How to Buy a Home in Denver, Colorado

As one of the top five fastest-growing cities in the US, Denver is quickly becoming the place to be. The vibrant city life, the outdoor culture, and the growing economy are attracting numerous people looking to become Denver homeowners.

If you, like many others, have noticed how much this Colorado city has to offer, you might be wondering how home-buying works in Denver. We’ve got you covered. Here’s what every Denverite or potential Denverite needs to know about becoming a homeowner.

Start With a Budget

Before the hunt for your dream home can begin, you’ll need to determine how much you can afford. Get in touch with a lender to talk this through. Your lender will help you determine how much of a down payment you’ll need, as well as what kind of monthly payment you can expect.

Once you speak with a lender, you’ll know what kind of loan you qualify for, and you can narrow down your search to homes within your budget. Now you’re ready to really get serious about finding your future home.

When looking for a lender, many people start with their bank. Your bank isn’t a bad place to start, but don’t forget to shop around for the best rate. If you don’t check out all the options, you might miss out on deals from companies like Homie Loans. Homie Loans guarantees they can get you the best rate possible. In fact, if you find any lender with a better rate, they’ll give you $500 cash*.

Find the Right Agent

Most people work with an agent while buying a home, but not everyone knows how essential it is to find the right agent to work with. The right agent will be experienced and knowledgeable about the highly competitive Denver market.

Your agent should also understand your goals and interests as a prospective buyer. They’ll use their knowledge of your goals with their knowledge of different neighborhood vibes to help you find the perfect fit for you. If easy access to the mountains is one of your priorities, your agent will tell you which cities to look at. If downtown living is your thing, your agent can help you find a good deal in a vibrant, Denver neighborhood.

When you have an expert agent on your side throughout the whole home buying experience, you’ll never have to stress about missing out on important information or getting the bad end of a deal. There are a lot of pieces to the puzzle when it comes to real estate, but agents are there to make each step along the way easy on you. That’s why the sooner you bring an agent in to help, the better.

Check Out the Options

Now it’s time to start looking at homes. For many people, this is the fun part of buying a home. Your agent will help you find homes in the areas you’re interested in. It can be a lot of fun to visit potential neighborhoods and imagine yourself as a resident. If a home really catches your eye, don’t be afraid to visit more than once. You want to be sure that it’s the right one for you.

Be sure to be thorough when checking out your options. You don’t need to settle for something you’re not happy with. If you’re not looking for the extra work that comes with a fixer-upper, don’t skip the home inspection. Some homes have issues that you wouldn’t have noticed without an inspection. You want to find a home that’s in great condition.

When you’ve found the perfect home, your agent will help you determine if it’s listed at a fair price. A home could check every box on your wishlist, but if the price isn’t right, it may not be the right one for you. One of your agent’s main jobs is to help you negotiate to get a price that works for you. On the other hand, if the price is where you’d like it, your agent will help jump on that home faster than any of the other potential buyers.

Streamline the Process With Homie

Whether you’re a home-buying veteran or this is your first rodeo, Homie will make your experience the best it can be. Searching for your dream home is a breeze when you have our easy-to-use app.

When you work with Homie, you don’t only get access to the app, though. You’ll also have your very own, top-ranked licensed agent who will help you every step of the way. Our buyers’ agents are dedicated only to their buyers, so you’ll get the best quality service throughout the process.

To get access to amazing homebuying tools and some of the best agents in the state, you might think you’d have to pay top double, but not with Homie. We want to make homeownership accessible to everyone, which is why working with Homie is more affordable than working with any traditional realtor. We offer buyers a refund of up to $2,500 at closing. With those savings and those benefits, buying with Homie is a no-brainer. Click here to start the process.

*Subject to terms and conditions.

Get more tips on buying your Denver home!

5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them
Can You Buy and Sell a Home at the Same Time?

Want to learn more about buying or selling? Sign up to get more info directly to your inbox!

What are you interested in?

The post How to Buy a Home in Denver, Colorado appeared first on Homie Blog.

Source: homie.com

How to Teach Your Teen to Budget Like a Pro

It amazes us how quickly our girls are growing up. Next month when school starts up again, we’ll have a fourth-grader and a kindergartener.

Even though we have some time before they are ready to move out of the house, we want to spend time now prepare them for the big transition. As a parent, you probably feel the same way too. 

One crucial piece of a financial foundation kids and in particular, teens, need to master is learning to budget (and sticking with it),

While they’re home now, you have a fantastic opportunity to get them comfortable with handling their money.

If you’re not sure where to start, here are some tips from fellow parents and experts in the personal finance space to make teaching this life skill a bit easier less stressful for you and your teen!

Teach Your Teen to Budget for Real Life

Teens or not, whenever most people hear the word budget, they also hear the word ‘no’. To them, budgets feel like a strict diet. Just as fad diets fail, an unrealistic or extreme budget will more than likely discourage your teen and they will quit.

The first step before you even talk about the numbers is to discuss exactly what a successful and sustainable budget should be. When done right, a budget is something that helps you move your money towards your goals. Explain to them that at its root, budget is simply a plan about what they’d like to do.

You want a budget that can cover:

  •     Essential bills
  •     Future goals
  •     Discretionary expenses

When your teen’s budget covers those goals, they’re not only putting their finances in a good spot, but they’re moving closer to their specific long term dreams.

Creating a Doable Budget (They’ll Actually Enjoy!)

Once your teen(s) understands how a budget works, it’s important for them to create a budget that they can use in the real world. You can honestly budget however you want, but an easy budget to get your teen started is the 50/20/30.

Quite simplify, the 50/20/30 budget puts money into those three main buckets:

  •     50%  goes towards essentials
  •     20% towards savings (or investing)
  •     30% for fun and discretionary expenses

I appreciate how easy and flexible this budget can be. You can adjust the percentages for your teen’s needs, but it gives them some ballpark idea of how to portion their finances when they are out on their own.

How do you start them out on this budget?

With teens, you may have expenses like clothing or their cellphone bill count as essentials, or you may want to give your child the experience of being responsible for a small, shared family bill while they are still at home.

For older teens, you could even charge them a nominal ‘rent’ to offset their portion of the bills. In some cases, parents give that money back to their child as a gift to help with moving expenses (like for their security deposit) or use as additional savings. 

However you decide, talk it over so your teen understands why you’re doing it this way.

Share Your Family Budget

Creating a budget isn’t complicated, but it can difficult if your teen has no idea what to expect. Knowledge can be empowering.

While we may take it for granted since have to deal with the numbers, but your teen may not be aware of how much it takes to keep the lights on and roof over their heads. If you haven’t already shared your own budget already, now is the time.

Not knowing also puts them at a disadvantage when they start searching for a place or are comparing prices on expenses. Being armed with the numbers makes your teenager a more informed consumer.

When Your Teen Breaks Their Budget

Will there be times where your teenager will mess up with their budget? Probably so. However, that’s not necessarily a bad thing. As parents, we tend to want to protect our kids, but we also have to prepare them for the real world. As Ron Lieber, author of The Opposite of Spoiled, pointed out we should let our kids make financial mistakes. 

Wouldn’t it be better for your child to break the clothing budget while they’re still at home allowing you to help guide them through rather than having break their monthly budget while they are on their own and have bills to pay?

Mistakes will happen, they’re a part of life so giving your teen time to work those them and adjust their budget is a blessing for their future selves.

Essential Accounts for Your Teen  to Have

Since we’re talking about budgets, we should also mention some essential accounts you’d want your kid to have so they can practice managing their money.

Opening up student checking and savings accounts (usually free low on fees as well as not having minimum balance requirements) are good foundational accounts for your teen. They can deal with real-world situations pending charges, automatic transfers, and direct deposits.

As Family Balance Sheet founder Kristia Ludwick pointed out, teens should have the skill of balancing a checkbook even if they decide to go all-digital with their banking.

If they work, talk it over together and see if they can open up an IRA and start contributing. It doesn’t have to be much. The idea is to get them familiar and comfortable with the basics of investing.

Even if they put in $25 a paycheck, having them practice setting aside money in their budget for both long and short term goals is an invaluable lesson. You can also encourage them to contribute by offering a match for what they put in.

How Teens Can Easily Stay on Top of Their Money

With several accounts to keep tabs on, your teen is going to need an easy system to track their budget and goals.

With Mint, they can link up their accounts in one secure spot. They can also add their budget along with any savings goals they want to hit and make sure they stick with them.

Hopefully, these ideas and tips will make it easier to help your teen transition into a self-sufficient adult.

The post How to Teach Your Teen to Budget Like a Pro appeared first on MintLife Blog.

Source: mint.intuit.com

How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks

Do you want to learn how to make money on TikTok? Here’s how Tori grew from 0 to 350,000 TikTok followers and made $60,000 in just 6 weeks. 

how to make money on TikTokUnless you’ve been living under a rock, you have probably heard something about TikTok. TikTok is one of the most popular social media networks currently, and it is growing like crazy.

There are already over 500 million active monthly users on TikTok around the world.

So, you may be wondering if you can learn how to make money on TikTok, and any TikTok tips so that you can see success too.

That completely makes sense!

Today, I want to introduce you to Tori Dunlap.

Tori Dunlap is a nationally-recognized millennial money and career expert. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K. She has helped over 200,000 women negotiate salary, pay off debt, build savings, and invest.

I met her a couple of years ago in person, and she has built an amazingly successful business. I’m in awe of what she has done, and I enjoy her creative ways of helping people improve their money situation.

I asked Tori to take part in an interview on Making Sense of Cents about her explosive TikTok growth. She went from 0 to over 350,000 TikTok followers, and made $60,000 in just 6 weeks on TikTok.

In this interview, you’ll learn:

  • About Tori’s background and why she decided to start on TikTok
  • How she grew her TikTok to over 350,000 followers in 6 weeks
  • How she has made $60,000 just from TikTok in 6 weeks and how to earn money from TikTok
  • The tools needed to create TikTok videos
  • The length of time it takes to make each TikTok video
  • Whether there is room for new TikTok accounts
  • Her top TikTok tips for a newbie

And more! This interview is packed full of valuable information on how to earn money on TikTok.

I know so many people have questions about TikTok, such as how to grow on TikTok, how to make money from TikTok (including, how much money do TikTokers make?), and more, so hopefully you will find this interview both interesting and informative!

You can find Tori on TikTok here.

Related content that you may be interested in:

  • How Sailing SV Delos Makes Money on Youtube
  • How This 34 Year Old Owns 7 Rental Homes
  • How Amanda Paid Off $133,763 In Debt in 43 Months
  • How One Blogger Grew His Blog to Over 2 Million Visitors In A Year

Here’s how to make money on TikTok.

 

1. Tell me your story. Who are you and what do you do?

I’m nationally-recognized millennial money and career expert. After saving $100,000 at age 25, I quit my corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money.

I’ve helped over 350,000 women negotiate salary, pay off debt, build savings, and invest — and I firmly believe that a financial education is a woman’s best form of protest.

A Plutus award winner, my work has been featured on Good Morning America, the Today Show, the New York Times, PEOPLE, TIME, New York Magazine, Forbes, CNBC, and more.

Before becoming a full-time entrepreneur, I led organic marketing strategy for Fortune 500 companies—with clients like Amazon, Apple, Facebook, Nike, the NFL, and the Academy Awards—and global financial technology start-ups. For almost five years, I specialized in social media, SEO, content, and influencer marketing to grow community and increase awareness.

I now travel the world writing, speaking, and coaching about personal finance, online businesses, side hustles, and confidence for millennial women.

 

2. How long have you been on TikTok? Why did you decide to start a TikTok account?

I only really started doing TikTok for my business in the last 6 weeks (and gained almost 350,000 followers in the process, which is wild.)

I knew that you could see accelerated growth on the platform — it’s the only main social platform that currently has more people consuming content than creating it — and it fit well with my brand.

I’m passionate about financial education as a form of protest, and making money conversations inclusive — meeting people where they are on TikTok seemed like a perfect way to do that.

To me, going viral and gaining 350,000 followers in such a short amount of time is proof that Gen Z is craving personal finance advice.

 

3. How did you get your TikTok account to explode?

I was shocked by the growth, and I’ve never seen a platform that is so creator-friendly (Facebook, for example, has become more and more business-focused.)

In terms of followers, it took me 3 days to do on TikTok what it took me 3 years to do on Instagram. But I was ready for it — I have an established, global business, credibility, and products to sell. As a former social media manager, it’s a reminder that consistency, credibility, and serving before selling are what grows your account — not paid ads or manufactured authenticity.

The big shift was a video that went viral (as of this writing, it has 3.5 million views and over 730K likes.) Having gone viral multiple times before, this was next level — I was getting 100 followers every 5 minutes.

It’s more than doubled my website traffic, increased my sales, and grown my credibility.

how to monetize tiktok

Tori’s TikTok

4. How do you make money on TikTok?

I make money through promoting my own products (like my resume template and side hustle courses) and my affiliate partners.

For example, I might talk about high yield savings accounts and send folks to the link to my affiliate bank partner.

In the last 6 weeks, I’ve made over $60,000 just from TikTok.

Now that I have a substantial following, I’m also monetizing my platform with brand partnerships, and showcasing products I believe in.

Related: 10 Easy Tips To Increase Your Affiliate Income Free Guide

 

5. How do you decide on your TikTok video ideas?

Just like the rest of my content, I focus on creating actionable resources for my followers.

Most of the questions I answer in my videos or advice I give comes from someone asking me about it, which guarantees I’ll have consumers of that content because I know it’s valuable for them.

Your audience will tell you what they want to see!

One of the smart things I did was waiting to become a creator. I was a consumer on TikTok first, sharing and enjoying videos before I started creating my own. Doing so helped me understand trends, what content well, the way the videos were shot. I got to know the landscape and followed creators doing good work.

So much of TikTok is collaborative creation, so I’ll often duet with another creator and offer my two-sense, or will be inspired by a trend or sound I see elsewhere.

 

6. What tools do you need for your videos? Is it simply your phone?

Your phone is the biggest thing you need. I also invested in a ring light/tripod to make it easier to shoot content, and to make sure the lightning was decent.

If you want to do more advanced videos, you might need editing software, a more professional camera, or props.

There is a learning curve with understanding how to shoot videos, and I was too intimidated to start for a while.

Don’t let that scare you: just like anything, it’s easy once you get the hang of it.

 

How do you get paid on TikTok?

Some of Tori’s TikTok videos.

7. How long does it take you to make each TikTok video?

Batching content has helped me save time, so I make about 5-7 videos in one session.

Because we’re still in quarantine, I often shoot without camera-ready makeup, which I think adds to the spontaneity and authenticity of the video.

I’ve also made the decision to not change clothes for every single video, it just seems like overkill.

My 15-second, talk-to-camera videos take about 10 minutes — 3 to shoot, 7 to add text and a caption.

More in-depth videos — with green screen effects or lots of text that moves — can take about a half hour.

I try to intersperse content — not only for variety’s sake, but also to keep myself sane.

 

8. What do you like about making TikTok videos? What do you not like?

Instagram has started to feel more and more like work, while TikTok allows me to be more creative.

As a theatre major, it’s a perfect platform for me to make weird faces, perform, and showcase my personality in addition to my advice.

I’ve also found TikTok a more welcoming environment. You’ll always have trolls and hateful comments, but I’ve found there’s more support and encouragement from people who aren’t following you on TikTok than on other platforms.

I really love and engage with Instagram Stories, and TikTok doesn’t have a feature like that (yet.) Stories are a good way for your audience to learn more about you and your business in a less polished way, so I think it’s harder for someone to get to know you on TikTok.

Captions are also WAY shorter, and you cannot post your hashtags in the first comment, so any explaining you need to do through text needs to be in the actual video.

 

9. Do you think there is room for new TikTokers?

YES!

More than any other social platform.

Instagram, for example, is very saturated. It’s almost impossible to discover a new account within the platform, unless a friend directly shares it with you. You’re really only seeing posts from people you already follow.

TikTok has a following tab, and also a “For You Page” tab, where they show videos they think you’ll like.

I’ve never seen an algorithm as responsive as TikTok’s, so you’ll find content that actually connects with you and your interests.

 

tiktok tips10. What tips do you have for someone wanting to start on TikTok?

Content that does well is at least one of the following: aspirational, educational, or entertaining.

You have travel vloggers showcasing their Airbnbs in Paris (aspirational), vegan chefs walking you through a recipe (educational), or a thrill-seeker trying a new stunt (entertaining.)

I found my niche between aspirational (talking about how I left my 9-5 job and built my business) and educational (how to pay off debt, invest, etc.)

Like any social platform, consistency is key. TikTok is like Twitter — you have the option of posting 7-10 times per day (and not being punished by the algorithm.) I usually try to put out 2-3 videos per day, some more complicated than others.

 

11. Are there any other TikTok tips you would like to share?

Don’t invest in TikTok unless you know your audience is there.

For example, if your potential customers are men in their 50s, they’re probably not on TikTok.

When I worked in marketing, it was easy to chase platforms or trends. It’s easy to feel like you need to be everywhere in order to make sure you’re relevant.

But if the audience you’re looking to target is largely not on a platform, don’t invest time and money in it.

Do you want to learn how to make money on TikTok and how to grow on TikTok?

The post How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

What Are the Best Car Loans When You Have Bad Credit?

If you have bad credit and need a car loan, there are some challenges when compared to obtaining a standard car loan. However, pick your head up because there are a handful of great lenders that specifically tailor their programs to people with bad credit. We researched the landscape of lenders that can help you get a car loan even if you have a below-average credit score.

Based on our study, OneMain Financial and LightStream are two of the top lenders offering bad credit card loans. This is due to factors including loan options, requirements to qualify, and interest rates offered. Of course, we offer in-depth reviews of all the top lenders who offer bad credit car loans further down in this piece.

Apply now with our top pick: OneMain Financial

In this guide we also help you understand the factors that go into selecting the right auto lender, and how to get the best rate you can.

Most Important Factors for Bad Credit Car Loans

If you’re in the market for a bad credit car loan, there are a plethora of factors to consider and compare. Here are the main loan details we looked at in our study, and the ones you should prioritize as you select the best car loan for your needs.

  • Check your credit score. And understand what is in your credit report.
  • FICO scores under 579 is considered ‘poor’. But you may need a bad credit loan with a score as high as 669.
  • Interest rates and fees matter. These can make a huge difference in how much you pay for an auto loan each month.
  • Compare loan terms. Consider your repayment timeline and compare lenders with this in mind.
  • Getting prequalified online can help. Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report.
  • Watch out for loan restrictions. Some lenders impose restrictions on what car you can purchase. Keep this in mind to avoid unpleasant surprises later.

The Best Bad Credit Car Loans of 2021

The best bad credit car loans make it easy for consumers to qualify for the financing they need. The following lenders made our list due to their superior loan offerings, excellent customer service, and reputation in this industry.

Car Loan Company Best For… Get Started
onemain financial bad credit car loan Best for Flexibility Apply Now
bad credit car loan upgrade Best Personal Loan Option Apply Now
autocreditexpress logo Best Loan for Bad Credit and No Credit Apply Now
myautoloan bad credit car loan logo Best Loan Comparison Site Apply Now
capitalone logo Best Big Bank Loan for Bad Credit Apply Now
lightstream logo Best for Fast Funding Apply Now

Why Some Lenders Didn’t Make the Cut

While the lenders we are profiling are the best of the best, there are plenty of bad credit car loans that didn’t quite make the cut. We didn’t include any lenders that only offer auto loan refinancing, for example, since we know many people need a car loan in order to purchase a new or used car or truck. We also stayed away from bad credit car loans that charge outrageous fees for consumers with the lowest credit scores.

Bad Credit Auto Loan Reviews

We listed the top companies we selected in our study above, but we also aim to provide readers with more insights and details on each. The reviews below highlight the highlights of each lender that made our list, plus our take on who they might be best for.

OneMain Financial: Best for Flexibility

OneMain Financial offers personal loans and auto loans with interest rates that range from 18.00% to 35.99%. You can repay your auto loan in 24, 36, 48, or 60 months, and you can use this lender to borrow up to $20,000 for a new or used car. You can apply for your auto loan online and from the comfort of your own home, and it’s possible to get approved within a matter of minutes.

While OneMain Financial doesn’t list a minimum credit score requirement, it’s believed they will approve consumers with scores as low as 600. You should also note that auto loans from OneMain Financial come with an origination fee of up to 5% of your loan amount.

Sign Up With OneMain Financial Today

Why This Lender Made Our List: OneMain Financial offers a lot of flexibility in terms of your loan terms, including the option to repay your auto loan over five years. OneMain Financial also has pretty decent reviews from users for a bad credit lender, and they have an A+ rating with the Better Business Bureau.

Potential Downsides to Be Aware Of: OneMain Financial charges some pretty high rates for its bad credit loans, and don’t forget that you may need to pay an origination fee that is up to 5% of your loan amount. Their loans are also capped at $20,000, which means this lender won’t work for everyone.

Who It’s Best For: This lender is best for consumers with really poor credit who need auto financing but can’t get approved for a better loan.

Upgrade: Best Personal Loan Option

Upgrade is an online lender that offers personal loans with fixed interest rates, fixed monthly payments, and a fixed repayment timeline. You can borrow up to $50,000 in an unsecured loan, which means you won’t actually use the car you purchase as collateral for the loan.

You can repay the money you borrow over 36 to 60 months, which makes it possible for you to tweak your loan offer to secure a monthly payment you can afford. Upgrade has a minimum credit score requirement of 620 to qualify, although they’ll consider additional factors such as your income and employment history.

Sign Up With Upgrade Today

Why This Lender Made Our List: Upgrade lets you “check your rate” online without a hard inquiry on your credit report. This makes it easy to shop around and compare this loan offer to others without having to fill out a full loan application. Also note that Upgrade has an A+ rating with the BBB.

Potential Downsides to Be Aware Of: Upgrade charges APRs as high as 35.89% for consumers with the worst credit, and an origination fee of up to 6% of your loan amount might also apply.

Who It’s Best For: Upgrade is best for consumers with decent credit who need to borrow a larger loan amount. This loan is also best for anyone who wants an auto loan that isn’t secured by their vehicle.

AutoCreditExpress.com: Best Loan for Bad Credit and No Credit

AutoCreditExpress.com is an online platform that lets consumers with bad credit and even no credit get the financing they need. Once you fill out some basic loan information, you’ll be connected with a lender who can offer you financing as well as a dealership in your area. From there, you’ll head to the local dealership and pull the pieces of your auto loan together, including the purchase price of the car you want.

Sign Up With Autocreditexpress.com Today

Why This Lender Made Our List: AutoCreditExpress.com has an A+ rating with the Better Business Bureau. This platform also makes it possible for consumers with no credit at all to finance a car, which is a welcome relief for people who are building credit for the first time.

Potential Downsides to Be Aware Of: This website is a loan platform but they don’t offer loans directly to consumers. This means you won’t have any idea on rates and terms until you fill out an application and get connected with a lender.

Who It’s Best For: This loan is best for consumers with no credit or minimal credit history who cannot get approved for a loan elsewhere.

MyAutoLoan.com: Best Loan Comparison Site

MyAutoLoan.com is a loan comparison site that makes it easy to compare up to four auto loan offers in a matter of minutes. You can use this website to apply for a new auto loan, but you can also utilize it to consider refinancing offers for an auto loan you already have. You can also use funds from this platform to purchase a car from a dealer or from a private seller.

Sign Up With MyAutoLoan.com Today

Why This Lender Made Our List: Comparing auto loans in terms of their terms, rates, and fees is the best way to save money and wind up with the best deal. Since MyAutoLoan.com is a loan comparison site, they make it easy to shop around and compare competing offers.

Potential Downsides to Be Aware Of: Loan comparison sites connect you with other lenders who have their own loan terms and minimum requirements for approval. Make sure you know and understand all the details of loans you’re considering before you sign on the dotted line.

Who It’s Best For: MyAutoLoan.com is best for consumers who want to do all their auto loan shopping with a single website.

Capital One: Best Big Bank Loan for Bad Credit

Capital One offers online auto loan financing in conjunction with a program called Auto Navigator®. This program lets you get prequalified for an auto loan online, then work with a participating dealer to coordinate a loan for the car you want. Capital One also lets you search available vehicles at participating dealerships before you apply for financing, making it easy to figure out how much you might need to borrow ahead of time.

Sign Up With Capital One Today

Why This Lender Made Our List: Capital One offers the huge benefit of letting you get prequalified online without a hard inquiry to your credit report. Capital One is also a reputable bank with a long history, which should give borrowers some comfort. They have an A+ rating with the BBB and plenty of decent reviews from consumers.

Potential Downsides to Be Aware Of: You should be aware that Capital One auto loans only work at participating dealers, so you may be limited in terms of available cars to choose from.

Who It’s Best For: Capital One auto loans are best for consumers who find a car they want to buy at one of the participating lenders that works with this program.

LightStream: Best for Fast Funding

LightStream offers online loans for a variety of purposes, including auto financing. Their auto loans for consumers with excellent credit start at just 3.99% with autopay, and even their loans for consumers with lower credit scores only run as high as 16.79% with autopay.

You can apply for your LightStream loan online and get approved in a matter of minutes. This lender can also send your funds as soon as the same business day you apply.

A minimum credit score of 660 is required for loan approval, although other factors like your work history and income are considered.

Sign Up With LightStream Today

Why This Lender Made Our List: LightStream offers auto loans with exceptional terms, and that’s even true for consumers with less than perfect credit. You can also get your loan funded as soon as the same business day you apply, which is crucial if you need auto financing so you can get back on the road.

Potential Downsides to Be Aware Of: With a minimum credit score requirement of 660, these loans won’t work for consumers with the lowest credit scores.

Who It’s Best For: LightStream is best for people with decent credit who need to get auto loan financing as quickly as possible.

What You Need To Know When Applying For A Car Loan With Bad Credit

Interest rates and fees matter.

If you think your interest rate and loan fees won’t make a big difference in your monthly payment, think again. The reality is that rates and fees can make a huge difference in how much you pay for an auto loan each month. Consider this: A $10,000 loan with an APR of 35.89% will require you to pay $361 per month for five years. The same loan amount at 21.99% APR will only set you back $276 per month. At 9.99%, you would pay only $212 per month for five years. The bottom line: Make sure to compare auto loans for bad credit so you wind up with the lowest possible APR you can qualify for.

Take steps to improve your credit score before you apply.

It’s not always possible to wait to apply for a car loan, but you may be able to secure a lower interest rate and better loan terms if you can improve your credit score before you borrow money. The most important steps you can take to improve your score include paying all your bills early or on time, as well as paying down debt in order to decrease your credit utilization. You should also refrain from opening or closing too many credit card accounts in order to avoid new inquiries on your credit report and maintain the longest average length of your credit history possible.

Compare loan terms.

Some lenders let you borrow money for up to 84 months, while others let you repay your loan over 36 or 60 months at most. If you need to repay your loan over a longer timeline in order to secure an affordable monthly payment, make sure to compare lenders based on this factor. If you’re having trouble figuring out how much can you can afford, gauging affordability based on the monthly payments you can handle can also help in that effort.

Getting prequalified online can help.

Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report. This makes it considerably easier to compare rates and shop around without formally applying for an auto loan. Getting prequalified with more than one lender can also help you determine which one might offer the lowest rate without having to fill out a full loan application.

Watch out for loan restrictions.

As you compare the lenders on this list, keep in mind that not all lenders extend loans for any car you want. Some only let you finance cars with participating lenders in their network, which can drastically limit your options and make it impossible to purchase a car from a private seller. If you hope to purchase a car from someone you know or a website like craigslist.org, you may want to consider reaching out to your personal bank or a credit union you have a relationship with.

Bad credit car loans don’t have to be forever.

Finally, you should know that a car loan for bad credit doesn’t have to last forever. You may need to borrow money for a car right now regardless of the interest rate and terms you can qualify for, but it may be possible to refinance your loan into a better loan product later on. This is especially true if you focus on improving your credit score right away, and if you use your auto loan as an opportunity to prove your creditworthiness.

How to Get the Best Rate

1. Check your credit score.

Your credit score is one of the most important defining factors that dictate loan costs. Before you apply for an auto loan, it can help you check your credit score to see where you stand. Your score may not be as bad as you realize, but it could also be worse than you ever imagined. Either way, it helps to know this important information before you start shopping for an auto loan.

2. Improve your credit over time.

If your credit score needs work, you’ll want to take steps to start improving it right away. The most important steps you can take to boost your credit score include paying all your bills early or on time and paying down debt to decrease your credit utilization. Also, make sure you’re not opening or closing too many credit accounts within a short amount of time.

3. Check your credit reports.

Use the website AnnualCreditReport.com to get a free copy of your credit reports from all three credit bureaus. Once you have this information, check over your credit reports for errors. If you find false information that might be hurting your score, take the steps to have the incorrect information removed.

4. Compare loan offers from at least three lenders.

A crucial step to get the best rate involves shopping around and comparing loan offers from at least three different lenders. This is important since lenders with different criteria might offer a lower APR or better terms than others.

5. Be flexible with repayment terms.

Also consider a few different loan terms provided you can afford the monthly payment with each. Some auto lenders offer better rates for shorter terms, which can help you save money if you can afford to repay your loan over 24 or 36 months instead of 60+.

How We Chose the Best Auto Loans

The lenders on our list weren’t plucked out of thin air. In fact, the team behind this guide spent hours comparing auto lenders based on a wide range of criteria. Here’s everything we considered when comparing the best bad credit car loans of 2021:

Interest Rates and Loan Terms: Our team looked for loans that offer reasonable rates and terms for consumers with poor credit. While higher APRs are typically charged to consumers with a low credit score, we only considered lenders that offer sensible rates that don’t seem out of line for the auto loan market.

Ratings and Reviews: We gave preference to lenders who have decent reviews online, either through Consumer Affairs, Trustpilot, or another third party website. We also gave higher marks to lenders who have a positive rating with the Better Business Bureau (BBB).

Online Availability: Lenders who offer full loan details online were definitely given top priority in our ranking, and lenders who let you get prequalified online without a hard inquiry on your credit report were given the most points in this category. But since not everyone wants to apply for a loan online, we also included some lenders that let you apply over the phone.

Approval Requirements: Finally, we looked for lenders that extend credit to consumers with low credit scores in the first place. Not all lenders offer specific information on approval requirements, but we did our best to sort out lenders that only accept borrowers with good or excellent credit.

Summary: Best Bad Credit Card Loans of 2021

  • Best for Flexibility: OneMain Financial
  • Best Personal Loan Option: Upgrade
  • Best Loan for Bad Credit and No credit: AutoCreditExpress.com
  • Best Loan Comparison Site: MyAutoLoan.com
  • Best Big Bank Loan for Bad Credit: CapitalOne
  • Best for Fast Funding: LightStream

The post What Are the Best Car Loans When You Have Bad Credit? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Why are Chase Ultimate Rewards points so valuable?

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Chase Ultimate Rewards points are one of our favorite rewards program currencies, for a combination of reasons: Ultimate Rewards points are far more valuable than the average rewards point, you have many options for racking up bonus points – including several credit cards that offer generous sign-up bonuses and a diverse array of bonus categories – and your redemption options are extremely flexible.

In the rewards card world, they are known as a “flexible points currency” – meaning you can redeem points for a variety of options, including travel, merchandise, gift cards and cash back. You can also transfer them between Ultimate Rewards cards and to a large list of airline and hotel loyalty programs, giving you access to a huge network of airlines that can take you practically anywhere you want to travel.

Top Chase Ultimate Rewards cards

No annual fee

Chase Freedom Unlimited

Chase Freedom Unlimited®

Premium travel

Chase Sapphire Preferred

Chase Sapphire Preferred® Card*

Luxury travel

Chase Sapphire Reserve

Chase Sapphire Reserve®

5X points on travel booked through Ultimate Rewards

3X points on dining and drugstore purchases

1.5X points on every other purchase

20,000 points if you spend $500 in first 3 months

2X points on travel and dining at restaurants worldwide

1 point per $1 on all other purchases

60,000 bonus points if you spend $4,000 in first 3 months

3X points on travel and dining at restaurants worldwide (excluding purchases covered by $300 travel credit)

1 point per $1 on all other purchases

50,000 bonus points if you spend $4,000 in first 3 months

Ultimate Rewards points value

The value of Ultimate Rewards points varies greatly, depending on how you redeem your points. Most redemption options – including cash back and travel redemptions through the Chase Ultimate Rewards portal – are worth 1 cent, but the value can exceed 2 cents per point if you take advantage of transfer options. A few options, including Amazon.com purchases, are worth less than 1 cent per point.

Redemption Option Point Value
Sapphire Reserve travel redemption (50% bonus) 1.5 cents
Sapphire Preferred and Ink Business Preferred travel redemption (25% bonus) 1.25 cents
Regular travel redemption 1 cent
Statement credit 1 cent
Direct deposit 1 cent
Gift cards 1 cent
Ultimate Rewards portal travel 1 cent
Apple products 1 cent
Amazon.com purchases 0.8 cent
Chase Pay purchases 0.8 cent
Singapore Airlines transfer 2.17 cents
World of Hyatt transfer 2 cents
Iberia Plus transfer 1.7 cents
Southwest Airlines transfer 1.57 cents
United Airlines transfer 1.52 cents
British Airways transfer 1.4 cents
Korean Air transfer 1.4 cents
Emirates Skywards transfer 1.1 cents
Air France/KLM transfer 1 cent
Aer Lingus transfer 1 cent
Virgin Atlantic transfer 0.8 cent
Marriott Bonvoy transfer 0.8 cent
IHG Rewards Club transfer 0.65 cent

One key point to estimating the value of your Ultimate Rewards points: You get a 25% to 50% bonus on your Ultimate Rewards points if you own a premium card such as the Chase Sapphire Preferred Card or Chase Sapphire Reserve and redeem your points for travel through the Ultimate Rewards portal. So, basically, your points are worth between 1.25 and 1.5 cents (depending on which card you own) if you plan to use them for travel rewards. We value Ultimate Rewards points at 1.26 cents per point on average.

As you can see from our chart below, Ultimate Rewards points far exceed the value of the average credit card rewards point, which hovers around 1 cent per point. Compared to other loyalty programs, Ultimate Rewards points fall in the middle-of-the-pack – they are outmatched by miles-based programs, such as AAdvantage and MileagePlus, but they beat the value of similar points-based programs, such as American Express Membership Rewards and Citi ThankYou:

Point value by loyalty program

Other advantages of Ultimate Rewards points:

Ultimate Rewards points don’t expire

Your Ultimate Rewards points are valid as long as your account is open. Also, if you own a premium Ultimate Rewards card, such as the Sapphire Preferred or Sapphire Reserve cards, you can transfer your points to one of those cards or to one of Chase’s travel partners if you plan to close a card.

There’s no limit to how many Ultimate Rewards points you can earn

Though some Ultimate Rewards cards – such as the Chase Freedom card – may enforce a cap on the number of points you can earn on bonus categories, there are no overall limits to the number of Ultimate Rewards points that you can earn in a year or over the lifetime of your Ultimate Rewards membership. As long as you use your cards, you will accumulate Ultimate Rewards points.

You can redeem Ultimate Rewards points for a variety of rewards

Though travel rewards are your best bet, the Ultimate Rewards program gives you a diverse array of redemption options, including statement credits, bank deposits, gift cards and merchandise. Also, you have a lot of flexibility in how you redeem your points for travel. You can purchase travel from an outside site and redeem your points for statement credits or you can purchase travel through the Ultimate Rewards site.

 You can transfer Ultimate Rewards points to Chase’s travel partners at a 1:1 rate

One of the main advantages of Chase Ultimate Rewards is that you can transfer them to an outside loyalty program if you own an Ultimate Rewards card with an annual fee. Chase’s list of travel partners includes several major airlines and hotel chains – giving you access to a worldwide travel network. Your points transfer at a 1:1 rate, which means your points maintain their value once you transfer them.

You can redeem any number of Ultimate Rewards points at any time

You don’t have to wait to accumulate a certain number of Ultimate Rewards points to start using them. You can redeem your points starting at 1 point per 1 cent of cash back.

You can combine points and cash to book travel rewards

You don’t have to worry about collecting a large amount of points to book a travel reward. If you don’t have enough points for a particular flight, you can use cash to cover the remainder of the fare (though a minimum number of points may be required for some flights).

You can transfer Ultimate Rewards points between cards

For rewards card jugglers, Ultimate Rewards offer the valuable opportunity to combine points earned across any Ultimate Rewards cards you have open. This is a great feature that makes combining cards particularly lucrative, as you can stockpile rewards earned on different bonus categories across cards. Plus, if you have a premium card like the Sapphire Preferred or Sapphire Reserve, you can transfer points to that card to unlock a higher point value when redeemed for travel through the Ultimate Rewards portal.

One small drawback: You can’t buy Ultimate Rewards points

Unlike some rewards programs, Chase doesn’t allow you to purchase points to make up for a lack of points. However, given the program’s flexibility, paying with points is mostly an unnecessary option. You can pay with cash to make up for missing points in most cases.

*All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.

Source: creditcards.com

Best credit cards for grocery shopping

Americans spend on average $4,464 in groceries every year, according to the U.S. Bureau of Labor Statistics. Shopping for groceries is one of the main weekly expenses in every American household.

That’s why the credit cards tying reward points to grocery shopping are getting more numerous and their offers are getting increasingly more competitive. In 2020 you have a whole new lineup of cards ready to reward you for the purchases you make at grocery stores.

Here are the best cards whether you like those premium rewards, are an everyday shopper, are building credit, you’d rather skip the prep and go straight to the meal or you like to buy groceries at superstores.

See related: Best cash back cards

American Express® Gold Card – Best for earning Membership Rewards points on groceries

  • Blue Cash Preferred® Card from American Express – Best for earning cash back on groceries
  • Bank of America® Cash Rewards credit card – Best for earning cash back on groceries with no annual fee
  • Chase Freedom Unlimited® – Best for earning cash back on groceries and everything else
  • Capital One® Savor® Cash Rewards Credit Card – Best for earning cash back on groceries and dining out
  • Target REDcard™ – Best for earning cash back on Target purchases
  • Capital One® Walmart Rewards® Mastercard® – Best for earning cash back on Walmart purchases
  • American Express® Gold Card: Best for earning Membership Rewards points on groceries

    Amex Gold gives you an unprecedented rewards rate whether you’re dining in or out. If that weren’t enough, paying at certain eligible restaurants (see terms for qualifying merchants) after enrollment can get you up to $10 a month in statement credit. You also get up to $120 in Uber Cash every year ($10 per month) that can be applied to U.S. Uber Eats orders – a big plus for those who order their groceries through the platform (must add Gold Card to Uber app in order to receive the Uber Cash benefit).

    The intro bonus of 60,000 points when you spend $4,000 in the first six months is excellent, and there are many redemption options, including gift cards, merchandise and travel with no blackout dates.

    The card charges an annual fee of $250, but if you take advantage of both the Uber Cash and the dining credit, keeping the Amex Gold card will essentially cost you $10 every year.

    If you are OK with only redeeming travel directly through Amextravel.com or Amex’s airline partners to maximize the value of the Membership Rewards points you’ll earn, this is a great card for foodies and travelers.

    Here’s a closer look at the features:

    • 60,000 American Express Membership Rewards points when you spend $4,000 in the first six months
    • 4 points per dollar spent at U.S. supermarkets on up to $25,000 per year in purchases – 1 point thereafter
    • 4 points per dollar spent at restaurants worldwide (including Uber Eats orders)
    • 3 points per dollar spent on flights booked directly through airlines or on amextravel.com
    • Up to $120 annual dining credit (up to a $10 statement credit monthly) when you pay at Grubhub, The Cheesecake Factory, Ruth’s Chris and participating Shake Shack locations (enrollment required)
    • Up to $120 in Uber Cash per year ($10 per month)
    • No foreign transaction fees

    Blue Cash Preferred® Card from American Express: Best for earning cash back on groceries

    Even though it has fewer features than the Amex Gold, it gives you perhaps the highest cash back rate available on groceries, and it has a lower annual fee – $95. Plus, running errands like groceries is way easier when you get cash back on gas for the commute. Take a closer look:

    • $250 statement credit when you spend $1,000 in the first three months
    • 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year, then 1%
    • 6% cash back on select U.S. streaming services, such as Netflix, Hulu or HBO Max
    • 3% cash back at U.S. gas stations
    • 3% on transit purchases
    • 1% cash back on all other purchases

    Bank of America® Cash Rewards credit card: Best for earning cash back on groceries with no annual fee

    The Bank of America Cash Rewards card offers grocery shoppers the opportunity to double down on cash back for food by selecting dining for its 3% category along with its outstanding 2% rate on grocery stores and wholesale clubs, with no annual fee.

    If cardholders want something other than dining for the 3% rate, Cash Rewards offers the flexibility to let them choose their own category. However, the $2,500 quarterly spending cap on both categories is low.

    Have a closer look:

    • $200 in online cash rewards when you spend $1,000 in the first 90 days
    • 3% cash back on a category of your choice (gas, online shopping, dining, travel, drugstores or home improvements and furnishings)
    • 2% cash back at grocery stores and wholesale clubs
    • $2,500 combined quarterly limit on 2% and 3% cash back categories
    • 1% cash back on all other purchases
    • No annual fee

    Chase Freedom Unlimited®: Best for earning cash back on groceries and everything else

    For those who don’t want to have to choose a spending category but still want no annual fee, Chase Freedom Unlimited offers a consistent rate of at least 1.5% cash back on all purchases.

    • 5% cash back on travel through Chase Ultimate Rewards
    • 3% cash back on dining and drugstore purchases
    • 1.5% cash back on all other purchases
    • $200 bonus if you spend $500 in the first 3 months
    • Cash back rewards do not expire
    • No annual fee

    Capital One® Savor® Cash Rewards Credit Card*: Best for earning cash back on groceries and dining out

    This card is for those with way too packed a social life to buy groceries. Sure, you get 2% cash back at grocery stores for those times your social calendar eases up and you can actually get to the store, but otherwise, you get way more return on your cash back when you dine out or see a show.

    Plus, if you love concerts, 8% cash back on tickets through Vivid Seats is absolutely unprecedented.

    Check out the details:

    • $300 cash bonus if you spend $3,000 in the first three months
    • 8% cash back on tickets through Vivid Seats (offer expires January 2022)
    • 4% cash back on dining and entertainment.
    • 2% cash back at grocery stores
    • 1% cash back on all other purchases
    • $95 annual fee

    Why go to a standard grocery store when superstores allow you to get the grocery shopping done all in one shot? For those who prefer one-stop shopping, there are some great credit card options for superstore shoppers that will give you monster returns you don’t often see with standard cash back cards as long as you use them in-store.

    Target REDcard™: Best for earning cash back on Target purchases

    The Target Redcard has no annual fee. This, combined with its standard offer of 5% off in-store purchases applied right at the checkout counter and 5% off at Target.com with free shipping, makes it a great card for frequent Target shoppers, especially since the 5% discount is applied in perpetuity. You can also stack your discount with others available through Target’s Cartwheel app and in-store.

    Though most people don’t need 120 days to return an item, you get that with this card when its extra 30 days is combined with Target’s standard 90-day return policy. The extra time could allow a greater piece of mind on those large ticket items you buy.

    However, if you’re known to carry a balance, this isn’t the right card for you. The high variable APR can far outweigh the 5% discount, so pay the card off after each billing cycle.

    Here’s a snapshot of all the benefits of this card: 

    • 5% off eligible Target purchases in-store and online at Target.com (except pharmacy purchases)
    • Can be used together with Target Circle and other discounts
    • Free two-day shipping on orders from Target.com with no spending minimum
    • An extra 30 days to return items on top of the standard 90-day return policy
    • Early access to special events, products and promotions
    • No annual fee

    Capital One® Walmart Rewards® Mastercard®: Best for earning cash back on Walmart purchases

    This card is great because, unlike Target’s Redcard, it offers some cash back outside of Walmart purchases, including 2% cash back at restaurants and travel and 1% cash back on all other purchases.

    However, while Target’s Redcard offers its in-store 5% discount with no limit, the Capital One Walmart Rewards Mastercard only offers the same discount in-store for the first 12 months and you have to use Walmart’s mobile wallet on your purchases to get it.

    Where this card really shines is online, especially if you do a lot of grocery pickup or delivery orders from Walmart.com.

    It’s very easy to apply for and, like the Redcard, it carries no annual fee, as well as some smaller benefits you’ll see below:

    • 5% cash back on Walmart purchases online, including grocery and delivery orders
    • 5% cash back on in-store purchases in the first year when you pay using the Walmart Pay digital wallet
    • 2% cash back on restaurant and travel purchases
    • 1% cash back on all other purchases
    • No annual fee or foreign transaction fee
    • Easily apply via text message
    • Card is automatically transferred to Walmart Pay digital wallet on approval
    • Fraud alerts and the ability to freeze your account

    Comparing the best cards for grocery shopping

    Card Grocery bonus Other rewards Annual fee
    American Express® Gold Card 4 points per dollar spent at U.S. supermarkets on up to $25,000 per year in purchases – 1 point thereafter

     

    • 60,000 American Express Membership Rewards points when you spend $4,000 in the first six months
    • 4 points per dollar spent at restaurants worldwide (including Uber Eats orders)
    • 3 points per dollar spent on flights booked directly through airlines or on amextravel.com
    • Up to $120 annual dining credit (up to a $10 statement credit monthly) when you pay at Grubhub, The Cheesecake Factory, Ruth’s Chris and participating Shake Shack locations (enrollment required)
    • Up to $120 in Uber Cash per year ($10 per month)
    $250
    Blue Cash Preferred® Card from American Express
    6% cash back at U.S. supermarkets on up to $6,000 in purchases per year, then 1%
    • $250 statement credit when you spend $1,000 in the first three months
    • 6% cash back on select U.S. streaming services, such as Netflix, Hulu or HBO Max
    • 3% cash back at U.S. gas stations
    • 3% on transit purchases
    • 1% cash back on all other purchases
    $95
    Bank of America® Cash Rewards credit card 2% cash back at grocery stores and wholesale clubs
    • $200 in online cash rewards when you spend $1,000 in the first 90 days
    • 3% cash back on a category of your choice (gas, online shopping, dining, travel, drugstores or home improvements and furnishings)
    • $2,500 combined quarterly limit on 2% and 3% cash back categories
    • 1% cash back on all other purchases
    $0
    Chase Freedom Unlimited® n/a
    • 5% cash back on travel through Chase Ultimate Rewards
    • 3% cash back on dining and drugstore purchases
    • 1.5% cash back on all other purchases
    • $200 bonus if you spend $500 in the first 3 months
    $0
    Capital One® Savor® Cash Rewards Credit Card 2% cash back at grocery stores
    • 8% cash back on tickets through Vivid Seats (offer ends January 2022)
    • 4% cash back on dining and entertainment
    • 1% cash back on other purchases
    • $300 bonus if you spend $3,000 in the first 3 months
    $95
    Target REDcard™ 5% discount at Target and Target.com n/a $0
    Capital One® Walmart Rewards® Mastercard®
    • 5% cash back on in-store purchases for the first 12 months when using Walmart Pay
    • 5% cash back on Walmart.com purchases, including grocery pickup and delivery orders
    • 2% cash back on in-store Walmart purchases after the introductory period
    • 2% cash back on restaurant and travel purchases
    • 2% cash back on the purchase of gift cards at Walmart (online, app, Walmart Pay or in stores
    • 1% cash back on all other purchases
    $0

    Honorable mentions

    There is no shortage of credit card options that reward grocery spending, so in addition to our top picks above, consider these alternatives.

    • Capital One SavorOne Cash Rewards Credit Card – A no-annual-fee alternative to the Capital One Savor Card, the SavorOne offers the same 2% cash back on grocery store purchases. While it offers a slightly lower rate on dining and entertainment than the Savor card, the SavorOne is a good alternative for those wary to pay an annual fee.
    • U.S. Bank Altitude Go Card – The newly launched U.S. Bank Altitude Go Card offers a competitive rewards rate on both dining and grocery purchases – 4 points per dollar on dining and food delivery and 2 points per dollar on groceries, to be exact. It also offers 2 points per dollar on gas and streaming service purchases and 1 point per dollar on everything else. Plus, it doesn’t charge an annual fee.
    • Amazon Prime Rewards Visa Signature card – If you prefer to do your grocery shopping at Whole Foods, you can’t beat the rewards rate on the Amazon Prime Rewards Visa Signature card. In addition to 5% cash back on Amazon.com purchases, the card offers the same 5% rate at Whole Foods locations. You’ll also earn 2% back on restaurant, gas station and drug store purchases and 1% on everything else. You have to be a Prime member to qualify for the card, but if you spend a significant amount on Amazon orders or at Whole Foods, your rewards can help offset the cost of membership.
    • Apple Card – The Apple Card is best known for its high rewards rate on Apple purchases, but it can also be a great choice for grocery shopping. When you make a purchase via Apple Pay, the card offers 2% back on all qualifying purchases. This is on par with some of the highest flat-rate credit card offers. Just make sure your preferred grocery story accepts the mobile wallet before you work this card into your rewards strategy.

    How to pick the right card for grocery shopping

    For most of us, using a credit card at a grocery store simply involves taking it out in the checkout line. But if you want to up your grocery shopping game and save some serious money, here are some tips and secret strategies from credit card experts and the most seasoned shoppers we could find.

    When picking the credit card you’ll use at the grocery store most experts recommend either a card with a high cash back rate that can provide a percentage off every time you shop or a tiered rewards card that offers specific rewards every time you use it for groceries.

    “When you use a cash back card, it’s like having a coupon to save a certain amount off your total purchase each and every time you buy groceries. This savings isn’t limited to grocery stores – a flat-rate rewards card will apply the same cash back or miles to all of your purchases,” says Ashley Dull of CardRates.com.

    However, if you’re picking a tiered rewards card with a grocery store category, they often have a limit on how much you can earn annually.

    For example, American Express limits the 6% cash back rate spent at U.S. supermarkets annually on its Blue Cash Preferred Card to $6,000 in purchases (after that, it’s 1%), so be mindful of those restrictions.

    Apple Card gives you cash back every day.

    You also want to pick a card where rewards don’t expire, there are multiple options for redemption and you can transfer rewards between accounts. Always keep track of the terms of your credit card and compare card features vigorously before making your final selection.

    How to earn the most rewards while grocery shopping

    If you really want to maximize your rewards at the grocery store, stack your savings with a cash back app such as Ibotta, Fetch Rewards or Checkout 51. Your grocery store’s loyalty app is also a great way to double-dip on savings.

    “By taking a few minutes to scan in your grocery receipts, a family of four can easily earn over $25 a month in rewards,” says Nermeen Ghneim of The Savvy Dollar personal finance blog.

    Finally, if you’re choosing a store-branded credit card because you tend to shop at the same store all the time, make sure you pay off the balance before the billing cycle resets because store cards tend to have very high interest and fees.

    “Many people know that making a habit of paying off high interest credit cards will actually have a slightly negative effect on their credit,” says Dan Gallagher, author, retired financial planner and personal finance expert at ScoreSense.com. “But some grocery credit cards are in-house credit extensions, especially the ones that are valid in-store only. The in-store-only variety does not harm your score for avoiding interest and paying balances off early, so do not fear a grocery store credit card.”

    *All information about the Capital One Savor card has been collected independently by CreditCards.com and has not been reviewed by the issuer. 

    Source: creditcards.com