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Capital One plans to acquire Discover in an all-stock deal valued at $35.3 billion, pending approval. On Monday, Capital One Financial announced its plans to buy Discover Financial Services. Here's what you need to know about the deal and what it could mean for current Capital One and Discover customers. Capital One credit cards are part of the Visa and Mastercard credit card networks. The Wall Street Journal reports that Capital One is planning to switch some of its credit cards to the Discover network.

Persons: —, Simon Blanchard, Alvin Carlos Organizations: Discover, Service, Financial, Discover Financial Services, Capital, Visa, Mastercard, Georgetown University's McDonough School of Business, Street Journal, CFA, CFP, District Capital Management

☆ Lugging Credit Card Debt Into 2024? Now’s the Time to Make a Plan.
▼ + stars: | 2024-01-12 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

Mindy Neira, a financial planner in Westwood, N.J., recommended that if you were having trouble managing card debt, take stock of your spending. He advised paying off the card with the highest interest rate first by making more than the minimum payment. (This is sometimes called the “avalanche” method: While paying off that card, you make minimum payments on the others. Another suggestion: Use two separate checking accounts, said Alvin Carlos, a financial planner in Washington, D.C. Use one for fixed essentials like your rent, mortgage or loan payments. (Ask your bank to make sure there are no extra fees for a second spending account.)

Persons: Mindy Neira, “, ”, Neira, Rob Williams, Charles Schwab, Luis Rosa, Alvin Carlos, Carlos Locations: Westwood, N.J, Las Vegas, Washington ,

That's why I asked financial experts to explain the main differences between index funds and mutual funds. An index fund can be a mutual fundEven though it might sound confusing, Clayton Wood, a financial planner, says a good first step in understanding that an index fund is a mutual fund, but a mutual fund is not always an index fund. Index Funds have a lower expensesWhen it comes to fees, Alvin Carlos, a financial planner, says that index funds are low-cost mutual funds. "Most actively managed funds are mutual funds, but there are also many index mutual funds." Mutual funds experience capital gain distributionsOne of the biggest differences between mutual funds and index funds is when taxable events occur for each.

Persons: —, Clayton Wood, Wood, Alvin Carlos, Carlos, Jay Kirkwood, Dow Jones, Kirkwood, Get, Amy Richardson, Schwab, Richardson Organizations: Finance, Service, Costco, Nasdaq, SEC, Mutual

Financial experts advised investing in real estate and startups, and starting a low-cost business. That's what led me to ask financial advisors and professionals how they'd take $10,000 and turn it into $100,000 in just 10 years, aside from investing in stocks. Invest in real estateOver the years, as I've been able to save more, I've started to consider the idea of investing in real estate. R.J. Weiss, a financial planner, says that if you are willing to take on debt, investing in real estate is one way to grow $10,000 to $100,000 in 10 years. For those of us living in expensive real estate markets, the best real estate investing apps provide another way in.

Persons: —, I'm, I've, Weiss, Read, Zach Reece, Reece, ZipRecruiter, Alvin Carlos, Carlos Organizations: Finance, Service, Invest, R.J, Companies Locations: Republic

No-penalty CD vs. savings account: At a glanceIf you're deciding between a no-penalty CD and a savings account, there are two distinctions you'll want to pay close attention to: the interest rate and when you can deposit or withdraw money. Savings accounts generally offer more flexibility for deposits and withdrawals than a no-penalty CD. If you decide to open a no-penalty CD, you'll also want to pay attention to the CD maturity date. Savings accounts allow more accessibility to your money than a no-penalty CD since you can deposit money into a savings account at any time. You'll likely prefer a savings account over a no-penalty CD if you want more accessibility to your money.

However, if you open an add-on CD, you'll be able to make deposits at any time. The main perk of an add-on CD is that it's the only type of CD that lets you add money while the account is open. Add-on CD vs. regular CDYou can use the chart below to understand the similarities and differences between add-on CDs and regular bank CDs. Add-on CDs allow you to add money at any time. Add-On CDs: Frequently asked questionsCan you add money to a CD?

Banks offer a grace period once a CD term ends, when you can decide to renew the term or withdraw money. Before automatically renewing a CD, always review the current CD rates available at your bank. What happens when your CD reaches maturityOnce your CD has reached maturity, you'll have the flexibility to make changes to your account. Alternatives to CDsIf you've decided you'll need access to your money relatively soon, a high-yield savings account or money market account are alternative savings account options. If you receive a CD maturity notice and decide not to act, usually your CD will automatically renew for another term.

Unless you find a high interest rate on a no-penalty CD, you'll likely prefer a savings account. No-penalty CD vs. savings account: At a glanceIf you're deciding between a no-penalty CD and a savings account, there are two distinctions you'll want to pay close attention to: the interest rate and when you can deposit or withdraw money. "You should only choose a no-penalty CD if the rate is significantly higher than a high-yield savings account," says Carlos. If you decide to open a no-penalty CD, you'll also want to pay attention to the CD maturity date. Savings accounts allow more accessibility to your money than a no-penalty CD since you can deposit money into a savings account at any time.

You can buy a CD as a gift for a minor, but you can't give a CD to another adult. How to buy a CD as a gift to a minorWhile you cannot buy a CD as a gift for an adult, you may get a CD as a gift for a minor. Here is a step-by-step guide you can take to buy a CD as a gift for a child:1. Our best CD rates guide has an overview of competitive CD rates for a variety of terms. If you are managing a custodial account, Carlos recommends setting a reminder for the date the CD term will end.

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