Delta and LATAM Partnership Begins to Take Shape in Miami 

by Cory Santos
Delta and latam partnership begins to take shape in miami

Last updated on January 2nd, 2024

With Delta Air Lines and LATAM Airlines preparing to join forces by the end of the year, Miami looks set to become a zone of contention between the new alliance and LATAM’s former Oneworld partner, American Airlines. Recently American announced three new routes to South America. Here’s what you need to know.

Story at a Glance:

  • LATAM to leave Oneworld by the end of 2019 and join with Delta
  • Delta purchased a 20% stake in LATAM
  • Delta has no current plans to increase its Miami presence dramatically
  • Delta is adding a MIA – BOS direct service from December
  • American announced flights to Lima, Santiago, and Sao Paulo from Miami

Delta’s Stake in LATAM Increases Its Reach into Latin America

As we recently reported here at BestCards, LATAM – Latin America’s largest airline – is ditching Oneworld and joining up with Delta Air Lines, who also purchased a 20% stake in the carrier. This budding alliance stands to cause immense harm to LATAM’s current U.S. partner, American Airlines, which has a hub in Miami and helps it serve as the go-to American carrier for access to South America.  Delta’s acquisition of a stake in LATAM allows the Atlanta-based carrier – itself the largest airline in the world – to increase its global reach, with a further 11 daily flights to Latin America. Previously, Delta’s SkyTeam Alliance members in Central and South America only included Aerolineas Argentinas and Aeromexico, so the addition of LATAM is a significant coup.  American Airlines’ hub in Miami has served the airline well in creating a base of operations that has allowed it to become the U.S. leader in Latin American travel. Unfortunately, however, the departure of LATAM from Oneworld now leaves the airline in the lurch, with no South American partner to pick up the slack. American currently serves 54 U.S. destinations from Miami, but with LATAM’s withdrawal, the future of some of these routes may be in doubt. Delta, in comparison, currently serves four U.S. cities from Miami International Airport (MIA): Atlanta, Detroit, New York (JFK and LaGuardia), and Minneapolis/St. Paul. A new service to Boston‘s Logan International Airport is set to begin in December.

Miami Set to Become Ground Zero in an Airline Turf War

So, will Delta’s deal with LATAM mean more direct services from major American cities to Miami? In short, no. According to Glen Hauenstein, president of Delta, the airline has no plans to drastically alter its operations, instead focusing on operating several “key spokes” connecting MIA with Central and South America. “We’re not creating a new hub (in Miami),” he said in a quarterly earnings call. “We’re not creating a giant connecting complex; we’re making selective adds.”  American Airlines, for its part, has announced plans to create new routes from Miami into South America to pick up some of their lost traffic, with new routes to Lima, Peru; Santiago, Chile; and Sao Paulo, Brazil. No matter what Delta’s future plans are with regards to Miami, however, there is a growing consensus among airline experts that MIA is sure to become something of a flash point between the budding South American rivalry of American Airlines and the Delta/LATAM Partnership.

Stay Up to Date with the Latest Industry News

If you are looking to keep up to date with the latest news concerning airline rewards programs as well as hotel rewards programs – and credit cards in general – make sure you keep checking back with the BestCards blog. Our team is continuously on the lookout for the latest news so that you can continue making informed decisions on which loyalty programs – and credit cards – are right for you.  Our team also provides in-depth and impartial reviews of several credit card offerings from the overall industry. We have card offers from not only the largest banks and lenders but also from regional banks and credit unions nationwide. Be it a travel rewards credit card, a balance transfer card, a secured credit card for those with a bad credit score, or even a business card – no matter what you are looking for, you are sure to find it at BestCards! Check out some of our latest reviews and find your ideal credit card today.

New Chase Freedom Unlimited Signup Bonus

by Allan Guzman Chinchilla
New chase freedom unlimited signup bonus

Last updated on April 25th, 2023

Effective October 10th, 2019 the Chase Freedom Unlimited has ended its beloved signup bonus of 3% cash back on all purchases within the first year.

Say “Bye Bye” to 3% Cash Back

The Chase Sapphire and Chase Freedom credit cards have often been used in conjunction with one another as one of the internet’s most popular credit card combinations. Touted as one the best rewards programs out there for rewards card beginners and pros alike, many rewards credit card enthusiasts rely on this one, two (and possibly three) punch in their credit card arsenal in order to earn as many of Chase’s widely coveted Ultimate Reward points as possible. Unfortunately, this power duo/trio has taken a hit as the Chase Freedom Unlimited no longer offers its exciting introductory offer of 3% cash back on all purchases during the first year. As of Thursday, October 10th this cash back card now only offers 1.5% cash back on purchases. While the card’s purpose of cashing in on all non-bonus category purchases is still present…the 1.5X return makes this card less of a must-have as Discover and several other credit cards offer equal – if not higher – flat-rate cash back earnings. However, Chase trio-hopefuls shouldn’t feel entirely let down. In lieu of the doubled cash back earnings, the Chase Freedom Unlimited is reverting to its pre-3% offer: a $200 signup bonus for spending $500 within the first 3 months of opening an account – that’s a whopping lump sum 20,000 Ultimate Rewards points.

Who Benefits from the New Freedom Unlimited Signup Bonus?

Whether this change hurts or helps you will depend on how you plan on incorporating the Freedom Unlimited into your spending strategy.

Those who already have a bunch of credit cards

There are über-specific rewards cards that offer points and/or cash back for almost any category imaginable: going to the movies, online shopping, paying for your light bill, and even grabbing an Uber. For this reason, the change from a year-long earning boost to a spending minimum could be a blessing in disguise for those who already have several (highly specific) credit cards. Since the Chase Freedom Unlimited is a catch-all card that’s meant to be used for purchases that otherwise wouldn’t qualify for a bonus reward, it would be difficult for ‘I-have-a-card-for-that’ types to fit their new Freedom Unlimited into their current lineup and utilize the card to its full potential.

Those who wouldn’t have spent much in the first place

On the opposite end of the spectrum are those that prefer to rely on one credit card for everything without regard to category bonuses or reward multipliers. At first glance, it might seem that you’re missing out if you intend on using the Freedom Unlimited card for everything – but crunch the numbers and you’ll likely feel otherwise. Even if you designate the Freedom Unlimited as your primary credit card, if your annual spend on the card was unlikely to surpass $6,000, you’re still better off with the new $200 signup bonus. In order to earn that equivalent in Ultimate Reward points with the previous offer, you would have to spend $6,667 dollars over the course of a year – that’s a little over $555 a month. So low spenders, rejoice! Instead of having to push your spending beyond your natural purchasing habits, you can instead front-load your credit card purchases to score a sweet signup bonus and then tuck your card away, knowing that you got the best that the Chase Freedom Unlimited had to offer without blowing your budget.

Those who want to use bonus points ASAP

Have the ultimate getaway planned (pun intended) but are a few thousand Ultimate Rewards points short of being able to book the trip completely free? The new $200 signup bonus could offer a quick and convenient way to put you over the edge without having to resort to last-minute (and otherwise unnecessary spending). The one-and-done nature of a large signup bonus spells good news for those with the intent of racking up points to use towards booking an upcoming trip. Instead of having to spend 12 months accumulating points, those with impending travel plans can open this card as a strategy for boosting their Ultimate Rewards balance with a hefty chunk of points at once.

Final Thoughts

Overall, regardless of your credit card M.O, if you’re deep into the Chase Ultimate Rewards ecosystem, you’ll likely find the Freedom Unlimited a worthwhile cash back card regardless of it’s initial earning potential. The true value lies with feeding the points into The Chase Sapphire Preferred and the Chase Sapphire Reserve cards for 1.25x and 1.5x point value when redeemed in the Chase travel portal. There are rumors that the new Chase Freedom Unlimited signup bonus is going to be reduced to $150 soon, so you’ll want to snap this deal up immediately.

South Korean Upstart Aims to Launch Secondary Market for Rewards Points 

by Cory Santos
South korean upstart aims to launch secondary market for rewards points

Last updated on April 13th, 2023

Rewards points are becoming the millennial’s choice for credit card perks. Unfortunately, far too many people are leaving rewards points on the table each year in the U.S. – and now someone is looking to capitalize on this industry trend, creating a secondary market for unused rewards points.

Story at a Glance:

  • Over $400 billion worth of loyalty points were in circulation in 2018
  • Two-thirds of Americans prefer cash back credit cards but more millennials are switching to travel rewards cards
  • The average hotel guest in 2018 was a member of 3.25 hotel loyalty programs
  • A South Korean startup is looking to launch a secondary market to sell unused rewards points

Rewards Points Are Big Business

Credit cards come in all shapes and sizes, seemingly with a card to fit every budget or lifestyle. For those looking to boost their credit, for instance, there are several excellent options such as the Discover It Secured, the Indigo Platinum Mastercard, or countless others. For those that want cash back, the Chase Freedom and the Capital One Spark Cash Card instantly spring to mind. While cash back cards are the most popular with Americans, travel rewards cards are rising in popularity. According to an article in Forbes, nearly $400 billion worth of rewards points were in circulation in 2018, up from roughly $300 billion in 2017.

The reward points run the gamut from hotel rewards, gift cards, airline rewards, and more.  Airline rewards points are an especially lucrative business, with American Airlines generating over $2 billion is miles sales in 2018 alone. Unfortunately, while billions are spent on the purchase of miles each year, millions of those dollars end up wasted when miles expire without being used. Alaska Airline miles expire after 24 months of inactivity on the Mileage Plan account, for example, whereas others, such as Hawaiian and American Airlines miles expire after 18 months of inactivity. Although there are some airlines whose miles/points never expire, far too many fall victims to wasted rewards.

South Korean startup Mi1.k, however, sees value in these potentially wasted miles. The company is looking to launch a secondary market for rewards points through its online marketplace and integrated cryptocurrency, the Mi1.k Coin. Jayden Cho, Mi1.k’s CEO, says that by placing points and miles on a global platform, Mi1.k can “establish a marketplace for travelers, consumers, and traders to identify attractive rewards, access their utility, and profit from price movements.”

Is a Secondary Market for Points Legal?

One of the obvious concerns with a secondary market for unused rewards points, such as Mi1.k, is the legality of reselling miles or points. Rewards points are currency tied to a specific brand. With the case of SkyMiles, for example, the miles are the property of Delta Airlines, meaning the airline would need to give the final “okay” for miles to transfer from one user to another.  While there has been some interest to the idea from South Korean companies including a movie theater chain, Korean credit card issuers, and online retailers, it would likely take a significant shift in momentum to see the hundreds of millions of frequent flyer and hotel loyalty members cashing in on Mi1.k’s plan.

Cryptocurrency Plans for Rewards Points Highlight a Shift in Travel Habits

While cryptocurrencies for credit card rewards points seem fanciful, they highlight a growing trend towards consumers placing more and more value in credit card rewards. While two-thirds of Americans currently prefer cash back credit cards, more millennials are turning to travel rewards cards. In fact, millennials redeem more travel rewards points than any other age group – with the average hotel guest in 2018 a member of 3.25 hotel loyalty programs.  According to consumer financial consultant Joe Ridout, there is no better time to take advantage of credit card rewards. “If you have a good credit score,” he told a Bay Area ABC affiliate, “who is making money off that good credit score? Equifax, Experian, all the credit bureaus, the banks you do business with; what about you? Why not use a good credit score to help yourself?”

Tired of Leaving Money on the Table?

To ensure you get the most bang for your consumer buck, the best thing to do is to start shopping for a travel rewards credit card that suits your precise needs. Travel rewards cards come in different shapes and sizes, there are often several tiers of a credit card within one brand in order to better accommodate various budget levels. Prestigious airline or hotel rewards cards offer premiere travel benefits and earning potential, but often carry a hefty price tag as well. The Chase Sapphire Reserve, for instance, comes with a whopping $450 annual fee, but also offers some of the best perks in the travel card game. Other cards, such as the Discover It Miles, charge no annual fee, but still offer substantial rewards for members.

Regardless of whether you are searching for a hotel rewards card, an airline rewards card, or a general-purpose travel rewards card, at BestCards.com we have the impartial reviews and in-depth industry news to make informed decisions. Our team constantly scours the web to find the latest credit card offers and give you the information you need – without the filler. So, what are you waiting for? Check out some of our hundreds of credit card reviews and find your best card today.

Payment Processor Square Blazes Trail in CBD Market

by Allan Guzman Chinchilla
Payment processor square blazes trail in cbd market

Last updated on September 1st, 2021

Processing credit card payments has been a dismal prospect for most CBD and cannabis businesses, thanks to murkiness surrounding federal laws regarding the legalization of hemp textiles, Cannabidiol (CBD), and medicinal marijuana. Thanks to recent legislation that legalizes hemp products (including CBD oils) at the federal level, payment processor Square has given the green light to CBD businesses, allowing entrepreneurs in the CBD space much-needed breathing room to process credit card payments without exorbitant fees. Here’s what you need to know about Square CBD payment processing:

Story at a Glance:

  • Due to restrictions placed by federally-backed banks and credit issuers, cannabis vendors have been forced to only accept cash or debit payments, limiting their profitability.
  • Many hemp products, including CBD oils, are now legal at the federal level – but banks still are wary of allowing CBD vendors to process credit card payments, since this could potentially run afoul of federal and state regulations. These regulations vary by state, furthering the confusion surrounding them.
  • The majority of people making purchases in 2019 use credit or debit as a payment method; fewer people carry cash each day thanks to the convenience of carrying plastic instead.
  • Payment processor Square has stepped up, becoming the first company of its kind to allow CBD vendors to partner with them.

Square Revolutionizing How Americans Pay

In the age of credit and debit, cash is no longer king. Few people carry cash these days, and the need to go to an ATM to withdraw cash to facilitate a purchase at a cash-only business can be annoying, and discouraging for some. In fact, a 2001 study by MIT found data trends indicating that, even almost twenty years ago, businesses that accept credit and debit payments tend to have an advantage over those that are cash-only enterprises.

This report shows that on average, consumers will spend nearly twice as much when they can use plastic to make their purchase. The trend continues today, and the inception of digital pay options like digital wallets, the Apple Card, and chip technology on cards, has cash become more and more obsolete. Companies like Square have helped to bridge the gap between businesses who wish to accept digital/online credit and debit payments, and consumers who are no longer using cash as a primary means of purchasing items.

Square is a U.S.-based payment processing company that sells hardware and software products designed specifically to allow businesses to process debit and credit payments both online and in person. They market point-of-sale systems, as well as apps and card readers, that help companies that might otherwise be unable to process credit card payments do business in the modern, cashless era. Their concept has become popular because it is not only well designed, but affordable – and it makes life much easier for small businesses and consumers alike. Square CBD is helping to pave the way for small businesses to be more profitable by accepting multiple forms of payment, and they’re trailblazing in other areas, too. Read on to find out more!

Cash vs Card in the World of Cannabis

At times, it makes sense to run a business that doesn’t accept cards – banks and card issuers charge small-transaction service fees that can add up when your business makes frequent small transactions throughout the course of each day. A good example of this might be a coffee shop, or a used bookstore.

For some types of businesses, using credit cards isn’t even an option, though. As more states begin to legalize medicinal and recreational marijuana, and Cannabidiol (CBD) products (that contain 0.3 percent THC or less) are legal at the federal level, the legal grey area surrounding cannabis – and marijuana – vendors has become much more prominent. It also doesn’t help that the rules governing regulation and sale of these items appear to vary state-by-state; what is permitted in Colorado may not be legal according to Arizona state law, for example.

Traditionally, businesses that sell cannabis products have a hard time accepting credit card payments. Due to federal restrictions surrounding the use, and sale, of hemp and cannabis products, most credit issuers have opted to avoid the issue entirely – despite the already-lucrative cannabis industry showing incredible potential for growth.

Marijuana itself is illegal at the federal level, and banks (read: card issuers) are federally regulated and insured; this leads them to avoid dealing directly with marijuana-related businesses, and because credit cards are backed by banks, it complicates daily business for budding marijuana businesses. Actual cannabis dispensaries have an even harder time – and although ATMs have become commonplace at many dispensaries, which can also process debit card payments under a third-party system – many marijuana businesses are forced to either forgo allowing their customers to pay with credit, or get creative.

In fact, Blüm, a Nevada-based marijuana dispensary has gone so far as to classify their business as a food truck in order to be able to accept and process credit card payments. While this card-friendly business model seems to work in Colorado and in Nevada, it represents a big risk for businesses, who could be targeted by prosecutors for money laundering.

Legalization of marijuana – whether medicinally or recreationally – does not mean that a business is safe from prosecution at the federal level, and because of this, most banks – and credit card issuers – have stayed clear. On the other hand, hemp and its derivatives – including CBD – was federally legalized under the Farm Bill that was signed into law last year.

Even though public support for cannabis products is growing daily, there’s still a potentially high price for business owners who run afoul of these federal regulations, whether they sell marijuana or its slightly less-controversial cousin CBD; there have been reports that banks have gone so far as to shut down personal savings accounts of entrepreneurs who sell marijuana legally. Even if cannabis purchases – including hemp textiles and CBD products – are legal at a state level, like in California and Nevada, “cannabusiness” owners can run into big issues when it comes to handling their finances, and are often unable to process credit card payments due to the restrictions placed on them by federally-backed banks and card issuers.

Square Launches CBD Financial Services

While there is more support for CBD and hemp sales, as CBD isn’t classified as a Schedule I drug by the DEA, hemp and CBD businesses still run into issues because banks quite simply would rather not risk backing a business that is related to marijuana. Although a lack of financial services has been a big problem for cannabis companies – including those that sell Cannabidiol products – there is still good news to be had. As advocacy for CBD products and marijuana grows, more and more people recognize the potential windfall that may come from involvement in the cannabis industry, and it’s attracting the attention of credit processing companies like Square.

Back in May of 2019, payment processor Square launched a small-scale, invite-only pilot program to offer financial services to a limited number of CBD sellers. This was hailed as a big step forward within the cannabis community, since until that point most payment processors and card issuers had refused to work with CBD companies at all.

Now that several months have passed without issue, Square cbd has expanded their pilot program and now appear to be accepting more CBD vendors, offering fair pricing, and seamless integration for companies who want the ability to quickly and easily process credit card payments for CBD products. Square’s blog states that they are “thrilled” to “allow businesses in the U.S. to sell CBD products on Square quickly, easily, and securely.” Square CBD is one of the first payment processors to tackle the CBD market, and there’s hope that this trend will continue and more processors will warm to the idea of working with cannabis companies, eschewing exorbitant fees to make the CBD space lucrative for both vendor and bank.

Discounted American Airlines Award Flights (Expires November 2019)

by Allan Guzman Chinchilla
Discounted american airlines flights

Last updated on November 1st, 2021

Great news for American Airlines credit card owners: You could save up to 7,500 miles when booking your next discounted American Airlines award flight.

American Airlines Reduced Mileage Awards Overview

American Airlines is offering reduced mileage awards on round trip domestic flights between October 1, 2019 and January 31, 2020. If you’ve been saving your AAdavantage® miles for a rainy day, now is the time to spend them. The award flight discounts range from 1,000 to 7,500 miles. The exact amount will vary depending on the following factors:

  • Type of American Airlines credit card used
  • Flight distance (miles)
  • Cabin type
  • Month of travel
  • Destination

Not all flights are eligible for discounts, unfortunately, as discounted mileage award flights are limited to select continental U.S. airports. However, American Airlines passengers will be pleasantly surprised to find a rather robust offering throughout the country, with the only states lacking qualifying airports being Alaska, Delaware, Hawaii, Idaho, and New Jersey.

How To Book Reduced Mileage Awards Flights

Awards must be booked between October 1st and November 30th, 2019. Before doing so you will need to determine your award code, which is based on the discount level that your American Airlines credit card entitles you to. Then, select your service class (the cabin type). Unfortunately, being able to take advantage of these discounted holiday flights is a bit more involved than making a standard reservation. MileSAAver® awards flights cannot be booked online; instead, travelers will have to call American Airlines Reservations at 800-882-8880 or visit a ticket office with the pre-determined award code handy.

Determining Your American Airlines Mileage Discount

Step One: Find Your Credit Card

In order to partake in MileSAAver® awards flights, you must own a co-branded American Airlines credit card. The specific credit card issuer doesn’t matter (if you were looking for a reason to apply for an American Airlines credit card, this could be your sign). There are essentially two tiers that your AA credit card will fall into: Tier One – 7,500-mile discount on flights 500+ miles / 2,000-mile discount on flights less than 500 miles Tier Two – 5,000-mile discount on flights 500+ miles / 1,000-mile discount on flights less than 500 miles

Credit Cards that Qualify for the 7,500 Mile Discount

Credit Cards that Qualify for the 7,500 Mile Discount

  • Citi® / AAdvantage® Gold American Express®
  • Citi® / AAdvantage® Gold Visa®
  • Citi® / AAdvantage® Gold MasterCard®
  • AAdvantage® Aviator® Blue MasterCard®

Step Two: Chose Your Cabin Type (a.k.a. Class of Service)

Based on the discount your credit card entitles you to, you must then determine your cabin level and whether the flight is greater than 500 miles.

7,500 Mile Discount/ Over 500 Miles

  • First Class (2-cabin aircraft) – UD21X2C / AVM01
  • Business Class (3-cabin aircraft) – UD28X7C / AVA55
  • Main Cabin – TD8X7C / AVM99

5,000 Mile Discount/Over 500 Miles

  • First Class (2-cabin aircraft) – UD22X5C / AVM98
  • Business Class (3-cabin aircraft) – UD30C / AVA49
  • Main Cabin – TD10C / AVM97

2,000 Mile Discount/Less than 500 Miles

  • First Class (2-cabin aircraft) – UD14C / AVA60
  • Main Cabin – TD6X5C / AVA59

1,000 Mile Discount/Less than 500 Miles

  • First Class (2-cabin aircraft) – UD14X5C / AVA54
  • Main Cabin – TD7C / AVA53

Eligible Destinations for Discounted American Airlines Mileage Awards

American Airlines features an impressively wide range of 178 airports nationwide which will qualify for the reduced mileage awards. Availability may fluctuate by month, so travelers will need to ensure their dates of travel fall within the eligible months. While several of the more popular flying destinations have limited eligibility (in most cases January 2020 is the only time that these reduced award flights are available), most airports are available during all four months of the promotional period. Pickings will be slimmest for those who were hoping to book a discounted American Airlines flight for Thanksgiving or Christmas (although there is still a considerable number of airports available) and nearly all airports will be eligible during January – New Year’s travelers, you’re in luck! See below to view which airports are available for American Airlines reduced mileage, by state:

Alabama

Birmingham (BHM) Huntsville / Decatur (HSV) Mobile (MOB) Montgomery (MGM)

Alaska

None

Arizona

Flagstaff (FLG) Tucson (TUZ) Yuma (YUM)

Arkansas

Fort Smith (FSM) Little Rock (LIT) Northwest Arkansas (XNA) Texarkana (TXK)

California

Bakersfield (BFL) Burbank (BUR) Monterey (MRY) Oakland (OAK) Palm Springs (PSP) San Jose (SJC) San Luis Obispo (SBP) Santa Barbara (SBA) Santa Rosa (STS)

Colorado

Aspen (ASE) Durango (DRO) Grand Junction (GJT) Gunnison (GUC) Montrose (MTJ) Steamboat Springs/Hayden (HDN) Vail/Eagle (EGE)

Connecticut

Hartford (BDL)

Delaware

None

Florida

Fort Myers (RSW) Fort Walton Beach (VPS) Gainesville (GNV) Jacksonville (JAX) Panama City (ECP) Pensacola (PNS) Tallahassee (TLH) Tampa (TPA) West Palm Beach (PBL)

Georgia

Atlanta (ATL) Augusta (AGS) Savannah (SAV)

Hawaii

None

Idaho

None

Illinois

Champagne (CMI) Moline (MLI) Springfield (SPI)

Indiana

South Bend (SBN) Evansville (EVV) Fort Wayne (FWA) Indianapolis (IND)

Iowa

Cedar Rapids (CID) Des Moines (DSM) Dubuque (DBQ) Sioux City (SUX) Waterloo (ALO)

Kansas

Garden City (GCK) Manhattan (MHK) Wichita (ICT)

Kentucky

Lexington (LEX) Louisville (SDF) Covington (CVG)

Louisiana

Alexandria (AEX) Baton Rouge (BTR) Lafayette (LFT) Lake Charles (LCH) Monroe (MLU) New Orleans Shreveport (SHV)

Maine

Bangor (BGR) Portland (PWM)

Maryland

Salisbury (SBY)

Massachusetts

Worcester (ORH)

Michigan

Detroit (DTW) Flint (FNT) Grand Rapids (GRR) Kalamazoo (AZO) Lansing (LAN) Traverse City (TCV)

Minnesota

Rochester (RST) Minneapolis / St. Paul (MSP)

Mississippi

Gulfport / Biloxi (GPT) Jackson (JAN) Laurel / Hattiesburg (PIB)

Missouri

Columbia (COU) Joplin (JLN) Kansas City (MCI) Springfield (SGF) St. Louis (STL)

Montana

Billings (BIL) Bozeman (BZN) Missoula (MSO

Nebraska

Grand Island (GRI) Omaha (OMA)

Nevada

Reno (RNO)

Oklahoma

Lawton (LAW)  Oklahoma City (OKC)  Stillwater (SWO)  Tulsa (TUL)

New Hampshire

Manchester (MHT)

New Jersey

None

New Mexico

Albuquerque (ABQ) Roswell (ROW) Sante Fe (SAF)

New York

Albany (ALB) Buffalo (BUF) Ithaca (ITH) Long Island – MacArthur (ISP) Rochester (ROC) Watertown (ART) Westchester County (HPN)

North Carolina

Greensboro (GSO) Greenville (PGV) Jacksonville (OAJ) New Bern (EWN) Raleigh/Durham (RDU) Wilmington (ILM)

North Dakota

Fargo (FAR) Bismark (BIS)

Ohio

Akron / Canton (CAK) Cincinnati (CVG) Cleveland (CLE) Columbus (CMH) Dayton (DAY) Toledo (TOL) Lawton (LAW) Oklahoma City (OKC) Stillwater (SWO) Tulsa (TUL)

Oregon

Medford (MFR) Redmond/Bend (RDM)

Pennsylvania

Harrisburg (MDT) Pittsburgh (PIT) State College (SCE) Williamsport (IPT)

Rhode Island

Providence (PVD)

South Carolina

Charleston (CHS) Columbia (CAE) Florence (FLO) Greenville / Spartanburg (GSP) Hilton Head Island (HHH) Myrtle Beach (MYR)

South Dakota

Sioux Falls (FSD)

Tennessee

Chattanooga (CHA) Knoxville (TYS) Memphis (MEM) Nashville (BNA) Tri-Cities (TRI)

Texas

Abilene (ABI) Amarillo (AMA) Austin (AUS) Beaumont / Port Arthur (BPT) Brownsville (BRO) College Station (CLL) Corpus Christi (CRP) Del Rio (DRT) El Paso (ELP) Houston-Hobby (HOU) Houston-Intercontinental (IAH) Killeen (GRK) Laredo (LRD) Longview (GGG) Lubbock (LBB) McAllen (MFE) Midland / Odessa (MAF) San Angelo (SJT) San Antonio (SAT) Tyler (TYR) Waco (ACT) Wichita Falls (SPS)

Utah

Salt Lake City (SLC)

Vermont

Burlington (BTV)

Virginia

Charlottesville (CHO) Lynchburg (LYH) Newport News (PHF) Norfolk (ORF) Richmond (RIC) Roanoke (ROA)

Washington

Seattle (SEA)

West Virginia

Charleston (CRW) Huntington (HTS)

Wisconsin

Appleton (ATW) Green Bay (GRB) Madison (MSN) Milwaukee (MKE) Wausau (CWA)

Wyoming

Jackson Hole (JAC)

 

The BestCards Fundamental Guide to Credit Card Application Restrictions

by Allan Guzman Chinchilla
The-bestcards-fundamental-guide-to-credit-card-application-restrictions

Last updated on April 20th, 2023

Look at your wallet and your credit cards. How many credit cards do you see? Do you know where to find your credit score? Have you learned the best ways to apply for credit cards? Did you know that every credit card issuer has different guidelines for their credit card applications? Read this article. You’ll learn everything you need to know about the restrictions that apply to credit card applications, and how they can affect your credit.

 When you, the consumer, apply for a new credit card, it’s important to remember that each application is accompanied by a hard inquiry on your credit report and that approval from the card issuer is not guaranteed. This hard inquiry can temporarily lower your credit score, so it’s best to take steps to ensure that every application you submit has a high probability of being approved. Although a denied credit card application isn’t the end of the world, when it comes to its effect on your credit score, there’s no upside – and because of this, it’s best to avoid a hard inquiry that may not benefit you in the short- or long-run. Let’s explore the world of credit card applications and the rules that apply to them – and how they vary by bank and issuer.

Yes, Restrictions (and Rules) for Credit Card Applications Vary by Bank

In today’s world of Internet, instant gratification and multiple credit card offerings, credit card issuers often allow applicants to submit their requests online, and approval can be instantaneous for folks with good- and excellent credit. However, even applicants with perfect credit can be declined for a new credit card. Why? If you notice that your credit card application has been declined, or are informed that it is “pending,” there’s a pretty good chance that you’ve run afoul of the application rules that the bank who issues your card follows. Don’t sweat it – we’ll break down the most important rules you’ll need to follow when applying for cards from the largest card issuers in the United States – namely, American Express (Amex), Bank of America, Barclays, Capital One, Chase, Citibank, Discover, and Wells Fargo. Each card issuer named here has specific rules that they use to determine who is approved for a new credit card. Typically, you’ll need to keep the following things in mind:

  • There is a maximum number of cards that you are permitted to have in order to be approved for a new credit card, and this number varies by issuer.
  • Card issuers look at the frequency with which you apply for new credit cards. Banks are on the lookout for credit churners (people who open credit cards in order to get the introductory bonus, and then close the account after reaping the free rewards that accompany the card offer, only to repeat the process with another card soon thereafter), and multiple credit card applications within a certain timeframe may be a red flag. This also varies by issuer.
  • Banks will evaluate whether you have received a new cardmember bonus, as well as the number of new cardmember bonuses you’ve received and whether you’ve received it for the same card more than once.
  • Card issuers will also pay close attention to the amount of time between each of your applications. Some banks institute mandatory wait periods between new cardmember bonuses, while others limit the total number of bonus offers you can receive across all card offerings.

Basically, the number of existing cards you have, the number of applications you’ve submitted (as well as the timing of these applications), and the number of welcome bonuses you’ve received from a particular card issuer can either make or break your new credit card application. It’s worth noting that these are general rules – there are exceptions made quite often, and it’s generally accepted that while these rules do apply in most cases, they are not set in stone.

American Express

When it comes to applying for credit cards from American Express (Amex), keep the following information in mind:

Number of Cards

One of the first things that American Express will look at is the number of credit card accounts are open in your name, as well as how many credit cards are issued by Amex. It seems that you can have a total of five Amex credit cards open at any one time. While this number includes a combination of both personal and business credit card accounts, charge cards like the Green Card and the Platinum Card® do not generally count towards this total. Holding a corporate credit card will not count against your total limit of open card accounts with American Express.

Number, and Timing of Applications

When applying for American Express credit cards, you are limited to two applications within 90 days. You can apply for two cards in a single day – one credit card and one charge card, or two charge cards – but bear in mind that at least one application will be put on hold thanks to fraud prevention methods that Amex employs in order to protect consumers.

Welcome Bonuses

Before 2014, American Express allowed applicants to earn welcome bonuses on the exact same card, multiple times, after a grace period had passed. However, due to abuse of this courtesy by card churners, the card issuer began to restrict their customers to one bonus – per card offer – per lifetime. If you’re unsure if you qualify for the welcome bonus and apply anyways, you’re in luck – American Express has launched a tool that allows you to check your eligibility before submitting your application and subjecting yourself to a hard inquiry on your credit report. This check takes place during the application process and allows you to withdraw the application if a previous Welcome Bonus for the same or a similar offer disqualifies you. Finally, there is language on Amex’s site that states, “We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.”

Bank of America

When applying for credit card offers from Bank of America (BOA), you should pay attention to the following:

Number of Cards

There is no hard number that determines the total number of Bank of America cards any one consumer can open or maintain. Applicants will not see a rejection for a card if they already have multiple credit card accounts from BOA; if their application is rejected, it is likely due to one of the reasons we will touch on next.

Number and Timing of Applications

BOA approves applications based on what is informally known as the 2/3/4 Rule. The 2/3/4 Rule, first documented in 2017 on Reddit, essentially stipulates that you can only be approved for 2 new cards within a 2-month period; within a 12-month period, you can be approved for 3 total cards, and you can only get approved for a total of 4 new Bank of America cards within a given 24-month period. Although you will not see literature from Bank of America that explicitly states the 2/3/4 Rule, it has been iterated to customers directly over the phone by customer service reps who represent BOA. It only applies to cards issued by Bank of America, like the Bank of America® Travel Rewards Card, or the Sonesta World Mastercard® ; you can apply for cards from any other issuer in addition to the 2/3/4 cards from BOA that you submit a request for, without risking your BOA applications being declined. Remember, the bank may still take the total number of cards in your name across all issuers into consideration despite this – especially since applying for multiple cards means multiple hard inquiries, which can certainly affect chances for approval.

Welcome Bonuses

Believe it or not, Bank of America does not have any published language that could potentially restrict the number of sign-up bonuses you can cash in on. You can technically earn a welcome bonus on the same card multiple times, as long as you’re actually approved for the card multiple times and you time your applications so that they do not violate the above stipulations, particularly the 2/3/4 Rule.

Barclays

When applying to credit card offers from Barclays, it is a good idea to keep the following in mind:

Number of Cards

Generally, Barclays does not limit the number of credit cards you can have open with them at any given time. However, language on their site and card application pages suggests that they will consider your overall credit profile – including debt-to-income ratio, the total number of card accounts you have open at the time of application, and the number of hard inquiries (among other things) – when deciding if you qualify for the Barclays card you’re applying for.

Number and Timing of Applications

While there are not specific rules and policies which govern new card applications with Barclays, it’s a good idea to remember a few basic principles.

    • When you apply for multiple card applications on the same day, it’s likely you will not be approved for multiple card applications on that same day. (These applications are usually lumped into a single hard inquiry, when they’re received on the same day, at least)
    • Barclays has a tendency to consider your prior spending habits on existing cards when determining approval for a new card. If you already have an open card account with Barclays and you haven’t spent much (or anything) with them, and are looking at applying for a shiny new Barclays card, dust your existing cards off and use them to make purchases for a few months before you apply.
    • If you’ve got your eye on a shiny new sign-up bonus for a card you already have, or have had recently, you can still re-apply. However, you need to cancel the existing card and allow some time to pass before you apply for the new card offer. The recommended time to wait is at least six (6) months.

Welcome Bonuses

Barclays does not have any set policies regarding whether or not applicants can earn a bonus from the same card more than once. As mentioned above, in order to receive a bonus on a credit card you’ve already held, you’ll need to close the credit card and wait six months before re-applying – and make sure that your credit score doesn’t go down, potentially disqualifying you, during that grace period.

Capital One

When looking at applications for Capital One cards, bear in mind that:

Number of Cards

Capital One has a strict limit to the number of personal credit cards each consumer can have open with them at any given time; cardholders are restricted to two (2) personal cards from Capital One. While this rule does not apply to most co-branded cards or small business cards like the Spark® Cash for Business Card, it does apply to all cards that Capital One manages directly. This means that if you already have credit cards like Capital One’s Quicksilver® Card or the ubiquitous Capital One® Savor® Cash Rewards Credit Card , you’ll be unable to get approval for a third card.

Number and Timing of Applications

Capital One is notorious for limiting consumers to one (1) new credit card application every six months; this evens out to a total of two (2) new credit card applications per consumer, per year, when applying to Capital One card offers. While this does indicate that if you apply for the Venture card today, you’ll need to wait six months before you apply for the Spark® Miles card, your patience will be rewarded since you’ll still be able to apply for the next card on your list after waiting.

Welcome Bonuses

Capital One, like Barclays, has been known in the past to award sign-up bonuses multiple times for the same card, when the applicant follows the stipulations we’ve laid out above and has sufficient credit to be approved. Their website does contain verbiage on the card application pages that gives them a way out, however: specifically, “The bonus may not be available for existing or previous account holders.” While this vague language does not explicitly state that current cardholders absolutely cannot receive the welcome bonus described for the card they hold, it does give them wiggle room to deny you the bonus – something to take into consideration when applying.

Chase

Chase is well-known both for their desirable credit card offers and their extremely stringent approval policies. Here’s what you need to know when applying for a Chase credit card:

Number of Cards

Chase does not limit the total number of Chase-issued credit cards a consumer can have in their name. That said, the more credit cards you’ve opened through chase, the less likely you are to be approved for new applications due to a separate stipulation from the bank: Chase has a habit of restricting the total credit they extend to you across all of your Chase card accounts. They will evaluate your spending habits, your income, your debt-to-income ratio, and other factors – including the total number of cards you have – when determining this. If they decide to cap your total credit at $100,000 and you currently own four cards with a limit of $25,000 each, odds are they will not approve you for a fifth card – not because you have too many cards, but because you’d exceed the total credit limit they’ve assigned to you. Luckily, if you discover that your application for that shiny, wonderful fifth card has been declined, you can appeal by calling Chase’s reconsideration line and requesting that they shift your credit lines in order to accommodate a fifth card within the total credit limit you’re receiving from them. The number to call is: 1-888-245-0625.

Number and Timing of Applications

If you’re just starting to get into the world of credit cards and managing rewards cards, odds are you’ll have no issue applying for your first or even second Chase card – as long as your credit file qualifies you for the offer. A general rule of thumb with chase is that you can apply for one personal card, and one business card, within 90 days. However, folks who have multiple credit cards, and anyone who has applied for multiple credit cards (or has had multiple hard inquiries to their credit report) recently, will need to take note of what has become known as the 5/24 Rule. This guideline has helped Chase become known as one of the strictest card issuers in the credit card space, and here’s why:

    • If you’ve opened five or more credit cards with any issuer – not just Chase – within the last 24 months, you will not be approved for most Chase-issued cards.
    • Chase looks at every account, across all card issuers, when you apply for one of their credit cards. Hypothetically, if you’ve already opened two Capital One cards, two cards with Barclay, and one with Bank of America within the last two years , your application for a Chase card will be denied simply because you’re in violation of this 5/24 rule, and the Chase card you’re submitting an application in would be card #6.

If you’re an authorized user for someone else’s card, you may still run afoul of this rule. You may be able to convince Chase to reconsider your application by calling the toll number listed above and explaining to them that you are an authorized user on one of the “new” accounts in your credit file, but there’s no guarantee this will work.

Welcome Bonuses

Chase also has rules that restrict the number of sign-up bonuses an individual can earn from their credit cards. Generally, if you currently hold a specific card, or if you earned a welcome bonus from that specific card you’re applying for within the last 24 months, your application will be denied. The exact language used on Chase’s site (in this case, the Chase Freedom Unlimited® credit card’s Offer Details page) is: “This product is not available to either (i) current cardmembers of this credit card, or (ii) previous card members of this credit card who received a new cardmember bonus for this credit card within the last 24 months.” Luckily, the 24-month waiting period starts when you receive the sign-up bonus, so if you cancel a card in order to reapply for it, you may not need to wait two years to apply again. There are some slight variations to this policy, however – for example, if you have one of the two Sapphire card offerings from Chase (either the Chase Sapphire Preferred Card and the Chase Sapphire Reserve Card), you will not qualify for a bonus from the other nor can you get the bonus for one if you’ve earned a bonus for the other within 24 months of your application. This variation also applies to the Southwest Rapid Rewards cards, and the Marriott Rewards Premier card offerings; however, it does not apply to applicants who hold the business versions of these co-branded credit cards from Chase – only if you hold a personal credit card from one of these programs.

Citibank

Citibank is a popular card issuer with a variety of desirable credit cards for consumers to choose from. Here’s what you should keep in mind when submitting an application for a Citi card:

Number of Cards

Citibank (Citi) does not limit the overall number of credit cards you can have in your wallet at any given time. Like Chase, they instead limit the overall credit that is extended across all of your Citi cards. If you apply to a new Citi card and you’ve already met the credit limit they have assigned you, you will likely need to agree to shift the existing limits on your open accounts to accommodate the new card.

Number and Timing of Applications

Citi has clear-cut rules about the number of times an individual can apply for a new card, and how frequently. These rules differ slightly for personal credit card applications vs business card applications:

  • Each individual can apply for one personal card every eight days; no more than two personal credit card applications will be considered in a 65-day window.
  • Individuals may only apply for one business card every 95 days.

Welcome Bonuses

Citibank is one of the credit issuers that allows you to earn a welcome bonus multiple times for the same credit card; you simply will need to allow a waiting period to pass between cancelling your open card, and re-applying for the same card offer. Citi requires that you wait 24 months from either opening, or closing, the card. This stipulation can be found in the terms and conditions for each of Citi’s credit cards that offer a welcome or sign-up bonus.

Discover

Although they don’t make it easy to determine what restrictions are placed on card applications by Discover, if you look hard enough you can still discover useful information that will help when applying for a credit card through this issuer:

Number of Cards

Discover limits cardholders to two total Discover accounts at a time. The first card must be active, and in good standing, for a full year before a second card can be applied for. Basically, individuals can apply for one credit card from Discover per year.

Number and Timing of Applications

At this time, there is not sufficient information available on Discover’s website to determine if Discover places restrictions insofar as the total number of applications they will consider in any given timeframe. BestCards recommends waiting one year before submitting a new application, based on the limit described above.

Welcome Bonuses

At this time, there is not sufficient information available on Discover’s website to determine if Discover places restrictions on the number of welcome/sign-up bonuses that cardholders can receive for a given card offer.

Wells Fargo

While Wells Fargo is considered to be a relatively small card issuer when compared to behemoth companies like American Express, they do have a total of seven very popular credit card offers available to consumers. Here’s what you should know when applying for them:

Number of Cards

Wells Fargo does not limit the number of credit cards you can have. You can technically own each of their seven cards simultaneously. However, Wells Fargo does have a reputation as being a “relationship-based” bank, meaning that if you do not already have an established banking relationship with them – an open Wells Fargo checking or savings account, for example – your Wells Fargo credit card application may not be approved.

Number and Timing of Applications

Wells Fargo’s terms and conditions pages display explicit language regarding the number of applications you can have with the bank; consumers are limited to one card application every 6 months. As seen on the Cash Wise Visa® Card terms page, “You may not qualify for an additional Wells Fargo credit card if you have opened a Wells Fargo credit card in the last 6 months.”

Welcome Bonuses

There is also language that addresses sign-up bonus offers. This is actually included in the terms in two different places, which means Wells Fargo wants consumers to pay attention to this restriction in particular. Essentially, if you have opened a new Wells Fargo Credit Card and received an introductory offer – be it an intro APR, waived fee, and/or a points or cash-back reward – within 15 months of applying for your next card, you will likely be disqualified for a new welcome bonus. Basically, new applicants should not expect to receive a welcome bonus from Wells Fargo unless they wait at least 15 months before applying for a new card. Waiting 15 months will also ensure that you have passed the 6-month waiting period that Wells Fargo implements for consumers who apply for multiple Wells Fargo credit cards.

LATAM Ditches American and Oneworld for a Date with Delta  

by Cory Santos
Latam ditches american and oneworld for a date with delta

Last updated on November 17th, 2021

The Aviation industry was rocked this week by the shock announcement that Delta purchased a 20% stake in LATAM, Latin America’s largest carrier. What does this news, along with LATAM’s decision to leave Oneworld, mean for both Delta and American Airlines cardholders?

LATAM & Delta Join Forces

The world of travel was turned on its head with the recent news that Delta Airlines had agreed to purchase a 20% stake in South and Central America’s leading carrier, LATAM Airlines. If this story wasn’t big enough, it was followed soon after that by the not-so-surprising news that LATAM planned to leave Oneworld and join forces with its new partner.  According to a press release from Delta, the world’s largest airline, their partnership with LATAM – South America’s largest airline – will serve to connect the Americas as never before and give the partnership a leading position in five of the top six Latin American markets served directly from the U.S. This partnership will be further boosted by Delta’s pre-existing Latin American connections – namely with fellow SkyTeam member Aeromexico. The news of Delta’s stake in LATAM, as well as LATAM’s impending departure from the Oneworld Alliance, has vast ramifications both in the worlds of travel and credit cards. Not only does the move strengthen the value of Delta, LATAM, and other SkyTeam co-branded airline rewards credit cards, but it also weakens the value of cards from Oneworld carriers that benefited from LATAM’s saturation in the Latin America market – namely, American Airlines.

LATAM, Delta, & SkyTeam Airline Credit Cards

One of the biggest winners in the Delta and LATAM merger is the business traveler who owns co-branded airline credit cards. LATAM has long been the preferred airline of business travelers to Latin America, thanks to the carrier’s impeccable service and frequent flights to, and from, the United States. The new partnership with Delta opens a wealth of travel opportunities for LATAM Visa Signature Cardholders, as they now have access to both Delta and other SkyTeam Alliance members, such as Korean Air, Air France, KLM, and more. The real winners, however, are those who hold Delta credit cards, as they now have more avenues into the South American market. While SkyTeam currently features both Aeromexico and Aerolineas Argentinas, adding LATAM to the mix gives substantial additional value to cards like the Platinum Delta SkyMiles Card (which recently upped its signup bonus to 75,000 miles), the Delta Reserve Card, the Gold Delta SkyMiles Card, and other Delta credit card offerings. This increased value comes from greater access to the South American continent, thanks to more routes – and more flights – between the U.S. and some of the biggest hubs in Latin America. In turn, the changes offer greater options for airline reward miles redemptions.

American Airlines & Oneworld Airline Cards

The gain felt by Delta and SkyTeam cardholders, however, is the loss of both American Airlines and Oneworld Alliance credit cardholders. American Airlines has long used its alliance with LATAM to position itself as a leader in trans-Americas travel from its hub at Miami International Airport (MIA), so the loss of its Oneworld partner is a massive blow to the carrier. It is especially hard for American Airlines credit cards – especially business travelers with cards such as the CitiBusiness® / AAdvantage® Platinum Select® Mastercard® or the Citi® / AAdvantage® Executive World Elite™ Mastercard®.  LATAM leaving Oneworld restricts American’s access to Latin America greatly, meaning Oneworld travelers who frequent locations such as Rio de Janeiro, Santiago, Buenos Aires, Bogota, and other destinations, will experience much greater difficulty in booking reward flights to these hotspots than previously.

Stay on Top of the Latest News in the Credit Card and Travel Industries

LATAM’s decision to depart Oneworld and join forces with Delta Airlines is a game-changer not only in the aviation business world, but also for frequent flyers. If you want to stay on top of the latest news and views concerning credit cards and rewards programs, make sure you keep checking back with us. At BestCards, we have reviews on hundreds of cards in every category. Whether you are looking for a travel rewards card from a big issuer, such as Chase or American Express, or a cash back or balance transfer card from your local credit union, we have exactly what you are looking for.

How to Read and Understand Your Credit Card Statement

by Allan Guzman Chinchilla
how to read and understand your credit card statement

Last updated on October 8th, 2021

Your credit card statement is one of the most important documents available to you as a cardholder. But what is a credit card statement? Learn how to read it and interpret the information that’s included in it. Every monthly period of your credit card account ends with a credit card statement. Your statement gives you a detailed breakdown of all the activity that’s taken place in your account in the past period, as well as any new balances that you owe. Even though most issuers now offer online banking platforms where you can view different aspects of your account at any time, it’s nevertheless important to inspect your statement every month in order to see everything in one place (as well as to spot any potential discrepancies). Below you’ll get a rundown of the main sections of a credit card statement. We’ll also explain how the information in each section changes period by period.

Anatomy of a Credit Card Statement

The sections described below are included in practically all credit card statements, but keep in mind that they can vary slightly from issuer to issuer.

Account Information

Your Account Information section is typically located in one of the top corners of your statement. It’s a small area that briefly details your account number (wholly or partly) as well as the opening and closing dates for that statement and the date in which you opened your account.

Account Summary

The account summary (also known as a credit card statement balance) contains the first batch of crucial information. Here you’ll see your account balance from the previous statement, any transactions that have taken place since then – including purchases, payments, credits, balance transfers, and cash advances – and your new balance amount. You’ll also see how much interest you’ve been charged. This section may contain your credit limit as well as how much of that is still available to you after subtracting your balance. Since your cash advance limit is distinct from your credit limit, it will be listed in this section in a separate line.

Payment Information

The payment information section (more prominently) restates your new balance along with the minimum payment amount and payment due date. Additionally, you will see late payment and minimum payment warnings here. These warnings are required by law to be disclosed in your statement. The late payment warning tells you how much you’ll be charged in late fees if you don’t make your payment on time, and it’ll caution you about how your APR may be affected if you’re late. The minimum payment warning tells you how long it will take you to pay off your current balance if you only make the minimum payment every month, and how much interest you will have paid after the balance is $0. This warning might also include a similar calculation if you were to pay off your balance in three years.

Rewards Information

If your credit card offers a rewards program, you’ll see how much you’ve accrued in its own section of your statement. You’ll see your current rewards balance and the amount you’ve earned since the previous statement. Remember that rewards may be in the form of cashback, points,, miles, or a statement credit depending on the type of credit card you have.

Transaction Breakdown

This section is where you’ll spend most of your time. The transactions area shows an itemized, chronological list of all purchases, payments, and credits that have taken place during the statement period. These will include all your transactions – including contactless or mobile payments, and automatic payments that did not require a PIN code to complete.  Each transaction should include a date – which may be broken down into a transaction date and posted date – and a description of the merchant that completed it.

Some statements go into more detail and throw in the category code of each merchant or even a location. If you did not fully pay your previous statement balance, you’ll see how much interest you’ve been charged for the current statement. The same applies for late and returned payments fees, over-the-limit fees, annual fees, cash advance or balance transfer fees, and foreign transaction fees.

Some Uncommon Transaction Terms

System Trace Audit Number (STAN)

A System Trace Audit Number, or STAN, may appear on a credit card statement. A trace number refers to the a code used to identify a charge from a bank or card issuer.

Acquirer Reference Number (ARN)

An Acquirer Reference Number, or ARN, is a code used by banks or card issuers to track a refund for a cardholder if it appears to be missing in the system.

Interest Rate Calculation

Below the transactions section, you’ll see a summary of your credit card’s APR for purchases, balance transfers, and cash advances. If there are any balances for each type of transaction that are subject to interest charges, they will be listed accordingly. If your statement includes a year-to-date sum of interest or fee charges, it will be either in this section or the transactions section.

Payment Coupon

Paper statements will attach a coupon you can fill out and mail back to the issuer with your payment. The coupon will have all pertinent information already filled out, so all you need to specify is how much you’re paying.

Credit Score

If your particular credit card or issuer includes free credit score reporting, you may see it printed in your statement.

Credit Card Statement Tips

Now that you’re familiar with the primary features of a credit card statement, follow the bits of advice below to develop smart habits and stay prepared whenever your statement arrives.

Review your statement every month. Whether online or in paper, don’t just glance at your statement’s balance and forget about it. Going through every section every time will make it easier to spot any mistakes or unclear information. Inspecting every statement from top to bottom also gives insight into how you use your credit. For instance, if you notice how much interest you’re being charged each month, it might act as a wake-up call to begin spending less or start paying more each billing period.

Check your transactions as often as possible. Many people suffer from fraudulent purchases or other forms of identity theft and realize long after the crime has been committed. By looking through your transaction breakdown on every statement you’ll have a clearer idea of where you’ve done your spending – and it’ll be easier to spot any fishy transactions. Remember that each statement only includes transactions for that particular 30/31-day period. If you’ve made a purchase after your statement has closed for the month, check your account online. Online accounts post transaction data much closer to real time.

If you spot an error, contact your card issuer right away. A fraudulent charge or purchase posted twice is no small incident. If you don’t take these incidents up with your card issuer immediately, they could impact your credit report and credit score. Your credit card statement should have contact information listed that you can use if such an occasion happens. If not, you can always call the phone number located on the back of your credit card.

American Express to Upgrade Travel Protections, Change Purchase Benefits for Premium Cardholders

by Allan Guzman Chinchilla
American express to update travel protections change purchase benefits for premium cardholders

Last updated on July 30th, 2020

Travel protections are popular among consumers and are now becoming standard across the credit card industry; we’ve seen some big changes to the travel benefits offered by several card issuers this fall. American Express is set to announce their own changes – what can we expect?

Travel coverage is a big deal in the credit card world; benefits and travel perks like car rental insurance, trip cancellation insurance and baggage delay insurance, for example, are becoming standard across the industry. Cardholders and consumers are beginning to expect these travel benefits when they apply for premium credit cards, with good reason – card issuers like Chase include them across the board with their card offerings. Other issuers, like American Express (Amex), have been slower to catch up – these benefits can be costly for card issuers, so much so in fact that Citibank opted to remove them from their card offers – but Amex seems to realize how popular they are, and has a new trick up their sleeve.

Fortunately, American Express’s changes seem to be much more balanced than those that Citibank has announced. Looking to add value to their credit card offerings (and stay competitive), American Express will be rolling out some new changes to its portfolio: Expect to see travel benefits like trip cancellation and interruption insurance, along with several other updates, beginning on January 1, 2020.

What Changes are Coming to Amex Cards in 2020?

The expected updates to American Express card offers will center around two types of cardholder perks:

  • Travel Protections
  • Purchase Protections

Remember, these changes will only apply to travel purchases made using an American Express credit card after January 1, 2020. Insofar as travel protections, cardholders will be excited to see the following changes to their cardmember benefits:

Note: A “covered reason” includes: call to jury, sudden illness or injury to you or an eligible traveler, inclement weather, and terrorist action. Round-trip travel is defined as travel that both begins and ends in the original city of departure, to one or more destinations. In this case, it applies specifically to flights purchased using an Amex card.

What Other Updates can we Expect to See from Amex in January?

Travel protections are not the only card benefits that will see an update; American Express cardholders can expect to see a change to their purchase protections in January, too. The first change will see a reduction to the extended warranty benefit that is standard across Amex cards to one year – at the time of this writing, warranties are extended by two additional years. Some Amex card offers that have no annual fee will lose extended warranty coverage altogether. An extended warranty applies to new purchases made with your American Express card; the issuer offers this as a perk to loyal customers, and adds an additional grace period to the manufacturer’s warranty. Additionally, all American Express cards that offer purchase protection will see this benefit reduced from 120 days to 90 days.

Finally, two benefits will be removed from American Express offers altogether on January 1st of 2020. Say goodbye to travel accident insurance, which covers expenses related to accidental death and dismemberment while the cardholder is traveling, and bid roadside assistance (which features a hotline that can send a tow operator or locksmith to assist in an emergency) adieu. American Express has not yet begun to notify customers of these changes.

Big Changes Are Coming to a Citibank Card Near You

by Allan Guzman Chinchilla
Big changes are coming to a citibank card near you

Last updated on June 3rd, 2021

Citibank is rolling out some rather large adjustments to their benefits and perks – for those who are Citibank cardholders, how will these changes stack up?

Recently, we wrote about an update to Citi’s credit card rewards program policies, detailing the changes that were in the pipeline. These changes are set to roll out on September 22, 2019 – a date that’s just around the corner. These changes will affect every credit card that Citi offers. Per a statement from Citibank, the updated policy will affect travel programs like Trip Cancellation and Interruption Protection, Baggage Delay Protection, Lost Baggage Protection, and much more. Citi cardholders may begin to notice a pop-up message when they log into their account(s), detailing the pending changes so as not to blindside loyal customers. These changes will affect every credit card that Citi offers. Here’s a recap of what you’ll need to know:

  • The changes that are rolling out vary by Citibank card type; although some perks are going away across the board, you may read about a change to a cardholder benefit that does not apply to your card, so make sure to log in to your account for more details regarding your card. Essentially, if your card does not already have a perk that is amongst the list below, your card usage will not be impacted by that particular change.
  • Each pop-up within Citibank’s card portal is tailored to the card that you have an account for, so the exact messaging you see will vary based on the Citibank card you use.
  • Citibank cardholders can expect to see the following programs exit stage left from all Citibank credit cards at the end of this week:
    • Citi Price Rewind
    • Trip Cancellation and Interruption Protections
  • Citibank cardholders can expect to see the following programs take a bow, depending on their credit card:
    • Worldwide Travel Accident Insurance
    • Baggage Delay and Lost Baggage Protection
    • Travel and Emergency Assistance
    • Roadside Assistance Dispatch
    • Medical Evacuation
    • Trip Delay Protection
    • Worldwide Car Rental Coverage
    • Missed Ticket Protection
    • 90-Day Return Protection
    • Extended Warranty for purchases
    • Damage and Theft Purchase Protection

Although there are many features that cardholders may not be ecstatic to see disappear, Citibank has recently implemented a new point redemption program, Pay With Points. Pay With Points may not replace the hole left by benefits like Price Rewind, but it’s certainly an exciting concept for folks who regularly make online payments, and whom are looking for additional ways to save each time they pay a monthly statement. More details about the Pay With Points program, as well as other ways to redeem your ThankYou Rewards from Citibank, can be found here. Remember, these changes will not affect every Citibank card offer, so it’s a good idea to contact Citi for more details about how your own account may be affected.

A Guide to Prevent Credit Card Fraud

by Allan Guzman Chinchilla
a guide to avoiding credit card fraud

Last updated on March 22nd, 2024

Technology is a wonderful thing! It makes life easier, and certainly helps to streamline making payments with credit cards and debit cards – but there is a dark side: credit card fraud. Learn to identify credit creepers, and how to avoid them!

With the advent of the Internet, mobile phones and smartphones, tablets, websites, apps, and touchless payment systems, making purchases at a brick and mortar store as well as online or over the phone has become much easier than it was even ten years ago. Along with the technological advances that have seen convenient tools like digital wallets introduced to the retail space, we’ve also seen advances in data protections – but thieves, fraudsters, and credit creepers have also evolved their own tactics to keep up with the times. Fraudsters are creative people who find creative ways to “beat the system” and steal your money – don’t get caught off-guard. Read our handy guide for more information about Credit Creepers, and how to avoid credit card fraud.

What’s a Credit Creeper?

A Credit Creeper is a term that we at BestCards.com have coined to describe a fraudster, hacker, or phony who uses stolen personal data or credit card information to make illegal purchases of goods and services, or withdraw money from an account without authorization. There are many types of fraud a Credit Creeper can commit, most of which fall under the umbrella of what is most commonly known as credit card fraud.

What is Credit Card Fraud?

Credit card fraud is a form of identity theft; the term is most often used to describe piracy and thievery that is committed using a payment card like a credit card or debit card, without the knowledge of the card’s owner. If you lose your credit card (or your physical card is stolen) and a fraudster finds it, it can be used to make purchases or other transactions both in person or online; Credit Creepers can also steal your account number, PIN and security code to make unauthorized transactions (when the physical card is not used, this is known as card-not-present fraud). Credit card fraud is a big deal, because it quite often goes unnoticed for long enough that it can be extremely damaging to the victim’s credit file and bank account.

What are the Most Common Forms of Credit Card Fraud?

While fraud can take many forms, there are two primary types of credit card fraud that you should keep your eye on as a consumer. They are:

  • Application fraud – when a fraudster or Credit Creeper manages to obtain enough personal information about their victim to successfully fill out a credit card application in their victim’s name, or creates convincing counterfeit documents, in order to open an unauthorized credit card account. Application fraud schemes can be particularly serious because the victim may not find out about fraudulent accounts in their name until it is too late.
  • Account takeover – this refers to the criminal hijacking of an existing credit card account by a Credit Creeper; this most often occurs when a perp obtains enough personal information about their victim to actually change the account’s billing address. The fraudster can then contact the credit card issuer and report the original card lost or stolen, at which point they ask for a new card to be issued and sent to an address not associated with the actual cardholder. Once this happens, the Credit Creeper activates the new card and begins to make fraudulent purchases with it. (Note: This method is slightly riskier for fraudsters, since the original card must be deactivated and the cardholder may realize quickly, if they attempt to make a purchase with it and it is subsequently declined.)

How Can Credit Creepers Get My Information?

Credit creeps, fraudsters, thieves, and ne’er-do-wells have developed a plethora of schemes to swipe your personal information (and swipe your credit card!). Some of the most common shenanigans to look out for are:

  • Skimming – Credit creepers are smart, and as technology has advanced, so has the tech that thieves use to create loopholes in data protection. Skimming refers to a process wherein a credit creeper uses a skimming device to compromise an ATM, or a gasoline pump, in order to collect credit and debit card numbers and PIN codes. Skimming devices often are indistinguishable from the actual machine they are attached to, which means that you may not notice it while paying at the pump or withdrawing money outside a bank. Card skimmers are increasingly common at gas stations, and can even be found at ATMs, both at banks and inside of convenience stores.
  • Hacking/data Leaks – Believe it or not, there is a large and lucrative black market for personal data. Hackers will target credit bureaus, credit card issuers, email servers, and even the servers of retail companies in order to steal valuable information like Social Security numbers and PINs and passwords, which they later sell to the highest bidder. Credit creepers can use this stolen information to perform application fraud, or account takeovers, or both – and fraudulent applications occur most often after a data breach like the one Experian experienced in 2017, or the one Capital One reported in the summer of 2019.
  • Outright theft – Some frauds are pickpockets and will take your wallet from your back pocket or an unattended purse, while other credit creepers target credit cards that they swipe right from under your nose while you’re not watching at the register or store counter.
  • Intercepting mailed cards (mail theft) – Most credit card issuers take steps to prevent this, but some thieves still choose to mine private mail for cash and checks, or to obtain personal information – and to steal credit and debit cards that have been issued to a consumer. Mail theft, and mail fraud, are felonies in the United States.

Credit creepers may have gotten tech-savvy, but they still resort to older methods in order to scam their victims, too. Always be wary when answering the phone; if you’re not expecting a call from your bank or credit card issuer but you receive a call from someone asking for sensitive personal information, hang up and then contact the company that purportedly reached out to you. Scam artists will often impersonate banks over the phone, or by email, in order to “phish” for the information, they will need to commit application fraud and account takeovers, often targeting the elderly with this sort of racket.

Be wary of Credit Creepers contacting you by phone, email, and even text message. Phishing scams are very commonplace. Here at BestCards.com, we recommend that you NEVER give out your personal information over the phone to someone who has solicited it from you; the same applies to email. Verify that the company, bank, or card issuer is who they say they are before you continue. To protect yourself, do not give account numbers, debit card numbers, or (especially) passwords and PINs to anyone through a phone call, email, or text message unless you are 100% certain that they should be the recipient of such information.

How Can You Tell if a Credit Creeper Has Stolen Your Personal Information?

BestCards.com recommends constant vigilance when it comes to your credit, and your bank accounts. It’s a good idea to review your bank statements on a regular basis, at the very least. Most Credit Creepers are successful because their victims are lackadaisical, and they count on the fact that if they’ve stolen your information and begin to use your credit line or account, you probably won’t notice right away. It helps to keep an eye out for some of the most common clues that your account has been compromised, which may include:

  • You begin to see withdrawals from your bank account that you’re unable to explain.
  • Merchants begin to refuse your checks.
  • You don’t receive your bills, or other mail.
  • You begin to receive phone calls from debt collectors who are attempting to collect debt that isn’t yours.
  • You check your credit report and discover accounts, or charges, that you did not authorize.

I’ve Been Compromised By a Credit Creeper. What Can I Do?!

When you discover that your information has been compromised, there are several steps you’ll need to take. As Experian says, “The sooner you discover credit fraud, the better.” Every credit card company has a slightly different approach to tackling fraud, but you’ll need to reach out to your card issuer directly to place a stop on your card and let them know that you think you’ve been compromised. Visa® offers a program called Zero Fraud Liability, for example; if your Visa card information is compromised or your card is stolen and used to make purchases that you have not authorized, you’re protected – Visa will not hold you liable for these purchases, if they are reported immediately.

Mastercard also offers its own version, called Mastercard Zero Liability Protection; as with Visa, you are covered by Mastercard when you report the fraudulent transactions to your financial institution without delay. The lesson here? It’s best to monitor your accounts regularly, and do not hesitate to contact your bank or credit card issuer if you notice something out of the ordinary.  The easiest way to protect your information after it has been compromised is to request a credit freeze with each of the three major credit bureaus: Experian, TransUnion, and Equifax. You can also set up fraud alerts, change passwords and PINs, and much more. If you think you’re the victim of identity theft you’ll need to take additional measures, too. Signing up for a credit monitoring service can also help in this situation, too.

Remember, while there are many steps you can take to protect yourself from credit creepers and credit fraud, it’s still possible to have your personal information and accounts compromised. On behalf of the BestCards team, I’d like to say: Stay vigilant!

The FOMC Met Yesterday: Here’s What Happened

by Allan Guzman Chinchilla
The fomc met yesterday heres what happened

Last updated on April 6th, 2023

The Federal Reserve cut the federal funds rate by 25 basis points in July of 2019. After yesterday’s meeting, the Federal Open Markets Committee has dropped interest rates by another 25 points. Why?

The Federal Open Market Committee (FOMC) met once again on September 17th and 18th of this year, and the results of this meeting were eagerly anticipated by economists and analysts across the world. Announcing a second rate cut to the Federal Reserve, the FOMC lowered interest rates by 25 basis points for the second time this year to a range of 1.75% to 2.00%. This follows the first reduction of 25 basis points in July of 2019. This is the second rate cut we’ve seen from the Federal Reserve this year, and these reductions mark the first substantial cuts that have occurred to the federal funds rate since the Great Recession back in 2008. Citing multiple concerns, the Fed pointed to a drop in business investment from July until now, and also underlined the President’s trade war with China (and the uncertainty surrounding it that is currently affecting the global market) as further reasoning for these cuts. Many factors can affect both the U.S. economy as well as the global economy; the market is almost always rife with speculation, and things like the United States declaring China a currency manipulator, a spike in tariffs both domestically and in China, and a flaring of geopolitical tensions on the Arabian Peninsula can have a substantial effect on projections for the overall health of the world market.
The U.S. and China will continue trade negotiations through September of this year, but as neither side appears to be backing down in this trade war, the markets are reacting wildly. Similarly, tensions in the Middle East – particularly between Saudi Arabia and Iran – are causing uncertainty regarding the price of oil, which also leads to the market fluctuating. But, don’t worry – despite what may appear to be a “doom and gloom” scenario, at least globally – the FOMC’s economic projections relating to the U.S. economy indicate a potential increase in U.S. GDP growth and now forecast the GDP to grow by 2.2% (an uptick from the median projection of 2.1% in the last dot plot release in June. Additionally, when it comes to inflation the Fed statement projects 1.8% of inflation in core personal consumption expenditures; the stated inflation target is 2%. This is good, in that this target helps the U.S. economy to avoid deflation. Regarding the FOMC’s statement on Wednesday: Jerome Powell, the Fed Chair, stated that the U.S. economy has remained strong since their last meeting – and unemployment has stayed low – but, “there are risks to this positive outlook.” While Powell ruled out the possibility of negative rates (which President Trump has called for over the last week, pointing to several European central banks who have negative rates as examples), Powell stated, “Generally Fed participants think [this can] be achieved with modest adjustments to the federal funds rate. If the economy does turn down, then a more extensive series of rate cuts could be appropriate. We don’t see that. We don’t expect that.” Policymakers within the FOMC are split. Some support these changes, others do not, and many are urging caution, given the uncertainty in the global market thanks to recent events. The Fed is set to meet twice more in 2019; seven of the 17 policymakers involved have stated that they could see the possibility of at least one more rate cut, while five would prefer to halt any additional easing until the first quarter of 2020.
The next scheduled announcement from the Fed will be on October 30th of 2019, followed by the last meeting for the year on December 11th.

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