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Apache is functioning normally

June 9, 2024 by Brett Tams

Your credit card’s grace period is the length of time that starts at the end of your billing cycle and ends when your payment is due. During this period, you may not have to pay interest on your balance — as long as you pay it off in full by your payment due date.

While a lot of credit cards have a grace period, not all of them do. Here’s a look at how grace periods on credit cards work and how you can take full advantage of them.

What Is the Grace Period on a Credit Card?

Credit cards allow you to borrow money over the course of a one-month billing cycle, during which you may not need to pay interest. The end of your credit card billing cycle is also called your statement date. That’s when your monthly credit card statement is sent to you in the mail or becomes available online. Credit card payments are due on the payment due date, about three weeks later. The time in between these dates is what’s known as the grace period.

During this time, you won’t be charged any interest on the purchases that you made during the billing cycle. However, because of how credit card payments work, you must pay off your credit card balance in full by your payment due date in order to avoid interest payments. At the very least, you must make your minimum payment, and you’ll then owe interest on whatever balance you carry into the next month.

Recommended: What is a Charge Card

How Credit Card Billing Cycles and Grace Periods Work

Grace periods on credit cards are different from the grace period for other loan products. For example, the grace period for a mortgage lasts about 15 days. If your payment is due on the first of the month, you’d have until mid-month to make your payment before it’s considered late and you’re charged potential late fees.

This is not how credit card grace periods work. The grace period for revolving credit — which is what a credit card is — comes before the payment due date. As such, credit card grace periods don’t protect you from late fees. Rather, they give you a period of time in which you can avoid interest payments.

If you miss the date when credit card payments are due, your payment is considered late. Late payments may trigger penalties, and they can have a negative effect on your credit score if they’re reported to the credit reporting bureaus.

Recommended: When Are Credit Card Payments Due

Limits on Credit Card Grace Periods

Credit card companies are not required to offer their customers a grace period. However, many of them choose to do so.

Federal law requires credit card companies to send you a bill within 21 days of the payment due date, meaning you’ll get at least three weeks’ notice of how much you owe for your previous billing cycle. However, the amount of time you’ll have for your grace period will vary by lender.

Credit card grace periods typically only apply to purchases. That means if you’ve used your credit card for a cash advance, for example, you’ll have to start paying interest on the date of the cash advance transaction.

Recommended: Tips for Using a Credit Card Responsibly

How Long Is the Typical Grace Period for a Credit Card?

Typically, grace periods last at least 21 days and up to 25 days.

You can find out how long your grace period is by checking your cardholder agreement. The length of your grace period should be listed alongside fees and your annual percentage rate (APR). You can also call your credit card company and ask them directly.

Recommended: How to Avoid Interest On a Credit Card

What Types of Transactions Are Eligible for Credit Card Grace Periods?

As mentioned above, generally only purchase transactions are eligible for the credit card grace period. Cash advances — which allow you to borrow a certain amount of money against your line of credit — typically are not eligible. They will start accruing interest the day you make the transaction.

Similarly, if you transfer a balance from one credit card to another, you’ll start to accrue interest on that balance immediately. The only exception is if you have a balance transfer credit card with a 0% introductory rate for a period of time. If you pay off the balance during that period, you won’t owe interest. However, interest will accrue on whatever remains of your balance at the end of that period.

Taking Maximum Advantage of Your Credit Card’s Grace Period

If you pay off your credit card bill in full each month, you’ll avoid paying interest. Even carrying a small balance will disrupt your grace periods. If you do, you’ll owe interest on the remaining amount, and all of the new purchases that you make in the next billing cycle will accrue interest immediately as well.

To take full advantage of your credit card’s grace period, plan your purchases accordingly to ensure you’re able to pay your bills in full and on time. For example, if you’re going to make a large purchase, you may want to do so close to the first day of your billing cycle. That way, you’ll have the full cycle (about four weeks), plus your grace period (about three weeks), to pay off your purchase without owing any interest.

Can You Lose Your Credit Card’s Grace Period?

It is possible to lose your credit card grace period if you don’t make on-time payments in full each month by the payment due date. If you lose your grace period, you’ll be charged interest on the remaining portion of your balance. In the new billing cycle, you’ll also owe interest on any new purchases on the day the transaction takes place. This can lead to you falling into a debt cycle, which isn’t easy to get out of (here’s what happens to credit card debt when you die).

Luckily, issuers usually restore grace periods once you’ve paid your outstanding balance and are back to making full on-time payments for a month or two.

Recommended: Can You Buy Crypto With a Credit Card

The Takeaway

Your credit card grace period is an important tool that can save you money on interest if you pay off your balance in full each month. If you don’t pay your balance in full each month, you could lose this privilege temporarily. As such, you’d end up owing interest on your previous remaining balance and any new purchases.

In addition to a grace period, the SoFi credit card offers other features to help you manage your finances. This includes 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹ Plus, you can secure a lower APR by making 12 on-time monthly payments of at least the minimum amount due.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

What is the grace period for credit card payments after the due date?

Credit card grace periods occur before the payment due date. Payments made after that date are considered late. After the due date, cardholders will owe interest on their balance. Further, they may lose their grace period until they can pay their balance off in full for one or two months.

What happens if you are one day late on a credit card payment?

Being one day late on a credit card payment can still trigger late fees, interest, and potentially the loss of your grace period. Late payments may also be reported to the credit reporting bureaus, which can have a negative impact on your credit score.

What is the typical grace period for a credit card?

Federal law requires that credit card companies provide your bill at least 21 days before your next payment due date. The length of the grace period can vary depending on the credit card issuer, though they typically last 21 to 25 days.

Photo credit: iStock/Moyo Studio

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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

The SoFi Credit Card 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.

¹See Rewards Details at SoFi.com/card/rewards.

¹Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

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Source: sofi.com

Apache is functioning normally

June 8, 2024 by Brett Tams

Amid health and safety concerns during the coronavirus pandemic, the popularity of contactless credit cards soared. This method of payment allows you to use your credit card for a purchase by simply tapping or holding it on the card reader, as opposed to inserting or swiping it.

While you may or may not already be familiar with how to use contactless credit cards, you may be wondering, how do contactless cards work? Here’s a look at the tech that enables contactless credit card payments, as well as the pros and cons and overall safety of using contactless credit cards.

What Is a Contactless Credit Card?

Physically, a contactless credit card looks like a regular credit card, with the bank name and the account number on the front of the card and the ubiquitous magnetic stripe on the back of the card. However, contactless credit cards allow cardholders to “tap and pay” instead of inserting or swiping their card in a merchant payment machine.

This enables a consumer to make a purchase at a retail location without ever having to physically touch a payment device, which is why contactless payments increased during the pandemic.

What Does Contactless Payment Mean?

The term contactless payment more broadly refers to a form of payment that involves no touch. You can make a contactless payment using a credit card as well as a debit card, gift card, mobile wallet, or wearable device.

Regardless of the form, contactless payments rely on the same technology to make a payment without needing to swipe, enter a debit or credit card PIN, or sign for a transaction.

How to Know If Your Credit Card Is Contactless

Major credit card providers like MasterCard and Visa offer contactless cards. You can determine if your credit card is contactless-capable by looking for a contactless card symbol on the back of your card. This symbol looks like a WiFi symbol flipped on its side, with four curved lines that increase in length from left to right.

Even if your card has this symbol on it, you’ll also want to check that the merchant has contactless readers. You can figure this out by looking for that same symbol on the card reader or asking the merchant directly.

How Contactless Credit Cards Work

Like other credit cards, contactless credit cards have small chips embedded in them. But instead of requiring you to insert the card, this chip emits electromagnetic waves that transfer your payment information when you place the card close to a payment terminal that accepts contactless payments.

You don’t actually even need to tap your contactless credit card to pay — all you have to do is place your card within a few inches of the payment terminal. This will initiate payment.

You might then have to wait a few seconds while the transaction processes. The terminal will usually give a signal when the transaction is complete, such as by beeping or flashing a green light.

Technology That Enables Contactless Credit Card Payments

Instead of inserting a credit or debit card into a merchant payment terminal, contactless credit cards rely on radio frequency identification technology (RFID) and near-field communication to complete a retail transaction.

The “no touch” concept is driven by a contactless card’s short-range electromagnetic waves, which hold the cardholder’s personal data, including their credit card account number. This information is then transmitted to the merchant’s payment device. Once the device grabs the airborne card information, the transaction can be completed and the purchase confirmed.

Pros and Cons of Contactless Credit Cards

Like most consumer finance tools, contactless credit cards have their upsides and downsides. Here’s a snapshot of the pros and cons to note:

Pros	Cons
Convenient to use	Not always available overseas
Secure	Low transaction limits
Increasingly offered	Not always reliable
Better for merchants

Pros

These are the main upsides of contactless credit cards:

• Convenient to use: Contactless credit cards are extremely convenient to use once you get the hang of how credit cards work when they have this feature. All a user has to do is wave their contactless credit card in front of the card reader, and the deal is done in a matter of seconds. Plus, you can avoid touching any surfaces in the process.

• Secure: With data thieves regularly on the prowl, “tap and pay” and “wave and pay” technologies are highly protective of a consumer’s personal data. All of the data is stored on a password-protected, fully-encrypted computer chip embedded inside the card, making it difficult for a financial fraudster to steal a user’s personal information.

• Increasingly offered: The availability of contactless payments has increased in recent years, and many brand-name companies now offer the option. Companies may even offer discounts and loyalty point details that are immediately added to a consumer’s account at the point of sale.

• Better for merchants: Companies that offer contactless credit/debit card payments also benefit from “no touch” card technology. Aside from superior operational capability and faster transactions, merchants get a better customer experience and formidable fraud protection from contactless payment technology, with no extra cost. That’s because merchants pay the same transaction processing fee with contactless payments as they do with regular credit card transactions.

Recommended: Tips for Using a Credit Card Responsibly

Cons

Of course, there are downsides to contactless credit cards as well:

• Not always available overseas: Contactless payments may not work abroad, given the recent expansion of a new card payment technology. Additionally, consumers may be charged foreign transaction fees when they do use contactless payments overseas, depending on the specific country’s credit card payment laws.

• Low transaction limits: Contactless card users may find they can’t cover large transactions, like a laptop computer or king-size bed. That’s because merchants may issue those limits until they’re convinced contactless payments (like any new technology) are completely safe, secure and free of any fraud threats. In the meantime, contactless card-using consumers can always use the same credit card to make a big purchase by using “chip and sign” or “chip and swipe” card technologies.

• Not always reliable: Contactless credit card transactions aren’t always reliable, as sometimes the payment won’t go through even though a reader indicates that it accepts contactless payments. This could cause someone to have to resort to swiping their card instead to complete the transaction.

Recommended: What is a Charge Card

Guide to Using a Contactless Credit Card

When using a contactless credit card, the transaction is enabled and completed in three key steps: look, tap, and go.

1. Look. The consumer checks for a contactless symbol on a merchant’s payment device (this will look like a WiFi signal tipped on its side).

2. Tap. After being prompted by the payment device, the consumer will wave the credit card an inch or so over the payment device, or actually touch (tap) the credit card on the payment terminal. This is why the process is sometimes referred to as credit card tap to pay.

3. Go. Once the wave or tap is executed, the payment device picks up the transaction, confirms the credit card payment, and completes the transaction.

Be mindful that if you carry multiple contactless credit cards, you may want to keep those cards away from a terminal that accepts contactless payments. This will help ensure the correct credit card is being charged. Instead of holding your wallet or purse over the payment terminal, take out the specific card you’d like to use instead.

Recommended: When Are Credit Card Payments Due

Are Contactless Credit Cards Safe?

Contactless payment cards basically offer the same anti-fraud protections as any card that relies on a credit card chip.

This is because the chip in contactless credit cards creates a one-time code for each merchant transaction. Once the payment is confirmed and the transaction is approved, the code disappears for good. That makes it virtually impossible for a financial fraudster to steal a consumer’s personal data, as they can’t crack the complicated algorithmic codes financial institutions use with chip-based payment cards.

Additionally, a contactless card is equipped with electromagnetic (RFID) shielding, which helps keep card information from being “skimmed” by data thieves. In turn, this removes another data security threat from the credit card transaction experience.

Recommended: Can You Buy Crypto With a Credit Card

The Takeaway

Contactless credit cards are emerging as an effective payment technology that’s gathering steam among consumers and retailers alike. Thanks to the tech that enables contactless credit card payment, these credit cards allow you to simply wave or tap the credit card within range of a payment terminal that accepts contactless payments. You can figure out if a payment terminal — and your credit card — offer contactless payment as an option by looking for the contactless payment symbol.

If this is a feature that interests you, it might be worth looking out for when picking a credit card that works for you.

The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Are there extra charges for using contactless credit cards?

No, there are no extra charges for using contactless credit cards. This is true for the consumer who’s tapping their card as well as for the merchant accepting contactless payments.

What are the risks with contactless credit cards?

While contactless credit cards generally offer enhanced security, there is the risk of a thief skimming cards in your wallet by using a smartphone to read it. However, the thief must be within very close range to do so. Perhaps the easiest way for a thief to get ahold of your information is by stealing your physical credit card, which is a risk with any type of credit card.

Where can I use my contactless credit card?

You can use your credit card at any retailer that has a terminal accepting contactless payments. You can determine if a card reader will take your contactless credit card by looking for the contactless payment symbol.

What happens if I lose my contactless credit card and someone else uses it?

If your card is stolen or lost, contact your credit card issuer immediately. Check your recent credit card transactions for any fraudulent activity, and make sure to report that information to your credit card issuer.

Photo credit: iStock/milan2099

¹See Rewards Details at SoFi.com/card/rewards.

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

June 7, 2024 by Brett Tams

The San José Mineta International Airport is located in San Jose, California, in the middle of Silicon Valley. If you find yourself traveling into or out of this airport, you may be wondering if there are any lounges in which to relax and avoid the crowds.

There are currently three lounges from which to choose. Below, we’ll dive into all you need to know about the lounges at the San Jose airport.

About San Jose airport lounges

The San Jose airport doesn’t have any airline-affiliated lounges. There are two lounges open to travelers regardless of which airline they’re flying, while the other is accessible only by active U.S. military members.

🤓Nerdy Tip

The San Jose airport has two terminals (A and B), and while there are currently no lounges in Terminal B, you can easily walk between the two.

The Clubs at SJC (Gate A8 and A15)

The San Jose airport offers two lounges, both dubbed The Club SJC: one near Gate A8 and one at Gate A15.

Both offer free snacks and beverages (including soft drinks, beer, wine and liquor), showers, flat-screen televisions with Direct TV and complimentary Wi-Fi.

The Club lounges are open to Priority Pass members and travelers who purchase a day pass at least six hours before their scheduled flight.

While the exact food and drink options can change seasonally, below is an example of what’s currently available:

Breakfast (served until 11 a.m.). Cheesy scrambled eggs with mascarpone, orange ricotta toast, yogurt parfaits, fruit and cereal.
All Day Dining (served after 11 a.m.). Sweet and sour meatballs with rice, smoked turkey, avocado and cheddar slider, masala chickpea rice bowl, trail mix, and chocolate brownies.
Drinks. Specialty cocktails, vodka, whiskey and other hard liquors, red and white wines, beer, and non-alcoholic beverages.

USO Lounge (Between Terminals A and B) – Military only

Located curbside between Terminal A and Terminal B (access from the street-level sidewalk behind the U.S. and California flags).
Offers free snacks and beverages, complimentary Wi-Fi, charging stations, books and a large-screen television.
Access to the lounge is only available to active U.S. military on a pre-arranged basis.

Credit cards with Priority Pass

If you have the right card in your wallet, you will get access to Priority Pass lounges without having to pay out-of-pocket for a membership or a day pass.

Best Priority Pass cards

Chase Sapphire Reserve®

on Chase’s website

Capital One Venture X Rewards Credit Card

The Platinum Card® from American Express

Annual fee

Priority Pass benefits

• Full Priority Pass Select membership.

• Includes two guests per visit.

• Full Priority Pass Select membership.

• No limit on the number of guests allowed.

• No restaurants.

• Full Priority Pass Select membership.

• Includes two guests per visit.

• No restaurants.

Enrollment required. Terms apply.

Learn more

Lounges at the San Jose airport recapped

While the San Jose airport lacks an airline-affiliated lounge, it offers three lounges to travelers — two of which are accessible to Priority Pass members.

If you aren’t a Priority Pass member, you can pay $50 per person for access to either The Club SJC (Gate 8) or The Club SJC (Gate 15), though AAA members will receive a discount.

Active U.S. military members may also access the San Jose airport’s Military Lounge, provided they email the airport in advance to arrange their visit.

To view rates and fees of The Platinum Card® from American Express, see this page.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

June 6, 2024 by Brett Tams

Both certificates of deposit (CDs) and money market accounts (MMAs) are types of savings accounts that tend to earn higher interest rates than traditional savings accounts. But there are some key differences between them.

An MMA allows you to withdraw money as needed (and even comes with checks or a debit card), though you may be limited to a certain number of transactions per month. With a CD, on the other hand, your money is locked up for a set period of time. In exchange for leaving your money untouched, however, CDs generally pay higher rates than MMAs.

Whether you should choose a CD or MMA will depend on your financial needs and goals. To help you make the right choice, here’s a closer look at how these two savings options compare.

Main Differences Between Money Market Accounts and CDs

Here’s a quick snapshot of the differences between money market accounts and CDs.

	Money Market Accounts	CDs
Interest rates	Variable; typically lower	Fixed; typically higher
Liquidity	Highly liquid	Lacks liquidity (early withdrawal incurs a penalty, in most instances)
Minimum balance requirements	Higher than regular savings accounts	Varies by CD
Debit card/checks	Yes	No

Money Market Accounts

A money market account (MMA) is a type of savings account offered by banks and credit unions that provides some of the conveniences of a checking account. Like a typical savings account, you earn interest on your deposits, often at a higher rate than what you could earn in a traditional savings account. In addition, these accounts typically come with checks and/or a debit card, making it easier to access your funds.

Money market accounts may come with withdrawal limits (such as six or nine per month), however, so they aren’t designed to be used as a replacement for a checking account. MMAs also often require you to keep a certain minimum balance in order to avoid fees or earn the advertised annual percentage yield (APY).

The money you deposit in an MMA is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC), if held at an FDIC-insured bank, or by the National Credit Union Administration (NCUA), if held at an insured credit union. That means you can’t lose your money (up to certain limits) even if the bank were to go bankrupt or shut its doors.

Pros and Cons of Money Market Accounts

Here’s a look at some advantages of opening a money market account.

• Higher interest rate: Typically, money market accounts have higher interest rates than traditional savings accounts.

• Security: Because of the FDIC and NCUA insurance, the funds in a money market account are typically insured against loss.

• Funds are liquid: You can withdraw your money when you need to (though you may be limited to a certain number of transactions per month).

• Ease of access: It’s possible to access the funds in a money market account by withdrawing cash at an ATM, doing an electronic transfer, using a debit card, and/or writing checks.

MMAs also have some disadvantages. Here are some to keep in mind.

• Better rates may be available elsewhere: You may be able to find a high-yield savings account at an online bank that offers a higher APY than an MMA at a traditional bank (with potentially fewer restrictions and/or fees).

• Minimum balance requirements: Banks often require a minimum deposit to open an MMA, as well as a minimum amount you must keep in the account in order to earn the top APY and/or or avoid a monthly maintenance fee.

• Variable interest rate: APYs on MMAs are based on market interest rates at a given time. It’s difficult to predict how the market will perform and if this interest rate will rise or fall.

• Limited growth potential: If you’re looking for long-term growth, you can potentially make more by investing your money in the market.

Certificates of Deposits (CDs)

A certificate of deposit (CD) is a type of savings account that offers fixed interest rate that is generally higher than a traditional savings account. A CD also comes with a fixed-term length and a fixed maturity date. This means you need to leave the funds in a CD untouched for a set term, which can range anywhere from a few months to several years. Generally, the longer the CD’s term, the higher the APY, but this is not always the case.

CDs don’t charge monthly fees, but will typically have an early withdrawal penalty, and you usually can’t add any additional funds after the initial deposit.

CDs are offered by banks and credit unions: at credit unions, they are often referred to as share certificates. Like regular savings accounts, CDs are typically insured by the FDIC or NCUA, so you get your money back (up to $250,000) in the unlikely event that the bank or credit union were to go out of business.

Pros and Cons of CDs

Here’s a look at some of the advantages that come with depositing money into a CD.

• Potentially higher rates: CDs tend to offer higher APYs than regular savings accounts and money market accounts.

• Guaranteed rate of return: Because CDs typically have fixed rates for fixed terms, you know up front how much interest you will earn.

• Security: Like other types of savings accounts, CDs are insured by either the FDIC or NCUA.

• Convenience: It’s fairly easy to open a CD, since most banks and credit unions offer them.

There are also some disadvantages of CDs that you’ll want to bear in mind.

• Relatively low returns: While CDs tend to earn more than a regular savings account, investing in stocks and bonds can be a better option if you’re looking to maximize your returns over the long term (though, unlike CDs, returns are not guaranteed).

• Rates won’t go up: Because CDs come with fixed interest rates, the APY won’t go up even if market rates rise during the term of your CD (unless you open a bump-up CD).

• No liquidity: Unlike other types of savings accounts, you can’t withdraw funds as needed. To benefit from a CD, you must wait until the CD term ends before you access your cash.

• Withdrawal penalties: If you end up needing the money before the CD matures, you will likely incur an early withdrawal penalty.

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When Should I Consider a Money Market Account or CD Over the Other?

MMAs and CDs have different requirements and benefits, and which one will serve you best will depend on your needs and preferences.

Choosing a Money Market Account Over a CD

A money market account may be a better choice than a CD if:

• You want the option to add and withdraw money regularly. You can save money over time with a money market account. You can also withdraw the money at any time, though you may be subject to some restrictions.

• You’re building an emergency fund. A money market account can be a good place to stash your emergency fund. You can likely maintain the minimum balance requirement and can benefit from the extra interest. Should you need the money, however, you can get it right away.

• You’re saving for a large purchase. If you’re saving for a big ticket item like a car, a money market account will allow you to write a check from the account when you’ve reached your goal and it comes time to use those funds.

Choosing a CD Over a Money Market Account

A CD may be a better fit than a money market account if:

• You have a longer-term savings goal. If you don’t need to use the money for a year or two, you may benefit from the higher returns offered by CD.

• You want to make sure you don’t touch the money. If you’re setting aside money for a specific future expense, like a wedding or vacation, a CD helps insure you won’t impulsively spend it on something else.

• You want some growth without risk. Unlike money invested in the market, the money you put into a CD is insured (up to certain limits) and the rate of return is guaranteed.

Recommended: How to Save Money: 33 Easy Ways

The Takeaway

Both money market accounts and CDs offer safe ways to earn more interest on your savings than you could in a traditional savings account. While money market accounts offer more flexibility and liquidity than CDs, CDs tend to offer higher APYs.

If you won’t need the money for a set period of time (say, six months to three years), and can find a good rate on a CD, you might be better off going with a CD over an MMA. If you may need to tap the funds at some point (but you’re not sure when), an MMA allows you to earn a higher-than-average interest rate while keeping the money liquid, with the added benefit of offering checks or a debit card.

Before choosing any type of savings account, however, it generally pays to shop around and compare current APYs. You may find another savings vehicle, such as a high-yield savings account, that offers the returns you want with minimal requirement, restrictions, or fees.

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

Are CDs or money markets better?

If you don’t need to access your funds for a while, a CD could be a better fit. CDs tend to offer higher interest rates than money market accounts, and the interest rate is fixed which makes the return predictable. Conversely, if you might need to draw on the funds in the near-term, an MMA may be a better route.

What are the tax implications of money market accounts vs. CDs?

With both certificates of deposit (CDs) and money market accounts (MMAs), the interest you earn is considered taxable income. You will receive a Form 1099-INT from your bank at the end of the year, which you must report on your tax return.

The Interest from CDs is typically taxed in the year it is earned, even if you don’t withdraw it until the CD matures. This means you might owe taxes on interest even if you haven’t received it yet. Interest on MMAs, however, is usually credited monthly and taxed in the year it is credited.

What are other options besides money market accounts and CDs?

Money market accounts and certificates of deposit (CDs) offer a low-risk way to earn a solid interest rate on your money. But they aren’t your only option. Here are some alternatives:

• High-yield savings accounts. These accounts offer higher interest rates than traditional savings accounts and provide easy access to your funds with no fixed terms.

• Treasury Securities. U.S. Treasury bills, notes, and bonds are government-backed securities that can offer competitive returns. They vary in term length and interest rate and are considered very safe investments.

• Bond Funds. These mutual funds invest in a diversified portfolio of bonds, offering potentially higher returns than money market accounts and CDs, though they come with higher risk.

Photo credit: iStock/Vanessa Nunes

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.

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.

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.

SOBK-Q224-1885727-V1

Source: sofi.com

Apache is functioning normally

June 5, 2024 by Brett Tams

Inside: Learn how to save 5000 in a year by following this step-by-step guide. You’ll be able to save money for your goals – retirement, vacation, or emergencies.

I started my $5,000 Savings Challenge on February 16th and haven’t missed a day since. I’ve already saved over $3,500 so far – can you beat that?

A savings challenge is just like any other contest or competition that is designed to get people motivated into saving more than what they normally would.

It works by setting short-term goals for yourself (such as opening one additional account per month), rewarding your progress with some kind of prize at the end (in this case, a $5,000 gift card), and tracking your progress with some kind of tool.

The average person spends $1,000 per year on fast food. If you can save that money by eating out less, you could put it towards your retirement fund or any other savings goal.

There is always a reason not to save money, but once you prove to yourself you can save money, that is a gamechanger.

In this post, find out how this $5000 saving challenge works as well as tips for setting goals that will work best for you.

Why Save $5000 in a Year

One of the most common questions I get is “How do you save so much money in a year?”. The number one reason people don’t save is that they think it’s impossible. The truth is, anything in life worth doing takes time and energy to achieve.

Typically when people think about saving money they think of it as a one-time event that would only save them $50-$100, which is not worth the time or effort.

But when you think about saving money as making a small change to your daily life that will lead to long-term savings, it’s a lot less intimidating.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Reasons to Save $5000 a Year:

I saved 5000 dollars in a year when I started to realize I was spending my money in ways that were frivolous and did not align with my long-term financial goals.

You can do the $5k saving challenge too!

You can fund any of the following by saving 5 grand a year:

You cannot afford to start saving now.

If you want to save more, then start looking at your saving percentage!

How to Save 5000 in a Year

This is how to save $5,000 in a year.

Saving $5,000 in a year is no small feat.

But if you’re feeling excited about what that could do for your future with just this one investment of time and money, you’re not alone.

No matter what your financial goals are, saving $5k in a year will help get you there faster and with less stress.

That’s why we are challenging you to the $5,000 savings challenge.

We want to help you save more and build your financial future.

1. Save a Flat Amount

Each month or week you will need to save the same amount.

This is the easiest way to save $5,000 in one year is by saving the same amount (e.g., $416.67) each month for 12 months.

If you are saving on a weekly basis, you will be saving $96.15 a week.

If you are saving on a bi-weekly basis, you will be saving $192.31 a week.

Monthly Amount Saved = $417
Semi-Monthly Amount Saved = $209
Weekly Amount Saved = $97
Bi-Weekly Amount Saved = $193

Knowing these amounts helps you to deduct these amounts straight from your paycheck into your saving account for the $5k savings challenge.

This is a great challenge for those who make 5000 a month.

2. Start Small and Save More

With this method, you will start saving a smaller amount of money and grow to save more each month.

By starting to save smaller amounts of money, you can find ways to become more frugal as you continue with the challenge. Also, this works well if you plan to make more money throughout the year.

You start by saving $120 and add an additional $50 to the previous month’s total.

Month 1 = $150
Month 2 = $200
Month 3 = $250
Month 4 = $300
Month 5 = $350
Month 6 = $400
Month 7 = $450
Month 8 = $500
Month 9 = $550
Month 10 = $600
Month 11 = $650
Month 12 = $700

At the end of one year, you will save $5,100!

The downfall to this challenge is things get more difficult. Thus, making you more likely to give up.

3. Start Big and Save Less

This will give you a buffer if something happens in your life.

You save more money upfront and then taper how much you save each month or week.

This method is preferable especially if you start with a no spend challenge.

You start by saving $600 and deduct $33 from the previous month’s total.

Month 1 = $600
Month 2 = $567
Month 3 = $534
Month 4 = $501
Month 5 = $468
Month 6 = $435
Month 7 = $402
Month 8 = $369
Month 9 = $336
Month 10 = $303
Month 11 = $270
Month 12 = $237

At the end of one year, you will save $5,022!

The upside to this challenge is you get the majority of saving completed in the first part of the year. Thus, you get a jump start on seeing progress and sticking to habits.

Savings Challenge Tracker

A savings challenge tracker is a tool that helps people with saving money.

It offers an interface to track various savings goals, such as retirement, education, and emergency funds.

These goals are set by the individual and can be changed at any time. The tool also offers a goal calculator, which allows users to predict how much they will need to save in order to meet a certain goal.

This is why you need a savings challenge tracker.

10 Simple Ways to Save $5,000

There are many ways to save $5,000 in a year. With the right strategies and preparation, it is possible to reach your goal even if you’re not financially well-off.

Here are tips and practical ways to cut expenses to help you save $5000 money.

1. Track your Spending

The first step to saving $5,000 is to track your spending.

When you do this, it will help you see where you could be wasting money and identify areas that need improvement.

Also, we highly recommend recording daily expenses so that there isn’t any confusion at the end of the month. Also, this helps identify areas where you are wasting money and adjust your spending accordingly.

2. Reduce your Cell Phone Bill

Switching to a discounted carrier can save hundreds of dollars. If you switch from one of the leading carriers to a discount carrier, you could potentially save $840 per year.

3. Save Money on Food

The most obvious way to save money is by using your credit or debit card to analyze your spending. Add up your food spending for the past three months.

If you are not careful, you could spend a lot of money on food without realizing it.

There are several ways to reduce the amount of food you spend including being more conscious of what you spend at restaurants.

To save money on food, I recommend shopping at discount grocery stores like Aldi or sales at your local stores. By shopping less often, you will not be tempted to spend more money.

Meal planning is another great way to save money by buying only what you need and planning your meals ahead of time so that you don’t overbuy.

4. Use Cash Back Apps

One of my favorite ways to save money is to take advantage of cash back apps.

There are many different websites and apps that allow you to earn cash back on purchases.

There are 3-personal favorites:

Rakuten
Ebates
Ibotta

5. Credit Card Rewards or Signup Bonuses

There are many ways to save a lot of money in a year. Credit card offers can earn you anywhere from $100 to $500 as a one-time bonus. and if you use them responsibly, this can add up over the year. This is also known as credit card hacking.

Cash Back rewards are a great way to save money. Credit card offers can range from 2% – 5% of cash back, but it will take some work on your end to make sure you categories match up to your highest spending areas.

6. Get Cheaper Insurance

If you have a lot of insurance, it’s possible that you could save money by moving to a different company or making some adjustments to your policies.

It’s easy to get quotes from multiple insurance companies.

There are lists of the best home insurers and best auto insurers when you’re ready to start your shopping.

7. Find Free or Cheap Things to Do

Fun things with friends and family are a great use of your time, but there are ways to cut back on entertainment expenses without sacrificing fun.

Things like going to the movies, sporting events, concerts, as well as trips to the bar or meals out with friends can really add up fast. So, here is a list of 101+ things to do with no money.

8. Set Limits on Fun Spending

Give yourself a hard limit on how much you can spend on entertainment

You must set limits on how much you spend each day, weekly, or monthly.

This may include how often you shop. Shopping is fun, but it’s also costly and time-consuming if you do it often.

9. Watch Out for Small Purchases

When each purchase feels so small, it’s hard to believe how quickly it all adds up.

those $10 or $20 purchases over the course of the year will add up quickly to the tune of $100-4000 a year!

Wait 24 hours to make sure you still want the item.

10. Find Side Hustles to Make Money

There are so many ways to make extra money that will speed up your savings.

Here are some ideas that will have you saving $5k in a year:

Flea Market Flipping: Buying and re-selling items for higher prices
Freelance Writer: There are many different types of services that can be offered as a freelancer.
Pet sitting and dog walking: Simple side hustle for extra cash
Freelancer: Graphic design, web design, web development, photography, and social media marketing specialists are always needed.
Drive for DoorDash: a flexible way to make money
Take online surveys
Learn to Invest in the Stock Market: This one should not scare you away. By investing, you are able to grow your money with passive income. This is a skill we all need.

Related Reading: 21+ Genius Ways on How to Make Money Fast

More Ways to Save Money:

Dump your cell phone plan
Cancel those gym memberships
Stop subscribing to Netflix or Hulu
Cut back on groceries by buying in bulk at Costco
Shop on Amazon for clothing and other goods (just beware of daily deliveries)
Stop paying for cable
Rent instead of buying an expensive TV
Get rid of your car
Switch to a low-cost airline
Stop buying expensive coffee

Once you’ve done all of these things, you will be impressed with how you save your money. You’ll have $5000 in just one year!

How to Save $5000 in a Year Chart:

The saving money chart shows the average amount of money that can be saved in a year by making small changes to your spending habits.

It is important to note that this figure is an average and not a goal.

It is important to set realistic financial goals and to track your progress in order to really achieve the savings you want.

Here are two how-to save $5000 in a year printable chart – one for monthly savings and another for weekly savings.

What can you do with $5,000 in Savings?

The $5,000 Savings Challenge can help you start saving more money than you thought was possible! You have to be ready to dedicate the resources and determination to make it happen.

Where are you at in your savings journey?

This $5000 saving challenge may or may not be right for you! And that is okay!

We have plenty of money saving challenges to help you succeed here on Money Bliss.

This challenge is for anyone who wants to save money and reach their savings goals.

It’s designed to help you start saving today with an easy plan.

Money Saving Challenge:

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

June 5, 2024 by Brett Tams

Maui is a popular Hawaiian vacation destination for a reason. The island boasts beautiful beaches, year-round warm weather, welcoming locals and a rich culture to learn about and experience during your trip. But it’s also a very expensive island to visit, with hotel rooms averaging more than $550 per night before taxes and fees in the first quarter of 2024, according to data from Hawaii Tourism Authority.

If you’re looking to book a Maui vacation without breaking your budget, below we dive into the best hotel on Maui to book with points, including the best hotels on Maui for families and for guests looking for a luxury stay.

Hyatt’s best hotels in Maui

Hyatt has a relatively small footprint on Maui, with only four hotels on the island: the Andaz Maui at Wailea Resort, Hana-Maui Resort, Hyatt Regency Maui Resort and Spa, and the Hyatt Vacation Club at Ka’anapali Beach. Still, these are great options to use Hyatt points.

Best overall Hyatt hotel on Maui: Andaz Maui at Wailea Resort

View from the balcony of an ocean view room at the Andaz Maui at Wailea Resort. (Photo courtesy of Josh Garber)

On 15 acres of beachfront in Wailea, the Andaz Maui at Wailea Resort is a beautifully designed luxury property.

The hotel features five pools (including an adult tranquility pool for guests 18 and older), a spa and four on-site restaurants. Be sure to check out the Feast at Mōkapu Lu’au, an oceanfront luau that takes place at the hotel on Tuesday, Thursday and Sunday nights.

Rooms at the Andaz Maui at Wailea Resort start at 35,000 Hyatt points per night.

Best Hyatt hotel for families: Hyatt Vacation Club at Ka’anapali Beach

For families visiting Maui and looking to use Hyatt points, the Hyatt Vacation Club at Ka’anapali Beach is your best bet. The Hyatt Vacation Club at Ka’anapali Beach has a number of family-friendly options, including a children’s area of the pool, a small in-hotel market where you can shop for snacks and sandwiches, and rooms with full kitchens.

Rooms at the Hyatt Vacation Club at Ka’anapali Beach start at 25,000 Hyatt points per night.

Cards for Hyatt points and perks

World of Hyatt Credit Card

on Chase’s website

World of Hyatt Business Credit Card

on Chase’s website

Annual fee

Welcome offer

Earn 30,000 Bonus Points after you spend $3,000 on purchases in your first 3 months from account opening. Plus, up to 30,000 More Bonus Points by earning 2 Bonus Points total per $1 spent in the first 6 months from account opening on purchases that normally earn 1 Bonus Point, on up to $15,000 spent.

60,000 Bonus Points after you spend $5,000 on purchases in your first 3 months from account opening.

Earn rates

• 4 points per $1 at Hyatt hotels and resorts.

• 2 points per $1 on dining, airline tickets purchased directly from the airline, gym memberships, and local transit and commuting.

• 1 point per $1 on all other eligible purchases.

• 4 points per $1 at Hyatt hotels and resorts.

• 2 points per $1 in your top three spend categories each quarter through Dec. 31, 2024, then your top two categories each quarter.

• 2 points per $1 on fitness club and gym memberships.

• 1 point per $1 on all other eligible purchases.

Benefits

• Earn one free night on each cardmember anniversary to redeem at any Category 1-4 World of Hyatt property.

• Earn five elite night credits when you get the card, and two additional elite night credits for every $5,000 spent.

• Earn one free night on each cardmember anniversary to redeem at any Category 1-4 World of Hyatt property.

• Earn up to a $100 Hyatt statement credit on your cardmember anniversary.

• World of Hyatt Discoverist status.

• Earn a rebate of 10% of points (up to 200,000 points) redeemed after reaching $50,000 in annual spend.

• Earn five elite night credits for every $10,000 spent.

Learn more

Marriott’s best hotels in Maui

Marriott has the largest hotel footprint on Maui, with 10 hotels throughout the island. Given all the options, here’s which Marriott Maui property to stay at if you’re booking with points.

Best Marriott hotel in Maui: The Westin Maui Resort & Spa, Ka’anapali

Ka’anapali Beach on Maui. (Photo courtesy of Josh Garber)

Located beachfront on Ka’anapali Beach on Maui, The Westin Maui Resort & Spa, Ka’anapali is a great hotel for couples, families and even solo travelers.

While you could easily spend your entire stay on the property (taking advantage of the pool, spa, restaurants and beach right in front of the hotel), the hotel is right next to Whalers Village, an outdoor shopping mall that includes local shops and restaurants, including Monkeypod, Hula Grill and Leilani’s on the Beach.

Rooms at The Westin Maui Resort & Spa, Ka’anapali start at 64,000 points per night.

Best Marriott hotel for a luxury experience: The Ritz-Carlton Maui, Kapalua

The Ritz-Carlton Maui, Kapalua is a 54-acre resort overlooking the Pacific Ocean with amenities that include two 18-hole championship golf courses, six distinctive restaurants and a spa with treatments inspired by ancient Hawaiian traditions.

Rooms at The Ritz-Carlton Maui, Kapalua start at 84,000 points per night.

Best Marriott hotel for families: The Westin Ka’anapali Ocean Resort Villas North

For family trips on Marriott points, check out The Westin Ka’anapali Ocean Resort Villas North.

All rooms at this hotel feature either a full kitchen or kitchenette, which can come in handy if you have hungry kids who just need a quick snack (or if you’d like to save money from dining out). The hotel also offers one- and two-bedroom villas, which can be a great option for families that would like a bit more space and privacy.

The hotel has a separate children’s pool and a cultural center for families wanting to learn more about local traditions and history.

Rooms at The Westin Ka’anapali Ocean Resort Villas North start at 70,000 points per night.

Cards for Marriott points and perks

Marriott Bonvoy Bold® Credit Card

on Chase’s website

Marriott Bonvoy Boundless® Credit Card

on Chase’s website

Marriott Bonvoy Bountiful™ Card

Marriott Bonvoy Brilliant® American Express® Card

Annual fee

Welcome offer

Earn 30,000 Bonus Points after spending $1,000 on purchases in your first 3 months from account opening with the Marriott Bonvoy Bold® Credit Card.

Earn 3 Free Night Awards (each night valued up to 50,000 points) after spending $3,000 on purchases in your first 3 months from account opening with the Marriott Bonvoy Boundless® Credit Card!

Earn 85,000 Bonus Points after you spend $4,000 in purchases in your first 3 months from your account opening.

Earn 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership. Terms Apply.

Earn rates

• 3 points per $1 at participating Marriott Bonvoy hotels.

• 2 points per $1 on other travel purchases (such as airfare, taxis and trains).

• 1 point per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 3 points per $1 on up to $6,000 a year in combined purchases on grocery stores, gas stations and dining.

• 2 points per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 4 points per $1 on up to $15,000 a year in combined purchases at grocery stores and on dining.

• 2 points per $1 on all other eligible purchases.

• 6 points per $1 at participating Marriott Bonvoy hotels.

• 3 points per $1 at restaurants worldwide and on flights booked directly with airlines.

• 2 points per $1 on all other eligible purchases.

Terms apply.

Benefits

• 15 Elite Night Credits annually, qualifying you for Silver Elite Status

• Free Night Award (valued up to 35,000 points) every year after account anniversary.

• 15 Elite Night Credits annually, qualifying you for Silver Elite status, plus path to Gold Status when you spend $35,000 on purchases each calendar year.

• 1 Elite Night Credit toward Elite Status for every $5,000 you spend.

• Free Night Award (valued up to 50,000 points) after spending $15,000 in a calendar year.

• Gold Elite status, plus 15 Elite Night credits each year toward Platinum Elite status.

• 1,000 points per paid eligible stay booked directly with Marriott Bonvoy at participating properties. Terms apply.

• Free Night Award (valued up to 85,000 points) every year after your account renewal month.

• Platinum Elite Status and 25 Elite Night credits per year.

• Fee credit for either Global Entry or TSA Precheck.

• Priority Pass Select lounge membership (enrollment required).

• Up to $300 in statement credits per calendar year (up to $25 per month) for eligible purchases at restaurants worldwide.

• Terms apply.

Learn more

Hilton’s best hotels in Maui

Similar to Hyatt, Hilton also has a small footprint on Maui with only four hotels (although Hilton is opening a fifth hotel in June 2025).

If you’re looking to book a Hilton hotel with points on Maui, the Grand Wailea, a Waldorf Astoria Resort has the honor of not only being the best overall hotel to book on Maui with points, but also being the best luxury hotel and family hotel.

Best overall Hilton points on Maui: Grand Wailea, a Waldorf Astoria Resort

Palm trees and green grass at the Grand Wailea, a Waldorf Astoria Resort. (Photo courtesy of Josh Garber)

The Grand Wailea, a Waldorf Astoria Resort is a massive property, sitting on 40 acres with 844 rooms (of which 57 are suites and 50 are villas) that range in size from 640 square feet to 1,300 square feet. The hotel is perhaps best known for its Wailea Canyon Activity Pool, which is actually a collection of nine pools spanning 25,700 square feet that are connected by waterslides and a lazy river.

The Wailea Canyon Activity Pool is enough to make the Grand Wailea, a Waldorf Astoria Resort the best resort for families (and arguably the best hotel for families on the entire island of Maui).

Not only does the pool feature a lazy river and waterslides connecting the nine pools mentioned earlier, but it also features a Tarzan pool with rope swing, six waterfalls, caves, a sand “baby” beach and a swim-up bar for parents who need some time away from the kids. If you or your kids are more adventurous, you can enjoy the Lava Tube Slide, a three-story waterslide with 360-degree turns where you can reach speeds as fast as 22 miles per hour.

The hotel also offers a Grand Passport for kids. During check-in, children are given a passport that maps and lists all educational and cultural activities on the island to keep them engaged during their stay.

After a day at the pool, be sure to make reservations for dinner at Humuhumunukunukuāpuaʻa, the hotel’s signature beachfront restaurant that specializes in seafood.

Rooms at the Grand Wailea, a Waldorf Astoria Resort start at 110,000 Hilton points per night.

While Hilton does have another luxury option on Maui, Ho’olei Villas at Grand Wailea, rooms at that hotel will set you back around 574,000 points per night. Given that you can stay at the Grand Wailea for 110,000 points per night, the Grand Wailea wins as the best Hilton points hotel on Maui for a luxury experience.

Cards for Hilton points and perks

Hilton Honors American Express Surpass® Card

The Hilton Honors American Express Business Card

The Platinum Card® from American Express

The Business Platinum Card® from American Express

Annual fee

Welcome offer

Earn 130,000 Hilton Honors Bonus Points plus a Free Night Reward after you spend $3,000 in purchases on the Hilton Honors American Express Surpass® Card in the first 6 months of Card Membership. Offer Ends 7/31/2024. Terms apply.

Earn 175,000 Hilton Honors Bonus Points after you spend $8,000 in purchases on the Hilton Honors Business Card within the first six months of Card Membership. Offer Ends 6/5. Terms Apply.

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership. Terms Apply.

Earn rates

• 12 points per $1 on eligible purchases with a hotel or resort within the Hilton portfolio.

• 6 points per $1 at U.S. restaurants, U.S. supermarkets and U.S. gas stations.

• 4 points per $1 on U.S. online retail purchases.

• 3 points per $1 on all other eligible purchases.

Terms apply.

• 12 points per $1 on eligible purchases with a hotel or resort within the Hilton portfolio.

• 5 points per $1 on other purchases made using the Hilton Honors Business Card on the first $100,000 in purchases each calendar year, 3 points per $1 thereafter.

Terms apply.

• 5 points per $1 on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.

• 5 points per $1 on prepaid hotels booked with American Express Travel.

• 1 point per $1 on other eligible purchases.

Terms apply.

• 5 points per $1 on flights and prepaid hotels booked American Express Travel.

• 1.5 points per $1 in key business categories and eligible purchases of $5,000 or more (on up to $2,000,000 in purchases per year).

• 1 point per $1 on other eligible purchases.

Terms apply.

Benefits

• Hilton Honors™ Gold Status, which gives you an 80% points bonus, as well as complimentary breakfasts at select hotels and room upgrades at select properties where available.

• Path to Diamond status. Get an upgrade to Diamond if you spend $40,000 or more on the card in a calendar year.

• $200 annual statement credit for eligible Hilton purchases on your card (doled out in $50 statement credits per quarter).

• Potential free night. Earn a weekend night reward after you spend $15,000 on purchases on your card in a calendar year.

Terms apply.

• Hilton Honors™ Gold Status, which gives you an 80% points bonus, as well as complimentary breakfasts at select hotels and room upgrades at select properties where available.

• Path to Diamond status. Get an upgrade to Diamond if you spend $40,000 or more on the card in a calendar year.

• Potential free nights. Earn a free night reward after you spend $15,000 on purchases on your card in a calendar year and a second when you spend an additional $45,000 in the same calendar year ($60,000 total).

• Airport lounge access. Ten complimentary Priority Pass visits each year. Enrollment is required.

Terms apply.

• Access to more than 1,400 airport lounges worldwide, including AmEx’s own Centurion Lounges and Delta Sky Clubs (when flying Delta).

• Credit for the application fee for TSA PreCheck or Global Entry.

• Hundreds of dollars a year in credits for travel, shopping and entertainment. These include up to $200 a year for incidental fees on an airline you choose, up to $240 for digital entertainment from select providers, and up to $200 a year for Uber. Enrollment required. See terms for details.

Terms apply.

• Get 35% of your Membership Rewards points back when you redeem points for an eligible first or business class flight on any airline, or a flight in any cabin of travel on an airline you choose (up to 500,000 points per year).

• Access to more than 1,400 airport lounges worldwide, including AmEx’s own Centurion Lounges and Delta Sky Clubs (when flying Delta).

• Credit for the application fee for TSA PreCheck or Global Entry.

• Up to $1,000 a year in credits for various business expenses and travel. These include $400 a year for U.S. Dell purchases, $200 a year for incidental fees on an airline you choose, $120 for a U.S. wireless credit, and more. See terms for details.

Terms apply.

Learn more

Final thoughts on the best hotels on Maui to book with points

Hyatt, Marriott and Hilton all have great options for guests looking to stay at a hotel on Maui using points. Some of our favorite points properties on Maui include the Hyatt’s Andaz Maui at Wailea Resort, Marriott’s The Westin Maui Resort & Spa, Ka’anapali and Hilton’s Grand Wailea, a Waldorf Astoria Resort.

To view rates and fees of The Business Platinum Card® from American Express, see this page.

To view rates and fees of The Platinum Card® from American Express, see this page.

To view rates and fees of the Hilton Honors American Express Surpass® Card, see this page.

To view rates and fees of The Hilton Honors American Express Business Card, see this page.

To view rates and fees of the Marriott Bonvoy Brilliant® American Express® Card, see this page.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

June 4, 2024 by Brett Tams

In 2007, IHG decided to give the Holiday Inn brand a makeover, elevating its standards to a level that the customer of today wants. It is spending more than $1 billion to invest in the product, which includes overhauling every single Holiday Inn around the world — a process that is still ongoing.

The result aims to make the Holiday Inn brand appeal to a new generation of travelers, with special attention given to creating a more uniform experience across both new and existing properties.

The Holiday Inn dates back to 1952 and started as a pioneer in hotel services, offering new conveniences like free parking, free stays for children, swimming pools, and extra amenities like cribs and telephones. Today, these are all expected perks, so how can the new Holiday Inn stand out from the pack?

How to know if a Holiday Inn is renovated to new standards

If you’re staying in a renovated hotel with the new Holiday Inn experience, you can expect more open spaces, new open restaurant and bar concepts, adaptable meeting space and more modern accommodations.

The new open lobby combines the restaurant, bar and hotel concierge with more coworking space to create a lounge environment where people can gather outside of their room.

These updates are in line with what other hotels in the midscale/mid-tier, full-service category are doing.

Features in the new-concept guest rooms include:

A welcome nook with space for keys, a hook for coats and a charging port. The brand describes this as what many people may have in their own home’s entryway.
Moveable desks and the ability to work with a laptop or other device in many areas of the room rather than just at a single desk.
Upgraded bedding.
Blackout shades.
Upgraded shower facilities.

True to its origins, kids 11 and under still eat free in Holiday Inn restaurants, assuming an accompanying adult pays for a meal.

According to IHG, 50% of its hotels in the U.S. will be renovated by 2025 — with its first new-build prototype opening early next year as well.

In Europe, the majority of Holiday Inn hotels have completed the new open-lobby renovations. Another new amenity for European Holiday Inn hotels is a to-go coffee station, featuring Starbucks.

Push aside any previous thoughts you had about the brand. IHG’s efforts are meant to upgrade the brand to be full-service offerings that cater to a variety of travelers, not just families, roadside overnights or business travelers. While Holiday Inns may not be the most expensive in each destination, they are not meant to be a budget offering.

5 redesigned Holiday Inns worth a visit

1. Holiday Inn Resort Aruba-Beach Resort & Casino

(Photo courtesy of IHG)

The Holiday Inn Resort Aruba-Beach Resort & Casino now offers guests three pools, whirlpools, a spa, five restaurants and bars (including one on the beach), and a casino.

With nearly 600 rooms directly on Palm Beach, this property has been welcoming guests. It is one of 45 open Holiday Inn Resorts and nearly three dozen Holiday Inn Vacation Club properties around the world.

2. Holiday Inn Singapore Little India

(Photo courtesy of IHG)

In one of the city’s heritage districts, this 20-story hotel benefits from recent renovations and showcases the new open-plan lobby lounge design.

Business travelers appreciate its convenience to the Central Business District while leisure travelers will enjoy the pool and easy walking distance to dining and shops, many with Indian heritage.

3. Holiday Inn Paris – Gare de Lyon Bastille

(Photo courtesy of IHG)

This Holiday Inn could not be more Parisian with its belle époque facade (“beautiful age”), fitting right into the neighborhood.

It showcases the latest brand design with renovated guest rooms and an open-plan lobby. Want to get around the city by metro?

As its name suggests, the Gare de Lyon train station, a major hub for metro and express trains (RER), is just a short walk from the front door.

4. Holiday Inn Belfast City Centre

(Photo courtesy of IHG)

The Holiday Inn Belfast City Centre is well-positioned for touristic pursuits around Northern Ireland’s capital city. The property is close to public transportation options as well as the city’s entertainment and shopping districts.

Fans of “Game of Thrones” and Titanic history can earn IHG One Rewards points while visiting top attractions.

5. Holiday Inn Resort Orlando Lake Buena Vista

(Photo courtesy of IHG)

Just one mile from Walt Disney World Resort, this renovated resort has pools, whirlpools, an arcade, a splash pad and poolside activities like dive-in movies and ping pong.

Like other Holiday Inns around the world, kids eat free when their parents order a meal, which can be a budget-friendly move when paying for expensive theme park tickets.

How to earn elite status with IHG One Rewards

Cards with IHG elite status perks

IHG One Rewards Traveler Credit Card

on Chase’s website

IHG One Rewards Premier Credit Card

on Chase’s website

IHG One Rewards Premier Business Credit Card

on Chase’s website

Annual fee

Elite status perks

Includes automatic Silver Elite status.

Includes automatic Platinum Elite status.

Welcome offer

Earn 80,000 bonus points after spending $2,000 on purchases within the first 3 months of account opening.

Earn 140,000 Bonus Points after spending $3,000 on purchases in the first 3 months from account opening.

Earn 140,000 Bonus Points after spending $4,000 on purchases in the first 3 months from account opening.

Learn more

With elite status, you can earn bonus points during your stay (the number increases as your status moves up the chain) as well as other perks like room upgrades and late checkout.

Holiday Inn is not the same brand you may remember

With a $1 billion brand refresh that is making its way to Holiday Inns around the world, guests will find new lobby and guest room concepts, plus more food and beverage options than before.

As IHG repositions the brand to focus on full-service at a mid-tier price point, guests stand to benefit from the changes.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

June 4, 2024 by Brett Tams

Your credit score is one of your most valuable assets, and it’s important to take action if you notice that yours is dropping. Many credit card issuers now offer customers free credit monitoring, and there are other ways to check your credit score without paying.

Let’s dive in.

Reasons Why Your Credit Score Can Drop

There are several factors that affect your credit score. Here’s a look at some common scenarios:

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*

Late or Missing Payments

When it comes to determining your FICO score — a type of credit scoring model used in 90% of lending decisions in the U.S. — your payment history matters. A lot. It’s the largest factor in FICO’s credit scoring formula. Missed or late payments can cause your score to drop by as much as 180 points and could remain on your credit reports for up to seven years. Signing up for autopay is one way to help ensure your bills are paid on time.

Credit Utilization Increased

Credit utilization refers to how much of your credit you’re using, and it can indicate to potential lenders how well you manage your finances. It’s also the second-largest factor in your FICO credit score. The general rule of thumb is not to use more than 30% of the credit available to you. If your credit utilization rate is higher than that, you may see a drop in your credit score.

If you need help keeping tabs on where your money is going, consider using online tools like a money tracker. Besides monitoring spending, it can also provide insights on your finances.

Recent Application for a Mortgage, Loan, or Credit Card

Applications for new credit may only make up 10% of your FICO credit score, but that can still have an impact. That’s because lenders often pull a hard inquiry when you apply for credit, which may cause your score to fall slightly. The good news is, the dip is usually temporary.

A Credit Limit Decreased

If your credit limit decreases, that means you have less available credit. And this can cause your credit utilization rate — or debt-to-credit ratio — to increase. Why does that matter? Your credit utilization rate is one of the factors lenders consider when you apply for credit. In general, lenders consider a debt-to-credit ratio of 30% or below as “excellent.”

You Closed a Credit Card

You may want to think twice before closing a credit card, especially if it’s one you’ve had in good standing for a while. When you close a credit card, your total credit line decreases and your debt-to-credit ratio may increase. This could temporarily lower your credit score.

Inaccurate Information on Your Credit Report

Need another reason to routinely keep a close eye on your credit report? Having inaccurate information — say, defaults on loans you don’t have — could potentially hurt your credit. If you spot a credit report error, be sure to dispute it (more on that below).

Recommended: Does Checking Your Credit Score Lower Your Rating?

Major Event Such as Foreclosure or Bankruptcy

Having your home foreclosed or filing for bankruptcy are major issues that have the potential to damage your credit score for several years. For instance, Chapter 13 bankruptcy stays on your credit report for seven years, while Chapter 7 bankruptcy stays on for 10 years. Meanwhile, a foreclosure remains on your report for seven years.

Check Your Credit Report

If you’ve noticed a significant drop in your credit score, it’s worth looking over your credit report. Typically, your credit report updates every 30 to 45 days and includes key information about your credit history such as:

• Your history of on-time and delinquent payments

• How often you’ve applied for credit

• How many accounts you have open and closed

• Any accounts that are in collections

Every 12 months, you can get a free copy of your credit report from each of the three major credit reporting companies at AnnualCreditReport.com. Be sure to carefully review reports from all three companies, as there may be some differences between what’s reported with Transunion vs. Equifax vs. Experian.

Another option? Signing up for credit score monitoring, which can offer score updates and financial insights.

Dispute Credit Report Information You Believe to Be Incorrect

If you find information on your credit report that’s not accurate, you have the right to dispute it. And the good news is, doing so won’t negatively affect your credit score.

To get the ball rolling on resolving errors, you’ll need to file a formal dispute with the credit reporting company. You can contact them online or by mail or phone. The Consumer Financial Protection Bureau (CFPB) also offers helpful tips on how to file a dispute .

Take Actions to Build Your Credit

Is your credit score not where you want it to be? There are things you can do to help improve it.

One helpful step to take is to pay all of your bills when they’re due, as consistent, on-time payments can significantly raise your credit score over time. Automating your finances is one way to help ensure you don’t miss a due date. It’s also a good idea to focus on catching up past-due accounts so they’re current.

Another step to consider is to limit your credit utilization ratio so your credit balances aren’t too high in relation to your credit limit. You can explore setting up balance alerts that alert you when you’re nearing the recommended 30% credit utilization ratio. You may also want to consider paying your credit card bill more frequently, say, twice a month instead of once a month.

A third strategy is to pay off what you owe. Having a debt repayment plan in place can help, and there are several approaches to consider. Two common ones are the snowball method (where you pay off debts in order from the smallest balance to the largest) and the avalanche method (where you pay off accounts in order from the highest interest rate to the lowest).

What Is a Good or Bad Credit Score?

FICO credit scores run the gamut from 300 to 850, so where does a “good” credit score fall? While there’s no one magic number, most lenders consider scores between 670 and 739 “good.” If your FICO score is between 740 to 799, it’s classified as “very good”; 800 and higher is “exceptional.”

What about scores below 670? If yours falls in the 580 to 669 range, it’s considered “fair.” That means it’s below the average score of consumers, though you may not have issues getting a lender to approve you for a loan. A score of 580 or less is considered “poor,” and could signal to lenders that you’re a risky borrower.

Credit Score Tips

Since paying your bills on time factors heavily into your credit score, you should take steps toward preventing late payments. One good way to do that is to enable auto-pay on your credit cards and other loans.

You can also reduce your credit utilization by trying to minimize the outstanding balances reported to the credit bureaus. For example, if you make payments just before your statement closing date, the lower balance is reported, which reduces your credit utilization.

The Takeaway

Your credit score is invaluable. Lenders use it as they review your applications for credit, as do landlords, prospective employers, and utility providers. So it’s crucial to keep track of your credit score and take action when it falls.

If your score takes a noticeable dip, the first step is to find out why your credit score fell. This may involve carefully checking your credit reports and disputing errors with the credit reporting company. Next, it’s a good idea to take steps to improve your score, which can include paying bills on time, paying off debt, and limiting your credit utilization ratio.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

SoFi helps you stay on top of your finances.

FAQ

Should I be worried if my credit score dropped?

Changes in a credit score are normal. That said, if yours dropped significantly, and you don’t know why, then you should consider reviewing your credit report and disputing any inaccuracies. However, if the drop is small and expected, then there’s no reason for concern. For example, if you applied for a new credit card, you might see your credit score temporarily drop a bit.

How long does it take to recover from credit score drop?

It all depends on the size of the drop and the cause. If you have higher credit utilization, for instance, your score will likely recover when your utilization ratio drops. But if you have a record of delinquent payments or a default, it can take much longer to recover. And with major events, such as bankruptcy or foreclosure, it may take many years until your credit score fully recovers.

Why is my credit score going down when I pay my bills on time?

While your payment history is the most important factor in your credit score, it’s not the only one. If you are paying your bills on time, your credit score could still drop if your credit utilization is increasing or you have a short credit history.

Photo credit: iStock/Pekic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

SORL-Q224-1839758_V1

Source: sofi.com

Apache is functioning normally

June 3, 2024 by Brett Tams

An ACH routing number is a nine-digit code that identifies a financial institution during an electronic financial transaction. It ensures that money transferred using the ACH (Automated Clearing House) network is taken from and sent to the right place. ACH transfers are usually faster than paper checks and are used for various transactions like autopay and direct deposits.

Since ACH routing numbers play a vital role in everyday banking, let’s take a closer look.

What Is an ACH Routing Number?

An ACH routing number is essentially a digital address for your bank. It’s used specifically for transfers made using the Automated Clearing House (ACH) network, a system that facilitates electronic payments and direct deposits between financial institutions in the U.S.

Smaller banks and credit unions may have only one ACH routing number, while big banks may use several different ACH routing numbers based on region.

You’ll need your bank’s ACH routing number for a number of financial transactions. This includes setting up direct deposit at work, getting a tax refund directly deposited into your bank account, authorizing a one-time online payment, setting up autopay, and using a P2P payment app.

To set up an ACH transaction, you also need to provide your account number, which (unlike an ACH number) is unique to you. Your account number identifies the specific account, such as a traditional or online checking account, within the bank you want to use for the ACH credit or debit.

How Do I Find My ACH Routing Number?

Let’s say you want to sign up to pay your homeowner’s insurance automatically every month or you need to enroll in a P2P app to send someone money. To find your bank’s ACH routing number, you have a few options.

Using Your Checkbook

If you have paper checks, you can find your routing number by looking at the string of numbers printed along the bottom of a check. Your bank’s routing number is the first set of nine digits on the bottom left. It is usually followed by your account number and then the check number.

Using Your Online or Mobile Bank Account

Another way to get your ACH routing number is to go to your bank’s website and sign into your account. Methods vary by bank but, typically, here’s how you do it: Click on the last four digits of your account number (which appears above your account information) and choose “see full account number” next to your account name. A box will then open to display your bank account number and routing number.

You can also find your ACH routing number by signing into your bank’s mobile app. Typically, you just need to choose your account title and then tap “show details,” and your bank account and routing number will appear.

Using the Internet

If you don’t have access to online banking, you can also find your ACH routing number by going to your bank’s official website. You can then use the search function to look for “ACH routing number” or check the “Help” or “FAQ” sections.

Another option is to do a simple internet search. Put “ACH number” and the name of your bank into a search engine and you should be able to find it. Keep in mind that some large banks may have multiple regional ACH numbers. You want to make sure you are getting the one associated with your location.

Contacting Customer Service

If you can’t get online, you can always contact your bank’s customer service department by phone. They can provide you with the correct ACH routing number.

What Are ACH Routing Numbers Used For?

ACH routing numbers serve several essential functions in the banking system. Here are some of the main uses for ACH routing numbers:

• Direct deposit Employers use ACH routing numbers to deposit salaries directly into employees’ bank accounts. This method is fast, secure, and convenient for both employers and employees.

• Bill payments Many people use ACH routing numbers to pay bills electronically. This includes payments for utilities, mortgages, and other recurring expenses.

• Tax refunds The IRS and state tax agencies use ACH routing numbers to deposit tax refunds directly into taxpayers’ bank accounts.

• Transfers between accounts ACH routing numbers are used to transfer money between different bank accounts, whether within the same bank or between different banks. This is common for personal transactions, such as moving funds from a checking account to a savings account.

ACH vs ABA Routing Numbers: The Differences

An ABA (American Bankers Association) routing number is similar to an ACH routing number in that it identifies your bank. However, these numbers are used in different contexts.

ACH routing numbers are specifically used for electronic transactions processed through the Automated Clearing House network. This includes direct deposits, bill payments, and other electronic funds transfers. ABA routing numbers (also known as check routing numbers) are used for processing paper checks and for wire transfers. ABA and ACH simply refer to the method in which the money is moved.

These days, the same nine-digit number can serve as both an ACH routing number and an ABA routing number, which means that the ABA and ACH routing number for your bank is likely the same. If that’s the case, your bank will simply refer to its ABA/ACH routing number simply as its “routing number.”

Some banks, however, may provide separate ACH numbers (for electronic transfers) and ABA numbers (for checks and wire transfers).

ACH vs ABA Routing Numbers: History

ABA numbers were created in 1910 by the American Bankers Association (ABA) to help facilitate the sorting, bundling, and shipping of paper checks. They are still used for the processing of paper checks (and also for wire transfers).

More than a half century later, in the late 1960s, a group of California banks banded together to find a speedier alternative to check payments. They launched the first ACH in the U.S. in 1972; that was a key milestone in the evolution of electronic banking.

ACH vs ABA Routing Number: Numerical Differences

In the past, ABA and ACH numbers were slightly different, specifically the first two digits. Today, though, they are typically identical. Your bank’s ABA routing number and ACH routing number are likely to be one and the same. The reason is that both ABA and ACH numbers are used for the same purpose — transferring funds to the correct destination.

The Takeaway

An ACH routing number is a nine-digit code that identifies a bank during an electronic financial transaction. The ACH system has been used for decades and makes life easier by keeping transactions quick and secure. While ACH numbers used to be different from ABA routing codes, today these two numbers are typically the same.

Whether you are setting up direct deposits, paying bills, or transferring money between accounts, it’s essential to know your bank’s ACH routing number. You can find it by looking at your checks, logging into your account, or doing a simple online search. It’s that easy.

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 the routing number different for ACH and wire transfers?

In some cases, the routing number for ACH transactions may be different from the routing number used for wire transfers. ACH routing numbers are used for electronic transactions processed through the Automated Clearing House network, such as direct deposits and bill payments.

Wire transfers, which are often faster and more direct, require an ABA or wire transfer routing number. It’s a good idea to confirm with your bank to ensure you use the correct routing number for the type of transaction you are making.

Do all banks have an ACH routing number?

All banks and credit unions that process ACH transactions have an ACH routing number. This nine-digit number is your bank’s digital address, and is essential for facilitating electronic transactions such as direct deposits and bill payments. Each financial institution has its own specific ACH routing number to ensure that transactions are routed correctly.

Is your ACH number your account number?

No, your ACH routing number is not the same as your account number. The ACH routing number is a nine-digit code that identifies your bank or financial institution. Your account number, on the other hand, is a unique identifier for your specific bank account within that institution.

Both numbers are required for electronic transactions, but they serve different purposes. The routing number directs the transaction to the correct bank, while the account number specifies the particular account to be credited or debited within that bank.

Photo credit: iStock/fizkes

SOBK-Q224-1885644-V1

Source: sofi.com

Apache is functioning normally

June 3, 2024 by Brett Tams

Detroit is a Delta Air Lines hub through and through. As a result most of the lounges in the airport belong to the airline.

If you are not a SkyTeam flyer, there are some other options worth trying, but be sure to see where they are located as the two main terminals are not physically connected. This means it is only convenient to use the lounge in the terminal you are using although there is a shuttle that takes guests between them.

No matter whether you use Priority Pass, the American Express Global Lounge Collection, credit card lounge access or club membership, there are several Detroit airport lounges. As a result, it can be helpful to know what is available before your next flight.

About DTW lounges

McNamara Terminal: Delta Sky Clubs, Priority Pass

Lounges at Detroit Airport’s McNamara Terminal mostly serve SkyTeam passengers. There, you will find a suite of Delta Sky Clubs as well as a Minute Suites, which provides Priority Pass access.

Delta Sky Clubs

Regardless of which Delta Sky Club you access, rules for admittance stay the same.

Must present a boarding pass to enter.
Open to SkyTeam premium cabin and eligible elite status passengers.
Open to annual Sky Club members within three hours of departure (or any time if making a connection).
Open to certain Delta co-branded cardholders and Platinum-branded cardholders. See card options below.

Cards with Delta SkyClub access

Delta SkyMiles® Reserve American Express Card

Delta SkyMiles® Reserve Business American Express Card

The Platinum Card® from American Express

The Business Platinum Card® from American Express

Annual fee

Still not sure?

CONCOURSE A

Gate A18: Located across from Gate A18 on the second level of the Express Tram South Station. An open bar, Starbucks coffee station, hot and cold food buffet, and workstations where travelers can charge devices are all on tap here.

Gate A38: This is the largest Sky Club at the airport and also has the longest operating hours. Aside from the traditional workstations, food and beverage options and Starbucks coffee station, this lounge also has showers. It is the only Delta lounge at the airport to offer them.

Gate A43: This is yet another lounge option for Delta and SkyTeam passengers featuring an open bar, hot and cold food, workstations and a Starbucks coffee area.

Gate A68: Located across from Gate A68 on the second level of the Express Tram North Station. Like other Delta lounges in the airport, there is an open bar, hot and cold food buffet and plenty of workstations where travelers can charge devices. A Starbucks coffee station is also available.

CONCOURSE C

This is the only Delta lounge in Concourse C. It has a full-service bar plus a buffet of hot and cold items. One of its many features is a cozy fireplace, which is popular during the colder months. A Starbucks coffee station is also available.

Priority Pass lounges

Minute Suites

This is not a traditional lounge. Instead, it provides private rooms where guests can lie down on a bed, work or watch TV. It is a great option if you need some alone time and want to escape the busy terminal.

Be Relax Spa 1

Located near Starbucks at Gate A18.

Be Relax Spa 2

Located between Johnston & Murphy and Vino Volo near Gate A46.
Either location is open to anyone for a fee. Priority Pass cardholders receive relaxation services free of charge.

These are not traditional lounges. Anyone with a Priority Pass card can take advantage of several relaxation services. These include a 15-minute massage plus oxygen, a 30-minute massage, nail polish change and hand massage, or a chair massage plus oxygen.

Evans Terminal: Lufthansa, Priority Pass lounges

This terminal is on the other side of the airport and not connected to the McNamara Terminal. Here, visitors have two Priority Pass options, and Star Alliance flyers have access to a Lufthansa lounge.

Lufthansa Business Class and Senator Lounge

Located next to Gate D8.
Open to Priority Pass members during certain hours. It is also available to Lufthansa premium cabin passengers and those with eligible elite status. Star Alliance Gold members traveling on United plus United first class passengers and United Club members can also access this lounge.
This lounge is also part of the American Express Global Lounge Collection, which means you use an eligible credit card to gain access.

This lounge has a hot and cold food buffet (depending on time of day), an open bar, workstations and comfortable seating.

Anita’s Kitchen

Near Gate D23.
Open to anyone, but also to Priority Pass cardholders.

This is another non-traditional lounge. It is a Lebanese restaurant serving fresh salads, burgers and shawarma among other things. Priority Pass cardholders receive a $28 credit to use here.

Best Priority Pass cards

Chase Sapphire Reserve®

on Chase’s website

Capital One Venture X Rewards Credit Card

The Platinum Card® from American Express

Annual fee

Priority Pass benefits

• Full Priority Pass Select membership.

• Includes two guests per visit.

• Full Priority Pass Select membership.

• No limit on the number of guests allowed.

• No restaurants.

• Full Priority Pass Select membership.

• Includes two guests per visit.

• No restaurants.

Enrollment required. Terms apply.

• 10 complimentary Priority Pass lounge visits per year.

• No restaurants.

Terms apply.

Learn more

Plenty of variety from the lounges in Detroit Airport

Whether you want a place to lie down, to shower, to work, to eat or to relax, Detroit airport lounges have you covered. Not everyone has access to all of them, and it is wise to review your access options before arriving too early at the airport.

With a plethora of Delta Sky Clubs as well as several other options for Priority Pass members, and if you have access, the ideal Detroit airport lounge is available on your next trip.

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

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

To view rates and fees of The Platinum Card® from American Express, see this page.

To view rates and fees of The Business Platinum Card® from American Express, see this page.

How to maximize your rewards

Source: nerdwallet.com