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☆ Why you shouldn't cancel your unused credit cards
▼ + stars: | 2020-07-16 | by ( Ariana Arghandewal | ) edition.cnn.com time to read: +10 min

Closing a credit card might hurt your credit scoreClosing a credit card could hurt your credit score. For example, let’s say you have three credit cards with a total credit limit of $20,000 and a balance of $5,000. If you were to cancel one of those credit cards with a $5,000 limit, your available credit would drop to $15,000. Having a mix of credit types, such as credit cards, car loans and mortgages, shows lenders that you can handle different types of credit responsibly. Closing a credit card can hurt your credit utilization ratio, credit history and credit mix, all of which can impact your credit score.

There are upsides to both the Amex Gold and Amex Green cards. The American Express® Gold Card is also worth considering if the Amex Green Card caught your eye. Still, the fact that the updated Amex Green card is new on the scene doesn't necessarily make it the best. Read more: Amex Gold card review »LoungeBuddy credits with the Amex Green cardThe Amex Green Card also gives you up to $100 in LoungeBuddy credits each year. Read more: Amex Green card review »Benefits shared by both cardsThe Amex Gold Card and Amex Green Card share a handful of benefits that can help you get more value in exchange for your annual fee.

Your top priority should be paying down any existing credit card debt, potentially with a credit card that saves you money with an introductory APR offer. If you've opened several credit cards over the past few years, now is a great time to review your portfolio and make any necessary adjustments. But the recent economic upheaval may be impacting your ability to pay off your credit card balances. Nobody knows what credit card welcome offers might look like a few months down the road. One thing that is happening right now is that banks are limiting the marketing channels for credit cards.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If you've lost your income or otherwise need help paying your bills, a credit card should be your last resort because you don't want to end up accruing credit card debt with high interest rates. If your income has been affected by the coronavirus, you might be eyeballing cash-back rewards credit cards, or even a low-interest credit card as a source of funds to tide you over. See Business Insider's list of the best travel rewards credit cards »There are a few things to keep in mind if you want to open a travel rewards card right now. "The goal is to not let the credit card debt grow from month to month."

You'll find these perks on cards including The Platinum Card® from American Express and The Business Platinum Card® from American Express . American Express cards that qualify for this coverage include:The Platinum Card® from American ExpressDelta SkyMiles® Reserve American Express CardHilton Honors American Express Aspire CardMarriott Bonvoy Brilliant™ American Express® CardThe Business Platinum Card® from American ExpressDelta SkyMiles® Reserve Business American Express CardOther versions of the Amex Platinum card — including the Goldman Sachs, Morgan Stanley, and corporate flavors — also offer this coverage, as do all versions of the Amex Centurion (black) card, which is invite-only. Amex cards that come with trip delay coverage include:The Platinum Card® from American ExpressAmerican Express® Gold CardAmerican Express® Green CardDelta SkyMiles® Reserve American Express CardDelta SkyMiles® Platinum American Express CardMarriott Bonvoy Brilliant™ American Express® CardHilton Honors American Express Aspire CardThe Business Platinum Card® from American ExpressAmerican Express® Business Gold CardDelta SkyMiles® Reserve Business American Express CardDelta SkyMiles® Platinum Business American Express CardAgain, the various versions of the Amex Platinum and Amex Centurion cards also offer trip delay insurance. American Express cards that come with baggage insurance include:The Platinum Card® from American Express (including various versions)American Express® Gold Card (including various versions)American Express® Green Card (including various versions)Delta SkyMiles® Gold American Express CardDelta SkyMiles® Reserve American Express CardDelta SkyMiles® Platinum American Express CardMarriott Bonvoy Brilliant™ American Express® CardHilton Honors American Express Aspire CardHilton Honors American Express Surpass® CardHilton Honors American Express CardAmex EveryDay® Preferred Credit CardThe Plum Card® from American ExpressAmerican Express business cards with baggage insurance include:The Business Platinum Card® from American ExpressAmerican Express® Business Gold CardThe Blue Business® Plus Credit Card from American ExpressDelta SkyMiles® Gold Business American Express CardDelta SkyMiles® Reserve Business American Express CardDelta SkyMiles® Platinum Business American Express CardMarriott Bonvoy Business® American Express® CardThe Hilton Honors American Express Business CardLowe's Business Rewards Card from American ExpressAmazon Business Prime American Express CardAmazon Business American Express CardVarious versions of the Amex Centurion card and several Amex corporate cards also offer baggage insurance. American Express cards that come with secondary auto rental coverage include:The Platinum Card® from American Express (including various versions)American Express® Gold Card (including various versions)American Express® Green Card (including various versions)Delta SkyMiles® Blue American Express CardDelta SkyMiles® Gold American Express CardDelta SkyMiles® Platinum American Express CardDelta SkyMiles® Reserve American Express CardHilton Honors American Express CardHilton Honors American Express Surpass® CardHilton Honors American Express Aspire CardMarriott Bonvoy Brilliant™ American Express® CardMarriott Bonvoy American Express® Card (no longer available to new applicants)Blue Cash Everyday® Card from American ExpressBlue Cash Preferred® Card from American ExpressAmex EveryDay® Preferred Credit CardAmex Everyday® Credit Card from American ExpressAnd business cards from Amex that offer secondary car rental insurance include:The Business Platinum Card® from American ExpressAmerican Express® Business Gold CardDelta SkyMiles® Gold Business American Express CardDelta SkyMiles® Platinum Business American Express CardDelta SkyMiles® Reserve Business American Express CardThe Hilton Honors American Express Business CardMarriott Bonvoy Business® American Express® CardThe Blue Business® Plus Credit Card from American ExpressThis isn't a complete list — for all Amex cards offering car rental insurance, see this page.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). The information for the following product(s) has been collected independently by Business Insider: Capital One Savor Cash Rewards Credit Card†. Whereas traditional credit cards can easily be destroyed with scissors or a paper shredder, metal credit cards can be an enormous pain to get rid of. How to get rid of metal credit cardsSince you can't just throw your credit card with all your account details in the trash, you need to know your options when it comes to disposing of old or expired metal credit cards. Here are all the ways you can consider ditching your metal credit cards:Mail it back to the card issuerMajor banks that issue metal credit cards have their own solution to your indestructible card dilemma.

Persons: it's, Holly Johnson Freelance, Holly Johnson, Johnson Organizations: Business, Chase, American, American Express, U.S . News, Club Locations: U.S

☆ Bucket-list travel experiences like Singapore Airlines' first-class suite cost thousands of dollars, but they're much more attainable if you earn credit card points
▼ + stars: | 2020-02-20 | by ( Elizabeth Aldrich | Read More | Read Less | ) www.businessinsider.com time to read: +9 min

Some of the world's best first-class flights cost well over $10,000 but you can often get them for under 100,000 miles. A good travel credit card will help you accumulate these miles faster. See Business Insider's list of the best travel rewards credit cards »Get the latest tips you need to manage your money — delivered to you biweekly. Aspirational, bucket-list travel is one of the best uses of travel points and airline miles, in my opinion. You can transfer Amex points, Chase points, Citi points, and Marriott points to Singapore Airlines' KrisFlyer program, so you have lots of options for earning the requisitive rewards.

Below, Select reviews if you can pay taxes with a credit card and the benefits and drawbacks of using a credit card to pay taxes. Can you pay taxes with a credit card? Yes, you can pay taxes with a credit card, but the real question is, should you? High credit utilization rate Paying taxes with a credit card can also potentially have a negative impact on your credit score. Bottom lineIf your credit card rewards or welcome bonus offer outweigh the processing fee, paying your taxes with a credit card can be a worthwhile option.

If you travel, a co-branded hotel or airline credit card could make sense as well, and you'll want a card that offers strong travel protections like trip delay insurance. See Business Insider's list of the best rewards credit cards. I would have to spend $60,000 on my rewards credit card to earn 60,000 miles, but just $16,836.50 on a 2% cash-back card like the Fidelity Rewards Visa Signature Card. With a hotel or airline credit card, loyalty can pay off, even if you're not traveling enough to earn elite status. You're paying annual fees on many of your rewards credit cards, make sure you get your money's worth through benefits like these.

I'll continue to pay the fees for the IHG® Rewards Club Premier Credit Card and The World Of Hyatt Credit Card because of their annual reward-night benefits. See Business Insider's list of the best travel-rewards credit cards. But before we get into which credit cards I'm canceling in 2020, let's touch on what happens to your points if you cancel a credit card. American Express® Gold Card — This is another card whose annual fee has gone up in the not too distant past. The annual free night (valid at Category 1 to 4 Hyatt hotels) is worth the $95 annual fee for me.

By adding an authorized user to your rewards credit card, you can often share valuable perks. Authorized users aren't the main account holder; instead, they're using a credit card that's tied to the main account. Credit history isn't a factor in adding an authorized userFor people who are building or rebuilding credit, getting approved for a premium credit card usually isn't a possibility in the short term. Some banks will even allow you to add an authorized user under 18 to your account — read our guide to adding children as credit card authorized users for all the details. Read our review Read Our Review A looong arrow, pointing rightThe best premium cards for adding authorized users reviewsBest overall: Capital One Venture X Rewards Credit CardCost to add an authorized user: $0 for up to four authorized users.

When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay. The case for credit cards with high annual feesWhy in the world would anyone pay $450 or more to carry a credit card? The Hilton Honors American Express Aspire Card is a hotel credit card that comes with a $450 annual fee, but it's still insanely popular. Specifically, the majority of the most expensive travel credit cards give you airport lounge access, a credit for Global Entry or TSA PreCheck, and some sort of annual travel credit. Paying $450 or more for a travel credit card may make sense for your situation, but paying thousands in credit card card annual fees each year may not.

☆ How to Activate the Chase Sapphire Reserve Lyft Pink Benefit
▼ + stars: | 2020-01-14 | by ( Jt Genter | The Points Guy | ) www.businessinsider.com time to read: +6 min

When you are ready to use Lyft Pink, add your Chase Sapphire Reserve® as a payment option in the Lyft app, and you'll be given the option to activate. Keep reading to learn how to activate the Lyft Pink benefit on your Chase Sapphire Reserve®. When I go to the Lyft Pink website, Lyft will let me sign up for Lyft Pink using my Chase Sapphire Reserve®. Other benefits of the Lyft/ Sapphire Reserve partnershipWhether or not you activate Lyft Pink right away, the Chase Sapphire Reserve should become your go-to card for Lyft rides. Unlike the Lyft Pink benefit, the new DoorDash benefit doesn't require activation.

One of the most popular rewards cards, the Chase Sapphire Reserve®, is getting new benefits like DoorDash credits and 10x points with Lyft through March 2022. I used to recommend the Chase Sapphire Reserve® to everyone, but in light of these changes I think it's really best for a few different types of users. If the following situations apply to you, the Chase Sapphire Reserve® could be well worth the higher annual fee. The Chase Sapphire Reserve makes sense if:You travel — a lotThe Chase Sapphire Reserve® has been Business Insider's top travel rewards card pick, but the upcoming changes make it harder to recommend to occasional travelers. For everyone else, the Chase Sapphire Preferred is a great pickSure, the Chase Sapphire Preferred® Card can't compete with all the Chase Sapphire Reserve®'s bells and whistles, but if you can't identify with any of the situations above, you probably don't need them.

You still have time to lock in a lower annual fee of $450 for the first year — apply by January 12. First, the bad news: The annual fee is increasing from $450 to $550, which will put it closer to the Platinum Card® from American Express. If you don't have the Chase Sapphire Reserve® yet, you can apply by January 12 to lock in the $450 annual fee for your first year before being transitioned to the $550 fee. According to Chase, Lyft Pink membership is worth $239, and DashPass membership is worth over $100. We'll be diving deeper into the Chase Sapphire Reserve® changes in the coming days, so stay tuned.

You can combine cash-back rewards with Ultimate Rewards points if you have an eligible card Check mark icon A check mark. Show more Regular APR 18.24% - 25.24% Variable Editor's Rating 4.8 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. Read our review Read Our Review A looong arrow, pointing rightHow to transfer Chase Ultimate Rewards points between cards1. Log into the Chase Ultimate Rewards portalYou can either head directly to the Chase Ultimate Rewards portal or navigate there from your account page. ChaseChase points transfers between credit cards frequently asked questions (FAQ)Is it worth transferring Chase points to another credit card?

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). I don't need cash often, though, so it's not enough to make me get a debit card. There are many debit card risks people fail to think about, and it may not be the best choice for you financially. I've never really needed a debit cardMy parents have never had a debit card (I know, right?!) Most places in the US take some form of card, which makes a debit card unnecessary most times.

Persons: they're, Insider's, —, I've, Chase, Chase —, Charlie, it's Organizations: Service, Chase, Apple, Google

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Credit card points are a back-up emergency fund. How I use credit card points as a second emergency fundMost emergencies involve some form of travel. I use the World of Hyatt Credit Card to earn Hyatt points, and I used to have the old IHG Rewards Club credit card as well. Points aren't a substitute for a real emergency fundCredit card points can come in handy for last-minute travel situations, but they're no substitute for a real emergency fund.

Singapore Airlines' new suites are more like hotel rooms in the sky than airplane seats. Easily top up your Singapore Airlines KrisFlyer account with points from American Express Membership Rewards, Chase Ultimate Rewards, or Citi ThankYou Rewards. You'll need to join the Singapore Airlines KrisFlyer programFirst things first: If you want to book an award in Singapore Suites (or business class, for that matter), you'll need to redeem Singapore Airlines' own KrisFlyer miles. Searching for Singapore Airlines awardsSearching for awards on Singapore Airlines' own flights is straightforward. Fixed-value flexibilityIf mastering the Singapore Airlines KrisFlyer program feels like too much of an effort, there is one other strategy worth considering.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). My wife and I have been using rewards credit cards to earn free travel for our family of eight since 2013. Applicants with a lot of recent card applications could still be approved for business credit cards and co-branded cards like the IHG One Rewards Premier Credit Card or the Marriott Bonvoy Boundless Credit Card . Note that credit card lenders may use many different variations of credit score models when considering your application. That's $900 toward travel when you redeem through Chase Ultimate Rewards®$300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.

Persons: We've, we've, Read, —, Chase, Asia Miles Organizations: Chase Sapphire, Service, Chase, Card, Marriott, American Express, Bank of America, Chase Sapphire Reserve, Asia, Sapphire Reserve, IHG, Citi, Sapphire, TSA, Reading Chevron Locations: Lake Tahoe, Reno, Barcelona

☆ Overnight, the Amex Green Card shed its boring reputation to become a high-value travel card with enviable benefits and airport lounge access
▼ + stars: | 2019-10-24 | by ( Sarah Silbert | Read More | Read Less | ) www.businessinsider.com time to read: +8 min

Amex just announced a major overhaul to its Amex Green Card that completely changes all that. The updated Amex Green cardBefore this revamp, the Amex Green Card only offered bonus points on travel booked through Amex — and then, only 2x points. The Amex Green Card also joins many other Amex cards in offering some annual statement credits. Welcome bonus offerNew cardholders can earn 30,000 Amex Membership Rewards points with the Amex Green Card when they spend $2,000 on eligible purchases in the first three months. Earn 3x Membership Rewards® Points on travel including airfare, hotels, cruises, tours, car rentals, and more.

☆ Store credit cards helped me build my credit so I could get approved for Chase Sapphire Reserve, but I'd think twice before opening one now
▼ + stars: | 2019-10-11 | by ( Elizabeth Aldrich | Sarah Silbert | Read More | ) www.businessinsider.com time to read: +7 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Read more: How to build creditStore credit cards are typically easier to get than regular credit cards. Opening lots of credit cards caused a temporary drop in my credit score, but it helped my credit in the end. The dangers of store credit cardsEven though store credit cards helped me build my credit, I wouldn't recommend them to most people. On top of that, some store credit cards still partake in questionable practices that regular credit cards have done away with.

I recently upgraded my go-to rewards credit card from the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®. See Business Insider's list of the best rewards credit cards »I recently upgraded my go-to rewards credit card from the Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®. Read more: Preferred vs. Reserve — how the Chase Sapphire credit cards stack upHow to upgrade from the Sapphire Preferred to Sapphire Reserve1. Ask to upgradeI told the woman my name and asked if I could upgrade my current Chase Sapphire Preferred® Card to the Chase Sapphire Reserve®. Read more: Chase Sapphire Reserve card review4.

Persons: I've, It's, Read Organizations: Chase, TSA, Sapphire, Sapphire Reserve, Reserve

Travel rewards and cash back rewards credit cards sometimes charge annual fees, but those fees can be worth it. If you're wondering how to decide if a credit card annual fee is worth it, it comes down to the numbers: Do the math to compare rewards, benefits, credits, and other perks to decide if a card makes sense for your needs. As you move up the tiers in credit card annual fees, you'll find better and better rewards and benefits. How to decide if a credit card annual fee is worth it1. For hotel, airline, and credit card program miles and points rewards, points may be worth more or less than one cent each.

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). This means you can move the points you earn with the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Ink Business Preferred® Credit Card over to the Emirates Skywards program to book flights. Because Chase points are relatively easy to earn, this news could make booking an Emirates first-class flight much more attainable. Emirates is now a Chase transfer partnerAs The Points Guy reported, Chase added the Emirates Skywards frequent flyer program as a transfer partner of its Chase Ultimate Rewards program. How many points you'll need to book Emirates first classYou'll need upwards of 100,000 Chase points to book a one-way first-class ticket on Emirates.

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