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Aspiration Zero Card Seeks to Eliminate Carbon Footprint

by Cory Santos Tuesday April 6, 2021

Last updated on April 5th, 2023

Aspiration, a leading eco-conscious financial fintech and debit card issuer, has announced plans for its first credit card. The new product, set to launch later this year, will help cardholders reach carbon-neutral status with regular use. Here is what you need to know about the upcoming Aspiration Zero Card – the credit card designed to help users eliminate their carbon footprint.

Aspiration Zero to Launch in 2021

Aspiration is launching its first credit card later this year. The product, called the Aspiration Zero, is a Mastercard that plants trees with every purchase. Aspiration has not set a date for the launch, but a waitlist is now available and is accessible at www.aspiration.com/zero.

For every signup to the waitlist from a personal referral, Aspiration will plant ten trees.

What Is the Aspiration Zero Card?

The Aspiration Zero is a credit card that makes a difference. The card works exactly like any other credit card, but it can help users reduce their carbon footprint with regular use.

Each time an account holder uses the Aspiration Zero Card to make a purchase, Aspiration will plant a tree through its global reforestation partners. Even better, by rounding up their purchase to the nearest dollar, cardholders can plant another tree – supercharging conservation efforts.

Like the card’s name implies, the Zero Card’s goal is to help account holders reach carbon neutrality. Doing this will come with additional benefits – including 1% cash back on all purchases for that month.

The Only Card That Rewards Taking Miles Off the Planet”

Speaking in a release announcing the upcoming launch, Aspiration co-founder and CEO Andrei Cherny highlighted the unique selling point of the Aspiration Zero – and the importance of conservation.

“There are plenty of credit cards out there that let you rack up miles; this is the only card that rewards you for taking miles off of the planet,” he said. “For the first time, you can have a climate change-fighting tool right in your wallet.”

About Aspiration

Aspiration is a leading platform helping people spend, save, shop, and invest, to both “Do Well” and “Do Good.” By bringing quality, ethical and sustainable financial products to all, Aspiration is on a mission to revolutionize the financial industry and change it for the better.

The company also issues a debit card that allows users to track their spending habits and see the card’s impact on the planet. The new Zero credit card is the latest entry into its “ecosystem of Clean Money products” that also includes accounts that help customers live free from fossil fuels.

In the past year, Aspiration customers have planted over five million trees. This planting rate and Aspiration’s commitment to plant 100 million trees in a decade make it one of the most prominent corporate sponsors of reforestation in the country.

Featured image by Aspiration

TD Bank Issues New Credit Card & Consumer Report

by Cory Santos Monday April 5, 2021

Last updated on February 20th, 2024

TD Bank is highlighting a growing shift in consumer attitudes towards credit card rewards. The bank has a new survey that shows more Americans value cash back rewards than ever before. The findings also come with a new credit card announcement: the TD Bank Double Up Visa.

TD Bank Consumer Spending Index Highlights Shifting Spending Habits

The findings of the annual Consumer Spending Index study from TD Bank highlight an increasingly evident shift in how U.S. consumers value credit card rewards. The report is based upon research by MARU/Matchbox, a research consulting firm.

According to the study, nearly half of the respondents (49%) view rewards like cash back or points as the most valuable type of credit card benefit. This finding correlates with other industry reports that show more Americans are shifting away from travel rewards credit cards and towards everyday rewards and benefits – including cash back rewards credit cards.

Banking Relationships A Key Benefit

Roughly two-thirds of respondents (60% of those surveyed) said having a credit card with their primary bank was at least “somewhat important.” Additionally, 36% of those surveyed said they prefer to redeem their rewards as a check or cash or via direct deposit into their linked checking account.

Other Findings

Other study findings include:

23% of respondents said they are spending more on their credit card accounts than before
17% of consumers applied for a new credit card during the coronavirus pandemic
39% of respondents that applied for a new credit card did so because they wanted a different rewards structure or program that matched their shift in spending habits
62% of millennials with a travel rewards card stated that they either changed or wanted to change their credit card rewards program because of COVID-19 travel restrictions

New TD Double Up Credit Card

Based on these findings, TD Bank has launched a new cash back credit card: the TD Bank Double Up Visa. The card is a unique rewards card in that it offers 2% cash back rewards on all purchases. Consumers can earn 1% cash back on all purchases, regardless of category, and an additional 1% cash back when rewards are redeemed into an eligible TD deposit account.

The card is a direct competitor to various leading cash back rewards cards, like the Citi® Double Cash Card – 18 month BT offer and the Alliant Platinum Rewards Visa. The TD Bank Double Up more than holds up to these cards and also offers a 0% intro APR on balance transfers, a $75 statement credit bonus, and no annual fee.

“Double Up Aims to Provide a Competitive Earn Rate”

“It’s clear that maximizing credit card rewards is a priority for consumers today,” said Paramita Pal, Head of U.S. Bankcard at TD Bank, in a statement accompanying the report. “With the Double Up credit card, TD aims to provide our customers with a very competitive earn rate and the ability to build rewards on various purchases.”

Featured photo by TheDigitalArtist / PixaBay

Citi Provides Update On True Name Feature Success

by Cory Santos Saturday April 3, 2021

Last updated on September 13th, 2021

Citi joined Mastercard’s “True Name” program. Citi’s new “True Name” feature allows eligible Citi cardholders to use their chosen identity on their card – and not just their legal name. Now, in honor of International Transgender Day of Visibility, Citi is highlighting the program’s success.

Mastercard’s True Name Program

The Mastercard True Name™ feature allows all non-binary and transgender customers to put their chosen name, rather than their legal name, on their card. Previously, cardholders have had no choice but to use their birth name, which is often a point of sensitivity for many who identify as non-binary or transgender. Only in instances of a legal name change were alterations permissible.

Citi’s True Name A Major Success

The announcement of the True Name program was made by Citi earlier in October. U.S. Citibank customers can display their chosen name after requesting a new credit card online or by calling the customer service number. Customers can also be referenced by their chosen name when contacting customer service and across online and mobile access points.

To date, more than 6,900 customers have updated their True Name on Citi cards, helping trans and non-binary customers feel recognized, accepted and empowered.

“Empowered to Be Their True Selves”

Citi and Mastercard heralded the addition of Citi to the True Name program when it first launched. In a press release, the partners addressed the impact of the feature on customers across the United States:

“At Citi, we are passionate about ensuring our customers feel recognized, accepted, and empowered to be their true selves. We’re incredibly proud to launch the True Name feature, through our relationship with Mastercard, because we strongly believe that our customers should have the opportunity to be called by the name that represents who they really are.”

Carla Hassan

Chief Marketing Officer, Citi

“Since introducing the True Name feature, we’ve received incredible feedback from our partners and allies within the transgender and non-binary communities on how the capability has eased a major pain point in their lives. By working with Citi and its significant network, we’re thrilled that we’ll be able to extend the reach and impact of the True Name initiative.”

Cheryl Guerin

EVP of Marketing & Communications, Mastercard

Take a Look Behind-the-Scenes of the True Name Campaign

Now Citi is also highlighting he emotional power of the campaign itself, by showcasing a behind-the-scenes glimpse of the original photo shoot. In the video, the participants discuss what it means to have their names reflect who they truly are.

How to Change Names with Citi

Existing Citi customers can change their current name to reflect their true identity by visiting citi.com/updatemyname. There, they can log in to their Citi credit card account, click “Profile,” select their contact information, and click “Use My Preferred First Name.”

It is important to note that Citi may still use your legal name in certain circumstances, including identity verification purposes, and in specific communications.

About Citi

Citi, a leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citibank is the fourth largest bank in the United States by total assets – and the third-largest issuer of credit cards. Over 131 million Citi credit cards are currently in circulation, including proprietary, co-branded, and private label credit cards with names like Macy’s, Best Buy, American Airlines, and Expedia.

Featured photo by SharonMcCutcheon/ Pixabay

Chase Limited-Time Bonus Offer On Select Cards

by Cory Santos Thursday April 1, 2021

Some Chase credit cardholders have the opportunity to earn additional rewards on their co-branded credit cards from April to June 2021. Select co-branded Chase cards earn up to 5X points on select purchases, or extra rewards on the first $1,500 in spending in Q2. Here are all the details of the Chase limited-time offers:

Chase Providing Bonus Rewards for Select Cardholders

Chase is offering current co-branded credit cardholders additional rewards from April through June 2021. These offers apply to many of the most popular Chase airline and hotel rewards credit cards, as well as some other co-branded cards with leading brands and groups:

Hotel Rewards Cards

IHG® Rewards Club cardholders can earn 5X points on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.

Marriott Bonvoy cardholders can also earn 5X points on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.

World of Hyatt cardholders have three offers, though which one you may receive is not known until visiting the Chase MyBonus site and checking. Here are the three World of Hyatt offers:

World of Hyatt cardholders can earn 5X points on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.
Cardholders that register their World of Hyatt Credit Card before June 30, 2021, can earn 3,000 World of Hyatt points after making $3,000 in purchases.
Cardholders can earn 5X points on every dollar they spend at grocery stores and restaurants from April 1 through June 30, 2021.

Airline Rewards Cards

Chase cardholders with an airline rewards card that earns Avios have three offers, though which one you may receive is not known until visiting the Chase MyBonus site and checking. Here are the three offers for British Airways, Aer Lingus, and Iberia cardholders:

Avios cardholders can earn 5X points on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.
Cardholders that register their Avios card before June 30, 2021, can earn 15,000 Avios points after making $3,000 in purchases.
Cardholders can earn 5X points on every dollar they spend at grocery stores and restaurants from April 1 through June 30, 2021.

United MileagePlus cardholders can earn 6,000 bonus miles after making $6,000 in purchases from April 1 through June 30, 2021.

Cardholders can also earn 5X points on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.

Other Co-Branded Chase Cards

Airline and hotel cards are not the only Chase products offering limited-time points bonuses. Here are some of the other co-branded Chase credit cards that also offer special bonuses for existing cardholders:

Starbucks Rewards Visa cardholders can earn double stars when they activate their offer. Cardholders earn 1X stars at grocery stores and 0.5X stars at restaurants on up to $1,500 total between April 1 – June 30, 2021.

Disney Rewards cardholders can earn 5% back in Disney Rewards on every dollar they spend, up to the first $1,500 on purchases from April 1 through June 30, 2021.

AARP cardholders (no longer accepting new applicants) can earn 5% back on every dollar they spend at grocery stores and restaurants from April 1 through June 30, 2021.

Chase Terms & Conditions

While the fine print will vary with each offer, specific terms and conditions apply to all the available Chase offers:

To be eligible for this bonus offer, you must activate by 06/30/21 11:59 p.m. E.T.
For more information about Chase rewards categories, see Chase.com/RewardsCategoryFAQs. Purchases posted to your account with a transaction date during the offer period are eligible for this offer. Delays by the merchant, such as shipping, could extend the transaction date beyond the offer period. Please allow up to 8 weeks after qualifying purchases post to your account for miles to post to your account. (“Purchases” do not include 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.) To qualify for this bonus offer, the account must be open and not in default at the time of fulfillment. This bonus offer is non-transferable.

Related Article: Barclays and AARP Launch Two New Credit Cards

Featured photo by ArtTower / PixaBay

5 Reasons to Get the Self Visa Card

by Cory Santos Wednesday March 31, 2021

Last updated on August 24th, 2023

Choosing the right secured credit card can be difficult. With so many options on the market, how can you decide which is right for you? Here are five reasons why you should consider getting the Self Visa:

What is the Self Visa® Credit Card?

First off, what is the Self Visa?

The Self Visa® is a secured credit card from fintech and credit builder firm, Self. The card features a fairly standard annual fee and an average APR on purchases. However, what makes the Self secured card so interesting is how it can help users build their credit score.

The Self Visa is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.

Self’s Credit Builder Account is a unique loan product where individuals with no credit history or poor credit open a loan account to “pay off” the loan into a certificate of deposit (CD) account. Once that account reaches $100, account holders can use those funds to open a Self Secured Visa credit card account.

5 Reasons to Consider Getting a Self Visa Credit Card

Here are five of the best reasons why choosing a Self Visa is a good idea:

1) No Credit Check Required

The Self Visa features no credit check when opening. Unlike other secured credit cards, the Self has no hard inquiry – or even soft inquiry – when applying because it requires an existing Self Credit Builder Account to open.

While a Self Credit Builder Account does place a soft inquiry on your credit report (it asks for basic information like your Social Security Number for verification purposes), the secured card does not need any additional info.

2) No Upfront Deposit

Opening a Self Visa account requires having a minimum amount of funds in the Self Credit Builder Account. Once the account holder makes three monthly payments on time – and has more than $100 in their Credit Builder Account, they can select to open a Self Visa credit card account.

Secured credit cards require a cash deposit to open, but with Self, those funds come from the Credit Builder Account. This process means there is no out-of-pocket expense or upfront costs when electing to open a Self Secured Visa account.

3) Build Your Credit 2X As Fast

Because the Self Visa requires a Self Credit Builder Account to open, cardholders can build their credit score twice as fast as a typical secured credit card. This combination of accounts means that making on-time payments can help you build a positive credit history and boost your credit score at double the speed.

Plus, using the Self Visa and Credit Builder together can also help diversify your account types. The Credit Builder Account is an installment loan, while the Self Visa is a revolving line of credit, making the combination perfect for demonstrating experience with various credit accounts.

Lenders like applicants with diverse credit type histories (also known as a good credit mix). This means Self Visa cardholders may have a better chance of getting a mortgage, auto loan, or other credit types in the future versus those with only secured card experience.

4) Regular Reporting to the Major Credit Bureaus

Building credit requires on-time payments and low credit utilization. It also requires regular reporting to the three main credit reporting bureaus (Equifax, Experian, and TransUnion). Some secured cards – or other unsecured credit cards for bad credit – report to one credit bureau only. Fortunately, the Self Card reports to all three major credit bureaus every month.

5) Enjoy Visa Perks While Building Credit

The main goal of a secured card is building credit with regular payments and responsible usage. However, that’s not to say that secured credit cards don’t offer other perks versus a debit card or different types of payment.

One of the great aspects of credit cards like the Self is that they provide a range of purchase protections and other benefits courtesy of the Visa payment network.

The Self Card is a Traditional Visa credit card, meaning cardholders can expect the typical array of protections that Visa is known for, including:

Cardholder Inquiry Service: 24/7 access to Visa customer service representatives who can provide detailed information for members in all major languages.
Lost or Stolen Card Reporting: Visa will help you block your lost or stolen card and prevent fraudulent activity.
Emergency Card Replacement & Cash Disbursement: Visa will work with you to get you a new card (and emergency cash, if applicable) should you lose your Self Card.
Zero Fraud Liability: Cardholders pay nothing if their card is subject to unauthorized use or theft.

Conclusion

The Self Credit Builder Account and associated Secured Visa® Credit Card are an excellent combination for quickly building a positive credit history. Because the two accounts work together seamlessly, meeting the minimum requirements and paying on time doubles the impact on your credit score.

If you want to build your credit score quickly or want the chance to gain experience with a variety of credit products, the Self Card is an excellent credit option to consider.

Related Article: How Does Experian Boost Work?

Featured image by Matthew Henry / Burst

Luxury Card Partners with Stag’s Leap Winery

by Cory Santos Tuesday March 30, 2021

Last updated on August 14th, 2023

From announcing new patents on its proprietary card design to forging new partnerships to provide added value to members, Luxury Card continues its efforts to not only meet, but exceed, the Luxury Card name. Now the company is forming another new partnership, this time with a leading California winery. Here are all the details of the new Luxury Card and Stags/ Leap Wine Cellars partnership.

Luxury Card Forges Partnership with Stag’s Leap Wine Cellars

Earlier this month, Luxury Card announced a new partnership with Riedel Crystal – a centuries-old company renowned for its exquisite glassware. Now, Luxury Card is giving members something to put into that handcrafted drinkware, courtesy of a new partnership with Stag’s Leap Wine Cellars.

Exclusive Perks

The new partnership, announced late last week, will allow Luxury Cardholders to enjoy savings and access to exclusive perks via the Napa Valley-based winery. Some of the unique privileges available to Luxury Card members through the Stag’s Leap partnership include:

An exclusive two-bottle collection of S.L.V. Estate-Grown Cabernet Sauvignon in honor of the 45th Anniversary of the Judgment of Paris, at which the Stag’s Leap Wine Cellars S.L.V. Cabernet beat the best of Bordeaux in this 1976 blind tasting
Special upgrades when joining the Club 23 or Club Connoisseur wine clubs
On-site, “Estate Collection Tasting Flight” for two guests when visiting the FAY Outlook & Visitor Center in Napa Valley

Announcing the new partnership via a press release, Marina Kissam, Vice President of Customer Experience at Luxury Card, highlighted the value Stag’s Leap brings to the already impressive Luxury Card portfolio of perks. “Stag’s Leap Wine Cellars frequently takes top honors among red wines, and we are thrilled to share this special winery with our Cardmembers along with exclusive privileges, “she said.

About Stag’s Leap Wine Cellars

Stag’s Leap Wine Cellars, one of Napa Valley’s most iconic Cabernet Sauvignon producers, is celebrating its 51st anniversary this year. Since its founding in 1970, its wines are among the most highly regarded and collected varietals worldwide.

About Luxury Card

Luxury Card is a global leader in the metal credit card marketplace and currently offers three cards, the Mastercard® Gold Card™, Mastercard® Black Card™, and Mastercard® Titanium Card™. These cards provide a weighty (22g) stainless steel and carbon construction, cash back rewards on every purchase, and access to the exclusive Luxury Card Concierge®.

Luxury Card Concierge® caters to cardmembers’ every need and is available 24/7 by live chat via the Luxury Card App, phone, and email. Dedicated Concierge agents assist with travel itineraries, dining reservations, research, and gift sourcing. The brand delivers first-class service anywhere, anytime.

Current Luxury Card Offers

Featured photo by Nicole De Khors / Burst

Barclays Study On What 50+ Want from Credit Cards

by Cory Santos Sunday March 28, 2021

Last updated on January 29th, 2024

A new study by Barclays is highlighting what Americans 50+ are looking for in a credit card. Wakefield Research conducted the report showing American seniors are seeking everyday savings versus luxury perks when considering a rewards credit card. Here are all the findings of the Barclays senior spending habits survey:

Barclays Reveals Survey of What 50+ Americans Want In a Credit Card

Barclays has released a study detailing what Americans aged 50 and over want in a credit card. The report is a joint venture between Barclays and Wakefield Research and accompanies two new 50+ credit cards from AARP.

Barclays Seniors Credit Card Survey Findings

The Barclays study surveyed 1,000 adults in the age group and found the following:

Enjoying life is a major priority for those 50+. The study shows that while only 23% of respondents had flown first class in the last ten years, 36% plan to in the next decade. Further, while only 19% said they dined at a Michelin-starred restaurant in the past ten years, 30% plan to in the next decade.

The coronavirus pandemic has significantly curtailed how Americans dine. Restrictions have significantly increased the number of times Americans are eating at home, with delivery services enjoying immense popularity. Despite this, almost half (45% of respondents) of Americans 50+ plan to dine out more after COVID than they did before the pandemic began.

Medical Costs Are a Concern for Those Aged 50+

Travel and dining are not the only issues that impact the credit card choices of those aged 50+, however. The report also shows that:

55% of respondents are concerned they haven’t budgeted enough money for monthly medical expenses, including nearly a third (31%) who are very or highly concerned
Nearly half (48%) of Americans 50+ have put off a non-emergency visit to a doctor or specialist due to COVID-19
Those concerned about not budgeting enough for medical expenses are more likely to have put-off appointments than those who are not concerned (58% vs. 36% of those studied)

Study Results Accompany Launch of Two AARP Credit Cards

The Wakefield Research report comes on the heels of Barclays launching two new AARP co-branded credit cards. The cards, the AARP® Essential Rewards Mastercard® and the AARP® Travel Rewards Mastercard® from Barclays, offer the types of rewards that the study highlighted.

The Essential Rewards Card offers unlimited 3% back on gas station and drugstore purchases and 2% back on medical expenses – something no other credit card on the market provides. On the other hand, the Travel Rewards Card prioritizes a post-COVID desire for exploration, with cardholders earning 3% cash back on airfare, hotel stays, and car rentals – plus 2% back on restaurant purchases and 1% back on all other eligible purchases.

Related Article: Barclays and AARP Launch Two New Credit Cards

Featured photo by mohamed_hassan/ PixaBay

Goldman Sachs Wants JetBlue Credit Card Portfolio

by Cory Santos Saturday March 27, 2021

Last updated on March 30th, 2021

Goldman Sachs, the issuer of the Apple Card, appears to be interested in taking over the JetBlue credit card portfolio. The news comes as the carrier’s current contract with Barclays nears its end. Here are all the details.

Goldman Sachs Eyeing JetBlue Credit Card Portfolio

A new report hints that Goldman Sachs might be positioning itself to take over the JetBlue credit card portfolio. Barclays is JetBlue’s current credit card partner, having taken over the American Express portfolio back in 2016. The partnership currently extends to three co-branded cards that bear the JetBlue name:

JetBlue Requesting Bids from Banks for Its Credit Card Portfolio

Despite the four-year partnership with Barclays, JetBlue put out a formal request for bids from other banks late last year. This request occurred after the carrier asked Barclays to extend the partnership – with the aim of helping JetBlue receive a loan from the U.S. Treasury Department.

Despite this formal request for external bids, JetBlue says it values its partnership with Barclays. An airline spokesperson stated that “(Barclays) has been an instrumental partner to our business and the success of our loyalty program.” The spokesperson went on to say that the bids “will help us evaluate the right partner for us in this new travel landscape as we emerge from this crisis.”

Goldman Sachs’ Aggressive Push Into Credit Card Market

Goldman Sachs has had an interest in JetBlue for a number of years, according to Wall Street insiders. Those same sources state that the interest in JetBlue from Goldman Sachs appears to have accelerated late last year, with the potential for a takeover of the leading carrier’s credit card portfolio gaining steam.

Goldman Sachs’ move would be the latest step in the banking giant’s growing credit card presence. The first step in that strategy was issuing the Apple Card, launched with significant fanfare in 2019. In October of 2020, Goldman Sachs also purchased the rights to the GM credit card portfolio in a deal worth $2.5 billion.

Airline Credit Card Business is Soaring

Airline credit cards are a valuable subset of the credit card industry – with billions of dollars in outstanding balances. Because the co-branded airline market is so lucrative, there is heavy competition to land partnerships with fewer carriers.

Besides Barclays, Chase, American Express, and Bank of America have a significant foothold in the airline rewards card market, with co-branded offerings from American Airlines, Delta Air Lines, United Airlines, and Southwest, among others.

About JetBlue

JetBlue is a leading American carrier that offers low-cost flights to hundreds of destinations across the United States, Mexico, Central America, the Caribbean, South America, and Europe. TrueBlue is the airline’s frequent flyer program, which offers plenty of rewards and savings.

Related Article: The Ultimate JetBlue TrueBlue Program Guide

Featured photo by StockSnap / PixaBay

Barclays and AARP Launch Two New Credit Cards

by Cory Santos Thursday March 25, 2021

Barclays is teaming up with AARP to launch two new credit cards for AARP members. The new products provide members with rewards on every purchase and are now live to apply for. Here are all the details of the launch of the new AARP credit cards from Barclays:

Barclays Launches Two New AARP Credit Cards

The partnership between AARP and Barclays was first announced in October of 2020. The British-based bank took over AARP’s card operations from Chase, which formerly issued the AARP® Credit Card. That card is no longer accepting new applicants.

The Barclays-AARP partnership is now live, with two new rewards credit cards for AARP members: the AARP® Essential Rewards Mastercard® and the AARP® Travel Rewards Mastercard® from Barclays.

About the New AARP Rewards Mastercards from Barclays

The AARP® Essential Rewards Mastercard® from Barclays is a cash back card that earns enhanced rewards in specific categories with no annual fee. The card earns an unlimited 3% back on gas station and drugstore purchases (excluding box stores like Walmart and Target), plus 2% back on medical expenses. All other purchases earn 1% cash back.

The Essential Rewards card is the only credit card on the market to provide cash back on medical expenses. The CareCredit Mastercard offers points on select purchases, but only within the CareCredit Network. The Barclays AARP Essentials Card offers much wider value for seniors with nearly every medical practitioner or service.

The AARP® Travel Rewards Mastercard® from Barclays is a travel rewards credit card that also charges no annual fee. The card earns a similar rewards rate to the Essential Rewards card, with cardholders earning 3% cash back on airfare, hotel stays, and car rentals. Restaurant purchases earn 2% back, and all other eligible purchases earn 1% back.

Both cards also feature two unique AARP charitable contributions. Barclays donates $10 to the AARP Foundation for every new account, plus 1% of eligible purchases.

“Valuable Cash Back and Travel Reward Benefits”

Barclays hailed the partnership with AARP and the value of the new credit cards in a statement coinciding with the launch. “With these new credit cards for AARP members from Barclays, we are offering a suite of products designed to help Americans live life to its fullest, offering valuable cash back and exciting travel reward benefits, while also helping those facing social isolation become active members of their community,” said Nichelle Evans, managing director of travel and affinity programs at Barclays, in a statement.

About AARP

AARP is a leading U.S.-based interest group that focuses on issues affecting individuals over the age of fifty. The group’s two publications – a magazine and bulletin – are the two largest-circulation publications in the United States. The group, formerly the American Association of Retired Persons, has over 38 million members.

Related Article: Barclays Announces New Credit Card from Emirates

Featured photo by THERESE REYES / Burst

Fed Keeps Interest Rates Low After March 2021 Meeting

by Allan Guzman Chinchilla Wednesday March 24, 2021

Last updated on September 21st, 2023

The Federal Open Market Committee’s March meeting resulted in interest rates remaining untouched as the U.S. economy moves closer to bouncing back post-pandemic. Here’s everything you need to know:

The Fed Keeps Interest Rates Low

After convening for its scheduled March meeting to discuss monetary policy, the Federal Open Market Committee announced that it is keeping its key borrowing rate at 0-0.25 percent.

In a statement released after the meeting, the Committee explained that “it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessment of maximum employment.”

The prime borrowing rate has been at its lowest in history since the coronavirus pandemic first dealt a blow to the U.S. economy.

Economic Recovery in Sight

Despite slower growth than desired, there is light at the end of the tunnel for the U.S. economy. A newly passed $1.9 trillion stimulus bill, as well as progress on COVID-19 vaccinations, hint at Americans being able to slowly return to normal life in a post-COVID world.

Yet, even with unemployment rates beginning to drop the economy itching to bounce back, the Fed plans to keep interest rates at their current level for some time. Most Fed officials expect the rates to remain where they are until at least 2023. By that year, the unemployment rate is expected to drop back down to its pre-pandemic levels.

How the Prime Borrowing Rate Affects You

Low interest rates are good news for most Americans. It means that APRs for credit cards, mortgages, and auto loans will remain low and competitive. If you have a high amount of credit card debt, it’s a good time to consider a balance transfer. And if you’re thinking of applying for a new credit card, the current rates will mean lower interest charges than usual.

Featured image: The New York Public Library / Unsplash

SoFi Launches Mastercard with Moneyball Madness

by Cory Santos Saturday March 20, 2021

The SoFi World Elite Mastercard is now open to all applicants. To celebrate the full launch, SoFi is giving away $500,000 in points to new applicants. Here is what you need to know about the New SoFi Card launch, plus the Moneyball Madness giveaway of 50 million points.

SoFi Card Now Open to All Applicants

The SoFi World Elite Mastercard is not a new credit card. News of the product started to circulate in March of 2020 when SoFi hired a former Amazon executive to head up its credit card project. Later in the summer, the card’s first details came to light. Finally, in November, the card went live to new applicants who were existing SoFi customers. Now, however, the SoFi Card is open to applicants regardless of their affiliation with SoFi, also known as Social Finance, Inc.

About the SoFi World Elite Mastercard

The SoFi Credit Card is a cash back rewards card that earns 2% back on eligible purchases when customers direct those rewards into a SoFi account. This is how the program works: Cardholders get unlimited 1% cash back on purchases automatically – and another 1% back bonus when they apply their cash back to an eligible SoFi account.

The card also offers a unique APR reduction program. Cardholders who make 12 on-time payments with their SoFi Card will receive a 1% APR reduction.

New Accounts Earn Member Rewards Points Through Moneyball Madness

SoFi is giving away 50 million rewards points to successful new applicants through its Moneyball Madness giveaway. The Moneyball Madness promotion offers sign-up bonuses of between $20 and $10,000 to new accounts – up to a grand total of $500,000 in total prizes.

These bonus points apply to the company’s rewards program, SoFi Member Rewards. SoFi Rewards turns points into cash via the company’s SoFi Money accounts. Points are also earnable through:

Making direct deposit with SoFi Money accounts
Making P2P payments using SoFi Money
Setting up Bill Pay through SoFi Money
Signing up for SoFi credit monitoring
Linking any non-SoFi accounts to SoFi Relay
Managing transactions tracked through SoFi Relay
Making payments with the SoFi World Elite Mastercard or a SoFi debit card

Redemption options with points include using the money to help pay down SoFi loans, turning points into cash via SoFi Money, investing points into stocks through SoFi Active Invest, or statement credits on card accounts.

About SoFi

Social Finance, Inc. is an online personal finance company specializing in student loan financing. The company also offers mortgages, personal loans, and banking options to U.S. consumers.

Related Article: The Best Fintech Credit Cards of 2021

Featured photo by Matthew Henry / Burst

6 Things to Consider When Applying for a Credit Card

by Cory Santos Tuesday March 16, 2021

Last updated on August 24th, 2023

While there’s no such thing as the perfect credit card, the perfect credit card for you does indeed exist. In order to find that credit card, though, there are a few important questions you should be asking yourself. These are six things to consider when you apply for a credit card.

Things to Consider Before Applying for a Credit Card

#1: How Many Credit Cards Do You Have Already?

Do you already own a credit card or multiple credit cards? While there is no set amount of credit cards a person should have, making sure you can handle the total number of credit cards you currently hold is essential before adding new cards to your wallet.

If you are considering applying for a new credit card in order to pay off another credit card you already own, think about how that will affect your credit first. Though balance transfers can help you avoid paying the interest that you may already be paying on one of your cards, every action that you make relating to credit cards is recorded on your credit file. This includes each time you apply for a card, and if it’s accepted or declined.

Instead of opening multiple cards as a last resort to get out of debt or maintaining an expensive lifestyle, think about creating a personal budget first and sticking to it. It takes longer and is more difficult to go this route instead of applying for a new credit card and hoping you’ll be accepted; but doing so can create the habits to build your credit score in the months and years ahead.

#2: What Is Your Credit Score?

In order to determine where you’re going, you first need to know where you’re at. Before you fill out any credit card applications, you need to check your credit score to get a sense of the kinds of credit cards you’ll qualify for. You’re not likely to qualify for the rewards credit cards of your dreams if your credit report reveals questionable behavior, such as filling out multiple credit card applications in quick succession or having lots of outstanding debt in your name.

Having a limited credit history of two to five years or less will also affect the types of credit cards that you can qualify for, as your unproven track record is seen as a potential risk to lenders. This is known as having a thin file. Other reasons for a thin credit file include a thin credit mix. Lenders prefer to work with borrowers with a robust combination of credit, such as mortgages, auto loans, and credit cards.

Related Article: How to Fix a Thin Credit File

#3: Do You Pay Your Bills On Time?

Credit cards with a high interest rate can be costly if you plan on carrying a balance from month to month. This can be a result of poor budgeting or the recent purchase of a big-ticket item like a washing machine or HDTV. If you don’t pay your bills on time every month and tend to have a high credit utilization ratio (the comparison of your credit card balance against your credit limit), you should prioritize finding a credit card with a low annual percentage rate.

This is key to managing your debt, as you can avoid paying a high interest rate and instead use that money towards paying down your principal balance. Otherwise, it may appear as if your balance will never shrink. On the other hand, if you are already in the habit of paying your bills on time every month, you can instead focus on finding the rewards that you like best when you choose a card instead of prioritizing the APR. This is because if you are paying your credit card debt in full at the end of your statement cycle, there won’t be a balance for you to pay interest on.

#4: What Do You Regularly Spend Your Money On Every Month?

To maximize the benefits that you could earn with your new credit card, you should list what you currently spend your money on every month and how much you spend on it. This provides insight into your spending habits and may help you cut out some unnecessary spending. More importantly, it can guide you in deciding what type of rewards credit card to apply for. Foodies who enjoy trying out unique pop-up restaurants around town before heading to concerts may want to apply for a rewards credit card that grants points on dining and entertainment.

Large families who have to carefully budget their food spending each month may benefit more from a card that grants cash back on purchases at wholesale warehouse clubs and grocery stores. Break down the things you buy each month and look for the largest expense that you can’t live without or don’t want to let go of. That’s what your ideal rewards structure should focus on.

Even if you find that your expenses vary from month to month or they’re evenly spread out among so many categories that none stand out, you can choose to apply for a general rewards credit card that rewards you for all the purchases you make.

#5: What Fees Does the Credit Card Charge?

There is no such thing as hidden fees if you carefully read the terms and conditions of your credit card before you complete the application. Annual fees, balance transfer fees, fees for cash advances – all can be avoided if you read the fine print before you sign on the dotted line. It may feel (and for the most part, is) like a tedious process, but spending a few minutes now determining what, and how, the credit card you’re interested in applying for can charge you will save you countless headaches in the future.

When it comes to credit cards, don’t let the fees keep you from signing up if they’re outweighed by the benefits offered. Should a travel rewards credit card charge a $100 annual fee, but grant complimentary seat upgrades and in-flight snacks, it may be worthwhile to pay that annual fee based on the value that you’ll be receiving for the rest of the year.

Take the time to really understand the fees that you’ll be assessed with your new card, and you may find that even the most unassuming piece of plastic can actually be a hidden gem. The most popular credit cards available today feature a variety of perks and fees that may make it confusing when figuring out which one is best for you. So long as you take the time to carefully make your decision based on your budgetary needs and future goals, the process won’t be as painful as you may think.

#6: How Do You Plan to Use Your Credit Card?

What you already spend your money on each month and what you’d like to be purchasing with your new credit card are two different factors entirely. However, they overlap in many ways. For example, you may be able to find a branded credit card that grants travel rewards for a specific hotel chain you enjoy staying at on vacation. It could, for instance, earn 10x points per dollar spent and offer complimentary nights that extend your stays.

If you find a credit card offering an extended introductory period with 0% APR on purchases, that could be used to cover emergency home renovation costs or to pay off the balance of a credit card with a higher interest rate. Once you have a clear picture of your financial goals, you’ll have an even better idea of what credit card rewards you can leverage to get you there.

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Related Article: Why Are My Credit Scores Different?

Featured photo by Matthew Henry / Burst