Credit cards – Arro Payday Loans http://arropaydayloans.com/ Mon, 21 Nov 2022 19:31:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://arropaydayloans.com/wp-content/uploads/2021/07/cropped-icon-32x32.png Credit cards – Arro Payday Loans http://arropaydayloans.com/ 32 32 Do credit cards have routing numbers? https://arropaydayloans.com/do-credit-cards-have-routing-numbers/ Mon, 21 Nov 2022 19:31:02 +0000 https://arropaydayloans.com/do-credit-cards-have-routing-numbers/ Poike / Getty Images / iStockphoto When you enter the world of banking, it’s easy to wonder if credit cards have routing numbers. After all, other accounts have routing numbers, and your credit card has a 16-digit number. But unlike other types of banking products, credit cards do not have routing numbers. Let’s take a […]]]>

Poike / Getty Images / iStockphoto

When you enter the world of banking, it’s easy to wonder if credit cards have routing numbers. After all, other accounts have routing numbers, and your credit card has a 16-digit number. But unlike other types of banking products, credit cards do not have routing numbers.

Let’s take a closer look at why credit card don’t have routing numbers and what that means for your credit card experience.

Do credit cards have routing numbers?

No, credit cards do not have routing numbers. Instead, credit cards have a 16-digit account number.

When using a credit card, a routing number is not required to complete the transaction. Instead, your credit card is associated with an account number that allows banks to track their charges.

Although your credit card issuing bank may have a routing number, the credit card itself will not have a routing number.

Why Credit Cards Don’t Need Routing Numbers

Credit card don’t have routing numbers because they just don’t need them. Routing numbers are needed to transact between two bank accounts. For example, a bank transfer Where Check would involve a routing number to finalize the process. However, a credit card uses an account number to link your card transactions to your account.

As you probably know, credit cards have an account number. Typically this is printed directly on the front or back of the card. If your physical card doesn’t display an account number, check your card’s online portal to find your account number. The account number is used for payment processing. But there is no need to have a routing number as the funds are not transferred from one bank account to another. Instead, the credit card issuer will keep a running tab of your charges, which you can pay at a later date.

What is a routing number?

A routing number, or Routing Transit Number, is an identification number for a financial institution. According to the US Treasury Department, the routing number is “the number identifying the bank where you have your control, savings or business account. Sometimes routing numbers are labeled ABA routing numbers, with a nod to the American Bankers Association.

What types of accounts have routing numbers?

If you work with a big bank, some accounts will have routing numbers. For example, you should expect to see a routing number linked to your individual checking and savings accounts. As business ownersbusiness checking accounts and savings accounts will also have routing numbers associated with them.

Why do banks have routing numbers?

The purpose of a routing number is to identify banks while performing financial transactions. When a transaction is initiated, a clearinghouse will use the routing number to properly process the financial transaction. For a financial institution to obtain a routing number, it must be deemed eligible for a primary account by a Federal Reserve Bank. Before receiving a routing number, the financial institution must prove that it has the credentials of a federally or state-chartered institution.

Without routing numbers, it is difficult to complete financial transactions in a streamlined and accurate manner. In 1910, the routing number system was started. With an easily identifiable 9-digit code, it is easier to follow the different financial institutions during a financial transaction.

In addition to a routing number, you will also need to provide your account number for a transaction to complete. Both pieces of the puzzle are necessary for the modern banking system to work effectively.

Where can I find my routing number?

Some large financial institutions have several different routing numbers for different areas of business. In some cases, financial institutions will create different routing numbers for different types of transactions. With that in mind, finding your routing number can sometimes be a little tricky.

However, you should be able to find your routing number at the bottom of your checks. The 9-digit routing number will be the first set of numbers at the bottom left of your check. If you don’t have a check handy, you may be able to retrieve your routing number through your online banking gate. For example, your banking platform may have your routing number obviously linked to your account.

Many financial institutions also keep their routing numbers readily available at the bottom of their website. It must indicate either the routing number or the ABA number. If you still can’t find your routing number, that’s okay! Simply call your financial institution’s customer service team. They should be able to provide the numbers you need quickly.

What is a credit card account number?

A credit card account number is a 16-digit string that identifies your credit card.

Within the string of numbers, there are identifying characteristics that indicate more details about your credit card. For example, the first digits of the card number indicate which credit card issuer you work with. All American Express account numbers start with 37 or 34, while credit card account numbers issued by Mastercard start with 5.

After these first digits, the next six to eight digits indicate the financial institution that issued the card. And the other digits of the account number are unique to your specific account. Ultimately, your credit card account number is a unique string of numbers that links your credit card transactions to your credit card statement.

What is the difference between a routing number and a credit card account number?

The routing number linked to your financial institution is a code unique to your financial institution. However, multiple accounts from the same bank will use this routing number to complete transactions.

In contrast, your credit card account number consists of a unique string of numbers associated only with your credit card. Since credit card transactions involve different payment processing protocols and channels, a routing number is not necessary for credit cards.

Summary

When using your credit card, you do not need to provide a routing number. If you are looking for the account number to complete a transaction with your credit card, you can often find the necessary 16-digit code directly on your credit card.

Information is accurate as of November 21, 2022.

This article originally appeared on GOBankingRates.com: Do credit cards have routing numbers?

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Capital One SavorOne card: 8 reasons to apply https://arropaydayloans.com/capital-one-savorone-card-8-reasons-to-apply/ Fri, 18 Nov 2022 00:03:17 +0000 https://arropaydayloans.com/capital-one-savorone-card-8-reasons-to-apply/ In the interest of full disclosure, OMAAT earns a referral bonus for anyone approved through some of the links below. These are the best publicly available deals (conditions apply) we’ve found for each product or service. The opinions expressed here are those of the author alone, and not those of the bank, credit card issuer, […]]]>
In the interest of full disclosure, OMAAT earns a referral bonus for anyone approved through some of the links below. These are the best publicly available deals (conditions apply) we’ve found for each product or service. The opinions expressed here are those of the author alone, and not those of the bank, credit card issuer, airline, hotel chain or product manufacturer/service provider, and have not been reviewed, approved or otherwise endorsed by any of these entities. Please check our advertiser policy for more details on our partners, and thank you for your support!

Link: Apply now for the Capital One SavorOne Cash Rewards Credit Card

The Capital One SavorOne card is the next card I intend to ask for. Although the card has been on my radar for a while, the recent perks added to this card have really sealed the deal for me. While you can read a full map reviewbelow I wanted to share eight reasons why I think the Capital One SavorOne is worth it.

In no particular order…

No annual fee

First and foremost, the CapitalOne has no annual fee – not the first year, and not any year after that. Who wouldn’t want to take a card with no annual fee while still offering valuable benefits?

I also think it’s worth pointing out that there is general value in picking up cards with no annual fee. Keeping cards long term can improve your credit score, keeping your credit utilization low and increasing the average age of your accounts. If I’m going to keep cards long term, I’d rather they didn’t have an annual fee.

$200 welcome bonus

The CapitalOne has a $200 welcome bonus after spending $500 in the first three months. That’s a solid bonus for a personal card with no annual fee, although I only consider it icing on the cake, as the main reason you want this card is for its long-term value.

No foreign transaction fees

The CapitalOne has no foreign transaction fees, which is quite remarkable for a card with no annual fee. I know a lot of people want a card with no annual fee that also won’t charge foreign transaction fees for purchases abroad, so this is a great card to consider for that purpose.

This is an area where Capital One leads the industry, as the issuer has no foreign transaction fees on any of its cards.

Pay no foreign transaction fees with the SavorOne

Excellent 3% cash back bonus categories

The CapitalOne offers compelling bonus categories for cashback card with no annual fee. The card pays out the following, all without a win cap:

  • 3% cash back on dining
  • 3% cash back at grocery stores
  • 3% cash back on entertainment
  • 3% cash back with select popular streaming services
  • 1% cash back on all other purchases

This is one of the best no-annual-fee cards in terms of yield to eat, grocery storesand more.

Earn 3% cash back on your meals with the SavorOne

Free Uber One Membership

This is where the CapitalOne really starting to tempt me. Thanks to a partnership between Capital One and Uberthose who own the card can receive a free Uber One membership valid until November 14, 2024. It usually costs $9.99 per month or $99.99 per year, so it’s great value for a card no annual fee.

As someone who orders food too often through Uber Eats, this is something I would otherwise pay for. It offers the following benefits with Uber and Uber Eats:

  • 5% off eligible rides and orders for food, groceries, alcohol, etc.
  • Be paired with the best pilots
  • An Uber One promise, whereby on qualifying deliveries, you’ll receive $5 in Uber Cash if the latest arrival estimate (shown after checkout) is wrong
  • Unlimited $0 delivery charge on qualifying food orders over $15 and grocery orders over $30
  • Access to premium member support, special offers and promotions, and invite-only experiences

10% cash back with Uber and Uber Eats

The partnership between Capital One and Uber not only offers free Uber One membership, but it offers another benefit that excites me even more. Until November 14, 2024, the CapitalOne offers 10% cash back on purchases with Uber and Uber Eats.

This is a game changer for me, as it is way better than the rewards I get on these purchases with any other card. Uber Eats is a big household expense for us (especially as new parents who go out a lot less to eat), so that alone is motivation enough for me to pick up the card.

Earn 10% cash back with Uber

Convert your rewards into Capital One miles

While the CapitalOne is officially a cash back card, it’s even a great card for points lovers. This is because if you have the card in conjunction with a Capital One Venture Cardas the Capital One Venture X Rewards Credit Card (exam), then all rewards earned on the map will be converted to miles.

Specifically, every cash back penny earned with the card can be converted into one Capital One Venture Mile, opening up all sorts of travel possibilities. Personally I value of Capital One miles at 1.7 cents each, so for me that increases the point value significantly.

This means the 3% Cash Back bonus categories can really get you 3x Venture Miles, and the 10% Cash Back with Uber and Uber Eats can really get you 10x Venture Miles.

Redeem Capital One miles for luxury travel experiences

Incredible Capital One Venture X add-on

The Capital One Venture X has become incredibly popular over the past year, especially with those who enjoy collecting points.

While the Venture X has an annual fee of $395, in reality the card shouldn’t cost anyone that much, given the $300 annual travel credit and 10,000 anniversary bonus miles. In addition, the card offers a Priority Pass subscription, access to Capital One lounges, access to Plaza Premium lounges, great benefits for authorized users, mobile phone protection, rental car insuranceand more.

The CapitalOne is such fantastic complement to this card:

  • It allows you to build up a portfolio of cards to maximize your Capital One miles; this card could help you earn 3 x Venture Miles on restaurants, groceries, entertainment and some streaming services
  • Uber One benefits and 10% cash back are only available on the Savor One, not the Venture X
Access the Capital One lounge with the Venture X

At the end of the line

The CapitalOne is an amazing no-annual-fee card that’s better than ever. The card has long 3% cashback bonus categories with no foreign transaction fees. What makes it even better now is that it offers phenomenal limited-time Uber benefits, including Uber One membership, as well as 10% cash back with Uber.

It is a fantastic addition to Capital One Venture X, as the card allows you to bundle your rewards and turn cash into valuable miles. This is a card I plan to purchase shortly – it offers me tangible value and will also help me maintain a great credit rating.

Anyone else see value in the CapitalOne?

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Should You Get a Travel Rewards Card in 2023? https://arropaydayloans.com/should-you-get-a-travel-rewards-card-in-2023/ Sun, 13 Nov 2022 12:00:28 +0000 https://arropaydayloans.com/should-you-get-a-travel-rewards-card-in-2023/ Image source: Getty Images Be sure to pack your travel rewards cards next year! Key points Inflation and demand have driven up travel costs, and this is expected to continue into 2023. Travel rewards can be redeemed for free flights and hotel stays, greatly reducing your travel expenses. The perks that come with many travel […]]]>

Image source: Getty Images

Be sure to pack your travel rewards cards next year!


Key points

  • Inflation and demand have driven up travel costs, and this is expected to continue into 2023.
  • Travel rewards can be redeemed for free flights and hotel stays, greatly reducing your travel expenses.
  • The perks that come with many travel cards can also enhance your travel experience.

Although it may be hard to believe, 2023 is right around the corner. And given the state of the travel industry, now might be the time to start considering your travel for the coming year.

For rewards lovers, a big part of this strategy will involve credit card. But it’s not just credit card collectors who should consider travel rewards cards in 2023. No, with travel costs rising as much as the cost of, well, everything else, we could all use a good way to travel cheaply.

Travel costs are expected to continue to rise

The travel industry is currently experiencing a drop in costs. First, there is inflation. Like everywhere else, the increased costs experienced by airlines, hotels and other travel providers are passed on directly to the consumer.

Then there is the second success: demand. Since the end of most COVID-19 precautions over the past year, travel request soared. This not only caused all those headline-worthy delays we’ve all heard about, but it also allowed travel suppliers to raise their prices.

Worse still, just about every expert is certain that these two issues (inflation and high travel demand) continue until 2023. The bottom line? Don’t expect travel costs to drop anytime soon.

Points and miles can save your budget

One of the best ways to lower your travel costs is to offer travel rewards. The points and miles you can earn with your subscriptions can be turned into free flights and hotel nights, eliminating much of your travel expenses.

The key to getting the most out of your travel rewards is to plan ahead. If you know which airline you’re most likely to fly, for example, you can consider co-branding airline credit cards. With these cards you earn miles directly from this airline. Similarly, if you know the hotel brands in which you are likely to stay, their co-branding hotel credit cards can earn you loyalty points for free stays.

If your upcoming travel plans are still a little on hold, consider cards with transferable points. These cards allow you to earn points that can be transferred to various travel partners, including airline and hotel brands. These cards offer the most flexibility in how you use your rewards.

Benefits that make traveling a pleasure

While saving on travel costs is a great reason to get a travel rewards card, there’s also something else to consider: the perks. Many travel cards, especially high-end cards, offer tons of perks that can make your trip much more enjoyable.

For example, if the thought of sitting in a crowded airport terminal makes you cringe, consider a trip card with access to the airport lounge. Even a busy airport lounge can be a significant improvement over the sardine-like situation that tends to happen outside the door.

Hotel status is another popular travel card benefit. This can easily net you valuable extras like free breakfast, premium wifi, and room upgrades. Oh, and don’t overlook less flashy perks like guaranteed room availability or late check-out that can make your trip easier.

Travel can be hectic and expensive at the best of times. Everything indicates that 2023 will not be a “best-of-times” travel year. If your plans for 2023 involve travel, consider a new travel rewards card for the new year.

The best credit card waives interest until 2024

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% for up to 21 months! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

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Should you get a new credit card in 2023? Ask yourself these questions to decide https://arropaydayloans.com/should-you-get-a-new-credit-card-in-2023-ask-yourself-these-questions-to-decide/ Thu, 10 Nov 2022 11:32:00 +0000 https://arropaydayloans.com/should-you-get-a-new-credit-card-in-2023-ask-yourself-these-questions-to-decide/ Image source: Getty Images Carry the right credit card can benefit your finances in a number of important ways, from helping you earn rewards to saving you money on interest charges. Unfortunately, many people stick to the status quo and don’t explore their credit card options. You don’t want to be one of them. Check […]]]>

Image source: Getty Images

Carry the right credit card can benefit your finances in a number of important ways, from helping you earn rewards to saving you money on interest charges.

Unfortunately, many people stick to the status quo and don’t explore their credit card options. You don’t want to be one of them.

Check it out: This card has one of the longest 0% interest intro periods.

More: Consolidate your debt with one of these top-rated balance transfer credit cards

With a new year just around the corner, asking yourself six key questions could help you decide if 2023 is the time to finally add a new card to your wallet.

1. Have your consumption habits changed?

A good rewards card can earn you lots of points, cash back or miles for spending you would have to pay anyway. But in order to maximize the rewards you earn, you want a card with a bonus program that matches your spending habits.

For example, if you tend to spend most of your money on groceries, you might want to look for a card that offers cash back or bonus points on groceries. But if you’re a frequent flyer, it may be more important that your bonus rewards come from flight purchases or hotel purchases.

If your spending habits have changed since you signed up for your existing rewards card, it makes sense to see if a new card might be a better fit.

2. Do you use your card benefits?

Many cards offer benefits beyond simple rewards. For example, you can get airline lounge access, purchase protection, rental car insurance, extended warranty, or a host of other cardholder benefits. .

If you’re not using the extra benefits your card offers, it might be worth switching to another card with features you’ll actually enjoy. This is especially true if you’re paying an annual fee for a card that’s no longer worth it.

3. Will you need to borrow for any purchases?

If you plan to carry a balance on your credit card, the most important thing you can do is make sure your APR is as low as possible. If your current card has a typical high rate (as most credit cards do), you might want to consider signing up for a new card that offers an introductory APR of 0%. This way, you could finance your purchases over the year and pay no interest on them.

Just make sure you have a plan to pay back what you borrow before finance charges kick in – and don’t borrow so much that you’ll be in over your head.

4. Could a balance transfer help you pay off your debts?

If you currently have high-rate credit card debt, applying for a new balance transfer card could help lower your repayment cost. A balance transfer card usually comes with a 0% APR for several months. Although you’ll pay a small fee to transfer your balance, qualifying for that 0% rate might be worth signing up for a new card.

5. Have you checked out credit card bonus offers lately?

Many cards offer bonus offers for new customers, such as $500 extra cash back if you spend a certain amount within three months of opening the account. If you haven’t opened a new card to get a bonus offer in a while, it might be worth looking into the offers available. If you can get a free plane ticket or some extra cash just for opening a new card, you may decide that’s right for you.

6. Are you going to take out large loans?

Finally, consider whether you’re going to take out a large loan, such as a mortgage or car loan. If you anticipate this, you might want to wait before opening a new map. This could temporarily hurt your credit score by lowering your average credit age and leaving you with an investigation into your credit report. And it’s not worth paying a higher rate on those larger loans.

By asking yourself these six questions, you can make a smart choice about whether to open a new card in 2023. If you decide to go ahead with opening a new account, make sure do your research to find the one that’s right for you.

The best credit card waives interest until 2024

If you have credit card debt, transfer it to this top balance transfer card guarantees you an introductory APR of 0% for up to 21 months! Plus, you won’t pay any annual fees. These are just a few of the reasons why our experts consider this card a top choice to help you control your debt. Read our full review for free and apply in just 2 minutes.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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How much will holiday gifts cost this year? – Forbes Advisor https://arropaydayloans.com/how-much-will-holiday-gifts-cost-this-year-forbes-advisor/ Wed, 02 Nov 2022 14:53:27 +0000 https://arropaydayloans.com/how-much-will-holiday-gifts-cost-this-year-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. As high inflation persists, consumers may have to compromise on their holiday shopping budget. Data from online coupon company PayPal Honey provided to Forbes Advisor shows that will be a tough task […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

As high inflation persists, consumers may have to compromise on their holiday shopping budget. Data from online coupon company PayPal Honey provided to Forbes Advisor shows that will be a tough task to accomplish – almost all popular holiday gifts are more expensive this year than in 2021.

Creating a holiday shopping budget won’t be enough to control your spending this year. Consumers need to be aware of the added cost of their typical gifts and what it will take to maximize their holiday savings.

Jewelry and hair dryers see big price increases this year

Popular holiday gift categories include electronics, toys, jewelry and apparel. Three out of four of those categories are more expensive this year, according to data from PayPal Honey. Jewelry, in particular, is 31% more expensive this year than in 2021. However, overall clothing prices have fallen.

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If jewelry is on your shopping list, consider how much more you’ll pay this year compared to last holiday season. For example, a 31% year-over-year price increase in the jewelry category means that a pair of earrings that cost $150 last year could go for almost $200 this year.

Demand for jewelry remains high despite rising prices. And some retailers have fewer items in stock than they did last year, which means they can raise their prices to keep up with demand.

It’s not just the expensive categories that are seeing their prices go up. Toys are 10.5% more expensive this year, so some parents may need to eliminate their kids’ wish lists.

Popular electronic freebies like hair dryers and blenders have also seen huge cost increases since last year. For example, a hair dryer that cost $200 last year may now cost $250.

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Ongoing inflation remains one of the main culprits for these price increases. Almost every part of the supply chain continues to see rising costs, from raw materials to manufacturing and production. Retailers say they are offsetting these increased costs by raising the price of these items, but some are taking advantage of the period of high inflation by continuing to raise prices while making record profits. They have little incentive not to: in many product categories, consumer demand has refused to subside.

Alex Williams, CFO of FindThisBest, an online shopping research platform, explains why the price of candles has recently skyrocketed,” pointing out that the rising costs of raw materials, including glass and paraffin, have skyrocketed. Paraffin, which is created from oil, is the most commonly used candle wax.

“Paraffin has not only quadrupled in price, it is also harder to obtain due to supply chain issues caused first by the pandemic and now by the ongoing conflict in Ukraine,” says Williams.

While these products are generally more expensive this year, that doesn’t mean consumers won’t find any items on sale. Retailers are struggling to have too much stock on hand due to delayed shipments during Covid.

“Many retailers have excess inventory that they need to sell, which will be good news for consumers looking for promotions and deals,” says Jill Standish, global head of retail at Accenture, a company world of professional services. According to an Accenture survey of retail executives, 35% of companies are taking special measures or using deep discounts to get rid of excess inventory this year.

This means consumers are bound to see at least some savings.

Find the best balance transfer credit cards of 2022

3 ways to save on your holiday shopping

Since the prices of popular gifts will be higher due to inflation, the discounts offered by retailers might not be as significant this year. These three tips can help you reduce your vacation spending while dealing with the effects of inflation.

1. Reduce your gift list

Gift lists can start to grow if you buy something for almost everyone you know. Being invited to gift-giving traditions like Secret Santa exchanges can put you on the hook for more purchases than you ever planned on making.

A recent survey from the Affirm payment network found that nearly half (49%) of Americans are skipping Secret Santa this year. Fifty-eight percent also plan not to buy gifts for co-workers, compared to 79% of respondents who bought gifts for co-workers last year.

If you’re reluctant to trim down your gift list or find that there are people you absolutely must buy a gift for, becoming strategic in how you make those purchases can maximize your savings. Consider stacking sales with rewards through online shopping portals that offer cash back, like Rakuten, or paying for your purchase with a rewards credit card (or better yet: double down and do both) .

If you buy gifts with a credit card, do what you can to pay off your balance in full at the end of the statement period so you don’t incur interest charges. Credit card interest rates are at 18.43%, according to the latest data from the Federal Reserve. If you don’t pay off your balance in full, the longer it drags on, the more it will cost over time.

2. Offer gift cards

A common pitfall of holiday shopping is overspending. Shoppers either don’t stick to a planned budget, or they end up putting all of their purchases on a credit card without being aware of how much they’re spending.

If you’re someone who likes to spend on the holidays, consider giving gift cards instead of regular gifts. Gift cards usually have an easy-to-remember round dollar price, which helps you better track your spending and prevents high inflation on the goods and services you would have given away instead. Keep in mind that the recipient may have less purchasing power with this gift card, depending on the price of the good or service.

Read more: How inflation will make holiday shopping even harder this year

3. Beware of shopping scams

Shopping online during the holiday season is a multi-billion dollar company. Criminals know this — and they try to take advantage of the volume by scam buyers off guard.

More than one in three Americans have been victims of online shopping scams while on vacation, according to a NortonLifeLock study, a consumer cybersecurity brand. Victims lost an average of $387 as a result of a scam.

Criminals orchestrate their scams in various ways; those who were scammed said they were victimized via email and social media, as well as text messages or phone calls. These types of scams usually take the more traditional route of using phishing links or asking consumers for their personal information or payment.

But holiday shopping scams also take more sophisticated forms. Scammers will use fake gift cards, phishing links disguised as package delivery information, and even fake vacation job offers to try to trick consumers into giving them money or personal information.

Always check who you are sending money to using resources such as Better Business Bureau (BBB) ​​Scam Database to check if a retail business is trustworthy.

Read more: How to avoid getting scammed while on vacation

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Here are 4 ways the Fair Credit Reporting Act helps you https://arropaydayloans.com/here-are-4-ways-the-fair-credit-reporting-act-helps-you/ Sat, 29 Oct 2022 18:00:19 +0000 https://arropaydayloans.com/here-are-4-ways-the-fair-credit-reporting-act-helps-you/ Image source: Getty Images Kudos to CARF! Key points Your credit report and credit history play an important role in managing your day-to-day finances as well as helping you make big financial moves, like buying a home. The FCRA makes it easier for you to monitor and repair your credit. It also ensures that you […]]]>

Image source: Getty Images

Kudos to CARF!


Key points

  • Your credit report and credit history play an important role in managing your day-to-day finances as well as helping you make big financial moves, like buying a home.
  • The FCRA makes it easier for you to monitor and repair your credit.
  • It also ensures that you control who accesses your credit history.

You probably already know how bad your credit report and credit score can have on your financial life, for better or for worse. Unfortunately, the history of consumer credit and the history of legal protections for consumers do not quite match. Prior to the Fair Credit Reporting Act, which came into effect 52 years ago on October 26, 1970, there were no guarantees of fairness, accuracy or confidentiality regarding how credit bureaus credit were processing your financial information.

Thanks to the FCRA (which has been revised and expanded several times over the past 52 years), the three major credit bureaus – Experian, TransUnion and Equifax – must now comply with credit reporting regulations. Read on to find out some ways the FCRA helps you as a consumer.

1. The FCRA helps you apply for new credit

The first way the FCRA benefits you is exactly what you would expect. Have you ever applied for a new credit card and been refused? Don’t worry, it happens to the best of us, and for a variety of reasons. Your credit score may have been too low for the card you were looking for, or your credit utilization rate was too high, or you have a history of late payments on your credit cards. If you’ve been denied for new credit, you’ve likely received official notice from the creditor, in the form of a mailed letter or digital letter (if you already had an existing account with the company). ) detailing why you were rejected.

It’s part of the FCRA, and while rejection can sting, it’s a good thing you have access to information about why. This way you will know what to do differently in the future, like increase your credit score or reduce your credit card usage before applying for another new card.

2. The FCRA helps you monitor your credit

It is extremely important to stay on top of your important financial data, and monitoring your credit is an important part of that. To that end, it’s a good idea to check your credit report regularly to stay on top of accounts in your name. If you are about to take a big financial step, like to buy a house, you’ll be able to see what mortgage lenders find out about you and your credit history when you apply for a mortgage. Some shady companies will tell you that the only way to see your credit report is to pay for it, and thanks to the FCRA, that’s not true.

You can actually get your credit report from each of the three major credit bureaus for free per week through the end of 2023 on AnnualCreditReport.com. When it comes to your finances, knowledge is power. The FCRA also allows you to freeze your credit, making it inaccessible to any potential new creditors (although current companies you have credit with will be able to see your data). The Internet has made identity theft more common and freezing of your credit will prevent scammers from opening new accounts in your name without your knowledge. You will need to remove the freeze in order to open new accounts yourself.

3. The FCRA helps you repair your credit

Since you have access to your credit report for free through the FCRA, you are in a better position to repair your credit if you need it. Scour your credit report with a fine-tooth comb and look for errors, such as accounts that aren’t yours or accounts that are flagged as overdue when they aren’t. Credit report errors are unfortunately very common; in 2021, a Consumer Reports survey found that a third of respondents had discovered them. If you find errors, you have the right to dispute them and have them removed from your report.

The FCRA also includes a provision allowing you to opt out of receiving pre-screened credit offers. Whether you’re trying to get your credit back on track or just hate getting a ton of credit card offers in the mail every day (or both!), you can head over to OptOutPrescreen.com to remove your name from these mailing lists.

4. The FCRA helps you with all of your finances

Finally, the FCRA can be a great help for your finances in general. If you are looking for a new job and your potential new employer wants to perform a background check that includes a credit check, you must consent to this being done. You also have the right to be told if your credit score or history has been used to prevent you from receiving a job offer or a new insurance policy, as well as to be told which credit bureau provided the information.

Overall, the Fair Credit Reporting Act does a lot to make managing your finances easier. Before its adoption, it was much more difficult to be an individual consumer in this country. I am grateful for his passage and his provisions, and you should be too!

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Burglar hits 10 Long Beach businesses in credit card reader refund scam, police say – Reuters https://arropaydayloans.com/burglar-hits-10-long-beach-businesses-in-credit-card-reader-refund-scam-police-say-reuters/ Wed, 26 Oct 2022 23:10:22 +0000 https://arropaydayloans.com/burglar-hits-10-long-beach-businesses-in-credit-card-reader-refund-scam-police-say-reuters/ Police said they are investigating a series of nightly burglaries in downtown Long Beach where they believe the perpetrator stole point-of-sale terminals, which are then used to withdraw money from customers’ accounts. victim companies. The first in a string of burglaries occurred Sept. 4 in the 600 block of Redondo Avenue, police said. At least […]]]>

Police said they are investigating a series of nightly burglaries in downtown Long Beach where they believe the perpetrator stole point-of-sale terminals, which are then used to withdraw money from customers’ accounts. victim companies.

The first in a string of burglaries occurred Sept. 4 in the 600 block of Redondo Avenue, police said. At least nine more reported incidents followed, with the final two occurring on East Broadway on Wednesday.

Only one person is responsible, according to the police, who have not yet identified a suspect. He was only described as a man of unknown race and age who uses a face covering and gloves. He is believed to be around 5ft 6in to 5ft 8in, police said.

The scam, which was seen in Orange Countyis new to Long Beach, according to the Downtown Long Beach Alliance.

These are thieves targeting payment terminals, which they can use to refund company money to prepaid or stolen credit cards, which can then be used to withdraw cash at an ATM automatique.

“Ultimately, businesses are strongly advised to remove all electronic devices, including tablets and cell phones, and lock them in a secure location,” according to the DLBA.

The LBPD will place additional resources in affected areas overnight as detectives continue to investigate, according to the department.

The smashed door at Lola on Retro Row is the latest break-in amid a rise in commercial burglaries

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[COLUMN ]Young client chooses Chapter 7 as company dies with $80,000 in credit cards due – https://arropaydayloans.com/column-young-client-chooses-chapter-7-as-company-dies-with-80000-in-credit-cards-due/ Sun, 23 Oct 2022 20:57:14 +0000 https://arropaydayloans.com/column-young-client-chooses-chapter-7-as-company-dies-with-80000-in-credit-cards-due/ THE client is young in his fifties. Believe me, it’s young. The client owns and operates a business that was generating $800,000 in revenue per year with good profits for the past 10 years. But even before the virus hit, his business was really slowing down. Last year, its gross receipts were down 30%. With […]]]>

THE client is young in his fifties. Believe me, it’s young.

The client owns and operates a business that was generating $800,000 in revenue per year with good profits for the past 10 years. But even before the virus hit, his business was really slowing down.

Last year, its gross receipts were down 30%. With the lockdown and general downturn in business, he no longer sees any light beyond the tunnel. He got a $50,000 PPP loan, but it ran out. There is simply no money left to pay all the monthly expenses that keep piling up. He still has $70,000 worth of inventory that no one wants even if he were to give it away for free. You need storage space to store $70,000 of inventory; they take up a lot of space.

The client used his credit cards to fund the business. He owes $80,000 in credit cards. And he just got the $50,000 PPP loan or grant. You know how PPP works. If the $50,000 was used to maintain and pay employee salaries at pre-COVID levels used for business expenses, it may become a grant that does not have to be repaid.

But the client decided to throw in the towel. He notes that even Walt Disney threw in the towel twice with two Chapter 7 cases before success materialized. Mr. Hershey of Hershey Chocolates also started fresh with no accumulated Chapter 7 debt once before his chocolate company became the largest chocolate company in the world. Sure, Disney suffered a major downturn because of COVID, but once the vaccine was found and distributed, Disney’s business rebounded like a coil spring, no doubt.

So, the client decided to make a fresh start in life without accumulating debt, just like Walt Disney and Milton Hershey. His credit score will increase very quickly. Next year, his credit rating could already exceed 600 depending on how he handles new debt. I suggest getting one or two of the pre-approved cards that debtors get soon after they get discharged. There are banks that specialize in sending the debtor just out of Chapter 7 with new credit cards. Just get them, but pay the full balance each month so the credit score goes up much faster. The client will be able to obtain new car loans immediately after his release, but the interest will be higher. Life is good with the new beginning! Just imagine the customer paying a minimum of $2,500 per month to keep $80,000 worth of credit cards current. It’s $30,000 in 12 months and $60,000 in 24 months, but the main remains at $80,000 despite $60,000 minimum payments in 24 months!

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DISCLAIMER: NONE OF THE ABOVE IS CONSIDERED LEGAL ADVICE. EACH CASE IS DIFFERENT.

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Lawrence Bautista Yang specializes in bankruptcy, business, real estate and civil litigation and has successfully represented over five thousand clients in California. Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 20274 Carrey Road, Walnut, CA 91789 or 1000 S. Fremont Ave., Mailstop 58, Building A-10 South Suite 10042, Alhambra, CA 91803.

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Experts explain the pros and cons https://arropaydayloans.com/experts-explain-the-pros-and-cons/ Tue, 18 Oct 2022 11:00:17 +0000 https://arropaydayloans.com/experts-explain-the-pros-and-cons/ Nadalina / Shutterstock.com Credit cards are great financial tools for many reasons, including building or repairing credit, accumulating rewards, or providing protection while traveling. But Americans seem to be use them with cautionas a new GOBankingRates survey reveals that a whopping 70% of them have two or fewer credit cards. Student Loan Forgiveness: Mark these […]]]>

Nadalina / Shutterstock.com

Credit cards are great financial tools for many reasons, including building or repairing credit, accumulating rewards, or providing protection while traveling. But Americans seem to be use them with cautionas a new GOBankingRates survey reveals that a whopping 70% of them have two or fewer credit cards.

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The survey reveals that 28% of Americans have one credit card, 25% have two, 15% have three, only 8% have four and 9% have more than four.

Nearly 16% of Americans do not have a credit card, the survey notes.

While expert opinions vary on how many credit cards you really need, the consensus is clear: don’t have more than you can handle, as the consequences could be detrimental. Also, if you plan on having multiple cards, be extremely disciplined in their use.

Here’s more on the pros and cons of having multiple credit cards.

What are the benefits of having multiple credit cards?

There are benefits to having multiple credit cards, but you have to be very methodical about it, according to Howard Dvorkin, CPA and president of Debt.com.

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If you’re incredibly disciplined, you can rotate credit cards to rack up signing bonuses, limited-time offers, and double rewards for certain categories,” Dvorkin said. “I know a credit card expert who did just that and took his whole family to Europe – with all flights and hotel rooms covered. But he spent countless hours timing perfectly when he opened and closed his credit cards. Most of us aren’t that obsessed.

Another benefit of having multiple cards is that it can help consumers achieve higher overall credit limits and maintain lower usage rates.

“Access to additional cards can also provide consumers with flexibility if they need to make a large purchase and don’t have a sufficient credit limit on their primary card,” said Charlie Wise, senior vice president and Global Head of Research and Consulting at Trans Union.

Wise notes, however, that the goal for consumers is to have sufficient credit limits to support their normal monthly credit card expenses while maintaining their total usage rate – the balance against the credit limit. credit – on all cards below 30%.

Another benefit is that consumers can use different credit cards for different purposes, allowing them to better budget, plan, and organize their finances.

“Some people treat it like a game and mix and match many different cards and maximize every dollar they spend – and that’s fine as long as they’re able to pay in full and avoid overspending and late payments,” said Ted Rossman. , Senior Industry Analyst at CreditCards.com. “A multi-card strategy can leverage many different spending categories; for example, you might have a card with great dining rewards and another that prioritizes groceries and the like for travel. [and/or] gas.”

Additionally, most consumers with multiple credit cards in their wallet have a primary or preferred card that they use for the majority of their purchases, depending on the features of the card, including cash back on purchases or other awards, TransUnion’s Wise said.

“Some consumers may move their spending between cards depending on the type of purchase,” he said, “using one card for everyday purchases they intend to pay each month and another for major purchases like vacations or large bills they intend to pay for over time.

What are the risks of having multiple credit cards?

Besides not being disciplined enough to keep track of your balances, payment due dates, and fees, experts say there are also other risks associated with having multiple credit cards.

According to the GOBankingRates survey, 21.5% of Americans use their credit cards to build or repair their credit, and 41% say they are actively trying to improve their credit scores.

In this context, however, an unintended consequence of having multiple cards – and the most crucial one – is that it can backfire and negatively impact your credit score, if you forget or cannot make the one of the payments, according to Mark Reyes, senior director of financial assistance at the banking app albert.

“Having too many credit cards can impact your credit score, particularly through the credit mix factor,” Reyes said.

This sentiment is shared by several experts, including Jason Vissers, credit card analyst at MerchantMaverick.comwho said having too many credit cards can make you want to take advantage of your newly available credit and charge unnecessary fees.

In turn, Vissers said, this can leave you “struggling to keep up with your payments, in which case your credit utilization rate — and therefore your credit score — will be affected, not improved, by your decision to accept. multiple credit cards.”

“You will also need to track the different payment due dates, minimum payment amounts, interest rates and rewards programs carried by your different credit cards,” Vissers added.

Albert’s Reyes also noted that some rewards cards require an annual fee, and if you don’t use the cards enough, it might not be worth keeping them. Plus, he recommends taking note of their underutilized benefits.

“Take the time to understand each of your card’s benefits,” Reyes said. “For example, your travel rewards card may offer you more than just points. Some cover your worldwide entry fees or annual subscription fees on delivery services, such as DoorDash. Keeping up with multiple credit cards takes work.

Of course, increasing the number of credit cards can increase the temptation to take on more debt.

“If the credit card user cannot pay their balance in full each month, the consequences can be devastating,” said Tomas Campos, co-founder and CEO of spinning wheel.

“The average interest rate charged on credit card debt will soon exceed the all-time high of 19%,” Campos said. “At these rates, if you have a typical credit card balance of around $5,500 and are only paying the minimum, it will take you over 16 years to pay it off and cost you thousands more in interest.

“Finally, more cards mean more to master. Monitoring your balances and statements is essential for budgeting purposes and to detect fraudulent transactions.”

Ideally, how many credit cards should you have?

According to several experts, having two or three credit cards is the ideal solution for responsible borrowers.

“It allows you to have one dedicated credit card for cash back and one for travel rewards.” Reyes said. “More than three credit cards can become difficult to manage and track.”

According to him, if you’re new to credit cards or rebuilding your credit, having just one credit card can be ideal. This will allow you to build a solid payment and usage history with just one card, which can improve your credit score in the long run.

MerchantMaverick.com’s Vissers agrees, saying that to build your credit profile, consider having at least two credit cards, especially if you have few or no other open loans or debt accounts.

“Beyond that, it depends,” Vissers said. “If your spending is focused on certain things – groceries, gas, travel, etc. – that rewards credit cards tend to focus on, you might consider getting different rewards cards for different purposes – one for the fuel, one for flights and hotels, etc. on.”

Finally, most experts agree that no matter how many cards you have or intend to have, you should be on top of the balances.

The most important thing is to have a plan and a budget for your cards,” Campos said. “Track your expenses and avoid paying interest as much as possible.”

More from GOBankingRates

This article originally appeared on GOBankingRates.com: Multiple credit cards: experts explain the pros and cons

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Premium Reward Credit Cards You Should Know – The Ticker https://arropaydayloans.com/premium-reward-credit-cards-you-should-know-the-ticker/ Sat, 15 Oct 2022 21:54:29 +0000 https://arropaydayloans.com/premium-reward-credit-cards-you-should-know-the-ticker/ The previous issue of Credit Fundamentals talked about “intermediary” credit cards. This problem will reach the next level for regular consumers – premium credit cards with travel rewards. To qualify for these cards, a person must have at least one year of credit card history and a score above 700. These cards come with high […]]]>

The previous issue of Credit Fundamentals talked about “intermediary” credit cards. This problem will reach the next level for regular consumers – premium credit cards with travel rewards.

To qualify for these cards, a person must have at least one year of credit card history and a score above 700.

These cards come with high annual fees, but if you use the card’s offers diligently, you’ll come out on top. These cards fall into three general categories: general credit cards for travel, airlines and hotels.

An example of a general credit card with travel rewards is the chic Amex Platinum card from American Express Co., which orders a hefty annual fee of $695. Despite the fees, you can withdraw a lot from the card.

Owners can earn tangible value, such as a $200 hotel travel credit, $200 hotel credit, and $189 “CLEAR” credit. CLEAR allows people to avoid queues at the airport using biometrics. The savings would already be worth $589, so the annual fee may be justified.

There is also an intangible value associated with Amex Platinum, which includes to access at American Express Centurion lounges. Airline food courts can be expensive, but with access to a

lounge, you get this food for free, plus perks like drinks, showers, and saunas. There is no specific monetary value tied to food, so the more you travel and enjoy the lounges, the more you can benefit from this card.

Airline credit cards are co-branded with the airline and the issuing bank. Points earned on these cards are usually called “miles”, but they are generally the same as regular credit card points.

A popular card is the Delta SkyMiles Reserve. This card is co-branded with American Express which means Centurion lounges are also included in this card. The $550 annual fee is offset by two companion certificates issued each year, which you can redeem to take two passengers on a first-class flight for free.

The requirements for achieving Delta Medallion status are also reduced. At the highest tier, “Diamond,” these benefits include vouchers, increased point earning on the map, and the ability to gift people medallion status. Additional perks include free upgrades to first class and benefits at lower tiers.

Hotel credit cards offer extra points on hotels in addition to freebies such as free hotel nights. Like airline cards, they are co-branded with an issuing bank.

An example is the Ritz-Carlton credit card from JPMorgan Chase & Co., which come with an annual fee of $450. While the card is closed to new apps, it’s an example of a powerful hotel card.

This hotel credit card offers Marriott Gold elite status, as well as the very powerful Priority Pass program. This card offers free priority certificate membership – worth $429 – and unlimited guests. This means that if you are traveling with a group of 20 people, they will all have access to free food and drink.

Although this is the high end for regular consumers, there are two other categories of credit cards that I will cover: invite-only credit cards and business credit cards.

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