Are you wondering what are the most promising utility stocks to consider? These top picks are a great place to start your research.
Source: moneycrashers.com
5 Best Utilities Stocks to Buy in 2021
Category: Apartment Communities
What You Need to Know to Pick a New Checking Account
Perhaps you’ve found yourself driving across town to locate an ATM in your bank’s network. Or maybe you’ve been hearing about rewards checking accounts with benefits like cash back, which yours doesn’t offer. Oh, yeah. And what about that charge you saw on your last statement for not carrying a high enough balance? It’s pretty easy to feel like the only person on Earth with a checking account that’s just not cutting it.
Robert Farrington, founder of the personal finance website The College Investor, says it’s important to routinely review your checking account to make sure it still meets your needs. âYou might have opened a checking account in high school, college or when you got your first job, and you haven’t looked back,” Farrington says. “But banking has changedâand it’s likely that your needs have as well.”
Given the growing crop of new checking accounts with flexible
and appealing features, it’s probably time to take a closer look at your
current account offerings: What are they doing for you? Do they align with your
current financial situation? What benefits are you missing?
However, with all the options out there, you’re probably thinking, “How do I choose a checking account?” It’s simple, really. Just consider these three needs: no fees, convenience and lifestyle compatibility.
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âYou might have opened a checking account in high school, college or when you got your first job, and you haven’t looked back. But banking has changedâand it’s likely that your needs have as well.”
Read on for how to assess your checking account’s performance for each need, and, if it’s lacking, how to select a checking account:
Find
out if fees are eating away at your funds
Fees are a big consideration when picking a new checking account. One way to determine whether your current checking account is treating you fairly in regards to fees is to review your statements from the past few months, Farrington says. You may be getting charged for things you aren’t aware of, such as not meeting a minimum balance.
âIf you have an account that requires a minimum balance or a certain number of transactions, then looking at past banking records can help you determine if you’re meeting those requirements,” he says. If keeping a minimum balance seems to be a challenge, you might want to consider alternative options to help you avoid checking account fees.
What else should you keep an eye out for fee-wise on your monthly statements if you’re considering picking a new checking account? How about charges for out-of-network ATM usage? When you withdraw cash out of network because your bank doesn’t have branches or ATMs that are convenient for you, those fees can add up. According to Bankrate’s 2018 checking account and ATM fee study, the average ATM surcharge (the fee from the ATM owner for non-customers) has gone up 19 times in the past 20 years, reaching $3.02, its highest amount at the time the report was published.
A no-fee checking account means no charges for checks, online bill pay, monthly maintenance, replacement debit cards and even insufficient funds. That’s a lot of dough saved by picking a new checking account that comes with no fees.
Online-only banks may offer some of the best deals for no-fee checking, since they don’t operate physical locations and can often pass those savings down to you. For example, Cashback Debit, Discover’s checking account, charges no account-related fees.1
Know
what conveniences you need
If you’re like most people on the go, you’ll want to access your checking account fast and at any time. So convenience may be a checking account benefit that ranks high on your list when considering how to select a checking account.
When it comes to how to choose a checking account, understanding what features banks offer to make their checking account convenient is important, says Chane Steiner, the CEO of Crediful, a personal finance and credit blog.
Convenience can come in many formsâfrom easy access to your
bank’s services and personnel, to proximity, to mobile features and more. Below
is a list of services you should consider if convenience is a premium:
- Customer service that’s available after hours or 24/7.
- A large network of ATMs makes accessing your money quick and easy. So when picking a new checking account, consider the ATM network you’ll be able to use. For example, Discover’s Cashback Debit card can be used at over 60,000 no-fee ATMs nationwide. With a network this vast, you may be able to enjoy the convenience of ATMs located near you without having to pay out-of-network fees.
- Online banking can be “a great alternative to going to a branch if the majority of your transactions can be done online or you use services like direct deposit,” Steiner says. Think of the time you’ll save by banking from your computer or mobile device rather than traveling to a branch location.
- Mobile check deposits can be an important feature when learning how to choose a checking account if you are remote, travel often or need to make a lot of deposits. In many cases, you can use your bank’s app on your mobile phone or tablet to snap a picture of a check you want to deposit and upload the image.
- Branch access could be important to you if you get paid in cashâfor example, if you work in childcare or are a gig worker or freelancerâbecause you may need to visit the physical branch location in order to deposit the cash. In this case, a checking account at a traditional bank could be convenient.
There’s also a variety of other features to consider when picking a new checking account.
“You just have to define your needs and decide from there,” Steiner
says.
For additional help thinking through what features are most important to you, let your lifestyle and financial goals guide you. What comes next are some tips on how to do just that.
Tailor
your checking accountâand its perksâto your lifestyle
Maybe you like certain benefits that you’ve learned about in your research for picking a new checking account. “But you need to decide what’s most important to you for your banking needs,” Farrington says. “And those goals may be very different from your neighbor’s based on your banking habits.” If you’ve moved or changed jobs and your branch and ATM locations are no longer convenient, for example, that could be a good reason for seeking a new checking account.
On the other hand, Crediful’s Steiner says, âIf you realize you don’t go to a branch and simply need ATM access, an online checking account may be a great fit. It’s easy to open, convenient and most have all the services that a traditional bank offersâusually at a lower price or fee structure.”
Inevitable things (read: life events) should also be considered when thinking about how to select a checking account. These include getting married (think: combined lives, joint checking account) and having kids (think: convenience, cash in a pinch).
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The reasons you first opened your checking account could also be different from why you need one now. Perhaps you used it to pay down a number of credit card bills in the past and regularly held a high balance. Fast forward, and now the cards are paid off and you’re no longer storing as much cash in the account, making you fall below your bank’s minimum balance requirement and causing you to get hit with fees. In that case, picking a new checking account that doesn’t have a minimum balance requirement may be a great choice.
Finding a bank that offers perks that complement your current lifestyle is important to consider when determining how to select a checking account, as it could help you make a final decision. Two benefits to consider:
Say hello to
cash back on debit
card purchases.
No monthly fees.
No balance requirements.
No, really.
See Details
Discover Bank, Member FDIC
- Cash back rewards: If you find yourself frequently using your debit card, be sure to maximize that spending by earning rewards. On the money you spend, Discover offers 1% cash back on up to $3,000 in debit card purchases each month.2 To assess the potential value of this benefit, look at your monthly debit card spending and calculate how much you can earn in cash back. If you spend $3,000 every month, that’s an extra $360 a year. What could that extra cash be used for? Chances are, a lot of thingsâfrom a wedding gift to starting an emergency fund. Cha-ching!
- Interest: âSome checking accounts will offer interest,” Steiner says. This allows your money to grow while being held in the account. Consider this if you keep high balances in your checking account.
Once you’ve considered how to choose a checking account and know what checking account you’re going with, the rest is relatively straightforward. It’s just a matter of following the right steps.
.block-quote_100back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/100back-730×500.jpg); } @media (min-width: 730px) { .block-quote_100back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/100back-1600×600.jpg); } }
âIf you realize you don’t go to a branch and simply need ATM access, an online checking account may be a great fit.”
How
to make the switch to a new account
If you’ve decided upgrading is right for you, the next step (after you’ve mastered how to choose a checking account) is to actually make the switch. The good news is that the process is much simpler than the thinking that goes into picking one out.
Here are some quick tips for your new checking life:
- Open the new accountâeither by completing your application online, in the case of an online checking account, or filling out an application at a branch.
- Transfer your funds from your old account to your new one.
- Change any direct deposits from the old account to the new account.
- Set up automatic bill payments from your new account (and cancel them from your old account).
- Close your old account. “It’s suggested you keep your old account open for a month or so to make sure you don’t miss any last transactions that may post,” Farrington says.
Enjoy
your new checking outlook
It’s an easy process to switch checking accounts, and Steiner believes the relief you’ll feel once you’ve mastered how to select a checking account will be worth it.
âSpending a few hours to make the right choice is time
well-spent and will save you plenty of headaches in the future,” Steiner
adds.
You might even enjoy calculating how much you’re saving by
comparing your old statements with your new ones and adding up the fees you’re
no longer paying. Oh yeah, about being the only person on Earth with a checking
account that’s not cutting it? Now that you’ve done the research on how to choose a checking account that
will work for your financial goals, it’s pretty simple to finally be more in
control of your cash. And it only took the amount of time to read this article
to learn.
1 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
2 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal
, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
The post What You Need to Know to Pick a New Checking Account appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
10 Best Checking Accounts of 2021
Looking for a new checking account? Check out the best picks for . Read our reviews and choose the one that’s right for you.
Source: crediful.com
CIT Bank Savings Account: How Much Can You Earn
A CIT Bank Savings account will help you boost your savings, earning 20 times more than what a traditional bank account will offer you.
If you have a regular checking and savings account at your local bank, you may notice that your rate on the savings account is less than a tenth of a percent.
You can keep your savings account at your local bank if you choose to. But you don’t have to.
Instead of getting crummy interest rates, you can switch to or open a CIT Bank savings account.
CIT Bank savings accounts are offered online, where you can earn a competitively high yield.
| *TOP CIT BANK PROMOTIONS* | ||
|---|---|---|
| PROMOTIONAL LINK | OFFER | REVIEW |
| CIT Bank Money Market | 1.00% APY | Review |
| CIT Bank Savings Builder | 0.95% APY | Review |
| CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
| CIT Bank No Penalty CD | 0.75% APY | Review |
CIT BANK: AN OVERVIEW
In brief, CIT Bank is an online-only bank. That means, there is no local branch.
There are no ATMs. You will perform every transactions online. However, the bank does not charge its customers when they use another bank’s ATMs.
And if the bank charges you a fee, CIT will reimburse you up to $15 every month.
The bank currently offers some of the highest interest rates on its savings accounts and its other products, such as CDs, checking account and money market account.
Lastly, there no are no account maintenance fees on any of the bank’s products.
HOW MUCH CAN I EARN WITH A CIT BANK SAVINGS ACCOUNT?
With a CIT Bank savings account, you will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.
But certain conditions will apply (more on this below).
CIT Bank Savings accounts offers interest rates that are 20 to 25 times higher than what a traditional, brick and mortar bank is currently offering.
Because of that big difference between CIT Bank’s high-yield savings accounts between a traditional savings account, you’ll earn more money.
For example, if you have $5,000 in a traditional savings account with a 0.10 APY%, you would get just $5 in a year.
But if you have that same amount of money in an account earning 2%, you return will be $100.
CIT Bank offers two savings accounts options: 1) the Savings Builder and the Premier High Yield Savings account.
Both accounts require a minimum opening deposit of $100. But neither has monthly maintenance fees.
Here’s a quick table of CIT Bank two savings accounts.
| CIT Bank Savings Account |
Minimum deposit | APY |
|---|---|---|
| Savings Builder | $100 or $25,000 | 0.95% |
| Premier High Yield Savings | $0 | 1.00% |
The Savings Builder:
The CIT Bank Savings Builder will allow you to earn 0.95% APY, but only if you make at least one monthly deposit of $100 or more.
Or, if you keep a balance of at least $25,000. Interest in this high-yield savings account compounds daily to boost your earning.
Click here to learn more about CIT Bank’s Savings Builder.
The Premier High Yield Savings account:
With this account, you will earn 1.00% APY regardless of your account balance or monthly fees.
Interest in this savings account is also compounded daily to maximize your earning.
PROS AND CONS OF CIT BANK SAVINGS ACCOUNTS
Pros:
- No monthly fees on deposit accounts;
- a minimum deposit requirement of $100;
- Refunds ATM fees — because the bank does not have ATMs, it does not charge customers who use another bank’s ATMs. And if there is a fee, CIT will refund you up to $15 per month.
Cons:
- No bank branches or ATM;
- No 24/7 customer support — as with all high yield savings accounts, most inquiries are handled online. While live telephone is available, hours are limited.
HOW TO OPEN A CIT BANK SAVINGS ACCOUNT?
To open an account, simply go to the CIT Bank homepage, and create the account online.
You’ll need to provide your name, address, phone number, and ID. You’ll also need to provide your social security number.
Note that CIT does not have any branches. Everything must be done online.
If you’re opening a CIT Bank Builder Savings account, you will need to make an initial minimum deposit of $100.
You will also need to make monthly deposit of $100 to take advantage of the 0.95% APY. Or, you will need to have a $25,000 balance.
If you’re opening the Premier High Yield Savings account, you’re not required to make any initial minimum deposit.
So, you can open the account first and fund it later.
HOW MUCH TO KEEP IN YOUR CIT BANK SAVINGS ACCOUNT?
How much should you keep on your savings account will depend on your savings goals.
If you’re opening the account to serve as an emergency fund, experts have recommended to keep at least three to six months of living expenses.
That money is reserved in case of an emergency like a loss of job, you fell ill, or need money for a major car repair.
But one thing you should know is that deposits at any banks are covered by the federal government up to $250,000.
So if you have more than that, you should split your money into multiple accounts.
WHO IS A CIT BANK ACCOUNT GOOD FOR?
A CIT Bank savings account is good for anyone who:
- Wants to earn a higher yield on the savings accounts;
- Does not mind having their banking online;
- Can commit saving at least $100 every month; or
- Can carry $25,000 balance.
WHAT OTHER PRODUCTS CIT BANK OFFERS?
In addition to the two savings accounts, the bank also offers a checking account, money market accounts and Certificate of deposits (CDs).
The checking account is called “eChecking.” It is the only account the bank offers. There is no monthly fees and you can open the account with as little as $100.
Note that CIT Bank does not have ATMs. But the bank does not charge you for using another bank’s ATM.
And CIT will refund you for ATM fees other banks charge you.
CIT bank also offers one money market account. This money market account has no monthly fees and requires an opening minimum deposit of $100.
CIT Bank has several terms CDs, which range from 6 months to 5 years.
There is also a no penalty 11-month term, where customers can withdraw money with no penalty.
CIT Bank also offers jumbo CDs, ranging from two to five years. You can open a term CD, including the no-penalty CD, with a minimum of $1,000.
The Jumbo CDs require a minimum of $100,000.
Click here to learn more about CIT Bank CDs.
THE BOTTOM LINE
A CIT Bank savings account, is a high yield savings account, where you can a higher yield than regular savings accounts.
You will earn a 0.95% APY through the Savings Builder option and 1.00% APY through Premier High Yield Savings account.
So, whether you’re saving money for an emergency fund, saving money to go on a vacation, or saving money to buy a house in the next few years, CIT Bank is the right bank for you.
Speak with the Right Financial Advisor
If you have questions about high interest savings accounts, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post CIT Bank Savings Account: How Much Can You Earn appeared first on GrowthRapidly.
Source: growthrapidly.com
BlueVine Business Checking Account Review
Source: thesimpledollar.com
Why You Should Use a Personal Loan to Pay Down Debt
This might seem like surprising financial advice, but you should consider paying off debt with a personal loan.
Source: wisebread.com
New PUA Rules: Donât Miss These Unemployment Deadlines
âI think they are a real pain,â said Michele Evermore, an unemployment policy analyst for the National Employment Law Project, regarding the new PUA filing rules. âNot just for recipients, but for state agencies to collect. Every burden we add to state agencies slows benefit processing for everyone.â
Adam Hardy is a staff writer at The Penny Hoarder. He covers the gig economy, remote work and other unique ways to make money. Read his âlatest articles here, or say hi on Twitter @hardyjournalism.
Here are some examples of documents your state may ask you to file:
The new requirements are intended to combat fraud. According to the Department of Labor, more than 7.4 million people are relying on PUA and are subject to the changes.
If youâre qualifying for PUA because you were about to start a job but the offer was rescinded due to COVID-19 related reasons, you may be asked to submit an offer letter, details about the employer and other information related to the job to verify your claim.
New Pandemic Unemployment Assistance Rules and Deadlines
On Dec. 27, the 0 billion stimulus package extended Pandemic Unemployment Assistance, a critical benefits program for folks who donât typically qualify for regular unemployment aid. The deal lengthened PUA benefits for at least 11 weeks, but it also created new filing rules that affect current recipients and new applicants alike.
Need to apply? Our 50-state Pandemic Unemployment Assistance filing guide includes an interactive map and the latest information from the second stimulus deal.
The new deadlines established by the second stimulus package are different for current PUA recipients and new applicants.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
The good news, Evermore says, is that states have leniency to waive some of these requirements if you can demonstrate âgood causeâ for not being able to submit the requested documents. Whatâs considered âgood causeâ is also determined on a state-by-state basis.
Evermore says that since current PUA recipients werenât asked to submit all this information when they were first approved, they might no longer have access to the requested documents.
- Tax forms such as 1099s and W-2s.
- Ledgers, recent pay stubs and earnings statements from gig apps.
- Recent bank statements showing direct deposits.
âPeople who got approved for benefits in the past wonât necessarily get cut off from benefits simply because they are unable to produce the requested documentation,â Evermore said. âJust follow all of the agencyâs instructions carefully.â
- Federal or state income tax documents.
- A business license.
- A 1040 tax form along with a Schedule C, F, SE or K.
- Additional records that prove youâre self employed, such as utility bills, rental agreements or checks.
Self-certification means that you swear the reason(s) you are on PUA is or are true at the risk of perjury. Previously, PUA applicants had to self-certify only once at the time of their initial application.
If youâre self-employed, you may be required to submit:
- You have been diagnosed with COVID-19 or have symptoms and are seeking diagnosis.
- A member of your household has COVID-19.
- You are taking care of someone with COVID-19.
- You are caring for a child or other household member who canât attend school or work because it is closed due to the pandemic.
- You are quarantined by order of a doctor or health official.
- You were scheduled to start employment and donât have a job or canât reach your workplace as a result of the pandemic.
- You have become the breadwinner for a household because the head of household died due to COVID-19.
- You had to quit your job as a direct result of COVID-19.
- Your workplace is closed as a direct result of COVID-19.
Source: thepennyhoarder.com
Chief among the new rules: You will need to submit income documentation to your stateâs unemployment agency if you are a gig worker or self-employed worker â or risk losing future benefits and having to return any benefits collected after Dec. 27.
Another new rule is that you will have to self-certify that you meet one or more of the following PUA eligibility requirements on a weekly basis:
The Department of Labor requires each state to notify you of your state-specific rules. Your state may have different deadlines. In that case, refer to your stateâs instructions. The DOL is also leaving it to each state to determine exactly what documents are required to prove your eligibility.
The second stimulus package is tightening the rules for millions of gig workers, independent contractors and self-employed workers receiving unemployment aid.
If you apply for PUA Jan. 31 or later, you will have 21 days from the date of your application to submit income-related documents.
As a current PUA recipient, you have until March 27 to submit income-related documents to prove your PUA eligibility. If you apply for PUA before Jan. 31, you also have until March 27.
âPeople who were told they donât need documentation may have lost it, and this will create panic resulting in more stress on people who have already had an unimaginably bad year,â she said.
30 Fun New Year’s Eve Party Ideas for Food, Games & Decorations
Looking to host a New Year’s Eve party on a budget? See these great party ideas for food, decorations, and games and host a memorable event.
Source: moneycrashers.com
How to Use Your Debit Card Cash Back to the Fullest
What if you could pay for your next date night or trip to the grocery storeâwithout having to dip into your budget? If you use cash back to your advantage, these benefits could become a reality.
In the past, you had to swipe a credit card to earn cash back. But with Discover Cashback Debit, you can earn cash back by spending with your debit card (you read that right: debit card), allowing you to reach your financial goals without the risk of going into debt.
To best use this budget bonus, you might be wondering, âWhat should I do with my debit card cash back?” According to Eric Rosenberg, financial consultant and founder of the website Personal Profitability, âYou could put [your cash back] into savings or treat yourself to something from your wish list.”
Read on for things to do with cash back to help you achieve the right balance of responsibility and fun:
1. Save for a rainy day
Sometimes it seems like everything goes wrong all at once: You get a flat tire. The sink starts leaking (ugh, again!). You get a parking ticket. Since life can throw unexpected, costly curveballs your way, it’s important to have an emergency fund. Also known as a rainy day fund, an emergency fund is cash that’s set aside to cover unplanned, yet crucial, expenses.
âSo many people can’t afford the cost of an emergency from their savings,” Rosenberg says. If you don’t have this type of fund to fall back on, starting an emergency fund (or adding to an existing fund) could be a top priority when evaluating what to do with your cash back from a debit card.
When thinking about building an emergency fund as a thing to do with cash back, note that experts typically recommend putting aside at least three to six months of living expenses for this purpose. To maximize your emergency fund, you may want to consider moving these savings (and the cash back you’re putting toward this fund) to a high-yield savings account. That way, your emergency fund can steadily grow with interest until you need it. (P.S. More to come on how to automatically move your cash back into savings.)
2. Pay down your debt
If you owe, it can be tough to climb your way out of debt. Whether it’s from credit cards, student loans or a mortgage, interest is accruing and costing you money. Learning how to use your debit card cash back to offset debt can help you save on those interest payments down the road.
According to consumer money-saving expert Andrea Woroch, when you’re focusing on paying off debt, “It’s natural to cut back where you can. But you may eventually hit a wall where you can’t find ways to tackle expenses any further,” she says. That’s where learning how to use debit card cash back comes into play. Since a debit card with a cash back feature can allow you to earn for your everyday spending, those earnings can become a new source for paying down debt, Woroch adds.
3. Shore up for those special moments
You know you’d like to have more nights out, but they don’t come cheap. What to do with your cash back could include spending on special outings, Woroch says. Is there a restaurant you and your significant other have been dying to try? Is there a concert the whole family is super eager to see? There may also be larger events with family and friends to think aboutâplanning a milestone birthday or anniversary or that getaway with college buds. You can set aside your debit card cash back and earmark it for your relationships to create memories that will last a lifetime.
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âYou could put [your cash back] into savings or treat yourself to something from your wish list.”
4. Support your children’s allowance
If you have kids, you’ve probably heard this one before: âMom, Dad, can I have some money?” Sometimes it can feel like you’re a walking ATM. One thing to do with cash back is to set aside an allowance for your kids. You can then use this cash to teach your children good savings habits and how to manage money on a monthly basis for the things they need and want, says Rosenberg of Personal Profitability. The best part: The money isn’t really coming out of your budget since you’re earning it for your everyday expenses and from money you’d be spending anyways. Win-win.
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5. Stockpile funds for the holidays
In thinking about what to do with your cash back, spending it on gift-giving and holiday expenses may be a good goal. “Some people go into debt during the holidays. To help avoid that circumstance, use your cash back to get ahead,” Woroch says.
And, really do think ahead if holiday spending is on your list of things to do with your cash back. The earlier you stash your cash back away for the holidays, the longer it will have time to accrue if you put it in a savings account for safekeeping. Season’s greetings may be the last thing on your mind while you’re flipping burgers on the 4th, but planning ahead could really impact your end-of-year festive spending.
How to maximize your cash back
Now that you know what to do with your cash backâwhether it’s going to work for your emergency fund or funding emergency holiday giftsâconsider steps you can take to get the most out of your extra dough. For example, find a rewards program that matches your spending style. With Discover Cashback Debit, you can earn 1% cash back on up to $3,000 in debit card purchases each month.1 That’s up to $360 a year. Not too bad for just going about your daily debit card spending.
Get 1% cashback on Debit from Discover. 1% cashback on up to $3000 in debit card purchases every month. Limitations apply. Excludes Money market accounts.Discover Bank,Member FDIC.Learn More
To make the process of saving that extra cash even easier, consider opening a Discover Online Savings Account. If you sign up for Auto Redemption to Savings, your cash back will be automatically deposited into your savings account every month.
âThe hardest part about saving for many people is remembering to make a transfer or take the cash to the bank,” Rosenberg says. “If you can automate it, you are setting yourself up for success. It’s like saving while you sleep.”
If you’re still considering how to use your debit card cash back to the fullest, Woroch suggests paying for group purchases when you’re out with family or friends. “Whether you’re going to dinner or renting a condo, cover the entire expense on your card and ask friends and family to pay you back with cash or [via mobile payment],” Woroch says. “This way you can benefit from earning more rewards.”
When it comes to how to use your debit card cash back, the key is to make sure you have enough in your account and aren’t spending too much if you offer to temporarily foot the bill. You don’t want to overextend in order to earn, as you could be hit with overdraft fees or not have enough in your account to cover bill payments, Woroch says.
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“Whether you’re going to dinner or renting a condo, cover the entire expense on your card and ask friends and family to pay you back with cash or [via mobile payment]. This way you can benefit from earning more rewards.”
Get ahead with a combination of strategies
If you’re looking for things to do with cash back, using these tactics can help you improve your financial foundation and have some fun along the way. Understand your needs and goals to help you create a cash back plan, and then maximize your strategy with tools to help you automatically direct your cash back to savings to limit the temptation to spend the money elsewhere.
“We are all so busy these days, and managing money is often pushed down on the to-do list,” Woroch says. Learning how to use your debit card cash back can help you put money management front and center. Start earning!
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal
, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
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Source: discover.com
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