If you’re like most Americans, you love your plastic and swiping or tapping through your day. In fact, about 84% of Americans have at least one credit card, with the average wallet holding three.
The national love affair with credit cards is built on their convenience, how they provide a line of credit to enable buying things we can’t quite afford to pay for with cash, and those enticing rewards that are often offered.
But the picture is not altogether rosy: As a nation, US citizens have more than $1 trillion in credit card debt. And with interest rates averaging over 20%, that debt can be hard to chip away at.
To help you better understand how credit cards work, how much credit card debt people typically have, and what are smart strategies for paying down credit card debt, keep reading. You’ll learn interesting facts as well as helpful hints.
10 Facts About Credit Card Debt
Ready to learn more about credit card debt, a form of revolving debt? These 10 credit card facts will help you better understand who has how much debt and where difficulties paying the balance typically crop up.
1. More Than Half of Americans Have Outstanding Credit Card Debt
A majority of active credit card accounts carry a balance, according to the American Bankers Association. The specific figure is 56%. This indicates that carrying a balance is a common situation for many Americans, even with the eye-wateringly high interest that’s charged.
Recommended: Tips for Using a Credit Card Responsibly
2. Households with Credit Card Debt Owe an Average of Almost $8,000
American families had an average credit card balance of $7,951, according to calculations using Federal Reserve Bank of New York and US Census Bureau data. In 2013, that figure was $5,508.
Just because this is the norm, it doesn’t mean that it’s ideal: The best-case scenario is to only charge as much as you can afford to pay off in full every month. 💡 Quick Tip: A SoFi Credit Card provides access to a line of credit. It’s essentially a short-term loan that you repay each month.
3. It Can Take More Than a Decade to Pay Off $7,951 in Debt
Racking up credit card debt takes much less time than getting rid of it. Let’s assume that like the average American, you have $7,951 in credit card debt, as noted above.
At the current average interest rate of 21.19% on existing accounts, with a $150 monthly payment, it would take you 158 months — or 13 years and two months — to pay that off. And you would pay $15,606.40 in interest, or almost twice the original amount you charged!
But the more you can pay each month, the faster you’ll extinguish the debt. In this example, if you increase your monthly payment to $500, you’d pay off the debt in just a year and seven months and only spend $1,465.06 in interest. These scenarios are, however, assuming that you are not accruing new debt and therefore paying off larger credit card bills.
4. Gen Xers Have the Most Credit Card Debt
Ready for more credit card facts? Here is how age and debt intersect. Gen Xers, the generation that includes people born between 1965 and 1980, have the highest average credit card balance: $9,589. Next in line are Baby Boomers, born between 1946 and 1964, who have somewhat less debt — $8,192 on average — than Gen Xers.
5. Alaskans Have the Highest Credit Card Debt
In a state by state analysis of credit card debt, Alaska residents led the pack with $7,324 per person. Those who live in Wisconsin were found to have the lowest at $4,987.
6. 42% of College Students Have Credit Card Debt
The habit of carrying credit card debt unfortunately starts early, with more than four out of 10 college students carrying a balance on their credit cards. Of these, 28% say their debt exceeds $2,000. They say they accumulated that amount due to nonessential purchases, such as impulse buys, Uber rides, or fancy coffees. 💡 Quick Tip: To avoid paying interest, pay off your credit card bill in full and on time each month. Only making the minimum payment each month can lead to paying a lot in interest over time.
7. One in Three Americans Owes More On Credit Cards Than They Have Saved
This may be a scary fact about debt, but one in three US adults owes more on their credit card than they have saved. In fact, 36% say this is the case, versus just 22% a year earlier. That shows a two-sided problem: too much spending and too little saving.
Recommended: Paying Off $10,000 in Credit Card Debt
8. Richer People Have Credit Card Debt Longer
More interesting credit card debt facts: People who earn more than $100K a year are more than two times as likely as lower earners to have credit card debt for five years or longer. Among six-figure earners, 72% say they have had debt for at least a year vs. 53% of those who earn less than $50,000 per year. When considering those who’ve held credit card debt for five years or more, you’ll find that 27% of the high earners vs. 13% of the lower earners are in that situation.
Perhaps this statistic suggests that high-earners feel they have the means to handle debt and therefore don’t rush to repay it.
9. Men Have More Debt Than Women
Men have an average of $6,357 in credit card debt, while women have an average of $6,232. Perhaps not a huge difference, but so much for the myth of women shopaholics using credit cards to fill an overflowing closet with shoes.
There are many potential reasons for this difference, but some studies have found that women are less comfortable with debt.
10. There’s a Good Chance You’ll Die With Credit Card Debt
Here’s the last of these debt facts, and it can be a grim one: Nearly three-fourths of Americans are in debt when they die, according to one benchmark study.
And 68% die with credit credit card balances — more than the share who have mortgage debt (37%) or car loans (25%) when they pass away. That’s not exactly a desirable legacy. Although family members don’t generally become responsible for the debt, it may be taken out of the deceased person’s estate.
Why Is Credit Card Debt So Common?
There are many reasons that Americans have so much credit card debt, from rising healthcare and educational costs to lack of emergency savings to a cultural consumerism that encourages people to live beyond their means.
Regarding that last point, you may hear about the phenomenon referred to as Fear of Missing Out or FOMO spending, which is a modern version of “keeping up with the Joneses.” In other words, because your friends, coworkers, or influencers you follow on social media are buying something, you feel you should as well.
Or perhaps part of the problem can be explained by what is known as lifestyle creep. This situation occurs when you earn more money but your spending rises too, so your wealth doesn’t grow. For example, if you took a new, higher-paying job and decided to lease a luxury car or take a couple of lavish vacations, your wealth wouldn’t increase, though your credit card balance might.
Tips on Avoiding Credit Card Debt
Perhaps these facts about debt will motivate you to work on avoiding a credit card balance. If so, the following strategies could help.
• Review different budgeting methods, and find one that works for you. Many people use the popular 50/30/20 budget rule, for example. Also, see if your bank offers tracking and budgeting tools to help you rein in spending.
• Gamify savings. You might try sleeping on it rather than making impulse buys to see if the urge to spend passes; it often does. Or go on a spending freeze for a specific period of time or for a certain kind of purchase (say, no dining out in March; no clothing purchases in April).
• Try buying with cash or your debit card vs. plastic. That will help prevent your debt from snowballing.
• Consider trying a balance transfer card, which typically gives you a period of zero interest during which time you can pay down what you owe.
• In terms of a debt payoff strategy, you might investigate getting a personal loan with a lower rate than what your card charges. That could allow you to pay off the plastic debt and then have more manageable monthly payments.
• Seek help if you are really struggling to get your debt under control. Nonprofit organizations can help you accomplish this.
Opening a Credit Card With SoFi
Now that you know some facts about credit card debt and ways to pay it off, you may be looking for a new card that better suits your financial and personal goals. Shopping around to compare features, such as interest rates and rewards, can be a wise move.
Looking for a new credit card? Consider a rewards card that can make your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt.
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 are the main causes of credit card debt?
Credit card debt can crop up in a variety of ways. Sometimes it’s because expenses get pricier, whether due to lifestyle creep or inflation. Other times, it’s not being mindful about daily spending and making impulse buys. Given how many Americans have more credit card debt than money saved, it’s a common but challenging issue.
How much does the average person have in credit card debt?
Credit card debt facts reveal different angles on this number. The average American household has $7,951 in credit card debt. Some studies put the individual figure at $,5,573.
How serious is credit card debt?
Credit card debt can be very serious. It’s high-interest debt, and it can be difficult to pay off. It can make it hard for individuals to save for their future and can negatively impact their debt to income ratio, which can be an issue when applying for loans.
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 points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points as cash deposited into your SoFi Checking and Savings account, as a statement credit to a SoFi Credit Card account, as fractional shares into your SoFi Invest account, or as a payment toward your SoFi Personal Loan or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per 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.
1See Rewards Details at SoFi.com/card/rewards.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
I noticed my category purchases on Citi Custom Cash from October 20th did not track properly at 5%. After escalating via chat, I learned that “it’s a known issue and ticket was already raised regarding this and our team is working on this”.
Now, I’m reading in the comments from reader Harold who experienced the same thing with his October 22nd purchase. He was also told by the tier 2 rep that there was a glitch. Both of us got our points credited manually by the tier 2 rep.
My purchases from October 16th and 27th tracked properly, so it seems to be limited to 20-22 or the dates around there. This issue will likely sort itself out since they are aware of the issue. Worth keeping tabs on, if affected.
About one in seven Americans has unclaimed funds lurking somewhere. In fact, there’s an estimated $70 billion in unclaimed assets in the United States. Typically, the amounts people receive when retrieving this money can be small (say, $20) or, in rare cases, it can be a significant amount of six figures or higher.
States typically manage these funds, which can come from forgotten bank accounts, pensions, insurance benefits, wages, savings bonds, and other sources.
If you’re wondering whether there’s any money out there that belongs to you, read on. This guide will walk you through where unclaimed money may be hiding and how to claim it.
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How to Find Unclaimed Money 5 Ways
Money usually remains unclaimed because owners have no idea it exists. That’s why it may be worth searching for unclaimed funds in your name just in case. So how do you go about it? Unfortunately, there’s no single place you can look for all potential unclaimed cash. It may take some work, but here are some steps you can take to help make sure you’re claiming everything that’s yours.
💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.
1. Searching State Databases
A good first step may be to hunt for unclaimed funds at the state level. Each state has an office that oversees unclaimed property, typically housed in the state treasurer’s, controller’s, or comptroller’s office. You can link to your state by visiting the website unclaimed.org, which is run by the National Association of Unclaimed Property Administrators.
Don’t forget to search your name in the database of each state where you have lived, not just the one where you live now. Make sure that you are searching the official state site (it should have .gov in the URL) to avoid scams. If you are married and changed your name, you may want to consider searching under your maiden name too.
You can continue your search by checking MissingMoney.com, which offers a multi-state database endorsed by the National Association of Unclaimed Property Administrators.
All of these searches are free to complete. If someone asks you for money to complete a search, that’s a red flag. There’s no reason to pay to access money that’s yours, unless there is a small processing fee.
If you happen to find unclaimed property, each state has its own process for proving that you’re the true owner and getting your hands on the cash. Many states allow you to file a claim electronically.
Usually you need to provide some kind of official documents to prove that you’re the person named as the owner. Luckily, there is typically no time limit for claiming the money. If the owner has died, you can often claim funds from a deceased relative. You can typically file a claim if you’re an heir, trustee, or executor of the estate.
2. Looking for Unpaid Wages and Pensions
Here’s another possibility in terms of how to find unclaimed funds: Hunt for back pay. If your employer owes you back wages, you can search the Department of Labor’s database. Start by inputting the name of the employer. You typically have to move quickly in this case, since the agency only keeps unpaid wages for three years.
You can also look for pensions from a former employer. Pension funds may be unclaimed if a company closed its doors or ended a particular pension plan. You can look for funds through the website of the Pension Benefit Guaranty Corporation, which is a government agency.
3. Checking for Unclaimed Tax Refunds
If you think you may have failed to receive a tax refund at some point, you can track that down through the Internal Revenue Service’s website. Keep in mind that you will need to know the exact refund amount in order to conduct the search.
4. Searching for Insurance Funds
Many insurance companies transfer unclaimed funds to states, but a couple of federal government agencies maintain their own unclaimed funds databases. The U.S. Department of Veterans Affairs holds onto unclaimed VA life insurance funds for most policyholders and, if they’re deceased, their beneficiaries.
People who had mortgages insured by the Federal Housing Administration can check for potential unclaimed refunds on the website of the U.S. Department of Housing and Urban Development.
5. Finding Savings Bonds
Another potential place to find unclaimed funds could be in forgotten or lost savings bonds. To check whether you have a bond that has reached maturity, check the government’s website Treasury Hunt. You’ll be prompted to enter your Social Security number and your state.
The site also offers advice on finding lost, destroyed, or stolen savings bonds.
• FDIC and Closed Banks You may also want to see if you have any money that is in a lost bank account or one that was held at a now-closed bank. It’s a very rare occurrence, but bank failures do occasionally happen. If you believe you had funds in one that you never received, you can contact the FDIC Claims Depositor Services at 888-206-4662, option 2.
💡 Quick Tip: Want a new checking account that offers more access to your money? With 55,000+ ATMs in the Allpoint network, you can get cash when and where you choose.
Being Aware of Scams
Where there’s free money, there are bound to be con artists trying to take advantage of it. Some companies may offer to help you find unclaimed funds and recover the money for a percentage of the amount owed you. Be cautious: These can be scams. Paying these fees is pointless, since you can search for unclaimed property and reclaim it for free (or perhaps for a small processing fee to the state).
The IRS recently warned of another kind of unclaimed money scam, in which a letter arrives, claiming to be from the government, alerting you to a refund you have not yet accessed. This fraudulent communication then says that your banking details are needed to receive the money. If you send that sensitive information, you could end up losing money and having your accounts compromised.
Using Your Unclaimed Money
If you happen to be one of the lucky people who finds cash waiting for them, what should you do with it? You may be tempted to blow the surprise windfall on those new shoes you’ve been eyeing or on a dream vacation.
But depending on the sum you receive and your financial situation, there may be smarter ways to put the unexpected money to use. Consider these possibilities.
Paying Off Debt
If you have high-interest debt, many people suggest putting much of your extra cash toward knocking it out. That’s because interest rates can cause a balance to balloon significantly over time, meaning the longer you wait to pay off your high-interest debt, the more you’ll likely pay overall.
Credit cards and payday loans tend to have high interest rates, but you may also want to check the rate you’re paying on your student loans, car loan, personal loan, or mortgage. One method for potentially paying off your debt faster is to tackle your highest-interest debt first, while staying on top of minimum payments for your other liabilities.
Building An Emergency Fund
Once you’re on top of your debt or at least the highest-interest liabilities, it may be a good idea to establish or pump up an emergency fund.
Financial experts suggest having enough saved to cover three to six months’ worth of living expenses.
It may be a good idea to keep this money in a safe place, like a high-interest savings account, for unexpected emergencies such as car repairs, medical bills, or a layoff. Having an emergency fund may help you avoid getting into high-interest debt in the future since you have that cash cushion to see you through challenging times.
Saving for a Goal
Once you have a basic emergency fund, you may want to start setting aside money to get closer to a big financial goal. Maybe you want to have a wedding, travel, start a business, or buy a home.
Saving in advance means you may need to take out less in loans or pay less in credit card charges. Or you might be able to avoid them altogether, keeping more of your money in your pocket.
Investing for the Future
Another option is to invest your money in an individual retirement account, college savings plan, brokerage account, or another financial vehicle.
Investing your money for the long-term could allow you to take advantage of the power of compounding returns and potentially increase your chances of reaping solid growth over time. It can be tempting to spend your lucky find on short-term fun, but investing may set you up for financial freedom in the future.
Recommended: Weird Ways to Make Money
The Takeaway
How do you find unclaimed funds? Typically, it involves searching on websites to see what pops up. These are usually specific to the kind of money that is sitting unclaimed, whether that means going searching for tax refunds, the contents of closed bank accounts, back wages, or insurance payments.
Whether it’s deciding what to do with reclaimed cash, if you’re owed any, or figuring out how to afford a big goal, life poses plenty of personal finance challenges. Finding the right financial partner can be an important step in making your money work harder for you.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.60% APY on SoFi Checking and Savings.
FAQ
What is the best website to find unclaimed money?
Using a website to find unclaimed money will depend somewhat on the source of the unclaimed funds, such as whether it’s from an insurance claim, a forgotten safety deposit box, or other source. One good place to start can be unclaimed.org, which is run by the National Association of Unclaimed Property Administrators.
What happens if money is unclaimed?
When money is unclaimed, it often goes through a dormancy period (perhaps five years), after which the state takes control of the funds.
How do you claim unclaimed money from the IRS?
If you were expecting a federal tax refund and didn’t receive it, visit the IRS’ Where’s My Refund page and/or call their helpline at 800-829-1040. For state taxes, contact your local Department of Revenue by checking this website.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a 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.
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 http://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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Inside: Are you looking for ways to make money on the side? This guide has everything you need to know about the best side hustles for men. From turning your passion into profit with these gig ideas!
In this post, I collaborated with my husband. Together, we combined our ideas and expertise after work to generate ideas centered around how men specifically can make money. His input and insights were remarkably vital to this post.
Break free from the 9-to-5 grind and embark on a journey towards a fulfilling side hustle – it’s a game-changer for gentlemen looking to beef up their bank accounts.
In the ever-evolving landscape of side hustles, now is your year to supercharge your earnings. There’s a treasure trove of opportunities waiting for you to delve into, all while indulging in your passions. From tech-savvy endeavors to unleashing your creative genius and practical gigs that pay, our guide is here to unveil the ultimate side hustles that can set you on the path to financial triumph.
Ready to boost your income? Fantastic! You’re on the path to prosperity.
Here, we’ll explore the 40 best side hustles for men in 2024.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Embracing the Hustle: Why Men Should Consider Side Hustles
Side hustles are more than mere cash generators – they’re the keys to a world of freedom, flexibility, and endless growth potential.
If you’re a gentleman with a hunger for financial prosperity, a side hustle can be your golden ticket. It empowers you to call the shots and maintain your existing commitments while paving your way to success.
While women tend to lean towards side hustles for women, it’s high time for men to dive headfirst into the captivating world of side hustles!
How can a guy make extra money?
Making extra money doesn’t have to be monotonous. Whether you’re a tech whizz, an avid creator, or a hands-on worker, there’s something for you.
There are so many ways to make money. I just read this story about a college kid starting with $300 and turning his sticker side hustle into a full time business. 1
These options can yield solid income by leveraging your unique skills and interests. Want to learn more? Keep reading; we have plenty of ideas for you!
Top Side Hustles for Men
As my hubby said, extra income takes the financial strain off the normal job. With side hustles, you can choose how you want to spend your time – watching sports, playing video games, or making money.
The choice is yours!
Right now, learning to make money online for beginners is the most popular place to start.
1. Invest in Real Estate
Around here at Money Bliss, we always stress how to make your money work for you and real estate is no different.
Real estate investment is a golden opportunity that not only offers a steady income but also the potential for property value to soar. Keep in mind, that it’s a long-term game that requires a significant upfront investment.
However, there are many options like flipping properties, renting properties, or even investing through a REIT. Dive into the world of real estate to maximize your returns. Let your money do the heavy lifting for you.
2. Day Trader
Many men opt for trading stocks and options as a side hustle for several compelling reasons.
Trading offers flexibility, as your research can be done at any time, making it convenient to manage along with a nine-to-five job.
It has an immense profit potential, given the volatility and opportunities present in the global stock markets.
Many want to earn a rate of return greater than the average return of the S&P 500 – a common benchmark index for that competitor inside them.
Finally, trading presents an opportunity for continual learning and development, as successful trading requires staying updated with financial news, stock apps, market analysis, and economic trends, thereby enhancing one’s financial literacy.
Trade & Travel
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
3. Become an Umpire or Referee
Sports fans, here’s your calling! Transform your passion into a profitable part-time gig by becoming a sports referee.
There is a HUGE shortage of umpires and referees.2 Rates per game can range from $20 to $60, and over time, you can earn even more as you referee older leagues. Plus many leagues are paying more to incentivize refs to come back to the fields.
Not only does it assure good pay, but it also lets you enjoy your favorite sport, exercise, and create exhilarating moments. Check it at your local club or league for training and to get started today.
This is something my brother-in-law did all the time and easily made 200 dollars a day.
4. Participate In Medical Studies
If adding to medical knowledge interests you while earning, consider participating in clinical trials.
Compensation depends on various factors like the study’s length and complexity. You can earn $50 to $300 a day!
It’s worth considering if you’re comfortable with potential risks and lengthy commitments. Websites like ClinicalTrials.gov or your local hospital could help you get started. It’s a unique way of contributing to medical research while making money. Do check the risks before diving in!
5. Moving and Heavy Item Delivery
Feel like adding some muscle? Moving and heavy item delivery might be your perfect hustle. If you’ve got a buddy, a solid back, and a truck (or can rent one), this is the gig.
You could easily earn about $20-$25 an hour helping people move houses or delivering large items. Opt for evening or weekend gigs to fit around your day job.
Get started by advertising your services or using apps like TaskRabbit or NextDoor. An excellent way to stay fit and earn some extra dollars at the same time!
6. Rent Out Your Extra Room
Do you have a spare room? Then, transform that neglected space into a cash cow.
Airbnb or VRBO can help you lease it out to travelers. Its user-friendly platform lets you manage rentals with aplomb. Plus, you get the chance to grow into a SuperHost.
Another option is to look at investing in a duplex where you live on one side and rent out the other.
7. Woodworking
This takes a special talent like my father-in-law had. He and his boys were known for crafting Adirondacks chairs, bedroom furniture, and patio tables.
So, if you have this woodworking knack, then this side hustle could be a golden ticket. The key to success is to perfect your craft to a few select items to be efficient with your time, so, you can better the profit. Let your handyman skills shine and earn you some extra cash!
The average earnings of a woodworking side hustle in the U.S. can range from approximately $500 to $3,000 or more per month, depending on factors such as the complexity of projects and marketing efforts.
8. Beekeeping
Honey, take note! If you’re not deterred by bees and are interested in agriculture, try your hand at beekeeping. This might be a family affair – like my daughter’s soccer coach.
Honey sells for around $20 a pound, and bees virtually do all the work! Plus, you contribute to pollination and the environment.
Combined with pest control services (like removing large nests), you can amplify your earnings. However, getting comfortable with bees might take time. But, once you do, the sticky sweet liquid gold that is raw honey could put a sizeable amount of money in your pocket.
9. Detail Cars
If you have a passion for cars and cleanliness, consider detailing cars as your side hustle. There’s something gratifying about transforming a dusty vehicle into a sparkling gem.
Depending on the quality of your service, you can earn up to $500 in a single weekend! Start by experimenting with your own car and build a portfolio to attract customers.
You’ll need tools like a good shop vacuum and detailing brushes. I have seen plenty of men showcasing their work on social media with before-and-after photos. Polish those wheels and drive towards profit!
10. Landscaping Side Hustle
Armed with green fingers? Eager to perform hard physical labor? Then a side gig in landscaping can do wonders for your wallet.
From regular lawn care to fall leaf cleanup to full-on backyard redesigns, there’s something for everyone. Look to websites like Lawn Love to match you with your first clients.
Potential income for this venture depends on how many hours of your time you are willing to trade.
11. Drive for Ridesharing Apps
Like to drive? Awesome, do it for cash! Ridesharing apps like Uber and Lyft got you covered.
Be your boss, and work on your terms.
You need to make sure you have a nice car, proper insurance, and learn the busiest routes to maximize your earnings. Do pay heed to your vehicle’s wear and tear, though. However, this is one of the jobs that pay weekly.
12. Snow Plowing
Living in a snowy region? Consider snow plowing. This is a quick way to make money! I can attest to my kids quickly making $200+ a day from snow shoveling.
Even better is to have business clients that need this service. As such, all you need is a reliable truck or SUV with four-wheel drive and a snowplow. Plus, you can upsell by offering extra services like salting and hand shoveling.
This lucrative side gig can result in you earning thousands each winter. It’s an opportunity to put your vehicle to good use and tackle Mother Nature for a handsome payout.
16. Knife Sharpening
If you have a knack for precision and patience, knife sharpening could be a rewarding side hustle. Businesses like restaurants butcheries, and home cooks are potential clients.
All you need is a quality knife sharpening setup and knowledge of the right techniques. Advertising your services on social media can help bring in customers. Who knew such an unusual skill could be so profitable?!
17. Plasma Donation Centers
While this one is probably more geared to side hustles for college students have you ever considered donating plasma for cash?
You help others, and it earns you up to $500 a month. It’s a generous deed with a minimal time commitment.
Search for “where to sell plasma in [your city]where to sell plasma in [your city]” to get started. Remember, most places have similar requirements to blood donation and may require a short medical screening first.
18. Bookkeeping
Good with numbers? Have an eye for detail? Look into bookkeeping.
Services like generating invoices, managing accounts payable, and preparing tax returns are always in demand. Overhead costs are low as you only need a computer and accounting software. Plus, payment is high at around $50 per hour!
For most bookkeepers, referrals are their bread and butter. To start out check the local Chamber of Commerce to start meeting other business people.
Turn your love for crunching numbers into a lucrative side hustle.
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19. White Label Software
Dip your toes into software reselling by using white-label software. This is great for someone who is good with technology and understands SaaS. However, no coding or IT background is necessary.
All you need to do is buy “seats” of an existing software at a wholesale rate, then resell them at retail.
Use any software name or category on Google and add “White Label” at the end to find options. Build a website, market your product, and start earning by becoming a digital intermediary! Start earning by becoming a digital middleman!
20. Work as a Translator
In the United States, nearly 20% of the population, roughly 67.8 million people, speak a language other than English at home, with Spanish, Chinese, Tagalog, Vietnamese, and Arabic being the most prevalent.3 If you’re fluent in another language, this opens doors to flexible and potentially lucrative side hustle in translation and interpretation.
Earnings in the language translation side hustle can fluctuate based on the client’s requirements and your preferences. For instance, you might find translation opportunities on platforms like Freelancer.com offering rates of up to $60 per hour, while translators on Fiverr can charge as much as $125 per project.
21. Pallet Flipping
Are you inclined towards an entrepreneurial middleman ship? Pallet flipping could be your ticket to substantial income.
This is similar to buying storage units unseen and flipping for a profit. With pallet flipping, the process involves buying and reselling pallets of customer returns, overstocked items, or unsold merchandise, often from major online platforms. Connect businesses that need pallets to ship their products with those looking to get rid of them.
Whether you start small or aim high, scalability and considerable earnings are within reach. Check out this Pallet Flipping book to get started.
22. Help Others Write Resumes
If you have a talent for crafting impressive resumes, there’s a lucrative side hustle waiting for you. Job seekers are constantly looking for professionals who can help them stand out in the competitive job market.
According to our research, professionals skilled in resume writing can start charging for their services on platforms like Fiverr, often earning anywhere from $50 to $150 per resume service including cover letters and LinkedIn profiles.
Mastering the art of creating effective resumes, including understanding industry-specific keywords, is the secret sauce to success in this field. By assisting others with their career aspirations, you can collect a decent income while making a meaningful impact on their job prospects.
This is also a popular digital product to sell on Etsy.
Earn More Writing
You can make money as a freelance writer.
Learn techniques to find those jobs and earn the kind of money you deserve!
Plus get tips to land your first freelance writing gig!
Start Now
23. Laundromat
Here’s an unconventional yet profitable idea – owning a laundromat! It’s an already profitable model (as it has been around for years) and most processes are automated.
Integrating some digital marketing skills and making tweaks like improving your online presence could earn you significant profit. But be aware, that this does involve an initial investment. Scope out opportunities to buy a laundromat near you.
Also, another trend is starting a laundry business where you take care of others’ laundry needs. Who would have thought laundry could be so rewarding?
24. Start a Consulting Side Hustle
Do you have expertise in a specific area? Consider starting a consulting side hustle.
Consulting is often about solving problems and providing strategies. Whether you’re skilled in marketing, HR, tech, or any other field, your knowledge can be valuable to businesses. Use your existing network to start and gradually grow your client base.
With the right marketing and a robust network, consulting can be highly rewarding. Honestly, this is a popular job after retirement for many. So why wait? Start monetizing your wisdom today!
25. Furniture Flipping
Ever heard of furniture flipping? It’s about buying used furniture at low prices, revamping it, and selling it for a profit.
Furniture flippers can be a goldmine especially if you know what to look for. Unearth the potential in old furniture and flip it into a profit with this artistic hustle.
You can source items from yard sales, flea markets, or online. Sanding and repainting can transform items into showpieces. This gig is perfect if you love hands-on projects that require creativity and patience. Remember, a great photo makes the sale for your final piece!
26. Walk Dogs
Dog lovers, rejoice! Here’s the perfect gig for you – dog walking. If you love playing with our furry friends and love the outdoors, why not get paid for it?
Apps like Rover can connect you with dog owners in your area in need of walking services. Dog walking can fetch (pun intended!) you around $10–$18 per walk. If you’re passionate about spending time with fidos, this side hustle is a pleasure that pays!
Rover
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27. Find Odd Jobs in Your Area
Not afraid to roll up your sleeves? Awesome! Odd jobs can be a treasure trove of opportunities.
Think yard work or furniture assembly. Seek out these gigs on platforms like TaskRabbit, Nextdoor, Craigslist, or Fiverr, and a few hours of work can earn you a tidy sum. It’s the perfect hustle for those in search of quick cash injections!
TaskRabbit
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With TaskRabbit, you have the freedom and support to be your own boss.
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28. Photographer
Are you skilled at capturing beautiful moments? Turn your passion into a lucrative side hustle by becoming a photographer.
With average rates of earning 500 dollars per day, your earnings could easily surpass those of a full-time job. You can explore areas like wedding photography, senior photos, or commercial product photography.
The best way to gain clients is through referrals or a fundraiser. Grab your professional camera and start capturing memorable moments while boosting your income. Focus your lens and let your creativity shine!
29. Unusual Rentals
Get creative! As this man demonstrated, unconventional rentals like a power washer can earn you thousands of dollars every month. 4
You can rent out spaces like your garage, or backyard to pet owners, or even invest in items like portable hot tubs or bounce houses. Platforms like Airbnb, Sniffspot, Vrbo, and Neighbor can help you get started.
Your unused space or items can transform into extraordinary sources of income. Dive into the world of rentals and unveil massive profits!
30. Cryptocurrency
Crypto investment is a popular side hustle that can yield incredible returns (and significant losses).
However, keep in mind that the cryptocurrency market is volatile, and you should only risk what you can afford to lose.
Crypto is not for the faint-hearted, but with the potential for high returns, it could be your golden opportunity.
31. Teach Music Classes
Do you possess a hidden musical talent? Then, teach music class!
With countless adults and children seeking music lessons, you can make good money sharing your skills. Offer piano lessons, guitar instruction, drumming, or any instrument you excel in. You can use platforms like Skillshare or provide private lessons.
On average, music instructors can charge anywhere from $40 to $100 or more per hour for online lessons depending on how advanced the lessons are. Sharing your passion for music while making money sounds like music to the ears, doesn’t it?
32. Sell on eBay
Have you ever visited a garage sale? Turn those finds into a profitable hustle by selling on eBay. eBay is an excellent platform for selling a wide range of items.
Some personal successes include flipping items like electronics, old iPods and iPhones, sneakers, and furniture. Successful eBay selling boils down to recognizing profitable items and securing a bargain purchase.
Are you ready to flip and fill your wallet with extra cash? You could sell on Facebook Marketplace, too.
33. Reselling on Amazon
Reselling products on Amazon is the trend of the hour. Scout for items cheaper in your area than online, including toys, limited edition shoes, or seasonal delicacies.
Consider trying dropshipping to curate your product lineup without worrying about inventory. Armed with just an Amazon seller account and a keen eye for trends, you can dive into this lucrative venture!
34. Start A Freelance Business
Have niche skills? Time to cash them in by freelancing. This is a booming market.
Bid on projects that resonate with your skill set: graphics, writing, social media management, website design – you name it! Going freelance offers flexibility, and autonomy and can bring in some serious cash.
Be sure to create a compelling portfolio to attract clients and make sure you have solid reviews.
35. Play Games Online
Game on, fellas! Who said you can’t turn your gaming hobby into a money-making machine?
You can pocket money by playing games like Blackout Bingo and Solitaire Cube.
Just remember you can win real money, but you can suffer losses as well. Also, be sure to check if cash tournaments are available in your region.
36. Watch Videos Online
Do you enjoy watching videos? You can earn while indulging in your favorite pastime! Platforms like InboxDollars and MyPoints offer cash rewards for watching videos. Plus, you can claim a $5 sign-up bonus on InboxDollars.
While the earning potential might be relatively low, it’s a seamless background activity. You can make money while relaxing on the couch. So, why not unwind with your favorite video content and get paid for it?
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37. Start a Podcast
Do you have a passion for conversation? Starting a podcast is not just about speaking your mind; it’s a captivating path to potential profit.
With over 177 million podcast listeners in the U.S. alone, your words have a vast audience waiting to tune in.5
Dive into topics like BBQ techniques, current events, or life’s twists and turns, and you might be surprised to know that top podcasters earn money with sponsorships.
38. Delivery Gigs
Do you love driving, but want to limit contact with people? Consider delivery gigs.
Food delivery apps like DoorDash, Uber Eats, and Instacart can pad your wallet. You can make deliveries on your schedule while retaining control over when and where you work.
These gigs typically pay $15 to $20 per hour, plus tips. Some companies even allow bicycle deliveries for a bit of exercise. Deliver your way to financial success with this flexible side hustle.
39. Start a YouTube Channel
Do you have a passion for digital creativity? Consider starting a YouTube channel – the “king of side hustles.”
Use your unique perspective to engage viewers, whether through personal vlogs, tech reviews, or evergreen content. The potential is boundless.
YouTubers earn money from ad revenue and sponsorships. With a staggering number of users on YouTube, why not tap into this vast audience?
Established channels can rake in thousands per video. However, remember that channel success hinges on content quality, relevance, and consistency. Get behind the camera and share your creativity with the world!
40. Freelance Writing
If you have a way with words, freelance writing is an attractive side hustle. Typically, writing is the most sought-after freelance service.
You can choose from various writing niches, including copywriting, blog writing, ebook, social media content creation, or creating detailed reports. Impress clients with samples of your best work.
For many, this was the first step before they went into to the world of blogging.
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42. Take Online Surveys
Have some free time and a reliable internet connection? Consider taking online surveys.
Websites like Swagbucks, Panel Place, or Survey Junkie are on the lookout for your opinions. It’s simple: sign up, share thoughts, and cash out! Look out for the highest-paying survey sites to maximize your profits.
Taking online surveys can typically amount to around $50 to $200 per month, depending on the frequency and length of surveys taken.
While it won’t make you a fortune, it’s an easy way to make a couple extra bucks during downtime. Start voicing your opinions for money today!
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43. Find a Flexible Part-Time Job
Finally, a part-time job can provide a steady cash stream.
Right now, you can find hiring signs everywhere! This is a great way to trade your time and make a little bit over minimum wage.
Apply to those vacant positions now, and sail towards extra cash!
Striking the Balance: Juggling Regular Jobs and Hustles
This is where my husband is always the most concerned because juggling your full-time job along with your side hustle can be tricky. Even more so, if you have a family.
The key is to create a feasible schedule that allows you to manage both without affecting the quality of work.
Keeping a time log can help identify how you can spare time for your hustle. Remember, side hustles should not hinder your regular job.
The goal is to make extra money, but not lose precious time with your family, so you must strike that balance for a smooth side-hustling journey. It’s all about dedication, time management, and commitment.
Now, are you ready to toss that juggling ball up in the air?
Frequently Asked Questions about Side Hustles
Personally, we feel the most profitable side hustles for men is real estate investment, followed closely by trading stocks and options.
These side hustles have a higher amount of money needed to start investing. So, we decided to consider your skills and interests to make a big impact now.
Making an extra $2000 a month is a game of adopting multiple hustles or honing in and being successful with one.
More importantly, it’s all about identifying your strengths, and interests and leveraging opportunities from there. Keep grinding, and you’ll find that fortune favoring your extra efforts!
Earning an extra $1000 a month might seem daunting, but it’s definitely achievable. Combining side hustles like driving for DoorDash, medical research studies, and flipping items can help you hit that target. Remember, the key lies in maximizing your skills, and efficiency, and choosing the right hustles. Embark on your side-hustling journey today and watch as your bank account flourishes!
Which Side Hustle for Guys Do You Like?
Now that we’ve explored these exciting side hustle opportunities, it’s time for you to take action. Which one resonates with you the most?
To truly excel in the world of side hustles, it’s crucial to approach your ventures with the right mindset. Your skills, hobbies, and interests should align with your chosen hustle, ensuring that you’re not just chasing dollars but pursuing something that genuinely excites you.
Remember that side hustles require time, commitment, and sometimes an upfront investment. The higher you’re willing to climb, the better your view (and the payouts) will be!
Don’t wait any longer. Start your side hustle journey today, and unlock the door to financial freedom and personal fulfillment.
Source
CNBC. “21-year-old spent $300 to start his sticker side hustle—now it brings in up to $38,000 a day: I was ‘unprepared’ to go viral.” https://www.cnbc.com/2023/10/30/how-sticker-side-hustle-invalid-jp-went-tiktok-viral-became-lucrative.html. Accessed October 30, 2023.
CBS News, “Youth sports referee shortage grows amid aggression from parents, coaches.” https://www.cbsnews.com/philadelphia/news/youth-sports-referee-shortage-grows-amid-aggression-from-parents-coaches/. Accessed October 30, 2023.
Census.gov. “Nearly 68 Million People Spoke a Language Other Than English at Home in 2019.” https://www.census.gov/library/stories/2022/12/languages-we-speak-in-united-states.html. Accessed October 30, 2023.
Express. “‘Anyone can do it’ Man shares unusual way to make money without leaving home.” https://www.express.co.uk/finance/personalfinance/1623166/money-making-tips-earn-from-home-fat-llama. Accessed October 30, 2023.
Exploding Topics. “Number of Podcast Listeners.” https://explodingtopics.com/blog/podcast-listeners. Accessed October 30, 2023.
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
In today’s hyper-connected world, travelers enjoy internet access wherever they are. In-flight Wi-Fi used to be a novelty, but now it’s necessary to stay competitive with other airlines.
JetBlue Airways offers all passengers free Wi-Fi so they can stream videos and music, send and receive emails, shop online and more.
Learn more about JetBlue Wi-Fi, including how to connect, how much it costs and how it compares to other airlines.
Does JetBlue have Wi-Fi?
Yes, JetBlue has Wi-Fi — cheekily called Fly-Fi — on most of its flights, with service provided through Viasat.
However, the availability of Fly-Fi on JetBlue flights varies based on the type of plane and which route it is flying. Additionally, weather and other variables may affect your ability to log in and use the internet during your trip.
JetBlue Fly-Fi internet is available on all JetBlue-operated flights across the contiguous United States. It’s also available on re-styled Airbus A320, A321neo and A220 aircraft that fly to its Caribbean and Central America destinations.
Additionally, JetBlue offers expanded transatlantic coverage on Airbus A321 long-haul flights.
How much does Fly-Fi cost?
JetBlue does not charge to access its in-flight Wi-Fi service. Fly-Fi is free for all passengers, even if you don’t have elite status or hold the airline’s credit card.
You can also connect as many devices to Wi-Fi as you’d like without extra charges.
JetBlue Fly-Fi cost vs. other airlines
While JetBlue customers get free Wi-Fi on unlimited devices, other airlines may charge fees for every device you connect. Here’s a quick summary of how much you’ll pay per device to connect to in-flight Wi-Fi on other airlines:
American Airlines: Starting at $10 per device.
Delta Air Lines: Free, with a SkyMiles account.
Southwest Airlines: $8 per device; free for A-List Preferred members.
United Airlines: $10 for access on U.S. domestic and short-haul international flights. This cost is reduced to $8 for MileagePlus members, and all T-Mobile customers get free Wi-Fi on all flights. Costs for long-haul international flights vary based on destination.
How to connect to JetBlue Wi-Fi
Follow these simple steps to connect to JetBlue Wi-Fi:
Connect to the “Fly-Fi” Wi-Fi network.
If you’re not automatically redirected to the Fly-Fi page, open your browser and go to www.flyfi.com.
Follow the instructions and watch a short advertisement to connect.
What services does JetBlue offer on Fly-Fi?
Once you’re connected to Fly-Fi on your JetBlue flight, you can use many internet services, including:
Text messaging.
Internet browsing, including email.
Streaming movies or TV shows.
SiriusXM music and radio shows.
DirecTV channels (not available outside the continental U.S.).
🤓Nerdy Tip
When shopping on Amazon through the in-flight portal, you’ll earn 3 TrueBlue points for every dollar you spend. However, rewards are not available on transatlantic flights.
JetBlue Fly-Fi recapped
Free Wi-Fi from JetBlue is one of the many reasons why its customers rate the airline so highly. With JetBlue Fly-Fi, you can stream videos, browse the internet, shop online and more at speeds up to 20 Mbps.
Passengers can link an unlimited number of devices, so you can easily switch between your mobile phone, tablet and laptop without paying extra.
Frequently asked questions
Is JetBlue free Wi-Fi available to everyone?
Yes, all JetBlue passengers can connect to Fly-Fi free of charge. It doesn’t matter if you have Mosaic elite status or if this is your first JetBlue flight. Everyone gets in-flight Wi-Fi for free.
What speed is JetBlue Fly-Fi?
JetBlue Fly-Fi speeds can be up to 20 Mbps. However, internet speeds may vary based on the weather, your route, how many passengers are connected and other factors.
Can I stream movies on Wi-Fi from JetBlue?
JetBlue Fly-Fi offers movies, TV channels and music through Amazon, Netflix and DirecTV. You can also send and receive text or chat messages, but voice calls are not permitted.
(Top photo courtesy of JetBlue Airways)
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 2023, including those best for:
LO Jobs; Production Efficiency, HELOC, Database Mining Tools; FHA, VA, USDA Changes; Freddie’s $2.7 Billion in Profits
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LO Jobs; Production Efficiency, HELOC, Database Mining Tools; FHA, VA, USDA Changes; Freddie’s $2.7 Billion in Profits
By: Rob Chrisman
3 Hours, 10 Min ago
The talk here in Missoula is about general inflation, and continued reductions & cutbacks as our biz hunkers down. Yet a mortgage publication just raised its subscription prices, only telling readers, “Good news, you don’t need to take any action,” then something about “auto renew… we’ll simply charge the payment method on file…” We all try to save money wherever possible. And price changes are wide-ranging… think global. Yesterday I flew into Montana and enjoyed, in my seat at 22D, a can of Minute Maid Apple Juice, produced by the Coca Cola Company. What could be more American?! Think again. A glance at the ingredients showed the can contained apple juice from the U.S.A, Argentina, Chile, China, Turkey, Hungary, Austria, Poland, and Italy. I kid you not. No wonder world events impact the price of goods here. Looking for less amenities and a higher monthly payment in your next home search? Well, Lending Tree recently released a report on just how costly buying a house in a town can get, “micropolitan” style. Of towns with populations between 10,000 and 50,000, the most expensive median home values were in Vineyard Haven, MA, Jackson, WY, and Breckenridge, CO. (Today’s podcast can be found here, sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades.)
Lender and Broker Software, Products, and Services
HELOCs, HELOCs, HELOCs! In this market, if you’re a loan originator and not fully dialed in to them, what are you waiting for? Especially when you have a lender like The Loan Store paying you 200 bps per loan. The kids trick-or-treated earlier this week, but 200 bps for a HELOC is like candy for adults, on a regular basis. Conveniently enough, The Loan Store is hosting a webinar next week to teach LOs how to best sell HELOCs and explain how HELOCs tie into the new TLS Consumer Rewards Program. Sign up for the webinar here.
“At Usherpa we have a saying, ‘Born in a branch. Forged in a meltdown.’ Most of our team, including myself, Dan, and Chris Harrington, have been in the mortgage industry since the mid-nineties in a branch where I originated loans and Chris processed them. We started a department in 1995 for CTX Mortgage where our sole purpose was to provide opportunities for loan officers to do more loans. In the mortgage meltdown of 2008, we were laid off like so many others, and started Usherpa. Today, our purpose is the same: Provide opportunities for loan officers to do more loans. In this unprecedented market, we are humbled and grateful to be partnered with so many wonderful loan officers, helping them close more deals and strengthen their repeat and refer business relationships. We will get through this together. Thank you all for allowing us to serve.”
Freddie Mac Checks In
Freddie Mac (OTCQB: FMCC) reported its Third Quarter 2023 financial results and filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission. The company’s Form 10-Q and earnings press release, along with the Third Quarter 2023 financial results supplement are available now on the Investor Relations page of the company’s website.
Freddie reported $2.7 billion in profits, a 104 percent year-over-year increase in net income in the third quarter. That boost in earnings came at the same time as a 30 percent decline in new business activity, attributed to Freddie’s credit loss reserve activity. In the third quarter of 2022, Freddie booked a $1.78 billion provision for credit losses versus a $263 million benefit for the three months ending Sept. 30.
FHA, VA, and Government Program News
October 27th, the Federal Housing Administration (FHA) began implementing security enhancements that will require the use of multi-factor authentication (MFA) to access certain of its websites and systems. View FHA INFO 2023-83 for details on the systems MFA will be implemented.
FHA published a Federal Register (FR) Notice, Home Equity Conversion Mortgage (HECM) for Purchase – Acceptable Monetary Investment Funding Sources and Interested Party Contributions [Docket No. FR-6382-N-01], for public comment. This FR Notice serves to inform the public of FHA’s changes to the HECM for Purchase program by expanding the list of acceptable funding sources, including premium pricing, and permitting additional interested party contributions to satisfy a HECM borrower’s monetary investment requirement.
USDA Rural Development issued a bulletin announcing The Single-Family Housing Guaranteed Loan Program (SFHGLP) revisions to technical Handbook-1-3555, Chapter 8, Applicant Characteristics; Chapter 14, Funding; Appendix 3, Review and Appeals; and Appendix 5, Income Limits. These changes became effective upon the recent issuance of a Procedure Notice (PN).
Get “Back to Basics” with the Single-Family Housing Guaranteed Loan Program. 100 percent financing with zero down payment? Why, yes you CAN! Learn about the USDA Single Family Housing Guaranteed Loan Program and how it can expand your loan portfolio…It’s as easy as 1-2-3!
Rural Development announced that Housing Assistance Corporation has expanded its service area to include South Carolina. An updated intermediary coverage map has been posted on the Direct Loan Application Packagers page.
PRMG posted updates and clarifications in PRMG Product Update 23-49: Product Profile Updates including its alignment with the changes to FHA Standard and High Balance announced by HUD in Mortgage Letter 2023-17. Updated Onyx Jumbo requirements for rental income from current principal residence that is being converted to an investment property. Loan Level Price Adjustments (LLPAs) clarification on Expanded Access and Investor Solution. CO CHFA Conventional. Regardless of condo approval option used, a current condo budget must be provided and reviewed by the condo team for CO CHFA Conventional product.
In addition to agency loans, Plaza Home Mortgage® now offers the option to eClose for FHA, VA and USDA loan. Provide the best experience for borrowers with the convenience to review and sign all closing documents online; including the loans which require a notary with Remote Online Notarization (where available).
Plaza Home Mortgage recently launched new FHA 100 percent CLTV Combo Loan Program. This new program offers 100 percent financing by combining a FHA first lien at 96.5 percent and a concurrent second lien of up to 3.5 percent to assist with down payment and/or closing costs. Additional highlights include a minimum 600 FICO, a 30-year fixed-rate FHA first lien, no income limits, and eligibility in most states (except for NY and WA.).
Capital Markets
For the third time in the past four policy meetings, the Federal Open Market Committee (FOMC) yesterday unsurprisingly kept steady on interest rates. Even with the Committee keeping the door open to hiking again, investors reading Fed Chair Powell’s tea leaves are leaning toward a potential end to further hikes, and it appears to us that the bar for further rate increases is getting increasingly higher. The Fed acknowledged tighter credit conditions from high interest rates and tighter financial conditions from a steepening yield curve with the expectation being that it will eventually weigh on economic growth. In the wake of the meeting, the market sees even lower odds of another hike and is now pricing in a potential cut a bit earlier than it had previously.
We also learned that, according to the ADP Employment Report, after the economy posted the weakest advance in jobs in two years during September, it added 113k jobs in October, fewer jobs than forecast. Though we will receive more clarity from tomorrow’s payrolls report where 183k jobs are expected to have been created in October, this report suggests that demand for workers in a robust labor market may be starting to wane. Separately, the U.S. Treasury announced its plans for upcoming auction sizes, revealing that the total size of next week’s note and bond sales will be a bit smaller than what the market had expected. Treasury noted that it expects to increase auction sizes again next quarter to meet higher funding needs.
Today’s calendar kicked off overseas with both Norges Bank and the Bank of England releasing its latest decisions, holding rates steady at 4.25 percent and 5.25 percent, respectively. Domestically, Challenger, Gray & Christmas released job cuts for October: U.S.-based employers announced 36,836 cuts in October, a 22 percent decrease from the 47,457 cuts announced one month prior but 9 percent higher than the 33,843 cuts announced in the same month last year. We’ve also received weekly jobless claims (217k, up from 212k last week), and preliminary Q3 productivity and unit labor costs (+4.7 percent and -.8 percent, respectively). Later today brings September factory orders, Freddie Mac’s latest Primary Mortgage Market Survey, and remarks from interim St. Louis Fed President Paese. We begin the day with Agency MBS prices better than Wednesday evening by .250-.375, the 10-year yielding 4.67 after closing yesterday at 4.79 percent, and the 2-year down to 4.93.
Jobs
Planet’s multi-channel business model gives our MLOs the stability to meet any market head on. Planet’s team has access to exclusive creative product solutions such as Purchase EDGE. These novel products are attracting more MLOs and Branches eager for a secure future in the mortgage industry. Advance your career, and your market position, by moving to a top lender that values professionalism and innovative thinking. Contact VP of Talent Peter Briggs or 949-202-8213. All inquiries are held in strict confidence.
“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”
Don’t forget that private mortgage insurance companies are hiring: MGIC, National MI, Arch MI, Radian, Essent, and Enact (in no particular order). And while’s we’re at it, Fannie Mae and Freddie Mac. And my cat Myrtle’s friend the CFPB has career opportunities.
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As we near the end of year, it’s a good time to take stock of our credit cards and review which ones have benefits, requirements, or limits that reset at year-end. We’ll also examine which cards give you a quick double-dip credit when applying at year-end, and take a look at which cards to apply for now.
I’ve been doing this write-up with updates each year for the past number of years (2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015). This year again there were many changes. I updated what came to mind, and there are probably some we missed. Please drop a comment below if you notice any changes or inaccuracies changes and we’ll update accordingly.
Calendar Year Spend Limits
Blue Business Plus and Blue Business Cash cards earn 2x/2% everywhere on up to $50,000 in purchases per calendar year. (A report indicates this resets on January 1st, not the December statement close.)
Amex Gold card earns 4x points at US grocery stores up to $25,000 per calendar year. (Resets with December statement or December 31?)
Amex SimplyCash Plus earns 5% at office/wireless and 3% on your chosen category, up to $50,000 per calendar year for each of those. This resets on January 1st each year.
Amex Everyday Preferred $6,000 limit on the 3x grocery store category per calendar year. (Resets with December statement or December 31?)
Amex Everyday $6,000 limit on the 2x grocery store category per calendar year. (Resets with December statement or December 31?)
Blue Cash Preferred $6,000 limit on the 6% grocery store category per calendar year. This resets January 1 each year, not on the December close date.
Blue Cash Everyday $6,000 limit on the 3% grocery store category per calendar year. This resets January 1 each year, not on the December close date.
The Old Blue Cash card does not reset with the calendar year, it goes with your card anniversary.
The INK Plus/Cash and the INK Preferred years do not reset with the calendar year, it goes with the card anniversary.
Also, remember that the annual limits on points earned for credit card referrals by Chase (50,000-100,000 points, depending on the card) and AmEx (55,000 points/$550) will reset on January 1st. If you’re someone who does a lot of referrals, be sure to max out what you can before December 31 and then start referring again on January 1st.
Q4 Categories: Chase Freedom, Discover, Citi Dividend, and U.S. Bank Cash+ and a few other cards have quarterly categories. The current categories for Q4 will end on December 31. More details here. Likewise, the quarterly $2,500 limit on the Bank of America Cash Rewards card will renew on January 1. There are also some spend offers from Chase, notably the 10x Gas offer, which ends on December 31st.
You have until December 31st to max out your I Bonds purchases which are limited to $10,000 each calendar year.
List of all deals ending on December 31st can be found on our Deals Calendar.
Calendar Year Spend Requirements
Amex Hilton Surpass gets a free weekend night with $15,000 in spend within the calendar year, and gets Diamond status with $40,000 in spend within the calendar year.
Amex Hilton Honors business card gets a free weekend night with $15,000 in spend within the calendar year, it gets a second weekend night with a total of $60,000 in spend within the calendar year. It also gets Diamond status with $40,000 in spend within the calendar year.
Amex Hilton Honors gets Gold status with $20,000 in spend within the calendar year.
Amex Hilton Aspire gets a second free weekend night with $60,000 in spend within the calendar year. (First weekend night comes as a card benefit, and is based on card anniversary, not calendar year.
Amex Delta Reserve – both personal and business versions – earn 15,000 MQMs (18,750 MGMs for 2021 due to temporary bonus) and 15,000 bonus miles $30,000 in spend within the calendar year, and an additional 15,000 MQMs and 15,000 bonus miles if you spend a total of $60,000 within the calendar year.
Amex Delta Platinum – both personal and business versions- earn 10,000 MQMs and 10,000 bonus miles when you spent $25,000 in a calendar year, and an additional 10,000 MQMs and 10,000 bonus miles if you spend a total of $50,000 within the calendar year.
Amex Platinum consumer and business cards – spend $75,000 or more during a calendar year and receive complimentary Centurion lounge access for up to two guests per visit.
Barclay Jetblue Plus card earns Mosaic status with $50,000 in spend per calendar year.
Chase British Airways card gets the Travel Together Ticket benefit when spending $30,000 in a calendar year.
Chase Hyatt card gets an additional night if you spend $15,000 in the past year. This one has now changed to go based on the calendar year. Finish up your spending now if you’re trying to get the additional night and begin your spending for next year on January 1st.
Chase Hyatt cards offer elite nights with spend: the Hyatt consumer card gets 2 nights for every $5,000 spent; this does not reset at all. The Hyatt business card gets 5 nights for every $10,000 spent; this resets with the calendar year.
Citi American Airlines AAdvantage Platinum Select card gets $125 flight discount certificate after spending $20,000 or more – this goes with the cardmember year (based on 12 billing statements), not based on calendar year.
American Express Cards
Airline Credit
Amex Platinum personal, Platinum business, and Hilton Aspire cards have an airline incidental credit each year: $250 for the Hilton Aspire and $200 for the Platinum cards (see what counts here). Unfortunately, gift cards no longer trigger the airline incidental credits.
With these cards, the airline credit is based on the calendar year, not on the statement closing. You can put the airline incidental charges anytime until December 31 and have it count toward the current year. It might have to actually post before year’s end, though; give a few days for that to happen.
The Amex airline credit is different than the others in this list in that you only get reimbursed for incidental spend on your designated airline. Be sure to designate that before putting the charge on the card.
If you’re looking to apply, there is still time to do so and get the airline credit for the current year. The annual fee usually hits around a month after card approval – useful to keep in mind for maximizing the travel credits without annual fees and for triple-dipping. (For those applying in the final few days of the year, see this tip.)
Related: Opening a Schwab Brokerage, Checking, and Amex Platinum Credit Card before Year’s End
Platinum Hotel Credit
The Platinum personal card comes with a $200 annual hotel credit on select prepaid bookings with American Express Travel. Be sure to book before December 31st. You don’t need to complete your travel by that date.
Platinum Uber Credit
The Platinum personal card also comes with a monthly $15 credit, remember that it gets increased to $35 during the month of December.
Platinum Saks Credit
The Platinum personal card also comes with a $50 Saks Fifth Avenue credit twice per year: one from January to June and one from July to December. Be sure to use that up before the end of December. They only charge you after the item ships, so give some leeway here.
Platinum Business Dell Credit
The business Platinum card comes with a $200 Dell credit twice per year: one from January to June and one from July to December. Be sure to use that up before the end of December (along with the Amex Offer at Dell which expires then). Give some leeway for the charge to post by December 31.
Hilton Aspire
The Hilton Aspire card also comes with a $250 Hilton Resort Credit and a free weekend night. Those are based on the cardmember year, not calendar year.
2024 Changes:
The Hilton Aspire $250 resort credit is changing on 1/1/24 to become a $200 resort credit twice per year. This goes based on the calendar year – once for January through June and once for July through December.
The $200 airline incidental credit is also changing to become a $50 airline flight credit each quarter – this goes by the calendar quarter.
The Hilton Surpass card also now has a quarterly $50 credit purchases made directly with a property in the Hilton this goes based on the calendar quarter.
Amex Green
The Green personal card comes with an annual $189 CLEAR credit and annual $100 LoungeBuddy credit. These reset each calendar year, so you should be able to use the credit for this year anytime until December 31.
Other Credits
Bank of America
Premium Rewards
TheBank of America Premium Rewards card comes with $100 airline incidental credit (see what counts here). This resets based on the calendar year. Finish up your statement credit with this one by December 31 (buying AA gift card or United Travel Bank credit is easiest), and start using your new credit on January 1. I’ll buy a gift card right away in case they close that loophole. (Note, the airline incidental meter seems to take a few days/weeks until it shows the reset. While it should be internally reset on January 1st, you might want to wait until you see it reset to zero for the avoidance of doubt.)
Premium Rewards Elite
The Bank of America Premium Rewards Elite Visa card comes with an annual $300 airline incidental credit and $150 lifestyle convenience credit (including streaming services, food delivery, fitness subscriptions and rideshare services). These reset with the calendar year.
Be sure to use up your credits from this year now, and begin using next year’s credits after the new year begins. It can also make sense to apply now and try for a triple dip on the card benefits.
Barclay JetBlue
The Barclay JetBlue Plus card gets $100 calendar year credit for JetBlue Vacations bookings.
Capital One Venture X
The Capital One Venture X personal card offers a $300 credit for bookings made on Capital One Travel. This renews each cardmember year, it’s not based on the calendar year. Same on the Venture X Business card.
Chase Cards
Southwest
Earning 135,000 Southwest points earns you the Southwest Companion Pass. Credit cardholders only need to earn 125,000 miles. The best way to time yourself is to earn the miles at the beginning of the calendar year since Companion Pass continues for the next entire calendar year. For example, if you earn 125,000 Southwest miles during January 2024, you’ll have the Companion Pass for the rest of 2024 and the entire 2025.
The easiest strategy to earn the Companion Pass has always been by getting a credit card signup bonus on the Southwest credit card. In our case, you’ll want to apply sometime in the next couple of months, taking care to ensure NOT to meet the spend requirement until after January 1st. (Technically, you can meet the spend requirement during December, so long as the statement won’t close until after the 1st.) The signup bonus points on the two cards will post after you complete the spend in early 2024, and you’ll have a Companion Pass for nearly two years.
Southwest is currently offering a signup bonus of 75,000 points with $3,000 spend. You can also signup for a Chase Southwest business card and get 80,000 points after $5,000 spend. Or you can earn points by referring friends to the Southwest card, doing category spend, shopping portal spend, or an actual flight. Again, be careful with the timing on ALL points earned.
Many of us are not eligible for any of the Southwest cards at all due to the 5/24 rule, or because you’re a current Southwest cardholder of any version or because you got a bonus within the past 24 months.
$75 Southwest Priority Credit
The new Southwest Priority card comes with a $75 annual Southwest travel credit which runs on the cardmember year, not the calendar year. No need to use it up now, specifically.
Sapphire Reserve
TheChase Sapphire Reserve card comes with a $300 travel credit (see what counts here). This used to be based on the calendar year, but now it’s based on the cardmember year – no specific need to use this now.
And if you’re applying for a new CSR card, there’s no special reason to apply before year’s end. Whenever you apply, you’ll get just one travel credit during the first year (maybe you can squeeze a second credit in right after the year renews).
Those who got the CSR before May 21, 2017, are grandfathered into the old system where the travel credit renewal goes with the calendar year. (It’s based on the December statement closing, not December 31.) Be sure you’ve already used up your credit for this year, and remember that you’ll soon be able to begin using 2020’s credit.
The Chase PYB 1.25 redemption categories ends on December 31, though they are likely to get extended.
Also, remember each quarter to use up your $15 in DoorDash credits.
Sapphire Preferred
The Chase Sapphire Preferred card comes with a $50 annual hotel credit via the Chase travel portal. This resets based on the cardmember year, not the calendar year.
Ritz-Carlton
The Chase Ritz-Carlton card offers up to $300 reimbursements for airline incidental charges (see what counts here). Chase counts the benefit based on the calendar year, not cardmember year. (It goes based on the actual calendar year, not based on your statements.) Use the credits before December 31 and begin using next year’s credit on January 1.
IHG Cards
The Chase IHG card gets a free night each year. This does not reset with the calendar year, it goes with your card anniversary.
IHG cards also have spending thresholds of $10,000, $20,000, or $40,000 to earn Gold/Diamond status for the following year and to earn 10,000 bonus points (and on the Premier $100 credit). These spend requirements go by the calendar year.
The IHG Premier personal and business cards get $25 in United TravelBank credit twice per year: one $25 United TravelBank gets deposited around January 5, and another $25 around July 5. Requires registration first.
Hyatt
The Chase Hyatt cards get a free night each year. These do not reset with the calendar year, it goes with your card anniversary.
The Hyatt Business card gets $100 in Hyatt credits each year. This is based on card anniversary.
United Quest
The United Quest card gets up to $125 in statement credits as reimbursement for United purchases. This goes based on the card anniversary year, not calendar year. The card also offers up to 10,000 miles back for award flight bookings. Again, this goes with the cardmember year, not calendar year.
Citi
Prestige
The Citi Prestige card comes with a $250 travel credit (see what counts here). The year resets on January 1st. Be sure to give a few days leeway for the charges to go from pending to settled.
If you have a Prestige card, use up the credit now, there’s only a few weeks remaining. The Prestige card is not available for new cardmember signups at this time.
Rewards+
The Citi Rewards+ card comes with a 10% rebate on redemptions, up to 10,000 points bonus per year. This is based on your December statement close. Be sure to max out your 100,000 points redemption before your December statement closes so as to get the full 10k bonus. Redemptions that post on your January statement will count toward next year’s allotment.
Expedia+ Voyager
Those who have the Citi Expedia+ Voyager card get $100 annual credit toward airline incidentals on qualified airlines, Wi-Fi carriers, or for the Global Entry application fee. This credit resets each calendar year; be sure to use it up before your December statement closes as any purchases on your January statement will count toward next year’s benefit.
AAdvantage Platinum Select
The Citi American Airlines AAdvantage Platinum Select card gets $125 American Airlines Flight Discount certificate after spending $20,000 or more during your credit cardmembership year (every 12 months from the billing cycle after your anniversary month through the billing cycle of your next anniversary month).
Citigold
Those with Citigold relationship status with Citibank get an annual credit of either $200 or $400 toward subscriptions for Amazon prime, Spotify, Hulu, TSApre/GE, and Costco membership. This credit renews at the end of the calendar year. Be sure to use up your allotment before December 30th.
US Bank Altitude Reserve
The US Bank Altitude Reserve card comes with a $325 annual travel and dining credit. In this case, the travel credit goes based on the cardmember year, not the calendar year. No specific reason to use this now.
Wells Fargo Propel World
The Wells Fargo Propel World card has a $100 airline incidental credit (see what counts here).This credit goes based on the cardmember year, not the calendar year. Check when you applied and be sure to use it up by your anniversary date.
Smaller Banks
CNB Crystal
The CNB Crystal card offers a $350 annual incidental charges (see what counts here). CNB counts this based on the calendar year. Any spend until December 31 will count as part of the current year, and January 1 begins the next year. Be sure to complete your spend before December 31. Give a few days for the charge to settle before year’s end (though it reportedly works on the last day too).
HSBC Premier
The HSBC Premier World Elite comes with $120 annual Lyft credit which is based on the calendar year. Be sure to use these up before December 31.
PenFed Pathfinder
The PenFed Pathfinder comes with $100 annual air travel ancillary credit (see what counts here). The credit is based on the calendar year, be sure to use yours before the year is up.
Editorial Disclosure:Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Snapshot: While this card does offer some limited cash-back perks, its real purpose is as a credit-building card. If you have poor or bad credit and want a Visa you don’t need a security deposit for, this may be an option to consider.
Revvi Visa® Credit Card
Earn 1% Cash Back Rewards on All Purchases with Revvi!
The Perfect Card for Not-So-Perfect Credit
If approved, pay the $95 Program Fee to open your account
Fast and easy application process with a response provided in seconds!
Reports to All Three Major Bureaus to Build Your Credit History
Eligible for a Credit Line Increase after 12 months of on-time payments!
Choose between 2 free card designs and 4 Premium designs
Accepted by Merchants Across US & Online
Free Credit Monitoring Powered by TransUnion
Simple, Powerful Mobile App
Pros
Cons
The application process is fast, and there’s potential for approval, even with bad or poor credit
If approved, your starting credit limit is only $300
The lender reports to all three credit bureaus to help you build your credit
You’ll have to pay an initial program fee of $95 to open your account
You can easily manage your account on a mobile app
APR is high at 35.99% Fixed
You’re backed by Visa’s basic fraud protections
See rates and fees
Table of Contents
Full Review of Revvi Visa® Credit Card
What You’ll Like About This Card
The Drawbacks
Is It Worth It?
Revvi Visa® Credit Card FAQ
Full Review of Revvi Visa® Credit Card
The Revvi Visa® credit card may be a good choice for individuals with poor or bad credit who want to work on building their credit (and make some cash back). This card offers 1% cash back on all purchases, and you may be eligible for a credit limit increase after a year of timely payments and responsible account management.
What You’ll Like About This Card
Unsecured Credit Card
Most “bad credit” credit cards require you to submit an initial deposit to “secure” your line of credit. These are good options when unsecured credit cards (typical credit cards) are harder to get when you have a lower credit score.
Fortunately, the Revvi Visa® credit card doesn’t require you to make an upfront deposit, and functions like a regular, unsecured credit card.
Cash Back Rewards
We love a cash back rewards card (who doesn’t). The Revvi Visa® credit card keeps their cash back rewards simple with 1% cash back on everything. You don’t have to keep track of categories to maximize your cash back – rest assured that you’re getting cash back on all purchases.
Quick Application Process
The fast application process makes it easy to see if you might be approved for this card. Generally, you can expect a response in minutes, and you don’t need a good or even fair credit score to be considered.
Build Good Credit
Once you have the card, you can make timely payments to ensure positive reporting to all three credit bureaus. When you want to build credit with a credit card, it’s important to look for one that reports to all the major bureaus.
Good Mobile App
Revvi offers a mobile app that makes it easy to manage your card and keep up with your balance and payments. And since this is a Visa card, it’s accepted by the vast majority of merchants and backed by Visa’s basic fraud protections.
You’ll also get credit monitoring via TransUnion, so you can see your report with that agency and better understand how your actions are impacting your credit.
The Drawbacks
Additional Fees
The Revvi Visa® credit card does come with an annual fee of $75 the first year and $48 each year after, as well as a monthly participation fee. You also have to pay a program fee to open your account once you’re approved, and that’s $95.
In the first year, those two fees alone stack up to $170. Since rewards points for this card are based on the amount you pay on your account—and not just the amount you charge—you’d have to make $17,000 in payments in a year to get enough cash back to cover the first year’s annual fee and the program fee. You also can’t redeem your points until your card has been open in good standing for at least 6 months.
Since the initial credit limit is only $300, it’s unlikely you’d even earn enough cash back to cover the $48 annual fee in the second year.
See rates and fees
Is It Worth It?
The Revvi Visa® may not be an optimal choice if you’re looking for a cash back rewards card. But it’s still a potentially solid contender for those with bad credit who don’t want to put down a deposit for a secured credit card.
When you’re approved for this card, you get a credit limit similar to a secured card, but you only pay the $95 program fee instead of the total credit-limit-based deposit amount. Note that you do need a checking account to open this card.
Revvi Visa® Credit Card FAQ
What is the initial credit limit for the Revvi credit card?
If you’re approved for the credit card, you’ll get an initial credit limit of $300. After 12 months, you’re automatically considered for a credit limit increase as long as your account is in good standing, which means you’ve paid your bills on time every month and haven’t run up a balance past your credit limit.
What bank is the Revvi card?
MRV Banks issues the Revvi card. It’s a legitimate, federally insured bank with main offices in Missouri.
How do I pay my Revvi bill?
Revvi offers a number of options for payments. You can manage your account, including payments, through the bank’s mobile app. You can also mail in your payment or make it via phone or online.
A higher resale value of your home is one of the many rewards for carrying out home improvements and renovations. But remodeling projects cost money, and financing them can be expensive, depending on the amount you borrow and the type of loan you use.
Options for home improvement financing include home equity loans (HELOCs), home equity lines of credit, and cash-out refinancing. These types of financing allow homeowners to borrow against the equity they have built up in their home. Other financing options are personal loans, credit card financing, and government programs. Any of these could be the best option depending on the circumstances.
Here’s what homeowners need to know about the different types of home improvement loans and what factors they should consider before settling on a lender.
1. Home Equity Loans
If you have built up equity in your home, which means you have paid off a portion of your mortgage, a home equity loan could be the right choice to finance home improvements. To find out how much equity you have, subtract the balance due on your mortgage from the assessed value of your home. For example, if your home is worth $400,000 and you owe $200,000 on your mortgage, you have $200,000 in equity. A bank will let you borrow up to a certain percentage of that amount — up to 100% in some cases.
A home equity loan acts like an additional mortgage, where the homeowner pays back the loan in monthly payments. The payments are in addition to the original mortgage payments. Home equity loans often have low fixed interest rates because the home is used as collateral for the loan. However, there are closing costs to consider that could be between 2% to 5% of the loan amount.
On the plus side, home equity loans usually qualify for the mortgage interest tax deduction as long as the funds are used to substantially improve the home.
If you have plenty of equity and need a sizable amount to finance a big project, a home equity loan could make sense. You will receive a lump sum payment, and the improvements you make may increase the value of your home.
Advantages of a Home Equity Loan
Disadvantages of a Home Equity Loan
Low interest and terms from five to 30 years
There are origination fees and closing costs
You can borrow up to 100% of your home’s equity
Funds are disbursed as one lump sum, so borrowers need to budget carefully
The interest is tax deductible
The monthly payments add to existing mortgage payments
💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. One question can save you many dollars.
2. Home Equity Line of Credit (HELOC)
A home equity line of credit also borrows against the equity you have built up in your home. But the funding works more like a credit card and is not distributed as a lump sum payment. A bank will allow a qualified homeowner to borrow up to a preapproved limit and then pay it back. HELOC loan terms are typically between five and 20 years.
Interest rates differ for HELOCs because they are adjustable and rise and fall over the life of the loan. However, interest is only due on the outstanding balance — the amount borrowed — not the full credit limit.
The amount you can borrow through a HELOC depends on your credit score, income, and the value of your home. Your lender can change the loan terms, too. For example, if your credit score drops during the loan term, your lender may reduce the amount you can borrow.
One advantage of a HELOC is that you can use funds from the line of credit, make payments, and then borrow again. A HELOC is a better option if you have smaller projects to do over a longer term. You can borrow as you go, only pay interest on how much you use, and avoid paying closing costs.
Advantages of a HELOC
Disadvantages of a HELOC
No closing costs
Interest rates may go up and down
Interest payments are tax deductible
Interest rates are typically higher than those for a home equity loan
You only pay interest on the amount you use
Your lender can change the amount you can borrow and the repayment terms
3. Cash-Out Refinancing
Another option to fund home improvements is cash-out refinancing. In the case of cash-out refinancing, a homeowner takes out a new mortgage that is higher than their original mortgage. The borrower then pays off the original mortgage and uses the leftover cash to fund home improvements. The amount of cash they can access depends on the equity they have in the home.
For example, let’s say the homeowner currently owes $100,000 on a $300,000 mortgage. They take out a new mortgage for $350,000, pay off the old mortgage ($300,000), and now have $50,000 left to spend on home improvements. The catch is that their new monthly mortgage payments will be higher because they have increased the size of the loan, and they will have to pay origination fees and closing costs.
Money from refinancing does not have to be used to improve a home; it can be used to consolidate debt, pay for school, or anything else the borrower wants to use it for. Also, the cash is not considered income from the IRS and is not taxable.
Cash-out refinancing may be a good option if interest rates have dropped since you took out your original mortgage. You can take out cash and pay a lower interest rate on the new loan. You might also be able to reduce the term length of your original mortgage and pay off your home loan sooner. This will be the case if the total cost of your new loan including closing costs is less than the total cost of your original mortgage.
Advantages of Cash-Out Refinancing
Disadvantages of Cash-Out Refinancing
You will still have one monthly mortgage payment
Your new mortgage will have a higher balance
You might be able to lower your interest rate and loan term
Your loan term will start from the beginning, so you will be paying off your mortgage for longer
You can use the cash for anything
If interest rates have gone up, your monthly payments may be higher
4. FHA 203(k) Rehab Loan
An FHA 203(k) rehab loan is a loan taken out at the time of the home’s purchase. These loans are typically used for a fixer-upper, when the owners need funding right away for improvements. This could be the best type of loan for home improvements for big projects. The advantages of this type of loan for the borrower are that they have funds available for improvements from the outset, and they only have to pay back one loan with one set of closing costs.
These loans are also backed by the government and come with benefits. Borrowers can qualify with a less-than-stellar credit score (typically, a minimum of 620), and the down payment expected is lower than it would be for a traditional mortgage loan (as low as 3.5%).
Two things to remember are that the renovation costs must exceed $5,000 for the borrower to qualify for this type of loan, and the closing process can take a long time. Lastly, work covered under an FHA 203(k) loan must start within 30 days of closing, and projects must be completed within six months.
This type of loan may be worth considering if you are buying a fixer-upper that requires significant work, and your credit score qualifies you for this type of loan.
Advantages of a FHA 203(k) Rehab Loan
Disadvantages of a FHA 203(k) Rehab Loan
One loan and one set of closing costs
Only old homes or homes in bad repair may qualify
Federally-backed with low interest rates and low closing costs
You are likely to be charged costly monthly mortgage insurance
You can qualify with a lower credit score
Cash must be used for specific home improvements
5. Personal Loans
If you don’t have sufficient equity in your home to take out a home equity loan or a HELOC, a personal loan is an option. A personal loan will come with a higher interest rate, adjustable or fixed, because this type of personal loan is unsecured. Your home is not used as collateral. These loans are processed much quicker than home equity loans or HELOCs, sometimes the same day.
Personal loan terms are shorter, from two to five years, which will mean higher monthly payments, and you’ll have to pay closing costs.
These loans may work if you lack equity or if you have an emergency, such as a broken water heater or HVAC system. That said, they are probably one of the most expensive borrowing options.
Advantages of a Personal Loan
Disadvantages of a Personal Loan
Fast financing
Higher interest rate than mortgage loans
You can qualify for a good interest rate even with an average credit score
Shorter terms, which increases monthly payments
Your home is not used as collateral and is not at risk
Fees and possible prepayment penalties
6. Credit Cards
A credit card can be used for financing, and it’s a fast, simple way to access funds. The amount you can spend on improvements will depend on your credit limit (although you could use multiple cards), and the interest charges are likely to be much higher than other financing options.
A credit card can be a good option if you think you can finish your renovations quickly and pay off the balance on the card. Look for cards with an introductory 0% annual percentage rate (APR). Some cards allow you up to 18 months to pay back the balance at that introductory rate. If you can pay off the balance by the deadline, that’s interest-free financing. However, check for fees and other hidden costs.
The danger here is that if you don’t pay off the balance by the end of the interest-free rate, the interest charges can skyrocket. That’s why credit cards should not be used for long-term financing.
A credit card can be a great option for home improvement financing if you can find one with a low introductory rate, low fees, and you are confident you can pay off the balance within the introductory rate period.
Advantages of Credit Card Financing
Disadvantages of Credit Card Financing
Fast financing
High interest rates, particularly after a low introductory interest rate period has expired
Some cards offer 0% introductory rates
Possibly low credit limits
Less paperwork
High fees
7. Government Assistance Programs
The federal government has grants and programs that can help homeowners pay for renovations. Two home renovation loan options are Title I loans and Energy Efficient Mortgages. Lenders for Title I property improvement loans for your state are listed on the U.S. Department of Housing and Urban Development’s website.
Title I Loans
An FHA Title 1 loan is a fixed-rate loan used for home improvements and rehabilitation. Loans under $7,500 are usually unsecured, but bigger loans may use your home as collateral. These loans may be used in conjunction with a 203(k) rehabilitation mortgage.
The maximum loan terms are between 12 and 20 years, and loan amounts are $7,500 to $60,000, depending on the home’s size and type.
The loan must be used for property improvements, and an FHA mortgage insurance premium of 1% of the loan amount will be added to your interest rate. There is no minimum credit score required, but your debt-to-income ratio may factor into your loan terms.
Energy Efficient Mortgage
FHA’s Energy Efficient Mortgage program (EEM) finances energy-efficient improvements with their FHA-insured mortgage. The borrower must qualify for the loan amount used to purchase or refinance a home. However, they’re not required to be qualified on the total loan amount that includes the amount used to finance energy-efficient improvements. The FHA insures the loan to protect the lender against loss in the event of payment default.
Starting in 2023, homeowners can also get tax credits for some energy-efficient updates, including windows, insulation, new doors, heat pumps, and air conditioners.
These types of programs will reduce the cost of financing for home improvements and are great options if you meet the criteria.
Advantages of Government-Assisted Financing
Disadvantages of Government-Assisted Financing
Low interest rates
Financing must be used for property improvements.
Broad range of loan terms
Strict qualification standards
Tax credits
Larger loans may require your home as collateral.
How to Decide the Best Type of Home Improvement Loan for You
If you’re trying to decide what home improvement loan is best for you, consider the following factors:
Are You Purchasing a Fixer-Upper?
If you are buying a fixer-upper, check if you qualify for either an FHA 203(k) rehab loan or a government-assisted program. You may get cheaper financing this way.
Do You Need Funds Right Away?
If you need funds quickly — for example, you have a broken heat pump or HVAC system — a personal loan or credit card financing are options to explore.
Do You Have Equity Available?
If you have built up equity, a home equity loan or line of credit will provide cheaper financing than a personal loan and over a longer term, so that your monthly payments will be lower. A cash-out refinancing loan might also mean that you could lower your payments and reduce your term if interest rates have dropped significantly since you took out your original mortgage.
How to Get a Home Equity Loan
The first step in getting a home equity loan is to decide which loan is best for your situation. Next, find a lender with the best terms and fill out an application to see if you qualify.
1. Check Your Financial Health
The better your credit score, the better the loan terms will be. If you can boost your credit score before you apply for financing, you’ll boost your chances of getting a better deal. Lenders will also look at your debt-to-income ratio when setting the interest rate and term, so lowering your debt before you apply for a home improvement loan can help lower the cost of your financing.
2. Compare Lenders
You should contact a few different lenders to compare their rates and loan terms. Look for benefits, such as rate discounts for enrolling in autopay, and watchouts, such as late payment fees and minimum loan amounts.
3. Gather Documentation
You will need to submit a few basic pieces of information when you apply for a loan. As a general guide, you will need:
• Proof of income, such as W-2s or 1099s, bank statements, pay stubs, or tax returns.
• Proof of residence, such as your Social Security number and utility bills.
Your current debts, housing payment, and total income will also play a role. Be sure to have all the information your lender may need on hand when you apply to speed up the application process.
💡 Quick Tip: With home renovations, surprises are inevitable. Look for a home improvement loan with no fees required — and no surprises.
4. Apply for Prequalification
Some lenders will prequalify you, which will tell you your interest rate and how much your monthly payments will be. Prequalification should not affect your credit score, whereas a formal loan application could. Applying for too many loans in a short space of time could lower your credit score.
5. Complete the Loan Application Process
Your loan application might be fully online, via phone and email, or in person at a local branch. In cases where you are borrowing against equity, your lender may require a home appraisal. Provided your finances are in good shape, the lender should approve your application, and you’ll receive funding.
How Your Credit Affects Your Home Improvement Loans
Your credit score will affect the total cost of a home improvement loan. The higher your score, the less of a risk you pose to a lender, so the better the loan terms will likely be for a mortgage or long-term loan. The same goes for credit cards and personal loans. Also, if you have good credit, you’ll probably have an easier time securing a home improvement loan.
Can You Use Home Equity Loans for Non-Home Expenses?
Home equity loans and HELOCs are flexible and can be used for anything, not just home expenses or renovations. However, these loans are best suited for long-term, ongoing expenses like home renovations, medical bills, or college tuition.
The Takeaway
The types of loans for home improvements include loans based on the equity you have built up in your home, such as a home equity loan, a HELOC, or cash-out refinancing. You can also use personal loans, credit card financing, and government programs. Loans based on equity tend to cost less over the loan’s lifetime, but they also tend to have longer loan terms. Equity-based loans also tend to be best when you need to borrow a larger amount, because you can spread out the cost over a longer period.
A personal loan will have a higher interest rate and a shorter term, but the higher your credit rating, the better the interest rate tends to be. Alternatively, credit card financing is favorable if you need funds quickly, the amount you need is not too high, and you can take advantage of a 0% introductory rate and pay off the balance before the rate expires.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
FAQ
What type of loan is best for home improvements?
The type of loan that is best for home improvements depends on your finances and how much you need to spend. If you hold a fair amount of equity and need a sizable amount of cash, a home equity loan, HELOC, or cash-out refinancing may be good options. Cash-out refinancing might be particularly appealing if interest rates have dropped, and you can refinance with better loan terms.
If, on the other hand, you have a smaller project that you expect to complete in a short timeframe, using a credit card that gives a 0% interest rate for a period could be the way to go.
What is the best renovation loan?
If you’re taking on a big project, buying a fixer-upper or planning to renovate an older home, you may want to consider the FHA 203(k) mortgage. The 203(k) rehab loan lets you consolidate the home and renovation costs into a single remodel home loan and avoid paying double closing costs and interest rates.
If your home is newer or higher-value and you have equity, cash-out refinancing can be a good option, particularly if interest rates have dropped.
Should I use a personal loan for home improvements?
Personal loans are a more expensive option for home improvements, especially if your credit score is average. However, using a personal loan for home improvements might be the best option if you don’t have a lot of equity to borrow from.
Are home improvements tax deductible?
Home improvement loans are generally not tax deductible. However, if you use a refinance or home equity loan, some of the costs might be tax deductible. Check with a CPA or tax specialist.
What credit score is needed to get a home improvement loan?
Credit score requirements for a home equity loan depend on the lender. A credit score in the mid-600s might be enough to be approved by some lenders, while others might not approve you with a score above 700. Lenders consider many factors, including your debt-to-income ratio and equity in the home, when considering you for a home equity loan.
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With flights getting more expensive around Thanksgiving and the winter holidays, you may be inclined to use accumulated points and miles to try to save some money. About 30% of holiday travelers plan to use points and miles to pay for travel expenses in 2023, according to a NerdWallet survey conducted by The Harris Poll of more than 2,000 adults.
That might have been a dependable money-saving strategy five or 10 years ago, back when airlines published award charts that clearly showed how many points or miles you’d need to book a flight. But most U.S. airlines have switched to dynamic award pricing, meaning the cost in points can fluctuate as much as cash prices do.
So in many cases, holiday flights on points are no longer the deal they once were — and can be high enough to make your jaw drop. In fact, you might get a lower cent-per-point value than usual if you’re not careful.
What the data says about holiday travel on miles
NerdWallet does an annual analysis of the value of airline miles. Conducted in August, the analysis looks at redeeming miles for flights 15 days in advance, for flights 180 days in advance, and for holiday flights. (For the latter, NerdWallet looked at flights departing Dec. 22, one of the busiest days to fly around the winter holidays, and returning Dec. 29.) The results show that airline miles are generally worth less around the last week of December.
If you’re flying domestically, there are two ways to think about getting maximum value for miles.
One would be to use the airline miles that are worth the most around the holidays, so you’ll need fewer miles than you would if you booked a similarly priced flight on another airline. In that case, your best bet would be to fly American Airlines or Southwest Airlines, because both airlines’ miles are worth 1.5 cents, the highest holiday valuation of the domestic airlines in the analysis.
The alternative is to use airline miles that have the greatest value at the holidays relative to other times of the year. The analysis found that miles on Frontier Airlines are actually worth more at the holidays, although that comes with some caveats. Meanwhile, miles on Southwest, Delta Air Lines and Spirit Airlines had the same value on holiday redemptions as on nonholiday flights.
If you’re flying internationally, you have other options to maximize your miles.
1.5 cents per mile is good for holiday travel
Among U.S. airlines, American and Southwest have the highest-valued miles when redeemed for holiday flights. Their miles are worth about 1.5 cents per dollar during the holidays. For American, this is slightly lower than its usual valuation at 1.7 cents per dollar. For Southwest, the 1.5 cents per point is the same as nonholiday travel redemptions.
To determine the redemption value of miles, divide the cash price of the flight by the number of miles required to get it.
Holiday travel valuation (per mile)
Nonholiday travel valuation (per mile)
Difference between holiday travel and nonholiday travel valuation (per mile)
Alaska Airlines
1.3 cents.
1.4 cents.
-0.1 cent.
American Airlines
1.5 cents.
1.7 cents.
-0.2 cent.
Delta Air Lines
1.2 cents.
1.2 cents.
No difference.
Frontier Airlines
1.3 cents.
1.1 cents.
-0.2 cent.
Hawaiian Airlines
1.2 cents.
-0.2 cent.
JetBlue Airways
1.3 cents.
1.5 cents.
-0.2 cent.
Southwest Airlines
1.5 cents.
1.5 cents.
No difference.
Spirit Airlines
No difference.
United Airlines
1.1 cents.
1.2 cents.
-0.1 cent.
Frontier Airlines is the only airline that fared better in the analysis than usual. Its holiday valuation of 1.3 cents per point is slightly higher than its normal baseline of 1.1 cent. However, this cost considers only the base fare — added fees for seat selection or baggage might decrease your value per point.
To maximize your points, consider international airlines
The highest-valued miles during the holidays don’t come from U.S.-based airlines. If you’re planning on vacationing during the holidays and aren’t tied to a specific location, you could blow the 1.5-cents-per-point mark out of the water if you were to fly, say, ANA (All Nippon Airways) or Singapore Airlines to Asia.
Not only do both airlines consistently rank as the world’s best in Skytrax’s rankings, but they also still have award charts, so their award flight prices generally don’t go up as much as the dynamic prices in other programs. ANA’s miles are worth 2.8 cents per mile during the holidays, the same as usual. Singapore’s miles are worth 2.1 cents per mile during the holidays, up from 1.5 cents usually.
If you haven’t flown these airlines recently (or ever), you might still be able to book with miles if you have a travel credit card that transfers to either of these airlines’ loyalty programs. ANA is a transfer partner of American Express Membership Rewards, and Singapore Airlines is a transfer partner of both AmEx and Chase Ultimate Rewards.
Use the same strategies to save as you would on flights booked with cash
If the price in miles makes your head spin, remember that the principles for saving are the same for flights booked in cash and points. To reduce the cost of holiday flights, you can try:
Flying on less popular days. Less demand equals lower cash prices. And less expensive flights mean they usually cost less in miles, too. According to Transportation Security Administration data, you’ll want to avoid days like the Sunday after Thanksgiving, which is generally the busiest single travel day in U.S. airports all year.
Use a combination of miles and cash. Delta and United offer the choice of paying for your fare partially in miles and partially in cash, which is a nice option if you don’t have sufficient miles for the fare you’re booking. Booking through your credit card’s travel portal also yields a miles and cash option. Lastly, consider other ways to unbundle your travel like paying cash for a one-way flight and miles for the way back.
Go international when everyone else is going domestic. Thanksgiving week can be a cheaper time to travel abroad because it’s not a holiday in other countries. If you’re thinking about going abroad around the end of December, consider Thanksgiving instead.
You may be feeling the squeeze on holiday travel because it seems too expensive right now. Flight cash prices can still feel high, even though data from the consumer price index actually indicates that they are lower than they were before the pandemic (September 2023 airfares were about 6.5% lower than airfares in September 2019.) Redeeming miles can be a good way to lower your travel costs, but make sure you’re not spending more miles than it’s worth.
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 2023, including those best for:
