Can You Lose Your House Because of Credit Card Debt?

by Cory Santos
can-you-lose-your-house-because-of-credit-card-debt

Last updated on January 29th, 2024

Credit card debt is a serious problem in the United States. According to recent data, U.S. household debt is currently at a staggering $14.3 trillion. And while credit card debt is declining, Americans still hold over $760 billion in combined debt for that category. But given the issues that too much debt can cause – such as interest payments and defaults – can you lose your house because of credit card debt?

Credit Card Debt is Unsecured Debt

The answer to this question is: Maybe. Fortunately, losing your home due to unpaid credit card debt is highly unlikely.

Credit card debt is a type of unsecured debt. This type of debt differs from things such as mortgages or car loans, which are attached to an item (your house or your car). With secured debts, defaults mean the lender can seize those items right away.

Debt Collectors and Default Judgments

Because credit card debt is unsecured, credit card companies can’t take your possessions. Instead, they need to file a lawsuit to obtain a judgment. Most credit card companies work with debtors to help them repay their loans.

If a cardholder fails to respond to repeated requests, the bank may sell the debt to a debt collection agency. These companies make their money off debt repayments, so they are more likely to hound you. They might even take you to court to seek repayment.

Many debtors ignore these lawsuits, resulting in something called a “default judgment.” A default judgment is an assumption of guilt since the defendant did not appear to defend themselves. In these situations, the court may award the debt collector a financial sum – and the ability to come after your assets, such as your home, car, or other property.

How to Protect Yourself from Credit Card Debt

While you probably won’t lose your house because of unpaid credit card debt, it is a possibility. So, how can you protect yourself from credit card deb and its long-term consequencest?

Ask Your Bank for Relief

The best first step you can take is to ask your bank for help. Most credit card lenders are more than willing to help customers that fall behind on their payments. After all, it is in their best interest to help you pay – that’s how they make their money.

Banks offer a variety of credit card relief programs, including:

  • Deferred payments: Allow cardholders to roll over this month’s payment into next month, buying them time
  • Payment extensions: Give cardholders longer to pay a due balance without late fees
  • Forbearance: Allow month(s) of no payments, though the account still incurs interest
  • Due date changes: Change the statement date to better align with your finances
  • Fee waivers: Banks may eliminate late fees or annual fees

Related Article: What Types of Credit Card Relief Do Banks Offer?

Monitor Your Credit Report

Keeping a close eye on your credit report is essential.  Less reputable debt collectors might try to use “zombie debt” to make a quick buck. What is zombie debt? It is old debt that is forgotten, written off, or paid off. Creditors might bring these debts back through error or fraud and can collect on this debt illegally.

By tracking your credit reports from the major credit bureaus (Equifax, Experian, and TransUnion), you can ensure that everything is up to date. This practice can keep the zombie debt collectors at bay.

Contact a Credit Counselor or Financial Attorney

Contacting a licensed credit counselor is another way to help protect your property from credit card debt’s side effects. Institutions, like The National Foundation for Credit Counseling, are non-profit organizations that help consumers tackle their debt with debt management plans and other advice.

If none of these plans work, your final option may be to contact a reputable bankruptcy lawyer. Many bankruptcy lawyers have a deep understanding of the issues involved with credit card debt and personal finance. They can help you develop a plan of action to improve your financial situation – and your credit score.

Related Article: What’s the Best Card for Rebuilding Credit? Mercury Mastercard vs Reflex Platinum Mastercard

SoFi Aiming for Launch of New Cash Back Credit Card

by Cory Santos
sofi-considering-launching-new-cash-back-credit-card

Last updated on June 4th, 2021

Online private lenders specializing in debt refinancing are a popular trend, with SoFi being one of the biggest names in the industry. The company refinances student loans and also offers investment, banking, and other accounts services. Now the lender appears to be entering the credit card game. SoFi recently began surveying customers about a potential rewards card. Here’s what you need to know about the new SoFi cash back credit card:

SoFi Considering Launching New Cash Back Credit Card

SoFi is contacting current customers with a survey about a potential new credit card. The card is a cash back card, earning 5% back in two categories of the user’s choosing. As of now, there are no details about what the potential 5% categories might be. There is also no date for the card’s launch.

SoFi Credit Card Details

According to the survey, SoFi is limiting the 5% cash back option to the first $4,000 spent. The card will also feature 2% cash back when rewards are directed to an affiliated SoFi loan, investment, or money market account. All other purchases would earn 1% cash back.

The card would allegedly include an annual fee of $99, which seems fairly high. Other rotating 5% cash back cards, like the Chase Freedom, Discover It, and ABOC Platinum Rewards have no annual fee. This $99 charge makes the card impractical for all but SoFi customers – which may be the point, anyway.

The card also boasts no foreign transaction fees, which is always a positive for those who travel frequently as well as SoFi customers who would be studying abroad.

World Elite Mastercard Benefits

If the SoFi card launches, it will ostensibly be a World Elite Mastercard. World Elite is the pinnacle of the Mastercard range of credit card tiers, featuring the best security benefits and perks. Cardholders can anticipate features such as:

  • ShopRunner membership
  • Mastercard Concierge

Interestingly, the SoFi cash back card proposal includes $1,000 of cell phone protection, more than the $600 than what typically comes with other Mastercard products.

About SoFi

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

Related Article: Curve Card Set for U.S. Launch

Types of Credit Cards: Retail Credit Cards

by Cory Santos
types of credit cards retail credit cards

Last updated on September 20th, 2023

People love to shop at retail stores, and they love to shop with credit cards – it’s a fact that’s over a hundred years old. There are hundreds of brands that offer store-specific credit cards for loyal customers. They function much like any other traditional line of credit would, with a few unique exceptions, however. Whether you’re new to the world of retail credit cards or are finally ready to take the plunge after having been offered one by cashier after cashier, read our guide on a store card’s basics to get a better understanding of what makes up this particular piece of plastic.

Retail Credit Cards at a Glance

One of the first things to know about retail credit cards is that stores often offer two different versions: A “private label” card and a co-branded card. Private label cards are store-branded and only for use within that store. You won’t see familiar payment network logos, such as Visa or Mastercard, on them because they are not associated with such companies. However, financial companies and banks manage private label card accounts.

Co-branded retail cards allow you to use them at merchants outside of the sponsored retailer while still netting you benefits that go towards use at the said store. These cards are mostly “upgraded” versions of private label cards that grant customers more freedom.

What Credit Score Do You Need to Get a Store Credit Card?

Store cards are more accessible than other types of credit cards. As such, applicants don’t need to have stellar credit histories to be approved. Co-branded store cards do require a more robust credit profile than private label cards, but even so, they remain a good point of entry for individuals who are trying to build their financial reputation. Regardless of type, retail store cards carry high-interest rates, so it’s essential not to be trigger-happy when making purchases and completely paying off balances as often as possible.

What Fees Do Store Credit Cards Have?

Annual fees are not too common in retail credit cards, though some higher-end co-branded cards may carry one. Like almost all other credit cards, though, you will be charged fees if your payment is late or returned.

What to Look for in a Retail Credit Card

Most retail credit cards operate the same way and have a similar set of features. Keep an eye out for these when browsing for your next potential store card.

Important Things to Look for:
Discounts It’s common for a retail employee to offer you their store’s credit card at checkout. It’s also familiar for said employee to pitch a signup incentive in exchange for opening an account, such as an extra discount on what you’re about to purchase. If you practice your timing wisely, you could earn that bonus discount in conjunction with other sales the store is promoting, thereby saving big bucks on something you were already planning to buy.
Rewards The meat and potatoes of a store credit card, a rewards program is the primary vehicle for maximizing your consumer experience at a retailer. Whereas a merchant might have a “lite” rewards program in place that allows customers to freely earn points, having a retail credit card account often lets you earn points at a faster rate as well as receive additional promotions and coupons.
Sales access As a store cardholder, you may receive access to exclusive members-only sales that either include items not otherwise available to the public or deeper discounts than what the average consumer would find. Alternatively, you may be able to shop for new collections before they reach the masses.
Customer service Some retail cards provide customers with customer service lines to assist them in finding items, completing orders, or receiving other assistance.
Promo APR Another big selling is the option to finance certain purchases. Some store credit cards offer 0% interest for set periods, allowing you to pay off large purchases over time.

Merchandise Catalog Credit Cards

Catalog credit credits (or merchandise cards) are a specialized form of a store card. These cards provide a set credit limit, that you use with an online shopping catalog or portal.

Why Choose a Merchandise Catalog Card?

Catalog cards are ideal for those looking to repair their credit. Many retail cards are for those with fair or average credit scores. Catalog cards, like the Unique Platinum Card on the other hand, are for people with poor credit, bad credit, limited credit – or even no credit history.

These unsecured credit cards are designed to rebuild credit, meaning they are easier to get than many other types of credit cards. Even better, they require no security deposit.

The Horizon Gold Card, one example of this variety of retail credit cards, offers $750 in credit for spending on the Horizon Outlet. This store provides several categories of merchandise, including clothing, toys, homeware, and more.


Group One Platinum
Boost Platinum
NetFirst Platinum

Freedom Gold
Buy On Trust Lending
Unique Platinum

When a Retail Credit Card is Worth It, and When It Isn’t

If you’re a frequent shopper of a specific store or group of stores, then a retail credit card can give you extra benefits for what you’ve been doing all along: remaining a loyal customer. Earning rewards points at a faster rate, exclusive discounts and freebies, private access to sales – they’re all great incentives for customers who know where they like to shop and see themselves continuing that habit for the future.

If you have no go-to location, however, you won’t be doing yourself any favors by tying yourself down with a store card, especially if you mainly got it for the extra signup discount.

Store cards have considerably higher APRs than those in other categories, so carrying a balance can potentially hurt you more than you think. What’s more, store cards don’t set very high limits for customers, so expect to max yours out more than occasionally if you’re an enthusiastic shopper.

Essentially, retail credit cards have a very narrow focus, and they’re an excellent resource for the niche group that they target. If you’re in the market for a store card, consider beforehand what your commitment is to that particular merchant, how often (and how much) you see yourself spending there, and your ability to pay off a balance efficiently. Like most other credit cards, there’s no concrete formula that determines whether a card is good; instead, you should calculate whether a card is right for you.

Related Article: Retail Credit Cards: Your Ultimate Guide

British Airways Announces Executive Club Status Extension

by Cory Santos
british-airways-announces-executive-club-status-extension

While many airlines have already introduced elite tier status extensions for members due to the recent shock to the travel industry, others have remained silent. British Airways, however, is finally joining the club by announcing a 12-month tier extension for Executive Club members. The airline is also lowering requirements to reach new tier levels, starting this summer. Here’s what you need to know about the British Airways Executive Club status extension:

Enjoy Executive Club Perks for An Extra Year

Current Executive Club members will enjoy their current tier level for an additional 12 months. The airline is one of the few remaining major carriers to announce a tier extension, but it is welcome news, nonetheless.

The tier extension covers the next point-collection period. That means the extension applies from July 2020 through July 2021.

New British Airways Tier Requirements

British Airways is also rolling out new points and flight requirements for its elite membership tiers to match the aforementioned status extension. The new tier requirements the airline is introducing are as follows:

  • Bronze: 225 points or 18 eligible flights
  • Silver: 450 points or 37 eligible flights
  • Gold: 1,125 points

These new tier levels signal a 25% reduction from previous levels (300 points, 600 points, and 1,500 points, respectively), which is a great benefit for current Executive Club members.

These new requirements aren’t here for good, however. Instead, they are designed to help those who are struggling to reach higher membership tiers due to the COVID-19 pandemic and its forced shutdown of the travel space. Given the restrictions still in place for many international routes, the effectiveness of the plan remains to be seen.

About British Airways

British Airways is a leading airline and the flagship carrier of the United Kingdom. The carrier is part of the oneworld Alliance, which includes American Airlines, Qantas, and more. The airline also offers a co-branded credit card – the British Airways Visa Signature – issued by Chase. That card earns Avios, which apply to flights with British Airways, Aer Lingus, and Iberia.

Related Article: American Airlines Extending SimplyMiles Program to All AAdvantage Members

Which Credit Cards Don’t Have a Credit Check?

by Cory Santos
what-credit-cards-dont-have-a-credit-check

Last updated on August 24th, 2023

Bad credit or no credit can make applying for a credit card difficult – if not almost impossible. A bad credit score disqualifies applicants for many credit cards, as lenders are often afraid of taking a chance on risky applicants. Is there another way, however? Are there credit cards that don’t require good credit? And if so, what credit cards do not have a credit check?

What Does “No Credit Check” Mean?

“No Credit Check” credit cards are something of a misleading term. When a card offer says no credit check is needed, what they mean is no hard inquiry.

Credit checks break down into two categories: hard inquiries and soft inquiries. A hard inquiry is when a lender pulls one of your credit reports to see your entire credit history. These inquiries are what most credit card, mortgage, and other loan applications require. A hard inquiry will show up on your credit report and will remain there for about two years.

A soft inquiry, in comparison, doesn’t require a full pull of your credit. When a lender does a soft pull, they check your basic credit information. These pulls occur when you check your credit score through free apps, or when a potential employer runs a background check. Soft inquiries don’t impact your credit score.

Credit Cards With No Credit Check – Secured Cards

Now that you know what “No Credit Check” really means, what cards don’t conduct a hard pull on your credit report?

Secured credit cards are your best bet if you have a damaged credit score but want a new credit card. These cards require a security deposit that also acts as the credit line. It’s this cash deposit that makes lenders much more willing to extend credit – even to those with poor credit. Many banks also don’t run credit checks for their secured card offers.

Fortunately, there are plenty of excellent secured cards that only require a soft pull of your credit and can help you repair your credit:

opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card
Apply Now Terms & Conditions
Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Poor / No Credit Required
Visa Processing Network
$35 Annual Fee

opensky® Secured Visa® Credit Card

  • 24.64% (variable) Regular Purchase APR
  • 24.64% (variable) Cash Advance APR

At a Glance

The opensky® Secured Visa® is a secured credit card that offers requires a low minimum deposit and features no credit checks for approval. The card, issued by Capital Bank, provides an easy route to better credit by offering credit limits as low as $200, a moderate fixed-rate APR, and a reasonable $35 annual fee.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Earn up to 10% cash back on everyday purchases
  • No credit check required – 89% approval rate with zero credit risk to apply!
  • Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
  • Track your progress with free access to your FICO® score in our mobile app
  • Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
  • Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
  • Start with just $200—secure your credit line with a refundable deposit
  • Fast and easy application—apply in minutes with our mobile-first experience
  • Flexible payment options—pick a due date that works for you
  • More time to fund—spread your security deposit over 60 days with layaway
  • Join 1.6 million+ cardholders who have used opensky® to build better credit!
  • Regular Purchase APR: 24.64% (variable)
  • Cash Advance APR: 24.64% (variable)
  • Cash Advance Transaction Fee: Either $6 or 5% of the amount of each cash advance, whichever is greater.
  • Annual Fee: $35
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $41
  • Return Payment Penalty Fee: Up to $25
  • Minimum Deposit Required: $200
  • You’re struggling to get accepted for other secured credit cards
  • You don’t have a credit history
  • You have bad credit and want to improve your credit score
  • You have a large deposit and want a quick pick-me-up for their credit score
  • You want access to a useful knowledge base of credit information and resources
opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card

Terms & Conditions
Apply Now Terms & Conditions

The OpenSky® Secured Visa® is a secured credit card that offers requires a low minimum deposit and features no credit checks for approval. The card, issued by Capital Bank, provides an easy route to better credit by offering credit limits as low as $200, a moderate fixed-rate APR, and a reasonable $35 annual fee.

Since the OpenSky Credit Card doesn’t require a pull on your credit score, how can they know who is – and isn’t – a good fit for the card? Since the card requires a security deposit, much of the worry a lender might have is greatly reduced, meaning Capital Bank only needs to verify critical parts of an applicant’s information before approving them – without checking their credit score.

Self Visa® Credit Card

Self Visa® Credit Card
Apply Now Terms & Conditions
Fair-Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Fair / Poor / No Credit Required
Visa Processing Network
$25 Annual Fee

Self Visa® Credit Card

  • 27.99% (Variable) Regular Purchase APR

At a Glance

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

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^ • If you have an active Credit Builder Account, $100 or more in savings progress and satisfying income requirements you may be eligible to receive the secured Self Visa® Credit Card*, without a hard credit check. Criteria subject to change. • Build credit and savings at the same time. • Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus. • At the end of your plan, unlock the savings you built – minus interest and fees. • The secured Self Visa® Credit Card is accepted at millions of locations in the U.S. *Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC. See Self.inc for details. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. The Secured Self Visa® Credit Card requires an active Self Credit Builder Account and qualification based on other eligibility criteria including income & expense requirements. Criteria subject to change.
    ^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 28.24%. Offer valid for new customers only.
  • Regular Purchase APR: 27.99% (Variable)
  • Annual Fee: $25
  • Late Payment Penalty Fee: Up to $15
  • Return Payment Penalty Fee: Up to $15
  • You’re serious about raising your credit score
  • You already have a Self Credit Builder Account
  • You don’t mind the card’s $25 annual fee
  • You plan to pay your card balance in full every month
Self Visa® Credit Card

Self Visa® Credit Card

Terms & Conditions
Apply Now Terms & Conditions

The Self Visa® Credit Card approval process is a little different than other secured credit card accounts. Because Self is a credit builder startup, the process involves a potential applicant getting their hands dirty with the company and growing their credit portfolio.

This process begins with opening a Self Credit Builder Account. Self’s Credit Builder Account is a unique loan product where individuals with no credit history or poor credit open a loan account to “pay off” the loan into a certificate of deposit (CD) account.

Once the account holder makes three monthly payments on time – and has more than $100 in their CD account, they can select to open a Self Visa® Credit Card account. They can choose their initial deposit level (at least $100) and order their secured card. There are no credit checks, meaning there is no impact on a person’s credit score to open the account. Because there are no credit checks and no formal application process, no one can be denied the Self Visa Secured Card.

First Progress

Like the OpenSky, First Progress is another financial institution known for their secured cards for bad credit scores. Their cards also don’t require a credit check.

First Progress secured cards act like a regular credit card. This means that you can use them anywhere Mastercard is accepted worldwide – currently over 200 million retailers. First Progress features three unique secured cards – all of which require a deposit of at least $200 to open:

First Progress Platinum Elite First Progress Platinum Select First Progress Platinum Prestige
Annual fee $29 $39 $49
Credit needed None None None
Rewards Does not earn rewards 1% cash back rewards 1% cash back rewards

The First Progress Platinum Prestige Mastercard® is the first – and possibly best – of the card issuers’ secured card offerings. The card has a higher annual fee than other products from the bank($49 per year) but features one of the lowest APRs available.

The First Progress Platinum Select Mastercard®  is the mid-range card from First Progress, designed for people who want a solid interest rate and a lower annual fee.  The card has a mid-range APR on purchases, and it has a lower annual fee of $39, which is comparable to the OpenSky Visa.

Finally, the First Progress Platinum Elite Mastercard® is an entry-level card, offering a competitive APR and low annual fee. The interest rate with this card is in line with the national average and is perfect for those who don’t plan on carrying a balance every month.

Conclusion

Getting a credit card doesn’t have to mean having a hard inquiry on your credit report. There are a variety of credit cards with no hard credit check required, including the offers listed above. These cards provide the ability to establish or rebuild your credit, thanks to regular reporting to the major credit bureaus – Experian, Equifax, and TransUnion. Keep in mind, however, that building credit means paying the statement balance on-time, keeping credit utilization low, and practicing financial responsibility.

Related Article: The Best Secured Credit Cards

New U.S. Bank Altitude Go Card Now Available

by Cory Santos
new-us-bank-altitude-go-card-now-available

After months of anticipation, the new U.S. Bank Altitude Go Visa Signature Card has made its debut and is now available for new applicants. The card is a no-annual-fee rewards card that offers impressive points potential on the types of everyday purchases Americans regularly make.

The new U.S. Bank Altitude Cards were rumored as far back as February, with the bank also revealing further details in March. The two new U.S. Bank Altitude Cards are the Go and the Altitude Connect, both of which replace the former FlexPerks credit cards. The card joins the Altitude Reserve Visa Infinite, U.S. Bank’s ultra-premium travel card.

All U.S. Bank rewards cards previously earned points through the FlexPerks program. These cards included the FlexPerks Select+ American Express, the FlexPerks Travel Rewards Visa, and FlexPerks Gold American Express – with the latter two having been discontinued. The partnership between the financial institution and the FlexPerks program ended in early March, meaning the bank needed new rewards cards to fill the void. Enter the Go, the first of these substitutes.

Features of the U.S. Bank Altitude Go Visa Signature Card

The Altitude Go features impressive stats – especially since it charges no annual fee. The card earns 4X points on dining (including takeout and delivery); 2X points on gas, groceries, and streaming services; and also 1X on everything else.

The card further benefits from 0% intro APR on purchases and balance transfers for 12 months and 20,000 bonus points after spending $1,000 on purchases in the first 90 days of opening an account. Other features include a statement credit for streaming service purchases each year and no foreign transaction fees.

The impressive features of the Altitude Go make it a direct competitor for several cards, with the most notable example being the Savor from Capital One. Since that card has an annual fee of $95, however, the Go is likely the more enticing option.

About U.S. Bank

U.S. Bank is one of the largest credit card issuers in the United States, with over 14 million credit card accounts to date. The bank issues a variety of credit card products designed to fit numerous purchasing preferences and credit profiles. These include co-branded credit cards with leading retailers, hotel brands, and airlines, including Kroger, Korean Air, and Radisson.

Related Article: Curve Card Set for U.S. Launch

Citi ThankYou Points Bonus Offer for Select Cardholders

by Cory Santos
citi-thankyou-points-bonus-offer-for-select-cardholder

Last updated on February 20th, 2024

Credit card issuers are continuing to roll out new offers for credit cardholders impacted due to the COVID-19 (coronavirus) pandemic. Citi is the latest in this trend, with a special offer for select customers.

According to popular industry site Doctor of Credit, Citi is targeting select Citi Rewards credit cardholders for a special bonus offer. The card issuer is sending select recipients an email that offers 10X ThankYou points on:

  • Gas
  • Groceries
  • Shopping

To take advantage of the offer, recipients need to activate it via the email. The offer runs through August 31, 2020.

Citi Offer Restrictions and Limitations

Beyond the August 31st cut-off date, Citi also limits the 10x ThankYou points offer to the first 2,500 in eligible spending. While this means the bonus only applies to $250 in spending, 10X points is still an exceptional value for immediate needs. The other significant limitations include the exclusion of dining, cable, entertainment, and streaming purchases from receiving 10X points.

Citi Premier and Prestige Receive New Bonus Categories

The new 10X offer follows closely on the heels of another Citi credit card change. Last week the bank announced new bonus categories for the Citi Prestige® Card and Citi Premier® Card. The Prestige, the bank’s flagship card, now earns 5X points on drugstore, grocery, and other retailer purchases made online. This offer also runs through August 31, 2020. The Premier Card 3X earns points on groceries and restaurant purchases – though this is an ongoing feature.

About Citi ThankYou Rewards

Citi ThankYou points are the currency of the Citi Rewards program. ThankYou points offer considerable value, with a current valuation of approximately 1.7 cents/point. This valuation places them slightly behind Amex Membership Rewards and Chase Ultimate Rewards – but only just.

The following Citibank credit cards are eligible for ThankYou rewards:

Rewards points are redeemable for a variety of categories, including cash back, gift cards, merchandise, charitable donations, and travel. Travel offers the best value, with 1:1 point transfers with 15 leading airlines, including Air France, KLM, JetBlue, Virgin Atlantic, and more.

Related Article: What Is the Average Credit Card APR?

Curve Card Set for U.S. Launch

by Cory Santos
curve-card-set-for-u-s-launch

Last updated on October 10th, 2022

The Curve Card is an all-in-one credit card that enjoys popularity in the U.K. and Europe. The card currently has over one million subscribers – an impressive number. Now, the card is set to hit the United States. Here’s what you need to know about the Curve Card and its U.S. launch.

What is the Curve Card?

The Curve Card is a unique solution for those with several credit cards. The card – and associated app – allows users to consolidate their credit cards into one payment form and make purchases anywhere Mastercard is accepted. Currently, Mastercard enjoys near-global acceptance in 210 countries – more than Visa.

Users can add their cards, select their preferred payment method from the group, and use the card to pay in-store or online. The main selling point is the ease of payment and consolidation of multiple cards, freeing up wallet space. That said, there are other sweet perks.

Curve Time Travel

“Time Travel” is an innovative feature that customers will likely enjoy. This innovation allows Curve cardholders to move charges from one card to another – retroactively. In a practical example, the Time Travel benefit would let you switch charges from one card to another that offers better rewards. Alternatively, you could do the same and transfer the purchase to a card with a lower APR – especially if the purchase was expensive and requires a few billing periods to pay off completely.

European Users Applaud the Curve Card’s Versatility

U.K. and European customers have already applauded some of the standout features of the Curve All-in-One Card. These benefits include:

  • Using all your Visa and Mastercard credit cards with Google Pay (even if they don’t support the app)
  • No ATM fees worldwide
  • The ability to move charges from one card to another

Membership Tiers with Curve

The U.K. version of the card currently offers a number of membership tiers: Blue, Black, and Metal.

Curve Blue

Curve Blue is the basic membership tier. It has no subscription fee and features the following benefits:

  • Free ATM withdrawals up to a set amount each month (currently up to 200 Euros)
  • 1% cash back on all purchases for the first 90 days
  • Curve Time Travel
  • Customer Protection (presently up to 100,000 Euros)

Curve Black

Black is the mid-range tier in the program and comes with a subscription fee of $9.99 per month.

  • Free ATM withdrawals up to a set amount each month (currently up to 400 Euros)
  • 1% cash back on all purchases at up to three premium retailers
  • Curve Time Travel
  • Medical travel insurance (currently up to 15 million Euros)
  • Customer Protection (currently up to 100,000 Euros)

Curve Metal

Curve Metal is the premium tier, with a premium subscription fee. The current subscription price for Metal is 14.99 Euros. For that price users get their choice from three 18g metal card colors and the finest perks:

  • Free global ATM withdrawals up to a set amount each month (currently up to 600 Euros)
  • Unlimited 1% cash back on all purchases at up to six premium retailers
  • Curve Time Travel
  • Medical travel insurance (currently up to 15 million Euros)
  • Phone protection (currently up to 800 Euros)
  • Rental car coverage (currently up to 25,000 Euros)
  • Customer Protection (currently up to 100,000 Euros)
  • Discount access to LoungeKey airport lounges

Curve Limitations

While the Curve Card has impressive specs, the card also has some limitations. Currently, only Visa and Mastercard cards are compatible. American Express previously had a European relationship with Curve, but this has since ended. The card also charges fees when using it as a debit card.

When Can We Expect the Curve U.S. Launch?

There is no set date for the launch of the Curve Card in the United States. AXA, the card issuer, hoped for a 2019 release, but the timeframe was walked back. Currently, AXA is offering a waiting list for the card, with the first 100 subscribers on the list getting Curve Metal free for a year.

Related Article: Credit Card Customer Service Is Critical to Attracting Customers Says New Study

Airline Deal: Purchase AAdvantage Miles from 1.8 Cents Per Mile

by Cory Santos
purchase-aadvantage-miles-from-1-8-cents-per-mile

Last updated on April 13th, 2023

Air travel is one of the hardest-hit industries due to the coronavirus outbreak. International carriers like Avianca and LATAM, for example, are two giants recently brought to their knees because of the pandemic. U.S. carriers are also suffering, with American Airlines in particular looking to boost its bottom line by selling airline miles at a reduced rate. As a result, American Airlines loyalty members can now purchase AAdvantage miles from just 1.8 cents per mile.

Purchase AAdvantage Miles at a Reduced Rate

The economic slowdown of the coronavirus pandemic has forced many carriers to scramble for ways to offset sluggish ticket sales by selling airline miles at a lower rate. American Airlines is the latest name to join this trend, offering AAdvantage miles at a significantly reduced price. This promotion is realized thanks to bonus miles for individual purchases.  According to deals website, Doctor of Credit, this offer has a value of as low as 1.8 cents/mile. Frequent flyers need to log into their AAdvantage account and check for their offer. The airline has a limit of 200,000 miles per customer, and the promotion ends June 30, 2020.

The current AAdvantage miles offers are as follows:

  • 2,000 to 14,000 miles – 15% off
  • 15,000 to 19,000 miles – receive 5,000 bonus miles
  • 20,000 to 29,000 miles – receive 10,000 bonus miles
  • 30,000 to 49,000 miles – receive 15,000 bonus miles
  • 50,000 to 74,000 miles – receive 25,000 bonus miles and an extra 5% off
  • 75,000 to 99,000 miles – receive 40,000 bonus miles and an extra 5% off
  • 100,000 to 134,000 miles – receive 60,000 bonus miles and an extra 5% off
  • 135,000 to 149,000 miles – receive 80,000 bonus miles and an extra 5% off
  • 150,000 to 199,000 miles – receive 100,000 bonus miles and an extra 5% off
  • 200,000 miles – receive 120,000 bonus miles and an extra 5% off

Current AAdvantage Credit Card Offers

While airline rewards credit cards are struggling to provide value to cardholders during the coronavirus pandemic, they are still valuable additions to any traveler’s wallet. American Airlines currently offers several co-branded credit cards with Barclays and Citi.

AAdvantage Personal Credit Cards:

AAdvantage Business Credit Cards:

These cards allow members to earn even more AAdvantage miles with every purchase, including by spending in categories like dining, groceries, and travel.

Related Article: American Airlines Extending SimplyMiles Program to All AAdvantage Members

How Can Credit Repair Companies Help You?

by Allan Guzman Chinchilla
how can credit repair companies help you

Last updated on April 24th, 2023

If you have bad credit, hiring a credit repair company in order to fix your credit rating may be your best option for getting your finances back in order. Having negative information in your credit history can have long term effects, such as higher credit card interest rates or disqualifying you for a loan to your dream home. With that in mind, it makes sense to want to reach out to others for help, but you should definitely know what you’re getting yourself into first.

What Is a Credit Repair Company, and What Do They Do?

Credit repair companies are one of many aspects of the credit and credit card industries. Credit repair companies are made up of teams of financially-minded people with the goal of getting negative items removed from your credit history. You pay them to take a deep dive into your credit reports pulled from the three major credit bureaus, Equifax, Experian, and TransUnion, and fight on your behalf to ensure their accuracy.

What items are on your credit report? Typically, all credit reports contain the following information:

  • Name
  • Address
  • Employment
  • Date of Birth (DOB)
  • Social Security Number (SSN)
  • Date of account opening
  • Credit limits
  • Loan amount
  • Payment history
  • Account balances

Related Article: What Information Is On Your Full Credit Report?

This data is collected from credit card issuers, banks, and other financial entities you’ve interacted with. Repairing your credit takes more than just identifying where items from your credit report came from. As such, a credit repair service also works with you to develop strategies that can increase your credit scores over time. Usually, this means exhibiting responsible financial behavior so that your standing with the three major credit bureaus improves, like paying your bills on time and not opening or closing multiple credit cards at once.

What Do Credit Repair Companies Charge for?

Credit repair companies can charge a wide array of fees, depending on the services they offer. They may charge you for every cease and desist letter they send to debt collectors on your behalf and item deleted from your credit report or collect a monthly fee that covers the cost of professionals analyzing your entire report and speaking with creditors to remove these inaccurate records.

Credit repair software isn’t much cheaper, and often supplements the same guidance you’d receive from credit repair companies with templates for the creditor inquiries and cease and desist letters mentioned above. All that said, there’s no guarantee that the actions carried out by the credit repair company you choose guarantees you’ll have a higher credit score.

Sure, they offer advice and do their best to remove mistakes they find on your credit report, but that only affects the issues they actually find. They’re human, like you and I, and can miss a mistake buried deep in your credit report from decades ago that has been plaguing your prosperity.

Are Credit Repair Services Worth the Cost?

Ultimately, you can do everything that a credit repair company does. You can sift through pages and pages of documents, checking and cross-checking your bank statements and credit reports to make sure they’re all accurate, but you also have to determine if that is the best use of your time. You may very well be able to prepare dinner every night for your family, but it’s also nice to order takeout every once in a while as well.

If you’re not confident in your knowledge about credit repair tactics, credit repair professionals may be the option for you. Healthy skepticism is always a safe approach to take when entrusting others with your sensitive financial information, but regulations have been put into place for your protection.

Thanks to Title IV of the Consumer Credit Protection Act, the 1996 statute known as the Credit Repair Organizations Act (CROA), credit repair companies are required to provide consumers with the knowledge to make decisions regarding their business practices, including providing detailed advertiser disclosures and preventing fraudulent advertising outright. This helps to make sure that credit repair companies are as honest as they claim to be with the things they say they can do for you.

The CROA also protects consumers by only allowing credit repair companies to get paid after their services have been completed, which is particularly important for those who want peace of mind. By taking the time to thoroughly research credit repair companies until you find the one that best meets your specific needs, you’ll be setting yourself up for success and a much easier time with creditors in the future.

Related Article: How Long Does It Take to Repair Your Credit Score?

Must-Break Bad Habits of Credit Card Users with Poor Credit

by Cory Santos
must break habits of credit card users with poor credit

Last updated on February 20th, 2024

Everybody makes financial mistakes, but when you keep making those mistakes repeatedly without correcting the behavior, you’re creating bad habits that can keep you from having good credit in the future. A missed payment here or there isn’t the end of the world, but you’ll want to show you’re responsible to credit card issuers to prove to them that you can be trusted with cards that have better interest rates, better rewards, and higher spending limits.

If you feel the pressure of credit card debt payments mounting from month to month, try to identify these must-break habits of credit card users with poor credit in yourself so that you can make a change.

Ignoring the Signs

You have to be out of your mind to think that the adage “out of sight, out of mind” can benefit you when it comes to your credit. Not paying attention to your credit card balance every day is irresponsible and will not help keep your other bad credit card habits at bay.

To help in this regard, most modern financial institutions nowadays offer smartphone apps that can help you track your spending and alert you whenever your card is charged, or a certain payment threshold is met. Banks have similar systems to track the usage of your debit card on your checking account, so it only makes sense to apply the same level of care here.

Not Knowing Your Credit Score

Not knowing your credit score can be as harmful to your finances as not knowing your balance each month. While your credit score doesn’t drop if you are declined when applying to a credit card, the credit inquiry that determined if you are eligible for that card does have an impact. You can find out what your credit score is by examining your credit reports.

These reports can be requested from one of the three major bureaus before applying for a new credit card and are insightful in their detail.

Not Setting a Budget or Keeping to One

Spontaneity may be considered a key part of some romantic relationships, but that certainly should not apply to any of your financial ones. In fact, properly planning your budget each month is a great way to save money and efficiently work towards your set goals. When it comes to your budget, auditing your recurring monthly expenses is a fine way to begin.

Eliminate all of the streaming entertainment services you don’t frequently use each month or reduce the number you do down to just a few. Cooking at home instead of ordering takeout is an easy way to save cash, and so is getting rid of those recurring meal delivery kits if they’re not cost-effective enough to help you meet your goals. Shed the excess and stick to it for the best results.

Maxing Out Your Credit Cards

Speaking of excess, you should try to avoid spending as much as your credit limit allows, as it can lower your credit score. How much you charge on a card vs. the total amount you can charge on a card is known as your credit utilization ratio, and you’ll want to keep that low to prove that you’re not dependent on credit cards and less of a liability.

Excessively Leveraging Your Credit Cards to Pay for Other Credit Cards

Balance transfers are helpful to lower the monthly interest you may be paying on one of your credit cards but having a strategy to pay off the debt before your intro period is over is critical. Many credit cards lure new users to sign up with a combination of enticing rewards and lengthy introductory periods during which they won’t have to pay interest on balances transferred over.

As impressive as this offer sounds, if you only make the minimum payment on your debt throughout the intro period, you may still have a balance left over when the much higher standard balance transfer APR rate kicks in.

At that point, you’ll have to pay interest at a much higher rate than what you may have budgeted yourself for, putting you back in the self-defeating cycle of seeking out another card to transfer your debt to avoid paying interest.

Your goal with a balance transfer credit card should be to pay off your debt entirely as fast as you can afford to. Why pay interest if you don’t have to, after all? Plan for success if you want to break your bad financial habits and boost that credit score. It’s tough, but not impossible- so start today!

Should You Consider a Balance Transfer During COVID-19?

by Cory Santos
should-you-consider-a-balance-transfer-during-covid-19

Last updated on February 20th, 2024

The impact of COVID-19 continues to hit the bottom lines of Americans hard. While the nation is slowly pulling out of lockdown, family finances are yet to recover, with the average household debt soaring. There are several options available to those impacted by the pandemic financially, including balance transfer credit cards. So, should you consider a balance transfer during the COVID-19 (coronavirus) epidemic?

What Is a Balance Transfer?

A balance transfer is a term found with many credit card offers. A balance transfer is exactly what it sounds like: you transfer the balance of one credit card to another.

The purpose of a balance transfer is to consolidate existing balances and pay them down with one payment. Because of the goal, balance transfer cards typically come with a lower interest rate than other types of cards – especially rewards credit cards. Balance transfer cards also usually come with an introductory offer on transfers. These offers might be as low as 0% intro APR but can simply be a reduced interest rate for balances transferred for a set time.

Why Consider a Balance Transfer During COVID-19?

Reducing monthly payments and consolidating debts into a lower interest rate makes sense at any time of the year. Because of the COVID-19 pandemic, however, the thought of a balance transfer might be even more enticing.

Stay-at-home orders, job losses, and stretched budgets are just some of the struggles millions of Americans are facing due to the coronavirus. For those finding themselves out of work, reducing their monthly credit card bills is a logical idea.

Conducting a balance transfer can reduce monthly payments, free up cash for groceries, and help a family’s bottom-line under challenging circumstances. But should you consider making a balance transfer during COVID-19?

Things to Consider Before Applying for a Balance Transfer

Before rushing out and applying for a balance transfer card, take some time to consider the following questions:

Is There a Promotional APR Period? If So, How Long Is It?

One of the most critical aspects of any good balance transfer card is the promotional APR period. Most cards of this type come with a 0% intro APR for between six and eighteen months. This period is usually around one year, on average, however.

While zero interest sounds great, make sure you understand that once that period ends, you’ll pay the standard interest rate. Balance transfer cards have lower APRs than rewards cards, but for those with fair credit, the typical interest rate can hover around 20%. And at that rate, you might find yourself racking up more debt than you’re paying off!

Pay close attention to the introductory period with each card and make sure you can pay off the balance you transfer during that promotional window.

Related Article: What Is the Average Credit Card APR?

Are There Any Balance Transfer Fees?

Transactional fees are another concern of which to be wary. Balance transfers often come with costs – around 3% of the transaction value, on average. Some cards offer no balance transfer fees. Card issuers that usually lack these fees are credit unions and smaller, regional banks.

Just because your bank charges a fee for making a transfer doesn’t mean it’s not worth doing – just make sure it’s financially viable. After all, 3% might not sound like much, but on a $1,000 transfer, it’s an extra $30.

How Long Will the Transfer Take?

Some card issuers will transfer your balance immediately. Others, however, can take up to 90 days to complete the transaction. Make sure you read the terms and conditions on your credit cards carefully – otherwise you might get stuck with your larger balance for longer than you hoped.

Summing It All Up

Credit card debt is rising quickly due to the COVID-19 pandemic. Recent studies indicate that debt grew by 40% in March alone, due to the economic shutdown. Because of this economic turmoil, a balance transfer might make perfect sense.

Before conducting any transfers, however, always make sure your finances can handle the fallout, should your transfer take longer than expected – or your request is denied.  Cardholders experiencing hardships can contact their lenders for coronavirus-related credit card relief. These measures include delaying payments, reducing charges, or eliminating excess fees.

Ultimately, a balance transfer is a great financial tool for those looking to get out from underneath mounting debts. Just do your homework first, so there are no surprises down the line.

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BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.