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financepaydayinfo · 10 months

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Can I Pay My Mortgage on Credit Card: Paying your mortgage can be a daunting task, especially if you're on a tight budget. As such, it's no wonder that many people have looked into alternative payment methods. One such method is paying your mortgage with a credit card. While it may seem like an easy way out, there are pros and cons to consider before taking this route. What is a Mortgage Payment? Before we dive into the topic at hand, it's essential to understand what a mortgage payment is. A mortgage payment is a monthly payment made by a borrower to a lender. The payment includes the principal amount, interest, taxes, and insurance. This payment continues until the loan is paid off. How to Pay Your Mortgage There are several ways to pay your mortgage. The most common methods are automatic bank drafts, online payments, and mail-in payments. Many lenders offer autopay services, which allow you to set up a recurring payment that is automatically deducted from your account on a specific date each month. Can You Pay Your Mortgage with a Credit Card? Yes, you can pay your mortgage with a credit card. However, not all lenders accept credit card payments. Additionally, if your lender does accept credit card payments, they may charge a convenience fee, which can range from 2% to 4% of the total amount due. This fee can add up quickly and may not be worth it. Pros of Paying Your Mortgage with a Credit Card There are a few benefits to paying your mortgage with a credit card. Firstly, you can earn rewards points or cashback for your mortgage payments. If you have a rewards credit card, you can earn points or cashback on your mortgage payments, which can add up over time. Secondly, if you're in a tight financial spot, using a credit card can give you some breathing room. This is because you'll have an extended period to pay off the balance. Finally, paying your mortgage with a credit card can help you build your credit score if you make timely payments. Cons of Paying Your Mortgage with a Credit Card While there are some benefits to paying your mortgage with a credit card, there are also some significant downsides. Firstly, you may end up paying more in fees than you would save in rewards. This is because most lenders charge a convenience fee for credit card payments. Additionally, if you don't pay off your credit card balance in full, you'll accrue interest, which can be much higher than your mortgage interest rate. Finally, if you miss a credit card payment, it can negatively impact your credit score. Is it Worth Paying Your Mortgage with a Credit Card? Whether or not it's worth paying your mortgage with a credit card depends on your financial situation. If you have a rewards credit card, paying your mortgage with a credit card may be worth it if the rewards outweigh the convenience fees. However, if you don't have a rewards credit card, or if the convenience fees are too high, it may not be worth it. Additionally, if you're not disciplined with your credit card payments and tend to carry a balance, the interest charges may end up costing you more in the long run. How to Pay Your Mortgage with a Credit Card If you've decided that paying your mortgage with a credit card is the right option for you, the next step is to figure out how to do it. The process will vary depending on your lender, but generally, you'll need to follow these steps: Contact your lender to find out if they accept credit card payments. If they do, ask about the convenience fees and any other requirements. Set up your credit card as a payment method with your lender. Make your mortgage payment using your credit card. Tips for Paying Your Mortgage with a Credit Card If you decide to pay your mortgage with a credit card, here are a few tips to keep in mind: Make sure you have a rewards credit card that offers cashback or points. Only pay your mortgage with a credit card if the rewards outweigh the fees. Pay off your credit card balance in full each month to avoid interest charges.

Keep track of your credit card payments to ensure you don't miss a payment. Consider setting up autopay to avoid missing payments. Alternative Payment Options If paying your mortgage with a credit card doesn't make sense for you, there are alternative payment options to consider. Some of these include: Automatic bank drafts: This is the most common way to pay your mortgage. You can set up a recurring payment that is automatically deducted from your account each month. Online payments: Many lenders offer online payment options that allow you to make one-time or recurring payments. Mail-in payments: You can also mail in a check or money order to your lender each month. [wprpi title="Recent posts" by="category" post="3" icon="show"] Conclusion Paying your mortgage with a credit card is possible, but it may not always be the best option. While there are some benefits to consider, such as rewards points and extended payment terms, the fees and potential interest charges can add up quickly. Before deciding to pay your mortgage with a credit card, consider your financial situation and whether or not it's worth the convenience fees. Ultimately, the goal should be to pay off your mortgage as quickly and efficiently as possible. FAQs Can I earn rewards points by paying my mortgage with a credit card? Yes, if your credit card offers rewards points or cashback, you can earn them by paying your mortgage with your credit card. Will paying my mortgage with a credit card negatively impact my credit score? Not necessarily. As long as you make timely payments and don't carry a balance, paying your mortgage with a credit card can actually help improve your credit score. Will my lender charge me a convenience fee for paying my mortgage with a credit card? It depends on your lender. Some lenders do charge a convenience fee, while others do not. What are the alternative payment options for paying my mortgage? Alternative payment options include automatic bank drafts, online payments, and mail-in payments. Is it worth paying my mortgage with a credit card? It depends on your financial situation. If the rewards outweigh the fees and you're disciplined with your credit card payments, paying your mortgage with a credit card can be worth it. Reference Investopedia: https://www.investopedia.com/mortgage/pay-your-mortgage-with-a-credit-card/ NerdWallet: https://www.nerdwallet.com/article/credit-cards/pay-mortgage-credit-card The Balance: https://www.thebalance.com/can-i-pay-my-mortgage-with-a-credit-card-4582935

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annmcgee021 · 2 years

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Autopay Credit Card

Autopay is a feature that some credit card issuers, lenders and service providers offer that lets you schedule automatic payments from a bank account to pay your bills. If you struggle to keep up with multiple bill due dates, autopay can work its magic by making on-time payments for you. Credit card issuers or merchants that offer autopay usually let you set it up in your online account dashboard. The payment may be debited on the bill due date, or you may have the option to choose another payment date. Make sure to mark this date on your calendar and keep enough cash in your account to cover the bill.

If there isn't enough money in your bank account when the automatic payment processes, you could get hit with fees from the merchant and your bank. Below I have listed some of the ways in which an autopay credit card helps you.

How Autopay Helps You

1. How to Set Up Autopay

Setting up autopay can take just a few minutes once your bank account and routing number are provided. Part of the process is choosing the payment amount you want to make each month. Some of the options include paying the minimum amount of the minimum payment due, paying the balance in full, and paying a fixed amount which is when you choose a fixed payment each month. If you want to make multiple payments each month, some credit card companies may let you split up the automatic payment into several installments. Keep in mind that auto payments may still go through even if you choose to make another separate payment for the month. Say you set up autopay to never miss a payment, but also plan to add an extra payment manually to pay off your balance each month. The automatic payment that you set up may still go through as scheduled. Check with your credit card issuer to find out how they treat automatic payments when additional payments are made. To stop scheduled payments, you'll have to cancel them.

2. How Does Autopay Affect Credit Score?

Accidentally forgetting to make credit card payments can wreak havoc on your credit. Using autopay for credit cards can help you establish stellar payment history with minimal effort since payments are made automatically and on time. If you already have a few late payments on your record, all isn't lost. Making on-time payments from now on using autopay could help improve your score over time. Setting up autopay for other service provider accounts like utilities and cable could also be beneficial. Usually, these accounts don't show up on your credit report (unless the account is sent to collections).

Using Autopay Credit Card

Autopay is a free feature that many creditors and merchants offer to automatically debit bill payments from your bank account. Setting up credit card autopay could help you build credit since it will help you consistently make on-time payments. Keep in mind that you always need to have enough money in your account to cover the auto payments you establish.

#Autopay #Banking #Credit Card #Finances #autopay credit card

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uditredcarpet · 3 years

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What Happens If You Overpay Your Credit Card?

Do you often worry about your credit score? The CIBIL score plays a significant role in every individual’s life. Just like a good score, a bad one, too, has wide-ranging consequences. And that is why one must find a reliable and top-rated credit repair company to increase their score without any hassles.

But what happens when you overpay your credit card? Although paying for the credit card might be a simple process, you might end up paying a little extra to the bank. In such instances, you must never panic.

You aren’t going to lose any funds, and do not worry about your CIBIL score. Instead, you need to know a few details about credit card companies to understand how this works out. Confused? Read along to find more answers to your query.

Reasons That Lead to Overpayment Issues

Overpaying your credit card is a common occurrence and can happen due to multiple reasons. Here is a list of the top reasons that can lead to such overpayment credit card issues for your reference:

While Receiving a Refund

When an account receives a refund for any purchase, the amount goes directly back on the credit card. And that can lead to overpayment if the user has already paid for that particular purchase. Although it doesn’t directly link to CIBIL score improvement, you need to keep a close tab on such refunds.

Duplicate Manual Payment

The lag time between a payment and the processing time can lead to duplicate manual payments on your credit card. Sometimes these payments can require a few days to process. However, such duplicate manual credit card payments can lead to overpayment as well.

Automatic & Manual Payment

In general, the automatic payments do not process if you have made the payments regarding the bill. However, as already highlighted, sometimes, due to the lag time, both manual and automatic payments can lead to overpayments.

Other than these causes, sometimes, a mistake regarding the payment amount can also lead to overpayment issues. So, in any of these cases, what should the user do? Find out in the next section.

Steps to Take After Overpaying Credit Card Bills

Now that you know that many circumstances can lead to overpayment issues, you must know how to deal with it as well. Make sure to understand that such an instance is neither a good nor a bad thing and doesn’t have any significant role in CIBIL score improvement. Therefore, here are a few steps that you might consider taking if you have made an overpayment on your credit card:

Leave It for The Next Month

In general, you might view the overpaid amount as a negative one on your account. Do not panic seeing this negative balance as it would roll over towards the next billing cycle. If you already have some outstanding balances, then it might get adjusted with this balance.

However, if you do not have such outstanding bills, you can leave this balance for the next month. In case you do not use it within six months, your creditor is obliged to issue a refund to your account. And if you continue making the purchases with the card, you can resolve these issues without any further action.

Request A Refund

Do you want your issuer to refund the money to your source account? If you need the money as soon as possible, you might want to pen down a written request for a refund. Also, some of the issuers might process the refund requests by online platform or phone as well. It depends on your credit card issuer and their work policies.

However, in general, the regulations would allow these requests to process through at least seven business working days after the request. Also, you need to select the mode of payment for the refund.

You can get it in the form of cash, direct deposit, or checks as well. But make sure to follow up with these requests if you do not receive the refund amount within the deadline. It might not have any equivalent role for your CIBIL improvement, but you must be careful about such transactions in the future.

Autopay

If you want to avoid such issues, you need to know about the potential ways to minimise such hassles. One of the best ways to do so is by enabling autopay on the credit card bill. It is a feature that is prevalently used by many users across the global platform. It is an advanced feature that will set up an automatic payment from your account to pay the bills at the stipulated time as per your choices.

But what if the autopay doesn’t cover the entire credit card bill? Well, in that case, you can set the autopay for a minimum amount and pay the rest of the bill at your convenience. You might also select a date for such payments for each month. But to avoid any confusion later, you need to be quite clear about the specific autopay options available for your credit card bill.

Apart from these tips, every user must stay updated about the account balance and all future payment schedules. It can help you to avoid any unforeseen circumstances related to your credit card bills. And it can also help you avoid such overpayment issues if you manage to keep a close tab on missed payments and your billing cycle.

Are you looking for a secured credit card? If yes, then get RedCarpet Reset Card now!

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fernandesamelia63-blog · 4 years

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1. WALNUT

Walnut is considered to be one of the most useful money -management apps that are available on both Android as well as iOs devices. Some of the features offered by Walnut include:

Tab on expenses – The app allows you to keep a tab on your monthly expenses. It gives you regular updates about the amount of money you have spent in the month, it intimates you about the accumulated credit card bill, etc. This helps you to keep a tab on your expenses quite effectively.

Auto payment of bills – The app pays your due bills automatically. The auto=payment feature on the app is of great help, especially to those who tend to miss the due dates and end up defaulting on their bills.

Categorizes expenses – The app categorizes all the expenses and tells you how much you spent on travel, dining, groceries, entertainment and so on. This helps you to understand your own spending patterns and make alterations if needed.

SMS scanning – The app regularly scans the SMSes received on your mobile device. It alerts you about the spends and informs you about any fraudulent transactions that may have taken place.

With these interesting features on offer, Walnut proves to be very handy for anyone who needs some digital assistance to manage their money.

2. GOODBUDGET

The next app on the list is the highly-rated GoodBudget app. Another one of the personal finance management apps that is available both to the Android as well as the iOs users, it helps you to plan out your monthly expenses. It also helps you to save by telling you about your various overheads and pointing out spending patterns. Here are the top features of this app:

Online envelopes – The most unique feature of this app is online envelopes. You can create separate envelopes for all your expenses such as groceries, utilities, fuel, savings, etc. You can allocate funds to each envelope and stick to your monthly budget accordingly.

Option to share budget – Not only does the app help you to make and use your own budget, but it also gives you the option to share the budget with your family members. This helps you to stay on the same page with close family members such as your spouse or parents with whom you share the familial financial load.

Payment of dues – The app offers the autopay option with which you can clear your monthly dues on time without having to worry about forgotten due dates.

Debt payoff plans – The app helps you to create specific debt-payoff plans. With the help of these, you can adjust your EMIs and clear off all your dues in a comfortable manner.

These features make the GoodBudget app so popular among users not just in India, but all around the world.

3. EZ FINANCIAL CALCULATORS

The EZ Financial Calculators app is one of the well-received personal finance management apps that helps thousands of people to keep a check on their finances. Here are the top features of this money-management app:

Complete set of financial calculators – You will find a whole lot of calculators on this app. With the help of these, you can calculate everything including your tax liabilities, your home loan interest rate, your retirement fund requirements, your insurance premium rates, the returns on various investments and so on.

Easy transfer of results – Not only does this app help you to calculate the various figures and amounts, but it also makes it easy for you to share the results with anyone you wish to. You can email the results to your family or friends as and when you want to do so.

Error-free calculations – Most of the financial calculations undertaken by this app are very complex and comprise of various layers. Manual calculations can lead to several errors, but the app offers completely error-free results. This is a major advantage of using the EZ Financial Calculators app.

Expert advice – The app has provisions for its users to get expert advice. You can speak to a financial expert on the app and get specific answers to your money related queries.

With these features, the EZ Financial Calculators are among the most popular expense manager apps in use presently.

4. CHILLR

One of the handiest expense manager apps, Chillr is a very popular and widely used app in India. The features of this app include:

Mobile banking – The app allows you to transfer money, receive money and make quick recharges. These features allow you to use the app as a mobile banking app. It makes it easy for you to manage all your financial transactions from one source.

Utility bill payments – The app also allows you to make your utility bill payments such as paying your electricity bill, telephone bill, gas bill and so on. You also get attractive discounts and cashback when you pay your bills from the app.

Remind friends about payments – The app has a very novel feature through which you can send reminders to your friends who owe you money. The app will directly remind them of the amount they owe you. They can pay you the money directly on the app itself.

As you can see, the features are quite interesting and make money management quite a simple task for you.

5. MONEY MANAGER EXPENSE & BUDGET

The Money Manager Expense & Budget app is available for the Android as well as the iOs users. It helps you in the following ways:

Deposits money into the account – As soon as you receive your monthly salary, the app deposits the specified amount of money into your account.

Pays money out – When you command the app to make payments, it automatically does so on specific dates specified by you. This helps you to manage your expenses in a very disciplined manner.

The double bookkeeping feature of this app makes it one of the most popular money management apps in India.

6. MONEFY – MONEY MANAGER

This is a very straightforward and one of the most simple personal finance management apps, but it offers excellent solutions to anyone who tends to check their expenses. Here are some of the features:

Tracks all expenses – Whether it is something large as paying your monthly home loan EMI or something as small as paying cab fare, you can feed in all your expenses into the app and keep a tab on your spends. The app makes separate categories for your expenses and prepares charts for you to get a better understanding of the money you spend.

Synchronised data entry – The app allows you to simultaneously enter data from your mobile phone, tab or laptop. You can download the app on any device and log in using your Dropbox credentials. This makes it simple for you to enter all your financial details, as soon as you complete a transaction.

Choice of language and currency – The app provides you with a choice of your language and currency. This makes it easy for you to plan your finances even when you travel to a different country and use a different currency.

The Monefy – Money Manager app is thus one of the best money management apps available currently.

7. MTRAKR MONEY MANAGER

The mTrakr Money Manager app is a highly efficient personal management app that allows you to manage your expenses in an excellent manner by offering these features:

SMS Scanning – The app scans your SMS inbox and collects data about all your credit card and debit card spends. You do not have to manually feed in the data to the app regarding your expenses as the data is automatically collected by the app.

Automatic categorizing – The app is one of the few money management apps that has the automatic categorizing feature. The expenses are categorised under different columns and you can see where you have spent throughout the month. This is a very handy feature and allows you to get better results in a quicker manner.

Budget planner – The app also has a budget planning feature with the help of which you can have a customised budget plan ready each month. This helps to make money management a lot easier as you already know what to spend and when to spend.

Expert advice – The app offers expert advice related to money management. If you need any help on how to reduce your monthly expenses or on the different types of investment options, you can find helpful information on the app itself.

The features offered by the mTrakr Money Manager app are very good and helpful for anyone looking to streamline their expenses.

8. EXPENSE MANAGER

The final app to feature on this list is the Expense Manager app. This is another highly-rated and much in use expense manager app that helps people by offering the following benefits:

Free to use – The Expense Manager app is a completely free very easy financial management app to use. It is available to the iOs as well as the Android users across the world.

Track finances – The app has an in-built feature with the help of which it can track all your financial transactions and this can tell you about your expenses. It also keeps a check on your income and tells you how much money you have spent and what you have left in your account.

Picture entry – When you use this app, you do not need to feed in the data related to your expenses manually. You can simply click a photograph of a receipt and upload it on the app and the needful will be done. This is a truly unique feature that makes this app very popular.

Financial calculators – The app has many in-built financial calculators such as the tax calculators, interest calculators, EMI calculators and so on. With the help of these tools, you can easily understand your financial liabilities and see where you need to pay what.

These features are very efficient indeed and make the Expense Manager one of the best personal finance management apps to use in India.

9. QYKLY

The Qykly app is an extremely good and effective personal finance management app that allows you to perform various financial tasks including:

Expense tracker – The app has an expense tracker that allows you to check where you spend your money each month. The expense tracker is easy to use and is very effective in categorizing your expenses in an accurate fashion. Monthly budget maker – If you need help planning your monthly finances, you should ideally make a budget at the beginning of the month. With the help of the Qykly app, you can make a very effective monthly budget and stick to it.

Highly secured – The app uses multiple layers of security with added passwords to ensure your financial data remains safe. Sadly, online financial frauds are very prevalent and so you cannot trust every money management app that you come across. Qykly is a verified and safe app that you can use without any fear or worries whatsoever.

SMS scanner – The app has a feature through which it scans the SMS inbox of your phone. Apart from retrieving financial details through this, the app also identifies travel PNRs and helps you plan your finances when you travel.

These are the unique features that make the Qykly app a very popular wealth management app among users in India.

10. SMART SPENDS

Smart Spends is an app that allows you to keep a comprehensive tab on all your expenses, thereby helping you to streamline your spends and save effectively. The features of this app are:

Automatic aggregation – A very unique feature of this app is that automatically aggregates all your monthly expenses and categorizes them in groups. This makes it very simple for you to check where you spent how much and understand your spending pattern more effectively.

Tracks investments – The app also scans your financial transactions and tracks all your investments. It sends you a report about the same and allows you to keep a tab on your investments as well.

Pays bills – Much like the other personal finance management apps, the Smart Spends app can be used to make monthly bill payments. You can set up the auto-pay options on the app for various dues.

With the help of these features, the Smart Spends app allows you to take charge of your expenses in a smooth and hassle-free manner.

Conclusion -

As you can see, there are some excellent personal money management apps available in India these days. Download the personal finance management apps on to your smart devices and use them diligently to get better control over your finances. The expense manager apps are quite user-friendly and easy to use and they are also available widely.

#Financial Wellness Platform #Employees Financial Wellness #Financial Stress #Employee Retention Guide #Financial Planning Guide #Financial Wellness Guide

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yournewapartment · 7 years

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Hello! Do you have any advice on building good credit? I'm about to turn 18 and I have no idea where to start.

Credit Cards

What You Need to Know

Looking to move out of your parent’s house? Many rental companies will not rent to you if you don’t have credit (in this case you would need a co-signer on your lease who does have credit). Credit cards are also there when your pay check is late or you accidentally total your car and can’t pay the expenses out of pocket. See also.

Sitcoms and daytime television shows always led me to believe that being approved for a credit card was such an easy process. Maybe it was back in the day, but nowadays it’s harder to get one. If you have no credit, it’s easier to apply for a credit card through a department store like Sears or Target, than it is to get one from an actual credit card company like American Express or Discover. If you’ve been with your current bank for a long time you might also be able to apply for a credit card through them. This is a pretty comprehensive post about credit cards.

Spend lots of time researching your options to decide which credit card is best for you. It’s okay if that means Target for the time being, after you’ve built up credit you can always apply for a more illustrious card. Lots of credit card companies offer different types of rewards, like discounts on gas or Amazon purchases, so look for one that best suits your needs.

The most crucial part of owning a credit card is paying on time. If you don’t pay on time, they’ll charge you interest. Don’t let them take any more money from you then they already are! If you’re someone who has a hard time paying bills, set up autopay on your account. Here’s a pretty extensive article about that. And here’s why you should pay on time.

What to Charge

I don’t like to reserve my credit card use for only super expensive items. Feel free to use your card for your ever day purchases! I use mine for gas for your car, McGriddles, and any CVS purchases I make that are under $20. There’s no official playbook stating that you can’t put a $1.50 charge on your credit card, and if it’s helping build your credit- why not?

It’s super important to never use your card as a replacement for money you don’t have. Don’t drop $150 at Victoria’s Secret if you won’t have that same $150 in your bank account by the end of the month.

Use your card in the event of an emergency. It’s impossible to predict when your car’s tire might go flat our your cat may need to be taken to the hospital. As the majority of us get paid on a bi-weekly pay cycle, there may be a time in your life when you’re waiting to get paid, but still have to deal with surprise expenses. This is the time to use your card, in lieu of the money that you know is on its way, but hasn’t arrived yet.

I have my credit card set up so that any purchase I make gets automatically paid by my debit card. For example, I go to Starbucks and spend $5 on a coffee, paying for it with my credit card. Instead of waiting until the end of the month, that $5 is charged automatically to my debit card, so my credit card debt goes back to $0. Boom!

This is my two cents, but I’m wondering if the professionals have anything to say? @bitchesgetriches got any ideas?

#credit card #building credit #credit #what is credit #being an adult #how to adult #adult life #finances

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tarajames21 · 8 months

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HDFC Credit Card Payment

HDFC Bank provides diverse options to make the credit card bill payment both online and offline. Users can choose a mode of payment according to their convenience. Let us now see all the credit card payment options in detail.

There are several methods available for making HDFC credit card payments, making it easy to settle your outstanding balances.

Online Payment:

HDFC NetBanking: Log in to your HDFC NetBanking account, go to the 'Credit Card' section, and make a payment using your linked bank account.

HDFC Mobile App: You can use the HDFC Mobile App to pay your credit card bill conveniently from your smartphone.

NEFT/IMPS: Transfer funds from your bank account to your HDFC credit card using the NEFT or IMPS service by adding your credit card as a beneficiary.

Offline Payment:

Cheque or Demand Draft: Write a cheque or demand draft in favor of "HDFC Bank Card A/C (your credit card number)" and drop it at the nearest HDFC Bank branch drop box.

Cash Payment: You can make cash payments at HDFC Bank branches by visiting the branch counter.

AutoPay: Set up AutoPay instructions to ensure that your HDFC credit card bill is paid automatically from your linked bank account every month.

ATM: Visit an HDFC Bank ATM to pay your credit card bill using your debit card.

Reference:

#hdfc bank #apply hdfc credit card

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onlinemarketinghelp · 5 years

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The Best Travel Credit Card Reward Strategy https://ift.tt/2pIcVNN

Travel rewards credit cards offer rewards and other benefits that can help you save money on travel and even enjoy a better experience during the trip. Having just one travel credit card may be enough if you prefer simplicity and travel infrequently. But if you’re interested in traveling for next to nothing with credit card rewards, you may need a good strategy to achieve your goal. There’s no single best travel rewards credit card strategy out there because everyone has different travel goals and spending habits. But as you determine the best approach for your situation, here are some things to help you develop your strategy.

If you simply want the best travel rewards credit cards, check out this guide: Best Rewards Credit Cards >>

Quick Navigation

Understand the Different Types of Travel Credit Cards

Get Cards The Align With Your Spending Habits

Know How Many Cards Is Too Much

Always Pay In Full

Understand the Different Types of Travel Credit Cards

There are three types of travel cards, and understanding the differences between them can help figure out which ones are the best fit for you.

General Travel Rewards Credit Cards

These credit cards allow you to earn rewards with a credit card issuer’s proprietary rewards program. Examples include Chase Ultimate Rewards, American Express Membership Rewards and Citi ThankYou Rewards. General travel rewards programs typically give up to three ways to redeem your hard-earned points or miles, including:

Book directly through your rewards account: Some card issuers provide a booking platform that functions similarly to discount travel sites like Expedia and Orbitz. But instead of paying out of pocket to book your flight, hotel or rental car, you use your rewards. This option is convenient, but you may be limited to certain brands, making it more difficult to price shop.

Book through a third party: Instead of booking through your rewards account, you simply use your card to book travel wherever you want. Then you’ll use your points or miles to get a statement credit for the travel purchase. This redemption option gives you more flexibility and makes it easier to get the lowest price. But each program may have a slightly different definition for travel, so it’s possible to make a purchase that you think is travel-related, but it’s not eligible for redemption.

Transfer to a travel partner: Rather than using your rewards in their original program, some card issuers allow you to transfer your points or miles to one of their travel partners, which often include airline frequent flyer and hotel rewards programs. This option increases your flexibility and makes it possible to squeeze more value out of your rewards than you can get in the original program.

General travel rewards typically have a set value based on how you redeem them. For example, you may get 1 cent per point for all travel-related redemptions, but only 0.5 cents per point for cash back. They’re great for redemptions that you can’t get with an airline or hotel credit card, such as rental cars, cruises, and hotel and airline fees. And having a card with transfer partners can give you the flexibility to earn rewards with several hotels and airlines without having to get multiple credit cards. That said, they typically don’t offer special perks with those programs, such as free checked bags, priority boarding or elite status.

Airline Credit Cards

These co-branded credit cards make it easy to rack up rewards with a single airline, which you can use to score free flights. With most airline credit cards, you’ll also get access to certain perks, including priority boarding, free checked bags, in-flight discounts and sometimes even more. Unlike general travel rewards programs, frequent flyer programs have a dynamic pricing structure. This means that the value of each point or mile can vary based on a number of factors, including your point of origin and destination, fare class, the cash price of the ticket, travel dates and more. Airlines don’t publish how much their rewards are worth, but there are many travel rewards websites that provide average point valuations to give you an idea of what to expect. With most airlines, though, you can expect to get more than 1 cent per point or mile on average. And if you’re flexible with your travel plans, you can try different redemptions to see which one will give you the most value for your rewards. Airline credit cards are great if you’re loyal to one airline, but not so much if you prefer to get the lowest price possible regardless of the airline.

Hotel Credit Cards

Like airline credit cards, hotel credit cards are co-branded with a specific hotel brand and allow you to earn points that you can use to book free stays with that brand. In addition to a rewards program, these cards also offer hotel-specific perks, including complimentary elite status and a free anniversary night’s stay. Most of the best travel rewards credit cards charge an annual fee, but hotel credit cards’ yearly cost is the easiest to justify if it offers a free one-night stay every year. If you can get more value from that stay than what you pay, you don’t even need to use the card regularly to make it worth your while. Hotel rewards programs are also similar to frequent flyer programs in that they have a dynamic pricing structure. As a result, the value of your points can vary based on the property, travel dates, room type, cash price of the stay and more. Most hotel rewards programs offer less than 1 cent per point in value on average, but many hotel credit cards make up for that by offering high rewards rates. These cards are great to have if you’re loyal to one hotel or if you want to take advantage of the free anniversary night. But they limit your redemption options, so they may not be a great fit if you want to be a free agent.

Get Cards The Align With Your Spending Habits

Travel rewards credit cards offer either a flat rewards rate on every purchase you make or a tiered-rewards system that provides bonus rewards on certain spending categories. Before you pick a card, take a look at your spending habits to determine where you spend most of your money. For example, if you spend a lot at restaurants, consider getting a card that offers bonus rewards on dining purchases. The same goes with travel, groceries, gas and other common categories. One thing to keep in mind, though, is that travel cards that offer bonus rewards on certain category typically give you only 1 point or mile per dollar on all non-bonus spending. So if most of your spending doesn’t align with a card’s bonus categories, you may not be maximizing your rewards. One way to get around this is to use multiple credit cards to take advantage of their individual rewards programs. For example, get one card that offers bonus rewards on dining and another that pays out more for groceries or gas. Then use a card that offers a high flat rewards rate on all purchases to use for all of your non-bonus spending.

Know How Many Cards Is Too Much

Having multiple travel credit cards can help you maximize your travel rewards, allow you to diversify your rewards across multiple programs and give you access to more perks. But the more credit cards you have in your wallet, the easier it is to lose value if you’re not careful. For starters, because most of the best travel rewards credit cards charge annual fees, diversifying your spending across more than one card reduces the total value you get with each individual card. If that value drops below the cost of the card’s annual fee, the card is no longer worth having. So if you’re planning to take on multiple cards, make sure you’re still getting enough value from each to make the card worth it. Also, the more credit cards you have, the harder it is to keep track of them. Whether it’s monthly payments or perks, it’s easy to forget when you’re overwhelmed. To help, consider keeping a spreadsheet of all of your credit cards and their features, so you can check in now and then to ensure you’re still maximizing your value with each. Also, think about utilizing a budgeting software that has a direct import feature. That way, you can keep track of all of your transactions and payments in one place instead of needing to log in to each credit card account separately. Finally, set up automatic payments on all of your credit cards to avoid accidentally missing a payment. Even if you prefer to pay manually, set up autopay for at least the minimum payment just in case. There’s no answer to the questions for how many credit cards is too much because everyone is different. As you use these tips, you’ll get a better idea of how many you can handle without losing value or putting your finances and credit at risk.

Always Pay In Full

Earning free travel with travel rewards credit cards is nice, but not if the cost is a sizeable credit card balance and monthly interest charges. The only way to make this work is to stick to a budget, never spend more than you have in your bank account and always pay your balance in full each month. With this strategy, you can avoid expensive interest charges and ensure that you get the maximum value out of each credit card you own.

3 Travel Rewards Credit Cards to Help You Get Started

If you’re just starting out with the travel rewards hobby, the sheer number of travel credit cards available can be overwhelming. To help you narrow down your selection, here are three of the best starter travel rewards credit cards.

Chase Sapphire Preferred® Card

The Chase Sapphire Preferred doesn’t have the greatest rewards rates — you’ll earn 2 points per dollar on dining and travel and 1 point per dollar on everything else. But it offers 60,000 bonus points after you spend $4,000 in the first three months — that’s worth $750 in travel when you use points to book through Chase. The card also allows you to transfer your points to nine airline frequent flyer programs and three hotel rewards programs, giving you the chance to get even more flexibility and value out of your rewards. The card has a $95 annual fee but doesn’t charge foreign transaction fees.

See how this card compares here >>

Capital One® Venture® Rewards Credit Card

The Capital One Venture offers a flat 2 miles per dollar on every purchase you make, plus 10 miles per dollar on hotels booked at hotels.com/venture through January 2020. The card also offers 50,000 bonus miles after you spend $3,000 in the first three months — that’s worth $500 in travel booked through Capital One or as a statement credit on travel booked with a third party. The card also offers an application fee credit for TSA PreCheck or Global Entry, which provide expedited airport security and customs screening. The card has a $95 annual fee, but it’s waived the first year, giving you time to test-drive the card and find out if it’s right for you. It also doesn’t charge foreign transaction fees.

See how this card compares here >>

Wells Fargo Propel American Express® card

The Wells Fargo Propel American Express Card is a good choice if you’re looking to get your feet wet, but you’re not yet sure you want to go all-in with an annual fee card. The card offers 30,000 bonus points after you spend $3,000 in the first three months. Those points are worth $300 in travel, cash back gift cards and more. While most purchases will net you just 1 point per dollar, the card also offers 3 points per dollar on:

Eating out and ordering in

Gas, rideshares and transit

Flights, hotels, homestays and car rentals

Popular streaming services

The card also offers an introductory bonus offer! The card charges no annual fee and also doesn’t have a foreign transaction fee.

See how this card compares here >>

Next Steps

As we said in the introduction, there’s no single best travel rewards credit card strategy for everyone to follow. But as you consider these steps in forming a good strategy, you’ll have a better idea of what the best strategy looks like for you. And keep in mind that your strategy may change over time, and credit cards that may be a good fit now may not provide as much value a few years from now. So be flexible with your strategy to ensure that you’re always getting as much value from your travel rewards credit cards as possible.

The post The Best Travel Credit Card Reward Strategy appeared first on The College Investor.

from The College Investor

If you simply want the best travel rewards credit cards, check out this guide: Best Rewards Credit Cards >>

Quick Navigation

Understand the Different Types of Travel Credit Cards

Get Cards The Align With Your Spending Habits

Know How Many Cards Is Too Much

Always Pay In Full

Understand the Different Types of Travel Credit Cards

There are three types of travel cards, and understanding the differences between them can help figure out which ones are the best fit for you.

General Travel Rewards Credit Cards

Airline Credit Cards

Hotel Credit Cards

Get Cards The Align With Your Spending Habits

Know How Many Cards Is Too Much

Always Pay In Full

3 Travel Rewards Credit Cards to Help You Get Started

Chase Sapphire Preferred® Card

See how this card compares here >>

Capital One® Venture® Rewards Credit Card

See how this card compares here >>

Wells Fargo Propel American Express® card

Eating out and ordering in

Gas, rideshares and transit

Flights, hotels, homestays and car rentals

Popular streaming services

The card also offers an introductory bonus offer! The card charges no annual fee and also doesn’t have a foreign transaction fee.

See how this card compares here >>

Next Steps

The post The Best Travel Credit Card Reward Strategy appeared first on The College Investor.

https://ift.tt/2PddHgh October 23, 2019 at 09:04PM https://ift.tt/2PdZqQE

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creditmonkey · 5 years

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What to Think About Before Taking on a New Loan

There are several reasons to consider applying for a loan. Maybe you’re planning to buy a houseor a car, or you need money to make some home renovations, finance a wedding or consolidate credit card debt. Whatever your reasons for applying for a new loan, take time to think about your reasons, your financial situation and how the debt may affect you over time. Even if taking on the debt is inevitable, this process can help you make a more educated decision about your finances. Here are six questions to ask yourself before taking on a new loan.

1. What type of debt is it?

There are several types of loans available, and depending on the situation, you may have choices. For example, if you’re planning to consolidate credit card debt, you could use a personal loan, a home equity loan or line of credit, a cash-out refinance mortgage loan or even another credit card. While debt isn’t inherently bad, some loans may be better than others in certain situations. For example, unsecured personal loans tend to charge higher interest rates than loans secured by your home’s equity. They also typically have shorter repayment terms, resulting in higher monthly payments. That doesn’t mean personal loans are objectively worse than home equity loans or lines of credit though. The latter two use your home as collateral, so if you default, you could lose your house. That means it’s important to understand both the benefits and drawbacks of each loan option. It’s also essential to know when a loan is never a good idea. For example, payday loans and auto title loans often snare borrowers in a vicious cycle of debt, requiring them to take out new loans to pay off old ones, making it difficult to get relief.

2. Why do I need the money?

Thinking about your reasons for taking on a new loan can help you determine whether it’s a good idea. More specifically, consider the ultimate goal and whether it’s something you might regret later on if you run into financial difficulties. If your car is breaking down, for instance, and you don’t have enough cash on hand to replace it, an auto loan can help with buying a car to get to work and other places. But if the car you have runs just fine and you’re on a tight budget, taking out a new loan for a nicer car may not be in your best interest in the long run. The same goes if you’re thinking about borrowing money to take a vacation or purchase a big-ticket item. If the expense fits into the “want” category rather than being a necessity, it may be better to wait until you’ve saved enough to pay without debt. One exception to that rule is if you’re hoping to buy a house. While you need a place to live, no one necessarily needs to own a home. But buying a home can improve your quality of life and potentially even save you money over renting. Also, homes typically appreciate in value, making a mortgage loan acceptable in most cases.

3. Can I afford it?

Lenders use your debt-to-income ratio, called DTI for short, to determine whether you can afford to take on new debt. Your DTI is calculated by dividing your total monthly debt payments by your gross monthly income. If yours meets the lender’s requirements, you may have a good chance of getting approved. For many loan types, the maximum DTI is 50%, but it’s typically 43% for mortgage loans. “Keeping your DTI at a low ratio will not only allow lenders to deem you as creditworthy,” says Howard Dvorkin, chairman of Debt.com, “but also set your mind at ease with handling your own finances responsibly.” Keep in mind that lenders don’t look at your entire budget to determine whether you can truly afford to take on new debt. You may have other financial obligations, such as medical bills, utilities, groceries and other costs, that aren’t considered debt that could make it difficult to afford another monthly payment. Even if you can afford a new loan, consider whether it would make it difficult to set money aside for the future or to pay down other debts more quickly — this is especially important if you don’t have a healthy emergency fund in place. To determine the affordability of the new loan, take a look at your average monthly expenses compared with your monthly take-home pay. Then calculate what your monthly payment would be with the new debt and how that would fit in your budget. If the new debt would make it difficult to get by or it would significantly impact your ability to save and pay down other debts, it may be worth holding off until you’re in a better financial position.

4. Do I have enough savings?

Even if you decide you can afford to take on a new loan, the extra debt can be more of a burden if you lose your job or experience another financial emergency or hardship. That’s not necessarily the case, however, if you have a lot of money set aside for a rainy day. If, for example, you have three to six months’ worth of basic expenses in an emergency fund, you’ll have a decent amount of time to get back on your feet. But if you have just a few hundred dollars saved up, taking out a new loan now could potentially make things worse later. While the general rule is to have at least three months’ worth of basic expenses in savings, there’s no one-size-fits-all amount in practice. Take some time to consider your financial situation and whether you feel comfortable with the amount of savings relative to your debt.

5. How many loans are too many?

The more loans you take on, the harder it can be to stay on top of your payments. In fact, a recent study found that consumers with existing installment loans who take on a credit builder loan (like one at Self) may struggle more to keep up with their monthly payments. Not only does having more loans increase how much you owe, but it can also make managing your finances more complicated. Unless you have everything set on autopay, it’s possible to forget to make a payment. Even if you have automatic payments set up, you’ll need to make sure you always have enough money in your checking account to cover them all. And if you’re having a hard time keeping track of all your due dates, you may slip and end up with a charge for a returned payment from the lender or for insufficient funds from your bank. Finally, taking on multiple loans in a short period can negatively impact your credit score.Virtually every time you open a new loan, the lender runs a hard inquiry, which can knock a few points off your credit score. And with each new account, it lowers your average age of accounts, which affects your length of credit history. “It never looks good on your part to have many different loans as this will send the wrong message to potential lenders who may feel you’re financially irresponsible,” Dvorkin says. There’s no right answer to the question of how many loans are too many. Every situation is different, so it’s important to consider your budget, organizational skills and credit score before you proceed. Be honest with yourself about how much debt is too much.

6. How much will it cost?

You may be able to afford the monthly payment on a new loan, but that’s not the only financial aspect to consider. It’s also important to look at the total cost of the new debt, including fees and interest charges. These costs can vary based on the loan type, the lender, the loan terms and your creditworthiness. If, for example, your credit is considered bad or fair, you may have a hard time qualifying for a loan with favorable terms. In this case, it may be better to wait until you can improve your credit. Even if you have great credit, some loans are inherently more expensive than others. Check not only the interest rate on a new loan option but also the fees and the total interest charges to decide whether what you’re borrowing for is worth the cost. “It’s always best to shop around for the best rates since most financial institutions will compete for your business,” says Dvorkin. “Also, be mindful of any hidden fees when deciding on the best loan.”

What to do if taking on a new loan isn’t the right decision

If you’ve decided during this process that taking on new debt isn’t the right decision — at least not right now — there are a couple of things you can do. Work on paying down existing debt The less debt you have, the easier it will be to afford new debt. What’s more, paying down debt can potentially improve your credit score and your odds of scoring good terms on a new loan. Take a look at your budget and determine how much money you can put toward your debt, and start working on paying it down. If you have credit card debt, that’s a good place to start. Credit card debt can be expensive and racking up a high balance can wreak havoc on your credit score. Look for other ways to get the money you need If borrowing isn’t the right decision, but you still need cash, consider looking for ways to earn extra money, such as taking on overtime hours or starting a side hustle. Also, consider asking family or friends for help. While you may still end up with a loan, you may be able to get more favorable terms with someone close to you than from a lender.

The bottom line

Depending on your situation, taking on new debt may not be an issue at all, but it can also put you in a precarious financial position. Do your due diligence to determine if borrowing more money than you already have is the right move for you. Ask yourself these questions and any other important ones that come to mind during the process to make sure you don’t put yourself in a difficult position in the future. About the author Ben Luthi is a personal finance writer who has written for NerdWallet, Student Loan Hero, US News and World Report, as well as other major media outlets. He holds a bachelor’s degree in finance from Brigham Young University. Read the full article

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remaxlasvegas · 6 years

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New Post has been published on https://goo.gl/Sr5WwP

19 Ways to Save for a House While You Rent

Saving for a down payment to buy home while you are renting can be very hard.

Here are “19 Ways to Save for a House While You Rent” that can be very important first steps to achieving your goals.

19 Ways to Save for a House While You Rent

Paying rent every month and saving to buy home and life can be complicated too.

You need to learn to save money while you are paying real estate rent to buy home.

This can be seem complicated sometimes.

Almost 40 percent in America rent real estate houses.

19 Ways to Save for a House While You Rent:

1. Use Low Cost Budgeting Apps

There are free or low cost budgeting apps that you could use.

Know where you are spending and set a maximum budget for each category

Budget in your newest goal: buy home

2. Gym Membership Can Be Costly!

The average cost of a gym membership is expensive and a large number of membership holders never use them so try free:

run

yoga mat to the park

hike at a local trail

3. Use The Internet

Internet offers easy ways to make more money

Fiverr allow users to advertise your talents and to sell a service to make additional income

Making extra cash to save money for you to buy home

4. Avoid Late Fees Use Autopay

Late fees are down payment budget busters

This is avoidable!

Most companies allow users to set up automatic payments

Having a budget in writing and have enough money in the bank every month for the auto withdraw

5. Automatic Withdraw

Treat your down payment goal as importantly as you treat bills:

rent

utilities

life insurance

Pay yourself every month!

Take advantage of automatic deduction plans

Arrange automatic withdrawal from your checking account to a savings account

6. Flexibility

Flexibility is key to saving for a house

Going over your budget do not feel the need to quit

Bound to have some setbacks at first

Do not let those setbacks go back to your old spending habits

7. Make It Hard Physically Make Withdrawals

Make it harder is to make it harder!

Put your savings into an account that does not have an ATM card linked to it

Use a bank that you must physically visit to make withdrawals

8. Take Care Of Yourself

How to save money for a real estate house while renting is to stay in good physical shape

Doctor visits, medications, emergency medical procedures can be costly.

Best advice for potential buy home buyers is to stay healthy

Keep yourself healthy

Your health is key to keeping money in the bank

9. Pay Off Credit Cards

Average credit card annual percentage rate is near 13 percent

Paying off your credit cards is part of your savings plan

10. Energy Costs Money

Energy costs money are expensive and a big expense

Money that could go toward a down payment is you monitored.

Shorter shower

Energy efficient appliances

Lights off in rooms

Turn off the water

Use blankets during the winter

Turn thermostat up or down

11. Generic Shopping

Name brands verses generics could save you a big money per month

Put that money into your down payment savings account

You will be shocked how much you save

Not much quality difference in generic brands

12. Transportation

Driving to work can cost a ton in fuel costs

Transportation costs are the second largest expense

Opportunity by carpooling, taking the bus or riding a bike to work

13. Keep Up On Maintenance

Usually expensive when something breaks down

keeping up on maintenance is a step toward saving for a down payment on a house

Maintaining is less expensive than replacing or fixing

14. Receive Cash From Credit Card Rewards

Cash out reward points and stick them in your down payment fund

Cash rewards from your credit cards is a great idea to save for a house deposit while renting

15. Alternatives To Cable?

Shutting down cable could be a healthy choice and a great way to save to buy home

Many alternatives to cable

Options include:

Netflix

Amazon Prime

digital antennas

Sling TV

16. Start Down Payment Fund

Getting tax refund every year?

Letting the IRS hold onto your money every paycheck interest free?

Take less of your paycheck withholding every month and put that money toward your down payment fund

Change your W-4 withholding

17. Learn To Garden

Growing your own food and developing a green thumb can be very beneficial and healthy:

fruits

vegetables

herbs

You will be surprised how much you will save on your next visit to the grocery store

Eating healthier can be a benefit too

18. Take Advantage Of Coupons

Taking advantage of coupons and coupon codes can really save you money

Use your computer or smartphone

19. Salary Increases Can Be Saved

3 percent average salary increase for 2018 estimated

3 percent raise on a $60,000 salary is $1,800

19 Ways to Save for a House While You Rent

For more additional information on 19 ways to save for a house while you rent call Robert Ratliff RE/MAX Excellence 702-508-8262.

#19 Ways to Save for a House While You Rent #Save for a House #While You Rent

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supervidyavinay · 4 years

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Autopay facility of credit cards can be helpful in case if you find it difficult to remember due dates of utility bills, such as phone bill, electricity bill, insurance premiums, etc. It can save you from late payment penalties on utility bills, and at the same time, earn reward points and other credit card benefits. But what if the auto-payment facility fails due to some technical glitches at your utility provider's end? It often becomes difficult to get the problem resolved if something like this happens. Therefore, you should be extremely cautious before opting for such a facility.Here are the advantages and disadvantages of using autopay facility for paying utility bills via credit card.A. Advantages1. Eliminates late payment of utility bills The autopay facility of a credit card ensures automatic payment of your utility bills via credit card on time and helps you avoid paying late fees or interest applied on your utility bills in case of late/missed payment. You may find autopay facility useful for utility bills (e.g electricity or water bills) which are payable every month. Anuj Kacker, Co-Founder, MoneyTap, a Bengaluru-based Fintech firm said, "If you are travelling or occupied with a lot of routine activities, the autopay option can help organize your payments and ensure that they happen smoothly. Mostly, you can choose a date when you want the auto debit to happen from your credit card before the utility bills' payment due date every month."2. No need to remember multiple due datesYour utility bills get paid on time with the help of autopay facility on your credit card and all you need to do is to make one lump-sum payment to clear your credit card dues. This way, you don't have to track multiple utility bills' due dates - just the due date of your credit card bill.3. Avail cashback, reward points Some banks or card issuers also offer higher cashback and/or reward points on bill payments routed through the autopay facility. So, if you do not miss any payments due on your credit card (i.e do not miss clearing your credit card dues on time) then you may be able to get reward points or cashback on the payments made via autopay facility on your credit card. These points can be used later to pay for travel, shopping or eating at restaurants.According to HDFC bank website, if you use SmartPay facility on your HDFC credit card, which is an automatic bill payment facility, you can get up to Rs 1200 assured cashback for the first 12 months and e-vouchers worth Rs 250.4. Helps in managing liquidityCredit card autopay facility can also help you manage your liquidity and payment cycles. An interest-free period of 20-50 days is available for payments made via credit card depending on the date of card transaction and the due date of credit card bill payment.Pranjal Kamra, CEO, Finology, a Raipur-based fintech firm, said, "You don't need to worry about your bill payment even if you are running out of cash or yet to receive your salary. Through the credit card option, every individual gets a free credit period which ranges from 20 - 50 days. It means that this option helps you in borrowing for free (0 per cent interest in this period) to pay your utility bills."Also read: How interest on credit card due is calculated5. Helps in maintaining a good credit scoreUtility bill payments provide you with an easy way to develop a good credit score using your credit card. Adhil Shetty, CEO, BankBazaar.com said, "As long as you can repay your credit card dues on time, you will improve your score. This will keep you in good stead when you decide to apply for a big loan. Therefore, because of the autopay facility, utility bill payments through your card gives you an easy way to develop discipline with credit use." B. Disadvantages1. You could overlook billing errorsThere could be billing errors, hidden transaction charges, handling fees, and other charges in your utility bill which you may overlook because of autopay facility. This way, you can end up paying more needlessly.Kamra said, "Most of the time when we pay utility bills manually, it is more likely that we review the statement and transaction record before making the payment. This helps us in easily identifying the unusual price changes or any error in the bill. But, in the case of autopay facility, as we are not checking the bill computation, even an erroneously high bill can get paid" 2. Maintain balance in your savings accountYou will have to make sure you have enough money in your account to pay your credit card bill on time. Sahil Arora, Director & Head Investments, Paisabazaar.com said, "You must pay your entire credit card bill by the due date. Failure to do so would attract hefty finance charges ranging between 36%-49% per annum. Non-payment of the minimum due amount would additionally attract late payment fees and adversely impact your credit score and thereby, your future loan and credit card eligibility."Finance charges typically mean the interest charged on a debt you owe. It is calculated based on an annual percentage rate (APR) along with the amount of money you owe and the period for which you owe it.3. Cancelling autopay facility is cumbersomeCancelling the autopay facility for utility bills is not as easy as the activation process of the same. Kamra said, "You need to inform your bank/card issuer 5- 10 days before the bill due date. For some banks/card issuers, the deactivation process is completely offline, you need to submit the request in writing which is again a very time-consuming process."4. You might unnecessarily continue paying for subscriptions you don't wantYou may end up spending money needlessly if you have subscribed to a service such as Audible or Netflix and set up auto-debit payment for the same via your credit card. It may happen that you stop using the service after a few months but continue to pay for it for much longer because of the auto-pay system which you may forget to switch off. This may happen if you find it difficult to keep track of unnecessary utility/service subscription payments and stop auto-debit. Things to watch out for while using autopay facility Arora said, "If you have multiple credit cards then you should compare the autopay facilities available on various cards on the basis of their reward points, cashback, vouchers, etc." He further said, "Those having frequent liquidity issues can spread their auto-payments across multiple cards to avail the maximum interest-free period on each utility bill payment."Shetty said that usually well-established banks have world-class digital infrastructure and auto-payments rarely fail. "But occasionally there may be a missed payment for reasons such as a backend problem at your utility provider's end. Therefore, track your payments and intervene on the rare occasion a payment fails," he added.Be mindful of the percentage of your credit card's spending limit you are using in a month. Shetty said, "If you're using your card for utility payments as well as for shopping and other transactions, try and remain under 30 per cent of your spending limit. If not, your credit utilisation ratio will increase, which will lower your credit score. This could be a problem if you're trying to take a loan."Therefore, if you are using your credit card every month for multiple utility bill payments, do keep a check on how much of the spending limit you are using. Should you opt autopay facility on your credit card?Kamra said, "Good financial habits include managing debt repayment responsibly. You can use autopay facility on your credit card but with self-discipline. Because, using a convenience is a good approach, but excess reliance on it could create unwanted issues." He further said, "Autopay facility helps save time and avoid late bill payment fees, but you need to keep track of your spending and the amount of your utility bills. You must also ensure that you have enough money in your savings bank account to repay the lump-sum credit card bill amount by credit card bill due date to avoid paying finance charges and late payment fee."However, if you choose to opt for the facility be aware of the problems -as listed above--that may arise due to it use. from Economic Times https://ift.tt/2YztCZo

#News #Economy #COVID19

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bettydgunter90 · 4 years

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How to Win Big as a Property Manager

This blog post is sponsored by TenantCloud.

I’ve always thought that managing rental properties was one of the hardest jobs in the real estate world.

When you’re trying to maintain a growing portfolio of properties, with tenants who are constantly moving around, submitting maintenance requests, missing payments and dishing out a never-ending list of jobs to do, life can get stressful in a hurry.

Being a landlord can easily become a full-time job, and if you don’t have a good system to keep the chaos in order, you can quickly fall into the DIY landlord stereotype of overlooking details, losing track of emails and missing deadlines.

Even though a landlord’s job can be full of challenges, there are some pretty effective ways to eliminate the most common issues, so you can stop stressing out and start focusing on growing a healthier business that actually improves your life.

In this blog post, I’m going to show you 5 ways TenantCloud can be a total game-changer for landlords. If you’re currently managing your own properties (or if you’re considering jumping in as a new investor), the next few minutes could have a big impact on how this experience goes for you!

1. Automate the Accounting

The biggest problem most DIY landlords wrestle with is their accounting.

If you want a successful long-term business, you cannot afford to ignore the numbers. Like it or not, your income and expenses will play a huge role in managing the health of your real estate business.

If you don’t know how to track the progress of your rental properties and easily identify simple things like:

Which expenses are coming in too high?

Which properties have an unusually high vacancy rate?

Which properties are performing the best and the worst in your portfolio?

…it’s going to hurt your bottom line.

Since most rental property owners report the financial performance of their rental properties on the Schedule E of their personal tax return, it’s important to have a firm understanding of this document, because it says A LOT about your business. For a rental property owner, it basically is your business every year.

Unless you’ve been preparing for tax time all year long, it can take a lot of work to reproduce these numbers your Schedule E at the end of the year (hundreds of hours in some cases)… UNLESS you’re working with the free automation that comes with TenantCloud.

TenantCloud is the only property management software that is built to sync with your Quickbooks Online account (so you can sync transactions from TenantCloud directly into QB), which can save a lot of time in completing the schedule E.

Likewise, if a landlord doesn’t use Quickbooks, it’s just as easy to have the Schedule E produced directly in TenantCloud without using Quickbooks at all.

2. Stop Late Payments for Good

If you’ve ever collected recurring payments for anything, you’re probably familiar with customers who pay late (or stop paying altogether).

There’s really no good reason why a landlord or property manager should have to deal with this.

The bank doesn’t tolerate late payments.

The IRS doesn’t tolerate late payments.

You shouldn’t tolerate them either.

If you’re waiting for checks to arrive in the mail, you’re doing it wrong. There’s a MUCH easier way to get your money on time, every time, and you can do it with TenantCloud Autopay.

Whether you want to accept payment by credit card or ACH, TenantCloud can handle it.

Each payment gateway has it’s own set of fees, but these can easily be offset by bumping up the monthly rent amount so it easily covers this convenience fee (or alternatively, a landlord can choose to have this cost come out of their own pocket).

TenantCloud also offers the option of getting payment instantly (not waiting for 3 – 5 days) if you use TCPayments powered by Dwolla.

Getting paid is the whole reason why you bought rental properties in the first place – right? Don’t let this be another pesky thing you have to deal with each month. Automate-the-heck out of your income with these easy autopay options!

3. Centralized Communication

One of the many skills that go into good property management is good communication.

The problem with today’s fragmented communications is that messages come in from all over the place, which makes it easier than ever to lose track of what people are trying to tell you.

On the average week, most landlords have to respond to texts, emails, phone calls, and a handful of social media messages… so how on earth are they supposed to get everyone’s messages coming in on the same platform?

It’s easy to do with TenantCloud Messenger.

When all of your tenants are signed up for a free TenantCloud account, they’ll get access to a simple messaging platform where they can stay in contact with you as needed.

You can stop losing track of everything in your already-cluttered email inbox, because TenantCloud can keep all of these conversations where they should be, seamlessly integrated with your property management software.

It’s also worth noting – with TenantCloud’s free mobile app, both you and your tenants can have a user-friendly experience unlike anything else offered in the industry today.

This is actually a hugely important innovation! Check out this blog post for more info.

4. Massive Free Exposure for Listings

Every TenantCloud landlord and property manager has the benefit of a free listing site.

This doesn’t just allow you to create beautiful property listings without having to manage your own website, it also gets you massive exposure from a single platform.

TenantCloud listings are syndicated on Zillow, Trulia, Apartments.com, KW.com, HotPads, MSN, AOL Real Estate, MyNewPlace, Oodle and Rentler.com.

This means you won’t have to mess around with posting your listing on multiple websites, you can post it to ONE website and the information will appear on all these other platforms automatically.

5. Managing Service Requests from One Place

If you’ve ever managed rentals, you know that ongoing maintenance and repairs are a fact of life.

Keeping track of these maintenance requests can spiral out of control quickly without a good system for keeping tabs on the details of each one.

TenantCloud has a beautiful Trello-like maintenance tracking system that allows landlords to stay organized and up-to-speed on every maintenance request in their pipeline.

If you’re sophisticated enough to click-and-drag cards around on your screen, you’ll be able to use this feature with ease.

Each maintenance card allows you to store a TON of important data, including:

Keeping track of where maintenance requests are at (New, In Progress or Resolved).

Assigning each task to a designated service pro.

Uploading video and/or images to clarify which problems need to be addressed.

Assigning a Category to each maintenance request, so it seamlessly connects to the right expense in your accounting tab.

Creating invoices from inside each maintenance request card.

Specifying any details about the property’s location, how to gain access and whether pets are present.

Seriously, this one feature solves so many problems that come up in the process of managing maintenance issues. The job of a landlord can be exponentially easier through this single tool.

Work Smarter, Not Harder

If you’ve ever read The One Thing by Gary Keller and Jay Papasan, you probably remember this question,

“What’s the ONE thing you can do such that by doing it everything else will be easier or unnecessary?”

When it comes to property management, TenantCloud is a perfect example of this.

With the ability to solve so many problems in ONE piece of software, it’s a simple way to make a lot of things easier.

What software are you using to manage your rental properties and how has it helped your business grow? Let us know in the comments below!

The post How to Win Big as a Property Manager appeared first on REtipster.

from Real Estate Tips https://retipster.com/tenantcloudoverview/

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mikebrackett · 5 years

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How to Get Rid of Private Student Loans

In 2012, 71 percent of college graduates left school with student loan debt, according to the Institute for College Access & Success (TICAS). Unfortunately, due to rising tuition costs, many students are forced to turn to private student loans.

But private student loans have high interest rates and lack the same protections and repayment programs of federal loans. This can make it difficult to know how to get rid of private student loans.

However, while you may not be eligible for Public Service Loan Forgiveness or income-driven repayment plans, you can still get help with private student loans.

The problem with private student loans

Private loans can be an essential tool in completing your education. If you’ve run out of federal loans, grants, and savings, taking out a private student loan can help fill the gap and keep you in school.

But private loans are typically more expensive than federal loans. While federal student loans can have interest rates as low as 4.45%, private lenders can charge more than 11% interest. Such a high rate can cause your balance to balloon over time, adding thousands to your loans.

In addition, if you have a variable-rate loan, your payments can fluctuate along with your interest charges. That can make it difficult to budget accordingly each month.

How to get rid of private student loans

If you’re struggling with your loans, there are options available to you to make your payments more manageable or to discharge your loans altogether. Here are seven ways to get private student loan debt relief:

1. Forgiveness programs

Only federal loans are eligible for the government’s Public Service Loan Forgiveness program. However, depending on your location and profession, you may be eligible for assistance from your state government or private organizations.

For example, if you are a licensed medical, dental, or mental health provider, you may be eligible for up to $50,000 to repay your student loans through the National Health Services Corps Loan Repayment Program. To qualify, you must commit to working full-time for two years in an underserved area.

Student Loan Hero has identified more than 120 repayment assistance or forgiveness programs. You can use the program search tool to look for programs in your area or profession.

2. Interest-only payments

If you cannot make your full minimum payment, some lenders will allow you to make interest-only payments on your loans. Instead of a payment that goes to the principal and interest, you’ll pay only the interest that accrues each month. LendKey is one of the lenders that allows borrowers to enter into an interest-only plan for up to two years.

This approach can significantly reduce how much you owe each month, but keep in mind that you’ll pay more on your loan over time.

To get on an interest-only plan, contact your lender’s customer service department. Your private loan lender may offer this payment option.

3. Forbearance

If you’re facing a financial hardship, such as unemployment or a medical emergency, some lenders, including College Ave, allow you to enter your loans into forbearance. That means you postpone making payments without going into default or delinquency.

However, interest will continue to accrue while your loans are in forbearance, so this should be a last resort when managing your loans. Make sure you understand all of the potential drawbacks of forbearance before applying.

4. Negotiating lower payments

Your lender wants you to keep making payments; they don’t want borrowers to default. So if you’re unable to make your payment each month, contact your lender and explain your situation.

If you’re going through a hardship, let your lender know. They may be willing to negotiate a lower payment for a limited time to help you get back on your feet. You can also try negotiating your interest rate. Some lenders offer interest rate deductions for setting up autopay, for example.

5. Disability Discharge

While federal loans are eligible for Total and Permanent Disability Discharge if you are severely injured and unable to work, private student loans do not qualify.

However, some private lenders will cancel a borrower’s debt in cases of permanent disability. There is not a set standard for this process, and it can vary from lender to lender. The best thing you can do is ask your lender if they offer disability discharge.

6. Bankruptcy

If you declare bankruptcy, you can cancel your debts, such as your credit card balance. In some cases, you may also be able to eliminate your student loan debt. However, getting private loans discharged through bankruptcy is much more difficult than with other forms of debt.

If you go this route, you must be able to prove an undue hardship, meaning you are incapable of paying back your loans while maintaining a basic standard of living.

Bankruptcy is a serious step that can have consequences that last for years, so it’s not something to enter into lightly. It also can cost you thousands in legal fees and court costs. Before filing for bankruptcy, make sure you have exhausted all of your other options.

7. Refinancing

If you need a lower monthly payment to make ends meet, another option is student loan refinancing. Through refinancing, you take out a new loan that covers the cost of some or all of your current loans. The new loan will have different repayment terms, such as length of repayment, interest rate, and monthly payment.

Some lenders offer repayment terms as long as 20 years. While you’ll pay back more in interest, extending your repayment period can make your monthly payment much more affordable.

Student Loan Refinancing CalculatorStep 1: Current loan infoStudent loan balanceAverage interest rateTermStep 2: New loan infoNew interest rateNew loan term (years)InterestMonthlyRateYears

OriginalNewSavingsInterest———Monthly———Rate———Years———

Refinancing $35,000 in student loans at a rate of 4.99% with a 10-year term would save — in interest paid and reduce your monthly payments by —.6 Best Banks To Refinance Your Student Loans10 Questions To Ask Before RefinancingTop Lenders To Refinance Your Parent PLUS Loan

Student loan refinancing rates as low as % APR. Check your rate in 2 minutes.

TotalMonthlyCurrentNew$0 Bottom line

While private student loans have fewer repayment options and benefits than federal loans, there are still ways to make your payments more manageable. If you are struggling with how to get rid of private student loans, contact your lender and explain your situation. Opening the line of communication can help you identify a solution and take charge of your debt.

Jolene Latimer contributed to this report.

Interested in refinancing student loans? Here are the top 6 lenders of 2019!

LenderVariable APREligible Degrees Check out the testimonials and our in-depth reviews! 1 Important Disclosures for SoFi. SoFi Disclosures Student loan Refinance:

Fixed rates from 3.890% APR to 8.074% APR (with AutoPay). Variable rates from 2.500% APR to 7.115% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.500% APR assumes current 1 month LIBOR rate of 2.50% plus 0.00% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 2 Important Disclosures for Earnest. Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

3 Important Disclosures for Laurel Road. Laurel Road Disclosures

FIXED APR Fixed rate options consist of a range from 3.75% per year to 5.80% per year for a 5-year term, 4.25% per year to 6.25% per year for a 7-year term, 4.55% per year to 6.65% per year for a 10-year term, 4.85% per year to 7.05% per year for a 15-year term, or 5.30% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.25% per year for a 7-year term would be from $137.84 to $147.29. The monthly payment for a sample $10,000 loan at a range of 4.55% per year to 6.65% per year for a 10-year term would be from $103.88 to $114.31. The monthly payment for a sample $10,000 loan at a range of 4.85% per year to 7.05% per year for a 15-year term would be from $78.30 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.27% per year for a 20-year term would be from $67.66 to $79.16.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

VARIABLE APR Variable rate options consist of a range from 2.75% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 4.25% per year to 6.40% per year for a 10-year term, 4.50% per year to 6.65% per year for a 15-year term, or 4.75% per year to 6.90% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.25% to 3.80% for the 5-year term loan, 1.50% to 3.85% for the 7-year term loan, 1.75% to 3.90% for the 10-year term loan, 2.00% to 4.15% for the 15-year term loan, and 2.25% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 2.75% per year to 6.30% per year for a 5-year term would be from $178.58 to $194.73. The monthly payment for a sample $10,000 loan at a range of 4.00% per year to 6.35% per year for a 7-year term would be from $136.69 to $147.77. The monthly payment for a sample $10,000 loan at a range of 4.25% per year to 6.40% per year for a 10-year term would be from $102.44 to $113.04. The monthly payment for a sample $10,000 loan at a range of 4.50% per year to 6.65% per year for a 15-year term would be from $76.50 to $87.94. The monthly payment for a sample $10,000 loan at a range of 4.75% per year to 6.90% per year for a 20-year term would be from $64.62 to $76.93.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

4 Important Disclosures for LendKey. LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

5 Important Disclosures for CommonBond. CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.

All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019.

6 Important Disclosures for Citizens Bank. Citizens Bank Disclosures Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2019, the one-month LIBOR rate is 2.50%. Variable interest rates range from 3.00% – 9.74% (3.00% – 9.74% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 3.89% – 9.99% (3.89% – 9.99% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents. 2.50% – 7.27%1Undergrad & Graduate

Visit Earnest

2.50% – 7.12%3Undergrad & Graduate

Visit SoFi

2.81% – 8.79%4Undergrad & Graduate

Visit Lendkey

2.50% – 6.65%2Undergrad & Graduate

Visit Laurel Road

2.55% – 7.12%5Undergrad & Graduate

Visit CommonBond

3.00% – 9.74%6Undergrad & Graduate

Visit Citizens

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

The post How to Get Rid of Private Student Loans appeared first on Student Loan Hero.

from Updates About Loans https://studentloanhero.com/featured/how-to-get-rid-of-private-student-loans/

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