Update 12/9/20: Deal is due to end on 1/13/2021 according to people with affiliate links. Make sure to apply through a link with the $50 bonus.
Update 10/1/20: Doing a dummy booking gets you 140,000 points + $50 statement credit with the AF waived. Somebody in the comments reported seeing a $150 statement credit, but I can’t get that to show at all. Updated the direct link.
Update 9/30/20: New direct link available, no longer needed to apply in app (wasn’t showing for everybody anyway). This time the annual fee is waived, making the deal the best ever.
The Offer
Direct link to offer
Chase IHG Premier card is offering a signup bonus of 140,000 points after $3,000 in spend within the first three months.
Card Details
Annual fee of $89 waived first year
Card earns at the following rates:
25x points per $1 spent on IHG properties (10x from the card + 15x from status and club membership)
2x points per $1 spent on gas stations, grocery stores and restaurants
1x points per $1 spent on all other purchases
Free night certificate on card anniversary, this is limited to properties that cost 40,000 or fewer points
Automatic Platinum elite status
Fourth Reward Night Free on any stay of 4 or more nights
20% discount when purchasing points
Global Entry or TSA PreCheck fee credit
10,000 bonus points when you spend $20,000 or more and make one additional purchase each account anniversary year
This product is not available to either (i) current cardmembers of this credit card, or (ii) previous cardmembers of this credit card who received a new cardmember bonus for this credit card within the last 24 months. If you have the old IHG card, youâre still eligible to get this bonus/card.
Chase 5/24 rule applies to this card
Our Verdict
Best offer we’ve ever seen was 125,000 plus $50 statement credit, this one doesn’t have the $50, but comes with 15,000 more points. If IHG interests you and you are eligible, this one is worth signing up for. We’ll add this to our best credit card bonus page.
If you recently signed up with the targeted 125,000 points offer, you should be able to message Chase and have this 140k offer matched. As always read these things everybody should know about Chase credit cards before applying.
Thanks to all those who sent this in.
Post history:
Update 9/17/20: Deal is now publicly 125,000 points. But there is a 140,000 point offer showing up in app for some. Hat tip to Kyle
Offer was supposed to end at end of March, but is still alive and well. Hat tip to VFTW
Uh-oh! You just received your credit card statement, and it shows interest charges and a $38 late fee that you didnât expect. You realize youâre guilty of making a late credit card payment last month. Or worse, you realize you forgot to send your payment at all. Hereâs a rundown of potential impacts that your missed payment may have on your account.
Youâre assessed a late fee. Most credit cards charge a late fee when you make a late payment. In most cases, the fee is a flat charge of up to $39. In other instances, the fee might be tiered. For example, the late fee could be $15 if the balance is less than $100, up to $25 if the balance is $100 to less than $250 and up to $39 if the balance is $250 or more.
But what exactly does âup toâ mean? Federal laws now prohibit credit card issuers from charging late fees that are in excess of the amount due. So if you have a balance of only $12, then your late fee canât be more than $12.
On the other hand, there are credit cards that charge no late fees at all. In addition, a few cards automatically waive a first late payment. Nevertheless, donât interpret a late-payment forgiveness policy as an excuse to pay late.
You lose your interest-free grace period. Many credit card users avoid interest charges by paying their balance in full and on time. But if you fail to pay your statement balance on time, the interest charges are applied to your next statement in addition to any fees. In fact, interest charges are assessed based on your average daily balance for each day of the entire statement period. For cardholders who are already carrying a balance, the increase in interest charges wonât be as dramatic, but it can be significant.
You’re charged a penalty interest rateâAKA penalty APR. Not only are most cardholders hit with a late fee and additional interest charges, but a new, higher penalty interest rate can apply when cardholders miss payments. Thankfully, some of the same simple cards, like the Avant Credit Card donât increase your APR as a penalty for late payments.
Your credit score suffers. Making a late payment on your credit card account can affect your credit score, but it depends. Itâs up to credit card issuers how late a payment must be before itâs reported to the credit bureaus, but any late payment can be reported.
Thankfully, most credit card issuers wonât report payments that are less than 30 days late. And some lenders wait as long as 60 days before reporting late credit card payments.
Just because issuers donât immediately report a late payment doesnât mean it doesnât exist. Your credit reports show the payment history for all of your credit cards, so check your reports to see whether a late payment has been reported to the bureaus. Youâre entitled to a free credit report from each of the credit reporting agencies once a year under federal law.
In between getting your free annual credit reports, you can see how your payment history is affecting your own credit by getting your free score and credit report card on Credit.com.
What to Do If You Miss a Payment
Pay it as soon as possible.When you realize you missed a payment, make a payment immediately. The quickest way to make a payment is by phone or electronicallyânot by postal mail. Making sure the payment is received quickly reduces the likelihood that your late payment is reported to the major credit bureaus. It also increases the chance that the card issuer is willing to forgive any late fees and interest charges.
Contact your credit card issuer.Once youâve made a payment, if you were otherwise in good standing, youâre in an excellent position to request that any late fees and interest charges be waived. Simply call your credit card company and let it know the circumstances that caused you to pay late, such as if you didnât receive your statement. In most cases, the credit card provider is happy to waive these charges in order to satisfy and retain you as a customer.
Fix the problem.After youâve done what you can to limit the immediate harm caused by a late credit card payment, take steps to keep it from happening again. For example, if your statement for your last billing cycle wasnât delivered in the mail, switch to electronic statements. Alternatively, you can see if your credit card issuer offers payment reminders via text or email. Even better, set up automatic payments if you can.
Itâs only human to miss a credit card payment sometime. Itâs how quickly you address the error that matters to you, your credit score and your credit card issuer.
More on Credit Cards
6 Smart Credit Card Strategies
How to Get a Credit Card with Bad Credit
11 Ways to Improve Your Credit Score
Image: Purestock
Note: Itâs important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in this article may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
The post What Happens If You Make a Late Credit Card Payment? appeared first on Credit.com.
Sending cash to friends and family? Before you reach for that credit card, grab a calculator. Itâs time to do a little math.
With most everything you purchase online or through apps, credit cards have the edge. With plastic, you have chargeback rights. If youâre overcharged or receive the wrong item, broken merchandise or nothing at all, your card issuer will make it right. And if you use a rewards card, you collect points or miles, too. Win-win.
But itâs different story when youâre sending money through peer-to-peer platforms. Many of them (like Google Pay, Popmoney and Zelle), donât allow consumers to use a credit card to send cash.
Others (like Cash App, PayPal and Venmo), allow credit cards but also charge a fee for the privilege â often about 3%.
See related: How to choose a P2P payment service
The hidden costs of using credit cards to send money
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Choose a credit card to send money and you might also end up paying additional fees to your card issuer. Thatâs because the combination of some peer-to-peer apps with certain cards are coded as cash advances, rather than purchases.
For many cards, that cash advance code triggers a higher interest rate that kicks in the moment you make the transaction, as well as a separate cash advance fee thatâs often $10 or 5% of the transaction â whichever is higher. (Currently, the average interest rate for cash advances is 24.8%, while the average APR for purchases is 16.05%.)
So the combination of peer-to-peer service fees, credit card cash advance fees and that higher interest rate (with no grace period) could make sending a few hundred dollars a bit more costly than youâd planned.
No chargeback rights with credit cards
The real kicker: Unlike other venues, you donât have chargeback rights when you use credit cards to make peer-to-peer money transfers.
When you present your credit card in an online or brick-and-mortar store, thereâs a merchant involved â and the law provides chargeback rights for your protection in case you donât get what you were promised in the deal. But in a peer-to-peer money transfer, thereâs no merchant, so currently the laws donât give consumers any chargeback rights, says Christina Tetreault, manager of financial policy for Consumer Reports.
âThe chargeback right requires a merchant,â says Tetreault. âOne of the hoops a consumer has to jump through is to try and work it out with the merchant.â
If you use a peer-to-peer service and send the wrong amount or send the money to the wrong person, most platforms advise that the only way to get it back is to contact the recipient and ask them to return it. And thatâs often the same whether you use a credit card, debit card, bank account or funded account on the platform.
âBe doubly sure when youâre sending the money that youâre putting in the correct information,â says John Breyault, vice president of public policy, telecommunications and fraud for the National Consumers League. âItâs still a buyer beware world when it comes to peer-to-peer.â
The solution
If youâre sending money and want to use a credit card, it pays to do a little sleuthing first. Check out the peer-to-peer site. Does it allow users to send money with a credit card? If so what, if any, fees does it charge?
On some platforms (PayPal is one), you could see similar fees for using a debit card â while sending from a bank account or funded account on the platform is free.
The good news is that many peer-to-peer platforms clearly disclose it when thereâs an extra charge to use a credit card, says Tetreault. With Venmo, for example, youâll get a pop-up message.
Harder to decipher: Will credit card transactions on the platform be treated as a cash advance? If your preferred platform doesnât post this information, you might need to contact customer service. (And how quickly and easily you get an answer can tell you a lot, too.)
Ask your card issuer the same question: Are peer-to-peer money transfers on the platform youâve chosen treated as a cash advance? If they are, whatâs the interest rate, and whatâs the cash advance fee?
âWhat I would suggest is to ask that question, via email, of your financial institution,â says Tetreault. âIt may be in their FAQs. And you want to save that email. If you have it in writing, if thereâs an issue later, youâre better positioned to contest that fee.â
But âthe hard truth is you may not be able to find out ahead of time,â she says.
Another solution: Opt to use a credit card issued by a credit union.
âWith credit unions, the APR is usually the sameâ for purchases and cash advances, says John Bratsakis, president and CEO of the Maryland and District of Columbia Credit Union Association.
Likewise, with American Express cards you pay your regular interest rate and no cash advance fees on peer-to-peer transfers, says Elizabeth Crosta, vice president of public affairs for American Express.
And credit cards from U.S. Bank register peer-to-peer money transfers as regular purchases â with no cash advance fees or cash advance APRs, says Rick Rothacker, spokesperson for the bank.
See related: How do credit card APRs work?
Whatâs your reason for using a credit card?
Take a good look at the reason youâre using a credit card, too. If you want chargeback rights, thatâs not an option. If youâre doing it for the rewards, will the value of those points or miles be eaten up by extra fees or a higher interest rate you have to pay to use the card?
And if youâre using a card because you donât have the cash, that might be a good reason to rethink the idea of sending money in the first place.
Thatâs a huge red flag, says Bruce McClary, vice president of public relations at the National Foundation for Credit Counseling.
âThe need to convert credit into cash is what really gets my attention â because that hints at a lack of savings,â he said. âItâs a reality a lot of people are facing, especially now.â
Cash advances arenât as expensive or risky as payday loans and car title loans, but they should be among your last resorts. If you’re looking for short-term relief, you could ask your credit card issuer for help, or find out if you qualify for a personal loan. You could also borrow from a family member or trusted friend, but be wary of the potential relationship toll if you can’t pay them back.
Getting cash from credit cards
Fifty-two percent of Americans report that the pandemic has damaged their finances, according to a recent survey by the NFCC. More than a fifth of those had to tap savings for everyday expenses, while 16% increased their credit card spending.
And thatâs a sign of financial stress, says McClary. âIt means that, in some situations, they have run out of savings.â
There are ways you can use your card to get cash, though.
Cashing in rewards
Some rewards cards from issuers such as Chase, Bank of America and US Bank let you deposit cash-back rewards directly to your bank account.
And Wells Fargo also will let you deposit its Go Far Rewards directly into another Wells Fargo customerâs account, says Sarah DuBois, spokesperson for the bank.
Gift cards
Many credit cards let you convert rewards into retail gift cards. So a pile of points can help a friend or family member buy much-needed groceries or a few holiday presents.
Or simply âbuy a gift card for someone,â says Bratsakis.
Retailer-specific gift cards and gift cards issued through local and regional retail associations and malls often come with no fees â meaning every dollar you spend goes toward your gift.
Convenience checks
While you can get a cash advance or use convenience checks from your card issuer, both those options often come with fees and higher interest rates. Not a smart money move, especially in the current economy.
While some lenders may offer convenience checks with deferred interest, thatâs not the same as âno interest,â says Bratsakis. Also, if you donât pay the loan in full, will you owe the full interest retroactively?
âThatâs where consumers have to be careful,â he says. With a convenience check or even a cash advance, âthatâs usually where consumers can get themselves into trouble if they canât pay it off and get hit with deferred interest.â
See related: What is deferred interest?
Bottom line
When it comes to peer-to-peer payments, cash really is king. You can then put it into a funded account with the money transfer platform or your bank account. And most peer-to-peer platforms let you do this for free.
âThe safest way to use these services is to send money person-to-person and be diligent about getting all the details correct so it doesnât go to the wrong person,â says Tetreault.
Only send to people you trust and know in real life, she says. âAnd before sending money make sure you understand what, if any, fees you might incur.â
If youâve made a purchase online or over the phone, youâre probably familiar with the three sets of credit card numbers you have to hand over. These numbers include the credit card number, the expiration date and the CVV. If youâre an online shopping pro, youâll know where to find the CVV. But what exactly is the CVV on a credit card?
What Is the CVV on a Credit Card?
A credit cardâs CVV acts as another line of security against fraud. The CVV, or card verification value, can also be referred to as the CSC, or card security code. These numbers serve as one of the most important anti-fraud measures for a credit (or debit) card, especially with the rise of virtual transactions. So when you make a purchase online or over the phone, giving the CVV assures a merchant that the purchase is legitimate and authorized.
When you use your card in person, retailers can check your ID to make sure youâre the cardholder. But merchants canât do the same when you make an online purchase. Instead, the CVV serves a substitute for personal identification. Plus, your card carrier can verify your cardâs unique CVV in the event verification is needed.
Not all merchants require you to enter your CVV when making a purchase. This doesnât make a merchant illegitimate, however. In any case, you always want to make sure youâre handing over your credit card information to a merchant you trust.
Where to Find Your Cardâs CVV
Card carriers print their CVVs in different places on their cards, so itâs important to know where the CVV is on your card(s). If you have a Visa, Mastercard or Discover card, you can find the three-digit CVV on the back of your card to the right of the signature strip. The number may also be adjacent to either your full credit card number, or just the last four digits of it.
However, if you have an American Express card, you can find the CVV on the front, right side of your card. Also note that Amex calls this number a card identification number (CID). An Amex CID is also four digits instead of three.
How a CVV Protects You
A cardâs CVV comes in handy mostly for online purchases. Again, it acts as another line of defense against fraud. So even if a hacker gains access to your credit card number, expiration date and full name, they still need your CVV to complete the transaction. Luckily, CVVs arenât as easily obtainable as your other credit card information.
This is due to the Payment Card Industryâs Data Security Standard (PCI DDS). This was created by Amex, Discover, Mastercard, Visa and other credit card leaders to establish standard rules for credit card information storage. One of its main stipulations states that merchants cannot store your CVV after you make a purchase. However, thereâs nothing preventing merchants from storing the rest of your cardâs information, like the credit card number. This makes it harder for criminals to find the CVV attached to your credit card number.
The CVV also works in tandem with a credit cardâs magnetic strip and the newer EMV chip technology. The printed CVV on your card is embedded in the cardâs magnetic strip. The chip has a digital CVV equivalent called the Integrated Chip Card Card Verification Value (iCVV). So when you use your card in person, whether you swipe or insert the chip, your CVV will still be confirmed.
Limitations of a CVV
Typically, the issues that arise with CVVs are often self-inflicted by the cardholder. Since itâs hard for fraudsters to obtain your CVV through a credit card database, they turn to other illegal means. This includes phishing and physically stealing your cards.
These scams occur as the occasional email or pop-up on your computer, enticing you to make an online purchase. Some scams are easy to spot, due to misspelling or other obvious errors. However, because online merchants so often ask you to enter your CVV, hackers can also include that requirement on their fraudulent page. If you enter your credit card information, including the CVV, the hackers have easily gained access to your account.
Of course, there is always the possibility of getting your credit card physically stolen. In this case, the thieves donât need to hack anything since all your information is there on the card. Your best bet is to cancel your card as soon as possible, request a new card from your issuer and dispute any unauthorized charges made to the account.
Final Word
While in-person purchases arenât entirely foolproof, online transactions put you and your information more at risk of fraud. To combat this, credit card providers created CVVs and their associated regulations to help keep your personal credit information safe. You can help protect yourself, too, by only entering your card information on websites you trust.
Tips for Keeping Your Cardâs Info Safe
Itâs important to research and find the right credit card for you. When youâre looking through a cardâs features, you should look at its security features. Make sure youâre comfortable with its limits.
Never engage with any emails, ads or websites that you donât immediately recognize as legitimate. This includes not clicking on suspicious links and not entering your credit cardâs account number, expiration date and especially the CVV.
Be sure to look for a âSecureâ tag to the left of the web address of any site youâre making an online purchase through. Only encrypted sites feature these tags, so you can feel confident your cardâs information will be safe in these transactions.
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In the era of lockdowns and social distancing, you’re probably relying most heavily on your credit card, as you shop online for many of your purchases.
But you might run into a snag and not be able to complete your transaction if you’re trying to use your card after its expiration date.
Here are some things to keep in mind if you want to keep those purchases coming all year long.
See related: How do credit cards work?
Wear and tear
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While your credit card account itself doesn’t expire at a certain time, the piece of plastic associated with it does.
That’s because “magnetic stripes wear out, cards bend,” says Nessa Feddis, a senior vice president at the American Bankers Association.
Because of their propensity to show wear and tear, “issuers want to make sure to get working cards into customers’ hands,” says Ted Rossman, industry analyst for CreditCards.com.
Cards with magnetic stripes typically wear out faster, so they usually expire after three years, Rossman says.
EMV cards, which contain computer chips embedded in them, tend to show less wear than those with magnetic stripes, Rossman says. As a result, many issuers are extending the expiration date on those cards to five years.
Sending you a new card periodically also allows issuers to implement design upgrades and technology updates, according to a spokeswoman for Discover.
Credit cards for retailers such as Macy’s can be an exception and there may be no expiration date on such cards.
Safety and security
Expiration dates also serve as a security measure. If you’re making a purchase online or by phone, you’ll typically be asked to provide your account number, the three- or four-digit security code on the card and the credit card expiration date.
The expiration date helps to verify that your transaction is valid, Feddis says. “It’s another data point to match up.”
For the card issuer, putting an expiration on a credit card helps the company manage its credit card portfolio, Rossman says. About 20% to 30% of credit cards that are issued are never activated.
Having an expiration date on a card serves as a “mechanism for re-evaluating a customer’s standing and potentially clearing dormant cards off the books,” Rossman says.
According to the American Bankers Association, Americans held 373 million credit card accounts in the second quarter of 2020. But that was down from 374 million in the second quarter of 2019. It was the first time the number of accounts has fallen since 2012, no doubt tied to the COVID-19 pandemic.
Meanwhile, credit card debt fell by $74 billion from the third quarter of 2019 to the third quarter of 2020, according to the New York Federal Reserve. The drop was driven by the economic recession caused by the pandemic.
See related: Many Americans say they’ll spend less after the pandemic than before
Where to look
If you want to check your credit card’s expiration date, you’ll often find it embossed on the front of your card, under your account number and above your name.
It will be embossed with the two-digit month and two-digit year, such as 02/21.
In the past, the raised numbers were needed on the front of a credit card because merchants would use a machine to make an imprint of the numbers on a receipt, and customers would have to sign the receipt. Now those machines are few and far between.
Today you may have a newer chip credit card that has no raised numbers on the front, and the account number is printed on the back.
With those cards, you’ll also find the expiration date on the back of the card, below your account number.
The expiration date is listed as a month and year, so your card is valid through the last day of that month, the Discover spokeswoman says.
Your new card should be sent to you well in advance of the expiration date. Once the new card arrives, be sure to activate it using your computer or by calling in to the number listed on the sticker placed on your card. Sign your card and be sure to destroy your old one.
See related: What do the numbers on your credit card mean?
Recurring payments
If you use your credit card to make recurring payments, you’ll need to update your card information with the merchant to make sure your payments continue to go through, the Discover spokeswoman says.
However, many merchants subscribe to credit card issuers’ account updater services. If you get a credit card with a new expiration date, or you receive a card with a new account number, the service updates that information to the merchant, so your credit card payment will continue to be processed.
If your account information doesn’t automatically update, you may receive an email from the merchant, asking you to go to the company’s website and update your information.
Paying attention to your credit card expiration date can help keep your transactions on track throughout the year.