Whether you’re hoping to move out of your dorm, upgrade your current space, or finally live roommate-free for the first timeâthe financial logistics of renting an apartment can be overwhelming. The good news is, you probably can afford an apartment as long as you know how to save. When you budget efficiently, the cost of […]
The post How to Save Money for an Apartment appeared first on Apartment Life.
Source: blog.apartmentsearch.com
This page may include affiliate links. Please see the disclosure page for more information. If you have a lot of debt or different types of debt, then a debt consolidation loan might sound like a good idea. However, if you have low credit, you may not have many options. The good news is, you can still get…
The post A Debt Consolidation Loan Will Not Fix Your Bad Money Habits appeared first on Debt Discipline.
Source: debtdiscipline.com
The average couple has a number of topics to discuss on their to-do list before heading to the altar. The least romantic topics, if they even make the list at all, are probably concerning debt and the possibility of divorce. If you foresee a divorce in your future or are currently going through one, itâs safe to say that you have some burning questions about your finances. Perhaps you and your spouse acquired some debt during the course of your marriage and youâre now wondering who is going to be responsible for what. While itâs important to note that each situation is unique, there are some ground rules in the Divorced with Debt arena. In the below sections, weâll address the usual ways in which debt is divided up between each spouse.
If youâre trying to figure out what debts you will be responsible post-divorce, you will first need to know if you live in an equitable distribution state that follows common law or if you live in a community property state. When it comes to debt and the divorce process, most states follow common law for property, meaning that following a divorce, each ex-spouse will be held responsible for the debt that they took on. In a community property state, both spouses, considered to be the âcommunity,â may both end up equally responsible for debt that incurred throughout the marriage, known as âcommunity debt.â The following states are Community Property States:
Most of the time, the banks arenât interested in how the courts decide to split up your debt. Even after a divorce, the original contract or credit card agreement will typically overrule a divorce decree. This means that if the original agreement was set up under your spouseâs name, the banks are going to expect the payments to be as such. As you can imagine, this could potentially cause problems with an ex-spouse who is being asked to pay off debt that is not under their name, or at least under a joint account.
To put it into perspective, letâs imagine that the court orders your ex-spouse to make payments on credit card debt under your name. If your ex neglects to make the payments on time, itâs going to have an effect on your credit report. The good news is that if this happens, you have a right to pursue legal action against your former spouse for not following court orders. However, itâs possible that by the time legal action is taken, your credit score may already be damaged.
Prenuptial agreements will affect these outcomes as well. Depending on yours and your spouseâs marital assets, the debt in question will vary. Here are the typical categories of debt that are affected during divorce proceedings:
Itâs possible that you could be responsible for your former spouseâs credit card debt, but itâs not likely. If you have a joint account, then the outcomes may vary. Usually, marital debt is considered to be any debt that was created during the time of the marriage. So if you racked up credit card debt under a joint account, expect that both of you will be equally responsible for paying it off.
If both spouses have their names on the mortgage, the easiest way of solving the mortgage debt is to sell the house and divide the earnings between both parties. It might be tempting to keep the home for a multitude of reasons, but at the end of the day, selling the property and splitting the money is usually the least complicated solution for everyone involved.
Once the house is on the market, itâs time to start communicating with your former spouse about who is going to be responsible for what amount. Come up with an agreement on who will pay which portion of the mortgage, so that neither partiesâ credit score is negatively affected.
If selling the home and dividing the earnings isnât a viable option for you and your ex, then one of you will end up fully responsible for the debt. In most cases, mortgage debt following a divorce is assigned to:
OR
When this happens, one spouse will have to buy out the other spouseâs equity in the property.
When it comes to car loans, things become more complicated. If the car loan has both names on it, here are the two best options:
Letâs say one person ends up with the car loan debt, but the other person was also on the loan as a cosigner. Unfortunately, if one spouse is held responsible for picking up the tab on a debt, and they neglect their payments, both parties can suffer those consequences.
Each state has different laws surrounding medical debt and divorce agreements. If you live in a Community Property state, you might have to pay for your former spouseâs medical debt. However, if you live in a state that follows common law, the court will ultimately make the decision about who is responsible for what debt.
 If you and your spouse can find a way to work out the kinks of your debt issues before the divorce is finalized, itâll make things a lot easier in the long run. Work together to figure out who should be responsible for which debt, so that you can lower your chances of having to pay off a debt that isnât yours.
If youâre working with credit card debt, one of you may need to transfer your credit card balance to a separate card. Consolidating your credit card balances is another common option when dividing debts.
Generally, credit card debt is going to be easier to deal with than the big things, like home loans and car loans. In many cases, couples who are going through a divorce will have to consider refinancing their loans under one partyâs name.
Keep in mind that the original loan agreement supercedes the divorce agreement, so if you wait until your divorce is finalized, you might have a harder time moving things around. You can ask your lender to take your name off of an account and have it replaced with your former spouseâs name, but be prepared to provide the divorce decree as evidence. If it doesnât work out this way, then seek legal advice from your divorce attorney about your options. Another common solution is to sell the asset in question and use the earnings to pay off the debt.
If your ex-spouse isnât able to keep up with the payments on their share of the debt, they might decide to file bankruptcy. This could cause problems for you if you didnât choose to file as well.
Filing for bankruptcy does not erase the debts, instead it erases your ex-spouseâs liability for the debt. In this instance, you could find yourself in a situation where the creditor is now pursuing you for the debt. Itâs also important that you check your credit report. Even if you werenât the one who filed bankruptcy, it could still end up on your credit report.
Be cautious about any joint accounts you may still have open post-divorce. If you leave joint accounts open and your former spouse has access to them, he or she could potentially transfer balances from other accounts onto those ones. Safeguard your credit by paying off any debts you can manage to pay off ahead of time, so that you donât have to worry about it later.
Marital Debt After Divorce: Who is Responsible? is a post from Pocket Your Dollars.
Source: pocketyourdollars.com
Itâs nearly Valentineâs Day, which means itâs almost time to blow an entire paycheck on a dozen long-stem roses, a six-foot-tall teddy bear and a rare, perfectly aged bottle of Champagne.Â
And donât forget to make a reservation for that fancy restaurant that has limited seating due to the pandemic and is only serving an overpriced âtasting menuâ on that particular night!
Oh, and it wouldnât hurt to spring for a coupleâs massage, too, right?
Wait, did someone mention a box of chocolates?
Well, the good news is you can forgo the romantic candles â at this point, your empty wallet is useless and you can just set fire to it and let the soft, warm glow of broke-ness wash over you and your date.Â
Romance, amiright?
But it doesnât have to be like that.Â
In fact, if youâre in it for the long haul, finances can be a pretty touchy subject, and the last thing you need is to add another pricy line-item to your coupleâs budget this month.Â
Luckily, thereâs a way to take your sweetheart on a fun and interesting date â the likes of which theyâve probably never been on before â that wonât cost you more than, say, a penny.Â
(Which just so happens to be our favorite coin!)
Hereâs how it works:
If you look up to find a park with a lovely, lit gazebo, good for you!Â
If all you happen to see before you is a gas station, I wish you the best of luck throwing a romantic spin on that one. Yikes.Â
But itâs all part of the adventure, right?Â
No, really. The fun of the penny date is in the mystery, the confusion and the downright ridiculousness of your time together. Itâs a way to do something different, something that you wouldnât have done ordinarily, and to have fun doing it.Â
Either way, itâs sure to be a memorable date, right?
To keep costs low, pack a picnic meal to bring with you. That way, wherever you end up, youâll have dinner ready to go. (This is especially important if youâre going on this date on Valentineâs Day, because most places will be booked solid. You wonât be able to randomly show up at a restaurant and expect to get a table â especially in this age of social distancing.)
You donât have to be in a metropolitan area to make this date work, but youâll want to adjust your number of turns based on your location. Thirty turns wonât take very long on city streets, but if youâre driving long back roads, 30 turns could take forever.Â
Even if thereâs a stop sign or traffic light, donât turn into a parking lot or street with no outlet. Just move along to the next intersection and flip the penny there.Â
Keep your adventurous spirit open to the experience. Chances are, youâre going to end up somewhere less than romantic (or maybe even downright weird), but itâs all part of the fun of a date night left totally up to chance.Â
More often than not, a penny date offers up a little nonsense, a lot of laughter and a couple of really great stories.Â
Besides, like any good relationship, a penny date is about the journey â not the destination.Â
Right? (No, left.)
Grace Schweizer is the email content writer at The Penny Hoarder.Â
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Source: thepennyhoarder.com
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 â including several credit cards that offer generous sign-up bonuses and a diverse array of bonus categories â and your redemption options are extremely flexible.
In the rewards card world, they are known as a âflexible points currencyâ â 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.
No annual fee |
Premium travel |
Luxury travel |
| 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 |
The value of Ultimate Rewards points varies greatly, depending on how you redeem your points. Most redemption options â including cash back and travel redemptions through the Chase Ultimate Rewards portal â 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 â 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:
Your credit cards journey is officially underway.
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Ultimate Rewards points donât 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 Chaseâs travel partners if you plan to close a card.
Though some Ultimate Rewards cards â such as the Chase Freedom card â 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.
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.
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. Chaseâs list of travel partners includes several major airlines and hotel chains â 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 donât 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 donât have to worry about collecting a large amount of points to book a travel reward. If you donât 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).
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.
Unlike some rewards programs, Chase doesnât allow you to purchase points to make up for a lack of points. However, given the programâs 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
Have you ever applied for a credit card, car loan or mortgage? If so, then one of the first things the lender looked at was your FICO score. It has a major impact not only on getting approved in the first place, but also on the interest rate you will receive after approval.
On August 7, FICO announced some pretty major changes in how they will be calculating that ever-important number. Before you can understand how the changes will or won’t impact you, you need to have a firm grasp of the basics.
What is my FICO score?
Your FICO score, or credit score, is a number ranging from 300-850 that shows lenders how reliable you will be in repaying your debts. A bad score is anything below 560, not very good is 560-659, good is 660-724, very good is 725-759, and anything above 760 is classified as great. While it is best to be in the great range, you can sometimes qualify for the best available interest rates with 720 or above.
In order to calculate your credit score, FICO pulls information from your credit reports from the three major reporting agencies: Experian, TransUnion, and Equifax. When banks and other lending institutions consider your application, they look at several factors. The first is usually your FICO score, which will either get you in the door or get it slammed in your face, but after that they consider other aspects of your finances, such as income and the detailed history on the credit report itself.
What are the changes, and how will they affect me?
There will be four notable changes to how FICO evaluates your credit score once the announced new model is released. Some of them will be very good for some people, some of them will be bad for others, and some of them may prove to show negligible changes.
The first, and biggest, is that medical debts will no longer be considered when calculating your score. This is a huge relief. Many otherwise fiscally responsible people go into massive debt when a medical emergency happens. Others don’t even know they owe money on medical bills in the first place, as they thought their insurance was going to cover their costs. When they realize they owe money, the responsible consumers pay it back, but it still leaves a scar on their credit report and, therefore, their FICO score.
With this new change, your FICO score will not be impacted. In fact, if you have no other negatives on your credit report (which would mean you most likely have a halfway decent score), you can expect to see your FICO score increase by up to 25 points.
Changes will also be made in considering debts that you have paid off. Currently, after you’ve paid off a debt, it stays on your credit report for seven years. That will continue to be the case after FICO’s updates go into effect, but FICO will no longer look at those debts, even though they show up on your credit report. If you have consumer debts that you have paid off, and they’re the only thing holding you back, you may see your score improve, as well.
There will also be an update to consider the creditworthiness of people who do not have an extensive report, taking into consideration things beyond just paying your month-to-month bills on time. (A lot of times, the people you are paying those bills to don’t even report that anyways.) Depending on how this is done, it could be a boon for those who are unable to get credit not because they are irresponsible, but simply because they have never chosen to borrow money before.
The final update is not good news for those who hold consumer debt. If you owe money and it isn’t paid in full, you can expect to see your credit score take a hit.
Hold your horses – and your enthusiasm.
While FICO has announced that it will make these changes, the new model has not gone into effect. It will not be ready to release to lenders until late 2014 or early 2015. Even then, banks have to choose to adopt it. Thismodel will be FICO 9. FICO 8 was introduced in 2009, and some lending institutions still have not updated since FICO 7. Just because they are releasing a new model doesn’t mean that your lending institution will apply it to their evaluation process.
Another thing to remember is that while your FICO score gets you in the door, banks will look at your credit report. All of those things FICO ignores will still show up. If your medical debts are deemed too oppressive for you to possibly be able to pay for a mortgage on top of them, you may still be denied. And while FICO will ignore debt that has been paid off and closed, it will still stay on that pesky credit report for seven years for all of your potential lenders to see.
While these changes could be a great way to get your foot in the door with lenders, they’re not a holy grail to your credit problems. The same tried and true wisdom will still apply: Spend responsibly, make sure the information on your credit report is accurate and pay off any debts as quickly as possible.
Femme Frugality is a personal finance blogger and freelance writer. You can find more of her writing on her blog, where she shares both factual articles and esoteric ruminations on money.
The post What Do New FICO Changes Mean for Me? appeared first on MintLife Blog.
Source: mint.intuit.com
Ren Nickson
An authorâs modern retreat in the woods received offers within a matter of days.
Built with flair and inspired by the legendary architect Frank Lloyd Wright, the home on McNeil Road in Pine Plains, NY, landed on the market a couple of weeks ago for $3.5 million.
“People appreciate the style, the quality, the land,” says the listing agent, Ira Goldspiel. âBuyers are looking for something like this, and sadly, we donât have much like this. Itâs a very unique property.”
John Gillespie, Jr., a business executive, and the writer Susan Orlean, author of “The Orchid Thief” and “The Library Book,” built the 3,029-square-foot house in 2005.
The result was a labor of love that the couple simply hasnât used much recently. As a result, they have decided to sell.
Ren Nickson
Ren Nickson
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Ren Nickson
The home was designed by Cutler Anderson Architects, the firm that designed Bill Gatesâ house. Goldspiel describes its style as natural modern, echoing many of the tenets of Wright’s organic design.
âIf you look at this property, it is sited and built so that it feels like it’s part of the nature around it,” he says. “To me, that is impressive. I’ve seen people build homes that don’t do that, and that is sort of depressing. It’s got this wonderful wall of glass.”
He stresses that the home is filled with light, and that the natural stone blends in harmoniously with the landscape.
Ren Nickson
Ren Nickson
The home sits on 56 acres, with views of the Stissing Mountain and the Taconic Range in upstate New York. Huge floor-to-ceiling windows frame the views.
âYou come in, and you’re in a hallway, and then you open up and you get into this common roomâand you just see windows, windows, windows, and light,â Goldspeil explains. âYou have these dramatic views just being in nature, and surrounded by it and light.â
Ren Nickson
Ren Nickson
Ren Nickson
Ren Nickson
The house has three bedrooms, 2.5 bathrooms, and lots of open living space, with post-and beam construction, natural stone, and plenty of wood.
âItâs strikingly clean and modern. It is very efficient in terms of space,â Goldspiel says.
He adds that the kitchen should be considered part of the living space.
âIt’s a great cookâs kitchen, and you have to think about how people live today. We’re not separating ourselves from each other, so when you’re cooking or you’re hanging out, whether it be with family or friends, you want to interact,â he says.
The potential for gathering is limitless, with room for people to group around the island, at the dining table, in the living room, or on a window seat.
“This house is all about communication and communicating with people,â he adds.
Ren Nickson
Ren Nickson
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Those not in the mood to connect can seek out the treehouse, as well as a climate-controlled writing studio for total solitude.
Thereâs also plenty of outdoor space, including a swimming pond with a pergola and a barn to store everything.
Goldspiel notes the open courtyard outside, with a fireplace that matches the interior.
âAn outdoor fire in the country, there’s nothing better,â he says.
Ren Nickson
Ren Nickson
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Ren Nickson
The post An Author’s Modern Retreat in New York Is Impossible To Put Down appeared first on Real Estate News & Insights | realtor.com®.
Source: realtor.com
As part of his plan of leaving Los Angeles and moving his family to the Big Apple, Matt Damon has now listed his Pacific Palisades home for sale. And he’s hoping to cash in big from the sale, asking $21 million for the Zen-inspired contemporary home set in one of LA’s most desirable neighborhoods.
Recently listed with Eric Haskell, an agent with celebrity real estate brokerage The Agency, Matt Damon’s house is an architectural masterpiece with 7 bedrooms, 10 baths, tons of distinct design features and some pretty extraordinary amenities. The Academy Award-winning actor will be trading all this for a 6,000-square-foot penthouse in Brooklyn, New York, having broken records last year by paying $16.745 million for the top floor unit of a famous former hotel, The Standish.
Designed by award-winning architect Grant Kirkpatrick, founding partner of leading-edge design studio KAA Design Group, Matt Damon’s house is an extraordinary contemporary home that showcases masterful craftmanship throughout its 13,508-square-foot interiors.
With a modern-yet-timeless design, the house is anchored by a breathtaking atrium with 35-foot mahogany vaulted ceilings. The interiors are bathed in natural light and mix warm wood elements with natural stone, giving the whole space an inviting, relaxing vibe. Other striking features that deserve a shout-out: clerestory windows and glass walls that fuse the indoors with the outdoor areas.
The family room opens to the magnificent chefâs kitchen with custom mahogany cabinetry, Bluestone countertops and stainless steel Viking, Wolf and Miele appliances. The kitchen then opens to the expansive backyard retreat (but more on that in a minute).
All in all, Matt Damon’s soon-to-be former Los Angeles abode packs 7 bedrooms and 10 baths across 13,508 square feet of space. The primary suite comes with its own private terrace, dual dressing rooms, massage room and a spa-style bath with soaking tub and expansive shower. Pretty much every room offers leafy property and treetop views, adding an extra note of serenity to this wonderfully Zen-inspired home.
Most celebrity homes tend to outdo themselves when it comes to amenities and bonus rooms and Matt Damon’s house is no exception. Interior amenities include a game room, bar, office, gym, plush media room, staff quarters and wine storage and tasting room. And that’s just what you’ll find inside the house.
Outside, the modern home has quite a few amenities that invite calm and relaxation (perfectly in tune with the rest of the house), including an expansive pool, spa, a cascading waterfall, koi pond and Hawaiian-inspired Lanai with a covered lounge and alfresco dining terrace. To appeal to the little ones — Damon is a father of four — there’s also a nice childrenâs play area.
The Academy Award-winning actor, who is starring in the highly anticipated Ridley Scott-directed The Last Duel (to be released this year), will soon be leaving Los Angeles behind. The move has long been planned, with Damon and wife Luciana Bozán Barroso having purchased a Brooklyn Heights penthouse two years ago for a record-breaking price.
The couple paid $16.745 million for a 6-bedroom, 6,201-square-foot penthouse at The Standish — a historically significant converted building that was originally built in 1903 as a Beaux Arts hotel. At the time, Damon’s purchase set a new record for the borough, making him the owner of the most expensive property ever sold in Brooklyn.
Despite the fact that the penthouse consists of several units merged for extra space, the actor will be downsizing considerably. And the loss in square footage is matched by a significant downgrade in outdoor space — though it’s worth noting that Matt Damon’s new home does have an expansive terrace, a rarity for New York City. There’s no Zen backyard pool though, so we’re pretty sure the Good Will Hunting actor will, at times, miss his Pacific Palisades retreat.
Check Out this Beautiful House the Hemsworth Brothers Just Sold in Malibu
Wayne Gretzky is Selling his $22.9M California Home Designed by âThe Megamansion Kingâ
Morgan Brown Re-Lists Stunning West Hollywood Home Amid Split from Actor Gerard Butler
Chrissy Teigen & John Legend Buy $17.5M Beverly Hills Mansion
The post New to Market: Matt Damon’s Zen Los Angeles Home Asks $21 Million appeared first on Fancy Pants Homes.
Source: fancypantshomes.com
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
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 â 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 youâll earn, this is a great card for foodies and travelers.
Here’s a closer look at the features:
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Keep an eye on your inboxâweâll be sending over your first message soon.
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 â $95. Plus, running errands like groceries is way easier when you get cash back on gas for the commute. Take a closer look:
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:
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.
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:
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.
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:Â
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:
| 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 â 1 point thereafter
 |
|
$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% |
|
$95 |
| Bank of America® Cash Rewards credit card | 2% cash back at grocery stores and wholesale clubs |
|
$0 |
| Chase Freedom Unlimited® | n/a |
|
$0 |
| Capital One® Savor® Cash Rewards Credit Card | 2% cash back at grocery stores |
|
$95 |
| Target REDcard™ | 5% discount at Target and Target.com | n/a | $0 |
| Capital One® Walmart Rewards® Mastercard® |
|
|
$0 |
There is no shortage of credit card options that reward grocery spending, so in addition to our top picks above, consider these alternatives.
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.
âWhen 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 â a flat-rate rewards card will apply the same cash back or miles to all of your purchases,â 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, itâs 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.
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.
âBy taking a few minutes to scan in your grocery receipts, a family of four can easily earn over $25 a month in rewards,â 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.
âMany people know that making a habit of paying off high interest credit cards will actually have a slightly negative effect on their credit,â says Dan Gallagher, author, retired financial planner and personal finance expert at ScoreSense.com. âBut 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.â
*All information about the Capital One Savor card has been collected independently by CreditCards.com and has not been reviewed by the issuer.Â
Source: creditcards.com
File this one under âno correlation,â despite a flood of news articles claiming the Fed’s rate cut directly impacts mortgage rates. Today, the Fed cut the federal funds rate by half a percentage point to a range of 1-1.25% due to the uncertainty surrounding the coronavirus, this despite a strong U.S. economy. That sent mortgage [&hellip
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