Credit Card Issuers: Upgrade (4 Cards Reviewed)

Credit Card Reviews, Credit Card Roundups /

Upgrade is a California-based fintech company launched in 2017. They offer personal loans, a free checking account, and four credit cards. Sign-up bonuses are rare but may be possible from time to time. Otherwise, none of their cards have annual fees or sign-up bonuses. All of them say “No fees and set payoffs bring your balance down faster so you pay less interest” and “Combine the flexibility of a credit card with the low cost and predictability of a personal loan.“ Autopay is required for lower credit lines. All credit cards have the potential to be Visa Signature cards. Credit limit will typically be between $500 and $25,000 although Upgrade says they’ll go up to $50,000 in rare cases.

In general, Upgrade appears to be a company for people who’ve had some financial difficulties. You can qualify for their credit cards even with below-average FICO scores. Low fees or APR aren’t especially compelling for rewards-seekers and credit card churners. These groups never pay interest on credit cards and maximize their spending for cash back. It’s a different demographic than most banks, although Upgrade has potential benefits for most people.

You can check to see if you’re prequalified for a card without any impacts to your credit score.

…

Credit Card Issuers: Upgrade (4 Cards Reviewed)Read More »

Benefits and Differences Between Visa Traditional, Signature, and Infinite

Reference /

Visa has a number of different card types. Their website breaks these down into 3 main categories: Traditional, Signature, and Infinite. Although other categories may exist, these are the main consumer cards. Each category of card comes with different perks, although it varies by card issuer. Visa has lists of potential benefits, and it’s up to individual card issuers whether they want to offer a full or partial list.

The base benefits are generally expected from all credit cards. If your card is lost or stolen, you can lock it and/or you won’t be held liable for unauthorized transactions. Other listed benefits can be more or less useful than this. Most modern cards should also have EMV chips, a tap-to-pay feature, and mobile wallet compatibility.

…

Benefits and Differences Between Visa Traditional, Signature, and InfiniteRead More »

Review: AOD Federal Credit Union Visa Signature

⭐⭐⭐⭐, Credit Card Reviews /

Important update as of late 2022: This card is CLOSED to new applications. It isn’t currently available.

The AOD Visa Signature credit card (aka Anniston Ordnance Depot Federal Credit Union Visa) is a high-earning no-fee option for Alabama residents. Some people from out-of-state have been able to get the card, although the potential pathways aren’t guaranteed. AOD has the only credit card which earns an unlimited 3% cash back on everything. No category restrictions or other downsides, aside from the difficulty of getting credit union membership.

FEATURES AT A GLANCE

  • No annual fee
  • No foreign transaction fee
  • 3% cash back on all purchases

…

Review: AOD Federal Credit Union Visa SignatureRead More »

Why Budgeting Is Important and How To Create A Financial Plan

Personal Finance /

Creating a budget means tracking your income and expenses. How much money do you make each month, and how do you spend or save that money? Is there room for improvement? A budget puts you on a path to achieving financial goals. Budgets can be flexible, since they’re meant to keep people on track, and not set in stone. The important part is cash flow: being able to afford expenses as needed.

  • Short-term goals: Don’t overspend your money. Make sure it’s allocated properly so you don’t run out of cash.
  • Medium-term goals: Save money for large expenses or unforeseen major emergencies within the next couple of years.
  • Long-term goals: Properly manage debt, save money toward retirement, or other future goals.

Everyone needs a budget, from individuals to large corporations. Proper accounting can be game-changing or even life-saving. And it’s easier and faster to set up than most people believe. There are different ways to create a budget. Some people like to do it manually (Excel Spreadsheets, written notes, etc.) while others prefer budgeting apps to automatically do the heavy lifting. We have a list of potential tools at the bottom of this article.

Many finance experts currently advocate a “50-30-20 rule” for budgeting.

  • 50% of your income toward essentials/needs (rent or mortgage, bills and utilities, transportation, insurance, groceries, etc.)
  • 30% of your income toward “wants” (dining out, shopping, subscriptions, travel, hobbies, etc.)
  • 20% of your income toward debt repayment, savings, or investments

If you’re doing very well, you want increasing percentages of money to go into savings/investments/assets. At basic levels though: When it comes to savings, first aim for a $1,000 emergency fund. It’ll give you some breathing room if something bad happens. After that, aim for having 3 months of expenses covered. The most common recommendation for an emergency fund is 3-6 months of expenses. This is another reason to create a budget. If you don’t know what your expenses are, then it’s impossible to accurately determine the size of your emergency fund.

Overall, these budgeting guidelines are to help people get started. There aren’t strict rules and you probably don’t need to micromanage funds. You’ll have to create a budget based on your unique situation. Specifics are always subjective. After reading this entire article, you should know exactly what to do.

…

Why Budgeting Is Important and How To Create A Financial PlanRead More »

Review: Elan Max Cash Preferred

⭐⭐⭐⭐⭐, Credit Card Reviews /

The Max Cash Preferred Visa Signature is a “choose your own category” card which offers up to 5% cash back on purchases. You can choose two categories (out of 9 options) to get the 5% earn rate. It’s a slight variation on the U.S. Bank Cash+ card and may be easier to apply for. Max Cash Preferred is available at dozens of credit unions, including Spectra and Valley Bank. Card details are the same regardless of which bank you work with.

Also see: the U.S. Bank Altitude Go and the Elan Everyday Rewards+ Visa Signature.

FEATURES AT A GLANCE

  • No annual fee
  • 2% foreign transaction fee (when paying in U.S. dollars overseas) or 3% foreign transaction fee (when paying via foreign currency)
  • 5% cash back on two categories of your choice (up to $2,000 in combined quarterly spending)
  • 2% cash back on an “everyday” category of your choice
  • 1% cash back on everything else

5% categories:

  1. Recreation – gyms and sporting goods stores (24 Hour Fitness, Equinox, Planet Fitness, Bass Pro Shops, Dick’s, REI, etc.)
  2. Fast Food (Burger King, Chipotle, Subway, etc.)
  3. TV, internet and streaming services (Charter, DISH, Netflix, Spotify, etc.)
  4. Cell phone providers (AT&T, Sprint, T-Mobile, Verizon, etc.)
  5. Home utilities (Duke Energy, Pacific Gas and Electric Company, Waste Management Co., etc.)
  6. Entertainment – select tickets plus theme parks and movie theaters (Ticketmaster, StubHub, Universal Studios, Six Flags, AMC, Fandango, Regal, etc.)
  7. Furniture Stores (Ashley, Ethan Allen, Ikea, etc.)
  8. Department Stores (Bon-Ton, Kohl’s, Macy’s, etc.)
  9. Electronics Stores (Apple Store, Best Buy, Newegg, etc.)

2% categories:

  • Restaurants and Fast Food (IHOP, Outback, Red Lobster, etc.)
  • Gas Stations and Ground Transportation (7-Eleven, QuikTrip, Amtrak, Greyhound, etc.)
  • Grocery Stores and Grocery Delivery (Albertsons, Kroger, Publix, Trader Joe’s, etc.)

…

Review: Elan Max Cash PreferredRead More »

Review: PNC Cash Rewards

⭐⭐⭐, Credit Card Reviews /

The PNC Cash Rewards Visa is a general credit card for gas and restaurant purchases. It isn’t significantly better than competitors, but it’s better than some. There’s an annual spending limit for bonus categories, so most people will prefer a card for unlimited rewards, even if the limit is high.

FEATURES AT A GLANCE

  • No annual fee
  • 3% foreign transaction fee
  • 4% cash back on gas
  • 3% cash back on restaurants
  • 2% cash back on groceries
  • 1% cash back on everything else

…

Review: PNC Cash RewardsRead More »

Credit Card Issuers: SunTrust / Truist (4 Cards Reviewed)

Credit Card Reviews, Credit Card Roundups /

SunTrust (now Truist) is a bank based out of Atlanta. They became Truist after merging with BB&T (Branch Banking and Trust Company). It’s one of the 10 largest U.S. banks, and they offer three credit cards plus a private credit card option. All four cards are unimpressive, but may be worth considering for a year or two.

The three public cards have a “loyalty bonus” of “10%, 25% or 50%, based on your deposit relationship with SunTrust when you redeem rewards directly to a SunTrust Checking, Savings or Money Market account.” Program enrollment requires a checking account. It’s not as good as Bank of America’s Preferred Rewards program.

  • 10% = $0+ in assets
  • 25% = $25-100k in assets
  • 50% = $100k+ in assets

…

Credit Card Issuers: SunTrust / Truist (4 Cards Reviewed)Read More »

The Top 5+ Cards For Cell Phone Insurance Protection

Credit Card Roundups /

A relatively new feature for credit cards is free cell phone insurance (or it’s called cell phone protection). Several cards currently have it, mostly World Elite Mastercards. Enrollment is easy: just pay your eligible monthly cell phone bill with an eligible credit card.

Most types of major damage, or theft, are covered by this insurance. Phones which become lost or “mysteriously disappear” are not covered. Other exceptions may apply, such as limits to how many phones are covered. Plan details vary, so you’ll have to read the terms and conditions of your card of choice. Some secured cards or student cards may also offer this benefit. Shop around to see which card might be best for you.

Cell phone manufacturers, retailers, and telecommunications providers may offer their own protection plans or warranties. However, they usually come with fees. Google for example offers “protection plans” ranging from $3 to $15 per month, with fees and deductibles ranging from $39 to $199 on top of that. (Plus, some devices aren’t eligible for their plan, and services aren’t available in every state.) If insurance/protection is included in your credit card benefits instead, it’s 100% free and coverage is automatic. You’ll save money while earning cash back from paying your phone bill.

The top 5 personal credit or charge cards, as of 2022, are currently:

 

…

The Top 5+ Cards For Cell Phone Insurance ProtectionRead More »

Review: U.S. Bank Cash+

⭐⭐⭐⭐⭐, Credit Card Reviews /

The U.S. Bank Cash+ Visa Signature is a “choose your own category” card which offers up to 5% cash back on purchases. Unlike standard rotating-category cards, you can choose two categories (out of 12 options) to get the 5% earn rate, instead of one random category. You can also look into a close alternative, the Max Cash Preferred, for similar benefits.

FEATURES AT A GLANCE

  • No annual fee
  • 2% foreign transaction fee (when paying in U.S. dollars overseas) or 3% foreign transaction fee (when paying via foreign currency)
  • 5% cash back on two categories of your choice (up to $2,000 in combined quarterly spending)
  • 5% cash back “on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center”
  • 2% cash back on an “everyday” category of your choice
  • 1% cash back on everything else

5% categories:

  1. Gyms and fitness centers (24 Hour Fitness, Equinox, Weight Watchers, etc.)
  2. Fast Food (Burger King, Chipotle, Subway, etc.)
  3. Ground transportation (Amtrak, Greyhound, Lyft, Uber, etc.)
  4. TV, internet and streaming services (Charter, DISH, Netflix, Spotify, etc.)
  5. Cell phone providers (AT&T, Sprint, T-Mobile, Verizon, etc.)
  6. Home utilities (Duke Energy, Pacific Gas and Electric Company, Waste Management Co., etc.)
  7. Movie theaters (AMC, Fandango, Regal, etc.)
  8. Furniture Stores (Ashley, Ethan Allen, Ikea, etc.)
  9. Department Stores (Bon-Ton, Kohl’s, Macy’s, etc.)
  10. Clothing Stores (American Eagle, Banana Republic, Express, etc.)
  11. Electronics Stores (Apple Store, Best Buy, Newegg, etc.)
  12. Sporting Goods Stores (Bass Pro, Cabela’s, Dick’s, etc.)

2% categories:

  • Dining (including delivery services like Doordash and UberEats)
  • Gas (including in-store purchases at locations like 7-Eleven or QuikTrip)
  • Grocery (including delivery services like Instacart and Jet)

…

Review: U.S. Bank Cash+Read More »

Cash Back Rates vs Sign Up Bonuses: Which Is Better?

Reference /

What’s better to have from a credit card? A high cash back earn rate, or a high sign-up bonus?

It depends mostly on how often you’ll open credit cards. If you only open one new card a year, cash back is generally a better aim. If you want multiple cards, sign-up bonuses (SUBs) are better than cash back earnings. Earn rates are often more long-term oriented, and SUBs are often more short-term oriented. A sign-up bonus is typically equivalent to getting 10-30% cash back, while credit cards usually give 1-5% cash back.

…

Cash Back Rates vs Sign Up Bonuses: Which Is Better?Read More »