January 13th, 2010
Hot Banking Deals: Open An Account And Get Free Money!
Who says you can’t get free money? Check out these limited-time offers from these banks to pad your savings with cash.
(Disclaimer: Read all fine print on any offer before you sign up to make sure you qualify for the cash incentive. Also, make sure you will use the account or card appropriately or else the bonus you receive may be negated by additional banking fees or charges. Aside from that serious note, here are free money opportunities that won’t be around long!)
- $35 to use Bank of America’s Online Bill Pay
If you are a current Bank of America customer, you can receive $35 in your personal or small business checking account for setting up online bill pay. Make three online bill payments within 30 days to get $35 OR 2 online bill payments within 30 days to get $25, and Bank of America will deposit the cash in your account. It’s that simple. - $100 from Bank of America to Open a Checking Account
Switch to Bank of America and receive $100 bonus for new customers with a qualifying personal checking account with a minimum balance of $500. The account must be open for at least 30 days and you must make at least one transaction on your new check card. Tip: if you open from a branch, the MyAccess Checking account is charged a monthly maintenance fee; open online and there is no fee. Offer expires February 28. - $25 from ING Direct for Electric Orange Checking Account
Sign-up for ING Direct’s Electric Orange Account and activate your accompanying debit card with 3 signature-based debit purchases within the first 45 days of opening your account, you’ll get an extra $25 deposited into your account. Consider this free money just for using your checking account as you normally would. - $50 for signing up with PerkStreet Financial
New customers can open a PerkStreet Financial checking account with a minimum $25 deposit; keep your account active for 3 months, and receive a $50 bonus. Keep your account active by using your debit card, writing a check, using online Bill Pay, or initiating a withdrawal or deposit on the account at least once a month. Check out a review of PerkStreet Financial to learn more. - $200 to open a Chase Business Checking Account
For a larger cash bonus, open a qualifying Chase business checking account with a minimum deposit of $500 (must be “new money” not previously held by Chase or affiliates) within 30 days of opening and you get $200. Sign up for a User ID at Chase online and you’ll be able to view the above link properly to avail of the offer. Or, call or visit a branch to apply. Offer ends January 30. - $200 to open a Union Bank Checking Account
Here’s another high money offer; open a signature checking account with Union Bank to earn $200 by doing two of the three actions: make 3 online bill payments, initiate monthly direct deposits, or make 5 debit card purchases. If you sign up for only one service, you still get a $100 bonus. However, Signature Banking requires a minimum combined average monthly balance of $10,000.
October 7th, 2008
Do You Really Need Credit Cards?
Given the state of the economy and the rising debt burdens of millions of Americans, many people are left wondering whether they really need credit cards. The answer to this question lies in how well you can manage your money and whether or not you are prone to overspending. Let’s take a look at some of the reasons why credit cards are essential for some, and deadly for others.
Pro Credit Card
Credit cards are a useful tool and when used correctly, they can benefit you in many different ways. While many people focus on the main benefit of being able to purchase something in an emergency or whenever they want, even if they don’t have the cash on hand, there actual main benefit is what a credit card can do for your credit score. When paid promptly, and not abused, a credit card can actually help you get a loan in the future, or help you qualify for better interest rates, because you will have built up a solid credit history that a bank can trust. This works best especially for those with poor credit and are looking to improve it.
The key to your credit cards to work for you and your finances is to minimize how often you use them, pay them on time and in full if at all possible, and limit how many you have. For example, if you have one or two good credit cards, you really don’t need five more. Store credit cards should be viewed the same way. By limiting how many you have and keeping those balances as low as possible, you’ll be doing your credit score a big favor.
Anti Credit Card
Not everyone should have a credit card, even if they can get approved for one. If you have difficulty managing your funds, or if you view credit cards as “free money,” then you will only be harming yourself in the long run. Credit cards should not be opened if you are not capable of making more than the minimum balance payments at least six months out of the year.
For those that have difficulty controlling their spending, credit cards are one of the quickest ways to bad debt. Limits creep up, payments get harder to make and before long, you’ve fallen behind. This can lead to serious damage to your credit report and score, and it may take years to undo.
Not having enough respect for credit is the main reason that some people just should rely on cash for any purchases they need. An emergency fund can be set up in a savings account to handle any future problems, but in this situation, avoiding credit cards may be the best solution. The one exception would be a secured credit card, which is a great option for people in this situation. You can only spend so much, the company will report to credit bureaus and you’ll be a lot less likely to overspend when it’s your money in the account. This is the only time that a credit card is appropriate for someone that has problems with spending.
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