rewards

Apache is functioning normally

The Mercury Rewards Visa Card, issued by First Bank & Trust, was launched in August 2022 by Mercury Financial, a technology company that aims to help its customers build credit.

The Mercury credit card earns rewards and forgoes pesky fees — two features that are nice to see in a card for people with thin credit histories. But the card’s website is lacking in some useful information about the product’s features, making it difficult to comparison shop when you’re looking for a credit card. (Efforts to reach the company with questions and clarifications were unsuccessful.)

Here are five things to know about the Mercury Rewards Visa Card.

1. You have to be invited to apply

There’s no prominent “apply now” button on the Mercury credit card’s website. Instead, Mercury mails out preapproved offers with reservation codes. These preapprovals are based on information in your credit profile.

If you misplaced your reservation code, or just want to see whether you were preapproved, you can input your last name, ZIP code and last four digits of your Social Security number on Mercury’s website.

2. It’s inexpensive to carry

When you’re newer to building credit, many card options pile on the fees. Annual fees are the most common, but some also charge monthly maintenance fees, one-time processing fees and more. The cost of carrying cards like these can add up quickly.

The Mercury Rewards Visa Card charges none of those fees. Just be mindful that there are fees for things like late payments or purchases in foreign countries.

3. The card earns cash back

The Mercury Rewards Visa Card earns cash-back rewards on every qualifying purchase, according to the card’s website. Missing from the site is how many rewards each purchase will earn, which would be useful information to have as you consider getting the card.

It’s also not easy to find out how much points are worth when redeemed, or how you can redeem them. Blink and you’ll miss it on the website, but you can redeem points for a statement credit, or use them to shop on Amazon.com, at a value of 1 cent per point. If there are other redemption options available, they’re not mentioned.

4. The app provides helpful tools

The Mercury Cards app is available on both the Apple and Google Play app stores. You can use it to not just check your balance and pay your bills, but also to get tips on how to attain your personal financial goals, compare different payment and interest scenarios, split larger payments up into smaller ones, and more.

It’s far from the only app out there that allows you to manage your card. But anything that makes tracking and goal-setting simpler for those who are building credit is a good thing.

5. Beware of the interest rate

As of this writing, cardholders will pay ​​29.99% to 30.24% variable APR if they get into credit card debt — well above the average of 22.77% among credit cards assessing interest as of August 2023, according to the Federal Reserve. Credit cards for people with no credit or bad credit tend to charge higher interest rates, since you’ve yet to prove yourself to lenders as a thoughtful user of credit.

Still, roughly 30% APR is a number to be mindful of as you use the Mercury credit card. If you’re unable to pay your bills in full, the resulting credit card debt can quickly spiral out of control. An alternative could be a credit-building card with guardrails. These cards require you to open a funding account, but they limit how much you can charge to what’s in that account so you can’t overspend. Plus, your bills are automatically paid in full each month, so you can’t get into debt.

However, the Mercury Rewards Visa Card functions more like a traditional credit card, so when you’re ready to graduate to other options from different issuers, you’ve had more practice managing such a card.

Source: nerdwallet.com

Apache is functioning normally

With the holiday shopping season fast approaching, a simple addition to your catalog can go a long way: gift cards.

Unlike other types of inventory, gift cards are cheap to produce, easy to ship and unlikely to be returned. If you offer digital gift cards, you can’t run out — and you can keep making sales until a few minutes before gifts are exchanged.

“People love giving gift cards,” says Rachel DeCavage, owner and creative director at Cinder + Salt, an eco-friendly clothing company based in New England. “It’s a no-brainer way for them to give someone something that they’re going to love.”

People love getting them, too. In an October survey from the National Retail Federation, 55% of respondents said they hope to get a gift card as a present this year.

Here’s how you can make gift cards part of your holiday strategy, whatever you sell.

1. Create your gift cards

You may be able to order physical cards or offer digital ones through your e-commerce platform or point-of-sale system. Physical cards typically cost less than $2 per card, and digital cards are often free.

Physical cards are more popular gifts for Chicago-based indoor golf facility The Green, says founder and managing partner Connor Ptacin.

During the holidays, Ptacin estimated his team mails out “like 20 gift cards a week” to people who want to give their loved ones something physical.

Digital cards let you keep making sales until the very last minute. DeCavage says she usually sees a rush of gift card orders “like three days before a holiday.”

The right mix of digital and physical cards depends on your customers. If most of your sales take place in person, physical cards may be more popular. But if more of your customers shop online and you tend to ship orders farther away, or if you’re trying to grow your online sales, lean into digital cards.

2. Promote them as gifts

Display gift cards by your register and prominently on your e-commerce website to catch shoppers’ eyes.

“Just pop it right there on the counter and drive the impulse purchase,” says Jay Jaffin, chief marketing officer at Blackhawk Network, which helps retailers create and sell gift cards and other rewards items.

You can use gift cards to encourage other spending. This year, DeCavage is offering gift cards as bonuses to customers who spend more than a certain amount at Cinder + Salt.

“It could be an incentive for them or it could be something they can give to someone else, and it also feels like they’re getting a discount,” DeCavage says.

Make sure your cashiers know how to load gift cards using your point-of-sale system and how to package them. Those transactions give your staff the opportunity to make additional sales, too: DeCavage encourages gift card buyers to add something small, like a sticker, so it’s more exciting for the recipient to open.

“We try to make it a part of the shopping experience for people who are really unsure about what to get,” DeCavage says.

Promote gift cards on social media and via email, too. A well-timed online marketing campaign can remind previous customers that you have gift cards available — especially if you can reach last-minute shoppers at the right moment.

Lastly, Ptacin recommends swapping gift cards with other local businesses that serve similar audiences. That can help you reach new customers who might have just needed a push to visit you.

3. Prepare for redemptions

If you sell enough gift cards, you might reduce the intensity of another post-New Year’s headache: returns.

“A lot of times, what you see is a bunch of returns at the beginning of the year,” Jaffin says. “Sometimes, those gift cards can actually help balance that out — that first-quarter lull.”

Shoppers usually spend more than what’s on their gift cards, Jaffin adds.

DeCavage says gift card shoppers often behave differently. Instead of making a beeline for their desired item, they tend to spend lots of time browsing.

“For small retailers, gift card programs can really be a low-maintenance and affordable way to compete against larger stores,” Jaffin says, “while also helping to acquire new customers and encourage repeat foot traffic.”

Source: nerdwallet.com

Apache is functioning normally

Update: This offer has been sent out now on many U.S. Bank personal and business cards. Updated below.

The Offer


Check email for the following offer on U.S. Bank/Elan/Fidelity personal or business credit cards:

  • Get $10/1,000 when you pay two or more utility bills with your Fidelity Rewards Visa Signature Card by January 31, 2024.
  • Others got an offer for $15.
  • Others got an offer for $25.

The Fine Print

  • Targeted cardholders are already enrolled, no special enrollment necessary.
  • Promotion period is from October 25, 2023, through January 31, 2024.
  • To receive this offer, you must pay two or more electric, gas, water or sanitation bills by January 31, 2024.
  • The Reward Points award will be applied to your account 2-3 billing cycles after the end of the promotion period. The maximum number of Reward Points awards is one. This offer is not transferable. Your account must remain open, have available credit, and be current (no minimum payment past due) to qualify. This offer may not apply if your credit card has changed to a different type of card within the last 12 weeks or changes before the Reward Points award is applied. As Elan Financial Services cannot control how merchants choose to classify transactions, Elan Financial Services cannot guarantee a transaction will qualify. Contact your billers to learn what types of payments they accept — not all billers accept credit card payments. If you have any questions, call Cardmember Service at 888-551-5144.

Our Verdict

Nice little bonus. Just keep in mind the Fidelity card has a minimum $25 cashout threshold.

Hat tip to reader Joe

Source: doctorofcredit.com

Apache is functioning normally

Perks like airline seat upgrades or free food are certainly welcome when it comes to loyalty programs, but travelers want more. For the majority of U.S. travelers, their top loyalty program priority is lower fees. That’s according to the Barclays US Consumer Bank’s 2023 Travel Rewards and Loyalty Report, which surveyed 1,000 U.S. adult travelers online in May.

In fact, perks ranked No. 4 in the survey. When asked to choose from seven travel loyalty program priorities, 52% said lower fees were a priority. Meanwhile, 42% of respondents preferred perks, which might entail free hotel night certificates, room or seat upgrades or free breakfast (respondents could select multiple answers).

Here’s what travelers prioritized, from most to least important:

  1. Lower fees (52%).

  2. Flexibility in redeeming miles or points (47%).

  3. Ability to earn more miles or points (46%).

  4. Perks I receive (42%).

  5. Ability to make last-minute changes (37%).

  6. More choice in airlines or hotels (32%).

  7. Personalized support (27%).

Hidden fees for travel keep emerging

Of the survey respondents who said lower fees were a priority, 72% of them said the importance of lower fees has increased from five years ago. Perhaps that’s due to the onslaught of fees that travelers have been hit with lately.

In air travel, fees easily manifest via basic economy airfares, which have grown in popularity over the past decade and in 2018 were dubbed “a permanent fixture in the U.S. marketplace” by the CAPA Centre for Aviation, which is a company that conducts air travel analysis and research.

Sure, basic economy airfares have been credited as a major driver for declining airfares. For example, August 2023 airfares were 19% lower than what they were in the same month in 2013, according to consumer price index data released by the U.S. Bureau of Labor Statistics. But lower airfares have been accompanied by a la carte pricing for items that used to be included in standard airfares, such as the ability to check bags or to select your seat upon booking a flight.

Such fees aren’t limited to air travel only, either. In the hotel industry, the most hated fees include resort fees, which promise to cover the cost of resort-style amenities such as the pool, and even mundane benefits like Wi-Fi.

The first known resort fees sprang up in the late 1990s, according to the Federal Trade Commission, but they’ve become a special source of ire. Just look to the Junk Fee Prevention Act, which is proposed legislation that would limit hidden fees and surcharges across a range of industries, including resort fees. NerdWallet analyzed more than 100 U.S. hotels with December 2023 check-in dates and found that — among the hotels that charge them — the average resort fee was $38.82 per night.

Some frequent traveler rewards offer ways to save on those fees. For example, both the Hilton Honors and World of Hyatt loyalty programs waive resort fees for stays booked on points.

And in a similar vein are cleaning fees, which are often charged by hosts who use vacation rental companies such as Vrbo and Airbnb. A NerdWallet analysis of 1,000 U.S. Airbnb reservations with check-in dates in 2022 or 2023 found that the median cleaning fee per listing for a one-night stay was $75.

This year, Airbnb launched a toggle that allows customers to display listings based on total price, rather than simply seeing the base price without fees until the checkout page. Since the launch of the tool, more than 8 million guests have booked travel on Airbnb using the total price display, and more than 260,000 listings lowered or removed cleaning fees, according to the company’s fall 2023 update.

Other loyalty program priorities beyond fees

While lower fees are critical, travelers also say they seek flexibility in earning and redeeming miles or points. That’s likely because many travelers rely on redemptions to make their trips possible.

Miles and points are typically accrued not just through frequent travels with that company, but through spending on travel credit cards. According to that same Barclays survey, 76% of travelers who participate in loyalty programs said they couldn’t imagine taking the kinds of trips they want without the benefits of such a program.

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:

Source: nerdwallet.com

Apache is functioning normally

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

A 680 credit score is in the “good” range based on the most common scoring model, FICO®. With a 680 credit score, you can get approved for credit cards as well as personal, auto, and home loans.

Having a low credit score not only makes it difficult to secure lines of credit and loans, but it can also cost you quite a bit of money. Low credit scores mean you need to put down larger deposits on rental homes and services, and you also get charged higher interest rates. 

According to the recent credit score statistics, the national credit score average is 716. While a score in the 700s is good, having a 680 credit score may be all you need to improve your financial well-being. 

Today, you’ll learn what a 680 credit score means and how to achieve one. Most importantly, you will learn how to maintain a good score and continue improving your credit with helpful tips.

What Does a 680 Credit Score Mean?

The meaning of a 680 credit score depends on what credit scoring model is being used. FICO® has the most commonly used scoring model, and it ranges from 300 to 850. If you have a 680 FICO score, you have a “good” credit score. According to the FICO scoring model, the following are the typical ranges:

  • Exceptional: 800–850
  • Very Good: 740–799
  • Good: 670–739
  • Fair: 580–669
  • Poor: 300–579

Your credit score is a simple way for financial institutions to gauge risk. Lower credit scores are often a red flag and signal to lenders that a person may not pay back a loan. Typically, low credit scores are due to late payments, a short credit history, and overspending. In some cases, low credit scores are due to errors on your credit report that you may need to dispute.

Can You Get a Credit Card With a 680 Credit Score?

Whether or not you get approval for a credit card depends on the type of card and the company, but in many cases, a 680 credit score should get you approved for a credit card. You can get a credit card with bad credit, but these cards often come with high fees and interest rates. Having a 680 credit score can get you a good credit card with typical fees, and it may even have additional perks like cashback rewards.

Note that your credit score is only one aspect of the credit approval process. When you apply for a credit card, lenders look at your credit report. The report shows additional details like other debts you have as well as your payment history. When you apply, there will also be questions about your current income and expenses.

Can You Get a Car With a 680 Credit Score?

Much like with credit cards, a car loan approval may vary by lender, but a 680 is often good enough to qualify for a car loan. When it comes to car loans, in addition to the price, one of the most important factors is the car loan interest rate. Paying off a car loan takes years, which means an interest rate can potentially add thousands of dollars to the loan.

According to recent data, the average car loan interest rate with a 680 credit score for new cars is 5.82% and 7.83% for a used car. By improving your credit score, you can get average interest rates as low as 4.75% for a new car or 5.99% for a used car. It may also be beneficial to use a loan calculator to see how much a loan will cost you over time.

Can You Get a Mortgage With a 680 Credit Score?

It shouldn’t be a problem to qualify for a mortgage loan with a 680 credit score. Like other loans, there’s much more that goes into the mortgage than just your credit score. When applying for a home loan, the mortgage lender takes a much more detailed look into your finances. They’ll want to see your debt-to-income ratio, employment status, assets, bank statements, and more. 

It’s also helpful to remember that a major aspect of purchasing a home is the down payment. Knowing how much you should put down on a house can help you plan for the future and discover how much you need to buy a home in addition to having a good credit score.

Can You Get a Personal Loan With a 680 Credit Score?

Yes, you should be able to get a personal loan from many lenders with a 680 credit score. Some lenders may require a higher score in the 700s, and these lenders may also give you a better interest rate. Having a 680 credit score may get you a loan with a higher interest rate, so it’s always helpful to improve your credit score before taking out a personal loan.

5 Tips to Improve Your 680 Credit Score

As you now know, a 680 credit score is good, but improving your credit score to 740 or higher can help you get even lower interest rates and more lines of credit. Here, we go over five ways you can improve your credit.

  • Make your payments on time: Your payment history makes up 35% of your FICO score, so making all of your payments on time can help boost your credit score.
  • Keep your spending low: After payment history, credit utilization is the most significant factor in determining your credit score. This is how much you owe compared to your total credit limit. It’s recommended to keep this ratio below 30%.
  • Don’t close old credit cards: It’s common for people to close credit cards they don’t use, but it’s better to keep them open. In addition to helping with your credit age, keeping a credit card open can help you keep your credit utilization ratio low, which is good for your score.
  • Check your score regularly: Checking your credit score regularly can motivate you to stay on the right track as well as let you know if you need to make changes. There are services to get your credit score for free as well.
  • Dispute any errors: Sometimes, there are errors on your credit report, and you can dispute them on your own with the credit bureaus or work with a credit professional.

Not only are these good habits to help improve your credit, but they’ll help you maintain a high score as well.

Get Help With Your Credit Score

If you have a 680 credit score, you’re off to a good start, but improving your credit score can help save you money and get approved for better loans. For those who have bad credit, striving for a 680 credit score is a good goal to have. To see where you stand with your credit, sign up for Credit.com’s free credit report card for a full picture of your credit situation.

Source: credit.com

Apache is functioning normally

The Offer

Discover is sending out an email to many of their credit cardholders with various spend offers:

  1. Activate to earn $250 when you spend $2,500 by 12/31/23. That’s in addition to standard credit card rewards.
  2. Activate to earn extra 2% cash back on all purchases through 12/31/23. Valid on up to $2,000 in purchases.
    • This one can also stack with the Q4 5% categories.
  3. Activate to earn 6% back at Grocery Stores, on up to $1,000 in spend, until 12/31/23. That’s in addition to standard credit card rewards.
    • Others got a similar offer for 6% back at Walmart or for Digital Wallets.

Our Verdict

Some nice offers here. I was lucky to get the $250 bonus offer. I’m not sure if everyone got one of these offers or it’s targeted; search email for <[email protected]> to find and activate.

Source: doctorofcredit.com

Apache is functioning normally

Age Group

Average Credit Score

18-25

679

26-41

687

42-57

706

58-76

742

77+

760

Experian® Q3 2022

Average Credit Score by 20

The average credit score for those aged 18 to 25 is 679. This average credit score is the lowest on our list because this age group is just beginning to build their credit scores Lower earnings, student loans, and higher credit card usage can impact credit scores. 

Average Credit Score by 30

The average credit score for those aged 26 to 41 is 687. This age group is building their credit along with higher salaries. This age group may be paying off education loans or large investments like cars and homes. 

Average Credit Score by 40 – 50 

The average credit score for those aged 42 to 57 is 706. This age group is investing more in retirement finances and working to reduce debt and large investments like mortgages. 

Average Credit Score by 60 and Higher 

The average credit score for those aged 58 to 76 is 742. For those older than 77, the average credit score is 760. These groups are either stepping into retirement or enjoying the rewards of retirement life. These groups may be working off a debt to have minimal debt going into retirement or avoiding accumulating debt altogether. These groups have the highest credit scores due to their ability to pay off debts and build credit scores over the years. 

Average Credit Score by State

As of September 2022, Minnesota had the highest average credit score at 742, whereas Mississippi had the lowest average credit score at 680. Overall, the southern states produced lower credit scores than the northwestern and midwestern states.

How to Build Credit at 18 

Building credit sooner than later will provide you with more loan options and lower interest rates. There are many ways to start building credit and improving your credit. 

1. Improve Your Financial Literacy

Before building credit, it’s important to learn about credit management and personal finance. Spend some time researching how credit works and how to make the best financial decisions for your circumstances. Take a look at Credit.com’s extensive tips and guides for further help and information. 

2. Get a Starter Credit Card

Your first option to start building your credit is with a secured credit card. A secured credit card is much easier to apply for. However, it requires a security deposit. This security deposit acts as collateral in case you can’t make your credit card payments. Be sure the credit card company you choose reports to the three major credit reporting agencies. 

From here, begin using your starter credit to build your credit and submit your monthly payments on time. 

3. Become an Authorized User

If you have a family member or friend with a credit card and a good credit score, you can ask them to add you as an authorized user. Just double-check that their credit card company reports authorized user information to the credit bureaus, or this won’t work. 

As an authorized user, you don’t need to access the account owner’s credit card or even use the account to reap its credit benefits. When you’re an authorized user, the on-time credit payments made by the account owner are automatically reflected on your credit report. Becoming an authorized user is a great way to quickly start building your credit. However, if the account owner doesn’t submit payments on time, this can negatively impact you. 

4. Submit Payments on Time 

This may be the most important way to build credit, as payment history makes up 35% of your FICO® credit score. It’s crucial to make credit card payments on time, so it’s best to only take on debt if you can pay it off by the time it’s due. If your payment is 30 days past due, your credit card company can report it, which would likely hurt your credit score. 

5. Check Your Credit Report

Monitor your credit report regularly. Although uncommon, payment inaccuracies and misinformation found on your credit report can drop your credit score. You are legally entitled to one free credit report each year from the three major credit reporting agencies. If you see an error on your credit report, you can dispute it with the agency. 

FAQ

Below are frequently asked questions about your credit score and how to improve it. 

What Is the Average U.S. Credit Score?

In September 2022, the average U.S. credit score was 714, which is unchanged from 2021. 

When Does Your Credit Score Build the Most? 

Your credit score builds the most when you’re actively contributing to improving your credit score. Establishing initial credit in a good range (around 670 – 700 or higher) can take at least six months, but building your credit up to a good credit score can take several years. Practicing good credit management, like submitting payments on time, will make the biggest difference in how fast your credit builds up. 

How Do You Find Your Credit Score?

It’s important to check your credit score regularly. There are a few ways to get your credit score, such as:

  • Look at your credit card or loan statement: Most credit card, loan, and bank institutions provide credit scores for customers. You may be able to find an up-to-date credit score on your most recent bank statement. 
  • Use a credit score service: Use a free or subscription-based credit score service to see your credit score. Some credit scoring sites provide a free trial for new users to test out their site, during which you can check your credit score. 
  • Apply for a free credit report: The three major credit reporting agencies must legally provide you with a free credit report every year upon request. You may request your credit report from Experian®, Equifax®, or TransUnion®. 

You should also check your credit report regularly to verify your credit report is free of any inaccuracies or misinformation. 

Review Your Next Credit Report With Credit.com

Now that you know the average credit score by 18 (679), it’s time to start building your credit. Setting up financial goals and practicing good credit management will help you build credit. 

Curious about your financial health? Get graded with our free credit report card to see what is affecting your credit score.

Source: credit.com