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Chase Cracks Down on Credit Card Self-Referrals

by Cory Santos Thursday February 13, 2020

Last updated on March 6th, 2020

Chase has recently begun notifying cardholders of stricter measures to prevent misuse via credit card self-referrals. Faced with cardholders increasingly looking to cash in on rewards through deceitful means, the bank has imposed new rules. Under these new directives, those applying for cards using their own referral URL will not be eligible for referral bonuses.

How Credit Card Referrals Work

Credit card referral bonuses are a great way to rack up bonus rewards points. The process itself is straightforward. First, an existing cardholder invites a friend to apply. That person then applies and receives their own card. In return, the issuer gifts the referrer additional bonuses.

Credit card self-referrals bypass the need for a friend or family member. Instead, a cardholder sends themselves a referral code and applies for a different Chase credit card that offers a big introductory bonus, like the Sapphire Preferred. In this way, they get the initial signup bonus plus the referral bonus. This process can lead to a vast trove of points in practically no time.

Industry Clamp Downs on Reward Program Misuse

Chase’s recent actions concerning self-referrals are part of a growing trend. The issuer sent notices late last year warning cardholders against misusing their rewards program. Just some of the issues Chase highlighted were attempts to bypass their five-referral rule and using manufactured spending to reach spending bonuses.

Common attempts to bypass the five-referral rule include self-referrals, plus posting referral links on social media channels. Additionally, some of those manufacturing their spending to meet bonus requirements were purchasing gift cards to reach welcome bonuses.

Chase’s self-referral actions also mirror those of American Express last year. Amex also faced issues with self-referrals and initiated new language to reclaim bonuses from those they felt misused the system retroactively.

Clampdowns on misuse of rewards and unscrupulous actions are on the rise. This spike in issuer actions underscores the danger of such tactics with regards to credit cards and rewards programs. While the tactics continue to enjoy popularity on social channels, like Reddit, it’s always advisable to adhere to the rules and regulations of card issuers like Chase, American Express, and others.

Related Article: What is Credit Card Churning?

World of Hyatt Bonus Journeys Promotion Returns for a Limited Time

by Cory Santos Wednesday February 12, 2020

Last updated on April 11th, 2023

Hyatt International has announced the return of its popular Bonus Journeys promotion. The promotion is open to members of World of Hyatt, the chain’s award-winning loyalty program. World of Hyatt members must register for the promotion and can start earning points starting Saturday, February 15^th. The promotion runs through May 15, 2020.

World of Hyatt Bonus Journeys Promotion Details

Through the Journeys promotion, members earn double points on eligible spending at over 1,000 participating locations worldwide. Among the properties taking part are:

Over 875 hotels from 17 different brands under the Hyatt umbrella. Brands include Andaz, Grand Hyatt, Hyatt Regency, and Thompson Hotels.
More than 300 properties in the Small Luxury Hotels of the World collection.
Over ten MGM Resort locations, including Aria and Bellagio.
300+ Lindblad Expeditions to exotic destinations such as Antarctica, the Galapagos, and more.

One caveat with the promotion is that Hyatt only awards bonus points for the second eligible stay during the promotional period. The hotel chain awards no bonus points for the first stay.

Promotion Rules

To be eligible for the bonus promotion, travelers must register for both the World of Hyatt loyalty program and the Bonus Journeys promotion. Both are free to join. Registration for the Bonus Journeys promotion must take place by March 31, 2020.

Other considerations travelers must abide by:

Include their World of Hyatt membership number with their reservation.
Present their World of Hyatt number upon check-in.
Stay at one of the 1,000+ participating locations
Have a checkout date between February 15, 2020, and May 15, 2020.
Only the room the World of Hyatt member stays in will earn bonus points. All other rooms on the reservation will only earn base loyalty points.

Earn Additional Bonus Points with the World of Hyatt Card

Using a World of Hyatt Credit Card earns additional bonus points during the Bonus Journeys promotion. Cardholders receive an extra 1,500 points for all qualifying stays during the promotion that includes a Friday, Saturday, or Sunday night stay. This cardholder bonus only applies to the second – and subsequent – stay.

Points Limits During the Promotion

As with any other promotion, there are limits to the total amount of points earnable with Bonus Journeys. A maximum of 100,000 points is earnable for members during the promotional period. Using a World of Hyatt Credit Card, however, doubles this limit. Cardholders can earn an additional 100,000 points during the period when they use their card to book participating stays.

About World of Hyatt

World of Hyatt is the award-winning loyalty program of the Hyatt Hotels family of brands. Hyatt operates thousands of properties across the globe, with a room to fit every budget and taste. Direct bookings through Hyatt entitle guests to impressive perks. These include personalized service, wellbeing and spa offers, exclusive member rates, and more.

The World of Hyatt rewards program also offers members strategic partnerships with several travel brands. These include American Airlines (AAdvantage), Lindblad Expeditions, MGM Resorts, and more. Members can also earn additional points through the World of Hyatt Credit Card from Chase. New cardholders can earn up to 50,000 extra points within the first six months of opening an account. For more information on that card, read BestCards’ full review.

Seattle’s CenturyLink Field Transitions to Cashless Transactions for Events

by Allan Guzman Chinchilla Tuesday February 11, 2020

Last updated on November 10th, 2020

The Sports and Entertainment Venue Aims for Streamlined Operations.

Visitors to Seattle’s CenturyLink Field will now find a smoother experience when making purchases during events. The venue recently announced that it is fully transitioning to cashless operations in an effort to curb lines and allow guests to get back to their seats faster.

The announcement, made on CenturyLink Field’s official website, explains that the transition also applies to the CenturyLink Field Event Center and the WAMU Theater. Going forward, retail kiosks, concessions, and on-site parking at these locations will only accept credit cards, debit cards, and prepaid cards.

Cards are already being used for at least 75% of all transactions at CenturyLink Field, according to Seahawks Senior Vice President of Business Operations and CenturyLink Field General Manager, David Young. Customers who only carry cash or don’t have a payment card can use ReadySTATION® kiosks located throughout the stadium. These machines conveniently convert cash into prepaid cards, and they can also be used outside the venue.

CenturyLink Field Offers More Seamless Experience for Guests

Customers who prefer to pay with card over cash will surely appreciate the transition, which other pro sports venues across the country have already made. Mercedes-Benz Stadium in Atlanta and Utah’s Vivint Home Arena are just a few examples.

Fulfilling transactions with a payment card moves faster than with cash. This rings especially true for cards enabled with contactless payment technology. While the amount of time saved may not be noticeably different for a single patron, that changes when multiplied by dozens of customers waiting in a concession line. Ultimately, it allows consumers to return to their seats faster and continue enjoying the event.

The move towards cashless also gives patrons the opportunity to boost rewards earnings when using their credit cards. For football fans, this means more opportunities to earn rewards if they have the NFL Extra Points Credit Card, which earns additional points on select in-stadium purchases. Home to the NFL’s Seattle Seahawks and MLS’ Seattle Sounders FC – and now the XFL’s Seattle Dragons – CenturyLink Field also hosts a number of other events, including high-profile concerts.

Delta Announces Changes to SkyMiles Credit Cards

by Cory Santos Monday February 10, 2020

Last updated on April 26th, 2023

American Express and Delta Airlines credit cards now come with impressive new signup bonuses. The changes rolled out this month, including the opportunity to earn up to 100,000 SkyMiles for new accounts. This is the most substantial bonus to-date with Delta co-branded credit cards.

New Signup Bonuses

The most impressive of these offers come with the Delta SkyMiles Reserve Card and the Delta SkyMiles Reserve Business Card – both of which also boast a new annual fee. That fee is $550, up from the previous $450. The initial bonus, dependent on meeting minimum spending requirements, is up to 100,000 miles and 20,000 Medallion Qualification Miles (MQMs). The new signup bonuses break down as follows: Personal Delta SkyMiles Credit Cards

Delta SkyMiles Reserve Card: 80,000 miles and 20,000 MQMs after making $5,000 in purchases in the first three months; 20,000 miles on the first cardmember anniversary
Delta SkyMiles Platinum Card: 80,000 miles after making $3,000 in purchases in the first three months; 20,000 miles on the first cardmember anniversary
Delta SkyMiles Gold Card: 60,000 miles after making $2,000 in purchases in the first three months; 10,000 miles on the first cardmember anniversary
Delta SkyMiles Blue Card: 15,000 miles after making $1,000 in purchases in the first three months

Business Delta SkyMiles Credit Cards

Delta SkyMiles Reserve for Business Card: 80,000 miles and 20,000 MQMs after making $5,000 in purchases in the first three months; 20,000 miles on the first cardmember anniversary
Delta SkyMiles Platinum for Business Card: 80,000 miles after making $3,000 in purchases in the first three months; 20,000 miles on the first cardmember anniversary
Delta SkyMiles Gold for Business Card: 60,000 miles after making $2,000 in purchases in the first three months; 10,000 miles on the first cardmember anniversary

Delta SkyMiles Valuation

Delta SkyMiles currently has a valuation of 1.2 cents each. This places the value of the 100,000 bonus miles for the Platinum SkyMiles and Reserve Cards at $1,200, which is among the best signup bonuses available today. The Gold SkyMiles Cards offer $840 in value, while the Blue consumer card offers $180 in value for the $1,000 spending requirement.

Changes to the SkyMiles Credit Cards

With the new signup bonuses, Amex and Delta have also made changes to the rewards structure and features of some cards. While the most noticeable changes come with the card redesigns, the most significant updates come with the annual fees. The Reserve Cards now feature a yearly fee of $550, up for $450. The Platinum Cards now feature an annual fee of $250 (up from $195), while the Gold Cards have a new yearly charge of $99 (formerly $0 for the first year, $95 after that). Other changes to Amex SkyMiles cards include: Personal Delta SkyMiles Credit Cards

Reserve Card: 3X miles on direct Delta purchases (formerly 2X)
Platinum Card: 3X miles on direct Delta purchases (formerly 2X) and 2X miles at U.S. supermarkets and worldwide restaurants
Gold Card: 2X miles on direct Delta purchases, plus U.S. supermarkets and global dining (formerly only U.S. dining)
Blue Card: 2X miles on direct Delta purchases and worldwide dining (previously only U.S. dining)

Business Delta SkyMiles Credit Cards

Reserve for Business Card: 3X miles on direct Delta purchases (formerly 2X); 1.5X miles on purchases after making $150,000 in purchases in a calendar year
Platinum for Business Card: 3X on direct purchases with Delta and hotels (formerly 2X); 1.5X miles on purchases over $5,000
Gold for Business Card: 2X miles on direct Delta purchases, plus on worldwide dining, U.S. advertising, and U.S. shipping

About Delta Airlines

Delta Airlines is one of the largest carriers in the world, shuttling more than 190 million customers to over 325 destinations worldwide each year. Delta is a member of the SkyTeam Alliance, which also includes names like Air France / KLM and Korean Air. The release of new changes to SkyMiles credit cards follows on the heels of Delta’s acquisition in a stake of LATAM, the largest carrier in Latin America. This alliance further bolsters Delta’s global reach, offering unparalleled access to South and Central America.

Changes Announced to Visa® Interchange Fees

by BestCards Team Friday February 7, 2020

Last updated on November 9th, 2023

Visa® to Revise Interchange Fees for First Time in 10 Years

Visa® interchange fees have remained unchanged for the past decade. These are the swipe fees that merchants must pay to a bank every time a customer uses their card. However, U.S. commerce has changed significantly since coming out of the economic crisis of the 2000s. Online transactions have increased. Additionally, new types of merchants are competing with more traditional ones but have faced the same Visa interchange fees. As such, the world’s most widely accept credit card network has decided that it’s time for an update.

What is the Interchange Fee Now?

Most consumers aren’t aware of the cost of paying with plastic. Typically, merchants pay 2% of the transaction amount when a customer physically swipes his or her credit card. For online sales or those conducted over the phone, most merchants usually pay about half of a percent more. Premium rewards cards incur higher fees, as these fees are what Visa® and other payment networks use to offset the cost of cardholder perks, like points and bonuses.

Visa’s fee structure has been mostly singular for many merchants throughout the history of the company. However, the company aims to increase the number of businesses that accept Visa® credit cards. As such, it is implementing a more nuanced structure with regards to how it charges merchants. These changes will hopefully encourage more merchants to accept Visa® transactions, facilitating increased use among consumers in the U.S.

How Much is the Visa® Interchange Fee Going to Change?

Visa’s new credit card interchange fees will vary depending on the type of merchant and nature of the transaction. These changes may level the playing field with regards to which type of merchant carries the brunt of paying for over $100 billion in fees each year.

According to U.S. Census data, e-commerce sales have nearly tripled in the last decade. In reaction to this growth, Visa will increase fees for “card not present” transactions, which include e-commerce and phone sales.

As such, fees for online and phone transactions will increase by around 4.74%. For a $100 purchase, that means a change from $1.90 to $1.99 in swipe fees. Based on current information, premium card transactions will see a slightly smaller increase of around 4%. The fee will rise from $2.50 to $2.60 for a $100 transaction.

Some of Visa’s merchant fee changes may offer a helping hand to brick-and-mortar retailers. This can possibly counteract the detrimental effect that online shopping has had on these businesses. This is most evident in the generous decrease in credit card interchange fees for supermarkets and related businesses. A $50 purchase with a premium Visa® card can incur up to 33% less in fees after these changes take hold.

Revised Visa Swipe Fee Can Increase Acceptance

By reducing Visa® Interchange fees, businesses that normally don’t accept credit card payments may start joining the denizens that already do. While fewer consumers these days regularly pay for purchases with cash or checks, many merchants still rely on these as their only acceptable methods of payment. By reducing merchant fees, Visa® can welcome landlords and educational facilities into the fold. This transition can enable consumers to pay for rent and tuition with their Visa® cards, decreasing the number of transactions involving checks and cash, and leading to more earnings for Visa®.

Reduced fees may also lead to more vending machines and parking meters joining the list of automated merchants currently accepting credit cards. Along with rent and educational fees, these seem to be the last bastions of cash-based transactions.

The Bottom Line

Visa® plans to implement these changes to its swipe fee structure in two phases scheduled for April and October of 2020. The reason for this staggered rollout is to allow merchants enough time to acclimate to the revisions. While smaller retailers may not feel the impact, larger merchants may need to adapt, especially those who rely on e-commerce.

The new Visa® interchange fees can have several implications for consumers. The redistribution of merchant fees may help many supermarkets compete with new online grocery and home essentials retailers, like Amazon Pantry and others. As a result, merchants may adjust their prices accordingly. Consumers may soon find that items from online merchants have increased prices slightly. At the same time, supermarkets and other brick-and-mortar retailers may extend their new savings to customers.

Many industry analysts also predict that increases in fees may translate to increased perks for premium cardholders. Consumers may not see any changes in credit card promotions this year, however, 2021 may bring huge signup bonuses and added benefits for Visa® cardholders.

JetBlue Debuts Brief, but Bigger Bonus for Businesses and Elite Credit Card Customers

by Allan Guzman Chinchilla Wednesday February 5, 2020

Last updated on May 13th, 2020

JetBlue’s already-attractive personal and business credit cards now come with a beefed-up bonus, available as a limited-time offer. To attract more “elite” customers and businesses, JetBlue and Barclays Bank now feature upgraded signup bonuses for two of their top-tier cards. Business owners who issue cards for their employees will particularly benefit from this offer.

Here’s how the limited-time offer breaks down:

The JetBlue Business Card

The JetBlue Business Card is designed for business owners who frequently travel for work and favor JetBlue when booking business trips. It’s a points-earning juggernaut that enhances the wallet of any business owner who flies domestically for conferences, client meetings, and workshops. It also features perks like free checked bags (some restrictions apply), an anniversary bonus, discounts on in-flight purchases, and more. The annual fee of $99 may seem high but is reasonable when compared to the benefits that accompany it.

Cardholders already earn up to 6X points for every dollar they spend with the card. Thanks to this time-sensitive bonus, new cardholders can earn up to 60,000 bonus points, too. This can be achieved by spending $1,000 using the card within the first 90 days of opening an account, which earns 50,000 points. An additional 10,000 points are available for account holders who issue employee cards. This applies the first time an employee card is used to make any purchase within 90 days of the account’s open date. Cardholders must request an employee card within 30 days of opening their account.

Point Valuations

JetBlue’s points valuations land at approximately 1.3 cents per point. This means that a signup bonus of 50,000 points equates to approximately $650. An increased bonus of 60,000 would weigh in at $780. Even after factoring in the signup bonus of $99, this adds up to substantial savings for business owners who will use this card to purchase travel with this airline.

This lucrative sign-up bonus applies to consumers as well as business owners. Consumers who act quickly can also take advantage of this one-time deal when they sign up for the JetBlue Plus Card.

The JetBlue Plus Card

The JetBlue Plus Card is JetBlue’s higher-end consumer credit card. Designed for frequent travelers – and JetBlue frequenters – it’s an enticing rewards card. Offering many of the same perks that its business counterpart boasts, it also rewards cardholders with up to 6X points for every dollar spent. It proffers a free checked bag, anniversary bonus, and in-flight-savings as well as other great benefits. Like the Business Card, the Plus Card is well worth an annual fee of $99 when considering the perks that accompany it.

Originally boasting a signup bonus of 40,000 points, for a limited time the JetBlue Plus Card features a beefed-up introductory offer that awards 60,000 bonus points to new cardholders who pay their annual fee and subsequently spend $1,000 on purchases within 90 days of opening their account. That’s an additional 20,000 points than previously available – equivalent to an extra $260. It’s also a substantial upgrade to the signup bonus available with the JetBlue Card, which awards only 10,000 points ($130) for the same spend.

What are JetBlue’s Destinations?

Earning points using any of the JetBlue credit cards is fairly easy, and you’ll get bonus points for purchases directly with JetBlue. JetBlue services more than 100 destinations in the following countries:

Aruba
The Bahamas
Barbados
Bermuda
Cayman Islands
Colombia
Costa Rica
Cuba
Dominican Republic
Ecuador
Grenada
Haiti
Jamaica
Mexico
Peru
Puerto Rico
Saint Maarten
Saint Lucia
Trinidad and Tobago
Turks and Caicos Islands
Boston
Dallas
Fort Lauderdale
Los Angeles
New Orleans
New York City
Orlando
San Francisco

Limited-Time Offer

Interested consumers and business owners who wish to take advantage of this fleeting airline offer must act before April 30, 2020.

American Airlines AAdvantage Announces Changes to Hotel Partnerships

by Allan Guzman Chinchilla Monday February 3, 2020

Last updated on April 25th, 2023

If you are a member of the American Airlines AAdvantage rewards program and frequently stack miles earnings with hotel stays, there are important updates for you. Recently, American Airlines notified members of upcoming changes to the program’s partnerships with select hotel brands. Effective April 1^st, 2020, members will no longer earn AAdvantage miles or transfer rewards with Hilton, Choice Hotels, or Best Western Hotels. As of now, they can still earn or convert rewards with these hotel brands until March 31^st, 2020.

Current American Airlines AAdvantage Rewards

Presently, you can earn 250 miles per stay via both Choice Hotels and Best Western. Regarding rewards transfers, members can convert 5,000 Choice Privileges points into 1,000 AAdvantage miles. Hilton Honors points convert at a rate of 1,500 miles per 10,000 points.

Though this is a significant reduction for the AAdvantage program, it still features several big names through which travelers can earn or transfer miles. These include Hyatt, InterContinental Hotels (IHG), and Marriott Bonvoy. Through Hyatt, members can earn 500 miles per stay, whereas Marriott Bonvoy rewards 2 miles per $1 spent on qualifying charges. IHG also earns 2 miles per $1 on eligible purchases at qualifying InterContinental Hotels locations. You can find more information about all of the AAdvantage program’s hotel partners at the AAdvantage program’s site.

About Hilton, Choice and Best Western

With fourteen brands in its portfolio, Hilton operates over 5,700 locations in 113 countries. It is one of the largest hotel chains in the world and competes with other hospitality giants like Wyndham Hotels & Resorts and Marriott International. Choice Hotels International franchises over 7,000 properties – which range from economy to upscale – in 40+ countries. Best Western Hotels & Resorts, meanwhile, owns 17 distinct brands with locations in over 100 countries and territories.

AAdvantage Cards to Consider

If you’re already an AAdvantage member and want more ways to earn miles, you can consider one of several AAdvantage credit cards offered by American Airlines. The AAdvantage MileUp℠ card earns 2X miles per $1 on all grocery store purchases, while the AAdvantage® Platinum Select® grants a free first checked bag and preferred boarding on AA flights. For business owners, the CitiBusiness® / AAdvantage® Platinum Select® card earns 2X miles per $1 on several business-centric spending categories, like cable providers and telecommunications merchants. Be sure to read BestCards’ thorough reviews of each of these cards for a detailed breakdown.

DC Power Visa – The Perfect Companion for Harley Quinn Movie Fans

by Allan Guzman Chinchilla Thursday January 30, 2020

Last updated on May 13th, 2020

DC’s newest Harley Quinn movie, Birds of Prey (and the Fantabulous Emancipation of One Harley Quinn), arrives in theaters February 7^th. If you’re looking forward to the film but need an additional way of boasting your fandom, there’s a new – and convenient – option to consider. Tying in perfectly with the flick is the recently introduced DC Power Visa Card. This new product brings ample perks to help boost your love of Harley, as well as the Detective Comics universe.

Earn Rewards with the DC Power Visa

Ideal for comics – and Harley Quinn – lovers, the DC Power Visa rewards users with 3X points per dollar spent on entertainment purchases. This spending category includes movie theaters (hint hint) as well as cable TV. Also included are streaming & digital purchases, which makes perfect sense for subscribers of the DC Universe streaming service. Whether you’re a cable cutter or not, you can bill your charges to this card and earn rewards where you normally wouldn’t have before.

Spending on pop culture isn’t the only way to get rewarded, though. You’ll get 2X points for every dollar spent on dining and gas purchases, too. Planning dinner before or after watching the new Harley Quinn movie? Pay with the card and earn points. The fact that dining and gas are such widely used categories translates to easily earning rewards every day with this card.

All the points you earn with this card go towards multiple redemption options. You can choose between merchandise, cash back, travel booking, and more.

Turn the DC Card into a Harley Quinn Card

If you’re particularly fond of Harley Quinn, you’re in luck. The DC Power Visa offers seven distinct card art designs, and one of these features Harleen Quinzel herself. Not into a Harley Quinn card? Other available options include Superman, Wonder Woman, and Batman.

Get the Full Picture with BestCards

There are plenty more enticing details about the DC Power Visa. From an introductory bonus offer to even more perks via Ultimate Hero Rewards, this card packs a powerful punch. For a more in-depth breakdown, check out BestCards’ thorough review of the card.

The Fed’s Rates Hold Steady After January 2020 FOMC Meeting

by Allan Guzman Chinchilla Thursday January 30, 2020

Last updated on April 21st, 2023

FOMC statement: No federal funds rate change – what this means for you

The Federal Open Market Committee concluded its first meeting for the year. The FOMC announced on January 29^ththat the current target range of 1.50% to 1.75% will continue into the first quarter of 2020. The U.S. economy has continued its longest expansion on record, and the decision to leave the Federal Reserve’s rates intact is largely attributed to this expansion. The Committee is cited as depicting the economy “rising at a moderate rate.” This is despite a slight downgrade in household spending, which the Committee described as “strong” after December’s meeting. Now, it is designating spending as “moderate.”

What is the Federal Open Market Committee?

The Federal Open Market Committee determines United States monetary policy. Headed by the Federal Reserve System, the Committee’s current chairman is Jerome Powell. U.S. law charges the Committee to oversee the nation’s open market operations. As such, it supervises the buying and selling of United States Treasury securities. The FOMC also makes important decisions about interest rates. Such decisions affect the growth of the United States money supply.

No Prime Rate Change

Although the FOMC doesn’t directly set the Prime Rate, banks use its federal funds rate target as part of the criteria to decide their Prime Rate. It’s likely that banks won’t adjust their rates, as the federal funds rate hasn’t changed since the previous Committee meeting. The federal funds rate is not actually the rate that consumers pay. However, it still has an effect on consumer borrowing and savings. Consumer APRs will rise and fall whenever banks adjust their Prime Rate based on announcements from the FOMC. The target set by the Committee for the federal funds rate also has an impact. No change means that ordinary Americans can continue to pay down debt and boost savings. Conversely, those focusing on saving money will be relieved that there have not been further rate cuts. Such decreases might lower the yields on interest from savings accounts and certificates of deposit. Likewise, borrowers would see credit card, auto loan, and mortgage rates fall. Here’s how best to take advantage.

Related Article: The Fed Met Yesterday: Here’s What Happened

Pay Down or Eliminate Your Debt

Many Americans hold debt from credit cards and loans. Credit cards employ a variable rate which issuers adjust based on the Prime Rate. Banks pay close attention to announcements from the FOMC, and the federal funds rate is one of the factors that banks use to determine the Prime Rate. This means that an adjustment to the Fed’s target rates can have a direct impact on credit card interest charges. Typically, if the Fed raises or lowers its short-term rates, consumers can expect to see a similar rise or fall to the Prime Rate. In addition, credit card APRs will reflect these changes. Since these rates have not changed, consumers should consolidate their credit card debt to a single, low-rate credit card. Another option to consider is a credit card with an introductory APR period. Consumers using a credit card with an introductory 0% interest rate to pay down their debt will see their savings add up. This is even if the federal funds rate causes the Prime Rate to rise later this year. This is also a good opportunity to refinance a long-term fixed mortgage. If you purchased a home last year, you might consider refinancing at a lower rate. This will put money back into your pocket thanks to reduced interest.

When is the Next FOMC Meeting?

The next scheduled Federal Open Market Committee meeting will be from March 17^th to March 18^th, 2020. For a full list of the year’s scheduled meetings, visit the FOMC’s website. BestCards.com’s team of industry experts brings you insight, analysis, and detailed reviews to help you navigate the world of credit. We have up-to-date credit card news and comprehensive, impartial coverage of the latest card offers that will help you find a credit card. Read on and find a card that’s the right fit for you, no matter your financial goals. Browse our in-depth reviews and discover the best card for you.

Caesars Merger a Jackpot for Caesars Rewards Visa Cardholders

by Cory Santos Tuesday December 3, 2019

Last updated on September 19th, 2023

Casinos and Gaming are big business – and the recent merger between El Dorado and Caesars is one of the biggest pieces of business in recent memory. What happened, and what does it mean for Caesars Rewards Visa Cardholders?

El Dorado Resorts Merges with Caesars Entertainment

Eldorado, a leading name in gambling resorts, recently finalized a deal that sees it take a controlling interest in Caesars Resorts, the internationally renowned name in gaming that has struggled financially for years. The deal, worth over $17 billion, sees the Reno-based Eldorado take over such illustrious names in resorts and gaming as Caesars Palace, the Flamingo, Bally’s, Rio, Paris, Harrah’s, and more.

A New U.S. Gaming Juggernaut

The merger of Caesars and Eldorado creates the largest U.S.-based gaming and resort company, with 60 resorts and casinos throughout the United States. The new partnership was agreed to earlier this month, with Caesars retaining a 49% stake and Eldorado gaining a majority 51% holding. The new company will use the Caesars name and will be based out of Reno, Nevada – the current home of the Eldorado brand. The new alliance was hailed by Tom Reeg, the CEO of Eldorado in a press release: “Together, we will have an extremely powerful suite of iconic gaming and entertainment brands, as well as valuable strategic alliances with industry leaders in sports betting and online gaming.”

What Does the Eldorado and Caesars Merger Mean for Caesars Rewards Members?

Talk about mergers and acquisitions are great and all, but what does this news mean for actual Caesars Rewards members? Eldorado Resorts currently operates 26 properties across 12 states in the United States. Notable names under the Eldorado banner include the Eldorado Casino in Reno, the Tropicana in Atlantic City, New Jersey, the Eldorado in Shreveport, Louisiana, and many other popular resorts and casinos across the Southeast, Midwest, Nevada, and more. All told the Eldorado portfolio includes an impressive 12,000 plus hotel rooms, over 23,000 slot machines, and roughly 700 tables, meaning Caesars Rewards members can expect even more choice on where to play or stay – and more significant opportunities to earn impressive rewards.

Increased Value for Caesars Rewards Visa Card Holders

The all-new Caesars brand means even better value for money for Caesars Rewards Visa Card holders. The card a co-branded hotel credit card from Comenity Bank and earns an impressive 5x points on every dollar spent on Caesars Resort stays, or event, or casino purchases. Thanks to an influx of new properties courtesy of the Eldorado merger, cardholders now have 60 properties where they earn quintuple points, instead of the 36 available previously. Since the Caesars Rewards Visa also provides Platinum Tier in the Caesars Rewards Program, cardholders can also enjoy their perks even more, including:

A 15% discount AT Caesars gift shops
Preferred pricing at participating restaurants
Room discounts at Caesars properties

Is Now the Right Time to Apply for the Caesars Rewards Visa?

Hotel rewards credit cards offer great value for frequent travelers at any time of the year. However, the news of the Caesars and Eldorado merger makes it the perfect time for casino and resort lovers to consider applying for the Caesars Rewards Visa Card from Comenity Bank. Thanks to 24 new properties added to the Caesars Brand, there are more ways than ever to earn 5x points at Caesars Resorts or Casinos across the country. The Platinum perks, such as dining and room discounts, make it ideal for anyone who likes to enjoy weekend getaways to vibrant nightspots, such as Las Vegas, Reno, or Atlantic City.

New Secured Amazon Credit Builder and Amazon Prime Credit Builder Store Card

by Cory Santos Thursday November 28, 2019

Last updated on December 19th, 2023

Credit cards are convenient and can improve your financial standing, but what happens if you have bad credit or no credit history? Amazon’s Credit Builder Store Card is the first of its kind for the retailing giant. But does the Amazon Card build credit? Does it make sense for you? Read on to find out – especially if you want to build or rebuild your credit while receiving 5% back or special financing offers:

Story at a Glance:

Amazon Secured Card a secured version of their Amazon Store Card
Prime membership upgrades the card to an Amazon Prime Secured card
The secured card is available to those who do not qualify for the regular, unsecured Amazon/Amazon Prime Store Card
Initial deposit to receive the Amazon Prime Store Credit Builder Card is between $100 and $1,000
Amazon Credit Builder Card members can be upgraded to an unsecured Store card with as few as 7 on-time payments

Amazon Secured Credit Card Offers Perks to Those with Poor Credit

It seems that every online retailer has its own impressive range of credit card options designed to meet the needs of their customers. Internet giant Amazon is no different. Amazon, like other retailers, already provides an impressive selection of cards to target nearly every sector, including cash back credit cards, travel rewards cards, student credit cards, and even business cards. The company is now launching its newest product – a secured credit card. Known as the Amazon Prime Store Card Credit Builder card, it is especially designed for those with either bad or no credit. Today we’ll take a first look at this unique new offering from Amazon, giving you the basics of what the card is, what it offers, and whether it is the right choice for you.

How Do Secured Credit Cards Work?

Secured credit cards offer those with either no credit history or those with a poor credit history, the chance to take positive steps in building up their credit score. These cards are known as “secured” because they require an initial deposit to open the credit line. In the case of the Amazon Prime Store Card Credit Builder card, the initial refundable security deposit must be between $100 and $1,000. This initial deposit is also the amount of credit available to the cardholder. So, if, for instance, a user places a $250 security deposit, their credit limit is also $250. As any industry expert will tell you, for those looking to repair or build their credit score, a secured credit card is an excellent option. For those who are ready and willing to keep their credit balances low and regularly make their monthly payments on time, a secured card can not only improve their credit but also help them move on to a standard credit card in the future. Since issuers regularly report to the big three credit bureaus – Equifax, Experian, and TransUnion – being on top of all payments can have a dramatic effect on a person’s credit standing. Credit, when used responsibly, is a good thing.

Is the Amazon Prime Store Card Credit Builder Credit Card Worth It?

The Amazon Prime Store Card Credit Builder card is an Amazon Prime secured card, but it differs from other secured cards in various ways. First, it offers cardholders some benefits – something many secured cards do not do. The card gives users 5% back on all purchases at Amazon.com. It also allows for deferred interest payments in installments and special financing options on select big-ticket purchases. These equal pay financing benefits run for up to 24 months. The card also offers those who sign up a $10 Amazon gift card – another nice treat. Second, the card differs from other secured cards in that applicants cannot apply for it directly. Instead, they must apply for the unsecured Amazon.com Store Card. Those who fail to qualify for the traditional store card are then under consideration for the secured card. Third, the card differs because it offers a much quicker route into a typical, unsecured store credit card than comparable options. Cardholders who meet specific requirements can upgrade to the Amazon.com Store Card in as little as seven months based on the following criteria:

They make seven consecutive on-time payments on the Prime Store Card Credit Builder card and make all other payments on time. Their credit has no recent bankruptcies, foreclosures, repossessions, or delinquent accounts.Their credit score meets the internal credit criteria of Synchrony Bank – the card issuer.

Fourth, the card has no annual fee – something relatively uncommon among secured credit cards. Finally, the very idea of an Amazon secured credit card is, in and of itself, something new. While there have been many similar cards targeted towards those with poor or no credit in the past, this is the first time that a retailer has launched such a product. So far, the Prime Store Card Credit Builder card sounds like a no-brainer for those looking to improve their credit standing, right? Well, there are also reasons you should think twice about applying for this card. The biggest drawback to the Prime Store Card Credit Builder card is that it can only be used at Amazon.com. If you are a big spender at Amazon, that shouldn’t be a problem, but if you aren’t, this likely isn’t the card for you.

So, Is the Prime Store Card Credit Builder Card Right for You?

If you are someone looking to improve their credit score, is the Prime Store Card Credit Builder card the right choice? For those finding it difficult to adopt a good way to rebuild their credit quickly, the answer may be yes. Despite the drawbacks of the card – namely the higher-than-average APR and the inability to use the card anywhere other than Amazon.com, the chance to possibly upgrade to a traditional store card after as little as 7 months is an attractive feature that is sure to entice applicants. Additionally, for those who prefer the limitations the card brings in terms of where to shop, it may be a safe tool for steadily rebuilding credit. Finally, the ability to earn 5% back on Amazon purchases is a nice feature not found in many other secured cards. If you are looking for more information on the Amazon Prime Store Card Credit Builder card, including fees and rates, check back soon for BestCards.com’s official review. In the meantime, feel free to check out some of our other helpful reviews on secured credit cards and credit cards for poor credit. All our reviews are entirely impartial and designed to help you find the perfect card to suit your needs.

Other Amazon Credit Cards to Consider:

4 Underrated (but Seriously Awesome) Credit Cards for Online Shopping

by Allan Guzman Chinchilla Wednesday November 27, 2019

Last updated on October 26th, 2023

The air is thrumming with anticipation as Thanksgiving draws nearer – but not for pumpkin pie or turkey. Instead, Americans are hungry for Black Friday and Cyber Monday deals on electronic gadgets, appliances, jewelry, and clothes. Both shoppers and retailers are preparing the final touches as they brace themselves for the biggest shopping deals of the year.

Preparing for Cyber Monday

Like most shoppers, you’re probably scanning ad after ad, comparing deals and store opening times, setting up your route and running through your holiday shopping list to make sure that you have all your bases covered; but the preparation shouldn’t stop there. Figuring out what you’re buying is just as important as deciding how you’re going to pay for it – namely, which credit cards you’re going to use for Cyber Monday. Savvy digital-based shoppers, however, know that the post-turkey day deals are the perfect opportunity to put their rewards cards to use: Qualifying for a spending bonus on a newly opened credit card, taking advantage of a rotating bonus category, or to simply earning rewards on top of the deep discounts that retailers will be doling out.

Credit Cards for Online Shopping You Probably Haven’t Considered

When it comes to maximizing your rewards from Cyber Monday spending, there are a few obvious choices that somehow always seem to be in the credit card spotlight (the Amazon Prime Visa, Discover It, Chase Freedom…you get the gist) but what if we told you there were other amazing credit cards for online shopping that were just as good and didn’t carry annual fees? No need to split a wishbone; these cards already exist! We’ve got four of the best, most underrated credit cards for online shopping that are perfect for using on Cyber Monday.

Rakuten Cash Back Visa Card

Easily one of the most lucrative-but-overlooked credit cards for online shopping, the Rakuten credit card is a cash back earning powerhouse. It offers an automatic 3% back when you shop your favorite stores through Rakuten.com, use Rakuten’s in-store offers, or book travel through their affiliates. But the ultimate cherry on top of this digital savings sundae is that this card works in conjunction with their online rebate program, making it perfect for those who like to double – or even triple – dip their credit card rewards. In case you’re not already familiar, Rakuten Rewards (formally known as Ebates) gives shoppers cash back on their purchases based on a percentage of their total checkout price. These rates can range from as little as 1% cash back to 20% or more (Why not get a little something back if you were going to buy it anyway, right?). Rakuten has over 1,700 retailers in their network (including popular spots such as Macy’s, Groupon, and Amazon), which makes it easy to score savings where you already like to shop, while the considerable bonus rates mean you might earn just as much, if not more, than shopping with those stores’ own credit cards. When it’s time to hit the virtual sales floor this Monday, you can take advantage of awesome Cyber Monday deals and earn 3% back at affiliated stores plus whatever the bonus is for the current promotion that’s running. Just when you thought this card couldn’t get any better, it also has no annual fee and no cap on earnings.

U.S. Bank Cash+

The heavyweight champion of choose-your-own-bonus-category credit cards, the U.S. Bank Cash+ Card boasts an impressive 5% cash back return and 2% back from fixed categories: grocery stores, gas stations, and restaurants. Cardholders can choose from two 5% bonus categories each quarter , on up to $2,000 worth of spending in combined categories. While you may not be able to earn 5% cash back on everyone’s gift this year, if you max out the category that’s still a $100 back in your pocket. There are a whopping twelve 5% categories to choose from, and while some of them are pretty specific (which might make it difficult to max out the $2,000 quarterly spending limit), you’ll find bonuses for niche categories you may never have thought you could earn rewards for otherwise:

Electronic Stores
Department Stores
Select Clothing Stores
Sporting Goods Stores
Furniture Stores
Gyms/Fitness Centers
Movie Theaters
Fast Food
TV, Internet & Streaming Services
Cell Phone Providers
Home Utilities
Ground Transportation

For Cyber Monday shopping we have our eyes on the 5% bonuses for electronics, department stores, furniture, and sporting goods – bonuses that rival the returns you’d get from owning a dedicated store card but with way more flexibility. Beside the fact that more options are always better to have, the U.S. Bank Cash+ card’s expansive category list means that you can definitely find a way to make this card work with your wallet regardless of what other rewards cards and bonus categories you already have covered. This card may already seem too good to be true, but brace yourselves because it gets even better: This card has no annual fee and rewards can be deposited as cash back into your U.S. Bank accounts or as a statement credit (in case you don’t currently bank with them).

Bank of America Cash Back Cards (Any)

Like the U.S. Bank Cash+ card, Bank of America cash back cards have customizable bonus categories which allow you to maximize your rewards based on your spending needs. BoA offers several card options with identical 3/2/1 choose-your-category cash back rewards structures like the Bank of America Cash Rewards and the World Wildlife Fund Card – the only real difference between each of them is the card art, although in this particular case Bank of America will donate to the nonprofit when you open the WWF credit card). Although these cards have a lower top-tier bonus rate (3%) than the U.S Bank Cash+ card, they make up for it with broader bonus categories, a higher cap on earnings ($2,500), and the ability to change categories on a monthly basis rather than quarterly. The card feature that makes it ideal for cashing in on your Cyber Monday shopping is the broad Online Shopping category. A coveted rewards category that surprisingly few cards offer, ‘online shopping’ transcends MCC codes and awards 3% back on virtually any purchases that take place online or through a mobile app, making this card a great option for those who don’t want to commit to owning a card from a specific retailer. Some examples of eligible retailers include Amazon.com, Groupon.com, and Target.com. This category only excludes online payment for services or utilities (essentially, all non-retail services).

Cash Wise Visa®

At first glance, this card seems rather ordinary: A flat rewards rate of 1.5% back on all purchases, a modest signup bonus and no annual fee. The reason why this card is such a gem isn’t because of any particular features of the card itself, but because of the strong bonus shopping offers that Wells Fargo routinely offers their cardholders through the ‘Earn More Mall’. This isn’t just a couple of one-off promos that Wells Fargo sends cardholders’ way; they have an entire affiliate shopping network with hundreds of merchants to choose from. A few offers that are routinely available are 10% bonus cash rewards from Starbucks, 5% bonus cash rewards from Kohl’s, and 2% bonus cash from Apple.com (and those are just a few of the big-name brands). This card has immense potential to yield significant returns from the place where you already shop – it just takes a few extra clicks. If you don’t mind putting in a bit of effort to unlock cash back bonuses, you’ll find this card can compete toe-to-toe with many of the best rewards cards out there.

Other Alternatives for Cyber Monday Shopping: Store Credit Cards

Store cards, also known as retail credit cards, tend to fall in one extreme or the other: You either love them or you hate them. Although they tend to offer attractive rewards rates for their wares (which are often excluded from popular rewards categories) those perks tend to be overshadowed by the cards’ infamous sky-high APRs, fine-print financing offers, and tricky rewards redemption methods. It may seem like credit cards offered by retailers are inherently a bad deal, but it’s possible to find one that actually provides long-term value beyond the signup bonus. The key to determining whether you should even consider a retail card in the first place is to first take a look at your capability of paying off your monthly balance in full. With APRs that can creep into the 30’s, carrying a balance is a huge no-no when it comes to making a store card work for you. Carrying a balance for even one month can eat into any rewards you’d accumulate over the life of the card (which, in our experience, are probably going to be modest at best). Some of our favorites include:

For an in-depth look at the credit cards from your favorite retailers, check out BestCards’ detailed retail card reviews.