The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Lawâs editorial disclosure […]
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Lawâs editorial disclosure […]
Update 2/3/21: There are two AmEx deals on the Wireless category, and the data points within this table should work for those offers as well:
(Table last updated on 10/1/20 at 12:40pm ET. If the table isn’t displaying properly, try incognito or CTRL+Shift+R.)
IntroducingÂ Benefits Workshop for the new American Express statement credit offers in the Streaming, Wireless, and Shipping categories. There are many merchants mentioned directly by Amex (which we’ve also included in the table below), yet most will have to be dealt with by trial-and-error to ensure that a given merchants is categorized properly to be eligible for the credit.
All the data points below are from DoC comments and from the Reddit thread that deals with this. We figured it’s easier for people to find things in a consolidated place in table form with easy search.
I hope to expand this table over time as more data points come in – please contribute successes and failures in the comments below! I’ll also add these data points to our Payments Workshop as well.
|Acorn TV (RLJ Entertainment)||Streaming||Does not credit automatically||2020-07-02||Source|
|Amazon balance reload||Streaming||Does not work||2020-05-11||Source|
|Amazon gift card||Streaming||Does not work (but you can buy Kindle gifting to get credit)||2020-05-31||Source|
|Amazon HP Instant Ink eCode||Streaming||Works||2020-05-24||Source|
|Amazon movie rental||Streaming||Works||2020-05-08||Source|
|Amazon Music Unlimited||Streaming||Works||2020-05-08||Source|
|Amazon Prime subscription (student)||Streaming||Does not work||2020-05-11||Source|
|Amazon Prime Video (movie purchase)||Streaming||Works||2020-05-11||Source|
|Amazon Prime Video (tv show purchase)||Streaming||Works||2020-05-11||Source|
|Apple app subscription||Streaming||Works||2020-05-08||Source|
|Apple book purchase||Streaming||Works||2020-05-12||Source|
|Apple iCloud storage||Streaming||Works||2020-05-13||Source|
|Apple ID account load (via app store)||Streaming||Works||2020-05-11||Source|
|Apple ID load||Streaming||Works||2020-05-08||Source|
|Apple Music 3-month subscription||Streaming||Works||2020-05-08||Source|
|AT&T business wireless||Wireless||Works||2020-05-11||Source|
|AT&T home phone service||Wireless||Works||2020-05-08||Source|
|AT&T in-store purchase||Wireless||Does not work||2020-08-14||Source|
|AT&T internet UVERSE payment||Wireless||Works||2020-08-14||Source|
|AT&T payment on app||Wireless||Works||2020-05-11||Source|
|AT&T Prepaid Wireless||Wireless||Works||2020-05-11||Source|
|AT&T TV Now||Streaming||Works||2020-05-08||Source|
|AT&T U-verse||Wireless||Does not work||2020-05-08||Source|
|AT&T wireless & internet bundle||Wireless||Works||2020-07-02||Source|
|AT&T wireless bundle with Directv/etc online payment without login||Wireless||Works||2020-07-02||Source|
|AT&T wireless/internet bundle||Wireless||Does not work||2020-05-11|
|Audible audiobook purchase||Streaming||Works||2020-05-08||Source|
|Audible monthly subscription fee||Streaming||Works||2020-05-11||Source|
|CBS All Access||Streaming||Works||2020-05-08||Source|
|Consumer Cellular manual payment||Wireless||Works||2020-05-11||Source|
|Cricket wireless bill||Wireless||Works||2020-05-11||Source|
|Cricket wireless bill||Wireless||Works||2020-05-11||Source|
|Criterion Channel subscription (annual)||Streaming||Does not work||2020-05-17||Source|
|Crunchyroll premium||Streaming||Does not work||2020-08-14||Source|
|Dell.com (xbox gc)||Dell||Works||2020-05-11||Source|
|Disney plus bundle (Disney+, Hulu and ESPN+)||Streaming||Works||2020-05-08||Source|
|eBay shipping||Shipping||Does not work||2020-05-08||Source|
|FandangoNow Video Rental||Streaming||Does not work||2020-07-02||Source|
|FedEx Office store purchase||Shipping||Does not work||2020-05-13||Source|
|FedEx shipping at FedEx Office||Shipping||Works||2020-05-17||Source|
|FedEx store purchase||Shipping||Does not work||2020-05-11||Source|
|Frontier Internet/Ziply Fiber bill||Wireless||Does not work||2020-05-24||Source|
|Good2Go mobile||Wireless||Does not credit automatically||2020-07-02||Source|
|Google domain renewal||Streaming||Works||2020-06-12||Source|
|Google Fi||Streaming, Wireless||Works as Streaming, does not work as Wireless||2020-05-08||Source|
|Google Fi||Streaming, Wireless||Sometimes works as Streaming, sometimes works as Wireless||2020-05-24||Source|
|Google Fi||Streaming, Wireless||Does not work for either category||2020-05-24||Source|
|Google Fi||Wireless||Works (as wireless)||2020-05-27||Source|
|Google Fi||Streaming, Wireless||Works as Wireless (YMMV)||2020-06-12||Source|
|Google Fi||Streaming, Wireless||Depends on how they code it||2020-07-02||Source|
|Google Fiber bill||Streaming||Works||2020-05-17||Source|
|Google Fiber monthly bill||Wireless||Does not work||2020-08-14||Source|
|Google Fiber reload||Streaming||Does not work||2020-06-12||Source|
|Google music-album purchase||Streaming||Works||2020-05-24||Source|
|Google nest subscription||Streaming||Works||2020-05-08||Source|
|Google Play in-app purchase||Streaming||Works||2020-05-11||Source|
|Google Play Music||Streaming||Works||2020-05-11||Source|
|Google play reload||Streaming||Works||2020-05-11||Source|
|Google Play Store – app purchase||Streaming||Works||2020-05-08||Source|
|Google Voice load||Streaming||Works||2020-07-02||Source|
|Google Voice number unblock fee||Wireless||Works||2020-06-12||Source|
|Google Voice recharge||Streaming||Works||2020-05-24||Source|
|H2O Wireless reload (pay as you go)||Wireless||Works||2020-05-24||Source|
|iCloud storage fee (99c)||Streaming||Works||2020-05-08||Source|
|Kindle Book purchases (Amazon)||Streaming||Works||2020-05-13||Source|
|Kindle eBook gifting purchase||Streaming||Works||2020-05-31||Source|
|Kindle subscription auto-renewal (Amazon)||Streaming||Works||2020-05-17||Source|
|Kindle Unlimited (Amazon)||Streaming||Works||2020-05-08||Source|
|Kindle Unlimited gift membership||Streaming||Works||2020-05-31||Source|
|Metro by T-Mobile||Wireless||Works||2020-05-12||Source|
|Mint Mobile||Wireless||Stopped working||2020-08-14||Source|
|Mint Mobile||Wireless||Working again||2020-10-01||Source|
|Mint mobile load||Wireless||Works||2020-05-11||Source|
|Mint Mobile Uproam reload||Wireless||Works||2020-05-11||Source|
|NBA League Pass||Streaming||Works||2020-05-08||Source|
|Netflix DVD Plan||Streaming||Works||2020-05-13||Source|
|Netflix paid in foreign currency||Streaming||Does not work||2020-05-13||Source|
|netflix physical dvd plan||Streaming||?||2020-05-08||Source|
|NordVPN subscription||Wireless||Does not work||2020-08-14||Source|
|Optimum Online||Wireless||Does not work||2020-05-13||Source|
|PackageBoss||Shipping||Does not work||2020-06-12||Source|
|Philo subscription||Streaming||Does not work||2020-05-11||Source|
|PhotoStamps.com||Shipping||Does not work||2020-05-17||Source|
|Pitney Bowes postage meter||Shipping||Works||2020-05-13||Source|
|Postal Annex||Shipping||Did not post automatically||2020-10-01||Source|
|Pure Talk USA||Wireless||Works||2020-05-11||Source|
|Red Pocket Mobile||Wireless||Works||2020-05-13||Source|
|Republic Wireless bill payment||Wireless||Works||2020-06-12||Source|
|Shipping label purchased via PayPal||Shipping||Does not work||2020-05-11||Source|
|Shudder||Streaming||Does not work||2020-05-13||Source|
|SiriusXM gift card purchase||Streaming||Does not work||2020-05-13||Source|
|SiriusXM Streaming and Satellite||Streaming||Works||2020-05-08||Source|
|Soundcloud||Streaming||Does not work||2020-06-12||Source|
|Spectrum internet||Wireless||Does not work||2020-05-08||Source|
|Spectrum Mobile bill||Wireless||Works||2020-05-11||Source|
|Spotify (edu subscription)||Streaming||Works||2020-05-11||Source|
|Sprint bill auto-pay||Wireless||Works||2020-05-08||Source|
|Sprint bill manual payment||Wireless||Works||2020-05-24||Source|
|Straight Talk Cell||Wireless||Works||2020-05-13||Source|
|Subscription via Apple Pay||Streaming||Works||2020-05-11||Source|
|T-mobile (direct, postpaid)||Wireless||Works||2020-05-11||Source|
|T-Mobile Apple Pay (T-Mobile Payments)||Wireless||Works||2020-05-11||Source|
|T-Mobile bill payment||Wireless||Works||2020-05-11||Source|
|T-Mobile equipment payment||Wireless||Works||2020-05-11||Source|
|T-Mobile manual payment||Wireless||Works||2020-05-11||Source|
|T-Mobile paid via Apple Pay||Wireless||Works||2020-05-11||Source|
|T-Mobile store purchase (accessories)||Wireless||Works||2020-05-11||Source|
|Teltik||Wireless||Does not work||2020-05-08||Source|
|Tidal||Streaming||Does not work||2020-05-17||Source|
|Ting||Wireless||Conflicting data points if it works||2020-06-02||Source|
|Tracfone airtime purchase||Wireless||Works||2020-05-17||Source|
|Twitch||Streaming||Does not work||2020-05-08||Source|
|Ua mobile family plan||Wireless||Works||2020-05-13||Source|
|UPS Store notary service||Shipping||Works||2020-08-14||Source|
|UPS Store shipping cost in-store||Shipping||Does not work||2020-06-12||Source|
|ups.com shipping purchase||Shipping||Works||2020-07-02||Source|
|US Mobile||Wireless||Does not work||2020-05-13||Source|
|USPS Change of Address fee||Shipping||Works||2020-07-02||Source|
|USPS Gift shop||Shipping||Works||2020-05-11||Source|
|USPS in-store stamps purchase||Shipping||Works||2020-05-13||Source|
|USPS Passport acceptance fee||Shipping||Works||2020-08-14||Source|
|USPS PO Box renewal||Shipping||Works||2020-05-13||Source|
|USPS self-service kiosk||Shipping||Works||2020-05-11||Source|
|USPS shipping label purchase||Shipping||Works||2020-05-11||Source|
|USPS stamps purchased online||Shipping||Works||2020-05-11||Source|
|Verizon accessory purchase online||Wireless||Works||2020-10-01||Source|
|Verizon airpods pro purchase||Wireless||Works||2020-05-11||Source|
|Verizon cell phone purchase||Wireless||Works||2020-05-24||Source|
|Verizon Fios||Wireless||Does not work||2020-05-08||Source|
|Verizon fios (manual payment)||Wireless||Works||2020-05-11||Source|
|Verizon in-Store physical gift card purchased||Wireless||Works||2020-05-31||Source|
|Verizon monthly bill||Wireless||Works||2020-05-11||Source|
|Verizon online (accessory purchase)||Wireless||Works||2020-05-17||Source|
|Verizon online accessories||Wireless||Works||2020-06-12||Source|
|Verizon Online Accessory Purchase||Wireless||Does not work||2020-06-12||Source|
|Verizon Online Accessory Purchase||Wireless||Does not work||2020-06-12||Source|
|Verizon physical gift card purchased online||Wireless||Works (YMMV)||2020-05-11||Source|
|Verizon physical gift card purchased online||Wireless||Does not work (YMMV)||2020-05-13||Source|
|Verizon physical gift card purchased online||Wireless||Does not work (YMMV)||2020-05-17||Source|
|Verizon physical gift card purchased online||Wireless||Works when checking out as guest (maybe?)||2020-05-19||Source|
|Verizon physical gift card purchased online||Wireless||Works||2020-05-30||Source|
|Verizon shop purchase||Wireless||split purchase between cards via chat||2020-05-24||Source|
|Verizon Wireless partial bill payment||Wireless||Works||2020-05-13||Source|
|Viki.com via Apple Pay||Streaming||Works||2020-05-11||Source|
|Vimeo||Streaming||Does not work||2020-06-12||Source|
|Visible Apple Pay payment||Wireless||Works||2020-05-11||Source|
|VRV subscription (direct payment)||Streaming||Works||2020-05-11||Source|
|VRV subscription (direct payment)||Streaming||Does not work||2020-07-02||Source|
|Vudu purchase||Streaming||Does not work||2020-05-17||Source|
|Xfinity Mobile fractional payment by calling in||Wireless||Works||2020-06-12||Source|
|YouTube Music Premium||Streaming||Works||2020-05-08||Source|
|Youtube TV show purchase||Streaming||Works||2020-05-17||Source|
You can sort this in various ways:
According to a YouGov Parent Survey in 2019, a quarter of parents entered the 2019 holiday shopping seasonstill paying down debt related to 2018 holiday spending. Deloitte numbers put holidayretail salesgrowth in 2019 at 4.1% year-over-year. In 2020, Deloitte predicts growth of between 1% and 1.5% year-over-year for the holiday season.
It might be that some people no longer want to pay for holiday gifts, decorations and food a year down the road. But it’s also true that the COVID-19 pandemic has hit consumerwallets and some people might be cutting back this year.
That doesn’t mean that people aren’t shopping. Google and other thought leaders note that changes to shopping habits and the need for social distancing and other measures will likely spread the holiday shopping season out longer. Shoppers are also likely to turn to online shopping.
With a ton of shopping opportunities, a longer holiday shopping season and pent-up pandemic energy, it might be easy to overspend and create debt you’ll deal with into the future. Follow these tips to prepare for holiday shopping so you can protect your financial standing, save money and make the most of the resources you have this season.
Begin by checking your credit scores and reports. They tell you where you stand if you want to apply for credit. They also give you a baseline of where you are so you know if your score goes up or down later with no explanation.
An unexplained drop in your credit score can be a sign your financial information is compromised. Unfortunately, the holidays are prime time for many scammers. Using a service, such as ExtraCredit’s Track It feature to keep tabs on 28 of your FICO scores, helps you know when you need to act to protect your credit.
If you have existing credit cards and you’re a cardholder in good standing, the months prior to the holidays can be a good time to ask for a credit limit increase. You’re not asking so you can spend more-it’s typically advisable to keep spending in line with your budget no matter how much credit you have.
You’re asking for a higher limit so you can spend what you already planned to without hurting your credit utilization. Credit utilization is the second-most important factor in determining your credit score-second only to payment history. It’s the ratio between your credit limit and how much of that credit you have used.
If you have a card with a limit of $1,000 and you spend $300, that’s a utilization rate of 30%. But if you get approved for a credit limit of $2,000 and you spend $300, that’s a utilization rate of only 15%, which is better for your score.
Those with good or excellent credit might want to consider applying for a card with a 0% APR introductory offer. If you qualify for such a card, you typically have one or two years to pay off purchases made during the introductory period without accruing any interest.
This can be a way to finance your entire holiday without paying anything more for the privilege of doing so. However, it’s still important to maintain your budget and not overspend just because you won’t be paying the balance off until later. Otherwise, you make this season’s holiday festivities next season’s problem.
Speaking of last season’s debt: If you can pay it down before you start spending this season, that’s a great accomplishment. It also frees up your credit and your budget so you can better enjoy the current holiday season. If you’re paying $100 a month on your debt, that’s $100 a month that might go toward gifts or celebrations that you don’t have to put on a card this year.
If you do use credit to pay for the 2020 holidays, have a plan for paying it down as soon as possible. That’s especially true with 0% interest cards. The longer you wait, the greater the chance you’ll miss the introductory period and potentially be on the hook for a lot of interest expense.
Whether you’re using cash or credit-or a mix of both-enter the 2020 holiday shopping season with a plan. Take an honest look at your personal budget. If you don’t have a budget, create one before you move forward. Then decide how much you can realistically spend during the holidays.
Consider which gifts you want to buy and which events you want to host or attend. You might not be able to do everything, and that’s OK. Be honest with yourself, your family and your friends about what you can afford to do with your time and money this year.
Then make a list and assign each item a monetary budget. That can include:
Once you assign a dollar amount to a category, stick to it. That’s a good idea even if you’re spending with credit.
Once you know how much you want to spend, decide how best to spend it. If you’re using credit cards for the holidays, check your accounts to see if any offer cash back or rewards points. If they do, double-check which categories or stores you can shop in to earn the most points with each card.
For example, some travel rewards cards offer 6x points when you shop at supermarkets. You could use such a card to cover the food-and-drink portion of your holiday budget and reap the biggest rewards possible from that spending. You might also be able to maximize rewards when purchasing gift cards.
As you enjoy holiday shopping, be on guard. Don’t use debit card PIN numbers unless you have to, and shield the keypad when you enter your information. Keep a close eye on your wallet or purse, and check your credit card statements regularly to ensure all charges are yours. You can also use ExtraCredit’s Guard It feature to help keep your identity and account information safe during and beyond the season.
The post Prepare for Holiday Shopping with These Timely Credit Tips appeared first on Credit.com.
When you make a payment with a credit card not all of that money goes to the merchant. Your payment has to be authorized by multiple companies or banks along the way and some of them will deduct fees for their services. A portion of your payment goes to your card issuerâs bank, the merchantâs bank, the big payment networks such as Visa and Mastercard as well as payment processing companies. Hereâs what you need to know about credit card processing fees.
What Happens When You Make a Credit Card Transaction
Before we break down the individual credit card processing fees, itâs helpful to give a quick rundown of what happens when you make a payment with your credit card.
When you try to make a purchase with your card, whichever credit card processor the merchant uses will need to receive authorization to complete the transaction. To do that, the first step is to send your information and the transaction details to the appropriate payment network, Visa, Mastercard, American Express or Discover.
The payment network then contacts the bank that issues your credit card. Your card issuer has to confirm that you have enough available credit to cover the purchase you are trying to make. If you have enough available credit, it will approve the transaction. If you donât have enough, it will deny the transaction. That approval or denial goes back to the payment network, who sends its approval (or denial) of the transaction back to the merchantâs bank.
This entire process only takes a few seconds but it happens every time you make a purchase with your card. It doesnât matter whether you swipe, insert a card with an EVM chip or manually enter your credit card number.
Average Credit Card Processing Fees Average Credit Card Processing Fees Visa 1.40% â 2.50% Mastercard 1.60% â 2.90% Discover 1.56% â 2.30% American Express 1.60% â 3.00%
The table above lists an an average range for credit card processing fees from each major credit card provider. These ranges are meant only to give you an idea of how it works. There are a number of things that go into the final processing fees for any individual merchant (more on that later). Credit card issuers also are not always transparent with their fees and how they change over time. This is particularly true of Discover and American Express. However, credit card processing fees generally average around 2%. Another key trend is that American Express regularly charges higher fees.
Credit Card Processing Fees: Interchange Fees
An interchange fee is money that merchants pay every time they make a credit or debit card transaction. Itâs typically a percentage of the transaction plus a flat rate for each transaction. For example, an interchange fee might be 1% of the transaction plus a flat fee of $0.25 per transaction.
This fee goes to the credit (or debit) cardâs issuing bank so that it can cover its own fees. In general, a credit card issuer will charge higher fees for cards that offer more perks of benefits. However, the biggest fee that your card issuer has to pay is an assessment fee. This goes to the credit card network (e.g. Visa or Mastercard) and all networks charge the same assessment fee.
Interchange fees make up the majority of credit card processing costs for a merchant. There is a base part of the interchange fee that is non-negotiable because it is the same no matter what credit card companies a merchant works with. There is also a markup fee, which is an additional cost on top of the base fee. The markup goes to credit card processing companies (learn more about them in the next section) and they vary between processors. These fees are negotiable so a merchant should always compare these fees before choosing a company to process their transactions.
Credit Card Processing Fees:
Merchant Service Providers
Even though merchants have to contact card-issuing banks to approve every transaction, they do not directly contact those banks. Instead, the transaction goes through a middle man that allows merchants and banks to communicate. This middle man is a merchant service provider (MSP). Common MSPs are Square and Payline.
MSPs charge merchants a certain fee for every transaction, whether itâs a sale, declined transaction or return. They may also charge the merchant a setup fee, a monthly usage fee and a cancellation fee.
Some merchants may have a bank that provides these services, but the majority of merchants have to use a third party MSP.
Online Versus In-Store Transactions
Credit card processing fees are cheaper if you pay in-person versus online. Thatâs because there is a greater risk of fraud with online payments. If you buy something in a store, the merchant has the ability to confirm that someone if using a real card and that they are the cardholder. This is harder to do with an online payment. The result is higher fees as companies try to protect themselves from fraudulent payments.
MSPs also charge additional fees for providing the software that makes an online payment transaction possible for a merchant.
The Bottom Line
It only takes a few seconds for a credit card transaction to go through, but there is a lot going on behind the scenes. Multiple banks and companies help facilitate transactions and they all want their cut of the profit. This is where credit card processing fees come in. A merchant has to pay an interchange fee every time a transaction is made, some of which is non-negotiable and some of which varies depending on the merchant service provider that a merchant uses.
A merchant bears the brunt of credit card processing fees and some merchants cannot afford to pay all the fees. This is a common reason why smaller merchants do not accept credit cards. These fees are also the reason that some merchants will require a minimum transaction amount in order to use a credit card.
Common Credit Card Fees to Avoid
Photo credits: Â©iStock.com/Juanmonino, Â©iStock.com/NoDerog, Â©iStock.com/andresr
The post All About Credit Card Processing Fees appeared first on SmartAsset Blog.
Paying the annual fee on a credit card doesn’t mean you’re wasting your money.
In fact, the top travel and rewards credit cards offer welcome bonuses that are worth considerably more than their annual fees, and that’s on top of the cardholder perks and benefits you can receive.
Case in point: The Chase Sapphire Preferred Card* charges $95 per year, yet the sign-up bonus of 60,000 points is worth $750 on its own. Meanwhile, the more luxurious Chase Sapphire Reserve charges a $550 annual fee, but the sign-up bonus is worth $750 in travel, and you get perks like a $100 Global Entry/TSA PreCheck credit every four years, Priority Pass Select membership (valued at $429), a $300 travel credit and more.
Still, a problem can arise when you can’t use the benefits your card offers – or when you cannot (or don’t want to) pay the annual fee anymore.
In that case, you should know credit card issuers can be surprisingly receptive to cardholders who may not be excited about paying their credit card’s annual fee another year. With this in mind, you have some options that can help you avoid annual fees, get something in return or switch credit cards altogether.
See related: When is a credit card annual fee worth it?
According to Howard Dvorkin, CPA and chairman of Debt.com, it’s always worth it for consumers to negotiate their credit card fees or terms. Whether a consumer will get their fees waived is another question, but “it never hurts to ask,” he said.
This is especially true in light of the coronavirus pandemic. As we all know, credit card issuers have been fairly generous when it comes to offering struggling customers relief, with some extending options for deferred payments or waived fees. As an example, a March 2020 statement from Capital One CEO Rich Fairbank noted that the bank was offering assistance to its customers, such as “waiving fees or deferring payments on credit cards or auto loans.”
Dvorkin says consumers can improve their chances of getting their annual fee waived if they have a history of responsible credit use. In some cases, it may be possible to have an annual fee waived altogether, while in others, an account credit may be offered to take the sting out of the fee.
Some credit card issuers even have their own “retention offers” meant to entice you into keeping your card. For example, American Express is known for offering a set number of points for customers who agree to renew their card and pay an annual fee for another year. Sometimes a specific amount of spending is required on the card as well.
On the FlyerTalk website, you’ll even find a running guide of retention offers from several different card issuers, including Amex. After you dig through it, you can find that, as recently as January 2021, at least one person was offered 50,000 Membership Rewards points to renew their Platinum Card from American Express.
See related: Which cards earn American Express rewards points?
But how do you make sure you have as much leverage as possible? We interviewed the experts to find out their best tips for negotiating credit card fees:
Lending expert John Li of Fig Loans says you’ll have the best chances at negotiating your credit card’s annual fee if you use your card frequently.
“At the end of the day, doing so makes the bank money, and a steady flow of transactions puts you in front of the credit card issuer as a worthy customer to build a long-term professional relationship with,” he says.
Dvorkin recommends keeping a level head before you pick up the phone. Take the time to state your case, but don’t fly off the handle if you don’t get your way.
“Credit card issuers get angry calls from cardholders all the time, so it helps consumers to be positive when calling to get a fee waived,” he says.
While some card issuers like American Express have an online chat feature, you may have better luck negotiating with a customer service agent over the phone. In fact, phone agents can usually perform more services on your behalf versus agents you speak to via online chat.
Nishank Khanna, CEO of business lender Clarify Capital, says you’ll have a better shot at negotiating if you have a compelling reason for not wanting to pay an annual fee.
“If you’re having this conversation with your lender to begin with, you’ll want to be able to articulate a logical reason for why you deserve to have the fee removed or reduced,” he says. “Customer service representatives are often receptive to legitimate reasons and may have a policy in place to help accommodate customers with specific concerns or circumstances.”
Khanna also says you can point to other card issuers that may have a better deal right now. Have competitors waived their fees? If you’re looking to knock off a fee on a travel credit card because you haven’t been able to use the card during the pandemic, for example, you should find out how other card issuers are handling the situation.
Persistence can pay off when it comes to negotiating credit card fees and terms. Not only that, but you don’t have to accept the first “no” you receive. If you don’t get the answer you want, you can always try the famous “HUCA” method, which asks you to hang up and try again. You may be connected to a different agent who is more agreeable.
See related: Does applying for a credit card by phone boost approval odds?
If you are trying to negotiate an annual fee but can’t seem to make any progress, keep in mind that other options may make just as much sense.
For starters, Dvorkin says consumers who find they cannot negotiate their card’s annual fee should consider opening a credit card that doesn’t have an annual fee and closing their old one.
Note that closing a credit card can lower your credit score by reducing your overall available credit. Depending on how high the card’s credit limit is and what balances you have on other cards, this could raise your credit utilization ratio and lower your score. But this may be a risk worth taking if you can no longer afford your card’s annual fee.
Also, keep in mind some card issuers might let you downgrade your credit card to another card they offer that doesn’t charge an annual fee. You will probably earn a lower rewards rate and get fewer perks if you take this route, but moving your line of credit to a different card won’t cause damage to your credit score like closing an account can.
*All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
With key financial responsibilities like insurance, taxes, and retirement savings bouncing around your head, what should you focus on and when in 2021?With key financial responsibilities like insurance, taxes, and retirement savings bouncing around your head, what should you focus on and when in 2021?
The post 2021 Personal Finance Calendar: Keeping Your Finances On Track In The New Year appeared first on Money Under 30.
According to jona970318 American Express is set to announce a new Centurion lounge will be opened at Washington National Airport (DCA). In addition new expansions for SFO & SEA will be announced. It’s not clear where the new DCA lounge would be located at this stage but Jona speculates it could be landside in the B/C area.
VFTW notes that the SFO expansion would bring the size to nearly 16,000 square feet and the SEA ‘expansion’ is a relocation that would go from 4,500 square feet to 13,700 square feet in space.
You’re likely to lose track of a credit card at some pointâmany people do. You’re standing at the checkout counter, you open your wallet and it’s not there. What you do depends on how prepared you are and whether you think the card was lost or stolen.
Losing a credit card doesn’t have to be something that turns into a nightmare. You can manage the situation more effectively if you’ve taken these three steps to prepare in advance.
Do you often think your bank could improve its customer service? Have you had past problems getting unauthorized charges removed from a credit card statement? If your bank or credit card company has failed you in the past, it’s more likely it will do so in the future when you need help the most.
Of course, it’s easier to just coast along with whichever company you have been using to meet financial goals. But it’s worth the time to think of worst-case scenarios and make a change to the financial institutions you use before you need emergency services.
Take a few minutes to think how you would rate the services offered by your banks and credit companies and compare policies for lost or stolen cards. Little things can make a big difference, such as a company guarantee to get you a replacement card within a specific time frame.
Imagine you need a replacement credit or debit card, but the agent tells you he can’t send it to your current address because the company has an old address on file. Or imagine trying to activate a card via text or email while you’re traveling, but you can’t get it to work because the company has old numbers and addresses on file.
Unsurprisingly, financial institutions are hesitant to make any changes to an account while it’s flagged for possible fraudulent activity. If you want to get a replacement card in hand as quickly as possible when you need it, make any updates to your contact information now.
This one is easy. Record the toll-free support number for each card’s financial institution in your phone’s contact book. Though you could probably track down the number fairly quickly with internet access, time is often of the essence when reporting a lost or stolen card, so make it easy for yourself. Having your account number ready can also save valuable time verifying your identity with the customer service rep.
In general, you should treat a lost credit or debit card as if it was stolen. There’s no major downside to reporting it stolen, other than having to replace the card.
Obtaining the highest level of protection against fraudulent use of your card is based on how quickly you report the incident. Federal law says you have zero liabilityÂ for any charges made on your card after you report it’s gone, but you may be liable for charges made beforeÂ you do so.
You may be lucky. Your card or wallet might be waiting for you right where you left it.
Even if you’re lucky enough to find your lost card or it’s returned to you by a good Samaritan, your financial information may be compromised. Someone may have copied all the information neededÂ to process a transaction. It may be best to err on the safe side and get a new card.
Call the financial institution that issued the card using the 24-hour support phone number for fraud prevention and report the card as stolen. If your entire wallet was stolen with multiple cards and pieces of identification in it, call every financial institution as soon as possible.
Make a record of the time and date of your call and who you spoke to. Since your liability for unauthorized transactions is tied to speedy reporting, plan to prove you were diligent just in case.
Another way to demonstrate your due diligence and avoid any liability for unauthorized charges is to show you made an official reportÂ regarding the incident.
It’s a good idea to put a security alertÂ on your credit reports. Although this may be overkill for the loss of a single card, it can offer an extra layer of protection if the theft evolves into full-fledged identity theft. Victims of identity theft can sometimes have a hard time proving that negative credit reportingÂ was the result of an impersonation. An immediate alert regarding the initial incident can go a long way when you want negative information removed.
Take advantage of online access to your account to monitor activity. Check your monthly statements immediately upon receipt and not months later. If you see anything strange or unauthorized, contact your financial institution. Don’t assume that because you canceled the card everything is under control. Thieves develop new ways to take advantage of access to even the smallest bit of your financial information all the time.
Try to remember to do this before the auto payments bounce backÂ for nonpayment. Don’t let the theft of the card derail your good credit.
To ensure maximum protection against having to pay for unauthorized charges, call the credit card company’s 24-hour support line and report the missing card right away at any time of the day or night. Try retracing your steps if you think you can find the lost card, but even if it’s returned to you by a third party, you may want to request a replacement card to be safe.
New ways to track personal belongings are being developed all the time. Check with your financial institution to see if it has a way to locate a missing card by its internal chip. Some companies offer other features, such as the ability to turn the card on and off with an app if it’s temporarily misplaced.
Typically, it takes seven to 10 days to receive a replacement card. However, each company has its own policies regarding turnaround time, which can range from overnight to weeks.
A credit card can stop working for any number of reasons, including damage to the card or a negative credit balance. Occasionally, a credit card company places a hold on a card if the security agents see a suspicious transaction or a transaction with details that lie outside of your normal spending habits. In these cases, you can usually reactivate your card by calling the credit company and verifying your identity and recent transactions.
The post What to Do When Your Credit Card Goes Missing appeared first on Credit.com.
Cash back is a rewards benefit that many credit cards offer to cardholders. By taking advantage of it, youâll receive back a prespecified percentage of certain purchases you make. Many credit card companies will provide higher cash back rates on certain types of purchases, such as airfare, gas, food and more. Cash back is just one way that credit cards offer rewards, as mileage and points are some alternatives.
Before you spend too much money with your credit cards, make sure you have a financial plan in place. Speak with a financial advisor today.
What Is Cash Back?
The most commonly recognized style of cash back is what you have likely seen advertised as cash back credit cards. This specifically refers to earning a certain percentage of your credit card purchases back as cash rewards. However, cash back rates vary widely, as do the categories that they apply to.
You usually wonât see credit card cash back rates higher than 5%, while 1% is the typically minimum you will earn. Cash back categorization is significantly more complex though, with a merchant category code (MCC) system being the main organizing force.
MCCs run the entire cash back industry, as they ultimately decide how each purchase you make is classified. These designations coincide with cash back rates set by the issuer of your card. For example, you could use your card for a $50 dinner at a steakhouse, which has a ârestaurantâ code. If your card offers a 2% cash back rate on all spending at restaurants, youâd earn $1 cash back.
Familiar alternatives to cash back include point- and mile-based programs, though many cardholders are partial to cash back. Cash back affords cardholders an independence that is ideal, since you can redeem it for nearly anything.
Popular Cash Back Credit Cards
Discover, American Express, Mastercard and Visa all have cash back rewards credit cards available for prospective cardholders. Each abide by their own set of regulations, though card issuers decide on cash back rates, promotions and bonuses. Chase, Wells Fargo, Citi and Capital One represent some of the most active card issuers on the market today.
Below are a few examples of what you can expect to earn when looking for a cash back credit card:
Cash Back Credit Cards Card Name Cash Back Rates Cash Back Bonus Costco Anywhere Visa Card by Citi 4% cash back on eligible gas up to $7,000 per year, 3% cash back on eligible travel and restaurants, 2% cash back in-store and online with Costco and 1% cash back elsewhere None Bank of AmericaÂ® Cash Rewards credit card 3% cash back in a category of your choosing, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases (up to a quarterly cap of $2,500 in combined grocery/wholesale club/choice category purchases) $200 bonus cash back for spending at least $1,000 over your first 90 days Capital OneÂ® QuicksilverÂ® Cash Rewards Credit Card Unlimited 1.5% cash back everywhere $150 cash back bonus when you spend $500 during your first three months Citi Double Cash Card 1% cash back on your purchases and another 1% cash back when you pay your bill None Capital OneÂ® SavorÂ® Cash Rewards Credit Card Unlimited 4% cash back on dining and entertainment, 2% cash back on groceries and 1% cash back elsewhere $300 cash back bonus for $3,000 spent over your first three months TD Cash VisaÂ® Credit Card 3% cash back on dining, 2% cash back at supermarkets and 1% cash back on everything else Earn $150 cash back when spending $500 within the first 90 days (See Terms) USAA Preferred Cash Rewards Visa Signature Unlimited 1.5% cash back on everything None Blue Cash Everyday Card from American Express 3% cash back on up to $6,000/year at U.S. supermarkets (then 1%), 2% cash back at U.S. gas stations and select U.S. department stores and 1% cash back on other purchases $150 bonus cash back for spending $1,000 over your first six months Getting Cash Back at Retailers
Picture this: youâre buying some groceries on a Sunday morning, but know youâll need $40 cash to fill up your car with some gas later. You could swipe your debit card at the supermarket and then head over to the ATM. Or you could ask for cash back right from the cashier, eliminating the extra errand.
The above situation represents the alternative definition of cash back. Itâs ultimately the use of a cash register as if you were swiping your debit card at the ATM. When you request cash back from a cashier, your bank account will be charged the amount you asked for. This enables the funds to be pulled from your account so the cash can be placed in your hand.
Although this generally only applies to debit cards, there are a few exceptions for credit cards. DiscoverÂ® allows cardholders to ask for cash back at more than 50 large retail stores without a transaction fee.
There are many benefits to utilizing credit card rewards programs. But spending money that technically isnât yours will always involve some level of risk. If youâre in good financial shape, though, cash back and other types of credit card rewards can help you take more vacations, save money on purchases and more.
Credit Card Tips
Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authorâs alone, and have not been reviewed, approved or otherwise endorsed by the issuer.
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The post What Is Cash Back? appeared first on SmartAsset Blog.
If you are one of many Americans struggling with credit card debt, there are plenty of great strategies designed to get you out of it. From balance transfer credit cards to consolidation loans, there is no shortage of solutions to reduce your balances.
See related: How to pay off credit card debt: 3 best strategies
One unique service is trying to appeal to those with multiple credit card payments every month. Tally offers to consolidate your card payments and help you pay down your debt faster – all for less interest than you currently pay.
Read on to learn more about the service and if it is best for you.
Tally is a mobile app available on both the Apple App store and Google Play store. It is designed to manage credit card debt and help its users pay down their balance faster.
Tally users link their credit cards, and the service automatically makes payments, using an algorithm to determine what size payments to make to each card – using factors like highest APR. In order to consolidate your debt, Tally will extend you a single line of credit to cover the payments it makes. That way, you just make one monthly payment to Tally and it takes care of the rest for you.
Right now, Tally is only available in certain states. Eligible locations include Arizona, Arkansas, California, Colorado, Connecticut, Washington, D.C., Florida, Georgia, Illinois, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Mexico, New Jersey, New York, Ohio, Oregon, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington and Wisconsin.
Tally offers a few different solutions for its users, based on how you want to pay down your debt. The most common service is known as Tally Pays – and puts your repayment in the hands of the app.
Tally Pays is the heart of Tally debt management solutions. With this service, Tally will extend you a line of credit, based on a soft pull of your credit report. You’ll be offered a variable APR between 7.9% and 25.9% (accurate as of January 2021).
Once you’ve secured a line of credit, you can link your credit card accounts and let Tally start making payments for you. The app will automatically make payments based on its algorithm to try to save you as much on interest as possible and pay down your debt quickly.
Tally only makes payments to credit cards on your behalf if it can save you money on interest. That means if you have any cards with a lower interest rate than your Tally line of credit, the service won’t make payments on those cards. (Note: Tally always makes the minimum payment on your card. Read more on late fee protection later.)