Blog Campcee Sat, 09 Oct 2021 22:23:30 +0000 en-US hourly 1 Blog Campcee 32 32 Win JetBlue Mosaic with spend of $ 15,000 by credit card Sat, 09 Oct 2021 19:15:18 +0000
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JetBlue TrueBlue has introduced a new option to achieve elite Mosaic status, but is it worth it?

Spend $ 15,000 on the JetBlue Plus card, get Mosaic

In late 2020, JetBlue TrueBlue announced that it would reduce the elite requirements for Mosaic status in 2021. Specifically, the airline gave members four options to achieve Mosaic status in 2021:

  • 7,500 qualifying points (compared to the usual 15,000 points)
  • 6,000 qualifying points, plus 15 segments (vs. 12,000 points and 30 usual segments)
  • $ 50,000 spent on purchases with JetBlue Plus or JetBlue Business Card during the calendar year (as before)
  • $ 30,000 spent on purchases with JetBlue Plus or JetBlue Business Card, plus 4,000 qualifying points during the calendar year (exclusively for 2021)

There is now yet another option to gain status – you can earn JetBlue Mosaic status if you spend $ 15,000 on the JetBlue Plus card between October 1 and December 31, 2021. No registration is required and this only applies to the JetBlue Plus card (not the personal card with no annual fee or the business card). The status thus obtained would be valid until the end of 2022.

This is a significant reduction from the standard spending requirement, which is $ 50,000 on the card in a calendar year.

Earn JetBlue Mosaic status more easily with the JetBlue Plus card

What are the benefits of JetBlue Mosaic status?

For the context, the JetBlue Mosaic status offers the following advantages:

  • 3 x additional TrueBlue points per dollar spent on the purchase of JetBlue tickets
  • Free same-day flight changes on all fares for you and your eligible companions on the same itinerary
  • First two free checked bags for you and your travel companions
  • Free alcoholic drinks on board, including beer, wine, and cocktails
  • Free same-day upgrades to Even More Space seats, which are JetBlue’s economy seats with more legroom
  • Access to Even More Speed, which is JetBlue’s dedicated priority security line at select airports
  • Early boarding, allowing you to be among the first people on board
  • 24/7 access to a dedicated customer service line
Receive even more spacious seats as a JetBlue Mosaic member

Should you go your way to Mosaic?

Is JetBlue’s offer for Mosaic status worth considering? Personally I think not, but others may feel differently, let me explain.

It is important to consider the opportunity cost of spending $ 15,000 on the JetBlue Plus card. Suppose you put some non-bonus expense on the card:

In other words, there is a 2.1% opportunity cost for these expenses, by my calculations. For $ 15,000 spent, it’s like paying $ 315 for Mosaic status. Personally, I would have a hard time getting the math to work on this:

  • You already get free checked baggage if you have the JetBlue Plus card
  • You will have to take a lot of flights for the benefit of the free alcoholic drink to be significant
  • Early boarding and Even More Space seats are nice, but you only get Even More Space seats at check-in, and at this point most of the good seats could be gone.
  • The main reason I’m not interested in this deal is that I’m crediting JetBlue flights to American AAdvantage, and we’re also expected to see reciprocal elite benefits between the two programs shortly (again, with the DOJ investigation, who knows what’s going on there)
I credit my JetBlue flights to American AAdvantage

At the end of the line

Spending $ 15,000 on the JetBlue Plus card in Q4 2021 can earn you elite Mosaic status, which is a significant reduction from the usual $ 50,000 spend required. Everyone has to calculate the numbers on their own, but I personally have a hard time doing the math, based on the opportunity cost of these expenses and my general preference to credit JetBlue flights to American AAdvantage.

That being said, if you’re pricing Mosaic status over $ 300, this offer might be worth considering.

Anyone intending to take advantage of this JetBlue Plus Card Mosaic status opportunity?

(Hats off to Dan’s Deals)

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13 easy ways to generate income this weekend Sat, 09 Oct 2021 19:00:00 +0000

13 easy ways to generate income this weekend

Does your bank account need a lifeline?

Coronavirus cases are back on the rise, leaving many Americans with the financial burden of the pandemic.

Now is a good time to let your finances clean up and rebuild some income – just in case your budget takes a financial hit in the uncertain future.

Here are 13 ways – from making money to saving money – to increasing your income so you can shore up your finances this weekend.

1. Stop spending too much on debt

High interest debt from credit cards and personal loans can take a heavy toll on your bank balance, especially if you only make minimum payments each month.

If you want to get rid of your debt as quickly as possible, your best bet is to take out a debt consolidation loan. You will trade in all of your current debt (credit cards, loans, everything) for a single monthly payment at a lower interest rate.

You can borrow money without collateral at rates as low as 5.95%. Depending on the amount of interest you pay on your current debts, consolidating them could save you thousands of dollars and help you free yourself from debt years earlier.

2. Earn up to $ 225 in Apple or Ford shares

You will get a full share of a stock worth up to $ 225 when you open an account with this famous investing app.

The app makes investing easy and accessible to everyone by charging no fees through its easy-to-use platform.

Go for ready-made funds designed to meet your investment goals, or choose individual stocks yourself – you won’t pay any commission on trades (that’s investor parlance for “that’s a good one.” case ”).

When you sign up for a free account, you get free stock chosen at random from the brokerage’s most popular companies. The luckiest 1% get a share worth between $ 50 and $ 200. Most users get a share worth between $ 2.50 and $ 10 – and that’s $ 10 closer to your $ 1 million!

3. Save money every time you shop online

If you do most of your shopping online – and nowadays, who doesn’t – you probably go to the same website over and over again. You know which one.

But Amazon doesn’t always have the best prices, and no one has time to check the prices in every store.

So, just download a free browser extension that will automatically find you deals and promo codes every time you shop online.

You can also set price drop alerts for your favorite products, so if they’re on sale you’ll be the first to know. Installation only takes a moment and could save you hundreds of dollars a year.

4. Reduce the cost of your auto insurance

If you have a car and aren’t looking for cheaper insurance every six months, you might throw away more $ 1,100 per year, according to an analysis.

Comparing the rates of several insurance companies may seem like a lot of work, but some websites do the trick for you and can get you a better deal in three minutes.

Just answer a few quick questions and you’ll get the best quotes from hundreds of auto insurers, making sure you find the lowest price available for the coverage you currently have.

5. Get paid $ 10 to save your coin

It’s as easy as saving money: this roboadvisor app lets you invest change while you shop.

Here’s how it works: let’s say you buy a coffee for $ 2.25. Swipe your card and the app automatically rounds the purchase to $ 3 and sticks the remaining $ 0.75 into your investment wallet. Like an overloaded piggy bank.

You don’t have to think about stocks or picking up loose change fluff in your pocket. Just connect all the debit and credit cards you use to your account, and the app automates everything for you. Also, when you sign up through this link, the service adds a $ 10 bonus to your account as soon as you make your first investment. It’s like filling your entire punch card with coffee!

6. Turn your hobby into a lucrative side business

Everyone has a hobby: what’s yours? You can use it to score side gigs and supplement your income.

The world’s largest online marketplace for digital services, it’s super easy to get paid to do what you love, whether you love to draw, write, or even voice.

It’s kind of like using a dating site: you just create a profile outlining what you’re bringing to the table, and people will find you based on what they’re looking for.

Once you start finishing gigs and racking up positive reviews, you can increase the price of your services and earn even more money.

7. Refinance for a cheaper student loan

Payments on federal student loans have been on a long hiatus, but if you have private student loan debt, you’ve always been required to pay your regular monthly minimum.

The good news is that right now, interest rates on private student loans are incredibly low – as low as 1.89% in some cases – and refinancing your loan can save you a lot of money.

Refinancing allows you to pay off your current debt with a new loan at a lower interest rate. Your monthly payment will go down and you will have more money to spend on other things.

You can find quotes from multiple lenders within minutes, so you can shop around and make sure you’re getting the best rate possible.

8. Switch to a high deductible health plan and HSA

If you’re in relatively good health, and your medical expenses usually don’t go beyond checkups and exams, a high-deductible health plan could save you money.

Your deductible is the amount you pay out of pocket before your insurance covers the rest. The higher the deductible, the lower your premiums will be.

Also note that switching to one of these health plans will make you eligible for a Health Savings Account (HSA), a tax-advantaged account for medical expenses. The funds in the account grow tax-free and, as long as the money is used for qualifying health care expenses, it can be withdrawn tax-free.

To purchase a high deductible health insurance plan, use a free online service that will help you find the right policy at the lowest rate.

9. Eliminate your housing costs with a life flip

What are you doing with all this pandemic downtime? If you have the skills, why not try a live-in flip?

You can buy a building to renovate with an ultra-low mortgage rate, move in and renovate the place, then flip it for a profit that rivals a year’s mortgage payments.

Timing is the key. You can pay a lower long-term capital gains tax on your profits – rather than the higher short-term gains tax – as long as you live in the house for at least a year.

Mortgage rates are always near their historic lows, which means you may never pay less for a home loan. Try to collect and compare at least five mortgage offers to find the best rate.

Of course, flipping isn’t just for homes. Today, you can make money buying and selling all kinds of things, including furniture, appliances, and photography equipment.

10. Get rid of private mortgage insurance

If you have a regular conventional mortgage and have made less than 20% down payment, you are probably familiar with private mortgage insurance.

PMI protects the lender in the event of your mortgage default – and it could cost you up to $ 2,000 per year. So how do you let go of this?

If you manage to make payments that will bring you down to 80% of the original mortgage balance, you can request that the PMI be removed. You can also refinance a new home loan that is less than 80% of the home’s value.

Even if you can’t waste PMI, you can refinance and reduce your monthly payment by hundreds of dollars, thanks to today’s dramatically low mortgage rates.

11. Stop paying so much for home insurance

If your home insurance bill seems high, you may be able to lower it by shopping online for a better rate.

Simply go online and compare quotes from hundreds of insurers for free, in just two minutes.

Answer a few basic questions and you’ll instantly see the best deals available in your area.

You could save almost $ 1,000 per year on your home policy by comparing rates, while still maintaining the same level of coverage you currently have.

12. Get paid when businesses behave badly

When companies do the wrong thing, they get sued – and sometimes their customers are compensated.

Check to see if you are eligible for a refund for any products or services you have purchased in the past that have been falsely advertised, defective, or for which you have been overcharged.

Recent regulations have involved companies like Apple, Tesla, Juul, and others. Many class action claims can be completed online in a matter of minutes, although it may take up to a year to receive your refund.

Eligibility criteria will vary depending on the lawsuit, but in some cases you may not even need a receipt to be reimbursed. If proof of purchase is required and you cannot find your receipt, be sure to check your bank and credit card statements.

13. Collect the forgotten funds

You know where all your money is, right?

In fact, people are moving on and forgetting about money in old accounts all the time. It is so common that Americans currently have more than 40 billion dollars in the unclaimed funds that await them.

Is any part of this yours? Look for, which will show if you left money in an old checking or savings account, or if you are entitled to unclaimed life insurance policies from deceased relatives. (You’ll want to be a lot more careful when purchasing your own life insurance policy.)

You should also check with the IRS if you are missing any tax refunds. You can change your previous tax returns for up to three years if you were entitled to a refund but failed to claim it.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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Former Chairman of the World Council of Credit Unions helped communities around the world | Economic news Sat, 09 Oct 2021 12:25:00 +0000

Brian Branch came to Madison in the late 1980s to earn a doctorate. in Economics at UW-Madison and spent 31 years with the World Council of Credit Unions, including 10 years as President and CEO. He retired last month.


The World Council, which leases space on Mineral Point Road from CUNA, an association of American credit unions, has 30 employees in Madison and 18 in Washington, DC.

Branch, 64, graduated from Bowdoin College, earned a master’s degree in Latin American studies from the University of Texas, and came to Wisconsin to pursue a doctorate. in Economics at UW-Madison. He and his wife live in Shorewood Hills and have two grown daughters. Her last day of work was September 6.

What do you want people to know about the World Council of Credit Unions?

We don’t have a lot of resources, but mobilizing people to tackle the big challenges we all face, it can really have an extraordinary impact. I firmly believe that we are very interconnected and when something big happens in the world it impacts communities and us here in the US I find a lot of connections over and over again.

When you started with the World Council, did you envision so much awareness, travel and change?

Frankly, I am privileged to have been able to go to some of these communities and see this change at the grassroots happen and I am privileged to have been able to stay here, so I have seen this change for a long time. period period of time.

Brian branch

Brian Branch visited refugee camps in Kurdistan in northern Iraq in 2019 and worked with the United Nations on efforts to create economic pathways for people displaced by war. “These people had been through such a violent time and there was no trust,” Branch said. “But what was most important to them was family and reunification. So the special forces soldiers started giving self-defense lessons to these young women who had been victimized by ISIS,” which helped build trust and began to bring their families … together. They felt fulfilled and inspired. “

World Council of Credit Unions

Your work is quite varied. How did this lead to the creation of an orphanage in Kenya?

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State Warns of Advance Loan Scam Using Real Company Name Fri, 08 Oct 2021 21:49:15 +0000

SALEM, Ore. (KTVZ) – The Oregon Financial Regulatory Division on Friday warned consumers of fraudulent activities by an alleged internet mortgage and consumer credit company that is committing a scam on upfront fees, as well as identity theft of a legitimate business.

The division said it had received five complaints from victims of the scam in advance. Four of the five complaints were filed in the past year. The crooks co-opted the name and address of a real Portland-based company named Canyon Investments. The real Canyon Investments has nothing to do with the loan scam.

The scammers, whose division was unable to determine the identity, set up an impostor website to make it look like the real Canyon Investments. They use Voice over Internet Protocol (VOIP), phone apps, fraudulent emails, and archive photos to create the appearance of a legitimate business offering financing for real estate purchases and investments. The real Canyon Investments does not have a website and does not offer loans to consumers.

As part of the fraud, the scammer convinces his victims that they have been approved for a loan, but, in order to receive the loan funds, the victims have to pay various upfront fees. These charges are not sent directly to the scammer or the alleged company, but rather to accounts on behalf of people who are acting as intermediaries in the scam.

These middlemen, or “money mules” (people who transfer or move illegally acquired money on behalf of someone else), then transfer most of the funds to the crooks after keeping 5-10% as a fee. . Scammers also sometimes ask victims to send cryptocurrency, usually Bitcoin, as payment for these alleged fees.

“The information provided by the victims of the scam indicated that paying the fees only leads to requests for more money in order to pay an ongoing list of endless fees,” said TK Keen, administrator of the division, which is part of the department. consumer and business services. “In reality, there is no loan, and once a victim finds out this harsh truth and stops paying the fees, the crooks stop all communication.”

The investigation also revealed that the money mules who received and transferred victims’ funds are often victims themselves. In the most recent complaint, the Money Mule was scammed online. He believed he was in a relationship with a woman who asked him to receive and transfer funds for a business she was working in.

“He received a commission on this transfer, but it was small and it seems he was unaware that he was involved in this fraudulent and criminal activity,” Keen said. “Don’t transfer money from people you don’t know to people you don’t know.”

State and federal laws require that certain consumer credit lenders and all mortgage brokers, mortgage lenders, and mortgage originators be licensed. The division recommends that people check with any consumer finance or mortgage company before signing documents or sending money. People can verify a business license or registration by accessing the Nationwide Multistate Licensing System (NMLS) database Also, it is best to contact this company directly to confirm payment instructions before sending funds to any intermediary claiming to receive funds on their behalf.

“It is important that consumers do not work with a lender until they have confirmed that it is a legitimate and licensed business.” Keen said. “The best way to protect yourself against fraud is to verify that the loan company is legally authorized to engage in mortgage or consumer credit business. “

Consumers can also contact the division’s lawyers at 888-877-4894 (toll free) to ask questions, file complaints, or verify the license of a broker, lender, or loan originator.


The Financial Regulation Division is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit and

]]> 0 5 Best Student Loan Refinancing Companies of October 2021 | Smart change: personal finance Fri, 08 Oct 2021 20:44:45 +0000

Most, if not all, lenders require that you be a U.S. citizen or permanent resident in order to refinance your student loans. If your student loans are foreign, it is recommended that you build up sufficient credit in the United States to qualify for refinancing.

Best Student Loan Refinance FAQs

Can You Refinance Federal Student Loans?

Yes, you can refinance federal student loans even when these types of loans offer a consolidation option. However, note that you will lose the benefits of the Federal Student Loan, including repayment options.

How to refinance a student loan?

First, decide if refinancing is the right option for you, as choosing to refinance your federal loan will eliminate various advantages of the federal loan, including low interest rates, repayment grace periods, and options to pay off. abstention / adjournment. Once you have made up your mind, you can research the rates online and choose the one that works best for you.

Should You Refinance Your Student Loans?

Refinancing your federal student loan is not the best option for everyone. Since federal loans generally have nice terms and benefits, switching to a private lender will eliminate all federal benefits. Therefore, it is important to check whether refinancing benefits you more than consolidating your federal student loan. If refinancing lowers your interest rate further and saves you money, it may be worth it.

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Chase Sapphire Credit Cards Have New Welcome Offers – What You Need To Know Fri, 08 Oct 2021 15:44:01 +0000

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

Chase Sapphire Preferred and Reserve Welcome Offers

As of today, the welcome offers for Chase Sapphire Preferred and Sapphire Reserve are as follows:

  • Favorite Chase Sapphire: Earn 60,000 bonus points after spending $ 4,000 on purchases in the first three months after opening the account.
  • Chase Sapphire Reserve: Earn 50,000 bonus points after spending $ 4,000 on purchases in the first three months after opening the account.

The Preferred and Reserve bonuses are both worth $ 750 if you redeem your points through the Chase Travel portal. This is because Preferred Cardholder Points are worth 25% more and Reserve Cardholder Points are worth 50% more when used in this way.

However, your points may be worth even more if you transfer and redeem them with one of Chase’s travel partners. Nonetheless, each bonus offers an almost 19% rate of return on your initial spending threshold of $ 4,000 if you redeem your points through the Travel Portal.

The annual fees for the two cards will remain the same: $ 95 for the Preference and $ 550 for the Reserve. So, with these factors taken into account, which card is right for you?

I recently picked the Chase Sapphire Preferred because it better suited my budget and needs, but there are plenty of reasons to choose one over the other.

Here are the detailed benefits of each card.

Favorite Benefits of Chase Sapphire

The Chase Sapphire Preferred is a popular travel credit card known for its broad expense categories, modest annual fees, and solid benefits. With this card you will receive:

Chase Sapphire Preferred® Card

  • Awards

    $ 50 annual Ultimate Rewards Resort Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on meals, 2X points on all other travel purchases, 5X points on Lyft trips through March 2022 and 1X points on all other purchases

  • Welcome bonus

    Earn 60,000 bonus points after spending $ 4,000 on purchases in the first 3 months after opening the account

  • Annual subscription

  • Intro APR

  • Regular APR

    15.99% to 22.99% variable on purchases and balance transfers

  • Balance transfer fees

    Either $ 5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

Expense categories:

  • 5X points on trips purchased through Chase Ultimate Rewards®, excluding purchases of hotels eligible for the $ 50 Anniversary Resort Credit.
  • 3X points on meals, including eligible delivery services, take out and restaurants,
  • 3X points on online grocery purchases (excluding Target®, Walmart® and wholesale clubs)
  • 3X points on some streaming services.
  • 2X points on other travel purchases.
  • 1X point on all other purchases.

Benefits for cardholders:

  • 25% more trade-in value when you redeem your Ultimate Rewards through the Chase Travel Portal.
  • Ability to transfer ultimate rewards to 11 partner airlines and three hotel partners, all at a 1: 1 ratio.
  • Earn up to $ 50 in statement credits each account anniversary year for hotel stays purchased through Chase Ultimate Rewards®.
  • DoorDash: Unlimited deliveries with a $ 0 delivery charge and reduced service charge on orders over $ 12 for at least one year on qualifying food purchases with DashPass, DoorDash’s subscription service.
  • Peloton: up to $ 60 off an eligible Peloton Digital or All-Access subscription until 12/31/2021. No fitness equipment is required for registration.
  • Lyft: Earn 5x more points per dollar spent on Lyft races through March 2022.
  • Travel insurance
  • No foreign transaction fees

Benefits of the Chase Sapphire Reserve

The Chase Sapphire Reserve is a step above the Preferred in terms of benefits and annual fees. However, the annual fee of $ 550 can be recouped quickly if you maximize the functionality of the card.

Chase Sapphire Reserve®

  • Awards

    Earn 5X the total points on air travel and 10X the total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $ 300 has been spent on travel purchases each. year. Earn 3X points on other trips and meals and 1 point for every $ 1 spent on all other purchases plus, 10X points on Lyft trips through March 2022

  • Welcome bonus

    Earn 50,000 bonus points after spending $ 4,000 on purchases in the first 3 months after opening the account

  • Annual subscription

  • Intro APR

  • Regular APR

    Variable from 16.99% to 23.99%

  • Balance transfer fees

  • Foreign transaction fees

  • Credit needed

Categories of expenses:

  • 10x the total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® after the first $ 300 has been spent on travel purchases each year and Chase meal purchases with Ultimate Rewards®.
  • 5x total points on flights when you purchase travel through Chase Ultimate Rewards® once the first $ 300 is spent on travel purchases each year.
  • 3X points on other trips around the world after the first $ 300 is spent on travel purchases each year
  • 3X points on restaurant meals, including eligible delivery services, take out and restaurant meals.
  • 1X on all other purchases.

Benefits for cardholders:

  • $ 300 Annual Travel Credit – Automatically receive up to $ 300 in statement credits as reimbursement for travel purchases charged to your card each Account Anniversary Year. Until December 31, 2021, purchases made at gas stations and grocery stores will also be taken into account for obtaining your travel credit.
  • TSA PreCheck / Global Entry fee credit
  • Priority Pass Select airport lounge subscription
  • 50% more trade-in value when you redeem your Ultimate Rewards through the Chase Travel Portal.
  • Ability to transfer ultimate rewards to 11 partner airlines and three hotel partners, all at a 1: 1 ratio.
  • The benefits of the Luxury Hotel & Resort Collection, including early check-in and late check-out
  • DoorDash: Get unlimited deliveries with a $ 0 delivery charge and reduced service charge on orders over $ 12 for at least one year on qualifying food purchases with DashPass, DoorDash’s subscription service. And you’ll receive $ 60 in statement credits until December 31st. (Activation required before 03/31/2022)
  • Peloton: get up to $ 120 off an eligible Peloton Digital or All-Access subscription until 12/31/2021. No fitness equipment is required.
  • Lyft: Earn 10X points on Lyft trips through March 2022. Plus, you’ll receive one year of free Lyft Pink membership. This membership gives you 15% off all journeys, plus priority airport pickup and a relaxed cancellation policy.
  • Travel insurance coverage
  • No foreign transaction fees

What to consider if you are deciding between the two

If you are unsure whether to choose Sapphire Preferred or Sapphire Reserve, unfortunately you only have to choose one. The terms and conditions state that a person cannot have both Sapphire products at the same time.

However, here’s what you need to consider when deciding:

  • Annual subscription : Between the two cards, there is a marked difference in annual fees. The $ 95 is modest for the Sapphire Preferred, but the annual reserve fee of $ 550 is a hard pill to swallow (although the $ 300 travel credit can quickly lower the actual cost). Make sure you know which card best fits your budget.
  • Travel frequency: Many travel credit cards with great benefits revolve around one key factor: regular travel. I would define this as at least once a quarter, or more than 5 times a year. The more you travel, the more you can justify higher annual fees.
  • The “inconvenience” factor: Using these benefits to justify the annual fee is one more thing on your mind. The worst feeling is when the annual fee rolls in and you realize that you haven’t used the card to its full potential. For me, I like to keep track of all the benefits of every card I have in an Excel spreadsheet and tick them off as I use them.

At the end of the line

The Chase Sapphire Preferred® Card and Sapphire Reserve are both great travel credit cards. Between their advantages and their earning potential, they deserve to be considered for your portfolio.

While you might have missed the 100,000 point welcome offer for the Chase Sapphire Preferred, there is still some great value to be squeezed out of either card. But before you apply, be sure to check your credit score and make sure you’re above the pesky Chase 5/24 rule to make sure you’re eligible to be approved for either. menu.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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“Buy now, pay later”: risks, benefits of the new popular payment system offered by Target, Walmart, Amazon, etc. Fri, 08 Oct 2021 15:17:00 +0000 NEW YORK – “Buy now, pay later”, the latest retail trend, is a payment system that allows customers to exit a store – or pay online – with the items they want and pay their interest – free installments thereafter.

Objective announced on Wednesday that it joins with other major retailers like Amazon and Walmart in offering the buy now-pay later option, giving online shoppers the ability to order and pick up items same day while spreading payments over weeks or months.

Unlike layaways, “buy now, pay later” allows customers to take their purchases home before making payments, said Hitha Herzog, research director at H Squared Research.

Experts predict that a growing number of businesses will soon partner with third-party service providers like Afterpay, Affirm, and Sezzle to embrace this option.

And it’s no wonder: in a recent survey of 2,005 online consumers, 60% said they used “buy now, pay later”. The option is especially appealing to younger buyers and people who don’t have a credit card, experts say.

“According to 38% of users, Buy Now, Pay Later will eventually replace their credit cards, and more than half (56%) say they would rather Buy Now, Pay Later than use credit cards to purchases ” the researchers observed.

Installment plans are also popular with retailers because they encourage customers to spend more money.

“Consumers are really worried about whether or not they will be able to get their products in time for Christmas. So when you see a “buy now, pay later”, you can get your product right away. You don’t have to worry about the rush to buy, ”Herzog said.

Yet experts warn that the option also has its risks.

“Payments are interest free if you pay on time,” Herzog said. “If you miss a payment or don’t pay, they’ll charge you a late fee.”

Buy-now loans are like any other form of debt, so buyers should be careful and thoughtful to avoid buyer’s remorse or financial downfall.

And these purchases do not benefit from the reward points and cash back offered by credit cards.

Experts say buyers who want to use the buy now-pay later option for the first time should start small and consider budgeting to avoid missed payments. Make sure you read the terms and conditions of these programs and understand the consequences of not meeting payment deadlines.

Copyright © 2021 WTVD-TV. All rights reserved.

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Customer considerations must come first Fri, 08 Oct 2021 08:00:55 +0000

If you ask most credit unions to list their biggest competitive advantage that other financial players don’t have, you’ll likely hear about their ability to meet the needs of members or stay focused on the people they don’t have. they serve.

Conversely, if you asked them where they felt the need to improve, you would often hear about the need to add new technologies or other innovations to their product lines.

What is interesting, however, is that the pursuit of digital transformation by credit unions is more likely to be successful when approached by personal service and connection forces.

It’s the view of COOP Financial Services CEO Nick Calcanes, who told PYMNTS in an interview that every aspect of his company’s new digital ecosystem is designed to serve credit union members, where and how they need it.

See more : The main selling point for CUs should be close personal relationships with members

“It’s very human-centric, and it will continue to be, because that’s how this industry started, and it continues to be about people helping people,” Calcanes said. “We keep this in mind at all times as we try to create cutting-edge technology products and services within our ecosystem. “

Calcanes should know this better than anyone, because CO-OP’s own digital transformation journey began several years ago, long before anyone heard of the word “COVID-19” or anticipated the need for it. a complete transition to digital banking services.

When Calcanes first joined the company in 2017, CO-OP was determined to move from being a reseller of third-party products and services to being a technology leader for credit unions with its own innovative products and services. Calcanes said this was an evolution that required CO-OP to transform the way it does things internally.

Further reading: Credit unions are good at being “quick followers” rather than being on the cutting edge of technology

Because credit unions themselves have a human-centric approach, Calcanes said it makes sense for CO-OP to follow the same path.

“In my experience, it’s critical to strongly link the people and talent who build the technology with the people who use and deliver it every day,” he said. “We build our technology with a human, user and limb centric approach. [As we build it,] … We understand that our customers will use these technologies to deliver to their members every day.

For a human-centered approach to work, it is essential to have the right talents in place. CO-OP, at the start of its own digital transformation, put a lot of thought into its talent acquisition strategy. The company took a forward-thinking approach to where its employees wanted to live and how they wanted to work, which meant allowing people to work remotely years before the pandemic forced everyone to do likewise.

“These steps we took four years ago have positioned us well for when we had to move all of our workers home during the first two weeks of the pandemic,” Calcanes said.

He explained how CO-OP still adheres to the same human-centric ethic when guiding its clients – the credit unions themselves – on their own digital transformation journeys. When it comes to designing and implementing solutions that can help, he said the focus is always on their members and how they should interact in their financial lives.

Read more: The API of credit unions towards digital innovation

“It needs to be transparent and secure, and it needs to not only respond to what is happening every day so members can transact, but also make sure it happens in a user-friendly and frictionless manner. “

To this end, CO-OP encourages credit unions to embrace the mindset that payments are central to their members’ way of life, and the way credit unions thrive is by enabling transactions. digital and secure every day. The people-centered approach, combined with a strong emphasis on the ethical application of its technology, is key to building that trust among members.

And with this high degree of trust, CO-OP is able to collect massive amounts of transaction data that can be used to serve credit unions and their members.

You might also like: 57% of CFOs say technology investments are about transformation, not automation

“Apart from our employees, our data is our greatest asset. We are able to use this data and things like AI to protect members from a fraud standpoint, ”Calcanes said. “When something happens, [if a disputed transaction arises,] we are able to use these tools and data through our CO-OP Resolution Center to help members navigate a difficult situation either virtually or digitally. So they don’t have to go to a branch or call anyone. Things like this are a critical aspect of an individual’s financial life.

From a credit union’s perspective, it’s just as essential to know exactly what they intend to accomplish as they embark on their digitization efforts.

“Obviously we’ve had our bottom line, but we’ve also had results in customer experience, expense management and internal associate satisfaction,” he noted.

With those goals set, the next step is to create a strategy that leads you to them, and then execute it relentlessly against that strategy, with those results serving as a guide, Calcanes advised.

More like this: Credit unions need digital innovation to attract and retain the ‘next generation’

Finally, Calcanes stressed the importance of educating people on the changes they need to implement. He said that in his experience, while people aren’t necessarily against change, most find it difficult and uncomfortable. Therefore, the people CO-OP is asking to implement the changes are a high priority, he said. It is essential to explain to them why and where to implement a new technology.

“If they understand the why, I think people can be really good at delivering because they’re member-driven and they care about their credit unions,” Calcanes said. “So we’re just as focused on the people who execute the strategy. People are essential, and that’s why we tirelessly interact with credit unions and their members – to understand what they need to be successful in their financial lives.



On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

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Next GNMA Head Must Recognize CU Mission and Structure | 2021-10-06 Thu, 07 Oct 2021 13:27:00 +0000

The next president of the Government National Mortgage Association (GNMA, or Ginnie Mae) must understand the unique mission, structure and operation of American credit unions. President Joe Biden appointed Alanna McCargo as GNMA director last month.

Historically, CUNA does not take a position on presidential appointments and does not take a position on McCargo’s appointment, but wrote to the Senate Banking, Housing and Urban Affairs Committee to share several priorities ahead of McCargo’s testimony.

“It is essential that the next GNMA president be able and willing to work to fully understand the intricacies of credit unions, community development financial institutions and other unique lenders who focus primarily on serving their communities.” , we read in the letter. “Strengthening the relationships and accessibility of GNMA for these types of financial institutions will benefit both GNMA and US buyers. “

CUNA notes that GNMA has treated credit unions as non-depository mortgage lenders and “non-banks” in its latest guide to mortgage-backed securities.

“This is apparently inaccurate given the high quality of credit union mortgages, the diversification of credit union assets, the credit unions’ access to liquidity, the status of credit unions as deposit-taking institutions and multiple levels of regulatory compliance, security and soundness oversight. credit unions suffer, ”the letter read.

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Digital microfinance: five people arrested in Dhaka for electronic credit fraud Thu, 07 Oct 2021 13:06:43 +0000

Detectives destroy gang lending money at high interest rate through mobile phone apps

Police arrested five members of a gang of fraudsters who illegally lend money at high interest rates using unauthorized apps.

Those arrested are Emanuel Edward Gomez, Arifuzzaman, Shahinur Alam alias Rajib, Shubh Gomez and Md Akram.

Police seized a car, nine cell phones, nine SIM cards, four laptops and as many check books from various banks in their possession.

Additional commissioner AKM Hafeez Akhter said in a media call Thursday that detectives arrested them on October 5 and 6 in the Dhanmondi, Banani and Mirpur regions of Dhaka.

They have deceived their customers by using unauthorized personal loan apps like Cashman, Tkala, Personal Loans Online, RapidCash-Quick Online eLoans App, AmarCash-Personal Loans Online, Cashkash-Fast Loans Online and CashCash.

In addition, those arrested were operating financial institutions called Thunder Light Technology Limited, New Vision Fintech Limited and Basic Development Society without government approval.

The police chief also said the arrests were made following a case at Dhanmondi Police Station by a victim under the Digital Security Act (DSA).

Detective Cyber ​​and DB’s Special Crime Division are investigating the case, he added.

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