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A secured credit card is a type of credit card with a line of credit backed by a security deposit. Because it doesn't require a credit history or credit score, secured credit cards are an appealing option for building a credit history. In fact, most credit card companies won't perform credit checks for secured credit card applicants. After a certain amount of time and credit built on the secured credit card, companies may also allow you to convert your secured credit card to a traditional card, at which point your security deposit will also be returned. Unsecured Credit CardsSecured credit cards Unsecured credit cards Secured credit cards often don't require a credit check and will take applicants with low credit scores Credit card companies recommend a good to excellent (670-800+) credit score when applying for a card Credit limit determined by how much money is deposited Credit limit determined internally based on a number of factors Often charges higher APRs Offers APRs based on your application and credit scoresSecured Card TipsCan a secured credit card improve my credit score?

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Introduction to Paying Taxes with a Credit CardYou can pay your annual taxes with a credit card. Benefits of paying taxes with a credit cardEarning rewards or cash backIt makes sense to pay your taxes with a credit card if you're trying to earn a rewards credit card welcome bonus, as long as the rewards are worth more than the cost of the credit card transaction fee and if you pay off your balance before you begin accruing interest. Quick Tip: When you pay taxes with a credit card, the transaction is processed as a purchase, not a cash advance — so you'll still earn credit card rewards. Review: Chase Ink Business Preferred card reviewPaying Taxes By Credit Card Frequently Asked QuestionsCan I pay any type of tax with a credit card? Paying taxes with a credit card impacts your credit score if the payment significantly increases your credit utilization ratio.

Persons: Paul Rosa, you'll, Read, that's, You'll, Chase, It's Organizations: Business Insider, Citi, Turbo, Finance, IRS, ACT, ACI, Chase, Sapphire Reserve, Capital

Introduction to credit card interestCredit card interest is a touchy subject. Understanding your credit card payoff timeline is a crucial component of responsible personal finance management,The importance of calculating credit card interestCredit card interest can be more complicated to calculate than it looks on paper. This guide will show you how to calculate credit card interest payments, help you understand how your APR is applied to your balance, and offer some strategies for paying off credit card interest faster so you can minimize the interest you pay. Calculating credit card interest frequently asked questionsCan I calculate the APR for multiple credit cards? This credit card interest calculation formula will work for any card that has an annual percentage rate of interest.

Persons: we're, APRs, you've Organizations: Chevron

Introduction to Buying an Engagement RingBuying an engagement ring is a big deal. Instead of taking out a traditional loan, or financing a ring through a credit card offered by the jeweler, you can use one of the best 0% APR credit card offers for a certain amount of time. What credit card features should I look for when buying an engagement ring? Can I finance an engagement ring purchase with a credit card? How can I maximize rewards when buying an engagement ring with a credit card?

Organizations: Business Insider, Tiffany, Chase Travel, Chase, Sapphire, American Express, Citi Locations: Chevron

☆ 3 money moves to make ahead of the Federal Reserve's first rate cut in years
▼ + stars: | 2024-07-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

For now, top-yielding online savings accounts and one-year CDs are paying more than 5% — well above the rate of inflation. "Money market brokerage accounts usually pay higher rates than money market or savings accounts at banks," he said in an emailed statement. "Timing your purchase to coincide with lower rates can save money over the life of the loan," Tayne said. However, lower mortgage rates could also boost home-buying demand, which would push prices higher, McBride said. "If lower mortgage rates lead to a surge in prices, that's going to offset the affordability benefit for would-be buyers."

Persons: cardholders, APRs, Tayne, Olga Rolenko, McBride, Mark Kantrowitz, Kantrowitz, Howard Hook, they've Organizations: Treasury, EKS, EKS Associates Locations: Princeton , New Jersey

☆ 5 money management tips to ensure your funds keep growing
▼ + stars: | 2024-06-28 | by ( Sponsor Post | Sponsored Apple Card | ) www.businessinsider.com time to read: +7 min

Opening a high-yield savings account can be a game-changerWhile 68% of Americans have a standard savings account, according to Forbes, fewer take advantage of high-yield accounts that offer better returns. Although you can choose to receive a physical titanium Apple Card, it's also automatically built into Apple Wallet on iPhone. 3 To access Savings, Apple Card Owners and Co-Owners must open a Savings account. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.

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"Consumers need to understand that the cavalry isn't coming anytime soon, so the best thing you can do is take things into your own hands when it comes to lowering credit card interest rates," said Matt Schulz, chief credit analyst at LendingTree. But that hasn't deterred credit card issuers from offering generous terms on balance transfer cards, Rossman said. But right now, it's kind of a Goldilocks environment for credit card issuers." It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: Matt Schulz, Michele Raneri, APRs aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, CNBC, Finance, Treasury Department, Federal Reserve Bank of New Locations: U.S, Federal Reserve Bank of New York

"It is becoming clearer and clearer that the Fed isn't going to lower interest rates anytime soon," said Matt Schulz, chief credit analyst at LendingTree. "If Americans want lower interest rates, they're going to have to do it themselves." What determines your credit card rateSince most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: —, Matt Schulz, Michele Raneri, aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, Finance, Treasury Department Locations: U.S

☆ The Federal Reserve holds interest rates steady, offers no relief from high borrowing costs — what that means for your money
▼ + stars: | 2024-05-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"If Americans want lower interest rates, they're going to have to do it themselves," he said. "Going forward, mortgage rates will likely continue to fluctuate and it's impossible to say for certain where they'll end up," noted Jacob Channel, senior economist at LendingTree. Auto loansEven though auto loans are fixed, payments are getting bigger because car prices have been rising along with the interest rates on new loans, resulting in less affordable monthly payments. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected. Interest rates for the upcoming school year will be based on an auction of 10-Year Treasury notes later this month.

Persons: Brett House, aren't, Matt Schulz, Schulz, Jacob Channel, there's, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

Best 0% Intro APR Business Credit CardsU.S. Bank Business Triple Cash Rewards World Elite Mastercard® : Best overall for high rewards and long 0% intro APR: Best overall for high rewards and long 0% intro APR Ink Business Cash® Credit Card: Best welcome offerThe American Express Blue Business Cash™ Card: Best for easy rewardsThe Blue Business® Plus Credit Card from American Express: Best for flexible rewardsU.S. Bank Business Platinum Card: Best for balance transfersBank of America® Business Advantage Customized Cash Rewards Mastercard® credit card : Up to 5.25% cash back for Bank of America Preferred Rewards for Business customersCompare the Best 0% APR Business Credit CardsBest for generous cash back rewards and long 0% APR U.S. Bank Business Triple Cash Rewards World Elite Mastercard® Insider’s Rating Info icon Insider's Ratings are decided by our editorial team. Features to Look For in 0% APR Business Credit CardsThe best 0% APR business credit cards either offer generous terms for zero interest, or high rewards for spending on the credit card. 0% APR Business Credit Card Frequently Asked QuestionsDo 0% APR business credit cards exist? Yes, many 0% APR business credit cards allow balance transfers from other credit cards, including business cards. While using more of your available credit can impact your credit and credit score, this doesn't typically apply to business credit cards.

Persons: you'll, APRs, Cash, you've, You've, Cardholders, cardholders, They'll Organizations: Business Insider, U.S . Bank Business, Cash, Mastercard, Bank of America, Cards, Bank Business, American Express, Bank, of America, Rewards, EV, Ink, FDIC, Express, U.S . Bank, Business, U.S, Chase, . Bank, Chevron Locations: Chevron

☆ Department stores face another squeeze. This time, with store credit card revenue
▼ + stars: | 2024-04-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

For fiscal year 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom . The three companies do not break out how much of total credit card revenue comes from late fees. All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further. Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Gap does not disclose credit card revenue, but its Chief Financial Officer, Katrina O'Connell, said on an earnings call that losses from late fees will be "largely offset in 2024 by other levers within our credit card program."

Persons: Robert Nickelsberg, it'll, Jane Hali, Kohl's, David Silverman, Silverman, —, Michael Fiddelke, Macy's, Adrian Mitchell, It's, Nordstrom, Katrina O'Connell Organizations: Getty Images Department, Consumer Financial, Bureau, Associates, Nordstrom, Fitch, TD Bank, Shoppers, Adobe Analytics, Citi, Sam's Locations: New York City

☆ The Fed holds interest rates steady. What that means for your money
▼ + stars: | 2024-03-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Annual percentage rates will start to come down when the Fed cuts rates, but even then they will only ease off extremely high levels. That's up from 4.4% when the Fed started raising rates in March 2022 and 3.27% at the end of 2021, according to Bankrate. Doug Duncan, chief economist at Fannie Mae, expects mortgage rates will end the year at 6.4%, but that won't provide much of a boost for would-be homebuyers. If rates come down and it ramps up demand and there's no supply, the only thing that happens is that home prices go up." Once the Fed cuts rates, "that gives people a little more breathing room," Drury said.

Persons: Brett House, Ted Rossman, Doug Duncan, Fannie Mae, Duncan, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

☆ The Federal Reserve may not cut interest rates just yet, here's what that means for your money
▼ + stars: | 2024-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up; they are going to take the stairs coming down," he said. Annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. "The reality of it is, a lot of borrowers are paying double-digit interest rates on those right now," McBride said. Federal student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Greg McBride, McBride, Sam Khater, Freddie Mac's, that's, Ivan Drury, Edmunds, Drury Organizations: Reuters, Treasury, Fed Locations: Edmunds

☆ Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
▼ + stars: | 2024-02-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The share of consumers with "subprime" credit scores who hold a credit card has been "relatively stable," they said. Major credit card issuers got $25 billion in extra interest by raising their average APR margin over the last 10 years, the CFPB estimated. "Higher APR margins have allowed credit card companies to generate returns that are significantly higher than other bank activities." They're among the nation's biggest credit card issuers. How to manage credit card interest

Persons: Martinez, Seikel, Lindsey Johnson, Greg McBride, McBride, That's Organizations: Bank, Getty, Consumer Bankers Association, CBA, Federal Reserve Bank of New, Financial, Discover Financial Locations: Federal Reserve Bank of New York

☆ Credit card users can save over $400 a year by switching issuers, CFPB says
▼ + stars: | 2024-02-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Olga Rolenko | Moment | Getty ImagesCard balances and total debt at are all-time highsThe agency's findings come as average credit card balances and total credit card debt hit all-time highs at the end of 2023. The average credit card interest rate for all accountholders was more than 21% in November, also a record, according to Federal Reserve data. The federal agency's analysis defines large lenders as the nation's 25 biggest, and small lenders as all others in its sample. Credit scores didn't impact findingsThe CFPB's new interest-rate findings are consistent regardless of a consumer's credit score, it said. Why interest rates may not matter for some usersThe CFPB report doesn't necessarily offer a complete picture of the credit card market, Rossman said.

Persons: Olga Rolenko, spokespeople, Lindsey Johnson, CFPB, Ted Rossman, Rossman, cardholders, Bankrate, Rohit Chopra Organizations: Federal Reserve, Consumer Bankers Association, American Bankers Association, —

Up to 8/10 cardholders who asked for a lower interest rate in the past have reported success. Negotiating with Your LendersRequest a Lower Interest RateContact your lenders or credit card issuers to request a lower interest rate, especially if you have a history of on-time payments or an improved credit score. Consolidating DebtDebt consolidation can simplify your finances and potentially lower your overall interest rate if you can secure a consolidation loan at a lower rate than your existing debts. FAQsWill refinancing my loan always result in a lower interest rate? While your existing loans' rates are typically fixed, improving your credit score can position you better for refinancing at a lower rate or negotiating lower rates on future loans or credit lines.

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☆ Federal Reserve holds interest rates steady, sets the stage for cuts. What that means for your money
▼ + stars: | 2024-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Greg McBride chief financial analyst at Bankrate"Below the surface, 60% of households are living paycheck to paycheck," McBride said. Now, with rate cuts on the horizon, consumers will see some of their borrowing costs come down as well, although deposit rates will also follow suit. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at where those rates could go in the year ahead. Going forward, annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. Mortgage ratesDue to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin.

Persons: Greg McBride, McBride, Doug Duncan, Fannie Mae, It's, Jessica Caldwell, Edmunds Organizations: Treasury, Fed Locations: Edmunds

☆ Workers are paying to get part of their paychecks early. It's 'payday lending on steroids,' one expert says
▼ + stars: | 2024-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +12 min

Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."

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☆ 28-year-old with a net worth over $500,000 shares 5 money habits she avoids: 'Everything can't be a little treat'
▼ + stars: | 2024-01-27 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Using traditional savings accountsAllocca favors high-yield savings accounts over the traditional savings accounts typically offered by large banks, as they offer better annual interest rates. Currently, you can find high-yield savings accounts offering APRs of around 5%, while traditional accounts offer interest rates closer to 0.6%, per Bankrate's most recent data. Many online banks and credit unions offer high-yield savings accounts, so they're not hard tp come by. "All of my cash savings are in a high-yield savings account," says Allocca. "If you aren't using a high-yield savings account, make 2024 the year you open one.

Persons: Michela, She's, Allocca, They're, they've Organizations: CNBC

☆ Carmoola, a UK car financing fintech, just raised a further $19.7 million with this 14-slide pitch deck
▼ + stars: | 2024-01-16 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Car financing fintech Carmoola has raised a further $19.7 million in an extension to its Series A round. "The business has been growing strongly and revenues are up 5x," Aidan Rushby, Carmoola CEO and cofounder told Business Insider. The FCA moved to ban such commissions in 2021 and Rushby told BI that Carmoola was able to acquire customers at a lower cost by cutting out the middlemen. Rushby told BI that the round represented a 33% up round on its previous financing but declined to give specifics on the company's valuation. Check out Carmoola's 14-slide Series A extension deck below:

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☆ This underused savings tool could earn you guaranteed 5.5% interest—but you'll want to act quickly
▼ + stars: | 2024-01-16 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

With CDs, you deposit a specific amount of money for a fixed period of time — months or years — at a guaranteed rate of interest. While you can't prematurely withdraw those funds without paying a penalty, the trade-off is that CDs tend to offer higher interest rates than most savings accounts. That's much higher than the average annual percentage yield you'll find for traditional savings accounts, which was 0.57% as of Jan. 16, 2024, per Bankrate. While high-yield savings might offer APRs more comparable to CDs, you can often find CDs with slightly higher rates. Some CDs also offer higher yields than one-year Treasury bonds, which are comparably safe investments.

Persons: Gen Zers, Jay Zigmont Organizations: Federal Reserve, Federal Deposit Insurance Corporation, Childfree

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Review: Wells Fargo Active Cash card reviewInk Business Cash® Credit CardBest for office supplies Ink Business Cash® Credit Card Apply now lock icon An icon in the shape of lock. The Capital One Venture X Rewards Credit Card is a premium travel credit card that earns 2 Capital One miles per dollar on most purchases. Excellent, Good, Fair Pros Check mark icon A check mark. Annual Fee $0 Intro APR N/A Regular APR 20.49% Variable Intro Offer N/A Recommended Credit Excellent Pros Check mark icon A check mark.

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☆ Carrying a credit card balance is costing you $1,140 per year — and is about to get much worse
▼ + stars: | 2023-12-05 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

However, credit card balances are especially worrisome because they are going to keep getting worse. That means the average American could be spending $1,140 every year on credit card interest and fees alone. Americans have been accruing a lot of credit card debt at a terrible timeAccording to the Federal Reserve Bank of New York, Americans had nearly $1.1 trillion in credit card debt in the third quarter of this year. Credit card interest rates, which had already been at their highest level since the mid-1990s, started soaring even higher. But with credit card debt going through the roof, the blissful spending could come to a screeching halt.

Persons: couldn't, —, Gary Coronado, LendingTree, Ted Rossman, Biden Organizations: Service, SoFi Bank, Federal Reserve, Federal Reserve Bank of New, Federal Reserve Board, Fed, New York, New York Fed, Consumer Financial, CNN, Household Economics Locations: WalletHub, Federal Reserve Bank of New York, delinquencies

☆ The Fed decision on interest rates won't offer much relief to Main Street businesses
▼ + stars: | 2023-11-01 | by ( Mallika Mitra | ) www.cnbc.com time to read: +5 min

The average monthly credit card expenditure of U.S. small businesses is up by an average of 20% compared to pre-pandemic levels, according to a recent report by Intuit QuickBooks. Around 1,660 small businesses have filed for bankruptcy in 2023 so far, which is higher than in all of 2022, according to the American Bankruptcy Institute. Access to capital for small businesses is at an economic cycle low. Getting a business credit card is much easier than getting a loan from a bank, Akcigit said. Power, who leads research on small business credit cards at the firm.

Persons: Jerome Powell, Ufuk, Intuit QuickBooks, Goldman Sachs, Akcigit, John Cabell, Cabell Organizations: Fed, Federal Reserve, Bureau of Labor Statistics JOLTS, Intuit QuickBooks, University of Chicago, Intuit, American Bankruptcy Institute, Goldman Locations: ., U.S

☆ 9 Moves to Help You Pay Off Credit Card Debt
▼ + stars: | 2023-10-31 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +14 min

More than half of all Americans are currently aren’t managing to pay their credit card bills in full each month, J.D. Power found recently, helping explain why we now owe a record $1 trillion in credit card debt. Request an interest rate reductionCall each of your credit card issuers and ask for a lower APR, advises Todd Christensen, education manager with Debt Reduction Services, a nonprofit debt counseling agency. Work with a nonprofit credit counseling agencyIf you’re struggling to make the minimum credit card payment required each month or already behind, reach out to a nonprofit credit counseling service for assistance. These organizations, typically members of the Financial Counseling Association of America or the National Foundation for Credit Counseling, will review your finances and credit card debt to help you better manage your budget and repayments.

Persons: Kerri Anne Renzulli, Power, you’ve, You’ll, Experian, Beverly Harzog, ”, Todd Christensen, John Ulzheimer, you’ll, you’re, Bruce McClary, Says Organizations: Mint, Debt, Surveys, TK, nab, Consumer Financial, Financial, Association of America, National Foundation, Credit, Credit Counseling Locations: FICO

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