Category: Breaking News

Why is a disputed collection account still on my credit report?

Reader Alesia writes, “I disputed a collection account from 2016 on my credit report with all three bureaus. Two of them deleted the account. However, Experian did not and the creditor has updated the date of collection to November 2020. Does this mean it will now stay on my report until 2027? And why did the two delete it and not the other? I still dispute the account. What can be done in these situations?”

When you don’t pay your credit card bill or loan payment on time, the creditor eventually declares it delinquent. And typically six months after the time you first stopped paying your dues, it will either write it off or send it to collections. If it’s the latter course of action, the delinquent account becomes a collection account.

Check out all the answers from our credit card experts.

Ask Poonkulali a question.

Each credit bureau has its own processes

Alesia, the three credit bureaus – Equifax, Experian and TransUnion – are all independent of each other and have their own processes. That’s why you rightly disputed the collection account with all three of them individually.

Equifax, one of the three credit bureaus, advises in online commentary, “It’s important to remember that disputing information with one credit bureau may not impact information on credit reports from the other two bureaus. Also, dispute procedures may not be the same at all bureaus, so be sure to follow the procedure with the bureau where you’re filing a dispute.”

When you file a dispute with a credit bureau, the bureau will contact the creditor and ask it to look into the information and check its records. The creditor then has a 30-day time frame to respond to the credit bureau with accurate information. If the creditor does not respond by this deadline, the credit bureau can then act on any information the consumer has provided to update the account or remove it.

It may be that the creditor did not get back to Experian in time with the relevant information, and the credit bureau did not make any changes on your account. Or it may not have responded to all three of them in time, and each then acted on its own information (each has its own input on your credit history) and processes in dealing with the account. It could also be that the lender did not provide the same input to all three credit bureaus, for whatever reason.

Also note that the coronavirus pandemic has upset these dispute investigation timelines, and the CFPB has even said it will be lenient in allowing the stretching of this time frame somewhat for lenders and credit bureaus that are looking into disputes.

See related: A collection agency is pursuing me for an old debt I don’t recognize. What to do?

Date of first delinquency is what’s important

Alesia, you report that the creditor updated the date of collection on the account with Experian to November 2020, whereas this collection account goes back to 2016. One important date related to delinquent accounts and collection accounts is the date of first delinquency.

This is the date on which the debt first went delinquent. The debt will be reported on your credit report for seven years after this date. In the case of a collection account, it will be on your credit report for seven years after it went into collection, which is typically six months after the date of first delinquency.

This means it will show on your credit report for up to seven-and-a-half years following the date of first delinquency. The creditor’s updating of the date of collection to November 2020 would mean there is a change to the date of last activity on the account. It does not change the actual date of first delinquency. So the debt will be reported through 2023 and not 2027.

See related: What should I do if my debt’s date of first delinquency is incorrectly reported?

You could initiate another dispute

The Fair Credit Reporting Act allows you to initiate a dispute with the credit reporting agency or the creditor that furnished the information to an agency if you don’t agree with what’s in your credit report. Alesia, you have gone through this process with all the credit bureaus, but you don’t agree with the result provided by one credit bureau.

You should contact the collection agency that provided the input to Experian to find out how this happened and see if you can sort out the issue. If there is a mistake it agrees to rectify with the credit bureau, don’t forget to get written input about the resolution for your records.

If that doesn’t work, you have the option of filing another dispute with Experian, and also with the furnisher of the information. Make sure to provide any additional and relevant information that could boost your case, such as updated credit reports from the other two credit bureaus.

If you don’t agree with the dispute resolution, you could also have a statement added to your credit report providing your account of the dispute.

Another course of action is to file a complaint with the CFPB, using its consumer complaint database. In case you don’t get a desirable outcome after all this, you  could even talk to a lawyer specializing in FCRA matters to get more detailed assistance on your particular situation.

Alesia, I hope the matter is ultimately resolved to your satisfaction!

Source: creditcards.com

How to Trade in a Car

How to Trade in a Car

If you have a car that you’ve been driving for a while and you’re ready to trade it in, you might be wondering how to get the best deal. When you’re trading in a car, it’s a good idea to forearm yourself by doing research into your car’s value. Read on for the rest of our tips on how to trade in a car. 

Check out our personal loan calculator. 

Know What Your Vehicle Is Worth

So you want to trade in a car? You’ll have an easier time of it if you know what the car is worth before you head to the dealership. That way, you can negotiate from a position of strength. The classic resource for evaluating a car’s worth is the Kelley Blue Book but there are plenty of other options online, too. You can also search other vehicles of the same make and model that are for sale or have sold recently and assume that your car is worth roughly the same amount.

When you’re in the research phase, remember to take the condition of the car into account. If your car has dings, scratches or stains, you can safely assume that it will sell for less than the same year, make and model of car in better condition. And it’s always a good idea to clean the interior and exterior of your vehicle before taking it to a dealership to trade in.

Related Article: How Much Should I Spend on a Car?

Negotiate

How to Trade in a Car

Once you’ve done your research you should have an idea of how much your vehicle is worth. That’s the number you can fall back on in negotiations with the appraiser at the dealership. When you’re at the dealership, don’t be afraid to mention – or show proof of – the research you did. As when you’re buying a car, you’ll probably engage in some back-and-forth negotiation with the folks at the dealership.

The dealership will probably offer you less than what you saw in the Kelley Blue Book or the numbers you got from the National Automobile Dealers Association or Autotrader. You can counter with a higher offer, but remember that, unlike when you’re buying a car, the dealership has more leverage over you. They know you want to unload your car, get your cash and get out of there. The appraiser also takes factors into account that you might not be aware of and can’t control. For example, if the dealership already has a lot of mid-size sedans, it might not want to buy yours or might not offer as much for it.

You can get appraisals from different dealerships or companies, or offer your car at an auction or an online auction like eBay. You don’t have to go with the first offer you get for the car. If you have the time, feel free to shop around for a better offer. You can also look for dealerships that are offering special promotions, such as a discount on a new car when you trade in an old car.

Related Article: All About Car Loan Amortization

Have a Plan for Your Earnings

How to Trade in a Car

It’s a good idea to have a plan for what you’ll do once you’ve traded the car in and you’ve gotten the money from the dealership. Do you need to buy a new (or used) car or can you do without? Will you use the money you make to pay down student loan debt or credit card debt? Will you bulk up your emergency fund or save for retirement? If you don’t make a plan for what to do with the money you earn by trading in your car, you risk spending it on an impulse purchase or on little treats over time. That’s fine if you can afford it, but if you have debt or savings goals to meet, it’s a good idea to commit to putting your car trade-in dollars toward those goals.

Photo credit: Â©iStock.com/LorenzoPatoia, Â©iStock.com/sturti, Â©iStock.com/tzahiV

The post How to Trade in a Car appeared first on SmartAsset Blog.

Source: smartasset.com

Airline, hotel loyalty programs extending perks for members through coronavirus

While COVID-19 has affected all parts of daily life, the travel industry has certainly been put on hold as people have had to cancel plans and stay at home. Since most travelers plan many months in advance, this also leaves many holding tickets they can no longer use. Frequent flyers and hotel loyalty members are left wondering what recourse they have, if any, when it comes to their member status and points or miles.

We researched the major players in the hotel and airline industry to find out how these companies plan to accommodate their valued members – by extending points, status levels and more – in the wake of the coronavirus pandemic.

Coronavirus relief measures by loyalty or travel program

  • Hilton Honors
  • Marriott Bonvoy
  • IHG Rewards Club
  • World of Hyatt
  • Wyndham Rewards
  • Choice Privileges
  • United MileagePlus
  • Delta SkyMiles
  • American Airlines AAdvantage
  • JetBlue TrueBlue
  • Southwest Rapid Rewards
  • Virgin Atlantic
  • British Airways
  • CLEAR
  • TSA Precheck
  • Global Entry

Hilton Honors

In addition to donating up to one million rooms to medical professionals, Hilton has promised to compensate its Hilton Honors loyalty program members in a number of ways.

Lower status requirements

Hilton has cut status qualification requirements by half.

Elite status Previous status requirements New status requirements
Silver status 4 stays, 10 nights or 25,000 base points 2 stays, 5 nights or 12,500 base points
Gold status 20 stays, 40 nights or 75,000 base points 10 stays, 30 nights or 37,500 base points
Diamond status 30 stays, 60 nights or 120,000 base points 15 stays, 30 nights or 60,000 base points

Status extension

For any Silver, Gold or Diamond members that were due to downgrade in 2020 or 2021, statuses will be extended through March 31, 2022.

Cardholder benefits

Weekend night rewards on eligible Hilton credit cards that were not expired by May 1, 2020, will now be valid through August 31, 2021, and certificates issued from May 1 through Dec. 31, 2020, are valid for 24 months from the date of issuance. All free weekend night certificates issued in 2021 can be used any night of the week and expiration is extended until Dec. 31, 2022.

Additionally, bonus points will continue to count as base points on eligible purchases through Dec. 31, 2021, and toward elite status tier qualification, including Lifetime Diamond Status.

Other rewards

All 2020 elite qualifying nights will be rolled over to the 2021 status year. This applies to all nights members have already completed or will complete this calendar year.

On top of that, Hilton has lowered the requirements to earn Milestone Bonuses for 2021. Previously, you could earn 10,000 bonus points every 10 nights after completing 40 nights in a calendar year. Starting in January, that requirement has been changed to 20 nights stayed to align with the new Gold qualification level. However, 60 nights will still earn you 30,000 points.

Diamond members will be able to gift Gold status for staying 30 nights in 2021 instead of 60 nights which was the previous requirement. The requirement to gift Diamond status is lowered to 60 nights instead of 100.

To ensure member safety, Hilton is providing flexible cancellations and full points refunds for all Hilton Honors experiences booked through May 31, 2021.

You can follow further updates for Hilton Honors members on the loyalty program website.

Marriott Bonvoy

Marriott plans to compensate its Marriott Bonvoy members, although benefits may vary depending on members’ location.

See related: Marriott data breach involves 5.2 million hotel guests

Status extension

Bonvoy members who earned elite status for 2020 can now enjoy their benefits through February 2022.

Points extension

Points set to expire by February 2021 will be paused, and no points will expire until after that time period. 

Other rewards

Active free night awards (as part of Marriott credit cards or packages) set to expire beginning March 1, 2020, will be extended through Aug. 1, 2021. Additionally, more recent certificates set to expire before July 31, 2021, will be extended through that date as well. Suite night awards set to expire by Dec. 31, 2020, will be extended another year through Dec. 31, 2021.

Additionally, Marriott will deposit Elite Night Credits into Bonvoy elite members’ accounts in the amount of 50% of the nights required for the status they earned in 2019. This can make it easier for the members to reach the next tier.

Elite Night Credits deposit breakdown

Elite status Annual tier requirements Extra elite night credits
Ambassador Elite 100 Qualifying Nights and $20,000 stay spend 50 Elite Night Credits
Titanium Elite 75 Qualifying Nights 38 Elite Night Credits
Platinum Elite 50 Qualifying Nights 25 Elite Night Credits
Gold Elite 25 Qualifying Nights 13 Elite Night Credits
Silver Elite 10 Qualifying Nights 5 Elite Night Credits

Stay up to date on relief measures for Bonvoy members on the company’s COVID-19 page.

Coronavirus: What to do if you’re unemployed and have credit card debt

Credit card issuers offer cardholders relief amid coronavirus fears

How to manage your credit cards during the coronavirus outbreak

IHG Rewards Club

Due to travel constraints and shortened travel periods, IHG has lowered its requirements for elite status membership by 25% or more, as well as extended statuses and points for all members (since elite members’ points never expire). 

Lower status requirements

Status Previous qualification requirements New qualification requirements
Gold
  • 10,000 qualifying points in a calendar year or
  • 10 qualifying nights in a calendar year
  • 7,000 qualifying points in a calendar year or
  • 7 qualifying nights in a calendar year
Platinum
  • 40,000 qualifying points in a calendar year or
  • 40 qualifying nights in a calendar year
  • 30,000 qualifying points in a calendar year or
  • 30 qualifying nights in a calendar year
Spire
  • 75,000 qualifying points in a calendar year or
  • 75 qualifying nights in a calendar year
  • 55,000 qualifying points in a calendar year or
  • 55 qualifying nights in a calendar year

See related: The benefits of IHG Rewards Club elite status

Status extension

Program statuses will be extended through January 2022 for all members. Spire elite members will also retain their Choice benefit of 25,000 bonus points or gifting of Platinum Elite status to someone each year.

Award certificates 

Anniversary night certificates (U.S. and U.K. only) set to expire before March 1, 2020, will be extended through the end of the year. All 2020 certificates will be redeemable for 18 months, instead of the usual 12. Some members have also reported that free night certificates expiring before Dec. 31, 2020, will be extended until August 2021.

Follow updates to IHG Rewards Club benefits on the program’s travel advisory page.

World of Hyatt

The World of Hyatt loyalty program will extend all statuses and rewards to compensate valued members.

Status extension

All active elite statuses, as of March 31, 2020, will be extended through Feb. 28, 2022. 

Points extension

Forfeiting points due to inactivity will be suspended through June 30, 2021. No points will expire until that date.

Other rewards

Any earned rewards, such as free nights or upgrades, set to expire between March 1 and Dec. 31, 2020, will be extended through Dec. 31, 2021.

Check the updates to Hyatt relief measures on the program’s COVID-19 page.

online.

Keep an eye on Wyndham’s COVID-19 statement page for updates.

Choice Privileges

It took Choice some time to follow suit and join other hotel chains in extending elite statuses and offering other promotions amid the outbreak. On May 21, 2020, the company announced a series of offers to expand the benefits of its Choice Privileges loyalty program.

“Even during this crisis, our members found a number of ways to engage with us and make a difference,” said Jamie Russo, vice president, loyalty programs and customer engagement, Choice Hotels. “Some of them are essential and frontline workers who chose to stay in our small-business hotels, and others showed their generosity by donating their Choice Privileges points to aid recovery efforts. Our latest loyalty program changes tell our members that we appreciate their continued support and our hotels are here to welcome them whenever they feel safe traveling again.”

Status extension

All members’ current elite statuses will be extended through Dec. 31, 2021.

Lower status requirements

Choice is also easing requirements to qualify for elite status in 2021.

Elite status Previous status requirements 2021 status requirements
Gold status 10 nights 7 nights
Platinum status 20 nights 15 nights
Diamond status 40 nights 25 nights

Additionally, Choice is giving current elite members a limited-time upgrade to the next tier. Gold members will be upgraded to Platinum status and Platinum members will be upgraded to Diamond. Additionally, members who stayed at least five nights by Dec. 31, 2020, will be able to keep their upgraded tier through 2021.

United MileagePlus

United has said it would compensate their MileagePlus members by extending all annual memberships, subscriptions and checked bag benefits for six months. United also plans to make status membership requirements easier and will release information later in 2020.

Status extension

All MileagePlus Premier members will get to retain their 2020 status through Jan. 31, 2022.

Lower status requirements

MileagePlus Premier membership now has easier requirements, reduced 50% for each status level.

2021 status Premier qualifying flights and PQP … or PQP
Silver 6 2,000 2,500
Gold 12 4,000 5,000
Platinum 18 6,000 7,500
1K 26 9,000 12,000

Other rewards

All valid travel certificates issued on or after April 1, 2020, will be extended to be valid for two years for booking, as well as up to an additional 11 months to travel. All redeposit fees for flights booked through May 31, 2020, will be waived, as well as all fees for members who cancel within at least 30 days of departure.

Follow more updates to United MileagePlus on the program’s travel notice page.

Delta SkyMiles

Delta has stepped up to say they will compensate their Medallion members by extending their Member status.

Status extension

2020 Medallion Member status will be extended through Jan. 31, 2022, and this change should be reflected on the member’s SkyMiles account by Feb. 1, 2021. Additionally, all 2020 Medallion Qualification Miles will roll over into 2021.

Follow updates to the Delta SkyMiles program on the coronavirus travel update page.

American Airlines AAdvantage

As AAdvantage members experience reduced travel opportunities due to the coronavirus, American Airlines is offering elite status extension, lowering elite status requirements and allowing eligible cardholders to earn miles toward Million Miler status with credit card spend.

Status extension

Members whose elite status expires on Jan. 31, 2021, will automatically get an extension until Jan. 31, 2022.

Lower status requirements

Members will be able to qualify for a higher elite status in 2021 with lower requirements, including Elite Qualifying Dollar (EQD), Elite Qualifying Mile (EQM) and Elite Qualifying Segment (EQS).

Gold oneworld Ruby Platinum oneworld Sapphire Platinum Pro oneworld Sapphire Executive Platinum oneworld Emerald
  • $2,000 EQDs and 20,000 EQMs or
  • $2,000 EQDs and 20 EQSs
  • $4,500 EQDs and 40,000 EQMs or
  • $4,500 EQDs and 45 EQSs
  • $7,000 EQDs and 60,000 EQMs or
  • $7,000 EQDs and 70 EQSs
  • $12,000 EQDs and 80,000 EQMs or
  • $12,000 EQDs and 95 EQSs

Cardholder benefits

The CitiBusiness® / AAdvantage® Platinum Select® Mastercard® cardholders who hold a companion certificate expiring Dec. 31, 2020, will receive a six-month extension as well, bringing the expiration date to June 30, 2021.

Learn more about AAdvantage program updates on aa.com.

JetBlue TrueBlue

JetBlue took a bit longer to join other airlines in taking measures to support loyal customers. On May 14, 2020, JetBlue announced it’s extending Mosaic elite statuses, as well as making it easier to earn one.

Status extension

All currently valid Mosaic elite statuses will be extended through Dec. 31, 2021.

Lower status requirements

JetBlue is reducing the qualifying thresholds for Mosaic status by 50% for 2021. To earn the status this year, you’ll need to earn 7,500 qualifying TrueBlue base points or 6,000 qualifying TrueBlue base points and 15 flight segments.

Alternatively, you can get the elite status by spending $50,000 in annual net purchases on the JetBlue Plus card – this spending requirement hasn’t changed for 2020.

Virgin Atlantic

Virgin Atlantic has also made it easier for customers to earn and maintain elite status amid the pandemic.

Status extension

In March 2020, Virgin Atlantic extended status for Gold and Silver members, allowing them an additional six months to meet the requirements.

On Aug. 20, 2020, the airline added another six months to the extension, making it one year in total.

Other rewards

Starting Sept. 1, 2020, the Flying Club program members will be able to earn tier points on award flights, meaning they’ll be able to earn elite-qualifying points on flights where they used Flying Club miles to redeem for travel.

On top of that, Virgin Atlantic makes it easier for members to earn and redeem Companion Vouchers, Upgrade Vouchers and Clubhouse Vouchers.

Members can now use Companion Vouchers with any ticket in any booking class, regardless of status. Gold and Silver members can book their companion into any cabin for zero miles, and Red members can book their companion into Economy and Premium for zero miles or upper class at a 50% discount.

Upgrade Vouchers can also be used with any ticket in any booking class, excluding Economy Light, for a one-cabin upgrade on a return flight.

Clubhouse Vouchers can be used for one entry to any clubhouse when booked on a Virgin flight or with Air France, Delta or KLM when flying internationally. Gold members will continue to receive two vouchers.

Southwest Rapid Rewards

On April 16, Southwest announced a status extension for A-List and A-List Preferred members and companion passes. The company is also giving a points “boost” to all Rapid Rewards members.

“As we continue to navigate our way through this unprecedented time and deal with extraordinary challenges, we are committed to keeping you informed and updated on the steps we are taking to manage through the COVID-19 pandemic,” Southwest said in a message to Rapid Rewards members.

Status extension

Companion Pass Members who received an extension of their earned Companion Pass benefits through June 30, 2021, will have their benefits extended for another six months. Members will be able to keep their status through Dec. 31, 2021.

Other rewards

Southwest is giving all Rapid Rewards members with an account opened by Dec. 31, 2020, a “boost” of 25,000 Companion Pass qualifying points and 25 flight credits toward Companion Pass status, as well as 15,000 tier qualifying points and 10 qualifying flight credits toward A-List and A-List Preferred.

Southwest cardholders can also spend their way all the way to A-List status, with no cap on tier qualifying points (TQPs) earned through card spend. Previously, cardholders could only earn up to 15,000 TQPs per year via card spend.

Additionally, travel funds created or expiring between March 1, 2020, and Sep. 7, 2020, will now expire on Sep. 7, 2022. Alternatively, Rapid Rewards members can convert those funds into Rapid Rewards points. According to Southwest, the conversion ratio is “the same rate you would be able to purchase a ticket with points today.”

British Airways

On June 11, British Airways finally joined other airlines in extending the elite status for its members. Additionally, the carrier is reducing the number of tier points needed to reach a higher membership tier.

Status extension

British Airways is extending tier status by 12 months for members who have a tier point collection end date of July 2020, through to June 2021.

Lower status requirements

The carrier has also reduced the number of points needed to retain and upgrade a membership status by 25%.

Here are the new tier qualification thresholds:

  • Bronze: 225 Tier Points or 18 eligible flights
  • Silver: 450 Tier Points or 37 eligible flights
  • Gold: 1125 Tier Points

Cardholder benefits

Members who have earned heir Gold Upgrade Vouchers, Companion Vouchers and Travel Together Tickets with a British Airways credit card will get a 6-month expiration extension to any current vouchers.

CLEAR

CLEAR is a program that makes it quicker for travelers to get through airport security lanes by using biometrics for ID verification. Since many people are currently avoiding traveling due to the coronavirus outbreak, a CLEAR membership might not be useful at the moment.

Originally, CLEAR offered customers to pause their membership for three months. Now CLEAR is allowing members to request a three-month extension to their membership, which can be done by contacting the company directly. With customer service channels such as phone lines overloaded by requests, the fastest way to do so is via CLEAR’s online chat. However, some users have reported experiencing difficulties finding the chat box on the website. Alternatively, you can reach CLEAR by text, email or phone.

TSA Precheck

TSA Precheck is a five-year membership that provides expedited security checks at select domestic airports in the U.S. At this time, TSA is planning to keep enrollment centers open while working to determine if any temporary closures are required. Some centers have been closed or changed hours.

If you’re planning to visit an enrollment center, it’s recommended that you schedule an appointment – as walk-ins may be deferred.

Visit TSA’s enrollment questions page for more information.

Global Entry

Global Entry, a program run by U.S. Customs and Border Protection that allows travelers to get expedited clearance through automatic kiosks when arriving in the U.S, has reopened its enrollment centers on Sept. 8, 2020. After a six-month hiatus, the program will finally allow conditionally approved Global Entry applicants to complete in-person interviews at most Trusted Traveler Programs enrollment centers in the U.S. The interviews must be scheduled in advance online, and their availability will vary by location.

Since the COVID-19 outbreak has also affected processing times for Global Entry renewals, CPB has increased the renewal grace period to 18 months. This means that if you apply for your Global Entry renewal before its expiration date, you’ll be able to use Global Entry for another 18 months.

As the coronavirus situation is unprecedented and changing rapidly every day, hotels and airlines continue to make updates to their travel policies, including their loyalty programs. Travelers should continue to check airline and hotel websites as the situation evolves. If they cannot find the information they need online, they should contact their hotel, airline or travel agency’s customer service number.

Source: creditcards.com

Apple Card temporarily offering $50 sign-up bonus for Exxon Mobil purchases

Many rewards credit cards offer the opportunity to earn a sign-up bonus. Even some no-annual-fee credit cards offer them, allowing consumers to maximize cash back or points without paying every year for simply having the card.

The Apple Card only started offering a sign-up bonus in June, when Apple cardholders could earn $50 in Daily Cash after spending $50 at Walgreens. This was followed by offers in September, October and November, most recently including a $75 sign-up bonus after spending $75 at Nike in-store and online via Apple Pay.

And now through Jan. 31, new Apple Card holders can score a slightly lower sign-up bonus. You’ll get $50 in Daily Cash after you spend $50 or more on purchases with Exxon or Mobil.

See related: Apple Card: One year later

How to get the Apple Card sign-up bonus

New Apple Card holders who open an account between Jan. 8 and Jan. 31, 2021 can earn $50 in Apple’s Daily Cash when they spend $50 using Apple Card with Apple Pay (where available) at Exxon and Mobil stations at the pump or at attached convenience stores in the U.S., within 30 days of the account opening. To pay at the pump with Apple Pay, you can use either the Exxon Mobil Rewards+ mobile app or contactless payment.

This month’s sign-up bonus from Apple is lower than its previous offer from Nike, but on par with the older offers from Walgreens and Panera Bread, both of which got you just $50 in Daily Cash back after a matching spend.

You can apply for the Apple Card from the Wallet app on your iPhone.

Should you apply for the Apple Card now?

If you have been considering applying for the Apple Card, it might be a good idea to do so this month, especially if you commute or drive often enough to spend $50 at gas stations in a month. While the card doesn’t always come with a sign-up bonus, new cardholders currently have a great chance to earn one.

Besides that, the Apple Card offers 3% cash back on Apple purchases, as well as 3% cash back when you use Apple Pay for Walgreens, Nike and Uber and Uber Eats purchases and at T-Mobile stores. Other Apple Pay purchases will earn you 2% in cash back. When you use the physical card, the cash back rate goes down to 1%.

However, the Apple Card might not make sense for everyone. The earning rate is good on Apple purchases, but if you’re looking for a primary cash back card to add to your wallet, there might be better options.

For example, with the Blue Cash Everyday® Card from American Express you can earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) and 2% cash back at U.S. gas stations and select U.S. department stores. All other purchases will get you 1% in cash back.

Another alternative is the Capital One Quicksilver Cash Rewards Credit Card, which earns you unlimited 1.5% cash back on every purchase and doesn’t have an annual fee. Plus, you only need to spend $500 in the first three months with the card to earn its $200 sign-up bonus.

There are quite a few other cards to look into. Shop around before you decide to take advantage of Apple’s offer. The sign-up bonus alone shouldn’t tempt you into signing up for a card that doesn’t align with your spending.

See related: Apple card credit score requirements and reasons for denial

Final thoughts

If you’re an Apple enthusiast and have been looking into the Apple Card for some time, now might be a good time to apply. The new limited-time sign-up offer gives you an opportunity to earn an easy sign-up bonus – something the card doesn’t normally have.

Source: creditcards.com

5 Reasons to Buy an Electric Car

5 Reasons to Buy an Electric Car

We’ve been hearing about electric cars for a while, but it sometimes seems that the only people who buy them are either very into being energy efficient or very wealthy. But there are a lot of good reasons for you to consider buying an electric car. They are good for the environment, but they can also be good for your pocketbook. And who doesn’t want to satisfy the demands of their conscience and their bank account at the same time?

Check out our cost of living calculator.

1. Electric cars help the U.S. with energy independence.

The United States spends about $300 billion importing oil into the country. That’s two-thirds of the U.S. trade deficit. Being dependent upon foreign oil leaves the United States more vulnerable to international problems and fluctuations in the supply of oil abroad.

2. Electric cars are more efficient. 

5 Reasons to Buy an Electric Car

With an electric car you never have to stop for gas. You can charge your electric car in your own garage overnight and be ready to travel wherever you want to go in the morning. In addition, you won’t be wasting any time or money buying snacks or pumping gas at the gas station.

3) You’ll likely save money.

Even though oil prices are the lowest they’ve been since 2008, electricity is still the less expensive option. Right now, if you purchase an electric car, recent data shows you will spend $3.74 worth of electricity to travel 100 miles. However, if you purchase a comparable car that uses gasoline, it will cost you about $13.36 to travel 100 miles. In addition, gas prices have a way of rising (or at least being unpredictable), so that journey of 100 miles can quickly get even more expensive for people with conventional cars.

4) You can get paid to buy an electric car .

5 Reasons to Buy an Electric Car

Right now, the federal government offers a tax credit that can reduce the cost of a new electric car by up to $7,500. That can effectively eliminate the cost difference between a gasoline-powered car and an electric car. Sometimes it can even make the cost of buying a gasoline-powered car more than the cost of buying an electric car. However, the tax credit offer might not last forever, so you might want to buy an electric car sooner rather than later if that’s an important factor for you.

Related Article: 3 Tips for Claiming the Energy Tax Credit

5) They’re Low Maintenance

With an electric car you’re not going to have to take your car to the mechanic as often. Although all cars may have problems, electric cars generally have lower maintenance costs than gasoline-based car. With an electric car you’ll also spend less time worrying about how to get by while your car is in the shop, or waiting around at the garage for the maintenance to be performed.

Bottom Line

You don’t have to be a hippie or a billionaire to opt for an electric car. There are advantages for anyone who takes relatively short car trips and has access to charging facilities.

Photo credit: Â©iStock.com/Anna Bryukhanova, ©iStock.com/Drazen Lovric, ©iStock.com/stockvisual

The post 5 Reasons to Buy an Electric Car appeared first on SmartAsset Blog.

Source: smartasset.com