July 12th, 2010
Awesome Cash Bonus Offers From Big Banks!
Cash bonuses are the cherry on top of any new financial product, and lucky for you, these deals from big banks are as sweet as can be. These offers won’t last long because there is only so much free cash to give out, so act fast and check out what you are eligible to earn now.
July 1st, 2010
5 Step Check-Up On Your Finances
Today, new legislation regarding debit cards kicks in and customers now have to opt-in and agree to overdraft policies rather than be automatically enrolled in the bank’s program. This is a good reminder to check your own bank’s overdraft policies and, if you want to be covered by overdraft, to enroll in it now.
We put together a short list of other financial areas in need of a check-up, just to keep up with the changing landscape of money and banking. If you find yourself spending more time thinking through any of these points, it’s a good indication you need to delve a little deeper and focus on that aspect of your finances. Now, get ready to start checking off:
May 31st, 2010
Monday Jumpstart to Personal Finance & Credit Report News
Are we already out of the “Age of Frugality”? Kiplinger reports that Americans are saving less and spending more again, a turnaround from last year’s increase in households’ savings rate that suggested a shift in consumer behavior towards frugality. The savings rate eased from 5.4% to 3.1% last quarter as households recouped wealth and started opening their wallets back up. Now, it seems that as consumer confidence is up again, the savings rate is slipping as consumers fuel economic recovery with a return to pre-recession spending habits.
Stay on top of your personal finances and your credit, whether you are saving or spending more, with our Monday roundup.
December 29th, 2009
Capital One’s SmartCents Review
Capital One’s SmartCents program is making it easier for consumers to tuck away more money in their savings, with the help of Capital One chipping in a few cents.
SmartCents enhances your savings for certain transactions you do on your checking account: for every debit card purchase, online bill pay, or direct deposit, Capital One automatically transfers $.50 from your checking account to your linked savings account, plus Capital One will match 100% of your SmartCents transfers for the first three months, and then 5% after that. Now, if you aren’t a heavy debit card user, the 5% matching contribution may not provide enough benefit to switch to Capital One. Or if you have a hefty-sized checking account, a high-yield checking account or money market account may grow your money faster with high interest.
The first three months are your optimum earning window, when 100% matching power means that saving $100 in SmartCents transfers will earn you $100 of free money, courtesy of Capital One. There is an annual matching contribution cap of $300, which bests the $250 cap of Bank of America’s comparable Keep the Change program.
An extra benefit in this program is Capital One’s current promotion that offers new customers a $15 bonus for the first direct deposit and an additional $15 for the first online bill payment. That is an extra $30 in free money.
For debit card users looking to save more, this is a great deal. It’s a truly free checking account that earns you extra change for your savings with no additional monthly service fee, minimum balance requirement, or maintenance fee. However, you are required to open a savings account and options are limited: the free, no minimum balance Simple Savings account is not available in all areas, and the InterestPlus Online Savings account earns a respectable return of 1.6% APY with a minimum balance of $2,500, but 0% APY for accounts less than $2,500. If you want better earning power than that, you may have to open an outside savings account.
More and more programs, such as BofA’s Keep the Change, Wachovia’s Way2Save, and US Bank’s START, have banks chipping into consumers’ savings. What makes SmartCents a great savings program to enroll in right now are the additional incentives, like the $30 bonus and the first 3 months of 100% matching contributions, that will add an extra jingle in your pocket.
At Credit Karma Blog, what goes around comes around… So what do you think about this post? Agree, disagree, or have something more to say? We’d love to hear your reactions!
October 19th, 2009
Where To Save or Invest Your Extra Money
Having extra money set aside can be a real lifesaver later on in life should you ever run into a financial emergency, want to put a down payment on a home, start your child’s college fund, or start your own business. Here are some saving and investing opportunities that will make the most of any amount of spare money, from your pocket change to your golden nest egg .
If you have a $100…
Saved up a few hundred? Open a high-yield online savings account that will allow you to earn the highest interest on your sitting money. Our top picks that do not require a minimum balance include Ally Bank’s online savings account with 1.70% yield, HSBC Direct‘s 1.35% APY, and ING Direct’s Orange Savings with 1.30% APY. Or you can go to MoneyAisle to compare APY rates yourself.
Tip: Be on the lookout for any minimum deposits or minimum balances that some high-yield accounts require that may make you ineligible for stashing your money there.
If you have $1000…
If you don’t plan to touch your money for a period of time, a Certificate of Deposit (CD) might be a good place for your money’s safe-keeping. CDs offer a higher interest rate 1 to 2 percentage points higher than savings accounts. What’s the catch? For the term of your CD (anywhere from 9 months to a few years), you cannot withdraw or deposit additional money or you will pay a penalty. If you are confident you won’t be itching for your money, shop for CDs according to their life span, minimum deposit, and rate—1.75% APY on an 18 month CD at Citibank, 2.25% APY on a 24 month CD at American Express, or a 2.75% APY for a 3 year CD at Discover.
Tip: The 12 month 2.00% APY CD with Discover offers no-penalty access and no-fee early withdrawal, which is a good option in a time of job insecurity and recession.
If you have a $10,000…
Wall Street’s encouraging market rally maintaining over 10,000 points make now a promising opportunity to invest in stocks and potentially reap big rewards. Whether you are a first-timer or a trading veteran, $10,000 is a good investment towards a few top-notch stock funds or to diversify your stock portfolio. Online trading webistes like TD Ameritrade, TradeKing, Zecco, and ShareBuilder offer online convenience and low cost per trade that makes it easy to invest your money.
Tip: Good news for new traders: both TradeKing and ShareBuilder are offering a bonus to new accounts.
If you want to do a good deed…
An alternative place to put your savings is investing in a peer-to-peer loan or microloan. While this may not pad your bank account as much as the above options, the pay-off is that you this alternative to traditional banks helps other people and supports a good cause. Both Prosper and Lending Club allow you to choose who you want to help finance through small, personal loans. Kiva, a microloan lending platform, connects you to third-world entrepreneurs to help finance projects for impoverished communities.
Tip: P2P sites like Prosper and Lending Club offer great 7%-13% estimated returns for lenders.
Put that extra cash where it belongs
Finding the right place to save or invest extra cash will pay off later as interest rates continue to drop, jobs start to stabilize, stock markets keep surging, and your money will be financially fit for an economic boom.
July 23rd, 2009
Checking and Savings Account Offers You Can’t Afford To Miss
Cash in on these special, limited-time bank promotions to earn extra money by simply opening a Bank of America Checking, WaMu Free Checking, or WTDirect Savings accounts to get cash back bonuses. Time is of the essence, so if you’re thinking of opening an account, don’t leave $100 or $150 in the big banks’ vaults when it can be in your wallet by acting now.
Here’s what you need to know –
WTDirect is offering up to a $150 cash bonus for new savings account clients, based on the account balance.
Expires July 31, 2009
Terms: Deposit at least $10,000 and you receive $25 bonus; $20,000 gets $50 bonus; $30,000 gets $75 bonus, $40,000 gets $100 bonus, and the top tier of $50,000 qualifies you for $150 bonus. Regardless of the cash bonus, your savings will earn 1.76% APY.
Good Stuff: WTDirect is known for a savings rate in the top 5% of US banks. The bank ran a similar bonus promo last year and ended it within a week because of the high demand; so be warned that this offer might be cut even shorter than expected.
Fine Print: You must open and fund your account with at least $10,000 before July 31, 2009 and keep your funds at WTDirect until October 31, 2009 to qualify for the cash bonus.
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Not to be outdone, Washington Mutual, now a division of JPMorgan Chase Bank, is offering a $100 cash bonus for opening a new WaMu’s Free Checking account.
Expires August 5, 2009
Terms: Open a new checking account with a minimum deposit of $100 of new money (not currently held at a WaMu or Chase bank). Within 60 days of account opening, initiate a direct deposit OR have at least five debit card purchases posted to your account.
Good Stuff: WaMu Free Checking offers no monthly service fees, free checks, free online banking and bill pay, free ATM cash withdrawals at any ATM, access to 14,000 WaMu and Chase ATMs nationwide, and a refund on one overdraft fee per year.
Fine Print: Offer is limited to one bonus per household. The reward will be deposited directly into your account after either the direct deposit OR debit card requirements have been fulfilled.
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Bank of America is pulling in new customers with a $100 cash back bonus to open a new personal or business checking account.
Expires – No expiration date posted, but these offers tend to jump in and out of the market.
Terms: Here’s how to get your $100: Get $75 back when you open a qualifying personal or business checking account with a minimum $250 deposit, plus you must use your debit card to make a purchase within 30 of opening the account. Bring home the additional $25 simply by making two online bill payments within 30 days of opening the account.
Good Stuff: Bank of America’s checking account offers free online bill pay, free online and mobile banking services, and the Keep the Change program can save you cents on every purchase.
Fine Print: Only new customers are eligible and the account must be opened online or at a Bank of America banking center. If you are deemed eligible, Bank of America generally pays the cash bonus within 90 days of the account opening.
The clock is ticking on these limited time offers, so if you qualify for any of the above promotions and are looking to open a savings or checking account, think about cashing in on the opportunity to earn up to $150. There’s no better way to pad your savings than by putting the banks’ money in your pocket.
March 26th, 2009
Rudder Review
Rudder is a free financial tracking tool, specifically designed to streamline and help manage your personal budget. The general state of the economy has forced people to re-examine their finances and get a better grasp on their monthly expenditures. Several personal finance websites have been growing in popularity, among them Mint, Quicken Books, as well as the subject of today’s review, Rudder.
Look and Feel
The site itself has a very clean web 2.0 look, with big icons and tabs to help you navigate. You can see a few screenshots of the email that will be delivered to your inbox, as well as learn more about the service and how it works. The light blue background doesn’t provide much contrast against the white background, but everything is easy to read and navigate.
Signing Up
Signing up on Rudder is simple, you enter and verify your email, create a password and you’re in. One thing to note is that the site does not ask for any other information (name, Social Security number, zipcode etc), in order to provide additional safeguards for your privacy.
Add Bank Account
Next, you are asked to add your bank account. I was a bit hesitant to enter my bank account number and PIN into their system, the McAfee, TrustE, and Verisign security logos did help assuage my worries. Rudder also states they use the same data services as 4 out of 5 top US banks. I wouldn’t mind seeing more information on these data services, but I imagine the more information disseminated, the more confusing the explanation.
Once I entered my checking account and PIN, Rudder automatically uploaded my transactions. However, Rudder did not recognize my direct deposit as income so I had to add that designation manually.
Add Bills and Complete Set-Up
Next, I needed to upload any bills that I pay on a regular basis. For this, I selected my Citi credit card. Since I was already signed up for online access, this was also a snap. I entered my online account info, and Rudder pulled that information into my account.
In additional to my credit card bill, I set up reminders to pay for my electricity and my cell phone bill. Since Rudder doesn’t know what those bills are, you set up a payment reminder about your bills.
So now I’ve got my income entered, a few reminders set about bills I need to pay, and my credit card all linked up through Rudder. Here’s what my account summary looks like.
You can see that it shows my account balance, and any upcoming bills. There is an array of moveable widgets you can add to monitor your spending and savings. Once you’ve decided on a layout, a copy of this dashboard can be emailed to you daily. You can set the frequency in which you want to receive emails, (daily, weekly, monthly) but you will always receive alert emails if you are over your credit card limit, or a bill is outstanding. It’s up to you if you would rather view your dashboard as an email, or to login to the site.
Overall Impressions
Rudder provides an up to date financial picture in one easy to use location, either via email or through their website. There are other personal finance management tools that have more functionality and flexibility, but are more complicated and difficult to set up. Rudder delivers a straightforward way to manage your finances and plan for your future without complicated financial tracking.
May 14th, 2008
Save Up to $.40 per Gallon On Gas
With gas prices averaging near $4.00 per gallon and a chance of them hitting $5.00 per gallon this summer, gas-based reward credit cards deserve a second look. Rebates range from 6% to 3% based on the card, saving you $.12 to $.24 per gallon. Most cards even have 1% back on all other purchases, making them a great general card as well. Each card has its own set of requirements and disclaimers so please read disclaimers carefully.
Discover Open Road(SM) Card- 5% Cashback bonus on gas and auto maintenance purchases up to $1200 in gas per year. 1% cash back everything as well. The intro APR of 0% and regular APR of 10.99% also makes the rates attractive. The card claims you can get 5% to 20% cashback at top online retailers as well. I didn’t see the list in the Terms and Disclosures.
Chase Perfectcard(TM) Mastercard – This card has 6% back on any gas purchase the first 90 days and then goes to 3% afterward. It also carries 1% cashback on all other purchases. The into rates are similar to the Discover Card above. I didn’t see any limits like the Discover card when I scanned the Terms and Disclosures.
Chase BP Visacard – This card is great if you live near BP. They are doubling the rebate amount on gas to 10% for the first 60 days. Nice if you plan on taking a long summer driving trip. This combined with the other rebates looks tempting. Their rates are not as good as the ones above, but if you pay your bills off every month and live near BP gas stations, this seems like a nice card.
I’ve listed some of the ones I could find. Here are a completely list of all credit card reviews. If you know of a better gas credit card, please leave a comment and update the post.
