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Apache is functioning normally

May 21, 2024 by Brett Tams

Part of teaching your kids to be more independent is giving them money as part of an allowance. It can be an exciting time for your child — remember when you first got your hands on some cash? It can also be fraught with some bumps along the way as your child learns sound money management skills.

That’s not to say it’s not worth it. Rather, deciding on how to give them money and helping them budget their allowance can take time, but your kids will thank you for it. Read on for ways that you may handle this part of parenthood and help your child build financial literacy.

What Is an Allowance?

An allowance for kids is a predetermined amount of money you give them on a consistent basis, most commonly on a weekly or monthly cadence. You can choose to have your child earn their allowance by completing chores or “jobs” or do none at all. The idea is that with an allowance, your child can learn the value of work (if you have them do chores), gain experience handling money, and learn responsibility.

The decision to give an allowance is up to the family. The same holds true regarding whether the allowance is earned by completing chores. Depending on the age, some parents may feel more comfortable with giving their kids cash. Some may feel older kids can handle their own debit card and a children’s checking account — with some limits, of course.

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Types of Allowances

The type of allowance you give your child is based on your preferences, what you want your child to learn, and their needs. Here are some options for how an allowance can work.

Chore-Based Allowance

The chore-based allowance tends to be the most common, where a child is given some household tasks and offered a certain amount once these tasks are complete.

• Tasks typically will depend on your child’s age and their readiness to handle certain types of responsibilities.

• It can be wise to assign tasks your child can realistically accomplish so that they don’t wind up feeling discouraged.

For example, say your nine-year-old wants to start doing chores regularly to receive allowance money, which they plan to save up to buy a new science kit. Based on what they’ve demonstrated to you in the past, you believe they’re able to load the dishwasher and help put the laundry away. You discuss this with your child, and you both agree that you’ll give them a weekly allowance if they complete all their assigned chores.

Pure Allowance

Some parents would rather teach their child money management skills without connecting this to some sort of labor. Instead of asking your child to complete chores, parents agree to give them an allowance — typically a consistent amount in cash or perhaps put on a debit card connected to a bank account. While your child may still do chores around the house, the allowance isn’t contingent upon its completion.

Hybrid Approach to Allowance

Parents who want to teach their kids about reaching a goal (and also how money is tied to work) can take the hybrid approach. Here, you’ll give your child a regular allowance that isn’t contingent on any chores. However, you give them an opportunity to earn more money by taking on extra chores around the house. In that way, they’d get more experience in allowance management.

• For example, your child receives $5 a week, but they want to earn more so they can head to the local arcade for their friend’s birthday party or see their savings grow.

• Based on their age and ability, you have them do a chore or two (pulling weeds in the yard or taking out garbage). Once the tasks are complete, you give your child the amount you agreed upon.

How Much Allowance Should You Give Out?

The amount you should give your child will depend on several factors. Ultimately, it will depend on your budget and what you can afford to give your child. One popular formula is to give a child $1 or $2 per week for every year of age, which would mean $8 or $16 for an eight-year-old and $16 or $32 for a 16-year-old.

You might consider not just the age of your child but also how challenging or time-consuming the task is. A couple of other pointers:

• If you’re unsure what’s a good amount, you can ask some of your trusted parent friends or family members about what they’re giving their child.

• If your child reaches the age where they can get a part-time job, you may even consider lowering the amount or not giving an allowance at all since they can earn their own pocket money.

Whatever the amount you choose to give, make sure you set clear expectations. This means spelling out the chores in detail (is the child making their bed every day or just on weekdays, for instance?). It also means determining how much money will be paid, when, and how, as well as what (if anything) they will receive if a task is not fully completed. This can result in headaches down the road.

Advantages of Giving an Allowance

There are plenty of upsides to giving an allowance. Consider the following:

Teaching Money Management

Giving an allowance, whether tied to chores or now, gives your child an opportunity to understand how money works. Plus, it can teach them that the items they want to purchase or activities they want to do cost money. It gives them hands-on experience earning, saving, and spending, providing a valuable lesson in money management for kids.

They’ll learn about what it takes to purchase something, such as looking at price tags in the store.

• To go a step further, you can even teach the concept of saving and investing money and why that can help them as well.

• If you open a children’s or teen’s bank account for your child’s allowance money, that will teach valuable basic banking and financial literacy skills too. They might see how interest compounds and grows their savings, for instance.

• The same holds true if they get a debit card (typically one where you can view and possibly approve their spending).

Teaching Responsibility

An allowance can teach your child what it means to be responsible with money. They can learn not to spend their earnings on snacks if they’re saving for, say, a video game. They can learn to safely store their funds, be patient until their next paycheck rolls around, and earn extra money if they’re eager to accumulate a certain amount.

Building Confidence

Giving kids an allowance can help boost their confidence because it can show them you believe they’re ready to earn and manage their own money. They may also feel proud of their ability to make cash and spend it as they see fit, whether that means buying themselves new clothes or making a donation to a favorite charity.

Creating a Safe Space to Learn

Instead of having kids learn about money and other types of responsibilities when they’re grown, giving an allowance can give them a bit of a head start. You can help guide them to make their own decisions, which can include making money mistakes without huge consequences. Any errors they make can be an opportunity for you to teach your kid about what they can do differently next time.

Recommended: Guide to Opening a Bank Account for a Minor

The Takeaway

If you choose to give your child an allowance, whether it depends on chores or not, it can be a good way for them to learn how to manage a bit of money responsibly. You might have them work for the money, not work at all, or have them earn a bonus for doing additional chores.

Whatever amount you give, showing your child how to save their money in a savings account is a great teaching opportunity.

Currently SoFi Bank does not offer accounts to minors. But while you’re thinking about money management, why not take a fresh look at your own banking needs?

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FAQ

What is a fair allowance for kids?

A fair allowance for kids should be based on age and what you feel is appropriate. Many parents provide $1 or $2 per week for each year of the child’s age (meaning, if a child is 10, they get $10 or $20 per week). You might survey other parents in your circle and see what they give their kids as a way of coming up with a ballpark figure.

Are allowances bad for kids?

In most cases, allowances can have several advantages for kids, such as learning how to handle money and becoming more responsible. However, some parents may believe that allowances aren’t appropriate and should in no way feel obligated to give one.

How do parents give allowance?

Parents can give an allowance in a weekly, biweekly, or monthly cadence (or whatever other frequency suits them). They can also give a consistent amount or vary it depending upon tasks completed. In addition, an allowance can be paid as cash, on a debit card for older kids, or deposited into children’s bank account or an account that their parent holds for them.

Photo credit: iStock/SbytovaMN

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

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

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

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

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

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

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Source: sofi.com

Apache is functioning normally

May 21, 2024 by Brett Tams

Dollar Car Rental and Thrifty Car Rental joined the Hertz brand in 2012 when the Hertz Corporation acquired the two rental car agencies.

Both companies primarily serve cost-conscious leisure and business travelers, so if you’re choosing between Dollar versus Thrifty, you might want to know which one would serve your needs better. So, let’s get this show(down) on the road.

Availability

Winner: Thrifty

In addition to 330 corporate locations in the U.S. and Europe, Dollar has more than 600 additional franchised locations in about 65 countries and maintains a strong presence in almost every U.S. and Canadian airport. You also can find Dollar rental car locations in major European destinations as well as some Asian cities.

Even so, Thrifty’s footprint is bigger. It has a presence at major tourist cities in Europe, while its 340 corporate locations are on par with Dollar, it also offers 1,000 franchised locations in 95 countries overall. So, in terms of availability, Thrifty wins this round.

Winner: Dollar

To determine which car company provides the most affordable rates when comparing Thrifty versus Dollar, we checked similar car-type rental prices in smaller and larger markets. We searched for a mid-size car (Toyota Corolla, Chevrolet Cruze or similar) for a one-day and a one-week rental in September 2024 at the following airports:

	Rental Length	Dollar Rate	Thrifty Rate
Tampa International Airport	One-day rental.
	Seven-day rental.
San Francisco International Airport	One-day rental.
	Seven-day rental.
Harry Reid International Airport	One-day rental.
	Seven-day rental.
Indianapolis International Airport	One-day rental.
	Seven-day rental.
Boston Logan International Airport	One-day rental.
	Seven-day rental.

In our search examples above, Thrifty offered more favorable rates only in one case — a weekly rental at Indianapolis International Airport. So Dollar rentals are typically cheaper than equivalent rentals at Thrifty.

🤓Nerdy Tip

In some cases, a weekly rate didn’t necessarily offer the best daily rate with either company, so we recommend doing some math when searching for a rental car for your travels.

Winner: Dollar

According to the J.D. Power 2023 North America Rental Car Satisfaction Study, Dollar and Thrifty are ranked the lowest of all car rental companies, based on responses from more than 8,500 travelers who rented a vehicle from an airport location between August 2022 and August 2023.

Of 1,000 possible points, Dollar and Thrifty scored 817 and 808, respectively. Having said that, the highest-ranked company, Enterprise, scored an 866, so Dollar and Thrifty aren’t that far behind when it comes to overall customer satisfaction.

Loyalty program

Winner: Tie

The two car rental company’s loyalty programs are practically identical, so this round ends in a tie.

Dollar Express Rewards

Dollar Express Rewards, Dollar’s loyalty program, is free to join for drivers 18 years of age and older. The program offers a free additional driver (spouse or domestic partner), quicker pick-up and returns and free rental days.

The rewards structure is quite simple. You earn 1 point per dollar spent on the rental. Free rental days start at 500 points on weekends and at 625 points on weekdays. Only compact, mid-size, standard or full-size vehicles at Dollar locations in the United States or Canada qualify for a rewards redemption.

Dollar Express Rewards members can save 15% off a weekly or weekend rental by providing a member-only promo code at the time of booking.

Dollar Express Rewards points don’t expire as long as you rent a car once every 24 months.

Blue Chip Rewards

Blue Chip Rewards members can earn points on car rentals at Thrifty locations in the United States and Canada only. Drivers 18 and older can join Thrifty’s loyalty program for free.

As a Blue Chip Rewards member, you’ll earn 1 point per dollar spent on the rental to redeem for free days in a compact through full-size vehicle. You can redeem as few as 500 points for a free weekend rental day. Additionally, you qualify for a 15% discount off the base rate when you pay later and not when making the reservation.

Blue Chip Rewards points don’t expire with qualifying rental activity at least once every 24 months.

Thrifty vs. Dollar Car rental, recapped

When comparing Dollar versus Thrifty car rental agencies, you’ll find them to be quite similar. Both are part of Hertz Corporation, both run almost identical loyalty programs and both are ranked similarly in the customer satisfaction survey.

However, Dollar seems to overtake Thrifty when it comes to lower rates, which is likely to appeal to budget travelers. It also has slightly better customer satisfaction ratings. However, Thrifty rental locations are available in more destinations than Dollar, so your decision may be made for you.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

Apache is functioning normally

May 20, 2024 by Brett Tams

Mutual funds provide a collection of many investments in a single basket, while stocks allow you to own shares in individual companies.

Either type of asset can help you reach your investing goals — and of course it’s possible to own mutual funds shares as well as stocks. But there are advantages and disadvantages to mutual funds vs. stocks.

Key Points

• Mutual funds offer a diversified portfolio in a single investment, whereas stocks are shares in individual companies.

• Mutual funds can be actively or passively managed, with some tracking market indexes.

• Stocks provide direct ownership in a company, offering potential for higher returns and greater risk.

• Mutual funds are managed by professionals, making them a good option for those who prefer not to manage their investments.

• The choice between mutual funds and stocks depends on individual financial goals, risk tolerance, and investment strategy.

What’s the Difference Between Mutual Funds and Stocks?

The biggest difference between a mutual fund and a stock lies in what you own: a mutual fund is a type of pooled investment fund, and a stock refers to shares of ownership in a single company.

Mutual funds can hold multiple investments in a single vehicle (e.g. stocks, bonds, or other assets). Sometimes a mutual fund can hold a mix of stocks, bonds, and short-term debt; these are called blended funds.

Different Types of Mutual Funds

Another difference between mutual funds vs. stocks: Mutual funds can be structured in a variety of ways. Often, a mutual fund manager is responsible for choosing the investments the fund holds, according to the fund’s objectives and investment strategy. But not all funds are actively managed funds; some are passively managed and track a market index (see bleow).

Some types of mutual funds include:

• Equity funds: These funds can hold the stocks of hundreds of companies. An equity fund typically has a specific focus, e.g. large-cap companies, tech companies, and so on.

• Bond funds: These provide access to various types of bonds. Similar to equity funds, bond funds can offer exposure to different sectors, e.g. green bonds, short-term bonds, corporate bonds, etc.

• Target-date funds: Often used in retirement plans, target-date funds use algorithms to adjust their holdings over time to become more conservative.

• Index funds: Index funds are designed to track or mirror a specific market index, e.g. the S&P 500, the Russell 2000, and so on. These are considered passive vehicles vs. mutual funds that are led by a team of portfolio managers.

• Exchange-traded funds (ETFs): ETFs are similar to mutual funds in that they hold a variety of different securities, but shares of these funds trade throughout the day on an exchange similar to stocks.

What Are Stocks?

Simply put, a stock represents an ownership share in a single company. There’s no fund manager here; you decide which stocks you want to buy or which ones you want to sell, often using a brokerage account. You might buy 10 shares of one company, 50 shares of a second, and 100 shares of a third — it’s up to you.

Just as there are different types of mutual funds, there are different types of stocks that reflect the underlying company. For example, your portfolio might include:

• Value stocks: Companies that are trading lower than their potential value, based on fundamentals.

• Growth stocks: Companies with a track record of steady growth.

• Dividend stocks: Companies that payout a portion of their earnings to shareholders in the form of dividends. Note that value stocks often pay dividends, but growth stocks tend to reinvest their profits (per their name) toward growth and expansion.

Here’s another way to think of the differences between mutual funds and stocks. If a mutual fund is a carton of eggs, a stock is one egg in that carton.

💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.

Get up to $1,000 in stock when you fund a new Active Invest account.*

Access stock trading, options, auto investing, IRAs, and more. Get started in just a few minutes.

Pros and Cons of Mutual Funds

Investing in mutual funds can be a good option for beginners who are ready to wade into the market but aren’t savvy about individual stocks just yet. There are, however, some downsides to keep in mind.

Pros	Cons
Diversification is simplified	Some funds may underperform
Easy access to the markets	Higher minimum investments
May be cheaper than stocks	Not all funds are low-cost

Pros of Mutual Funds:

• Mutual funds make portfolio diversification easier. Diversifying your portfolio can help manage risk. When you buy a mutual fund, you get immediate diversification since the fund may hold a variety of securities or alternative investments.

• Someone else makes the decisions. Choosing the right investments for a portfolio can be complicated for many investors, but a mutual fund takes care of the selection process. In the case of an active fund, the fund manager is in charge of buying or selling investments within the fund. A passive fund tracks an index, as mentioned above. Either way, all you have to do is invest your money.

• Costs may be lower. When you invest in mutual funds, you’ll pay what’s called an expense ratio. This is a fee that represents the cost of owning the fund annually. While some funds are more expensive than others, there are plenty of low-cost options which means you get to keep more of your investment earnings.

Cons of Mutual Funds:

• Performance isn’t guaranteed. While some actively managed mutual funds attempt to beat the market, others are structured to match the performance of an index. The main thing to know, however, is that results are never guaranteed, and your fund investments may fall short of expectations.

• Minimum investments may be high. Some mutual funds have a low barrier to entry, and you can get started with a relatively small amount of money, especially if you invest via automatic deposits. Others, however, may require you to have a high minimum investment requirement (e.g. $5,000), which could be challenging if you’re a beginner. With stocks, on the other hand, it’s possible to buy fractional shares with as little as $1.

• Potentially higher costs. Mutual fund expense ratios can vary widely, and some can be much more expensive than others. In general, active funds charge higher fees. In addition, some brokerages charge load fees to buy or sell funds which can add to your overall costs. It’s important to understand what you’re paying for your investments, as fees can eat into returns over time.

Pros and Cons of Individual Stocks

Investing in stocks might appeal to you if you’d like more control over where your money goes. But just as with mutual funds, there are some potential drawbacks to consider.

Pros	Cons
High return potential	Higher risk
Greater flexibility	More difficult to diversify
Low costs	More time-consuming

Pros of Individual Stocks:

• Potentially earn higher returns. Owning individual stocks could lead to better results in your portfolio compared with mutual funds. It’s important to remember, however, that not all stocks offer the same rate of return, and performance of any stock (or any investment) is never guaranteed.

• You’re in control. Investing in stocks means you have total control of what to buy and sell, and when to make trades. You’re not relying on a fund manager to make decisions for you. That’s something you might appreciate if you prefer a DIY or active approach to investing.

• Trading costs may be low. When you buy and sell stocks, your brokerage can charge a commission fee each time. However, more brokerages are moving to a $0 commission-fee model for stock trades which can cut your investing costs down dramatically.

Cons of Individual Stocks:

• Stocks are volatile. Mutual funds are often viewed as being less risky than stocks since you’re diversified across a range of securities. If you’re putting a large chunk of your portfolio into a smaller pool of stocks or just one company, you could be at risk of a major loss if volatility hits that part of the market.

• Diversification is harder. When you invest in individual stocks, you may have to buy more of them to create a diversified portfolio. With a mutual fund, you don’t have to do that since you’re getting exposure to multiple investments in one fund.

• Stock trading can be time intensive. Taking a buy-and-hold approach to stocks means you don’t have to pay as much attention to your portfolio. You can buy stocks, and then hang onto them for the long term. However, if you’re more interested in active trading then you’ll need to spend more of your day keeping up with stock trends and monitoring the markets so you don’t miss any opportunities to make gains.

💡 Quick Tip: Before opening an investment account, know your investment objectives, time horizon, and risk tolerance. These fundamentals will help keep your strategy on track and with the aim of meeting your goals.

Choosing Between Mutual Funds and Stocks

There’s no rule that says you must choose between mutual funds vs. stocks. Deciding which one to invest in can depend on your time horizon for investing, risk tolerance, and goals. And you might decide that both make sense in your portfolio.

Here’s a simple breakdown of how to compare the two when deciding where to invest.

Consider mutual funds if you…	Consider stocks if you…
Want a simple way to build a portfolio under the guidance of an experienced fund manager who knows the market.	Prefer to have more control of which companies you invest in, and when you buy or sell those investments.
Are more comfortable with the idea of generating returns over time vs. chasing the highest rewards of the moment.	Want to leverage investments to produce the highest returns possible, even if it means taking a little more risk in your portfolio.
Don’t have the time or inclination to spend hours researching different investments or conducting in-depth market analyses.	Are comfortable researching stocks on your own, and understand how to apply different types of technical analysis to evaluate them.

The Takeaway

Investing is one way to build wealth, but both mutual funds and stocks can help investors realize their financial goals — but in different ways. Weighing the pros and cons of mutual funds vs. stocks as well as your personal preferences for investing can help you decide how to build a portfolio that meets your needs.

Ready to expand your portfolio’s growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi’s easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it’s important to consider your portfolio goals and risk tolerance to determine if they’re right for you.

Invest in alts to take your portfolio beyond stocks and bonds.

FAQ

Which is riskier, stocks or mutual funds?

Both stocks and mutual funds expose investors to the risk of loss, though the degree of risk can vary by investment. Mutual funds may help to distribute risk thanks to a diverse mix of underlying investments, while individual stocks can concentrate risk. However, it’s important to remember that you can lose money with either.

Which investment is best for beginners, mutual funds or stocks?

Mutual funds can be a good place for beginning investors to get started since they offer basic diversification. The key to choosing a mutual fund as a beginner is to consider the underlying investments in light of your own asset allocation, the fund’s track record, and the fees you’ll pay.

Are mutual funds worth it?

Mutual funds can be a worthwhile investment because they provide a cost-effective way to access a range of sectors that may align with your goals. For example, if you want to invest in big companies in the U.S., you can buy shares of a large-cap fund. If you want to invest in the environment, you can invest in a green bond fund or green tech equity fund.

Photo credit: iStock/Eva-Katalin

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other important information are contained in the Fund’s prospectus. For a current prospectus, please click the Prospectus link on the Fund’s respective page. The prospectus should be read carefully prior to investing.
Alternative investments, including funds that invest in alternative investments, are risky and may not be suitable for all investors. Alternative investments often employ leveraging and other speculative practices that increase an investor’s risk of loss to include complete loss of investment, often charge high fees, and can be highly illiquid and volatile. Alternative investments may lack diversification, involve complex tax structures and have delays in reporting important tax information. Registered and unregistered alternative investments are not subject to the same regulatory requirements as mutual funds.
Please note that Interval Funds are illiquid instruments, hence the ability to trade on your timeline may be restricted. Investors should review the fee schedule for Interval Funds via the prospectus.

SoFi Invest®
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by email customer service at [email protected]. Please read the prospectus carefully prior to investing.

Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.

Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

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Source: sofi.com

Apache is functioning normally

May 20, 2024 by Brett Tams

J. Crew clothes can be expensive, so if you’re a fan of the brand, it makes sense to find a way to trim costs where you can. The J. Crew credit card wants to be that money-saver, but the truth is that other credit cards will likely save you more.

Issued by Synchrony Bank, the J. Crew credit card has a $0 annual fee, but you’ll need to spend at least $1,000 a year at J. Crew to get the best rewards rates. Plus, there’s no 0% intro APR promotion, and the card’s ongoing interest rate is so high that you won’t want to use it to finance a new wardrobe.

Here’s what to know if you’re considering the J. Crew credit card.

🤓Nerdy Tip

In 2024, the J. Crew credit card officially switched issuers from Bread Financial to Synchrony Bank. The old Bread Financial-issued cards (with the green color scheme) will stop working after June 16, 2024. Those who had that card should have received a new one (in a dark-blue color) by June 2024.

1. There are two J. Crew credit cards

The J. Crew credit card comes in two varieties:

The J. Crew Mastercard, which can be used anywhere Mastercard is accepted.
The J. Crew Credit Card, which can be used for purchases at J. Crew and J. Crew Factory only. (Note that you can’t use it at Madewell, even though that brand is a part of the J. Crew umbrella.)

Which version of the J. Crew card you can get depends on your creditworthiness. Potential cardholders can use the prequalification tool to determine their eligibility for either card.

You must join Passport, J. Crew’s store loyalty program, to apply for the card. Those who have the card but don’t belong to Passport won’t earn rewards.

2. Rewards hinge on your Passport tier

The rewards you can earn with the J. Crew credit card depend on your status within the Passport loyalty program. There are three tiers: Green, Navy and Gold. All three tiers offer 1 point per $1 spent at J. Crew, but you’ll earn bonus points if you have a J. Crew credit card.

Green. Free to join. Green members earn 1 point per $1 spent at J. Crew.
Navy. Must spend $500 annually at J. Crew, or have a J. Crew credit card. Navy members with a J. Crew card earn 2 points per $1 spent at J. Crew.
Gold. Must spend $1,000 annually at J. Crew. Gold members with a J. Crew card earn 3 points per $1 spent at J. Crew.

The Mastercard version of the card also earns 1 point for every $1 spent on gas and grocery purchases and 1 point for every $2 spent on everything else. (Fuel stations at warehouse clubs and some supercenters and grocery stores don’t qualify.)

3. Rewards are valuable, but redemption is inflexible

Cardholders will automatically receive a $5 reward certificate for every 200 points earned. On the plus side, that means that 1 point is worth 2.5 points, well above the industry standard of 1 cent per point. But there are caveats when it comes to redeeming your rewards.

First, as with many store cards, rewards may be used toward more J. Crew purchases only. Second, because the $5 reward certificate is automatic once you accrue 200 points, you won’t be able to “save up” rewards over time for a large purchase — especially given that rewards expire 90 days after their issue date.

4. The APR is high

Outstanding balances on the J. Crew credit card will be assessed an interest charge of over 31%, as of this writing. That’s almost 10 percentage points higher than the February 2024 average APR on interest-accruing credit cards, according to the Federal Reserve.

5. Card benefits include a birthday gift and a small sign-up bonus

Being a J. Crew cardholder comes with a few extra perks beyond elevated rewards rates. Whether you have the J. Crew Credit Card or J. Crew Mastercard, you’ll get a $25 birthday gift, free standard shipping from J. Crew and J. Crew Factory, and free standard alterations.

As of this writing, new cardholders also get a welcome offer in the form of a 20% discount on their first J. Crew purchase with their J. Crew credit card. This discount may be combined with another offer in a single transaction.

To view rates and fees of the Blue Cash Everyday® Card from American Express, see this page.

Source: nerdwallet.com

Apache is functioning normally

May 19, 2024 by Brett Tams

You can, but we don’t recommend it. In most cases, it’s not advisable to buy a car with a credit card due to limitations on credit card transaction amounts, high-interest rates on credit card balances, and potential merchant fees. However, some dealerships may allow you to use a credit card for a portion of the payment or for a down payment, but weigh the costs and consider alternative financing options before you do.

Are you shopping for a new or used car? If so, there’s a good chance you’ll need to finance this purchase. There are several financing options available, such as an auto loan or personal loan—but what about your credit card? Can you buy a car with a credit card?

The simple answer is yes, you probably could find a car dealership willing to accept a credit card payment. The real question you may want to ask yourself is, “Should I make such a large purchase with a credit card?”

Let’s take a closer look at the advantages and disadvantages of purchasing a car with a credit card so you can decide if it’s the right option for you.

Can You Buy a Car With a Credit Card?

Buying a new car with a credit card is possible, but it’s not going to be easy.

First, not all car dealerships accept credit card payments. This is likely due to the high processing fees credit card payments incur. These fees can range between 1.5% and 3.5%. For example, if you purchase a car for $20,000, these processing fees can range from $300 to $700.

Even if you do find a dealership willing to take a credit card payment, you may be responsible for paying these processing fees. The dealership may also limit the amount you can pay with your credit card. For instance, you may be able to use your credit card for a down payment but not to pay for the full value of the car.

Secondly, not all credit card companies allow cardholders to make a large purchase like this. It’s important to contact your credit card company first to better understand its policies.

Finally, even if the car dealership and credit card company permit this type of purchase, you have to have enough available credit. If you go over your credit limit, you could incur additional fees and higher interest rates—or the credit card company may decide to deny the transaction altogether.

Things to Consider

Before you grab your credit card and head to the car dealership, there are a few things you should know about making this type of purchase.

Limited Options

As mentioned above, not all car dealers and credit card companies allow this type of purchase. This could significantly decrease your options when you go looking for a car. You’ll be limited to finding a car at one of these dealerships.

Negative Impact on Your Credit Score

Adding a large purchase, such as a car, to your credit card balance can drastically increase your credit utilization. Because your credit utilization rate accounts for up to 30% of your overall FICO® credit score, any large purchase could cause your credit health to take a hit.

In fact, most experts agree that you should try to keep your credit utilization rate at or below 30%. It’s unlikely that adding a large purchase, such as a car, will keep your credit utilization low enough to meet this recommendation.

Your lower credit could impact your ability to get other credit cards, take out a personal loan, or even secure an apartment. This is why it’s important to understand the risks involved before buying a car with a credit card.

Lack of Available Credit

One of the main reasons people get a credit card is to have additional funds available in case of an emergency. Using a majority of these funds to purchase a car means you’ll have less available if you do face an emergency. Be sure to carefully consider this factor and the lasting effects it may have before making a large purchase.

Higher Interest Rates

Before you make any financing decisions, you should always compare interest rates. While your specific rates will vary based on your income and credit score, you’ll likely pay higher interest rates when making a credit card purchase than you would with an auto loan.

For instance, the average APR for credit cards is 27.89%, while average car loan rates range from 7.19% to 11.93%. Even if you have bad credit, you’re likely to find better interest rates through a car loan versus a credit card.

Even if your credit card comes with a 0% APR introductory rate, you still need to be careful. If you can’t pay the entire balance within the initial time frame, higher interest rates will be applied to your balance.

Ability to Make Payments

No matter what lending option you choose when purchasing a new car, it’s crucial to make sure you can afford the monthly payments. Before you even start shopping for a car, set a realistic budget to determine how much you can afford. Be sure to take the interest rate and any other additional fees and costs into account, such as insurance, registration, and processing fees.

Advantages of Buying a Car With a Credit Card

There is a potential advantage of buying a car with a credit card to consider. If you have a rewards card, making such a large purchase could help you earn cash back or travel points quickly. This could be very beneficial, especially if your rewards card has a welcome bonus that requires you to spend a certain amount in a short period of time.

The idea of earning big rewards with just one purchase may sound great, but you have to consider other factors. For instance, does your credit card charge an annual fee? Unless your rewards exceed the annual fee, it may not be worth it. You also need to factor in the higher interest rates.

Alternative Lending Options

Before using your credit card to purchase a new car, be sure to explore your other options, including:

Getting an auto loan. You’ll likely find better interest rates with an auto loan through a bank or credit union. Additionally, you’ll probably get a higher credit limit with a car loan than by relying on your available credit card balance.
Getting a cosigner. If you’re having trouble securing an auto loan due to your credit or lack of credit, you can consider using a cosigner. If your cosigner has good credit, it may help you get a car. There are some risks involved for the cosigner, so consider this option carefully.
Using your savings. If you have an emergency fund set up or available savings, it may be worthwhile to use this money to purchase a new car. Then, you can keep your credit card to use for any emergencies that may arise while you’re rebuilding your savings.
Doing a trade-in. If you don’t have money in your savings account to use as a down payment, trading in your current car may provide the funds you need. The more money you can put down on a new car, the better chance you have of being approved for a car loan and keeping monthly payments within your budget.

Before you use your credit card to buy a car, find out what your credit score is. This can help you determine what lending options are available to you. If your score is too low to secure an auto loan with reasonable interest rates, you can take steps to repair and rebuild your credit.

Use Credit.com’s Free Credit Score to find out your credit score and get started today.

Source: credit.com

Apache is functioning normally

May 19, 2024 by Brett Tams

Ascend Hotel Collection is part of the Choice Hotels International family and represents a series of boutique and luxury hotels, the top tier of the Choice brand.

Those who collect Choice Privileges points may find that these hotels are often an ideal choice when making a redemption since they have a higher profile than other hotels in the Choice portfolio.

If you are looking for a top hotel in the Ascend Collection, there are several options worth exploring.

What is the Ascend Collection?

Ascend Collection hotels deliver the same brand promise as other Choice hotels properties but offer a one-of-a-kind experience.

🤓Nerdy Tip

This soft brand resembles what other hotel companies have, such as Curio Collection by Hilton or The Luxury Collection (Marriott). The Ascend Collection is the top brand within the Choice Privileges program.

How to book Ascend Hotel Collection properties

Choice Privileges doesn’t allow points redemption more than 100 days in advance, so if you are a procrastinator, this program is for you! Unfortunately, Choice does not make it easy to find Ascend Hotel locations, but if you do an online search for your preferred city, the results include the Ascend Hotel Collection logo in the top left corner.

The cost in points varies by property and day, so you will want to check how many points you need on any given night. They range from as few as 6,000 points for a redemption night all the way up to 35,000 points for a standard hotel or as many as 100,000 for an all-inclusive hotel.

Here are some Ascend Hotel Collection locations worth visiting, whether you are planning to redeem points or earn them to redeem on a future stay.

Popular Ascend Collection hotels

With nearly 250 hotels in the soft brand, these Ascend Collection hotels in cities around the world are especially noteworthy.

If you’re looking for a boutique option that offers something local and unique, look no further than these Ascend properties. They are in various countries, such as Australia, Canada, Norway, Turkey, Spain, Sweden and the United Kingdom. Many of them are historic rebuilds.

Hotel Aquarius Venice, Italy

(Photo courtesy of Hotel Aquarius Venice)

The Hotel Aquarius Venice is in the Santa Croce district, which means it is convenient to the train station, about halfway between it and the Rialto Bridge.

Walking through the winding streets of Venice is a favorite pastime of tourists for people-watching and a little exercise. For those who want to arrive at the hotel by boat, it has an entryway to the canal through a small garden door.

Emotions All Inclusive Juan Dolio, Dominican Republic

(Photo courtesy of Choice Hotels)

If you want a Caribbean getaway with all-inclusive meals and drinks, Emotions All Inclusive Juan Dolio has a beachfront location and plenty to enjoy by the water.

There are three outdoor pools, including one in an adults-only area for more peace and quiet. The resort has seven restaurants and a stretch of private beach, providing a vacation getaway that packs in the value.

K Bar S Lodge, Keystone, South Dakota

(Photo courtesy of Choice Hotels)

Within view of Mount Rushmore, the K Bar S Lodge is a short drive from the national memorial. In the gardens, deer and other animals roam past.

Guests can enjoy complimentary breakfast each morning. Other amenities include free parking, an outdoor patio, a whirlpool, and furnished balconies in the rooms.

The Pine Lodge on Whitefish River, Montana

(Photo courtesy of Choice Hotels)

In Whitefish, Montana, The Pine Lodge is an ideal spot for those who want to spend time in the great outdoors.

The hotel is close to Whitefish Lake and the Whitefish Mountain Resort and also has a free shuttle to take guests to and from the airport or train station. Complimentary breakfast is also included.

The Giacomo Hotel, Niagara Falls, New York

(Photo courtesy of Choice Hotels)

The Giacomo is a towering hotel within close proximity to Niagara Falls. It provides restored history, with the building listed on the National Register of Historic Places.

From the front door, guests can walk to the Cave of the Winds, the Maid of the Mist boat tour, and nearby dining.

Hotel Blake, Chicago

(Photo courtesy of Hotel Blake)

Close to Grant Park and Millennium Park and in the Morton Building, Hotel Blake is on the National Register of Historic Places. This hotel is a great option for those who want to be close to tourist hot spots like the Art Institute of Chicago, Navy Pier and Lincoln Park Zoo.

With so many hotels in Chicago, it’s nice to redeem points for a hotel with local history and character.

Blue Angel Hotel NYC, New York

(Photo courtesy of Choice Hotels)

In the heart of Manhattan, Blue Angel Hotel NYC has a lovely al fresco terrace overlooking the city from the seventh floor.

Guests at this boutique hotel also receive a selection of drinks and snacks and a free pass to a nearby health club to use during their stay.

Earn Choice Hotels points quickly

Choice Privileges points can generally be redeemed for a night at a Choice hotel for between 6,000 and 35,000 points, but before you start using your Choice Privileges points, you have to earn them. Beyond qualifying hotel stays, another way to amass a large number of points is to earn a sign-up bonus from a Choice Hotels credit card.

Here’s how the company’s two co-branded cards compare.

How the cards compare

Choice Privileges® Select Mastercard®

Choice Privileges® Mastercard®

Annual Fee

Sign-Up Bonus

Earn 60,000 bonus points when you spend $3,000 in purchases in the first 3 months – enough to redeem for up to 7 rewards nights at select Choice Hotels® properties..

Earn 40,000 bonus points when you spend $1,000 in purchases in the first 3 months – enough to redeem for up to 5 rewards nights at select Choice Hotels® properties..

Still not sure?

If you seek more flexibility in redeeming miles for hotel stays, consider applying for a more general travel credit card instead. A more general travel credit card differs from a hotel card in that you can book lodging at multiple hotel chains, rather than reaping the benefits of staying loyal to a single brand.

The more high-end the travel credit card, the more benefits you can enjoy, including airport lounge access or automatic elite status in certain programs. That said, a brand-specific hotel card can net benefits like late check-out or free breakfast, which can have meaningful dollar value.

Choice Privileges’ soft brand, Ascend Hotel Collection

These one-of-a-kind boutique hotels allow Choice Privileges members to earn and redeem points at independent hotels that prove unique to their area. Each hotel has its own character and amenities, but for those looking for a hotel with its own style and substance, Ascend Hotels are a perfect fit.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

Apache is functioning normally

May 18, 2024 by Brett Tams

If you’re paying full price at the gas pump these days, you might be missing a way to fuel your household savings. That’s because many rewards credit cards offer bonus points when you use them at the gas station.

Used right, those rewards are like a discount on every gallon you buy. Few consumers would turn down these savings when the average price of a gallon of gas as of May 2024 was $3.61, according to AAA.

It’s fairly common now to get triple points — 3 points per dollar spent — for using a rewards card to pay for gas. Notably, some of the best cards for fill ups don’t feature the names of big oil companies or their service station brands. Instead, you’ll likely save the most with general rewards credit cards or cards associated with warehouse clubs and credit unions.

As you shop around for a card that will shrink your gas budget, keep these tips in mind.

Use 3% as a benchmark

The most lucrative cards for gas offer the equivalent of 3% or more in rewards. Better still, many cards with high rewards rates don’t charge an annual fee, so you’ll pay nothing to earn rewards that can be redeemed for cash back, gift cards, travel and more.

Credit score matters

More often than not, rewards rates of 3x and above are found in cards that require at least good credit, or a FICO score of at least 670, to qualify. If you have a low credit score, expect your credit card options to be limited. Nonetheless, there are a few cards for people with bad, limited or no credit that earn rewards, albeit modest ones.

Mind the caps

Some cards — especially those with 5% rates and no annual fee — limit how much gas spending will earn bonus rewards. For example, you might get 4% on gas purchases up to $7,000 in annual spending. After hitting the cap, gas purchases earn just 1% until the new year. Before applying for a card for gas purchases, check the rewards cap, if any, and decide if it’s generous enough to accommodate your spending.

Beware of ‘cents off’ rewards

Instead of a percentage of cash back or points per dollar spent, some cards — especially gas station-branded cards — give you a specific discount, such as 6 cents off per gallon. But when gas costs $3 per gallon, that 6 cents off is a mundane 2% discount. Plus, gas station cards typically earn rewards that can only be spent at that particular merchant.

Rewards at the gas station vs. pump

Many cards that offer outsized rewards on gas spending also reward purchases inside the service station such as snacks and wiper fluid. But some cards limit rewards to gas spending paid at the pump, and some gas cards earn elevated rewards only on in-store purchases, not fill ups.

Rewards credit cards have terms and conditions that govern their rewards programs; read through them to see what purchases earn rewards and if that list aligns with your expectations.

Warehouse cards have pros and cons

Warehouse clubs like Sam’s and Costco can be great places to get cheaper gas, savings that are compounded when combined with the stores’ co-branded credit cards that offer high rewards rates on gas. However, these same cards only earn those desirable cash-back rates up to a certain annual cap, and the reward redemption process can be cumbersome.

Remember, too, that you must be a member of those warehouse clubs, which means paying an annual membership fee.

Stack rewards with card-linked offers

Many rewards cards offer digital coupons in the form of card-linked offers through the issuer’s app. You “clip” the coupon by adding it to your card, and once you make a qualifying purchase, you’ll receive your savings, often in the form of a statement credit. It’s common to find card-linked offers for gas purchases, so before your next fill up, skim through your card’s digital coupon list for a station near you. You’ll save with the card-linked offer and earn rewards from that fresh tank, if your card earns rewards on gas.

Look beyond gas rewards

As you shop for a good gas credit card, consider whether the card offers rewards in other categories that align with your spending habits. That way, your gas credit card card transforms into an everyday card that you can use to pay for things like groceries, take out and streaming.

Plus, you might not spend as much on gas as you think. In 2023, U.S. households spent an average of $2,635 per year on gasoline, according to the Bureau of Labor Statistics. Even with a 3% rewards card, that’s $79.05 cash back per year, or about $6.50 per month.

Source: nerdwallet.com

Apache is functioning normally

May 18, 2024 by Brett Tams

The definition of a U.S. Savings Bond is an investment in the federal government that helps to increase your money. By purchasing a savings bond, you are essentially lending money to the government which you will get back in the future, when the bond matures, with interest. Because these financial products are backed by the federal government, they are considered to be extremely low-risk. And, in certain situations, there can be tax advantages.

Here’s a closer look at these bonds, including:

• What are savings bonds?

• How do savings bonds work?

• What are the different types of savings bonds?

• How do you buy and redeem savings bonds?

• What are the pros and cons of buying savings bonds?

Savings Bond Definition

First, to answer the basic question, “What is a savings bond?”: Basically, it is a loan issued by the U.S. Treasury and made to the U.S. government. Purchase a savings bond, and you are loaning that money to the government. At the end of the bond’s 30-year term, you receive your initial investment plus the compounded interest.

You may withdraw funds before then, as long as the bond has been held for at least five years.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

How Do Savings Bonds Work?

Savings bonds are issued by the U.S. Treasury. You can buy one for yourself, or for someone else, even if that person is under age 18. (That’s why, when you clean out your closets, you may find a U.S. Savings Bond that was a birthday present from Grandma a long time ago.)

You buy a savings bond for face value, or the principal, and the bond will then pay interest over a specific period of time. Basically, these savings bonds function the same way that other types of bonds work.

• You can buy savings bonds electronically from the U.S. Treasury’s website, TreasuryDirect.gov . For the most part, it’s not possible to buy paper bonds anymore but should you run across one, you can still redeem them. (See below). Unlike many other types of bonds, like some high-yield bonds, you can’t sell savings bonds or hold them in brokerage accounts.

How Much Are Your Savings Bonds Worth?

If you have a savings bond that has been tucked away for a while and you are wondering what it’s worth, here are your options:

• If it’s a paper bond, log onto the Treasury Department’s website and use the calculator there to find out the value.

• If it’s an electronic bond, you will need to create (if you don’t already have one) and log onto your TreasuryDirect account.

Savings Bonds Interest Payments

For U.S. Savings Bonds, interest is earned monthly. The interest is compounded semiannually. This means that every six months, the government will apply the bond’s interest rate to grow the principal. That new, larger principal then earns interest for the next six months, when the interest is again added to the principal, and so on.

3 Different Types of Savings Bonds

There are two types of U.S. Savings Bonds available for purchase — Series EE and Series I savings bonds. Here are the differences between the two.

1. Series EE Bonds

Introduced in 1980, Series EE Bonds earn interest plus a guaranteed return of double their value when held for 20 years. These bonds continue to pay interest for 30 years.

Series EE Bonds issued after May 2005 earn a fixed rate. The current Series EE interest rate for bonds issued as of May 1, 2024 is 2.70%.

2. Series I Bonds

Series I Bonds pay a combination of two rates. The first is the original fixed interest rate. The second is an inflation-adjusted interest rate, which is calculated twice a year using the consumer price index for urban consumers (CPI-U). This adjusted rate is designed to protect bond buyers from inflation eating into the value of the investment.

When you redeem a Series I Bond, you get back the face value plus the accumulated interest. You know the fixed rate when you buy the bond. But the inflation-adjusted rate will vary depending on the CPI-U during times of adjustment.

The current composite rate for Series I Savings Bonds issued as of May 1, 2024 is 4.28%.

3. Municipal Bonds

Municipal bonds are a somewhat different savings vehicle than Series I and Series EE Bonds. Municipal Bonds are issued by a state, municipality, or country to fund capital expenditures. By offering these bonds, projects like highway or school construction can be funded.

These bonds (sometimes called “munis”) are exempt from federal taxes and the majority of local taxes. The market price of bonds will vary with the market, and they typically require a larger investment of, say, $5,000. Municipal bonds are available in different terms, ranging from relatively short (about two to five years) to longer (the typical 30-year length).

How To Buy Bonds

You can buy Series EE and I Savings Bonds directly through the United States Treasury Department online account system called TreasuryDirect, as noted above. This is a little bit different than the way you might buy other types of bonds. You can open an account at TreasuryDirect just as you would a checking or savings account at your local bank.

You can buy either an EE or I Savings Bond in any amount ranging from a $25 minimum in penny increments per year. So, if the spirit moves you, go ahead and buy a bond for $49.99. The flexible increments allow investors to dollar cost average and make other types of calculated purchases.

That said, there are annual maximums on how much you may purchase in savings bonds. The electronic bond maximum is $10,000 for each type. You can buy up to $5,000 in paper Series I Bonds using a tax refund you are eligible for. Paper EE Series bonds are no longer issued.

If you are due a refund and you want to buy I Bonds, be sure to file IRS form 8888 when you file your federal tax return. On that form you’ll specify how much of your refund you want to use to buy paper Series I bonds, keeping in mind the minimum purchase amount for a paper bond is $50. The IRS will then process your return and send you the bond that you indicate you want to buy.

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The Pros & Cons of Investing in Savings Bonds

Here’s a look at the possible benefits and downsides of investing in savings bonds. This will help you decide if buying these bonds is the right path for you, or if you might prefer to otherwise invest your money or stash it in a high-yield bank account.

The Pros of Investing in Savings Bonds

Here are some of the upsides of investing in savings bonds:

• Low risk. U.S. Savings Bonds are one of the lower risk investments you could make. You are guaranteed to get back the entire amount you invested, known as principal. You will also receive interest if you keep the bonds until maturity.

• Tax advantages. Savings bond holders don’t pay state or local taxes on interest at any time. You don’t have to pay federal income tax on the interest until you cash in the bond.

• Education exception. Eligible taxpayers may qualify for a tax break when they use U.S. Savings Bonds to pay for qualified education expenses.

• No fees. Unlike just about every other type of security, you won’t pay a fee, markup or commission when you buy savings bonds. They’re sold at face value, directly from the Treasury, so what you pay for is what you get. If you buy a $50 bond, for example, you’ll pay $50.

• Great gift. Unlike most securities, people under age 18 may hold U.S. Savings bonds in their own names. That’s what makes them a popular birthday and graduation gift.

• Patriotic gesture. Buying a U.S. Savings Bond helps support the U.S. government. That’s something that was important and appealed to investors when these savings bonds were first introduced in 1935.

The Cons of Investing in Savings Bonds

Next, consider these potential downsides of investing in savings bonds:

• Low return. The biggest disadvantage of savings bonds is their low rate of return, as noted above. A low risk investment like this often pays low returns. You may find you can invest your money elsewhere for a higher return with only slightly higher risk.

• Purchase limit. For U.S. Savings Bonds, there’s a purchase limit per year of $10,000 in bonds for each series (meaning you can invest a total of $20,000 per year), plus a $5,000 limit for paper I bonds via tax refunds. For some individuals, this might not align with their investing goals.

• Tax liability. It’s likely you’ll have to pay federal income tax when you cash in your savings bond, unless you’ve used the proceeds for higher education payments.

• Penalty for early withdrawal. If you cash in your savings bond before five years have elapsed, you will have to pay the previous three months of interest as a fee. You are typically not allowed to cash in a bond before the one-year mark.

Here, a summary of the pros and cons of investing in savings bonds:

Pros of Savings Bonds	Cons of Savings Bonds
• Low risk • Education exception • Possible tax advantages • No fees • Great gift • Patriotic gesture	• Low returns • Purchase limit • Possible tax liability • Penalty for early withdrawal

Pros of Savings Bonds

Cons of Savings Bonds

• Low risk

• Education exception

• Possible tax advantages

• No fees

• Great gift

• Patriotic gesture

• Low returns

• Purchase limit

• Possible tax liability

• Penalty for early withdrawal

When Do Savings Bonds Mature?

You may wonder how long it takes for a savings bond to mature. The EE and I savings bonds earn interest for 30 years, until they reach their maturity date.

Recommended: Bonds or CDs: Which Is Smarter for Your Money?

How to Cash in Savings Bonds

You’ll also need to know how and when to redeem a savings bond. These bonds earn interest for 30 years, but you can cash them in penalty-free after five years.

• If you have a paper bond, you can cash it in at your bank or credit union. Bring the bond and your ID. Or go to the Treasury’s TreasuryDirect site for details on how to cash it in.

• For electronic bonds, log into your TreasuryDirect account, click on “confirm redemption,” and follow the instructions to deposit the amount to a linked checking or savings account. You will likely get the money within a few business days.

• If you inherited or found an old U.S. Savings Bond, you may be able to redeem savings bonds through the TreasuryDirect portal or via Treasury Retail Securities Services.

Early Redemption of Bonds

If you cash in a U.S. Savings Bond after one year but before five years, you’ll pay a penalty that is the equivalent of the previous three months of interest. Keep in mind that for EE bonds, if you cash in before holding for 20 years, you lose the opportunity to receive the doubled value of the bond that accrues after 20 years.

The History of US Savings Bonds

America’s savings bond program began under President Franklin Delano Roosevelt in 1935, during the Great Depression, with what were known as “baby bonds.” This started the tradition of citizens participating in government financing.

The Series E Saving Bond contributed billions of dollars to financing the World War II effort, and in the post-war years, they became a popular savings vehicle. The fact that they are guaranteed by the U.S. government generally makes them a safe place to stash cash and earn interest.

The Takeaway

U.S. Savings Bonds can be one of the safest ways to invest for the future and show your patriotism. While the interest rates are typically low, for some investors, knowing that the money is being securely held for a couple of decades can really enhance their peace of mind.

Another way to help increase your peace of mind and financial well-being is finding the right banking partner for your deposit product needs.

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

FAQ

What is a $50 savings bond worth?

The value of a $50 savings bond will depend on how long it has been held. You can log onto the TreasuryDirect site and use the calculator there to find out the value. As an example, a $50 Series I bond issued in 2000 would be worth more than $211 today.

How long does it take for a $50 savings bond to mature?

The full maturation date of U.S. savings bonds is 30 years.

What is a savings bond?

A savings bond is a secure way of investing in the U.S. government and earning interest. Basically, when you buy a U.S. Savings Bond, you are loaning the government money, which, upon maturity, they pay back with interest.

Photo credit: iStock/AlexSecret

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.

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.

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.

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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Source: sofi.com

Apache is functioning normally

May 17, 2024 by Brett Tams

Applying for a credit card as an international student in the United States can be challenging — but it’s not impossible. And if you plan to stay in the U.S. after you graduate, having an established credit history through an international student credit card can be instrumental as you start the next phase of your life, from getting a job to buying a car or a house.

Wondering how to get a credit card as an international student? Our guide will walk you through the typical requirements, and the steps for an international student to apply for a credit card.

Recommended: What is a Charge Card

Benefits of Having a Credit Card as an International Student

Getting a credit card as an international student can have a number of benefits:

• Spending with ease: When you’re attending college in the U.S., you’ll have to pay more than tuition. Having a U.S. credit card can make it easier to pay for monthly expenses like groceries and entertainment. Even if you have a credit card issued in your home country, getting a card from a U.S.-based credit card issuer can be a good idea; cards from other countries might charge foreign transaction fees here in the States.

• Establishing credit in the U.S.: International students in the United States likely do not yet have a U.S. credit score. Having a credit history is important for things like applying for a job, getting approved to rent a home, and buying a car. If you plan to remain in the United States after graduation, establishing credit history as a student with a credit card can be a good idea.

• Learning how to manage credit: Whether you plan to remain in the United States after graduation or return home, learning how to use a credit card responsibly can be an important lesson. As a student with fewer bills, now might be a good time to learn how credit cards work and get used to the monthly payments and interest rates.

Recommended: Can International Students Get Student Loans in the U.S.?

Disadvantages of Having a Credit Card as an International Student

Applying for an international student credit card can also have its drawbacks:

• Difficult requirements: Getting a credit card as an international student is usually more challenging than it is for U.S. citizens. Students who are already overwhelmed by a new place with a new culture — plus their challenging curriculum — may not have the time or energy to apply for a credit card.

• No effect on credit score back home: Getting a credit card from a U.S. credit card issuer is a good step toward establishing a credit history in the United States. Students who plan to return to their home countries after college, however, will not see a benefit to their credit scores back home by using a U.S.-issued card.

Typical Credit Card Requirements for International Students

So can an international student get a credit card? Yes — but they may have a harder time than the average U.S. student.

Typically, you will need a Social Security number (SSN) to apply for a credit card. Some issuers may accept an Individual Taxpayer Identification number (ITIN), which can be easier for international students to obtain. While most credit cards will require a SSN or ITIN, you might be able to find a credit card issuer that only requires a passport.

Applying for a Social Security Number

Even if you are not a U.S. citizen, you may be able to apply for a Social Security number. For example, if you have an F-1 student visa (or another type of student visa), you might be eligible to apply, though you may need to have a part-time job and receive the proper authorization first.

Review the Social Security Administration’s guidelines , and don’t be afraid to ask a member of your school’s international student office for assistance. The advisors there are likely well-versed in common international student challenges, including applying for a Social Security number.

If you are having trouble getting a Social Security number, try instead to get an ITIN through the IRS. The IRS offers guidelines for obtaining an ITIN as a foreign student, but again, your international student office can likely walk through the process with you.

Applying for Credit Cards

Once you’ve gotten a Social Security number (or an ITIN), you may be wondering, how can an international student get a credit card? Start by looking for relevant credit card offers. Many credit card issuers offer cards specifically targeted at students.

Note that you will need to provide a permanent address for your application. You can use your U.S.-based school address for this field.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Tips for Avoiding Credit Card Rejections as an International Student

Because nobody likes rejection — and because multiple hard inquiries for credit card applications might eventually take a toll on your credit score — it’s important to avoid credit card rejections. Here are some tips for improving your chances of approval:

• Open a bank account. Having a checking or savings account can improve your success rate. It also simplifies money management while you’re here in the States.

• Get a part-time job. Having a job might be a requirement to get your Social Security number. Having a steady income is a sign to creditors that you are reliable enough to lend money to. Just check with your advisor to ensure you are allowed to seek employment as an international student.

• Consider a secured credit card. Secured credit cards require a security deposit, often equal to the credit limit for the card in question. Because these cards are backed by collateral, they pose less risk to the credit card issuer and thus make it easier for those with bad or no credit to get approved. After you use your secured credit card responsibly for several months, you might have a strong enough credit score to apply for an unsecured card. Just make sure the card issuer reports usage of the secured card to the credit bureaus to ensure an impact to your score.

Recommended: When Are Credit Card Payments Due

Using a Credit Card Responsibly

Responsible credit card usage is a good way to improve your credit score. When you get your international student credit card, be sure to follow our general credit card rules to improve your chances of raising your credit score.

In general, responsible credit card usage entails:

• Avoiding impulse purchases.

• Signing up for automatic payments.

• Regularly checking your statements.

Paying your card off in full each month and maintaining a low credit utilization — meaning the amount of credit you’re currently using compared to the total credit you have available — are good ways to build a solid credit history. Following these guidelines can also help you to avoid some of the costs of credit cards, such as late payment fees and interest charges.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

International students can apply for a credit card while studying here in the United States. Doing so can allow you to establish a credit history in the U.S. and spend money more easily during your time here. Applying for an international student credit card is more complicated, however, and typically requires a Social Security number or Individual Taxpayer Identification number.

Are you looking for the right credit card during your time in the U.S.? You might consider getting a credit card through SoFi.

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 a good credit card interest rate for international students?

Interest rates will vary by credit card, but some of the best international student credit cards offer APRs between 13% and 29%.

Do I need a Social Security number to open a credit card?

Having a Social Security number is a common requirement for opening a credit card, but many issuers will accept an Individual Taxpayer Identification number instead. Some credit card issuers may even accept only a passport for the credit card application.

Do international students have to use a secured credit card?

International students may have an easier time getting approved for a secured credit card, but it is not the only option. If a student has an established credit history in the United States, they might be able to get approved for a specific unsecured credit card designed for students. Some cards might even offer basic rewards.

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

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.

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.

Photo credit: iStock/FatCamera
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Source: sofi.com

Apache is functioning normally

May 17, 2024 by Brett Tams

Did you know that there are many ways to get an instant sign up bonus? Making extra money has become simpler because of many apps and websites that give you instant bonuses just for signing up. These sites and apps give a nice extra money boost when you create an account, and they have different…

Did you know that there are many ways to get an instant sign up bonus?

Making extra money has become simpler because of many apps and websites that give you instant bonuses just for signing up. These sites and apps give a nice extra money boost when you create an account, and they have different rewards like cash, points for gift cards, or discounts.

Whether you’re doing surveys, shopping online, or investing, the bonus you get when you sign up can be a good reason to try out a new service.

I have earned many, many instant sign-up bonuses over the years, so I know this is a real way to make extra money.

Best Ways To Get an Instant Sign up Bonus

Below, you will see the different ways you can get instant sign-up bonuses from the best sign-up bonus apps.

Here are my quick picks to get started with:

1. Swagbucks

Swagbucks is one of the top sites to start with if you want to earn free gift cards to your favorite places, such as Target, Amazon, Walmart, Visa, and more. They also have an instant sign-up bonus of $10.

Swagbucks is a website where you can earn points (they call them “SB”) by doing tasks like searching around on the internet, watching quick videos, using their cash back shopping deals, and answering surveys.

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

Here’s how the Swagbucks instant sign-up bonus works: To get the bonus, you need to activate it in the SwagUps section of your account. You’ll receive a 1000 SB bonus, equivalent to $10, when you spend at least $25 at a store listed on Swagbucks.com/Shop. You must earn a minimum of 25 SB from this purchase, and it must be completed within 30 days of registering your account.

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

2. Fetch Rewards

Fetch Rewards is a phone app (which I use regularly!) where you earn points by scanning receipts from grocery stores. You can use these points to get gift cards for Target, Amazon, Starbucks, and other places.

Plus, you’ll get a 1,000 point sign-up bonus for using the code “HD4YXY” when signing up.

I personally use Fetch Rewards every time I go grocery shopping (I use it at least a couple of times a week), as it’s one of the easiest tools to use to earn points. I just shop like I normally do, and once I get home (or once I get back to my car), I open the Fetch Rewards app on my phone and take a picture of my receipt.

After you scan a receipt using Fetch Rewards, the app quickly adds points to my account. It doesn’t matter what I buy at the grocery store – I can still earn points.

You can sign up for Fetch Rewards by clicking here.

3. Marcus (high yield savings account)

A high-yield bank account is a special type of savings account that earns a higher interest rate compared to a regular savings account. This means your money grows faster over time.

If you are looking for a new place to save your money other than the low amount that your bank is giving you, then this is an option to look into. Now, you don’t typically get a debit card with this kind of account (this is not a checking account), but you do get a much higher interest rate.

For example, if you have $10,000 saved, you could earn $540 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46. That is a huge difference.

I personally use Marcus by Goldman Sachs as they have a very high rate. You can get up to 5.40% (at the time of this writing) through my referral link bonus. Plus, there are no monthly fees.

With Marcus, you can earn an extra 1.00% on top of the high-yield rate on Marcus’ Online Savings Account by signing up today. I actually signed up for Marcus last year and received this sign-up bonus myself, so I know that it is real. An extra 1.00% as an instant sign-up bonus is a no-brainer!

You can join Marcus by Goldman Sachs and get the new account bonus by clicking here.

4. InboxDollars

InboxDollars is a rewards website where you earn points by answering online surveys, watching short video clips, playing online games, and doing other activities.

The points that you earn can be redeemed for gift cards to places such as Amazon, Walmart, Apple, Target, Starbucks, Lowe’s, and more.

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

5. Survey Junkie

Survey Junkie is a popular platform where you can earn extra money for sharing your thoughts in online surveys.

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

The sign-up bonus on Survey Junkie often changes. Here’s one I recently saw: You’ve been selected for a $5 bonus starting tomorrow called the “May Day Bonus.” To earn this bonus, you need to complete 3 surveys per day for a total of 7 days between May 1 and May 13. Each survey must be worth 20 points or more. On average, members earn $25 in rewards during bonus events like this.

Please click here to sign up for Survey Junkie.

6. Branded Surveys

Branded Surveys is a survey platform where you earn points by answering questions. You can use these points to get free gift cards or PayPal money.

The surveys on Branded Surveys usually take 5 to 15 minutes to finish and pay between $0.50 and $5.00 each.

They currently have a 100 point welcome bonus for signing up.

You can sign up for Branded Surveys here.

7. Upside

Upside is a cash back rewards app for fuel (gas, diesel, etc.) purchases at a gas station.

When you use the app to locate and buy gas at participating stations, you can earn cash back that can be redeemed for gift cards.

Plus, when you use the app for the first time, you can earn a higher cash back amount to help you get acquainted with it. In my first use of the app, I received $0.74 back per gallon. I purchased 12.62 gallons of gas and saved $9.33 just by using the app for the first time. This was a large cash bonus, and it won’t always be this high, but it was definitely still nice to get.

This welcome bonus was really nice and easy to use!

You can sign up for Upside here.

8. Ibotta

Ibotta is an app that gives you cash back for shopping, especially at grocery stores. After you shop, simply upload your receipts to earn cash back. You can use this cash back for free gift cards to places like Walmart, CVS, Amazon, DoorDash, and Target, or you can transfer it to your bank account or PayPal.

Here’s how Ibotta works:

Download the Ibotta app – Get the app on your phone.
Check available offers – Before you shop, look for offers on specific items like crackers or fruit.
Shop and scan – After shopping, scan your receipt in the app to earn points.

Plus, you can use the code “XWRAFGT” to get $5 after you submit your first receipt to Ibotta as a bonus for being a new member.

You can join Ibotta here.

9. Rakuten

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

With Rakuten, you can earn up to an additional 10% cash back on purchases made within your first 7 days of using the service.

When I first signed up for Rakuten, it was due to me receiving a welcome bonus. And, I know many others who have received this new member bonus too.

You can join Rakuten by clicking here.

10. Prime Opinion

Prime Opinion is a survey website where you can earn money by sharing your opinions from home. It’s a legitimate platform with many surveys available to complete – currently, there are over 40 different surveys listed in my personal dashboard when I log in.

Your points can be used toward free gift cards and PayPal cash.

Currently, you can sign up and get up to a $5 free bonus with Prime Opinion.

Click here to join Prime Opinion.

11. MoneyLion

MoneyLion is a finance app that has many features, such as the ability to get quick cash of up to $500, a tool that will help you to build your credit, another that will help you invest, and more.

MoneyLion also has a $5 instant sign-up bonus after you open an account.

12. MyPoints

MyPoints is an app that allows you to earn rewards by scanning receipts, answering surveys, watching videos, and shopping online. You can earn points by scanning your receipts and then redeem them for gift cards or cash.

To get started with MyPoints, visit their website and go to the “Magic Receipts” section. From there, you can snap a picture of any receipt from stores like grocery stores, warehouse clubs, drugstores, clothing stores, restaurants, and more.

When you sign up for MyPoints, you can receive a $10 welcome bonus. Here’s how it works: Spend $20 or more (excluding taxes and shipping) on any shop merchant through the MyPoints site or MyPoints emails within your first 30 days of membership. They’ll credit your account with 1,750 Points, which you can redeem for a $10 gift card of your choice.

Please click here to sign up for MyPoints.

13. InboxDollars

InboxDollars is a rewards platform that has many ways for you to earn points, such as taking surveys (earn between $0.50 and $5.00 for each one), reading emails, playing online games, and watching videos.

With InboxDollars, you can receive free gift cards to places like Target, Amazon, PayPal, iTunes, Apple, and many others.

Plus, you can get a $5 sign-up bonus when joining.

By signing up for InboxDollars, you can receive a free $5 too.

14. Cash App

Cash App is a mobile payment service that allows you to send money to friends and family. When you sign up for Cash App, you might receive an instant sign-up bonus too.

You’ll have to find a referral code from a friend who already uses Cash App. Then, sign up using this code and send $5 to another Cash App user. By doing this, you’ll receive a $5 bonus. It’s like getting free money just for trying out the app that you probably are already looking to use.

15. BeFrugal

BeFrugal is a cash back site that lets you earn money just by doing your regular shopping.

You can get up to 40% cash back at over 5,000 different stores. And, your cash payout is via check, PayPal, direct deposit, Zelle, Venmo, or gift card.

Plus, you can join for free and get a $10 bonus as a welcome.

You can sign up for BeFrugal here.

16. Fundrise

Investing in real estate can seem challenging, but with Fundrise, you can start a little more easily. When you join Fundrise, you can invest in properties across the USA without the hassle of being a landlord.

Plus, you can begin with a small amount of money.

When you sign up with Fundrise, you sometimes get a bonus.

You can sign up for Fundrise here.

17. Robinhood

Robinhood is a website where people can buy and sell stocks, ETFs, options, and more (like crypto) without having to pay high fees. This app was made to help more people start investing easily and have an investment portfolio, especially those who are new to it.

Robinhood gives new users different sign-up bonuses to get them started with trading in the stock market.

The bonus varies depending on when you sign up. But, some examples include:

$25 when you deposit $1,000+
$250 when you deposit $10,000+
$1,000 when you deposit $50,000+

Or, sometimes you can earn a bonus by moving your brokerage account from another company to Robinhood. Whether you transfer $10,000 or $1 million, they’ll give you a bonus equal to 1% of the amount you transfer, and there’s no limit on how much you can earn (Robinhood states this disclosure, “To keep the bonus, you must keep the money you transfer into Robinhood in your Robinhood individual brokerage account for at least 2 years.”).

18. Acorns

Acorns is a micro-investment app, meaning you can buy small pieces of stocks instead of full shares, which makes investing easier.

With Acorns, you can connect your debit and credit cards. It rounds up your transactions to the nearest dollar and invests the spare change.

Acorns typically gives a $5 welcome bonus to new users.

You can click here to sign up for Acorns.

Frequently Asked Questions

Below are answers to common questions about the best sites and apps for an instant sign-up bonus.

Do any apps actually give you money?

Yes, some apps do give you real money just for signing up. These apps range from survey platforms to financial services, and they use sign-up bonuses to get more people to sign up and try out their service or product.

What app gives you money instantly for signing up?

Apps that give you money instantly for signing up include Fetch Rewards, Swagbucks, Rakuten, Upside, Cash App, and more. Many apps pay you money to sign up because it makes their app look more appealing.

Which app gives the highest sign up bonus?

While sign-up bonuses change all the time, financial apps tend to have higher sign-up bonuses for new users.

Why do sites give a sign up bonus?

Sites give a sign-up bonus to encourage new users to join their site or app. It’s a marketing strategy that benefits both the company and you – they gain a new customer, and you get extra cash or rewards.

Do banks have sign up bonuses?

Yes, banks like Wells Fargo and Chase sometimes have sign-up bonuses for new members who have a qualifying direct deposit.

How To Get an Instant Sign up Bonus

I hope you enjoyed this article on the best ways to get an instant sign-up bonus.

Certain apps like Swagbucks and Cash App give you instant cash bonuses, while others like Fetch Rewards or BeFrugal reward you with points or cash back when you use their platforms for shopping. Investment apps like Fundrise or Acorns also have sign-up rewards, such as a free stock or investment credit.

Here’s a quick list of my favorite ways to get an instant sign-up bonus:

I have earned many instant sign-up bonuses over the years from many different apps and sites, so I know that this is real. While the sign-up bonuses won’t make you rich, they can be enticing and get you to try something new.

What is your favorite way to get an instant sign up bonus?

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Source: makingsenseofcents.com