like Delta Air Lines to international airlines like EVA Air. Which transfer partner is “best”?
Be clear about your goals
Many articles about maximizing points focus on redemptions that yield the best dollar-per-point value, which are almost always business and first class awards. But it’s worth asking: Is that what you want?
If you were planning to fly in a premium cabin already these articles can be helpful. But there are many problems with trying to book these awards, including restricted availability, complex booking processes, large fuel surcharges and other fees.
Flying economy might give you a worse dollar-per-point value than flying first class, but you might be able to squeeze more trips out of your points. And transferring points to loyalty programs for economy flights could still give you an edge over booking directly through an issuer. Don’t suddenly turn into a champagne-swilling points maximizer just because some article told you to.
Also important: Don’t transfer your points until you know the redemption you want to book is actually available. Otherwise you’ll be stuck with a bunch of points in random programs, and this one trick will turn into a big hassle.
Stick with it
The thing about this one weird trick — just like exercise — is that it requires persistence. It’s not a magic bullet.
Credit card holders earn $40 billion worth of rewards each year, according to a 2022 report from the Consumer Financial Protection Bureau. And most of those rewards won’t be used to maximum effect.
By simply considering transfer partnerships as an option when using your credit card points, you’ve already put yourself 10 steps ahead of most people.
NerdWallet Smart Advice Sweepstakes — Official Rules
NO PURCHASE NECESSARY TO ENTER OR WIN.
A PURCHASE OR PAYMENT WILL NOT INCREASE YOUR CHANCES OF WINNING.
THESE OFFICIAL RULES INCLUDE A MANDATORY ARBITRATION PROVISION AND CLASS ACTION WAIVER THAT GOVERN ANY DISPUTES BETWEEN YOU AND US. PLEASE READ THEM CAREFULLY.
1. Sponsor
These are the Official Rules for the NerdWallet Smart Advice Sweepstakes (the “Sweepstakes”). The sponsor and administrator of this Sweepstakes is NerdWallet, Inc. 55 Hawthorne Street, 10 Floor, San Francisco, CA 94105, U.S.A, (“Sponsor”).
2. Eligibility
The Sweepstakes is open only to legal residents of the 50 states, including the District of Columbia (the “Territory”) who are at least 18 years old, or the age of majority, at the time of entry. Employees of Sponsor, its parent, subsidiaries, affiliates or agencies and suppliers (individually “Entity” and collectively, “Entities”) and the immediate family (i.e. spouse, parents, siblings and children) and household members of each Entity are not eligible. All applicable federal, state, and local laws and regulations apply. Void where prohibited. Participation constitutes the entrant’s full and unconditional agreement to these Official Rules and Sponsor’s decisions, which are final and binding in all matters related to the Sweepstakes.
The Sweepstakes begins on August 5, 2024 at 8:00 am Pacific Standard Time (“PST”) and ends on October 21, 2024, at 11:59 p.m. PST (the “Sweepstakes Period”). Sponsor’s computer is the official time-keeping device for the Sweepstakes.
4. How to Enter: During the Sweepstakes Period, entrant must email their name to [email protected] with the subject line “Advisors” to receive one (1) Sweepstakes entry. Once their entry is received, the Sponsor will email them a link to refer a friend to enter the Sweepstakes (the “Sweepstakes Link”). Entrant will automatically receive a second Sweepstakes entry upon using the Sweepstakes Link to refer a friend.
LIMIT: Limit two (2) Sweepstakes entry per person. Any entry which exceeds this entry limit from the same email address will be disqualified. Any attempt by a person to enter the Sweepstakes more than twice may result in disqualification at the discretion of the Sponsor. Multiple participants are not permitted to share the same email address. Normal Internet access and usage charges imposed by your online service may apply. Sponsor will not accept entries from email addresses Sponsor deems to be potentially harmful to Sponsor’s website. Use of any automated system to participate is prohibited and will result in disqualification. In the event of a dispute as to any registration, the authorized account holder of an email address used will be deemed to be the registrant or player. An “authorized account holder” is the natural person assigned an email address by an Internet access provider, online service provider or other organization responsible for assigning email addresses for the domain associated with the submitted address. Each potential winner may be required to show proof of being the authorized account holder.
5. Drawing and Winner Notification
Sponsor will select one (1) potential Sweepstakes winner in a random drawing of all eligible entries to be held on or about October 22, 2024, at 12:30 p.m. PST.Odds of winning will be determined by the number of eligible entries received. Sponsor is not responsible for and shall not be liable for late, lost, or misdirected entries.
Sponsor will notify the potential winner by email to the address included in the Sweepstakes submission. It is the entrant’s obligation to notify the Sponsor in writing of any change of contact information. The potential winner will be required to respond to the winner notification within forty-eight (48) hours of the time the notification is sent in order to claim his/her prize. If the potential winner cannot be contacted or fails to respond within the required time period or fails to comply with any other term of these Official Rules, that potential winner forfeits the prize. Winning is contingent upon fulfilling all requirements of these Official Rules. In the event a potential winner is disqualified for any reason, Sponsor will award the applicable prize to an alternate winner by random drawing from among all remaining entries from the applicable Entry Period.
The potential winner will receive one (1) Prize. Limit One (1) Prize per person. The Prize is a one (1) year subscription to the NerdWallet+ rewards service and one (1) year subscription to the NerdWallet Advisors investment advising services. The total Prize value is: $399.00
Prizes are non-transferable and no substitution will be made except as provided herein at the Sponsor’s sole discretion. Sponsor reserves the right to substitute a prize for one of equal or greater value if the designated prize should become unavailable for any reason. Winners are responsible for all taxes and fees associated with prize receipt and/or use.
7. Winner Verification
Potential winners of this Sweepstakes are subject to verification by Sponsor. Winners will be required to sign and return a declaration of eligibility and release of liability within the time frame specified by Sponsor. Sponsor’s decisions are final and binding in all matters related to the Sweepstakes. An entrant is not a winner of any Prize unless and until entrant’s eligibility, and/or winner has been verified and entrant has been notified that verification is complete. If selected winner is ineligible or fails to timely return the completed and executed affidavit and release as required by Sponsor, prize may be forfeited and at the sole discretion of Sponsor, and an alternate winner may be selected.
8. Publicity
The acceptance of the Prize by a winner shall constitute and signify winner’s agreement and consent that Sponsor and its designees may use the winner’s full name, city, state, likeness, quotes, photo, submission, entry or prize information (collectively “Submission”) in any manner the Sponsor deems fit including, but not limited to, in connection with Sponsor’s exploitation of the Submission for promotional, advertising or other purposes, worldwide, in any and all media now known or hereafter devised, without limitation and without further payment, notification, permission or other consideration, except where prohibited by law.
9. Release
By participating, entrant agrees to release and hold harmless the Sponsor and its respective subsidiaries, affiliates, suppliers, distributors, advertising/promotion agencies, and prize suppliers, and each of their respective parent companies and each such company’s officers, directors, employees and agents from and against any claim or cause of action, including, but not limited to, personal injury, death, or damage to or loss of property arising out of entrant’s participation in this Sweepstakes or receipt or use or misuse of any prize, as well as or any claim or cause of action based on publicity rights, infringement of intellectual property, defamation, or invasion of privacy arising from any materials entrant has submitted in connection with entrant’s participation in this Sweepstakes.
10. Limitations of Liability
Sponsor is not responsible for: (1) any incorrect or inaccurate information, whether caused by entrants, printing errors or by any of the equipment or programming associated with or utilized in the Sweepstakes; (2) technical failures of any kind, including, but not limited to malfunctions, interruptions, or disconnections in phone lines or network hardware or software; (3) unauthorized human intervention in any part of the entry process or the Sweepstakes; (4) technical or human error which may occur in the offer or administration of the Sweepstakes, including but not limited to errors in the advertising, Official Rules, selection and announcement of the winners and distribution of the prizes or the processing of entries; (5) any inability of any winner to accept or use any prize for any reason; or (6) any injury or damage to persons or property which may be caused, directly or indirectly, in whole or in part, from entrant’s participation in the Sweepstakes or receipt or use or misuse of any prize. If for any reason an entrant’s entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, entrant’s sole remedy is another entry in the Sweepstakes, provided that, if it is not possible to award another entry due to discontinuance of the Sweepstakes, or any part of it, for any reason, Sponsor, in its sole discretion, may elect to hold a random drawing from among all eligible entries received up to the date of discontinuance for any or all of the prizes offered herein. No more than the stated number of prizes will be awarded. In the event that production, technical, seeding, programming or any other reasons cause more than stated number of prizes as set forth in these Official Rules to be available and/or claimed, Sponsor reserves the right to award only the stated number of prizes by a random drawing among all legitimate, un-awarded, eligible prize claims.
Sponsor reserves the right to cancel, suspend and/or modify the Sweepstakes, or any part of it, if any fraud, technical failures or any other factor beyond Sponsor’s reasonable control impairs the integrity or proper functioning of the Sweepstakes, as determined by Sponsor in its sole discretion. Sponsor reserves the right, in its sole discretion, to disqualify any individual it finds to be tampering with the entry process or the operation of the Sweepstakes or to be acting in violation of these Official Rules or in an unsportsmanlike or disruptive manner. Any attempt by any person to deliberately undermine the legitimate operation of the Sweepstakes may be a violation of criminal and civil law, and, should such an attempt be made, Sponsor reserves the right to seek damages from any such person to the fullest extent permitted by law. Sponsor’s failure to enforce any term of these Official Rules shall not constitute a waiver of that provision
11. Disputes
1. Choice of Law: These Official Rules are governed by the laws of the State of California, without regard to conflict of law principles. Subject to this Section 11, which provides that disputes are to be resolved through binding arbitration or small claims court, to the extent that any lawsuit or court proceeding is permitted hereunder, you and Sponsor agree to submit to the exclusive personal jurisdiction of the state courts and federal courts located within San Francisco County, California, for the purpose of litigating all such disputes.
The parties acknowledge that these Official Rules evidences a transaction involving interstate commerce. Notwithstanding the provision in the preceding paragraph with respect to applicable substantive law, any arbitration conducted pursuant to this Agreement shall be governed by the Federal Arbitration Act (9 U.S.C. Secs. 1-6).
2. DISPUTES RESOLVED BY BINDING ARBITRATION. In the interest of resolving disputes between you and Sponsor in the most expedient and cost-effective manner, you and SPONSOR agree to resolve disputes through binding arbitration or small claims court instead of in courts of general jurisdiction (“Agreement to Arbitrate”).
ARBITRATION AGREEMENT
A) CLAIMS TO BE RESOLVED BY BINDING ARBITRATION. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW SPONSOR AND YOU AGREE TO ARBITRATE ANY AND ALL DISPUTES AND CLAIMS BETWEEN YOU AND Sponsor, AND BETWEEN YOU AND OUR FORMER OR PAST EMPLOYEES, DIRECTORS, OFFICERS AND
CONTRACTORS, IN ALL CASES ARISING OUT OF OR RELATING TO THE TERMS OR THE SERVICES, EXCEPT THAT: (1) EACH PARTY MAY COMMENCE AN ACTION IN A COURT OF PROPER JURISDICTION FOR INJUNCTIVE OR OTHER EQUITABLE RELIEF AS CONTEMPLATED IN SECTION 11(H) BELOW (INJUNCTIVE RELIEF) PENDING A FINAL DECISION
BY THE ARBITRATOR, (2) EITHER PARTY MAY BRING AN INDIVIDUAL ACTION IN SMALL CLAIMS COURT IF THE RULES OF THAT SMALL CLAIMS COURT WILL ALLOW IT. IF EITHER PARTY DOES NOT BRING ITS CLAIM IN
SMALL CLAIMS COURT (OR IF YOU OR WE APPEAL A SMALL CLAIMS COURT JUDGMENT TO A COURT OF GENERAL JURISDICTION), THEN THE CLAIMS MUST BE RESOLVED BY BINDING, INDIVIDUAL ARBITRATION. YOU AGREE THAT, BY AGREEING TO THE TERMS, YOU AND SPONSOR ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY OR
TO PARTICIPATE IN A CLASS OR REPRESENTATIVE ACTION TO THE MAXIMUM EXTENT PERMITTED BY LAW. THE TERMS EVIDENCE A TRANSACTION IN INTERSTATE COMMERCE, AND THUS THE FAA GOVERNS THE INTERPRETATION AND ENFORCEMENT OF THIS ARBITRATION PROVISION. THIS ARBITRATION PROVISION SHALL SURVIVE TERMINATION OF THE TERMS OR YOUR RELATIONSHIP WITH SPONSOR FOR ANY REASON.
b) ARBITRATOR. ANY ARBITRATION BETWEEN YOU AND SPONSOR WILL BE GOVERNED BY THE COMMERCIAL DISPUTE RESOLUTION PROCEDURES AND THE SUPPLEMENTARY PROCEDURES FOR CONSUMER RELATED DISPUTES (COLLECTIVELY, “AAA RULES”) OF THE AMERICAN ARBITRATION ASSOCIATION (“AAA”), AS MODIFIED BY THESE TERMS, AND WILL BE ADMINISTERED BY THE AAA. THE AAA RULES AND FILING FORMS ARE AVAILABLE ONLINE AT WWW.ADR.ORG, BY CALLING THE AAA AT 1-800-778-7879, OR BY CONTACTING SPONSOR. ALL ISSUES ARE FOR THE ARBITRATOR TO DECIDE, INCLUDING THE SCOPE AND ENFORCEABILITY OF THIS ARBITRATION PROVISION AS WELL AS OTHER TERMS AND CONDITIONS IN THESE TERMS, AND THE ARBITRATOR SHALL HAVE EXCLUSIVE AUTHORITY TO RESOLVE ANY SUCH DISPUTE RELATING TO THE SCOPE AND ENFORCEABILITY OF THIS ARBITRATION PROVISION OR ANY OTHER TERM OF THESE TERMS INCLUDING, BUT NOT LIMITED TO ANY CLAIM THAT ALL OR ANY PART OF THIS ARBITRATION PROVISION OR THESE TERMS IS VOID OR VOIDABLE. HOWEVER IF PUTATIVE CLASS OR REPRESENTATIVE CLAIMS ARE INITIALLY BROUGHT BY EITHER PARTY IN A COURT OF LAW, AND A MOTION TO COMPEL ARBITRATION IS BROUGHT BY ANY PARTY, THEN THE COURT SHALL DECIDE WHETHER THESE TERMS PERMIT CLASS OR REPRESENTATIVE PROCEEDINGS. FOR THE AVOIDANCE OF DOUBT, THE COURT AND ARBITRATOR SHALL BE BOUND BY THESE TERMS, INCLUDING WITH REGARD TO THE CLASS ACTION WAIVER PROVISION BELOW. IN ANY ARBITRATION, THE ARBITRATOR SHALL FOLLOW THE APPLICABLE LAW. THE ARBITRATOR SHALL NOT HAVE THE POWER TO COMMIT MANIFEST ERRORS OF LAW OR LEGAL REASONING, AND ANY AWARD RENDERED BY THE ARBITRATOR THAT EMPLOYS A MANIFEST ERROR OF LAW OR LEGAL REASONING MAY BE VACATED OR CORRECTED BY A COURT OF COMPETENT JURISDICTION FOR ANY
SUCH ERROR. DURING THE ARBITRATION, THE AMOUNT OF ANY SETTLEMENT OFFER MADE BY SPONSOR OR YOU SHALL NOT BE DISCLOSED TO THE ARBITRATOR UNTIL AFTER THE ARBITRATOR DETERMINES THE AMOUNT, IF ANY, TO WHICH YOU OR SPONSOR ARE ENTITLED. IN ARBITRATION, AND TO THE EXTENT OTHERWISE PERMITTED BY LAW, THE PARTIES MAY EXCHANGE “OFFERS OF COMPROMISE” OR STIPULATE TO JUDGMENTS OR AWARDS IN THE SAME WAY THE PARTIES COULD IN COURT, INCLUDING FOR EXAMPLE, UNDER CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 998 FOR ARBITRATIONS TAKING PLACE IN CALIFORNIA. SUCH OFFERS OF
COMPROMISE SHALL HAVE THE SAME FORCE AND EFFECT AS THEY WOULD IN A COURT PROCEEDING. THE ARBITRATION PROCEEDINGS SHALL OTHERWISE REMAIN CONFIDENTIAL, EXCEPT FOR PURPOSES OF
SEEKING COURT INTERVENTION (IF NECESSARY).
C) NOTICE AND PROCESS. A PARTY WHO INTENDS TO SEEK ARBITRATION MUST FIRST SEND TO THE OTHER, BY CERTIFIED MAIL, A WRITTEN NOTICE OF DISPUTE (“NOTICE”). THE NOTICE TO SPONSOR SHOULD BE ADDRESSED TO: SPONSOR, INC., 55 HAWTHORNE ST, 10TH FLOOR, SAN FRANCISCO, CA 94105 (“NOTICE ADDRESS”) AND MUST BE SIGNED BY YOU PERSONALLY. NOTICE TO YOU FROM SPONSOR MAY BE TO YOU DIRECTLY, OR IF YOU ARE REPRESENTED, TO YOUR LEGAL COUNSEL. THE NOTICE MUST (A) DESCRIBE THE NATURE AND BASIS OF THE CLAIM OR DISPUTE; AND (B) SET FORTH THE SPECIFIC RELIEF SOUGHT (“DEMAND”). IF YOU AND SPONSOR DO NOT REACH AN AGREEMENT TO RESOLVE THE CLAIM WITHIN 30 DAYS AFTER THE NOTICE IS RECEIVED, YOU OR SPONSOR MAY COMMENCE AN ARBITRATION PROCEEDING PURSUANT TO THE TERMS OF THIS ARBITRATION AGREEMENT.
D) FEES. IN THE EVENT THAT YOU COMMENCE ARBITRATION IN ACCORDANCE WITH THESE TERMS, SPONSOR WILL, AT YOUR REQUEST, REIMBURSE YOU FOR YOUR PAYMENT OF THE ARBITRATION FILING FEE, UNLESS YOUR CLAIM IS FOR GREATER THAN $10,000, IN WHICH CASE THE PAYMENT OF ANY FEES SHALL BE DECIDED BY THE AAA RULES. ANY REQUEST FOR PAYMENT OF FEES BY SPONSOR SHOULD BE SUBMITTED BY MAIL TO THE AAA ALONG WITH YOUR DEMAND FOR ARBITRATION AND SPONSOR WILL MAKE ARRANGEMENTS TO PAY ALL NECESSARY FEES DIRECTLY TO THE AAA. IN THE EVENT THE ARBITRATOR DETERMINES THE CLAIM(S) YOU ASSERT IN THE ARBITRATION TO BE FRIVOLOUS OR BROUGHT FOR AN IMPROPER PURPOSE (AS MEASURED BY THE STANDARDS SET FORTH IN FEDERAL RULE OF CIVIL PROCEDURE 11(B) OR ITS SUCCESSOR RULE), YOU AGREE TO REIMBURSE SPONSOR FOR ALL FEES ASSOCIATED WITH THE ARBITRATION PAID BY SPONSOR ON YOUR BEHALF THAT YOU OTHERWISE WOULD BE OBLIGATED TO PAY UNDER THE AAA’S
RULES. IF YOUR CLAIM IS FOR $10,000 OR LESS, YOU MAY CHOOSE WHETHER THE ARBITRATION WILL BE CONDUCTED SOLELY ON THE BASIS OF DOCUMENTS SUBMITTED TO THE ARBITRATOR, THROUGH A NON-
APPEARANCE BASED TELEPHONIC HEARING, OR BY AN IN-PERSON HEARING AS ESTABLISHED BY THE AAA RULES. ANY IN-PERSON ARBITRATION HEARINGS WILL TAKE PLACE AT A LOCATION TO BE AGREED UPON IN SAN FRANCISCO COUNTY, CALIFORNIA. REGARDLESS OF THE MANNER IN WHICH THE ARBITRATION IS CONDUCTED, THE ARBITRATOR SHALL ISSUE A REASONED WRITTEN DECISION SUFFICIENT TO EXPLAIN THE ESSENTIAL FINDINGS AND CONCLUSIONS ON WHICH THE DECISION AND AWARD, IF ANY, ARE BASED. THE ARBITRATOR MAY MAKE RULINGS AND RESOLVE DISPUTES AS TO THE PAYMENT AND REIMBURSEMENT OF FEES OR EXPENSES AT ANY TIME
DURING THE PROCEEDING AND UPON REQUEST FROM EITHER PART MADE WITHIN 14 DAYS OF THE ARBITRATOR’S RULING ON THE MERITS.
E) CLASS ACTION WAIVER. ANY ARBITRATION UNDER THESE TERMS WILL TAKE PLACE ON AN INDIVIDUAL BASIS; CLASS ARBITRATIONS AND CLASS ACTIONS ARE NOT PERMITTED. UNLESS BOTH YOU AND SPONSOR AGREE OTHERWISE, THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS (EXCEPT AS SET FORTH IN SUBSECTION (F) BELOW), AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING. THE ARBITRATOR MAY AWARD RELIEF (INCLUDING MONETARY, INJUNCTIVE, AND DECLARATORY RELIEF) ONLY IN FAVOR OF THE INDIVIDUAL PARTY SEEKING RELIEF AND ONLY TO THE EXTENT NECESSARY TO PROVIDE RELIEF NECESSITATED BY THAT INDIVIDUAL PARTY’S CLAIM. ANY RELIEF AWARDED CANNOT AFFECT OTHER USERS. IF THIS SPECIFIC SUBPARAGRAPH (E) IS FOUND TO BE UNENFORCEABLE IN ITS
ENTIRETY, THEN THE ENTIRETY OF THIS ARBITRATION PROVISION SHALL BE NULL AND VOID. HOWEVER, IF ONLY A PORTION OF THIS SUBPARAGRAPH (E) IS FOUND TO BE UNENFORCEABLE, THEN THE UNENFORCEABLE PORTION OF THE PROVISION SHALL BE STRICKEN, AND THE REMAINDER OF SUBPARAGRAPH (E) ENFORCED. ANY CLAIMS
OR CAUSES OF ACTION SEEKING RELIEF NOT SUBJECT TO INDIVIDUAL ARBITRATION UNDER APPLICABLE LAW SHALL BE STAYED IN A COURT OF COMPETENT JURISDICTION PENDING COMPLETION OF INDIVIDUAL
ARBITRATION TO THE MAXIMUM EXTENT PERMITTED BY LAW. NOTHING IN SUBSECTION (E) OR (F) BELOW SHALL PREVENT YOU OR SPONSOR FROM PARTICIPATING IN A CLASSWIDE SETTLEMENT OF
CLAIMS. YOU AND SPONSOR AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS
OR REPRESENTATIVE PROCEEDING.
F) MASS, COLLECTIVE, OR BATCH ARBITRATION. YOU AND SPONSOR AGREE THAT ADMINISTRATION OF ANY MASS, COLLECTIVE OR BATCH ARBITRATION SHALL BE GOVERNED BY THE TERMS SET FORTH IN THIS
SUBSECTION (F). You and SPONSOR agree that a “mass, collective, and/or batch arbitration” includes, but is not limited to, instances in which you and others are represented by a law firm or collection of law firms or legal counsel that has filed more than 150 arbitration demands of a substantially similar nature against SPONSOR, alleging similar or identical claims or causes of action, within 180 days of the arbitration demand filed on your or others behalf, and the law firm or collective of legal counsel/law firms seeks to simultaneously or collectively
administer and/or arbitrate all the arbitration demands together. If more than 150 arbitration demands of a substantially similar nature, alleging the similar or identical claims or causes of action, are filed against Sponsor by the same law firm or collection of legal counsel/law firms within 180 days of one another, each
arbitration demand must be filed, administered, arbitrated, and resolved pursuant to this subsection (f).
Specifically, in order to increase the efficiency of resolution for any mass, collective, and/or batch arbitration, in the event 150 or more similar arbitration demands against Sponsor are filed within a 180 day period pursuant to the above, the arbitration provider shall (i) group the arbitration demands into batches of no more than 150 demands per group; and (ii) provide for resolution of each group or batch as a single arbitration with one set of filing and administrative fees and a single arbitrator assigned per group or batch. You and Sponsor agree to cooperate in good faith with the arbitration provider to implement the aforementioned protocol for mass, collective, and/or batch arbitrations with regard to resolution, fees and administration. If subsections (f)(i)
or (f)(ii) are not enforced, or the arbitration provider refuses to follow these specific mass, collective, and/or batch arbitration protocols, then each arbitration demand must be filed, administered, arbitrated, and resolved individually, or the parties agree to seek out a different, mutually agreeable and widely-recognized arbitration organization agreeable to follow subsections (f)(i) or (f)(ii). If any other portion of this subparagraph (f) is found to be unenforceable, then the unenforceable portion of the provision shall be stricken, and the remainder of
subparagraph (f) and this agreement shall be enforced to the maximum extent permitted by law. Mass, collective, and/or batch arbitrations shall otherwise be subject to all other substantive and procedural terms contained within this agreement.
g) Discovery. Discovery and/or the exchange of non-privileged information relevant to the dispute will be governed by the AAA Rules.
h) Injunctive Relief. Notwithstanding the Arbitration Agreement, you acknowledge that money damages are an inadequate remedy for unauthorized access to or use of the Services or your breach of any provisions in the Terms relating to SPONSOR’s intellectual property rights, and any such breach would result in irreparable harm to SPONSOR. Accordingly, in the event of any such actual or threatened breach, SPONSOR may, in addition to any other rights or remedies available to SPONSOR at law or equity, seek specific performance or injunctive
relief without the posting of a bond.
i) Modifications. If SPONSOR makes any future change to this Arbitration Agreement (other than a change to the Notice Address) after your enrollment in a service or program or your use of the Services, you may reject any such change and require SPONSOR to adhere to the language in this arbitration provision as written at the time of your enrollment or purchase if a dispute between us arises, by sending us written notice within 30 days of the change to the Notice Address provided above. You acknowledge and agree that, in the event you reject any
future change, your account with SPONSOR shall be immediately terminated and you will arbitrate any dispute between us in accordance with the language of this provision as written at the time of your enrollment or purchase.
j) Severability and Enforceability. If an arbitrator or court decides that any part of this Section 11 is invalid or unenforceable, the other parts of this Section 12 shall still apply. If the entirety of this Section 12 is found to be unenforceable, then the parties agree that the exclusive jurisdiction and venue described in Section 11 shall govern any action arising out of or related to the Terms, and that the remainder of the Terms will continue to apply.
Typically taking between five and 14 days, credit card refund timing can vary based on a number of factors. This includes the speed at which the merchant processes the refund, how soon you requested the refund, and the length of time it takes for your credit card issuer to credit the amount to your account.
If you’re feeling antsy about how long it takes for a refund to appear on your credit card, however, there are ways that you can speed up the process.
How Do Credit Card Refunds Work?
When you make a purchase on a credit card, your credit card issuer pays the merchant and the amount will go onto your account for repayment. Since the issuer technically paid for the purchase, any requests for a refund will go back to the credit card account. In other words, you won’t receive other forms of payment like cash for refunds when you use a credit card since you didn’t directly pay for the purchase.
There are two types of refunds — one for purchases and ones due to fraud.
• In the case of purchases, you’ll deal with the merchant with whom you made the purchase. Once the merchant approves the refund, the credit card company will process it. Then, the amount refunded will show up on your credit card statement. The credited amount may not appear in the current billing cycle if you made a return in between billing cycles (the end of a billing cycle also tends to be when credit card companies report to credit bureaus).
• As for fraud, these are charges to your account that you didn’t authorize. Most credit card companies will offer some form of fraud protection as long as you notify them within a certain period of time, usually 60 days. Once the issuer is notified of the fraudulent transaction, it will reverse the charges. You’ll then receive a credit for the amount charged, or the charge will get taken off your account completely, assuming you’re not falsely disputing a credit card charge.
Do All Credit Card Refunds Take the Same Amount of Time?
Not all credit card refunds will take the same amount of time. To get an idea of how a particular merchant accepts and processes returns, you can look at the merchant’s refund policy. Some items to note in this statement include:
• Types of refunds offered: Some merchants may be lenient on their return policies, while others may only offer store credit for returns, for instance.
• Refund times: Merchants typically state when they’ll issue a refund, such as within a few business days or weeks.
• How to make a return: Check to see whether you can make a return in person or if you can ship back the item. If you’re shipping, make sure to see if you or the merchant pays for shipping.
After the refund is processed, you’ll need to wait for your credit card company to post the refund or credit to your account. How long this takes will also vary depending on the issuer.
How Long Does a Credit Card Refund Take?
A credit card refund usually takes between five and 14 days after the customer makes the request.
Keep in mind that the rules for refunds can vary depending on your credit card issuer and how long it takes the merchant to process the refund. The faster the merchant processes the refund, the faster it will hit your account.
However, the above timeframe assumes that the merchant agrees to process the refund. If you were to dispute a credit charge, the process of getting a refund could take much longer. Notifying your credit card company as soon as you can is helpful because it could take some time for them to complete their investigation — they have up to 90 days to do so.
Recommended: What is a Charge Card
Factors That Determine How Long a Credit Card Refund Takes
The two main factors that determine how long a credit card refund takes is the type of refund you’re requesting and where you made the purchase.
The Type of Refund It Is
As mentioned before, credit card disputes — whether for fraud or a credit card chargeback request for a product you never received — may take longer compared to refunds for purchases. Plus, you’ll need to make sure you contact the credit card company within 60 days of the billing or fraud dispute. From there, the issuer should have the dispute resolved within two billing cycles, or up to 90 days.
Where You Made Your Purchase
Different merchants have varying refund policies — the longer it takes the merchant, the longer it will take for the refund request to reach your credit card issuer. Here’s a sampling of some of the refund policies at popular retailers:
• Amazon: It can take up to 30 days to process a refund. After an item arrives at the fulfillment center, credit card refunds are typically processed within three to five days. Once a return is processed, the funds will appear in your account, usually within three to five business days.
• Square: Any merchant that uses Square to accept purchases will take two to seven business days to process a refund. It can then take an additional two to seven business days for the refunded amount to appear in your account, resulting in a total credit card refund time of nine to 14 business days.
• Walmart: Refunds tend to take up to 10 business days to process.
How to Speed up the Refund Process
The good news is that there are some ways you can help to speed up the refund process.
Get It There Faster
Some retailers have multiple ways to return items, and certain methods have faster processing times than others. For instance, many major retailers process refunds faster (in some cases, immediately) if you make a return in-person at one of their store locations instead of mailing back the item.
Make Use of Loyalty Benefits and Store Credit
You may be able to receive expedited shipping for returns or faster refund processing times if you belong to a merchant’s loyalty program. Often, you also may be able to get a refund faster if you opt to receive a store credit instead of getting a refund issued to your credit card.
How Does a Refund Affect Your Credit Card Account?
Refunds are typically treated as an account credit. There’s no credit card refund issued in the form of cash since you borrowed the money from the credit card issuer to make the purchase in the first place.
While the purchase is still billed to your account, you’re technically responsible for payment. If you made the purchase, paid it off once the billing cycle ended, and then requested a refund, you’d get a credit to your account. Due to credit card rules, the refund does not count as a partial payment.
No matter how long you wait for a refund, it’s important to manage your account wisely and make sure you’re using a credit card responsibly so you don’t end up overextending yourself. As long as you pay your bill by the due date, you won’t risk hurting your credit score while you’re waiting for your refund.
Recommended: When Are Credit Card Payments Due
Refunds on Rewards and Fees
Credit card companies usually won’t refund any interest or fees you may have paid because you carried a balance for a purchase that you’re now trying to get a refund for. Similarly, if you made a purchase while you were overseas and were charged a foreign transaction fee, you most likely won’t get a refund for that either.
When it comes to rewards, whatever you earned for the purchase will get deducted from your earnings after the refund is processed and posted to your account. You end up with a negative rewards balance if you redeemed all of your points before requesting a refund.
The Takeaway
Credit card refunds typically take between five and 14 days. Being aware of how credit refunds work helps you to understand how to keep better track of your credit card statements and rewards earnings. It can also help you to determine which credit cards are better used for certain situations.
Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
What happens to my rewards if I request a refund?
Your rewards will be deducted from your current balance after your request for a refund is processed.
How long does it take for a refund to appear on a credit card?
A refund may take up to seven or even 14 days to appear on your credit card statement. This timeframe can vary depending on your card issuer, the merchant, and what type of refund request it is.
Are credit card refunds instant?
Credit card refunds typically aren’t instant. This is because it takes time for the merchant and credit card company to process it.
Will a delayed refund hurt your credit?
A delayed refund typically won’t hurt your credit as long as you continue to make on-time payments and are generally responsible with your credit card usage.
Photo credit: iStock/MBezvodinskikh
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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.
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.
Business credit cards may affect your personal credit score, depending on the card. Most card issuers will only report to the consumer credit bureaus if your account becomes delinquent.
Many business owners turn to business credit cards as a way to separate their personal and business finances. Your credit score is important, so you may be wondering, “Does my business credit card affect my personal credit score?”
While there are many benefits to business credit cards, it’s helpful to understand how they work. Here, we teach you about how business credit cards can affect your personal credit score and report and if a business credit card is right for you.
What are business credit cards for?
Business credit cards are one of the more convenient ways for a business to access additional funds. Taking a loan out for a business involves a much longer process than simply applying for a business credit card, which may be approved within a few minutes.
With a business credit card, businesses can cover operating expenses and purchase items they need for their offices. Many businesses use these cards for fuel, travel expenses like flights and hotels as well as meals.
These cards also make it easier to track business expenses. By looking at the credit card statement, you can see what’s spent and when. Some of these cards also have built-in reporting tools for even more convenience.
Some of these cards also offer company-specific rewards, so businesses can save on travel and other categories.
What effect does a business credit card have on your personal credit?
Typically, financial institutions look to credit reports as a way to assess credit risk. Although your business credit card isn’t for personal use, the bank needs to run a hard inquiry, which will show on your personal credit report.
Hard inquiries cause a temporary drop in your credit score, but as long as you’re practicing good credit habits like making your payments on time and keeping your utilization low, it should recover in time. Once you start using the business credit card, it’s reported to commercial credit bureaus. The main three commercial credit bureaus include:
Dun & Bradstreet
Experian® Business
Equifax® Small Business
Depending on the business credit card, some may report to your personal credit report as well. In some cases of delinquencies or late payments, your business credit history may be reported to the personal credit bureaus. This can also lead to derogatory marks on your personal credit report.
Some business credit cards may also require a “personal guarantee.” A personal guarantee is when you agree that the card issuer can come after your personal assets if the business defaults on the debt.
Which business credit cards report to personal credit
Most of your business credit card activity isn’t reported to the credit bureaus, but there are exceptions:
Yes, but the Capital One Spark Cash Plus and Venture X Business cards only report when the account has negative information
Chase
Only accounts that are seriously delinquent
Citi
No
U.S. Bank
Only accounts that are seriously delinquent
Wells Fargo
No
Source: Nerdwallet
Do business credit cards show up on your credit report?
When you apply for a new business credit card, the issuer checks your personal credit report. This hard inquiry will show up on your credit report and will temporarily lower your credit score. A hard inquiry can impact your credit score for six months to a year, but the impact is minimal compared to derogatory marks like missed payments.
Depending on the card and the issuer, the monthly activity of your business credit card may show up on your personal credit report. Many cards only report accounts that are delinquent due to nonpayment of balances.
Whose credit do business cards affect?
Business credit cards typically only affect the primary cardholder who applied for the original card. Adding an authorized user can also affect the credit score of the original cardholder.
A business can also get employee credit cards, but these are linked to the company’s credit account. Employees may receive credit cards for business expenses to make purchases, as well as cover travel costs and other expenses. Much like a singular business card, the responsibility of paying the balance is up to the business owner or whoever applied for the original credit card account.
Staying in good standing with a business credit card can also help build business credit. When a business builds credit, it can help it get loans in the future and open additional credit accounts.
Who should get a business credit card that doesn’t affect their personal credit?
If you’re concerned about cash flow and your ability to pay your business credit card balance, you may not want a card that can affect your personal credit. Keep in mind that even if you choose a card that doesn’t report to the three major consumer credit bureaus, the card issuer may report a delinquent account to these bureaus.
It’s best to track your spending with these cards and create a budget to ensure you pay your bill on time every month.
Can I get a business credit card with bad or no personal credit?
A business credit card can help your business grow and provide convenience for various expenses. To get a business credit, you need to have a good credit score to increase your chances of approval. If you’re unsure of where your credit health stands, Lexington Law Firm can help.
Use our free credit assessment to see your score along with additional information about your credit health. We also provide a variety of other services, like challenging inaccuracies on your credit report, credit monitoring and much more, so sign up today.
Are you looking for the best cash back apps? Finding ways to save money on everyday purchases is always a good idea. Cash back apps are a great tool to help you get some of your money back (and even free gift cards) on things you buy all the time. These apps can reward you…
Are you looking for the best cash back apps?
Finding ways to save money on everyday purchases is always a good idea. Cash back apps are a great tool to help you get some of your money back (and even free gift cards) on things you buy all the time. These apps can reward you with cash, points, gift cards, or discounts just for shopping like you normally do.
With so many cash back apps available, it can be hard to know which ones to use. Some apps focus on groceries, while others give rewards for travel, gas, or online shopping. By using the right cash back apps, you can make sure you’re making the most out of your spending.
In case you want a quick summary, my favorite cash back apps are:
There are many others on the list below that you may find helpful too!
Best Cash Back Apps
These 14 best cash back apps will help you make extra money. You can get cash back for groceries, online shopping, and more.
1. Rakuten
Rakuten is a popular cash back app and site that lets you earn rewards on your everyday shopping. With Rakuten, you get a percentage of what you spend back as cash. It’s a simple and effective way to get free money while shopping at your favorite stores like Target, Macy’s, Walmart, Old Navy, Lowe’s, and many more.
Your cash back percentage depends on the store that you are shopping at but can vary anywhere from around 1% to over 10%, which can add up quickly!
Signing up is quick and free too. Once you create your account, you can start shopping on Rakuten’s website, app, or browser extension. When you shop through Rakuten, the stores pay Rakuten a commission. Rakuten then shares part of that commission with you as cash back.
One of the coolest things about Rakuten is how easy it is to find deals. You can earn cash back on clothes, electronics, restaurants, and even ride-sharing services like Uber. The browser extension helps you find the best coupons and cash back offers.
Rakuten also has a large user base with over 15 million members. They have paid out more than $3.2 billion in cash back since they started in 1999. On average, members earned about $100 in cash back in 2023.
Payment is easy too. You can choose to get paid via check or PayPal.
Please click here to sign up for Rakuten. Plus, you can get a $30 bonus when you spend $30 if you join right now (at the time of this writing; please double-check the current offer).
2. Fetch Rewards
Fetch Rewards is a popular app that makes earning gift cards easy, and this is the app that I use for ALL of my grocery receipts. All you need to do is take a picture of your receipts using your phone.
Fetch Rewards lets you earn points by snapping receipts from any store. It works for grocery stores, clothing stores, restaurants, and even gas stations. The app also works with digital receipts from online purchases.
Some examples of what you can earn include 2,500 points for buying General Mills products, 1,000 points for Barilla Pasta, 750 points for Sara Lee bread, 5,000 points for trash bags, and more.
To get started, download the Fetch Rewards app and create an account. Then, shop as you normally do and scan your receipts to earn points. The process is quick and only takes about 10 seconds per receipt.
Once you earn enough points, you can redeem them for gift cards. These gift cards can be used at a variety of places like Amazon, Target, Starbucks, and many more. You can also choose to donate your points to charity.
The app is free to sign up for and use. There are no surveys to fill out or barcodes to scan, making it a hassle-free way to earn rewards.
You can sign up for Fetch Rewards here.
3. Swagbucks
Swagbucks is a popular app where you can earn rewards for doing simple things online. You can shop, watch videos, take surveys, and even play games to get points. These points, called Swagbucks (SB), can be redeemed for gift cards or cash.
I have been using Swagbucks for years and I think it’s a great rewards site.
One great feature of Swagbucks is how easy it is to use. You can add a browser extension to automatically earn cash back on your purchases, and this makes it super convenient as you shop online.
Another nice thing is their “Magic Receipts” feature. You just need to upload your receipts from certain stores, and you’ll earn cash back. Many big retailers are included, making it easy to earn points.
With over 20 million users and a strong reputation, Swagbucks is trusted by many. They’ve paid out more than $935 million in rewards to their users.
Please click here to join Swagbucks.
Here’s a screenshot of some of the cash back that I’ve received from Ibotta recently.
4. Ibotta
Ibotta is a popular cash back app that helps you save money on groceries and more. It’s free to download and use and with Ibotta, you can earn real cash back on everyday purchases.
Using Ibotta is easy. You just head to the Ibotta app and add offers for things you want to buy before you go shopping. These offers can be for groceries, clothing, and even dining out.
Next, you shop at your favorite stores, both in-store and online. Ibotta partners with many stores and retailers, so you have plenty of choices.
After shopping, you can redeem your cash back. You do this by uploading your receipt or linking your loyalty card to the app. It’s a simple process that only takes a few minutes.
One great thing about Ibotta is that it offers cash back on a wide range of products from daily essentials like milk and bread to big-ticket items. For example, currently I can get 50 cents back on yogurt, 75 cents back on shredded cheese, $1.00 back on Cheerios, and more.
Another perk is the bonuses that Ibotta offers. These bonuses can give you extra cash back for redeeming certain offers or for reaching specific milestones.
The app is available on both iOS and Android, making it easy to use on most cell phones.
Ibotta is a great way to make some extra cash on things you already plan to buy. It’s perfect for anyone looking to save a little more each time they shop.
You can sign up for Ibotta here.
5. Upside
Upside (used to be called GetUpside), helps you earn cash back on fuel for your car (as well as restaurants and grocery stores, but I like to mainly use it for gas).
Using the Upside app is easy. You just sign up and find deals near you. The app shows you gas stations, grocery stores, and restaurants where you can get cash back.
You can earn up to 25 cents per gallon on gas and even more for diesel. Occasionally, you can get deals for higher. For example, I recently redeemed a deal to get 89 cents off per gallon – I received $15.00 in cash back!
For groceries, you can earn up to 30% back in select cities and when you eat out, get up to 45% back at many restaurants.
There are over 50,000 locations in the U.S. where you can save money with Upside. Major gas stations like BP, Shell, and Marathon are included.
To get started, just sign up for free, link your cards, and claim offers through the app. Then, make your purchases as usual, submit your receipts or use the check-in feature, and get your cash back.
Payments can be collected through PayPal, bank transfer, or gift cards.
You can check out Upside here to learn more.
6. Dosh
Dosh is a cash back app that helps you save money without a lot of work. You link your credit or debit card to the app, and it automatically gives you cash back when you shop at participating stores or restaurants.
Using Dosh is easy too. After linking your card, just shop like you normally do. The app will take care of adding the cash back to your Dosh wallet. You don’t need to worry about scanning receipts or entering codes, which I think is very nice and convenient.
Dosh partners with many well-known brands, making it simple to save money. You can earn cash back at places like Walmart, Target, and Pizza Hut. The app also works with thousands of hotels, adding more ways to save.
One of the best things about Dosh is that it handles everything for you automatically. It deposits your rewards into your account. Once you reach a certain balance, you can transfer your cash to your bank, PayPal, or donate to charity.
If you like finding deals and saving money without effort, Dosh might be a great app for you. It makes saving easy and fun, helping you make the most of your purchases every day.
7. TopCashback
TopCashback is a great choice if you want to save money on your purchases. This app connects you with over 7,000 retailers, making it super easy to earn cash back.
To start, sign up for a free account. Then, search for your favorite store and click on the offer. After you shop, your cash back gets added to your account.
TopCashback stands out because it tends to have higher cash back rates compared to other apps. This means you can save more money on each purchase.
It’s important to note that while TopCashback is very user-friendly, I did find some reviews where some people find that it could improve in processing times for gift card purchases.
If you shop online often, TopCashback can help you earn cash back on your regular spending. The app is available on both iOS and Android, so you can use it on the go.
8. PayPal Honey
PayPal Honey is a browser extension that makes online shopping easier and cheaper. When you shop online, Honey automatically finds and applies coupon codes at checkout. You just add it to your browser and it starts working right away.
Honey works with over 30,000 stores. This includes big names like Amazon, Macy’s, and Nike, so there’s a good chance you’ll find a discount on something you’re buying.
Another cool feature is the Droplist. You can keep an eye on items you want to buy and get alerts when their prices drop, and this helps you buy things at the best time and save even more money.
Honey is free to use and easy to install. If you want to save money without the hassle of searching for coupon codes yourself, it’s worth trying out.
You can learn more about Honey by clicking here.
9. Shopkick
Shopkick is an easy way to earn rewards when you shop. You can get “kicks,” which are points, for doing simple things.
For example, you earn kicks just by walking into certain stores, and this makes it super easy to start earning rewards right away.
You can also earn kicks by scanning the barcodes of products in the store. Some items even give extra kicks when you buy them and submit your receipt.
Shopkick isn’t just for in-store shopping. You can also earn kicks when you make purchases online through the app.
Once you collect enough kicks, you can trade them in for free gift cards. These gift cards can be used at many popular stores, which gives you a lot of options.
The app is free to use, and it has a lot of participating stores. This makes it a great way to earn rewards on stuff you already buy.
Here’s a screenshot of my personal Capital One Shopping account. You can see how much money it has saved me here!
10. Capital One Shopping
Capital One Shopping is a handy tool for anyone who likes to shop online. It’s a browser extension that finds coupon codes while you shop. This makes saving money super easy because the tool does all the work for you. Just shop as usual, and it will automatically apply the best coupon codes at checkout.
I have Capital One Shopping installed on my browser, and I love how it helps me save money without me having to think about it. I used to always forget to look for coupon codes, or sometimes it would take forever to find a coupon code that worked. Capital One Shopping takes all of that wasted time and does it for you.
You can use Capital One Shopping on almost any browser, including Chrome, Firefox, Edge, and Safari. It’s also available as a mobile app for both iOS and Android. This means you can save money whether you’re shopping on your computer or your phone.
Another great feature is the price comparison tool. If you’re looking at an item, Capital One Shopping checks other websites to see if you can get a better deal.
Another perk is that you earn rewards points while you shop. These points can be turned into gift cards for many popular stores. It’s like getting a little cash back on your purchases. I recently redeemed $71.00 in free gift cards for simply just doing my normal online shopping.
You can also add items to a watchlist, and the tool will let you know if the price drops. This way, you can buy things at the best possible time.
Capital One Shopping is free to use and easy to install. Just add the extension to your browser or download the app and then shop as you normally do and enjoy the savings!
You can learn more in my Capital One Shopping Review.
11. Receipt Hog
Receipt Hog is a cash back app that helps you earn cash back by simply scanning your receipts.
You take pictures of your shopping receipts and upload them to the app. For each receipt, you get coins. These coins can then be exchanged for money through PayPal or gift cards.
The cool part is, you can use receipts from nearly any store. Whether you shop at a grocery store, department store, or even a gas station, you can take a photo of that receipt and earn coins.
Receipt Hog also has special bonuses and sweepstakes. Sometimes, you might get extra coins or the chance to win larger prizes. It’s a fun way to get rewarded for your everyday shopping.
Recommended reading: 14 Best Apps To Scan Receipts for Money
12. Checkout 51
Checkout 51 is a user-friendly cash back app that helps you save on groceries, gas, and more. It’s free to download and simple to use.
With Checkout 51, you can look at their weekly offers and select the ones you like. When you buy those items, you just need to upload your receipt to the app.
New deals are added every week, so there is always something new to save on. It’s a great way to cut down on your grocery and gas expenses.
13. Receipt Pal
Receipt Pal is an app that makes earning rewards easy. You just need to scan your receipts and this app works with any store, so you can rack up points from grocery shopping, gas, dining out, and more.
Each time you scan a receipt, you earn points. These points can be turned into gift cards for popular retailers.
The app is free to use. You need to take a picture of your receipt within 14 days of your purchase. Once you upload the receipt, Receipt Pal will handle the rest.
You can also earn extra points by completing surveys and playing games within the app. This can make reaching your reward goals go more quickly.
14. Upromise
Upromise is a cash back app that helps you save money for college. Instead of just giving you cash back for everyday purchases, it allows you to put those savings into a college fund. This makes it a great option for families planning for future education expenses.
When you shop through Upromise, you earn cash back on things you buy. It works with many stores and restaurants. You can also earn rewards by scanning receipts and dining at participating restaurants. The cash back can be automatically transferred to a 529 college savings plan.
Another cool feature is that you can also link someone else’s 529 plan to your account. This means grandparents or other family members can contribute to your child’s college savings too.
Upromise is a good way to turn your everyday spending into savings for the future. It helps make the dream of paying for college a little more achievable.
What Are Cash Back Apps?
You may have questions about cash back apps. If so, then I would like to talk about them and how they work in this section.
Cash back apps help you save money on everyday purchases. By using these apps, you can get a percentage of your spending back in the form of cash rewards.
How cash back apps work
When you shop through a cash back app, the cash back app partners with retailers to earn a commission. Instead of keeping all the commission, the app shares a portion with you so that you will be persuaded to use their app more (everyone wins). This means you get back a small percentage of what you spent.
You start by downloading the app and creating an account. Then, you browse through the app’s partner stores to find the ones you like. When you make a purchase through the app, you earn cash back that you can usually redeem for PayPal, bank deposits, or gift cards.
Benefits of using cash back apps
Cash back apps can save you money without much effort. Every time you shop through these apps, you earn a little back on what you’re already spending. Over time, these small savings add up.
Many apps also give extra bonuses or special promotions, which means even more savings. These promotions can include higher cash back rates for a limited time or bonus cash for shopping in particular categories.
Plus, cash back apps are free to use, making them a simple way to save a bit on everyday purchases.
I use cash back apps all the time, and I like how they can help me save more money easily.
Frequently Asked Questions
Below are answers to common questions about the top cash back apps.
Which app gives the most cash back?
Rakuten is known for giving a lot of cash back for online purchases, many times over 5%. Others, like Fetch Rewards, also give a good amount of rewards, especially for groceries.
Do cash back apps really work?
Yes, cash back apps do work and you earn money or points for purchases you make. These apps partner with many stores to give you a percentage back.
What’s the best cash back app for groceries?
I think that Fetch Rewards is the best for groceries. It has good deals on food items at many big grocery stores. You can scan receipts or link your store loyalty card to earn cash back.
Is Fetch or Ibotta better?
Fetch is easier to use since you just scan any grocery receipt. Ibotta requires more work because you must select offers before shopping. Both are good. Ibotta typically pays a little more, but you do have to do a little more work to earn the points.
What are the best automatic cash back apps?
Rakuten and Capital One Shopping are top apps for automatic cash back. Once you download the browser extension, they automatically give you cash back at partner stores. It’s simple and requires no extra work.
Another way to get automatic cash back is by using cash back credit cards. The best rewards credit cards can give cash back of around 1%-2% automatically on your purchases.
How can I tell if cash back apps are safe and legit to use?
To see if a cash back app is safe and legitimate, I recommend that you look for reviews and ratings in app stores.
Best Cash Back Apps – Summary
I hope you enjoyed this article on the best cash back apps.
The best cash back apps can help you save money on things you buy every day with little effort. With these apps, you can earn rewards on groceries, eating out, online shopping, and more. Whether you want to save a bit of money or get the most savings, these apps have different features to help you.
Plus, depending on the cash back app, you can get your cash back directly to your bank account, PayPal account, or even through free gift cards.
The best cash back apps don’t have any fees either, so you can save money without having to spend any more.
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.
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 centseach. 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.
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.
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.
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.
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.