News Archives - Sarminiatures

May 25, 2021

What to Do in a Power Outage at Your Apartment

By Renee Powell inCrime and Safety Tag experience, Financial Wize, FinancialWize, Home, How To, keep, News, property, will

Power outages do more than just put out all your lights. Losing power can lead to ruined food, loss of internet and the inability to live comfortably in your apartment.

On average, according to the U.S. Energy Information Administration, a typical power outage lasts around two hours. While this isn’t long enough to wreak major havoc in your home, it’s enough to highly inconvenience you.

What to do in a power outage

The most important thing to do in a power outage is not panic. These things happen, and as long as you’re able to think clearly and make good decisions, you’ll get through the darkness.

1. Check your circuit breaker box

Circuit breaker box during a power outage.

The first thing to establish when you lose power is whether it’s a single unit issue or something more widespread. Making sure a circuit breaker isn’t tripped in your own apartment is the best place to start.

You’ll usually find your breaker box in a bedroom closet or on the wall in a hallway. Look for a gray or black door, assuming it wasn’t painted over to match the wall. Make sure you have a flashlight with you to see everything clearly.

When you open the box, you’ll notice if a breaker has tripped because it won’t firmly be in the “on” position. You can check each breaker to see if it wiggles too. If a breaker is in the “off” position or looks like it’s sitting in the middle, you’ve got a tripped breaker. Just flip the breaker back on and you’re back in business. If the breaker is in the middle, switch it all the way off before turning it back on.

2. Report the problem

Man in the dark during a power outage.

If you check your breaker box, and everything looks in order, it’s time to take the DIY out of the process. Contact your property manager to report the problem and get more information. They’ll most likely be able to tell you whether or not it’s affecting the entire building and what steps are in place to remedy the situation.

You can also simply look around to other buildings in your area to see if they look like they don’t have power either. If all the windows in neighboring buildings look dark, you know this is a much larger problem and something the electric company is most likely already working on repairing.

It still doesn’t hurt to report your outage to your electric company though.

3. Avoid damage from power surges

Electrical cord.

When the power does come back on, there’s a risk a power surge will take place. This can scorch walls or even lead to small electrical fires.

To prevent this from happening, go through your home and unplug appliances and electronics. Even though you’re eager to get back to using everything as soon as you get electricity back, it’s best to play it safe until after the power returns.

4. Monitor alerts

person on phone

Even with the power out, as long as your phone is already charged, you should have the ability to monitor alerts regarding your electricity. Check in with your power company for regular updates and report your issues if they haven’t documented anything wrong in your area.

If your power outage is weather-related, keep an eye on local news updates and weather reports to stay on top of any evacuation announcements or other important information.

5. Keep a clean supply of water

Supply of water filling up in a bathroom during a power outage.

With prolonged or widespread power outages, there’s a chance drinking water could get contaminated. This happens when the loss of electricity extends to the water sanitation system in your area.

Even if this happens, the water you can immediately pull out of your faucets is still okay to drink. To provide yourself with a solid amount of clean water when the lights go out, fill up tubs and sinks right after you lose power.

What not to do during a power outage

The most important thing not to do during a power outage is panic. You need to think with a clear head to act safely. However, a few other no-no’s are worth noting when it comes to staying in your apartment while the power is out.

Do not open your refrigerator or freezer if you can help it. This will keep the food inside cooler for longer and prevent spoilage.
Do not try to use a gas stove to heat your home. You should also avoid bringing in an outdoor grill for indoor heat. Doing so can lead to carbon monoxide poisoning. If you have a fireplace, go ahead and light that, but otherwise, bundle up with blankets or get to a warmer location.
Do not leave lit candles unattended for light. It’s OK to use them while you’re in the room with them, but make sure you blow them out before you leave. Flashlights are always a safer bet when moving from room to room and make a great first choice in light sources when you lose power.
Do not assume you can get out of your apartment complex. If you live in a gated community, chances are the gate runs on electricity. If you’re opting to leave your apartment while the power is out, make sure you either know how to manually open your community gate or that your management office has taken care of the issue.
Do not go near pooling water or power lines. If you’re outside at all during a widespread power outage, stay clear of fallen power lines and large puddles of water. You have no way of knowing when the electricity will come back on and charge up a wire or a pool of water where a line is hiding.
Do not waste hot water. Losing power doesn’t mean you can’t flush toilets or even take a shower, but the amount of hot water you have when the power goes out is not much. To avoid cold showers, on top of everything else, use the hot water you have sparingly.

Prepare in advance

Since the odds are good you’ll experience a power outage at least once, why not prepare in advance? You can make a lights-out kit to ensure everything you’ll need in an emergency is in one place.

Put together a few flashlights, extra batteries and an emergency radio if you have one. Consider adding a remote charger for your cell phone and even a few bottles of water.

Store your lights-out kit somewhere that’s easy to get to even in the dark.

Stay safe when the lights go out

We all pay an electric bill and come to rely on the utility’s availability whenever we need it. This is what makes it so stressful when the lights do go out. Knowing what to do in a power outage, and preparing in advance, are the best steps you can take to handle the issue until the light returns.

The post What to Do in a Power Outage at Your Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

May 25, 2021

Delinquencies fell in the pandemic. Will it last?

By Renee Powell inAccount Management, Breaking News Tag Account management, Banking, Breaking News, Budget, Coronavirus, Credit, credit card, Credit Cards, debt, Education, Financial Wize, FinancialWize, government, health, Holidays, Home, home goods, investment, journey, keep, Loans, money, News, online purchases, savings, Spending, student loans, Travel, unemployment, will

The pandemic threw many Americans into financial disaster, but credit card delinquencies surprisingly declined during the health crisis.

According to the Experian 2020 Consumer Credit Review published in January 2021, the number of accounts one month past due fell by 37%, two months past due by 36% and three or more months past due by 53%.

And although the American Banking Association reported that consumer delinquencies rose in the fourth quarter of 2020, it noted that credit card delinquencies remained near all-time lows.

“Consumers have done a good job of managing their spending throughout the pandemic and paid down their credit card balances at a record pace last year,” said Rob Strand, ABA senior economist, in a news release.

He went to say that during the pandemic, online purchases climbed, but that consumers continued to prioritize their credit card payments.

“At the same time, card issuers have worked with customers who have experienced economic challenges related to the pandemic,” he said.

But will delinquencies rise once the pandemic – and help from card issuers and the government – is over?

Keep reading to see what industry experts think will happen in 2021.

See related: Acerage credit card interest rates

Congress and banks stepped in to help consumers

When unemployment numbers dramatically rose last March, observers presumed that default rates would rise in lockstep, said Martin Lynch, compliance manager and director of education at the nonprofit Cambridge Credit Counseling Corp.

But Congress quickly responded by passing the CARES Act that same month: The distribution of stimulus payments began in April and other efforts followed in short order, including the PPP loan program for businesses, unemployment support for states and forbearance for federal student loans and federally backed mortgages.

Major banks also stepped in and offered relief, trying their best to keep their clients afloat in the hope that the pandemic would exit as quickly as it came.

All of these efforts have combined to help mitigate the economic effects of the virus, but the long-term effect is the subject of considerable debate, Lynch said.

Have the various relief efforts only put off the inevitable? Will the economy enter a significant recession once the forbearances end?

Default rates might give insights into future delinquencies

A closer look at default rates, Lynch said, may be the key that unlocks the answers to the questions above.

In ordinary times, loan default rates are simple data that show how many borrowers are paying and how many aren’t.

The CARES Act included a clause allowing that a loan in forbearance need not be reported as delinquent if it was current when the forbearance was granted.

Now that some of the dust has cleared, it’s apparent that at least some loans that were delinquent prior to the pandemic were also granted forbearance, Lynch explained, and that those loans were reported to the credit bureaus as current.

This means that looking at default rates alone isn’t enough to get an idea about how borrowers are performing during the pandemic.

To get more accurate results, Lynch said, we need to look at the number of defaults as well as the number of loans in forbearance.

But even this approach might not yield a definitive answer because no one knows whether the sheer number of forbearances consists solely of borrowers who were in dire need of assistance or whether that number also includes borrowers who simply took advantage of a pause in payments because it was offered, he pointed out.

And beyond all that, Lynch added, the effect of unemployment support and stimulus checks must have come at a critical moment for at least some of these same borrowers, allowing them to avoid delinquency and earn the forbearances extended to them.

See related: Poll – 51% of U.S. adults accrued more debt during the COVID-19 outbreak

Banks don’t believe we are out of the woods yet

Ted Rossman, senior industry analyst at CreditCards.com, views all delinquency stats, which have fallen across the board, through the lens of pandemic relief.

“It’s not what we expected at the onset of the pandemic, and it’s artificial, but the stimulus and accommodation programs have helped tremendously,” Rossman said.

The big question now is, what happens moving forward?

Will there be more stimulus and accommodations once the current programs expire? Will the metaphorical bridge that has already been built be enough to carry us through to the other side?

Rossman is hoping for the best and he said there are many reasons to be optimistic, but banks don’t believe we’re out of the woods yet.

While many have begun to release some of the loan-loss reserves they stockpiled in the early days of the pandemic, they’re proceeding cautiously, Rossman pointed out.

They still have significantly elevated reserves and are watching the situation carefully. Many have begun to ease their lending standards a bit, but we still see a lot more caution than we did just prior to the pandemic.

Much of this will depend on how the health situation plays out – with the vaccine rollout and the COVID-19 variant progression – and what the government and consumer responses are.

“We’re optimistic that we’re close to the end of this, but sadly some people are in deep holes created by extended unemployment,” Rossman said.

Several sectors are doing great, others are on the mend and some will be slow to recover, he added.

For example, he said, over the past year, goods have mostly outperformed services – E-commerce, electronics, furniture and other home goods did very well, while travel and restaurants were among the worst performers.

But that’s starting to change.

So, Rossman said, if you work in a restaurant, it has been a very tough year, but if your savings, unemployment benefits and stimulus payments kept you afloat, the hope is you won’t be delinquent going forward because now you’ll be making more money.

Many forbearances will turn into defaults

Lynch said it’s not unreasonable to look at all of this delinquency data and conclude that low default rates are a mirage and that the country’s economy isn’t as healthy as the default rates would suggest.

A fair amount of the forbearances granted will turn into defaults when those programs end, but we won’t know for certain until it happens, he said.

What we can say for certain is that, to their credit, the federal government and a large number of private lenders worked hard to build an economic bridge to the other side of the pandemic.

If they were successful, we’ll have learned lessons that could be applied if something like this happens again. And if some of those efforts turn out to have been in vain, we’ll have learned something else that might still be useful.

If you have loans in forbearance, act now

Consumers with loans in forbearance need to take stock now before those payment holidays come to an end, Lynch warned.

For example, we know that federal student loan payments are set to resume in October 2021, so those borrowers should prepare a budget now to ensure they’ll be able to handle the payments when they start coming due.

The same approach will work for other loans, though lenders won’t have the same flexibility as student loan servicers.

“At this point, I’d be making sure my budget accurately reflected appropriate repayment priorities,” Lynch said.

If you can’t meet your obligations, consider talking to a nonprofit credit counselor to review your budget and credit report, then go over your options, Lynch suggested.

You’ll also want to let your creditors know what’s happening before you start missing payments, Lynch advised; “It’s the adult thing to do, and they may be able to help.”

Bottom line

What happens now very much depends on your individual circumstances, such as the industry you work in and how much savings you have, Rossman said.

Ironically, many people’s finances have improved during the pandemic because they were able to save more and spend less and their home values and investment portfolios grew, he added.

But, sadly, others have not shared in these gains, Rossman said, and they’re the ones who could cause the delinquency stats to rise once stimulus and accommodations run out.

See related: How to protect your credit during the coronavirus crisis

Source: creditcards.com

February 4, 2021

Finally, ‘Fixer Upper’ Is Back! Watch Chip and Jo Tackle One Hot Mess of a House

By Renee Powell inHome Improvement, Mortgage Tips Tag Budget, Chip and Joanna Gaines, Credit, Financial Wize, FinancialWize, fixer-upper, Home, Home Improvement, home renovation, Inspiration, Lessons from Reality TV, living room, Magnolia Story, News, Original, paint, renovation, will

Discovery+

At long last, Chip and Joanna Gaines and their smash hit show “Fixer Upper” have returned, although with some changes. For one, the show is now called “Fixer Upper: Welcome Home”âand the season premiere has them faced with renovating the messiest house we’ve ever seen them tackle.

In the episode “A Neglected Home for Newlyweds,” Chip and Jo meet Laney and Lucas, an engaged couple in Waco, TX, who have bought a house filled, quite literally, with trash. The Gaineses will need to work hard to give the couple the honeymoon home they deserve, and have a $150,000 renovation budget to do it.

Here’s how they whip this wreck of a house into shape, which suggests that this season of “Fixer Upper” will be filled with surprises and inspiration galore.

Use indoor windows for a creative way to open up sightlines

The house includes a large front room, which Lucas plans to use as an office.

While workspaces are normally private, Jo and Chip want to open up this space and improve the home’s sightlines. So they install industrial windows into the office that look into the kitchen and living room.

While some designers might have busted down the office walls to give the whole house an open layout, these windows are a creative alternative to demolition.They make the office feel less isolated while still giving Lucas the quiet and privacy he’ll need when working.

When the room is finished, Joanna is happy with not only the function, but also the clean, industrial design.

“The industrial window looks amazing, and I think the idea of trying to bring in a little bit of that industrial feel to this, really kind of modern, minimal space, feels really unique,â Joanna says.

A dark stone fireplace lends an industrial look

When Chip and Jo first see Lucas and Laney’s new house, they’re not only shocked by the mess, they’re also disappointed by the old-fashioned design.

The living room is especially dated, with a fireplace that desperately needs a refresh. Jo plans to update the feature with a sleek, dark stone that’s perfect for Laney’s industrial tastes.

Yet instead of keeping the slab looking plain and minimalist, Laney makes a change to Jo’s design, requesting a cubby for wood storage. This doesn’t necessarily go with the industrial look Jo planned for, but this designer is willing to make a change. In the end, the wood ends up making the fireplace look even cozier than before.

Centered windows give a room balance

Chip and Jo want to give this young couple a cozy dining space, so they design a built-in banquette with midcentury modern charm. However, in the middle of renovation, they realize that the window isn’t centered on the wall, making the space feel awkward.

They know that the wonky window will make the new table look strange, so they put in the extra effort to move the window. They finish the room with the banquette, a midcentury-inspired light fixture, and a beautiful wood table. The furnishings look great and they’re all perfectly centeredâgiving the room a balanced look.

When the dining space is finished, Joanna explains that the new window placement makes the space feel so much bigger.

“This window is really close to this door here, and everything was, like, shoved this way, so we had to center your window,” she says. “Now, I feel like the space was really tiny, but now youâve got space.â

Use wood paneling as an accent wall

Laney loves simple, Scandinavian looks, but also digs midcentury modern style. So for the bedroom, Joanna installs a feature wall that works for both styles.

“I like the idea of this really cool focal wall, really minimal but highly textural,â Joanna says.

She uses vertical wood paneling, which are reminiscent of paneling from midcentury homes, while choosing a light color and a simple black handle for the hidden bathroom door, which is in line with Scandinavian design.

The feature wall ends up looking gorgeous. It brings so much style to the room while seeming versatile enough to work with almost any style.

Dark colors in the bathroom add a moody vibe

Laney says she likes dark tones, so Joanna wants to give Lucas and Laney’s master bathroom a moody makeover in dark green. She chooses a deep green paint color, then pairs it with green tile and wood vanities, and lightens it all up with light floors and counters.

When the room is painted and nearly finished, it looks great, but Joanna isn’t satisfied with the ceiling.

“When I walked into the bathroom, I really love whatâs going on with all the textures and the pattern and the colors. Then when I look up, when I see the white ceiling, itâs almost like we stopped,” Joanna says. “The ceilings are kind of cut in a weird angle, and I donât want to highlight that.”

So she has the ceiling painted dark green to match the walls.

While Chip is concerned this will make the space feel too dark, once the room is finished, it’s clear that painting was the right choice. The darker ceiling gives the space a cozy but glamorous feel that highlights the beautiful tiles and clean, white bathtub.

The post Finally, ‘Fixer Upper’ Is Back! Watch Chip and Jo Tackle One Hot Mess of a House appeared first on Real Estate News & Insights | realtor.comÂ®.

Source: realtor.com

February 4, 2021

What is a credit card statement credit?

By Renee Powell inCash Back Tag american express, Cash Back, Credit, credit card, credit card rewards, Credit Cards, Direct Deposit, Financial Wize, FinancialWize, invest, journey, Main, money, News, Original, Products, Purchase, Rewards, Rewards Cards, Shopping, Spending, Travel

A recent trend in credit card rewards is increased flexibility in how you can redeem your cash back, points or miles. You can book travel, invest, get gift cards and more â but one of the most common ways a credit card company will issue rewards is as a statement credit.

Statement credits may seem simple, but theyâre handled a little differently by each rewards program, and thereâs a lot to consider when youâre trying to decide if theyâre the best way to redeem cash back or other rewards.

See related:Â What is cash back?

What is a statement credit?

Put simply, a statement credit is money credited to your account. In its most basic form, a statement credit is not much different from a payment. Like a normal monthly payment, a statement credit is deducted from your card balance, reducing the amount of money you owe. But where cardholders are responsible for payments, credits come from either a merchant or card issuer.

rewards cards also allow you to redeem the points or miles youâve earned as statement credits. While some cards allow you to use a statement credit to reduce your balance with no restrictions, others only apply credits to your account after you meet certain criteria or make purchases in specific spending categories.

Statement credits on cash back cards

Cash back cards usually make it easy to redeem your points as a statement credit. In most cases, all you need to do is meet the cardâs minimum redemption criteria, then choose a statement credit as your redemption method. Once a credit is applied to your account, your card balance decreases accordingly.

If, for example, you were to spend $3,000 with a flat rate 1 percent cash back card, youâd earn a $30 credit; and if you were to redeem this entire credit, $30 would be deducted from your account balance.

While many cards give you the option to request your cash back in the form a check, some only allow you to redeem as a statement credit â so be sure to read your issuerâs terms carefully. After all, when you get your cash back as a check or direct deposit, the money is yours to spend or save as youâd like. With a statement credit, however, the funds are âtrappedâ in your account and only impact your card balance. If you stop using your card or close your account, you could lose any cash back or points you havenât redeemed.

Capital One Venture Rewards Credit Card, for example, allows you to book travel through the rewards center at a rate of 1 cent per mile. But if you redeem your miles for cash back as a statement credit, their value is cut in half to just 0.5 cents per mile.

If you prefer to redeem your rewards as a statement credit, make sure doing so doesnât dilute the value of your points or miles, as each rewards program grants and values statement credits a little differently.

Statement credits for an introductory bonus

Statement credits also frequently appear as part of a card introductory or annual bonus, when issuers offer to reward you if you spend a certain amount of money within a given timeframe. The Blue Cash PreferredÂ® Card from American Express, for example, offers a $250 bonus after you spend $1,000 with your new card in the first 3 months. Instead of simply sending you a check for $250, however, American Express credits your account $250 after youâve met the conditions of the offer. Once received, the credit will cover the next $250 you charge.

Statement credits for card benefits

Many cards also award extra perks in the form of a statement credit. The United Explorer Card and Chase Sapphire Reserve, for example, each offer up to a $100 credit to cover the cost of a Global Entry or TSA PreCheck application.

In these cases, a statement credit is applied to your account only after you make the eligible purchase and cannot be used for anything else.

How statement credits work with the major rewards programs

Hereâs how some of the major rewards programs treat statement credits:

Rewards program	Can you redeem rewards as a statement credit?	Minimum redemption	Rewards rate when redeemed as a credit
Discover cards Cashback Bonus	Yes	None	1:1
Bank of America Cash Rewards	Yes	None ($25 for automatic redemptions)	1:1
American Express Membership Rewards	Yes	$25	1:0.6
Chase Ultimate Rewards	Yes	$20	1:1

Should I redeem my points as a statement credit?

Once you know what a statement credit is and how itâs treated by your rewards program, youâll probably wonder if itâs smart to redeem your points or miles in this form. While the answer will depend on your spending habits, goals and financial situation, it makes more sense in certain circumstances.

If youâre trying to decide whether you should redeem your points as a credit statement, consider the following:

Are you going to carry a balance? If youâre not sure whether youâll be able to pay off your balance in full by the due date, redeeming your points as a statement credit makes sense. Youâll knock a chunk off your balance and make it easier to pay in full and avoid interest charges. Keep in mind, however, that statement credits are not usually considered payments, so if you canât help carrying a balance, youâll still have to make a minimum out-of-pocket payment.
Does your card offer an incentive for redeeming points as a statement credit? Some cash back cards offer redemption bonuses when you opt for a statement credit over âtrueâ cash back in the form of a check or direct deposit. If thatâs the case, and you plan to continue using the card, go with a statement credit to get more mileage out of your cash back rewards.
Are your points worth less when redeemed as a statement credit? If youâre using a card with a more flexible rewards program, redeeming your rewards as a statement credit is likely possible, but not necessarily wise. Check your issuerâs terms to see if your points lose any value when redeemed as a statement credit. If 1 point is worth 1 cent when used for travel purchases, but only 0.5 cents when redeemed as a statement credit, youâre missing out on a lot of the value youâve earned. If you have no interest in travel, see if you can get full value out of your points in a roundabout way, like redeeming points for gift cards at stores you frequent.

Other ways to redeem your credit card rewards

Many cards offer several other options for redeeming your rewards. In addition to statement credits, you may be able to redeem cash back, points, or miles for:

A direct deposit â You can link your bank account so that when you hit âredeem,â that money goes directly to your account. For some, this is more satisfying than receiving a statement credit.
A check â If you donât mind waiting, many credit card issuers will mail a check for the value of your rewards.
Gift cards â Some credit cards allow you to exchange your points or cash back for gift cards. Make sure that youâre getting the same or more value before you choose this option â sometimes the dollar value of gift cards is different from what you would get redeeming for a statement credit or direct deposit.
Merchandise â Credit card issuers sometimes have shopping portals that give you the option to use your cash back or points to pay for merchandise. This is another option that you should approach with caution. Do the math to make sure youâre getting the same dollar value as you would with a direct deposit or statement credit.
Travel â Travel redemption options vary from card to card, but there are two main methods, one of which is receiving a statement credit for travel purchases youâve already made. The other is using the issuerâs portal to book travel, such as flights or hotels, online.

Final Thoughts

A statement credit is just one way you can receive bonuses and redeem the rewards youâve earned. If youâre using a cash back card, it could be a smart, low-maintenance way to reduce your balance and build good spending habits. If youâre using a more flexible rewards or travel card, though, make sure redeeming as a statement credit still gets you fair value for your points or miles.

Source: creditcards.com

February 4, 2021

4 Practical Ways to Leave College Debt-Free

By Renee Powell inMortgage Loans, Student Loans Tag Acorns, college, Credit, credit card, Education, Family, Finance, financial aid, Financial Wize, FinancialWize, guest post, Guides, Holidays, Home, How To, Life, money, Mortgage, News, Personal Finance, Rewards, Rewards Cards, School, Shopping, student loans, Travel

The following is a guest post by Lisa Bigelow, a content writer for Bold.

When it comes to paying for college, the anxiety about how to leave college debt-free starts early. And for thousands of grads who are buckling under the weight of monthly student loan payments that can cost as much as a mortgage, that worry can last for as long as 25 years.

According to EducationData.org and The College Board, the cost of a private school undergraduate education can exceed $200,000 over four years. Think you can avoid a $100k+ price tag by staying in-state? Think againâmany public flagships can cost over $100,000 for residents seeking an undergraduate degree, including room and board. And with financial aid calculators returning eye-poppingly low awards, youâd better not get a second topping on your pizza.

In fact, youâd better hope that you can graduate on time.

The good news is that you can maintain financial health and get a great education at the same time. You wonât have to enroll as a full-time student and work 40 hours a week, eitherâeach of the methods suggested are attainable for anyone who makes it a priority to leave college debt-free.

Here are four practical ways you can leave college debt-free (and still get that second pizza topping).

1. Cut the upfront sticker price

Donât visit schools until you are certain you can afford them. Instead, prioritize the cost of attendance and how much you can afford to pay. Staying in-state is one easy way to do this. But if you have wanderlust and want to explore colleges outside state lines, an often-overlooked method of cutting the upfront cost is the regional tuition discount. Many US states participate in some form of tuition reciprocity or exchange programs. You can explore the full list of options at the National Association for Student Financial Aid Administrators website.

Letâs explore how this works. As a resident of a New England state, for example, you can study at another New England stateâs public university at a greatly reduced cost if your home stateâs public schools donât offer the degree you want. So, for example, if you live in Maine but want to go to film school, you can attend the University of Rhode Island and major in film using the regional tuition discount.

Some universities offer different types of regional discounts and scholarships that appear somewhat arbitrary. The University of Louisville (in Kentucky) includes Connecticut in its regional scholars program. And at the University of Nebraska, out-of-state admitted applicants are eligible for several thousand dollars in renewable scholarship money if they meet modest academic standards.

If you already have your heart set on an expensive school and youâre not likely to qualify for reciprocity, financial help, or merit aid, live at home and complete your first two years at your local community college.

Hereâs another fun fact: in some places, graduating from community college with a minimum GPA gives you automatic acceptance to the state flagship university.

2. Leverage dual enrollment and âtesting outâ

When you enroll in a four-year college itâs pretty likely that youâll spend the first two years completing general education requirements and taking electives. Why not further reduce the cost of your education by completing some of those credits at your local community college, or by testing out?

Community college per-credit tuition is usually much cheaper than at four-year colleges, so take advantage of the lower rate in high school and over the summer after youâre enrolled in your four-year college.

But beware: youâll probably need at least a C to transfer the credits, so read your institutionâs rules first. Also, plan to take general education and low-level elective classes, because youâll want to take courses in your major at your four-year school.

If youâve been given the opportunity to take Advanced Placement courses, study hard for your year-end exams. Many colleges will accept a score of 3 or higher for credit, although some require at least a 4 (and others none at all). Take four or five AP classes in high school, score well on the exams, and guess what? Youâve just saved yourself a semester of tuition.

3. Take advantage of financial aid opportunities

After taking steps one and two, you probably have a good idea of what the leftover expense will be if you want to leave college debt-free. Your next job is to figure out how to cut that total even more by using financial aid. There are four types to consider.

The first is called need-based aid. This is what youâll apply for when you complete your Free Application for Federal Student Aid. Known as the FAFSA, this is where youâll enter detailed financial information, and youâll need at least an hour the first time you complete this form. Hint: apply for aid as soon as the form opens in the fall. It is not a bottomless pot of money.

There is also medical-based financial aid. If you have a condition that could make employment difficult after graduating from college, you may be eligible, and qualifying is separate and apart from financial need and academic considerations.

The third type of aid relates to merit and is offered directly by colleges. Some schools automatically consider all accepted applicants for merit scholarships, which could relate to academics or community service or, in the case of recruited athletes, athletics. At other universities, youâll need to submit a separate scholarship application after youâve been admitted. Some merit awards are renewable for four years and others are only for one year.

If you didnât get need-based or merit-based aid then you still may qualify for a private scholarship. Some require essays, some donât, and some are offered by local community organizations such as rotary clubs, womenâs organizations, and the like. Donât turn your nose up at small-dollar awards, either, because they add up quickly and can cover budget-busting expenses such as travel and books.

4. Find easy money

Small-dollar awards really add up when you make finding easy money a priority. Consider using the following resources to help leave college debt-free:

Returns from micro-investing apps like Acorns
Tax return refunds
Browser add-ons that give you cashback for shopping online
Rewards credit cards (apply for a travel rewards credit card if youâre studying out of state)
Asking for money at the holidays and on your birthday
Working part-time by capitalizing on a special talent, such as tutoring, photography, or freelance writing

Leave College Debt-Free

Finally, if you have to take out a student loan, you may be able to have it forgiven if you agree to serve your community after graduation. The Peace Corps is one such way to serve, but if you have a specialized degree such as nursing, you can work in an underserved community and reap the rewards of loan forgiveness.

Lisa Bigelow writes for Bold and is an award-winning content creator, personal finance expert, and mom of three fantastic almost-adults. In addition to Credit.com, Lisa has contributed to The Tokenist, OnEntrepreneur, College Money Tips, Finovate, Finance Buzz, Life and Money by Citi, MagnifyMoney, Well + Good, Smarter With Gartner, and Popular Science. She lives with her family in Connecticut.

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Source: credit.com

February 4, 2021

Why Itâs Harder to Get Credit When Youâre Self-Employed

By Renee Powell inMortgage Loans Tag build credit, Buying, car, Career, Credit, credit card, Credit Score, debt, Emergency Fund, experience, Financial Wize, FinancialWize, Grow, Home, How To, Insurance, Investing, Job Security, line of credit, Loans, money, Mortgage, News, paycheck, Purchase, real estate, Salary, savings, Savings Account, Security, tax

Around 6.1% of employed Americans worked for themselves in 2019, yet the ranks of the self-employed might increase among certain professions more than others. By 2026, the U.S. Bureau of Labor Statistics projects that self-employment will rise by nearly 8%.

Some self-employed professionals experience high pay in addition to increased flexibility. Dentists, for example, are commonly self-employed, yet they earned a median annual wage of $159,200 in 2019. Conversely, appraisers and assessors of real estate, another career where self-employment is common, earned a median annual wage of $57,010 in 2019.

When you work for yourself, you might have to jump through additional hoops to qualify for credit.

Despite high pay and job security in some industries, thereâs one area where self-employed workers can struggle â qualifying for credit. When you work for yourself, you might have to jump through additional hoops and provide a longer work history to get approved for a mortgage, take out a car loan, or qualify for another line of credit you need.

Why Being Self-Employed Matters to Creditors

Hereâs the good news: Being self-employed doesn’t directly affect your credit score. Some lenders, however, might be leery about extending credit to self-employed applicants, particularly if youâve been self-employed for a short time.

When applying for a mortgage or another type of loan, lenders consider the following criteria:

Your income
Debt-to-income ratio
Credit score
Assets
Employment status

Generally speaking, lenders will confirm your income by looking at pay stubs and tax returns you submit. They can check your credit score with the credit bureaus by placing a hard inquiry on your credit report, and can confirm your debt-to-income ratio by comparing your income to the debt you currently owe. Lenders can also check to see what assets you have, either by receiving copies of your bank statements or other proof of assets.

The final factor â your employment status â can be more difficult for lenders to gauge if youâre self-employed, and managing multiple clients or jobs. After all, bringing in unpredictable streams of income from multiple sources is considerably different than earning a single paycheck from one employer who pays you a salary or a set hourly rate. If your income fluctuates or your self-employment income is seasonal, this might be considered less stable and slightly risky for lenders.

That said, being honest about your employment and other information when you apply for a loan will work out better for you overall. Most lenders will ask the status of your employment in your loan application; however, your self-employed status could already be listed with the credit bureaus. Either way, being dishonest on a credit application is a surefire way to make sure youâre denied.

Extra Steps to Get Approved for Self-Employed Workers

When you apply for a mortgage and youâre self-employed, you typically have to provide more proof of a reliable income source than the average person. Lenders are looking for proof of income stability, the location and nature of your work, the strength of your business, and the long-term viability of your business.

To prove your self-employed status wonât hurt your ability to repay your loan, youâll have to supply the following additional information:

Two years of personal tax returns
Two years of business tax returns
Documentation of your self-employed status, including a client list if asked
Documentation of your business status, including business insurance or a business license

Applying for another line of credit, like a credit card or a car loan, is considerably less intensive than applying for a mortgage â this is true whether youâre self-employed or not.

Most other types of credit require you to fill out a loan application that includes your personal information, your Social Security number, information on other debt you have like a housing payment, and details on your employment status. If your credit score and income is high enough, you might get approved for other types of credit without jumping through any additional hoops.

10 Ways the Self-Employed Can Get Credit

If you work for yourself and want to make sure you qualify for the credit you need, there are plenty of steps you can take to set yourself up for success. Consider making the following moves right away.

1. Know Where Your Credit Stands

You canât work on your credit if you donât even know where you stand. To start the process, you should absolutely check your credit score to see whether it needs work. Fortunately, there are a few ways to check your FICO credit score online and for free.

2. Apply With a Cosigner

If your credit score or income are insufficient to qualify for credit on your own, you can also apply for a loan with a cosigner. With a cosigner, you get the benefit of relying on their strong credit score and positive credit history to boost your chances of approval. If you choose this option, however, keep in mind that your cosigner is jointly responsible for repaying the loan, if you default.

3. Go Straight to Your Local Bank or Credit Union

If you have a long-standing relationship with a credit union or a local bank, it already has a general understanding of how you manage money. With this trust established, it might be willing to extend you a line of credit when other lenders wonât.

This is especially true if youâve had a deposit account relationship with the institution for several years at minimum. Either way, itâs always a good idea to check with your existing bank or credit union when applying for a mortgage, a car loan, or another line of credit.

4. Lower Your Debt-to-Income Ratio

Debt-to-income (DTI) ratio is an important factor lenders consider when you apply for a mortgage or another type of loan. This factor represents the amount of debt you have compared to your income, and itâs represented as a percentage.

If you have a gross income of $6,000 per month and you have fixed expenses of $3,000 per month, for example, then your DTI ratio is 50%.

A DTI ratio thatâs too high might make it difficult to qualify for a mortgage or another line of credit when youâre self-employed. For mortgage qualifications, most lenders prefer to loan money to consumers with a DTI ratio of 43% or lower.

5. Check Your Credit Report for Errors

To keep your credit in the best shape possible, check your credit reports, regularly. You can request your credit reports from all three credit bureaus once every 12 months, for free, at AnnualCreditReport.com.

If you find errors on your credit report, take steps to dispute them right away. Correcting errors on your report can give your score the noticeable boost it needs.

6. Wait Until Youâve Built Self-Employed Income

You typically need two years of tax returns as a self-employed person to qualify for a mortgage, and you might not be able to qualify at all until you reach this threshold. For other types of credit, it can definitely help to wait until youâve earned self-employment income for at least six months before you apply.

7. Separate Business and Personal Funds

Keeping personal and business funds separate is helpful when filing your taxes, but it can also help you lessen your liability for certain debt.

For example, letâs say that you have a large amount of personal debt. If your business is structured as a corporation or LLC and you need a business loan, separating your business funds from your personal funds might make your loan application look more favorable to lenders.

As a separate issue, start building your business credit score, which is separate from your personal credit score, early on. Setting up business bank accounts and signing up for a business credit card can help you manage both buckets of your money, separately.

8. Grow Your Savings Fund

Having more liquid assets is a good sign from a lenderâs perspective, so strive to build up your savings account and your investments. For example, open a high-yield savings account and save three to six months of expenses as an emergency fund.

You can also open a brokerage account and start investing on a regular basis. Either strategy will help you build up your assets, which shows lenders you have a better chance of repaying your loan despite an irregular income.

9. Provide a Larger Down Payment

Some lenders have tightened up mortgage qualification requirements, and some are even requiring a 20% down payment for home loans. Youâll also have a better chance to secure an auto loan with the best rates and terms with more money down, especially for new cars that depreciate rapidly.

Aim for 20% down on a home or a car that youâre buying. As a bonus, having a 20% down payment for your home purchase helps you avoid paying private mortgage insurance.

10. Get a Secured Loan or Credit Card

Donât forget the steps you can take to build credit now, if your credit profile is thin or youâve made mistakes in the past. One way to do this is applying for a secured credit card or a secured loan, both of which require collateral for you to get started.

The point of a secured credit card or loan is getting the chance to build your credit score and prove your creditworthiness as a self-employed worker, when you canât get approved for unsecured credit. After making sufficient on-time payments toward the secured card or loan, your credit score will increase, you can upgrade to an unsecured alternative and get your deposit or collateral back.

The Bottom Line

If youâre self-employed and worried that your work status will hurt your chances at qualifying for credit, you shouldnât be. Instead, focus your time and energy on creating a reliable self-employment income stream and building your credit score.

Once your business is established and youâve been self-employed for several years, your work status wonât matter as heavily. Keep your income high, your DTI low, and a positive credit record, youâll have a better chance of getting approved for credit.

The post Why Itâs Harder to Get Credit When Youâre Self-Employed appeared first on Good Financial CentsÂ®.

Source: goodfinancialcents.com

February 4, 2021

Matthew Perry Sells Malibu Beach House for $13.1M

By Renee Powell inAuto Insurance Tag Auto, california, Celebrity Real Estate, Credit, Financial Wize, FinancialWize, Home, Main, Malibu CA, News, oceanfront, property, real estate

Paul Drinkwater/NBCU/Getty Images

Matthew Perry of âFriendsâ found a buyer who was there for him. He has successfully sold his Malibu, CA, beach house for $13.1 million.

Perry had initially listed his “kick-ass Malibu home”âas he called his place on social mediaâin August for $14.95 million. In September, the actor dropped the asking price by a million dollars, to $13.95 million.

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Matthew Perry’s Malibu beach house (realtor.com)

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Loft-like space (realtor.com)

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Dining area (realtor.com)

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Kitchen (realtor.com)

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Deck (realtor.com)

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Home theater (realtor.com)

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Floating staircase (realtor.com)

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Master suite (realtor.com)

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Master bath (realtor.com)

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Spa (realtor.com)

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Steps to the beach (realtor.com)

He then slashed the price one last time to $12.95 million. That reduction attracted a buyer, who scooped up the swanky space for just a little over the ask.

Although the price ended up lower than his initial asking price, Perry came out ahead. The savvy star picked up the the property in 2011 for $12 million.

Perry reportedly bought the beachfront abode from the Southern California developer Scott Gillen, who completely transformed the circa-1960 build.

The result is a loftlike space with expansive walls of glass, looking out to the Pacific Ocean.

The fab pad can hold lots of friends, with two floors, four bedrooms, and 3.5 bathrooms on 5,000 square feet. The main level features an open living and dining area, a fireplace, beamed ceilings, and sparkling views of the ocean. The glass walls completely open up, extending the living area out to a deck that runs the length of the house on both floors.

A floating wood-and-steel staircase leads to the lower-level master suite, which includes a sitting area, walk-in closet, and luxurious bathroom.

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Watch: Comedian Kathy Griffin Gets a Deal While Downsizing in SoCal

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The home also features an outdoor spa and a state-of-the-art home theater.

Meanwhile, the deck comes with plenty of seating and a fire pit, perfect for catching the sunset.

The open floor plan made the buyer swoon, according to Luis Robledo, the Douglas Elliman agent who represented the buyer.

âThe minute you walk through the front door, you have a completely open and expansive view of the ocean, with floor-to-ceiling and wall-to-wall windows,” Robledo says. “Two decks on both levels spanning the length of the homeâmaximizing the outdoor spaceâalso made it extremely compelling. This is the perfect getaway place.â

Perry took full advantage of the beach pad as his personal getaway during the pandemic. He posted photos to his Instagram account from the property as he hung out on his deck or baked cookies in the kitchen.

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A post shared by Matthew Perry (@mattyperry4)

Perry had been on a selling spree, also placing a posh penthouse on the market in Los Angeles in 2019 for $35 million. In 2017, he bought the âmansion in the sky,â which occupies the entire 40th floor of the Wilshire Corridor’s elite Century Building, for $20 million.

He renovated the place to his taste, with what looks like wall-to-wall velvet furniture, a huge master suite with views, and the home theater. The listing is currently off market.

Now that he’s freed from his real estate concerns, the star’s new focus appears to be an adorable puppy.

View this post on Instagram

A post shared by Matthew Perry (@mattyperry4)

Luis Robledo of Douglas Elliman represented the buyer. Joshua Flagg with Rodeo Realty repped the seller.

The post Matthew Perry Sells Malibu Beach House for $13.1M appeared first on Real Estate News & Insights | realtor.comÂ®.

Source: realtor.com

February 4, 2021

New to Market: Matt Damon’s Zen Los Angeles Home Asks $21 Million

By Renee Powell inAuto Insurance Tag brooklyn, Buy, cali living, Celebrity cribs, Celebrity Real Estate, Credit, Family, Financial Wize, FinancialWize, Home, living room, los angeles homes, Luxury, modern homes, most beautiful celebrity homes, News, property, Purchase, real estate

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.

inside matt damon's beautiful house in los angeles — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

An architectural gem with striking features & Instagram-worthy interiors

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.

two-story-atrium-with-vaulted-ceilings-in-matt-damons-house — Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams

inside matt damon's house, living room — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

inside matt damon's house, living room and dining room — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

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.

kitchen in Matt Damon's house in Los Angeles, now on the market for $21 million. — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

Inside Matt Damon's house in Los Angeles, now on the market for $21 million. — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

primary suite in matt damon's los angeles house — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

massage room in matt damon's house — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

beautiful bedroom in matt damon's house in Los Angeles — ^{Inside Matt Damon’s house in Los Angeles, now on the market for $21 million. Image credit: Alexis Adams}

Amenities galore and a wonderful backyard retreat

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.

Pool and outdoor area of Matt Damon's Los Angeles home in Pacific Palisades. — ^{Pool and outdoor area of Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams}

outdoor lounge and alfresco dining area in matt damon's $21 million house — ^{Pool and outdoor area of Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams}

kids playground in matt damon's house — ^{Playground outside Matt Damon’s Los Angeles home in Pacific Palisades. Image credit: Alexis Adams}

Matt Damon’s next home is vastly different from his Los Angeles digs

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 BozÃ¡n 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.

More beautiful celebrity homes

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

February 3, 2021

How to redeem cash back

By Renee Powell inApartment Communities, Cash Back Tag american express, ATM, Banking, Budget, Cash Back, Checking Account, Credit, Credit Cards, Credit Score, Direct Deposit, earnings, Fees, financial habits, Financial Wize, FinancialWize, How To, journey, money, News, Products, Purchase, Rewards, savings, Savings Account, Shopping, Spending, Travel

Surveys consistently show that no credit card reward is more popular than cold, hard cash. Indeed, cash back cards came out well ahead of other types of rewards cards in a recent CreditCards.com survey, which found that close to half of U.S. adults own a cash back credit card.

And for good reason: Instead of having to decipher a complex redemption scheme, you can opt for a simple, straightforward reward and use it in the way that fits you best.

Here we take a look at some of the most common types of cash back redemption, along with some of the restrictions you may encounter when redeeming your rewards.

How cash back cards work

Cash back cards come in a variety of flavors, but they all fundamentally work the same way: As you make purchases with your card, you earn cash rewards at a set rate. There are three major types of cash back cards.

Flat-rate cash back cards offer the same percentage of cash back for all purchases, usually between 1% and 2%.
Bonus category cash back cards typically reward some purchases, like groceries or dining, at a higher rate, while rewarding general purchases at 1%.
Rotating bonus category cash back cards have dynamic bonus categories that automatically change or allow you to select a different bonus category after a certain length of time.

See related:Â What is cash back?

Ways to redeem cash back

Depending on your card and issuer, you may have a variety of choices in how you redeem your cash back rewards. Some issuers even allow you to set up an automatic redemption, meaning your redemption would automatically initiate after a set number of days or after you earn a certain amount in rewards.

The most common ways to redeem cash back are:

A statement credit
A direct deposit to a bank account
A check
Gift cards
Merchandise

Redeeming cash back as a statement credit

One of the most common ways to redeem cash back is as aÂ statement credit. A statement credit is money credited to your account that reduces your card balance. For example, if you were to spend $1,000 with a card that offers 1.5% cash back on every purchase, youâd earn $15 in cash back rewards; and if you were to redeem this cash back as a statement credit, your balance would decrease by $15 to $985.

Blue Cash PreferredÂ® Card from American Express, for example, requires you to have earned $25 in cash back before you can redeem as a statement credit.

TheÂ Chase Freedom UnlimitedÂ®card lets you redeem rewards as a statement credit in any amount, anytime.

Once youâve met your cardâs redemption requirements, you can simply choose a statement credit as your preferred cash back redemption.

Redeeming cash back as a check or direct deposit

A slightly smaller number of credit card rewards programs let you redeem your rewards for âtrueâ cash back in the form of a check or direct deposit to your bank account. Claiming your cash back in this way gives you a bit more leeway since you can save or spend your rewards however you like instead of having them âlockedâ into a particular card account.

As with statement credits, the requirements for requesting a check vary from card to card, with some issuers requiring you to have earned a minimum amount of cash back before you can request a check and others imposing relatively few restrictions.

Direct deposits tend to be a bit trickier across the board, especially if you donât already have a banking relationship with your credit card issuer.

TheÂ Bank of AmericaÂ® Cash Rewards credit card, for example, will only let you redeem cash back as direct deposit if you have a checking or savings account with Bank of America.
TheÂ CitiÂ® Double Cash Card lets you redeem your cash back as a direct deposit only if you have a linked Citi account or a checking account from which youâve paid a Citi credit card bill at least twice. While the Double Cash card requires you to have earned at least $25 in cash back to redeem as a statement credit, thereâs no minimum to redeem as a direct deposit.

Wells Fargo Cash Wise VisaÂ® cardÂ lets you claim your cash back via an ATM (in $20 increments only) if you have a Wells Fargo Bank account.

Automatic cash back redemption

Along with manually requesting a statement credit, check or direct deposit, a number of cards allow you to set up automatic cash back redemption. If your card allows automatic redemption, your cash back is generally distributed at set times or after youâve earned a certain amount.

TheÂ Capital One Quicksilver Cash Rewards Credit Card and, for example, allow you to schedule automatic cash back redemption via statement credit or check at a set time once per year or once youâve reached a cash back earnings threshold ($25, $50, $100, $200, $500 or $1,500).
Even some cards designed for credit-builders, like theÂ Credit One Bank American ExpressÂ® Card, allow automatic redemption as a statement credit, offering those looking to improve their financial habits a âset-it-and-forget-itâ cash back savings tool that will periodically knock off a chunk of their credit card balance.

Travel, gift cards and merchandise on an issuerâs online portal

Most credit card issuers also give you the option of redeeming your cash back through a rewards portal for online shopping or as gift cards to select department stores, restaurants, video streaming services and more.

TheÂ Discover itÂ® Cash Backcard, for example, lets you redeem your cash back for gift cards from shopping partners once youâve earned $5 in cash back (gift cards range from $5 to $200, in increments of $5).
TheÂ Amazon Prime Rewards Visa Signature card*lets you redeem your points for purchases on Amazon.com, as a statement credit or deposit, or for gift cards and travel â all at a rate of 1 cent per point.

Having the option to use your rewards for travel allows you to enjoy the benefits of travel rewards with a cash back card and is especially common among cash back cards that use points or allow you toÂ choose between cash back and points.

The Chase Freedom Unlimited is a great example. You can earn unlimited cash back at a rate of 5% cash back on every purchase, which translates to 1.5 points per dollar if redeemed for travel in theÂ Chase Ultimate Rewards portal.
Similarly, the Citi Double Cash Card lets you transfer your cash back toÂ Citi ThankYou Rewards and redeem for travel rewards, as well as gift cards, merchandise and other purchases through the Pay with Points program.

Cash back redemption options on popular rewards cards

As you can see, cash back redemption options vary considerably from issuer to issuer and card to card. Hereâs a closer look at how cash back redemption breaks down with some of the most popular cash back credit cards.

Card	Redeem as a statement credit?	Redeem as a check?	Redeem as a direct deposit?
Blue Cash PreferredÂ® Card from American Express	Yes (once youâve earned $25 in cash back)	No	No
Bank of AmericaÂ® Cash Rewards credit card	Yes (once youâve earned $25 in cash back)	Yes (once youâve earned $25 in cash back)	Yes (into a Bank of America checking or savings account, once youâve earned $25 in cash back)
Capital One Quicksilver Cash Rewards Credit Card	Yes, anytime	Yes, anytime	No
Chase Freedom UnlimitedÂ®	Yes, anytime	Yes, anytime	Yes
CitiÂ® Double Cash Card	Yes (once youâve earned $25 in cash back)	Yes (once youâve earned $25 in cash back)	Yes (to a linked Citi savings or checking account or to a checking account from which youâve paid your Citi credit card bill at least twice)
Discover itÂ® Cash Back	Yes, anytime	No	Yes

Best cash back redemption options

With all those options for redeeming for cash, which one is best?

The key point to consider is whether your rewards lose any value when redeemed in a certain way. You want to make sure you are getting the most value back, so be careful if you redeem for merchandise, which can be worth less than rewards redeemed for straight cash.

That said, unless your issuer offers a bonus for claiming your rewards as a statement credit instead of âtrueâ cash back, you should simply stick to whichever option is most convenient.

One drawback to cash rewards is they often donât feel like actual rewards because they get swept up into your ongoing finances. If that bothers you, you might consider taking note of how much you are receiving in cash rewards, then rewarding yourself by spending that amount on something you want, so that you feel like youâre getting a reward.

Either way, thatâs the best aspect of cash back rewards: Itâs your decision.

Choosing the best cash back credit card for you

Your redemption options are just one consideration when choosing a credit card. Consider these factors:

Bonus categories

When shopping around for cash back cards, find the card that will work the hardest for you, not the other way around. In other words, a cash back rate of 5% at restaurants is great, but not if you rarely eat out. Bottom line: Find a credit card that matches the largest portions of your budget.

Also, be honest about how much thought you want to give to your credit card. If you prefer a âset and forgetâ approach, a flat-rate card is a better choice than a rotating bonus category card.

Annual fees

With so many great no annual fee cards, you might wonder why you would ever get a card with an annual fee. But often, the rewards rates are so much better that it actually makes sense to get the card with the annual fee. For example, comparing the Blue Cash EverydayÂ® Card from American Express and the Blue Cash PreferredÂ® Card from American Express, we found that consumers who spend more than $3,200 annually at U.S. supermarkets ($267 per month) were actually better off with Blue Cash Preferred, which has a $95 annual fee.

From redemption options to bonus categories, each cash back card is designed for a different type of consumer. If you havenât found your perfect match yet, try our CardMatchâ¢ tool, which can deliver personalized credit card offers in seconds with no impact on your credit score.

All information about the Capital One Savor Cash Rewards Credit Card and the Amazon Prime Rewards Visa Signature Card has been collected independently by CreditCards.com. The issuers did not provide the content, nor are they responsible for its accuracy.

Source: creditcards.com

February 3, 2021

Mortgage Rates vs. Fed Announcements

By Renee Powell inHome Decor, Home Design, Mortgage Rates, Refinance Tag Coronavirus, Financial Wize, FinancialWize, Mortgage, Mortgage Rates, News, refinance, Vs.

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

The post Mortgage Rates vs. Fed Announcements first appeared on The Truth About Mortgage.

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