The Difference Between a Soft Inquiry vs Hard Inquiry on Your Credit Report

by Cory Santos
The Difference Between a Hard Inquiry Vs, Soft Inquiry on Your Credit Report

Last updated on August 11th, 2023

Applying for a credit card typically results in an inquiry on your credit report. Whether this inquiry – or credit pull – is “hard” or “soft” can mean the difference between your credit score goin down when applying or escaping without a change. Here is how to tell the difference between a soft inquiry vs a hard inquiry on your credit report.

Soft Inquiry vs Hard Inquiry

Many major actions involving your personal finances will also tie in your credit score and credit report – be it applying for a credit card, financing a car, or applying for a mortgage. For the most part, requesting a line of credit or a loan will compel the creditor or lender to fully review your credit history, and that evaluation will become part of said record. This action is known as a hard inquiry. However, entities can also look at your credit information for reference purposes without substantial consequences for you. These light inspections are called soft inquiries.

The primary difference between soft and hard inquiries is the impact each has on your credit report and credit score. In short, hard inquiries will be documented in your credit report and knock a few points off your credit score, while soft inquiries will not. But there’s slightly more to it than that. Read on to get the full dose of knowledge on these routine reviews.

Here is a quick breakdown of the differences between hard and soft credit inquiries:

Differences Between Hard & Soft Credit Inquiries
Hard Pull Soft Pull
Cause Credit checks when applying for a loan, such as a credit card, mortgage, or auto loan. Credit checks to review your credit file for things unrelated to credit, like rental agreements or background checks.
Impact Lowers score slightly, though multiple pulls don’t look good on your credit report or score No harm to your score
Length 2 years 2 years (not visible)

What Is a Hard Inquiry?

Hard inquiries, or a “hard pull,” occur when a lender or creditor checks your full credit report as a part of a formal credit application process. The lender pulls the information from credit bureaus’ records so they can review it before deciding on the application for a new credit card, loan, mortgage, or any other form of credit.

Hard inquiries allow any requesting party to view your full credit history – as well as your credit score – which will include open accounts, debt currently owed, employer information, and any adverse actions that have been taken against you (such as bankruptcies or debt that’s gone into collections).

Hard inquiries are reported in your credit report and will remain there for about two years. A hard pull can slightly lower your credit score, typically by a few points, but the impact of these inquiries dissipates quickly.

While a single hard inquiry may only cause a minor drop in your credit score, multiple hard inquiries can have a more significant negative impact in a short period. This is because numerous hard inquiries can suggest that you’re in a financial bind or taking on more debt than you can handle. It’s essential to be cautious about the number of credit applications you submit within a short timeframe.

It’s worth noting that inquiries are a smaller factor influencing your credit score. Payment history and credit utilization ratio are by far the most influential aspects. Provided you remain responsible with your finances, your credit score should recover quickly after a hard pull or two.

Another thing worth touching upon is that not all hard inquiries have the same effects on your credit health. For example, multiple inquiries from different mortgage lenders within a 30-day period for the purpose of finding the best rate are usually counted as a single inquiry for scoring purposes. Credit scoring models are usually pretty smart at understanding when you’re comparison shopping vs when you’re intentionally opening multiple lines of credit.

What is a Soft Inquiry?

Soft inquiries, or a “soft pull,” occur when a person or entity checks your credit report for non-lending purposes, such as background checks, pre-approved credit card offers, employment screenings, and when you check your own credit score through sites like Credit Karma or Experian. These pulls have no effect on your credit score and will not be recorded in your credit report.

It’s important to note that, unlike hard inquiries, soft inquiries do not require your consent – or even your knowledge. Credit card issuers often take information about people that they have purchased from the reporting bureaus and perform soft inquiries to narrow down potential customers they can target offers to.

Similarly, if you decide to check whether you prequalify for a credit card, issuers will make a soft inquiry on you to give you a quick decision. Whenever you check your credit report, you also perform a soft pull. Soft pulls are visible to you on your credit report but not to others (except for insurance companies, which may be able to see soft inquiries by other insurance companies).

Tips to Minimize Hard Inquiries

It’s nearly impossible to avoid hard inquiries without completely eliminating the need for credit in your life. Despite that, there are practical steps you can take to help limit the negative effects of hard pulls on your credit report:

  • Review Offers Carefully: Always ensure you are fully informed about any credit card you want before applying. Be cautious about unsolicited credit card offers in the mail and online. Thoroughly read the terms and conditions before applying to understand any potential hidden fees, penalty interest rates, or introductory offers the card features.
  • Consolidate Applications: When shopping for credit cards, try to do it within a relatively short period (around two weeks to a month) so that multiple inquiries for the same purpose are treated as a single inquiry for credit scoring purposes.
  • Use Pre-Approval: Many credit card companies offer pre-approval or pre-qualifying checks that use soft inquiries to see if you will likely be approved for their cards. These services can help you avoid unnecessary hard inquiries.
  • Limit Credit Applications: The easiest way to avoid the negative impacts of hard credit pulls is by reducing the number of credit applications you submit. Apply for new credit only when you genuinely need it and you believe you have a good chance of approval based on your credit profile.

Related Article: What Are the Easiest Credit Cards to Get with Bad Credit?

Other Things to Know about Credit Inquiries

If you’re considering applying for any type of credit or loan or are planning to submit an application that may lead to your financial background being looked at, it’s wise to ask the other party if and how your credit history will be impacted. It’s never wrong to inquire about a potential inquiry, and the people on the other side of the table must give you an answer. You should also get in the habit of occasionally checking your own credit report to ensure there isn’t anything you can’t explain. 

You’re entitled by law to one free report per year from each of the three credit reporting companies so that you can space them out evenly. If you see a hard inquiry that you don’t recognize or did not consent to, you can dispute it with the bureau that provided the report. It’s possible that it was just an error, but it could just as likely be an attempt to steal your identity. On a related note, soft inquiries are not disputable. Although you should avoid too many hard inquiries at a time, an exception can be made if you’re rate shopping or searching for the best available deal on a loan or credit card. Generally, if you compare related offers – say, mortgages – within a 30- to 45-day span, credit scoring models may only count the ensuing hard inquiries as one. This isn’t standard, though, as issuers and scoring models vary in their practices.

Summing It Up

Understanding the differences between different credit checks and managing your credit applications responsibly can help you maintain a healthy credit score and financial well-being. Hard pulls and soft pulls of your credit report serve different purposes and have distinct impacts on your credit score.

Here’s a quick refresher on the key differences between these types of credit pulls:

Type Credit impact Examples
Hard inquiry Requires your consent and can impact your credit score
  • Applying for an installment loan
  • Credit card applications
  • Collection agency tracing of late payments and collections (skip tracing)
  • Applying for a mortgage
Soft inquiry Doesn’t require your consent and won’t harm your credit score
  • Checking credit scores with free apps
  • Employment credit checks
  • Insurance credit checks
  • Credit card pre-approval offers

Related Article: What is the Fair Credit Reporting Act?

Featured photo by jarmoluk / PixaBay

Walmart+ Introduces a New Cash Back Travel Benefit

by Jeannyn Gomez
Walmart+ Introduces a New Cash Back Travel Benefit

Last updated on September 6th, 2023

Walmart+ has added a new benefit for its members. The membership plan now includes an opportunity for its patrons to earn cash-back travel rewards. The exciting new feature shows promise, particularly for anyone missing out on a travel credit card. Here’s what you need to know about the new Walmart+ benefit.

Walmart+ Unveils Its New Cash Back Travel Perk

Walmart+ is a membership plan with a variety of benefits, including delivery services with free shipping, gas savings, and more. Recently, the retail brand added a new perk for its members and it is borderline comparable to that of a travel credit card. Members can now earn up to 5% Walmart Cash with Walmart+ Travel, powered by Expedia, for competitive prices. The 5% category applies to hotel bookings, vacation & car rentals, tours, activities, and more. Members can also earn 2% Walmart Cash on air travel.

The introduction of the new travel program reflects Walmart’s efforts to catch up to the most favored subscription service available, Amazon Prime. By adding a travel perk to the mix, Walmart+ hopes to expand the appeal of its membership plan to new and existing members. According to Investor.com, Morgan Stanley estimated Walmart+ has 21.5 million members, and Amazon has about 167 million members since March 2023. While these numbers may not come close to each other, Walmart’s initiatives to spice up the Walmart+ benefits can make a huge impact on anyone who may not have a travel credit card or someone who frequently uses travel portals/agencies to book their trips.

How Walmart+ Travel Compares to Credit Cards

Both travel credit cards and Walmart+ have reward-earning potential for booking travel. For example, with the Chase Freedom Unlimited, cardholders earn 5% cash back on travel purchases through the Chase Unlimited Rewards platform. Now, even if you don’t have a travel credit card, you can still earn up to 5% back with Walmart+ – so it compares fairly evenly with the Chase Freedom Unlimited.

However, if you have a card like The Platinum Card® from American Express, you can earn 5X Membership Rewards® Points for travel and also get access to a complimentary Walmart+ subscription. In this case, Walmart+ Travel cancels itself out because Amex Platinum cardholders already get rewards for travel purchases. On the other hand, if you don’t have a travel credit card or can’t qualify for one due to your credit score, with Walmart+, you can still earn rewards for your travel purchases.

Are Walmart+ Travel Rewards Worth It?

The new Walmart+ Travel benefit rewards its members in Walmart Cash (previously known as Walmart Rewards.) In the past, Walmart Cash was only redeemable for online or in-store purchases and had no cash or monetary value. However, now with the new perk, Walmart+ members can enjoy the same options and redeem Walmart Cash for U.S. currency. Shoppers must have at least $25 in Walmart Cash to use the cash redemption option, which is limited to $100 per day.

Walmart+ members can save money with the membership’s additional exclusive benefits, including the following:

  • Free delivery from Walmart stores, including groceries and more
  • Free shipping with no order minimum for online purchases
  • Gas savings at 10¢ per gallon
  • Early access to product releases, special prices, and holiday sales
  • Access to the Paramount+ streaming service
  • Mobile scan & go

In addition to its benefits, Walmart+ recently started offering special subscription pricing for customers on government assistance and for students. The original subscription price is $98 a year or $12.95 monthly. However, if patrons receive government assistance, they can sign up for a Walmart+ Assist subscription for a 50% off membership (the same applies to student memberships) – that totals to $6.47 a month or $49 per year.

Related Article: How to Decide Between General and Co-Branded Travel Rewards Credit Cards

Featured image by Walmart and BestCards

The Best Overlooked Cash Back Credit Cards

by Cory Santos
The Best Overlooked Cash Back Credit Cards

Last updated on August 28th, 2023

We all like being a little niche, whether it be fashion, vehicles, or music. After all, choosing something unique helps define you and your style – and can even help you snag a bargain if you know what you are doing. The same can be said about your credit cards. Instead of considering the usual suspects, you may be better off with a lesser-known card that will actually suit you better. Below are our picks for the top often overlooked cash back credit cards.

At a Glance


Alliant Cashback Visa Signature
Upgrade Triple Cash Rewards Visa®
Mission Lane Cash Back Visa®
GM Business Card™

What Are the Most Overlooked Cash Back Credit Cards?

Cash back credit cards are some of the most popular out there – and it’s pretty easy to see why. However, which ones do you see most often? Chase, American Express, Capital One, Discover; it’s no surprise, as these and other banks take the lion’s share of the credit card space.

Don’t get us wrong, they all offer very good cards, but maybe they’re not the best for you. Below we’ll cover equally good cash back cards from names you may not have heard before – but trust us, they’re worth your time.

Alliant Cashback Visa Signature Credit Card

Alliant Cashback Visa Signature Credit Card
Visit Card Site Terms & Conditions
Excellent-Good
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Visa Processing Network
None Annual Fee

Alliant Cashback Visa Signature Credit Card

  • 17.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 17.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
  • 25.24% to 29.24% variable based on the Prime Rate Cash Advance APR

At a Glance

The Alliant Cashback Visa Signature Credit Card offers exceptional cash back rewards, premium travel perks, and no foreign transaction fees. The card also features no annual fee.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn up to 2.5% cash back with no categories to keep track of
  • Earn up to $250 in cash back per billing cycle
  • Use this card with Apple Pay, Google Pay, and Samsung Pay
  • No foreign transaction fees
  • Regular Purchase APR: 17.24% to 27.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 17.24% to 27.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: 3% of the amount of each transfer
  • Cash Advance APR: 25.24% to 29.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Penalty APR: 29.99% variable based on the Prime Rate
  • Late Payment Penalty Fee: Up to $27
  • Return Payment Penalty Fee: Up to $27
  • You have excellent credit
  • You plan to spend frequently with a credit card
  • You travel frequently
  • You qualify for an Alliant Credit Union membership
Alliant Cashback Visa Signature Credit Card

Alliant Cashback Visa Signature Credit Card

Terms & Conditions
Visit Card Site Terms & Conditions
​

The Alliant Cashback Visa Signature might not ring many bells, but it’s one of the most lucrative cash back credit cards on the market today. How lucrative? Try up to 2.5% cash back on your first $10,000 of qualifying eligible purchases and 1.5% back on all purchases once you pass that $10,000 threshold.

The card is issued by Alliant Credit Union, a Chicago-based financial institution serving over 350,000 members across the United States. To add this card to your wallet, you’ll need an Alliant High-Rate Checking account and maintain an average daily balance of $1,000 for the quarter prior to the billing statement in which the rewards are earned to get that appealing 2.5% cash back.

Fortunately, becoming a member of Alliant Credit Union is a breeze – and Alliant’s High-Rate Checking has no servicing fees. Membership in Alliant was formerly restricted to United Airlines employees and their immediate families. Now, however, membership is open to anyone who lives or works in one of the Illinois counties Alliant serves, or who is family of current Alliant Credit Union members. And if you don’t fit into that distinct category, you can join by becoming a member of the Foster Care to Success (FC2S) organization.

FC2S serves thousands of foster teens across the United States, focusing on those who are aging out of the foster care system. FC2S awards grants and scholarships for higher education and provides care packages, mentoring, and internships (Alliant will also pay the one-time $5 membership fee to FC2S on your behalf).

Upgrade Triple Cash Rewards Visa®

Upgrade Triple Cash Rewards Visa®
Apply Now Terms & Conditions
Excellent-Good-Fair
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good / Fair
Visa Processing Network
None Annual Fee

Upgrade Triple Cash Rewards Visa®

  • 14.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 14.99% to 29.99% Balance Transfer APR

At a Glance

The Upgrade Triple Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines up to $25,000 in one unique package. The card provides the flexibility and predictability consumers need to pay down balances and get debt-free quickly.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
  • 3% unlimited cash back on every purchase in Home, Health, and Auto categories
  • No annual fee
  • Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty and more
  • Shop smarter with Upgrade Shopping! Get exclusive savings at stores, restaurants, and more
  • No touch payments with contactless technology built in
  • See if you qualify in seconds with no impact to your credit score
  • Great for large purchases with predictable payments you can budget for
  • Mobile app to access your account anytime, anywhere
  • Use your card anywhere Visa is accepted
  • Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
  • Regular Purchase APR: 14.99% to 29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 14.99% to 29.99%
  • Balance Transfer Transaction Fee: Up to 5%
  • Foreign Transaction Fee: Up to 3%
  • Late Payment Penalty Fee: May apply
  • You struggle to pay off your credit card balances
  • You want to earn up to 3% cash back on purchases
  • You can reliably pay off your statement balances to earn cash back for your purchases
  • You have a desire to get debt-free quickly
  • You don’t want to pay an annual fee
Upgrade Triple Cash Rewards Visa®

Upgrade Triple Cash Rewards Visa®

Terms & Conditions
Apply Now Terms & Conditions

The Upgrade Triple Cash Rewards Visa® is another often overlooked cash back credit card. As one of several options from Upgrade, the Triple Cash Rewards card offers no fees, low rates, cash back, and credit lines of up to $25,000 in one unique package.

The biggest headline is the 3% cash back on all purchases that fit under the “Home,” “Auto,” and “Health” categories. Fortunately, Upgrade keeps these categories broad, meaning you can quickly rack up rewards by using the Upgrade Triple Cash Visa as your everyday credit card.

But the Upgrade Card is far more than just a cash back rewards vehicle. The card works and behaves just like other Upgrade Card products – a huge plus for those who want a great low rate and the predictability of an installment loan. Upgrade lumps all bank transfers and purchases into one balance, which the account holder pays down based on their installment terms. With Upgrade, these repayment terms vary from 12 to 60 months, depending upon creditworthiness when applying.

According to research from Upgrade, paying off a $10,000 balance takes just a few years with the Upgrade Triple Rewards Visa, compared to other traditional credit cards that can take up to 20 years – or more.

TD Cash Credit Card

TD Cash Credit Card
Visit Card Site Terms & Conditions
Excellent
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent
Visa Processing Network
None Annual Fee

TD Cash Credit Card

  • 19.74%, 24.74% or 29.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 19.74%, 24.74% or 29.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
  • 30.24% variable based on the Prime Rate Cash Advance APR

At a Glance

With the ability to earn 3% cash back at restaurants and 2% at grocery stores and 1% on all other eligible purchases, the TD Cash Credit Card makes getting good eats a tasty and profitable experience.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn $150 Cash Back when you spend $500 within 90 days after account opening
  • Earn 3% Cash Back on dining – including takeout and delivery
  • Earn 2% Cash Back at grocery stores
  • Earn 1% Cash Back on all other eligible purchases
  • No caps, no limits as long as your account is in good standing
  • Balance Transfer Offer: 0% introductory APR for first 12 billing cycles after account opening. After that, 14.99%, 19.99% or 24.99% variable APR based on your creditworthiness
  • $0 Annual Fee
  • *Read terms and conditions about APRs, fees, eligible purchases, balance transfers and program details
  • Regular Purchase APR: 19.74%, 24.74% or 29.74% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months from account opening date
  • Balance Transfer APR: 19.74%, 24.74% or 29.74% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 30.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • You want to earn 3% cash back on dining (including takeout and delivery), 2% at grocery stores, and 1% everywhere else
  • You’re likely to spend $500 within 3 months to earn an extra $150 sign-up bonus
  • You enjoy the diversity of having 400+ rewards redemption options
  • You bank with TD Bank
TD Cash Credit Card

TD Cash Credit Card

Terms & Conditions
Visit Card Site Terms & Conditions
​

TD Bank is another issuer that often gets overlooked regarding rewards credit cards – but it’s tough to ignore the TD Cash Credit Card. This pick typically hides behind its more popular sibling, the TD Double Up Card, but the Cash Card has plenty to offer in its own right.

The highlight of the TD Cash Card is its ability to earn the most rewards in your chosen categories. Cardholders select their top two Spend Categories to earn unlimited 3% and 2% back, with eligible categories including dining, gas, entertainment, groceries, and travel. All other purchases earn 1% back, with no cap on total earnable rewards.

That lack of a limit is what makes the Cash Card so lucrative. Unlike similar products, like the Discover It Cash Back or Chase Freedom Flex, the top categories aren’t capped, with rewards as plentiful as you want them to be. Add in an introductory 12 months of 0% APR on purchases and no annual fee, and you have an exceptional cash rewards credit card.

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Mission Lane’s Cash Back Visa isn’t so much underrated as it is brand new. The Mission Lane Cash Back Visa® earns either 1% or 1.5% cash back on all net qualifying purchases made during each calendar month, with no limit on the total rewards you can earn.

Cash back cards for those with average credit aren’t too common – popular options include Mercury and Credit One. But the Mission Lane cash back rewards card trumps these offers by providing cash back with no annual fee. That combination of rewards and credit access makes the Mission Lane card not only overlooked but quite possibly one of the best pound-for-pound credit cards available.

Another great feature of the Mission Lane rewards credit card is that you may qualify for a credit limit increase in as few as seven months from opening an account. Like other credit builder cards, the Mission Lane Cash Back Visa may provide a credit limit increase should you demonstrate responsible usage and make all your payments on time each month.

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There are plenty of rewards credit cards for small businesses, but relatively few that can help companies save towards new fleet vehicles. The GM Business Card™ works to save towards purchasing or leasing a GM vehicle from an authorized GM dealership. In addition, cardholders can earn the following rewards:

  • $750 in Bonus Earnings towards the purchase or lease of an eligible, new GM vehicle after you spend $5,000 on purchases in your first five months
  • 5% in Earnings on eligible GM dealership parts, accessories, or service purchases
  • 3% in Earnings on purchases at gas stations, restaurants, and office supply stores
  • 1% on all other purchases

Beyond exceptional rewards (and complimentary employee cards), account managers will love the GM Business Mastercard thanks to no annual fee, no foreign transaction fees, and no fees on cash advances. Even better, the card offers an introductory 0% interest rate on purchases for the first 12 months, with a highly competitive, variable APR afterward.

Check out more

Cash Back Credit Cards

Featured image by ulleo/PixaBay

Protect Your Child From Identity Theft – Here’s How

by Jeannyn Gomez
Protect Your Child From Identity Theft – Here’s How

Last updated on January 2nd, 2024

Believe it or not, adults are not the only ones subject to identity theft. Children can fall victim too. The important thing is to note that there are signs you can look for as a parent to help protect your children from the risks of identity theft. Here’s what you need to know about protecting your child from having their identity stolen.

The Risks of Child Identity Theft

Children also can fall victim to identity theft, and there are signs to watch out for to prevent it from happening. Identity theft happens every day. Every two seconds, someone falls victim to it. In 2021 the Federal Trade Commission (FTC) received close to 1.4 million children’s identity theft reports from U.S. consumers.

What Is Identity Theft?

Identity theft is when a thief steals and uses personal information that belongs to someone else — typically to commit some sort of fraud. There is more than just one type of identity theft, such as financial identity theft, tax identity theft, medical identity theft, and many more.

Specifically, child identity theft is one that goes mostly unnoticed until it’s too late. According to a Javelin study cited in the BECU blog, child identity theft in 2021 cost nearly $1 billion. And about three-quarters (73%) of child ID victims personally know their perpetrators, like family members or close friends.

What Are Some Signs of Child Identity Theft?

Luckily, there are some signs that you as a parent can identify to act on child identity theft. Look for these signs:

  • Unsolicited credit offers
  • Bills and collections letters
  • Social security administration account statement
  • IRS letters stating your child didn’t pay taxes

The moment you begin to notice credit offers pop up in the mail for your child, it is time to beware. Unsolicited credit offers show there may be a fraudster working their magic. Typically, it means the criminal has already stolen your child’s identity and is probably actively working on raising credit scores (by paying card bills on time), so they can later apply for credit cards with high credit limits. As soon as they get the credit limit they want, the thief goes on a giant shopping spree and never pays back the high bill.

Next, you may notice bills and collection letters start to make their way into your mailbox. The letters, of course, would be addressed in your child’s name. Lastly, pay attention if you receive any social security administration account statement addressed to your child. Social security account statements contain information concerning social security contributions, and a child does not typically have social security contributions.

How To Protect Your Child’s Identity

According to the Federal Trade Commission (FTC), there are a few steps you can take to protect your child from identity theft. For example, ask questions before providing your child’s Social Security number.

  • Why do you need it?
  • How will you protect it?
  • Can you use a different identifier?
  • Can you use just the last four digits of the Social Security number?

Additionally, protect all documents that contain personal information. Keep any documentation containing your child’s info, like medical bills or social security cards, locked away. And if you need to dispose of any documentation that includes personal information, make sure to use a shredder before throwing away. Finally, you should delete personal information before disposing of your computer or cell phone.

If your child has fallen a victim to identity theft, there are a couple of steps you should take.

  1. Report and close fraudulent accounts
  2. Freeze your child’s credit report
  3. Report child identity theft to the FTC here

Always be vigilant about your children’s identity before it gets worse. Due to a child’s identity often going undetected, the experience can cause many grievances for the child’s future. Child Identity theft can affect credit scores often used to determine credit card approvals, rent eligibility, student loan approval, and more. All of which may be essential to living life in the US.

Featured photo by kieferpix /Getty Images

Best Credit Cards To Use at Costco

by Jeannyn Gomez
Best Credit Cards to Use at Costco

Last updated on April 3rd, 2024

Buying your home essentials and groceries in bulk can save you money in the long run. For this reason, you may opt to shop at a wholesale club like Costco. Consider using these credit cards to maximize your savings when you shop at Costco Wholesale Club.

At a Glance


Costco Anywhere Visa® Card by Citi
Chase Freedom Unlimited®
Revvi Card
Upgrade Cash Rewards Visa®

Things To Know Before Costco Shopping

Costco is known for its wholesale inventory of home essentials, including groceries, home electronics, and more. The idea of shopping at wholesale clubs is that buying bulk gets your items at discounted prices. In contrast, the same items at a regular retail store might cost extra when purchased individually.

Grocery Stores & Credit Card Payments

Before taking off with just any old credit card to shop at Costco, there are a few things to consider. To begin with, only Visa credit cards are accepted in-store at Costco. Costco online shopping offers more flexibility with credit card payment network options. Online, the wholesale giant accepts Visa, Mastercard, and Discover card payments.

Next, you should know Costco is not considered a grocery store. Costco does not code their products under groceries. Why should it matter? It matters when it comes to credit card rewards. As you may already know, there are many credit cards with cash back categories for grocery shopping. For example, the Citi Custom Cash℠ Card has nine different 5% cash back categories, one of which is for grocery stores. However, your Costco groceries would not qualify for 5% back on groceries because 1 – Costco doesn’t use merchant codes that grocery stores use, and 2 – The Citi Custom Cash Card is a Mastercard.

Now, just because Costco doesn’t use grocery store merchant codes and only accepts in-store Visa card payments, it doesn’t mean you can’t earn cash back. There are plenty of Visa credit cards out there that offer cash back rewards and can be used at Costco stores. These are our picks for the best credit cards to use at Costco.

Costco Anywhere Visa® Card by Citi

Costco Anywhere Visa® Card by Citi
Visit Card Site Terms & Conditions
Excellent
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent
Visa Processing Network
$0 with Costco Membership Annual Fee

Costco Anywhere Visa® Card by Citi

  • 20.24% (Variable) Regular Purchase APR
  • 20.24% (Variable) Balance Transfer APR
  • 29.99% (Variable) Cash Advance APR

At a Glance

If you’re a Costco member and want to start earning some serious cash back rewards, the bonuses available via the Costco Anywhere Visa® Card by Citi – including 4% on gas and EV charging and 2% on your Costco purchases – may be just what you’re looking for.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members
  • 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
  • 3% cash back on restaurants and eligible travel purchases
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
  • Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
  • Regular Purchase APR: 20.24% (Variable)
  • Balance Transfer APR: 20.24% (Variable)
  • Balance Transfer Transaction Fee: 5% of each balance transfer; $5 minimum.
  • Cash Advance APR: 29.99% (Variable)
  • Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum
  • Penalty APR: Up to 29.99% variable based on your creditworthiness and the Prime Rate
  • Annual Fee: $0 with Costco Membership
  • Late Payment Penalty Fee: Up to $41
  • Return Payment Penalty Fee: Up to $41
  • You’re a Costco member and want to earn 2% cash back on purchases at their physical and online stores, as well as 4% cash back on gas and EV charging purchases – including gas sold at Costco
  • You enjoy earning cash back on everyday purchases such as dining and travel
  • You seek a versatile rewards credit card with numerous travel protection perks, no foreign transaction fees, and no annual fees as a Costco member
Costco Anywhere Visa® Card by Citi

Costco Anywhere Visa® Card by Citi

Terms & Conditions
Visit Card Site Terms & Conditions

It’s in the name. The Costco Anywhere Visa® Card by Citi was made for Costco shoppers. It is a rewards credit card with the potential to earn up to 4% cash back on purchases. Starting from the top rewards category cardholders can earn 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% after.

Next, cardholders earn 3% cash back on restaurants and eligible travel purchases. And finally, what we are all here for, this credit card earns 2% cash back on all purchases from Costco (in-store) and Costco.com. If you already have a paid Costco Membership there is no annual fee and no foreign transaction fees. 

Chase Freedom Unlimited®

Chase Freedom Unlimited®
Learn more about the Chase Freedom Unlimited® Terms & Conditions
Excellent-Good
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Visa Processing Network
None Annual Fee

Chase Freedom Unlimited®

  • 18.24% to 27.74% Variable Regular Purchase APR
  • 18.24% to 27.74% Variable Balance Transfer APR
  • 28.49% Variable Cash Advance APR
  • 0% for 15 months from account opening date Intro Purchase APR

At a Glance

The Chase Freedom Unlimited® credit card is a reliable option for customers looking to pair an attractive cash back rewards program with generous introductory interest rates. Cardholders can redeem for cash, travel, and more.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
  • No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
  • Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% – 27.74%.
  • No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
  • Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
  • Member FDIC
  • Intro Purchase APR: 0% for 15 months from account opening date
  • Regular Purchase APR: 18.24% to 27.74% Variable
  • Intro Balance Transfer APR: 0% for 15 months from account opening date
  • Balance Transfer APR: 18.24% to 27.74% Variable
  • Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
  • Cash Advance APR: 28.49% Variable
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
  • Penalty APR: Up to 29.99% Variable
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • You are looking for a low-rate credit card to perform a balance transfer
  • You prefer straightforward rewards earnings rather than quarterly categories requiring activation
  • You’ll make at least $500 in purchases in the first 90 days
  • You do’t want to pay an annual fee
Chase Freedom Unlimited®

Chase Freedom Unlimited®

Terms & Conditions
Learn more about the Chase Freedom Unlimited® Terms & Conditions

Second, on our list is Chase Freedom Unlimited. This card has the potential to earn up to 5% cash back on things like travel, dining, and more. It features no annual fee, a low intro APR offer, and a bonus offer. With Chase Freedom Unlimited, cardholders get 5% on travel purchased through Chase Ultimate Rewards. You also get 3% cash back on dining, which includes takeout and eligible delivery services, for those times when you just want to dine in.

You will also earn 3% cash back on drugstore purchases and 1.5% on all other purchases. In other words, you can get 1.5% cash back on your purchases when you shop at Costco. If you have good to excellent credit you may qualify for Chase Freedom Unlimited. 

Revvi Card

Revvi Card
Apply Now Terms & Conditions
Poor-Fair
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Poor / Fair
Visa Processing Network
See Terms* Annual Fee

Revvi Card

  • 35.99%* Regular Purchase APR
  • 35.99%* Cash Advance APR

At a Glance

Revvi is a full-fledged Visa® credit card that can help you improve your credit score with on-time payments and responsible use. The Revvi Card features a quick and easy application and doesn’t require perfect credit. Not only that, but Revvi also offers Cash Back Rewards^^ with on-time payments. The card also features an initial credit line of up to $500, with the chance of a credit limit increase after year one.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • 2X Rewards Power – Up To 10% Cash Back when you buy and 1% Cash Back when you pay!^^
  • An initial credit limit Up To $500 (See terms*)
  • Opportunity to request credit limit increase after twelve months, fee applies.
  • A Card That Works as Hard as You Do – Earn Up to 10% Cash Back Rewards at select merchants, 1% on Payments and Build¹ Your Credit Along the Way!^^
  • Reports monthly to all three major credit bureaus.
  • Regular Purchase APR: 35.99%*
  • Cash Advance APR: 35.99%*
  • Cash Advance Transaction Fee: Either $10, or 3% of the amount of the Cash Advance, whichever is greater
  • Annual Fee: See Terms*
  • You want to improve your credit score by making on-time payments and keeping credit use low
  • You want Visa® protections, like Zero Fraud Liability coverage
  • You’re seeking manageable monthly payments
  • You want to earn 1% Cash Back Rewards^^, on payments made to the card as well as up to 10% cash back with select merchants
Revvi Card

Revvi Card

Terms & Conditions
Apply Now Terms & Conditions

Next up on your pick of the best credit cards to use at Costco is the Revvi Card. This one is an excellent option for anyone working on repairing their credit but would still like to earn credit card rewards. The Revvi Card is an unsecured credit card that earns 1% cash back rewards on payments to the card. As mentioned previously, perfect credit is not required to apply, however, keep in mind the card does have an annual fee. Use the Revvi Card to build your credit score and earn cash back while you’re at it.

Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®
Apply Now Terms & Conditions
Excellent-Good-Fair
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good / Fair
Visa Processing Network
None Annual Fee

Upgrade Cash Rewards Visa®

  • 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 14.99% to 29.99% Balance Transfer APR

At a Glance

The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
  • 1.5% unlimited cash back on every purchase
  • No annual fee
  • See if you qualify in seconds with no impact to your credit score
  • Combine the flexibility of a card with the predictability of a personal loan
  • Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty Protection, and more
  • Shop smarter with Upgrade Shopping! Get exclusive savings at stores, restaurants, and more
  • Contactless payments with Apple Pay® and Google Wallet™ bull; Mobile app to access your account anytime, anywhere
  • Use your card anywhere Visa is accepted
  • Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
  • Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 14.99% to 29.99%
  • Balance Transfer Transaction Fee: Up to 5%
  • Foreign Transaction Fee: Up to 3%
  • Late Payment Penalty Fee: May apply
  • You struggle to pay off your credit card balances
  • You want a structured repayment plan
  • You can reliably pay off your statement balances to earn cash back for your purchases
  • You have a desire to get debt-free quickly
  • You hate penalty or other hidden fees
Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®

Terms & Conditions
Apply Now Terms & Conditions

The Upgrade Cash Rewards Visa is another contender for Costco shoppers. The rewards credit card earns unlimited 1.5% cash back every time you make a purchase, including purchases at Costco. It’s comparable to Chase Freedom Unlimited, which also earns 1.5% cash back outside its other rewards categories. However, the Upgrade card requires fair credit or better and the Freedom Unlimited requires good credit or better. Other notable features of the Upgrade Cash Rewards Visa® include its $0 annual fee, $0 activation fees, and $0 foreign transaction fees.

Costco Anywhere Visa® Business Card by Citi

Costco Anywhere Visa® Business Card by Citi
Visit Card Site Terms & Conditions
Excellent
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent
Visa Processing Network
$0 with Costco membership Annual Fee

Costco Anywhere Visa® Business Card by Citi

  • 20.24% (Variable) Regular Purchase APR
  • 29.99% (Variable) Cash Advance APR

At a Glance

Costco members who want to capitalize on their bulk buys will benefit from the Costco Anywhere Visa® Business Card by Citi’s cash back rewards on gas and EV charging, travel, dining, and their purchases from Costco and Costco.com.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Discover the only business credit card designed exclusively for Costco members
  • 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
  • 3% cash back on restaurants and eligible travel purchases
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
  • Whether you’re traveling for business or pleasure, enjoy no foreign transaction fees on purchases
  • Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
  • Regular Purchase APR: 20.24% (Variable)
  • Cash Advance APR: 29.99% (Variable)
  • Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum.
  • Penalty APR: Up to 29.99% variable based on your creditworthiness and the Prime Rate
  • Annual Fee: $0 with Costco membership
  • Late Payment Penalty Fee: $41
  • Return Payment Penalty Fee: $41
  • You have a Costco membership and want to earn cash back on your purchases at their warehouses and online storefront
  • You want to earn cashback on common purchases like gas and EV charging, dining, and travel
  • You do not enjoy paying annual fees or foreign transaction fees
Costco Anywhere Visa® Business Card by Citi

Costco Anywhere Visa® Business Card by Citi

Terms & Conditions
Visit Card Site Terms & Conditions

If you got a small business and you buy bulk at Costco for it, then the Costco Anywhere Visa® Business Card by Citi is for you. Excellent credit is needed for approval on this business credit card. If your credit is not at its best, consider these subprime business credit cards instead. The card shares the same rewards benefits as the Costco Anywhere Visa® Card by Citi. Earn 4% cash back on gas and EV charging, 3% cash back on restaurants and eligible travel, 2% cash back on all Costco purchases, and 1% cash back on all other purchases.

Related Article: The Best Cash Back Credit Cards of 2022

Featured photo by Syda Productions/ Canva

What is Zolve Card & Is It Worth It?

by Cory Santos
Understanding the ZXolve credit cards for foreign nationals and underbanked US residents

Last updated on August 23rd, 2023

Underbanking is a serious problem that annually impacts millions of Americans and foreign nationals. According to statistics from the FDIC, approximately 4.5% of American households are underbanked, meaning they lack access to banking and credit services. Now Zolve, a new fintech, is tackling the problem of banking and credit access. Here’s what you need to know about the company and its line of products.

Building Credit: A Daunting Task for Many

Access to credit is an issue for millions of Americans – not to mention the scores of foreign citizens who come to live and work in the United States each year. The biggest obstacle to overcome for many such individuals is the lack of a Social Security Number (SSN). Fortunately, however, there are lenders who offer payment cards without an SSN.

Applying for a credit card without an SSN requires another means of government verification, such as an Individual Taxpayer Identification Number (ITIN). Here’s a list of major U.S. banks and lenders that accept an ITIN instead of an SSN:

American Express Bank of America Capital One Chase
Citibank OpenSky Wells Fargo

Related Article: Who Can Apply for a U.S. Credit Card?

Trying to “Zolve” the Problem of the Underbanked

Another option is Zolve, a fintech company whose mission is to enable fair access to financial products for global citizens. In fact, Zolve consists of a family of products designed to cater to changing credit needs throughout one’s financial life. Zolve’s products include auto and student loans; health, renters, and pet insurance; deposit accounts; low-cost international money transfers; and, you guessed it, credit cards.

The company claims to have over 400,000 international users, and it is easy to see why. Beyond the lack of an SSN requirement, Zolve waives foreign transaction fees for cardholders and offers low-cost (or even free) international money transfers depending on your card product.

How to Get Started with Zolve

The primary focus of Zolve is providing banking and credit access in the United States to international students, immigrants, and individuals without a credit history. Because of this, life for most in the company’s ecosystem begins with a credit builder checking account: Zolve Azpire. Applying for that card is simple:

  1. First, download the free Zolve mobile app, available in the App Store or Google Play Store
  2. Sign-up with your basic information, namely e-mail address, phone number, birthdate, and birthplace. This is known as a “Know Your Customer Check” and is common with all banks
  3. Provide documentation for verification. This includes either an SSN, ITIN, or a valid passport number
  4. Provide your United States contact details
  5. Upload proof of an approved U.S. F1, H1B or H4 Visa

The Azpire Credit Builder Card

The Zolve Azpire Credit Builder Card combines a checking account and a standard payment card. Unlike other cards, however, there is no “preset” credit limit, with the overall credit limit being the total funds moved into the Zolve Azpire FDIC-insured checking account, up to a $10,000 maximum.

As you make purchases using the Azpire Card, just as you would with a traditional debit card), Zolve reports these positive payments to the three major credit bureaus in the U.S. – Equifax, TransUnion, and Experian – and those on-time payments can help you build credit.

One of the great features of the Zolve Azpire Card is that new accounts may qualify for an upgrade to the unsecured Zolve credit card in as little as four months after opening an account. Upgrading does not close the Azpire account but instead provides access to a new, unsecured line of credit. The Azpire account can be used as a traditional banking and debit card product.

Zolve’s Rewards Credit Cards

Every Zolve Card (including the Azpire) is a cash back credit card. That card, the credit-builder option, earns an unlimited 1% back on all purchases – a rewards rate that is the same as the unsecured Zolve Classic Mastercard.

Just how much you’ll earn in cash back rewards depends on which card you hold. Each card variant offers bonus accelerators with select brands in the Zolve mobile app – up to 5% back. Here’s how the rewards compare between the different credit card products:


Zolve Classic
Zolve Signature
Zolve Black
Annual fee None $99 if billed annually ($9.99/month) $299 if billed annually ($29.99/month)
Unlimited cash back 1% 1% 1.5%
Bonus cash back N/A 3% on "Everyday" purchases 5% on purchases at select merchants
Welcome offer $15 $25 $50
Credits $100 $230 (Lyft, DoorDash, etc.) $260 (Lyft, DoorDash, etc.)

Is Zolve Worth It?

Zolve’s credit card products offer a unique and tailored solution to individuals who are new to the U.S. or with limited credit histories. By providing accessible credit options and focusing on credit building, Zolve helps its users pave the way to a stronger financial future in the United States.

But regarding the higher-end rewards cards, the Zolve Black doesn’t match up with other offers from larger banks. Sure, Zolve promises high credit limits of up to $5,000, but for applicants with strong credit histories, those limits are easily attainable with bigger banks like Chase.

Ultimately, however, the Zolve credit card platform is a great entry point into the United States banking system. If you are new to the country, a visiting student or even an underbanked American looking to brighten your financial future, the Zolve Card might be right for you.

Related Article: 3 Unique Cards To Help You Build Credit – Debit Card Edition

Featured image by Zolve

SKYPASS Credit Cards from Korean Air Get a Facelift

by Cory Santos
US Bank makes big changes to Korean Air personal and business credit cards

Last updated on September 6th, 2023

U.S. Bank has made recent changes to its SKYPASS Visa® credit card program. The popular credit cards from Korean Air received a fresh coat of paint, additional ways to earn miles, Korean Air discounts, and more. Here’s what you need to know about the updated Korean Air credit card portfolio from U.S. Bank.

Major Changes to Korean Air SKYPASS Credit Cards

Banking giant U.S. Bank has long enjoyed its relationship with Korean Air and its loyalty program, SKYPASS. The decades-old partnership crossed another milestone this week by announcing a refresh for the SKYPASS Visa® airline credit card lineup.

Announced in a press release on the 25th of July, The enhanced SKYPASS Visa® program will include additional ways to earn miles, such as more rewards on purchases for dining, rideshare and streaming services, cell phones, and office supplies. Additionally, to expand the value and make rewards even more immediate, cardholders for three of the SKYPASS Visa® cards will receive Korean Air ticket discounts for themselves and a companion.

Here’s how the new and improved SKYPASS consumer credit cards from U.S. Bank look:


SKYPASS SkyBlue Visa

SKYPASS Visa Signature®
SKYPASS Select Visa Signature®
Annual fee $0 $99 $450
Miles 2X miles per $1 on streaming services such as Netflix and Spotify, plus rideshares; 1X on all other purchases 2X miles per $1 on eligible Korean Air, hotels, and dining purchases, including takeout and restaurant delivery; 1X on all other purchases 3X miles per $1 on Korean Air ticket purchases; 2X on all other flights, hotels, car rentals, and dining purchases, including takeout and restaurant delivery; 1X on all other purchases
Bonus miles 10,000 40,000 60,000
Korean Air savings – Save 5% on Korean Air flights for you and a companion 1X annually Save 5% on Korean Air flights for you and a companion 2X annually
Lounge access – 2 KAL Lounge coupons each year 2 KAL Lounge coupons each year
Travel credits – – $200
Other – – TSA PreCheck

The business credit card, the SKYPASS Visa Signature® Business Card, also received a facelift. The updated SMB card earns 2X miles per dollar on Korean Air ticket purchases, gas and EV charging stations, office supplies, cell phone plans, and dining – including takeout and delivery. All other purchases will earn 1X miles per dollar. Additionally, cardholders receive 2 KAL Lounge coupons each year, 5% off Korean Air tickets each year, and there are no foreign transaction fees for those shopping internationally.

“Great Experiences and Enhanced Rewards”

“The SKYPASS Visa program has created amazing value for Korean Air passengers, awarding more than 28 billion miles to cardholders since the U.S. Bank-Korean Air partnership started more than two decades ago,” said Jin Ho Lee, senior vice president and director of Korean Air Americas Regional Headquarters. “The new benefits will help Korean Air cardholders utilize notable ticket discounts and accrue rewards faster than ever before.”

Steve Mattics, head of Retail Payment Solutions for U.S. Bank, added, “U.S. Bank is proud of its long-standing relationship with Korean Air. Together, we’re providing our cardholders with a great experience and enhanced rewards. We’re pleased to join with Korean Air to increase benefits as an additional way of rewarding members of the Korean Air SKYPASS program.”

About Korean Air

Serving the world for more than 50 years, Korean Air is one of the world’s top 20 airlines, serving more than 27 million passengers in 2019, pre-COVID. With its global hub at Incheon International Airport (ICN), the airline serves 120 cities in 43 countries on five continents with a modern fleet of 157 aircraft and over 20,000 professional employees. Korean Air is a founding member of the SkyTeam airline alliance and has grown into one of the largest transpacific airlines through its joint venture with Delta Air Lines.

Related Article: U.S. Bank Unveils New Commercial Rewards Card & Travel Platform

Featured image by Korean Air

CFPB Orders Bank of America To Pay Over $100M To Consumers

by Jeannyn Gomez
CFPB Orders Bank of America to Pay Over $100M to Consumers

Last updated on September 6th, 2023

The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America (BoA) to pay over $100 million to the individuals they have harmed over unlawful practices. Additionally, BoA must pay $150 million in penalties to the CFPB. Here’s what you need to know.

Bank of America To Pay Over $100M for Unlawful Practices

Bank of America is a global bank serving 68 million people and small business clients. It stands as one of the largest consumer financial services in the U.S. and, as of March 31, 2023, has over $2.4 trillion in consolidated assets and $1.9 trillion in domestic deposits, making it the second-largest bank in the country.

Yet, according to recent findings published by the CFPB, over several years and across multiple product lines and services, Bank of America took advantage of its customers’ trust. In the process, BoA caused harm to thousands of consumers and had been systematically double-dipping on fees imposed on customers with insufficient funds in their accounts – a practice found to be illegal by the Office of the Comptroller of the Currency (OCC). The bank had also withheld reward bonuses explicitly promised to credit card customers.

Additionally, BoA used sensitive personal information to open accounts without customer knowledge or authorization. For these reasons, Bank of America is set to pay $90 million in penalties to the CFPB and $60 million to the OCC, plus the $100 million to the consumers they affected.

“These Practices are Illegal and Undermine Customer Trust”

“Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent,” said CFPB Director Rohit Chopra. “These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system.”

The Specifics of the Claims

The double-dipping scheme regards BoA’s $35 overdraft fee policy. BoA would charge customers a $35 fee after a declined transaction due to insufficient funds. However, the CFPB’s investigation found that Bank of America repeatedly charged the $35 fee for the same transactions. In other words, multiple $35 fees for one individual overdrafted purchase. It happened over multiple years and generated substantial additional revenue, albeit illegally.

The investigation also found that rewards had been illegally withheld from credit cardholders. To compete with other card issuers, Bank of America offered potential customers sign-up bonuses for cash or points. The sign-up offers were never honored for both over-the-phone applicants and in-branch.

The last finding shows Bank of America illegally used customers’ personal information to open accounts without their knowledge. From at least 2012, Bank of America employees illegally applied for and enrolled consumers in credit card accounts without consumers’ knowledge or authorization. The bank also illegally used or obtained consumers’ credit reports without their permission to complete applications. BoA’s actions caused individuals to get hit with unjustified fees, negative hits on their credit reports, and unforeseen time spent trying to correct the issues.

Bank of America’s Negative Track Record

This is not the first time Bank of America has been in hot water for illegal activities. In 2014, the CFPB ordered Bank of America to pay $727 million to consumers for unlawful credit card practices. In May 2022, CFPB also ordered the company to pay a $10 million civil penalty for illicit garnishments. Later in 2022, the CFPB and OCC fined the bank $225 million and required it to pay hundreds of millions of dollars in redress to consumers for the mismanaged disbursement of state unemployment benefits at the height of the COVID-19 pandemic.

Implementing Lawful Action

The CFBP has taken legal action, against Bank of America, following protection laws under the Consumer Financial Protection Act. Bank of America has been ordered to do the following:

Immediate action to stop its repeat offenses:

Under the terms of the order, Bank of America is to discontinue opening unauthorized accounts. The company has also been ordered to provide card rewards and bonuses as advertised. Otherwise, the bank must disclose any exceptions or limitations. Additionally, Bank of America is prohibited from any future repeat charge of overdraft fees.

Compensate affected consumers:

Bank of America has also been ordered to compensate affected consumers for the illegally charged fees – approximately $80.4 million in consumer reparations. Other consumers to be compensated include those who were directly affected by costs relating to the unauthorized opening of new credit card accounts and those who were denied promised credit card reward bonuses.

Pay $90 million in penalties:

In addition to compensating the individuals affected by Bank of America’s illegal practices, the bank has been ordered to pay a total of $90 million in penalties to CFPB – $60 million for the repeated overdraft fees charged and $30 million for its credit card rewards practices and the unauthorized account opening scheme. Lastly, BoA will also pay a $60 million penalty to the OCC, for repeated overdraft fees charged.

Related Article: Southern States Face Difficulty Accessing Credit

Marriott’s Bonvoy 10,000 Bonus Points Promotion

by Cory Santos
It’s in the Cards™ Promotion Showcases Value of Marriott Bonvoy Credit Cards

Last updated on September 6th, 2023

Marriott Bonvoy, the loyalty program of the Marriott hotel group, has a new, limited-time promotion for eligible U.S. cardmembers. Eligible Marriott Bonvoy customers can earn an extra 10,000 bonus points for meeting minimum spending requirements by September 30, 2023 (Terms apply). Here’s what you need to know:

It’s in the Cards™ Promotion Showcases Value of Marriott Bonvoy Credit Cards

Marriott Bonvoy is widely considered one of the premier hotel rewards programs available, thanks to elite-level benefits and excellent redemption value. And now, Marriott provides even more value thanks to its new It’s in the Cards™ promotion.

Offer Details

For the first time, Marriott Bonvoy® is launching a limited-time offer exclusively for eligible U.S. Marriott Bonvoy Credit cardmembers in which they can earn more points from their everyday spending this summer. With this offer, eligible cardmembers can explore even more possibilities with Marriott Bonvoy and discover what’s in the cards for their next travel experience.

Cardmembers must enroll in their eligible Amex or Chase credit card by August 10, 2023, and then they can earn 10,000 Marriott Bonvoy® bonus points after spending $7,000 in eligible purchases on that card by September 30, 2023. Card Members with multiple eligible Marriott Bonvoy Cards may register each individual card for the opportunity to earn a bonus on each.

The new It’s in the Cards™ promotion is available to all eligible U.S. Marriott Bonvoy® Credit Cards, including:

Bevy™ American Express®
Brilliant® American Express®
Business® American Express®

Bold® Visa Signature
Boundless™ Visa Signature
Bountiful™ Visa Signature
Other eligible credit cards (currently not available to apply for):
Bonvoy® American Express® Bonvoy® Card from Chase Bonvoy® Premier Card from Chase
Bonvoy Business® Card from Chase Bonvoy® Premier Plus Business Card from Chase The Ritz-Carlton™ Credit Card from JPMorgan

For more information on the promotion, visit the official It’s in the Cards™ page.

Promotional Terms & Conditions

Before enrolling an eligible Chase or American Express credit card, take time to carefully review the It’s in the Cards™ promotional terms and conditions:

ENROLLMENT/ELIGIBLE CARDS: Must first add offer to an eligible Card by 8/10/2023 and then use same Card to redeem the offer by 9/30/2023. Only qualifying purchases made with a Marriott Bonvoy® American Express® Card are eligible. Limit 1 enrolled Card per Card Member across all American Express offer channels. Your enrollment of an eligible American Express Card for this offer extends only to the Basic Card Member. Offer is non-transferable. QUALIFYING PURCHASES: A “qualifying purchase” means a purchase made with your enrolled Card on or before 9/30/2023, upon adding the offer to your Card in accordance with these terms. You will receive 10,000 bonus Marriott Bonvoy points one-time after you spend a minimum of $7,000+ in one or more qualifying purchases by 9/30/2023. Qualifying purchases must be made during the offer period with your enrolled Marriott Bonvoy® American Express® Card which are in an amount totaling at least $7,000 USD as posted to your account in accordance with your Cardmember Agreement. Valid only on purchases made in US dollars. Cash advances, other fees and charges such as interest, annual fees and foreign currency conversion fees are not qualifying purchases and do not qualify for this offer. You may not receive bonus Marriott Bonvoy points if we receive inaccurate information or are otherwise unable to identify your purchase as qualifying for the offer. For example, you may not receive the Marriott Bonvoy points if (a) the merchant uses a third-party to sell their products or services; or (b) the merchant uses a third-party to process or submit your transaction to us (e.g., using mobile or wireless card readers); or (c) you choose to make a purchase using a third- party payment account or make a purchase using a mobile or digital wallet. Purchases may fall outside of the offer period in some cases due to a delay in merchants submitting transactions to us or if the purchase date differs from the date you made the transaction (for example, the purchase date for online orders may be the shipping date). Bonus Marriott Bonvoy points will be credited to your Marriott Bonvoy member account within 90 days after 9/30/2023, provided that American Express receives information from the merchant about your qualifying purchase. Note that American Express may not receive information about your qualifying purchase until all items/services from your qualifying purchase have been shipped/provided by merchant. We may not credit bonus Marriott Bonvoy points to, or we may take away bonus Marriott Bonvoy points that have been credited to, your Marriott Bonvoy member account if the qualifying purchase is returned/canceled. If American Express does not receive information that identifies your purchase as qualifying for the offer, you will not receive the bonus Marriott Bonvoy points. EARNING POINTS: Limit 1 enrolled Card per American Express Card online account. Limit of 10,000 bonus Marriott Bonvoy points per Card Member. The enrolled Card account must be active, not be past due, canceled or have a returned payment outstanding to receive the bonus Marriott Bonvoy points. These bonus Marriott Bonvoy points are in addition to any Marriott Bonvoy points you would normally receive for purchases on your Card under the terms of the Marriott Bonvoy member account, but the number of bonus Marriott Bonvoy points you receive will be based on the purchase price after any credit or other discount is applied. Amex Offers are available for varying and limited periods of time and are dynamic and personalized. If you navigate away from the Amex Offers page, you may see different offers when you return. For questions regarding your Card Account, please call the number on the back of your Card. By adding an offer to a Card, you agree that American Express may send you communications about the offer. ©2023 Marriott International, Inc. All Rights Reserved. All names, marks and logos are trademarks of Marriott International, Inc. or its affiliates, unless otherwise noted. Marriott Bonvoy® American Express® Card POID: K5V7:0001, BPID: SA0E; Marriott Bonvoy Bevy™ American Express® Card POID: K5V8:0001, BPID: SA0C; Marriott Bonvoy Brilliant® American Express® Card POID: K5V6:0001, BPID: SA0D; Marriott Bonvoy Business® American Express® Card POID: K5V9:0001, BPID: SA0F.

This promotion is available to all US Marriott Bonvoy® cardmembers with a Marriott Bonvoy Credit Card from Chase which was issued prior to June 21, 2023 (“eligible cardmembers”). Eligible cardmembers must register for this promotion between July 27 and August 10, 2023, 11:59 PM EST. Registration is subject to meeting credit criteria for this offer. To earn 10,000 Marriott Bonvoy bonus points eligible cardmembers must have at least $7,000 USD in total purchases posted to their Marriott Bonvoy Credit Card account from July 27 through September 30, 2023. Purchases must post to your account by the last day of the promotional period to qualify. Sometimes your card will be charged on a date after you make a purchase, and as a result the purchase may not post to your account until after the last day of the promotional period and will therefore not count towards the $7,000 spend threshold Bonus points will appear on your Marriott Bonvoy member account 8-12 weeks after reaching the $7,000 spend threshold. Purchases are when you, or an authorized user, use a card to make purchases of products and services, minus returns or refunds. Buying products and services with your card, in most cases, will count as a purchase; however, the following types of purchases and transactions won’t count towards the $7,000 spend threshold for this promotion and won’t earn points: balance transfers, cash advances, travelers checks, foreign currency, money orders, wire transfers or similar cash-like transactions, lottery tickets, casino gaming chips, race track wagers or similar betting transactions, any checks that access your account, interest, unauthorized or fraudulent charges, and fees of any kind, including an annual fee, if applicable. Authorized users are not eligible to receive the bonus. Bonus points will be awarded once per registered card. To be eligible for this promotion, the Credit Card account must be open and not in default at the time of fulfillment. Marriott Bonvoy members who elect to earn miles are not eligible for this bonus promotion. All Marriott Bonvoy terms and conditions apply, available at marriottbonvoy.com/itsinthecards. Related Article:

Related Article: Marriott & MGM Agree New Rewards Partnership

Featured image by Marriott

Federal Reserve Hikes Prime Rate to 8.5%

by Cory Santos
Fed hikes interest rates to 2 decade record

Last updated on September 6th, 2023

The Federal Reserve has raised interest rates yet again, ending a brief respite for inflation-weary consumers. The rate hike brings the current prime rate to 8.5%, the highest level since 2001. Here’s everything you need to know about the Fed’s 4th interest rate increase of 2023.

Another Prime Rate Increase After a Brief Pause

After a brief pause in mid-June, the United States Federal Reserve has once again raised interest rates. The Fed’s Federal Open Market Committee (FOMC) has raised interest rates for the 11th time since a new era of inflation emerged in March 2022 at the tail end of the COVID-19 pandemic.

The latest meeting of the FOMC saw the committee raising the target range of their key benchmark interest rate. The new benchmark is 0.25%, or 25 base points, higher than the previous figure, and it now currently sits at 8.5%.

In taking this action, the Board approved requests to establish that rate submitted by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Chicago, St. Louis. Minneapolis, Kansas City, Dallas, and San Francisco.

The FOMC reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. This most recent prime rate update brings the benchmark interest rate to its highest level since early 2001 – more than two decades ago. The prime rate directly impacts credit card interest rates, as it is the interest rate the Federal Reserve charges top clients for borrowing money.

Inflation Remains Elevated

In its press release, the FOMC noted that the United States economy has expanded “at a moderate pace.” Additionally, jobs have grown robustly while unemployment has remained low. Despite this, however, inflation remains an issue – and one that’s elevated nature requires monitoring by the authorities.

“The U.S. banking system is sound and resilient,” the release states. “Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.”

Related Article: Money Management Tips for Inflation

Featured image by geralt/PixaBay

Are Credit Scores Growing In Your Resident City?

by Jeannyn Gomez
Are Credit Scores Growing In Your Resident City

Last updated on September 6th, 2023

Has your credit score improved in the last recent years? If so, it may be a common trend for your fellow neighbors too. A recent Experian report indicates an upward trend in credit scores of the fastest-growing mid-sized cities in the U.S. Here’s what you should know.

Fastest Growing Mid-Sized Cities and Trending Credit Scores

The Experian study analyzed mid-sized cities that grew by 5% or more since 2016 while adding 50,000 to 100,000 new residents over that time, according to U.S. Census data. The credit attributes from these “Boom towns” were then compared to other U.S. cities.

Since 2016, FICO® Scores have seen a nationwide average increase of 15 points (from 699 in 2016 to 714 in 2022). However, mid-sized cities have surpassed the national average by 21 points. What does this mean? It means mid-sized cities have seen population changes leading to better credit scores. According to Census data, these mid-sized (previously small) cities have grown exponentially over the last few years.

The data shows 20 mid-sized cities have added 50,000 or more residents since 2016. In nearly half of those cities, roughly 1 in 10 residents are newbies to the area. However, most areas still host between 500,000 and 1 million in population in 2022. As a result, the healthy rates at which these cities have grown in population attract employers and more economic activity which can lead to better credit scores.

Factors Affecting the Rise in Credit Scores

It’s important to note there are many other factors that come into play when analyzing the rise in credit scores for growing mid-sized cities. For example, making a big move to a smaller town near a growing mid-sized city can very well mean more affordable living. When living is affordable, budgeting, investing, and saving money becomes a more attainable financial goal. If you have extra money in your pockets, paying down existing debt is easier to manage and can truly impact your credit score in a positive light. Not to mention, an affordable town, means homeownership could be more feasible and can also have positive effects on your credit score if done responsibly.

Average FICO® Score Change Since 2016 by City
City Average FICO® Score, 2016 Average FICO® Score, 2022 Change (Points)
Cape Coral-Fort Myers, FL 695 720 +25
Colorado Springs, CO 701 722 +21
Deltona-Daytona Beach-Ormond Beach, FL 687 710 +23
Des Moines-West Des Moines, IA 715 730 +15
Fayetteville-Springdale-Rogers, AR 693 709 +16
Greeley, CO 703 725 +22
Greenville-Anderson, SC 672 706 +34
Huntsville, AL 697 714 +17
Killeen-Temple, TX 663 681 +18
Knoxville, TN 696 715 +19
Myrtle Beach-Conway-North Myrtle Beach, SC-NC 681 712 +31
Ogden-Clearfield, UT 711 733 +22
Oklahoma City 684 700 +16
Omaha-Council Bluffs, NE-IA 713 729 +16
Palm Bay-Melbourne-Titusville, FL 699 718 +19
Port St. Lucie, FL 694 714 +20
Richmond, VA 694 714 +20
Salt Lake City 702 726 +24
Spokane-Spokane Valley, WA 707 728 +21
Stockton, CA 678 704 +26
All U.S. Consumers 699 714 +15

Where are Boom Town Residents Migrating From?

Many of the new Boom Town residents are not traveling from far away. Most mid-cities’ population growth stems from nearby smaller metro areas within the same state. The majority of the Boom Towns are in the Southern and Western regions of the U.S., except for two cities – Des Moines, Iowa, and Omaha, Nebraska. Otherwise, they are most widespread in Florida, which possesses four of the fastest-growing mid-sized metros: Cape Coral, Deltona, Palm Bay, and Port St. Lucie.

Research report data shows that citizens in these 20 growing cities improved their credit score by at least 15 points. The cities with the highest growth in credit scores are located in South Carolina: Myrtle Beach and Greenville. These two Boom Towns saw average FICO® Scores increase by 30 points.

The Difference Between Large and Mid-Sized Cities

Fast-growing mid-sized cities see population growth arriving from within the same state – usually from larger nearby cities. In contrast, the bigger cities in the country with credit score increases encounter population growth from out of state. The large booming cities also serve as a supply to smaller nearby towns with new residents.

Most Common Sources of New Residents Since 2016
Source City Boom City Boom Town
New York City Charlotte, NC Charleston, SC
Los Angeles Seattle, WA Spokane, WA
Miami Orlando, FL Deltona, FL

The Bottom Line

Although the study shows significant credit score and population changes in recent years, Experian also analyzed data on economic impact from before the Covid-19 pandemic. Nearly all of the 20 Boom Towns identified by Experian were also considered examples of economically “resilient” metro areas. In other words, these cities exhibited above-average economic growth both prior to and following the pandemic in 2020. Who knows? If you don’t already live in one of these booming cities, your town might be next.

Related Article: 3 Ways Credit Card Debt Impacts Credit Scores

Featured Image by juststock/Getty Images

The Best Credit Cards for Summer Travel

by Cory Santos
The Best Credit Cards for Summer Travel

Last updated on April 3rd, 2024

With summer fully in swing, you may be thinking about a vacation or planning other exciting activities. You may also be considering a new credit card to help make those plans happen. Not sure what to look for in a credit card? Don’t worry – we have an extensive selection of impressive travel cards to suit journeys of every type. From earning airfare rewards to offering gas savings, here are the top travel credit cards to make your summer travel easier this year.

The Best Credit Cards for Your Summer Travel Plans

Here are our top travel credit cards:

U.S. Bank Altitude™ Reserve Visa Infinite® Card

U.S. Bank Altitude™ Reserve Visa Infinite® Card
Visit Card Site Terms & Conditions
Excellent
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent
Visa Processing Network
$400 Annual Fee

U.S. Bank Altitude™ Reserve Visa Infinite® Card

  • 22.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 22.24% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
  • 29.99% variable based on the Prime Rate Cash Advance APR

At a Glance

The U.S. Bank Altitude Reserve Visa Infinite Card is a premium travel card designed to compete directly with travel heavyweights like the Chase Sapphire Reserve and the American Express Platinum Card. The card, like other premium travel credit cards, comes with an array of travel perks and privileges, including statement credits for a TSA Precheck or Global Entry and travel purchases each year, complimentary Priority Pass Select membership, and more.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn 50,000 bonus enrollment points after making $4,500 in the first 90 days as a cardholder
  • Earn 5X points per$! spent on prepaid hotels and car rentals booked directly in the Altitude Rewards Center
  • Earn 3X points for every $1 on eligible net travel purchases and mobile wallet spending
  • Stay connected with 12 complimentary Gogo® Inflight Wi-Fi passes per year
  • Complimentary 12-month Priority Pass™ Select membership that gives access to more than 1,300 VIP lounges worldwide
  • Regular Purchase APR: 22.24% to 29.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 22.24% to 29.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 29.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Annual Fee: $400
  • Late Payment Penalty Fee: Up to $41
  • Return Payment Penalty Fee: Up to $41
  • You want an ultra-premium travel card
  • You plan to spend $4,500 within the first 90 days of opening an account
  • You want lounge access, TSA Precheck statement credits, and Wi-Fi credits
  • You like the sound of custom-engraved metal credit card
  • You don’t mind paying a $400 annual fee
U.S. Bank Altitude™ Reserve Visa Infinite® Card

U.S. Bank Altitude™ Reserve Visa Infinite® Card

Terms & Conditions
Visit Card Site Terms & Conditions

The U.S. Bank Altitude™ Reserve Visa Infinite® Card is one of the best travel credit cards on the market – and while it features a steep annual fee ($400), it’s modest compared to cards like the Platinum Card from American Express or the Chase Sapphire Reserve.

The Altitude Reserve offers many of the great features of those other cards (like TSA PreCheck or Global Entry statement credits and Priority Pass Select membership), but without the bloat of the Amex and its odd “lifestyle” credits. Cardholders also enjoy a $325 annual travel statement credit, travel and purchase protections, fine wine and food events, plus a 24-hour Visa Infinite Concierge.

With regular use, the Altitude Reserve can provide plenty of points value. It earns 5X points per dollar on prepaid hotels and car rentals booked directly in the Altitude Rewards Center, 3X on eligible travel purchases and mobile wallet spending, and 1X on everything else. The mobile wallet category is exceptional, especially as Google Pay and Apple Pay enjoy extensive coverage – making earning triple points a breeze.

Chase Sapphire Reserve®

Chase Sapphire Reserve®
Learn more about the Chase Sapphire Reserve® Terms & Conditions
Excellent
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent
Visa Processing Network
$550, each authorized user: $75 per year Annual Fee

Chase Sapphire Reserve®

  • 21.74% to 28.74% variable based on creditworthiness and Prime Rate Regular Purchase APR
  • 21.74% to 28.74% variable based on creditworthiness and Prime Rate Balance Transfer APR
  • 29.49% variable based on the Prime Rate Cash Advance APR

At a Glance

With the Chase Sapphire Reserve® card, luxury and travel rewards come together with this upper-tier card, which offers an attractive points system and includes a lengthy list of perks for any jet setter.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
  • Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
  • Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
  • 1:1 point transfer to leading airline and hotel loyalty programs • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Member FDIC
  • Regular Purchase APR: 21.74% to 28.74% variable based on creditworthiness and Prime Rate
  • Balance Transfer APR: 21.74% to 28.74% variable based on creditworthiness and Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 29.49% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
  • Penalty APR: Up to 29.99% variable based on the Prime Rate
  • Annual Fee: $550, each authorized user: $75 per year
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • You travel often and want a card that provides worldwide value
  • You eat at restaurants frequently
  • You plan to use rewards for travel, which provides the best value for redemption
  • You want a card with no foreign transaction fees
Chase Sapphire Reserve®

Chase Sapphire Reserve®

Terms & Conditions
Learn more about the Chase Sapphire Reserve® Terms & Conditions

The Chase Sapphire Reserve® is the other top pick for premium travel credit cards this summer. The Sapphire Reserve edges out Amex’s Platinum Card due primarily to its dizzying $695 annual fee (with not as much value to justify it).

The Sapphire Reserve charges a $550 annual fee but has two statement credits to offset that cost. Cardholders receive a $300 annual travel statement credit and a $100 credit for TSA PreCheck or Global Entry application fees every four years. The card also offers complimentary Priority Pass Select membership – providing access to over 1,500 lounges worldwide – a value of $469 per year. The Priority Pass membership alone holds enough value in itself to pay for most of the card’s annual fee if you max out the benefit.

Chase Ultimate Rewards points are the main attraction with the Sapphire Reserve, however. The card earns 3X points per dollar on global travel and dining, with points increasing 50% more in value when redeemed through the Chase Ultimate Rewards portal.

Other travel benefits include:

Complimentary Lyft Pink membership Complimentary DoorDash membership Monthly DoorDash $5 credit (through Dec 31, 2024)
Instacart Membership (a value of $99 per year) Monthly Instacard $15 credit (through July 2024) Luxury Hotel & Resort Collection upgrades, late checkouts, and more
10x points on Peloton Purchases (through March 31, 2025)

U.S. Bank Altitude® Connect Visa Signature®

U.S. Bank Altitude® Connect Visa Signature®
Visit Card Site Terms & Conditions
Excellent-Good
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Visa Processing Network
$0 for the first year; $95 after that Annual Fee

U.S. Bank Altitude® Connect Visa Signature®

  • 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
  • 29.99% variable based on the Prime Rate Cash Advance APR

At a Glance

The U.S. Bank Altitude® Connect Visa Signature® offers up to 5X points on eligible travel purchases, statement credits for streaming services and TSA Precheck, and plenty more – all for a $95 annual fee that U.S. Bank waives for the first year. The card also provides an impressive 50,000-point signup bonus after meeting minimum spending requirements in the first 120 days.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • No foreign transaction fees
  • Earn 5X points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center
  • Earn 4X points on travel and gas station purchases
  • Earn 2X points on grocery stores, grocery delivery, dining and streaming services
  • TSA Precheck or Global Entry statement credit every four years
  • Regular Purchase APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
  • Cash Advance APR: 29.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
  • Annual Fee: $0 for the first year; $95 after that
  • Late Payment Penalty Fee: Up to $41
  • Return Payment Penalty Fee: Up to $41
  • You either travel occasionally or commute often (or both)
  • You want a statement credit for TSA Precheck of Global Entry
  • You plan to spend at least $2,000 on purchases in the first four months
  • You frequently use streaming services
U.S. Bank Altitude® Connect Visa Signature®

U.S. Bank Altitude® Connect Visa Signature®

Terms & Conditions
Visit Card Site Terms & Conditions

U.S. Bank provides a variety of great travel credit cards, and the Altitude Connect is another example. The card earns up to 5X points per dollar on eligible travel purchases, statement credits for streaming services and TSA PreCheck enrollment, and plenty more – all for a $95 annual fee (waived for the first year).

In addition, the Altitude Connect card earns 5X points on prepaid hotel and car rentals (when booked directly through the Altitude Rewards Center), 4X on travel and gas station purchases, 2X points on grocery stores, grocery delivery, dining and streaming services, and 1X on everything else. It also comes with a readily achievable points sign-up bonus – book your summer travel expenses with your new card and reap the rewards later in the fall when you receive your welcome offer after the grace period. Just in time for holiday travel.

Along with its reward-earning potential, the Altitude® Connect Visa is packed with many more travel benefits that can make your trips feel more secure. For example, the card offers travel protections that can help assist if your trip gets canceled, interrupted, or delayed. It also features no foreign transaction fees so you can comfortably use your Altitude Connect card to make your summer travel purchases outside of the U.S. Beyond all of these convenient travel perks, there is room for relaxation before a flight with the complimentary Priority Pass™ Select membership. Cardholders get four free visits per Priority Pass™ Select membership year (not cardholder year) to over 1,300 airport VIP lounges worldwide. Once the free visits have been exhausted, the member’s U.S. Bank Altitude Connect Visa Signature credit card will be charged a lounge visit fee of $32 per person per visit for the member and each guest.

Bank of America® Customized Cash Rewards Credit Card

Bank of America® Customized Cash Rewards Credit Card
Visit Card Site Terms & Conditions
Excellent-Good
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Mastercard Processing Network
None Annual Fee

Bank of America® Customized Cash Rewards Credit Card

  • 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
  • 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
  • 21.24% to 30.24% variable based on the Prime Rate Cash Advance APR
  • 0% for 15 billing cycles from account opening date Intro Purchase APR

At a Glance

The Bank of America® Cash Rewards Credit Card boasts impressively flexible cash rewards on purchases in the category of your choice, on top of cash back for groceries and other everyday purchases. This card also offers an attractive introductory APR for purchases and balance transfers, making it a great all-around rewards card for those with dynamic purchase habits.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • 3% cash back on the category of your choice: gas, EV charging, phone, internet, and cable plans, select streaming, online shopping, dining, travel, drug stores, or home improvement
  • Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
  • 1% on all other purchases
  • Introductory 0% APR for the first 15 billing cycles from the date you open your account
  • Free FICO® Score reports updated monthly so you can monitor your credit score
  • Intro Purchase APR: 0% for 15 billing cycles from account opening date
  • Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
  • Intro Balance Transfer APR: 0% for 15 billing cycles on transfers made within 60 days from account opening date
  • Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
  • Cash Advance APR: 21.24% to 30.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
  • Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $40
  • You want the flexibility to choose your cash back category from month to month
  • You're looking for a generous rewards credit card with no annual fee
  • You plan to take advantage of the long introductory APR period with a significant purchase or balance transfer
  • You have a Bank of America checking or savings account and qualify for a Preferred Rewards membership
Bank of America® Customized Cash Rewards Credit Card

Bank of America® Customized Cash Rewards Credit Card

Terms & Conditions
Visit Card Site Terms & Conditions
​

The Bank of America Customized Cash Rewards Card offers the versatility travelers need to maximize their rewards when hitting the road this summer. The card earns 3% cash back on purchases in your chosen category, with the option to select a new category for future purchases once a month.

Eligible 3% categories with the Customized Cash Rewards Card include favorites like gas, dining, and travel, plus online shopping, drug stores, and home improvement stores. Cardholders also earn 2% at grocery stores and wholesale clubs, and 1% cash back on all other purchases – all for no annual fee.

Additionally, the card offers an attainable cash rewards bonus offer for new cardholders, plus a low introductory APR offer. Once it’s time to redeem your earned cash back rewards, the process is simple. You can redeem rewards at any time for statement credits, deposits made directly into a Bank of America® checking or savings account, or use your rewards towards an eligible account with Merrill.

Marriott Bonvoy Boundless Credit Card

Marriott Bonvoy Boundless Credit Card
Learn more about the Marriott Bonvoy Boundless Credit Card Terms & Conditions
Excellent-Good
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good
Visa Processing Network
$95 Annual Fee

Marriott Bonvoy Boundless Credit Card

  • 20.74% to 27.74% variable Regular Purchase APR
  • 20.74% to 27.74% variable Balance Transfer APR
  • 29.49% variable based on the Prime Rate Cash Advance APR

At a Glance

The Marriott Bonvoy Boundless™ Credit Card offers a strong rewards earning rate as well as added perks that will please loyal patrons of the Marriott Bonvoy brand. Cardholders gain automatic Silver Elite status and earn impressive points to put toward award nights in top hotels all over the world. And since the points don’t expire, you could say this card’s reward potential is boundless.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Limited Time Offer! Earn 100,000 Bonus Points after you spend $3,000 on purchases in the first 3 months from account opening
  • Earn 3X points per $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining.
  • Earn 1 Elite Night Credit towards Elite Status for every $5,000 you spend.
  • 1 Free Night Award (valued up to 35,000 points) every year after account anniversary.
  • Earn up to 17X total points per $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® Card.
  • 2X points for every $1 spent on all other purchases.
  • Receive 15 Elite Night Credits annually, automatic Silver Elite Status each account anniversary year, and path to Gold Status when you spend $35,000 on purchases each calendar year.
  • No foreign transaction fees.
  • Regular Purchase APR: 20.74% to 27.74% variable
  • Balance Transfer APR: 20.74% to 27.74% variable
  • Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 29.49% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
  • Penalty APR: Up to 29.99% variable based on the Prime Rate
  • Annual Fee: $95
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
  • You book frequent stays with Marriott Bonvoy™ properties and want to cash in on more loyalty rewards
  • You're looking for a hotel card to use globally without incurring foreign transaction fees
  • You desire a travel credit card that earns rewards on every purchase at attractive rates
  • You will take advantage of the Elite Status perks and Free Night Award
Marriott Bonvoy Boundless Credit Card

Marriott Bonvoy Boundless Credit Card

Terms & Conditions
Learn more about the Marriott Bonvoy Boundless Credit Card Terms & Conditions

Depending on what your summer travel looks like, a hotel credit card might be exactly what you need. If you catch yourself always booking your stays at a specific hotel chain, consider a hotel co-branded credit card like the Marriott Bonvoy Boundless™. If you’re a frequent guest at Marriott Bonvoy hotels, this card is an excellent choice for attaining free night stays and even for shopping abroad – all for a $95 annual fee.

The card features no foreign transaction fees and earns up to 17X points per dollar at over 7,000 participating Marriott Bonvoy locations. With the Bonvoy Boundless card, you can also earn 3X points per $1 spent at grocery stores, gas stations, and dining, and 2X points on all other purchases. Cardholders also receive one free night award every account anniversary, so you can add on an extra night for free to any future travel plans and extend your vacation. When you’re a Bonvoy Boundless™ cardholder, your points do not expire as long as you make purchases on your credit card every 24 months.

Moreover, you get automatic Silver Elite Status, unlocking exclusive benefits like 10% more points on stays, priority late checkout, member rates, and free WiFi. To qualify for Silver Elite status without the Bonvoy Boundless credit card, guests must rack up 10 nightly stays per year. With the Bonvoy Boundless, you get automatically started at 10 nights, which means you can start working your way towards Gold Elite Status (25 nights) for more exclusive benefits.

Honorable Mentions

Want some more summer travel credit card options to consider? Here are two cards that just missed out on our top spots:

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Chase Sapphire Preferred®

The Chase Sapphire Preferred® Card’s biggest selling point is just how traveler-friendly it is. An industry-leading introductory offer, coupled with double points on a multitude of eligible purchases within the travel and dining categories, set cardholders up for a steady stream of rewards.

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American Express® Green Card

The American Express® Green Card is a solid rewards card for those who frequently travel or dine out. The card earns triple points for every dollar spent on many travel and transit expenses (such as flights, hotels, taxis, rideshares, and more) as well as on restaurant purchases.

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