5 Ways Credit Card Debt Could Wreck Your Finances

There’s no doubt about it: Avoiding credit card debt is a smart financial move. But have you ever stopped to consider exactly why credit card debt is so bad? As it turns out, it can lead to consequences a lot more serious than just big interest payments.

Here are 5 ways credit card debt could wreck your finances — consider yourself warned!

1. Above all, there’s a huge opportunity cost to paying all that interest

Yes, credit cards generally charge double-digit APRs and carrying a balance from month to month will result in big bucks washed down the drain on interest payments. But it’s not just this wasted money that’s bad news for your financial picture – it’s also the opportunity cost of shelling out all that cash.

For instance, if you’re paying hundreds in interest on your credit card debt every year, then you’re not using that cash to pay for a class that will increase your earning potential. You’re not using those hundreds as seed money to start a business. Heck, you’re not using the money to taking a needed vacation that will prevent burnout at work. So it’s more than just the money that you’re paying in interest, per se – credit card debt interferes with your ability to put your money to better use.

Looking for more specific examples of this? Read on.

2. Huge payments could make it hard to save for emergencies

Building up a reserve fund of 3-6 months of living expenses is a good way to protect yourself from the financial fallout of life’s inevitable emergencies. But for most people, 3-6 months of expenses represents several thousand in cash, and saving it up takes time even under the best circumstances.

If you’re making huge payments on a pile of credit card debt, you’re not going to be able to devote much of your monthly pay to emergency savings. This could leave you vulnerable to serious financial strain if a large, unexpected expense arises. Looked at through this lens, it’s easy to see how credit card debt really jeopardizes your future financial stability.

3. You’ll be discouraged from investing

When there’s a choice to be made between paying down credit card debt and investing, most people choose paying down debt. This is undoubtedly a reasonable choice. After all, market returns aren’t guaranteed. But the double-digit savings on interest you’ll see if you eliminate your credit card debt is.

However, the longer you delay investing as you toss your excess cash at your credit card balance, the harder it’s going to be to build a big enough nest egg to retire. Since most people don’t have employer-sponsored pension plans these days, our own funds are all we’ve got. You could be facing a serious financial crisis in your golden years if you let credit card debt slow down your wealth-building today.

4. It could hurt your credit, which makes all other loans more expensive

A factor that heavily influences the 30% of your FICO score that’s determined by “amounts owed” is a number known as your credit utilization ratio. This is the total amount you owe on your credit cards compared with your credit limit. If your credit card debt is pushing your credit utilization ratio above 30%, you should expect your score to suffer.

The problem here is that a low FICO score will cause any new loans that you take out to carry a higher interest rate. Consequently, your monthly payments will be higher, and this further cuts into your ability to use your income for saving and investing.

In short, credit card debt is a double-whammy: It’s expensive on its own, but it causes other products to become costlier, too. Shelling out so much cash every month makes getting to a financially comfortable place hard for most folks.

5. If you end up in bankruptcy, your earning potential might be limited

It’s not uncommon for employers to check potential employees’ credit reports before extending a job offer. If you end up filing for bankruptcy because of credit card debt and your boss sees this during a routine background check, there’s the possibility the promotion you’re after could go to someone else.

Although indirect, by interfering with your employability, a past credit card debt disaster could hurt your earning potential. So hopefully it’s clear – from this example and the others above – that getting in over your head with credit cards is bad news for reasons way beyond just big interest payments. If you don’t make an effort to pay off your debt now, your financial future could be at stake.

Wrecking ball image via Shutterstock

The post 5 Ways Credit Card Debt Could Wreck Your Finances appeared first on NerdWallet Credit Card Blog.

Source Article http://ift.tt/1y39EC7

Read More

5 Reasons Your Credit Score Is More Important Than Your GPA

If you’re a college student, you’re probably working hard to keep your grade point average looking sharp. After all, your GPA could be your ticket to graduate school, a competitive internship or maybe even your dream job.

But if you’re hitting the books so hard that you’re ignoring another important number – your credit score – you could be making a huge mistake. It might be hard to believe, your three-digit credit score is more important than your GPA. Not sure why? Check out the five reasons below.

1. It determines the cost of future purchases

It’s true that your GPA could determine certain aspects of your future, but your credit score is guaranteed to influence one thing – the cost of most of the big purchases you’re going to make after graduation.

Here’s why: Lenders and insurance agents (among others) look at your credit score when they’re figuring out how to price the products they’re selling you. For instance, when you apply for your first car loan, the bank you’re working with will run a credit check to decide how much to charge you in interest on the auto note. A low credit score will mean paying a much higher interest rate. This, of course, will make the cost of the loan higher overall.

A high GPA might open the door to academic opportunities, but a high credit score will keep more cash in your wallet. This is much more important once you’ve left school behind.

2. Once your score goes south, it takes much longer to improve

A bad semester could have a negative impact on your GPA, which is certainly stressful. But it’s relatively easy to revive your average the following term if you buckle down and study hard. In other words, a few bad moves can be corrected pretty quickly.

Not so with your credit score. Messing up just once could result in a serious loss of points that will take a long time to correct. For instance, if you don’t pay a bill and it goes into collections, you’ll lose a lot of points from your credit score – perhaps as many as 100. But there’s no extra credit or big exam to ace that will help it you get these points back quickly. You’ll have to demonstrate years of positive payment history to get your score back to good form.

We’re certainly not suggesting you should take your GPA lightly, but it’s important to remember that your credit score is less forgiving – this is why prioritizing it is a smart long-term move.

3. It’s almost impossible to put a bad score behind you

When you’re an undergraduate, it’s hard to think about much else beyond your four years in school. But there is a wide world out there beyond your bachelor’s degree, and within a few years of graduation, your GPA loses a lot of its importance. Pretty soon, potential employers will be much more interested in your past job performance than how you did in your freshman composition course.

But your credit score will follow you everywhere you go, for the rest of your adult life. Since it’s checked under so many circumstances, there’s not point in time when it will stop mattering, the way your GPA probably will. You’ll need it, and need it to be good, for as long as you’re participating in our financial system.

Again, this goes to show that the importance of working toward good credit might be slightly greater than the importance of working toward good grades.

4. It will influence your ability to find a place to live

When it comes to basic human needs, shelter is at the top of the list. Your GPA isn’t going to be very helpful when it comes to find a decent place to live, but a good credit score certainly will be.

This is because most landlords will check your credit score as part of the rental application process, and many simply won’t accept tenants with bad scores. Of course, the same is true if you’re thinking of buying a home. If you don’t have good credit, qualifying for a mortgage will be nearly impossible.

So no matter what, building and maintaining good credit will affect your ability to find housing. This reality alone should convince you that it’s at least a little more important than your grades.

5. It could put a crimp in your romantic relationships

It might seem strange, but your credit score (unlike your GPA) could have an impact on your dating life. According to a 2014 NerdWallet analysis, 53% of single adults over age 25 are “somewhat less likely” or “much less likely” to date someone with bad credit.

Unless you’re habitually dating very pretentious people, it’s highly unlikely that your GPA will be a considered a deal breaker by potential mates. But most young adults quickly realize that bad credit limits their options and don’t want to get serious with someone who might hold them back. So once again, credit score trumps GPA in terms of long-term importance.

Final words of advice: Since having good credit is a bigger deal than you thought, you’re probably wondering how you can improve yours. Here are a few tips:

• Pay your bills on time.


• Avoid credit card debt, and definitely avoid maxing out a credit card.


• Start establishing a credit history as soon as you can. The easiest way to do this is by getting a credit card early and using it responsibly.


• Don’t apply for too much credit at once.


• Check your credit reports at least once per year; if you spot a mistake, have it corrected as soon as you can.

If you follow these tips, you’ll be on your way to a bright future – academically and financially, of course!

Study image via Shutterstock

The post 5 Reasons Your Credit Score Is More Important Than Your GPA appeared first on NerdWallet Credit Card Blog.

Source Article :http://bit.ly/1zpwQ1o

Read More

5 Reasons Your Credit Score Is More Important Than Your GPA

If you’re a college student, you’re probably working hard to keep your grade point average looking sharp. After all, your GPA could be your ticket to graduate school, a competitive internship or maybe even your dream job.

But if you’re hitting the books so hard that you’re ignoring another important number – your credit score – you could be making a huge mistake. It might be hard to believe, your three-digit credit score is more important than your GPA. Not sure why? Check out the five reasons below.

1. It determines the cost of future purchases

It’s true that your GPA could determine certain aspects of your future, but your credit score is guaranteed to influence one thing – the cost of most of the big purchases you’re going to make after graduation.

Here’s why: Lenders and insurance agents (among others) look at your credit score when they’re figuring out how to price the products they’re selling you. For instance, when you apply for your first car loan, the bank you’re working with will run a credit check to decide how much to charge you in interest on the auto note. A low credit score will mean paying a much higher interest rate. This, of course, will make the cost of the loan higher overall.

A high GPA might open the door to academic opportunities, but a high credit score will keep more cash in your wallet. This is much more important once you’ve left school behind.

2. Once your score goes south, it takes much longer to improve

A bad semester could have a negative impact on your GPA, which is certainly stressful. But it’s relatively easy to revive your average the following term if you buckle down and study hard. In other words, a few bad moves can be corrected pretty quickly.

Not so with your credit score. Messing up just once could result in a serious loss of points that will take a long time to correct. For instance, if you don’t pay a bill and it goes into collections, you’ll lose a lot of points from your credit score – perhaps as many as 100. But there’s no extra credit or big exam to ace that will help it you get these points back quickly. You’ll have to demonstrate years of positive payment history to get your score back to good form.

We’re certainly not suggesting you should take your GPA lightly, but it’s important to remember that your credit score is less forgiving – this is why prioritizing it is a smart long-term move.

3. It’s almost impossible to put a bad score behind you

When you’re an undergraduate, it’s hard to think about much else beyond your four years in school. But there is a wide world out there beyond your bachelor’s degree, and within a few years of graduation, your GPA loses a lot of its importance. Pretty soon, potential employers will be much more interested in your past job performance than how you did in your freshman composition course.

But your credit score will follow you everywhere you go, for the rest of your adult life. Since it’s checked under so many circumstances, there’s not point in time when it will stop mattering, the way your GPA probably will. You’ll need it, and need it to be good, for as long as you’re participating in our financial system.

Again, this goes to show that the importance of working toward good credit might be slightly greater than the importance of working toward good grades.

4. It will influence your ability to find a place to live

When it comes to basic human needs, shelter is at the top of the list. Your GPA isn’t going to be very helpful when it comes to find a decent place to live, but a good credit score certainly will be.

This is because most landlords will check your credit score as part of the rental application process, and many simply won’t accept tenants with bad scores. Of course, the same is true if you’re thinking of buying a home. If you don’t have good credit, qualifying for a mortgage will be nearly impossible.

So no matter what, building and maintaining good credit will affect your ability to find housing. This reality alone should convince you that it’s at least a little more important than your grades.

5. It could put a crimp in your romantic relationships

It might seem strange, but your credit score (unlike your GPA) could have an impact on your dating life. According to a 2014 NerdWallet analysis, 53% of single adults over age 25 are “somewhat less likely” or “much less likely” to date someone with bad credit.

Unless you’re habitually dating very pretentious people, it’s highly unlikely that your GPA will be a considered a deal breaker by potential mates. But most young adults quickly realize that bad credit limits their options and don’t want to get serious with someone who might hold them back. So once again, credit score trumps GPA in terms of long-term importance.

Final words of advice: Since having good credit is a bigger deal than you thought, you’re probably wondering how you can improve yours. Here are a few tips:

• Pay your bills on time.


• Avoid credit card debt, and definitely avoid maxing out a credit card.


• Start establishing a credit history as soon as you can. The easiest way to do this is by getting a credit card early and using it responsibly.


• Don’t apply for too much credit at once.


• Check your credit reports at least once per year; if you spot a mistake, have it corrected as soon as you can.

If you follow these tips, you’ll be on your way to a bright future – academically and financially, of course!

Study image via Shutterstock

The post 5 Reasons Your Credit Score Is More Important Than Your GPA appeared first on NerdWallet Credit Card Blog.

Source Article http://ift.tt/1y39EC7

Read More

ATM Innovations Help Banks Keep Customers Coming Back

Cash machines are about to become a whole lot smarter.

Manufacturers such as Diebold are leveraging technology to appeal to consumers who demand a more advanced digital experience and better on-the-go access. But as nonbank networks of automated teller machines (ATMs) sprout new features, financial institutions are responding with additional functions of their own as a way to keep you coming back.

The second most common way of interacting with a financial institution – after visiting a branch – is using an ATM, according to a 2014 Federal Reserve study. As mobile apps and online links expand the capabilities of nonbank cash machines beyond their traditional functions, pressure is increasing on banks and credit unions to develop competitive services.

Currently, more than 2.2 million ATMs provide services worldwide. Diebold, one of the premier producers of the machines, is rolling out a new model that takes its cue from mobile and online applications with expanded features. It includes a virtual video help desk, a finger-vein scanner, encryption technology and a touchless card reader for added security.

ATM evolution

ATM features have evolved marginally since the first one in the U.S. – the Docuteller – began dispensing cash in 1969 from a location in Rockville Centre, New York. By 1971, Total Teller machines could take deposits and transfer money between accounts. Until 1974, when it began producing ATMs, Diebold mostly made safes and vaults. Before long, cash machines permeated the culture of personal finance and could be found anywhere from big-name banks to standalone units in corner stores.

Now, ATMs are no longer seen as only cash-dispensing, check-depositing and money-transferring tools, but as all-in-one digital banking outposts offering multi-channel uses to customers.

Organizations such as the ATM Industry Association are recognizing the changing needs of consumers. The association created the U.S. Underbanked Forum earlier this year to develop nontraditional ways the machines can serve consumers with only basic checking accounts or who don’t have access to other mainstream financial services.

Some ATM manufacturers are already finding ways to reach tech-savvy customers by pairing ATM capabilities with smartphone apps, for instance. In 2012, NCR came up with software that works through mobile banking apps to let you order a cash withdrawal before arriving at the ATM. Customers use a mobile app to choose the amount of their transaction, then through an embedded NCR function, can scan the 2D barcode on any participating ATM screen to get the cash. The method saves time and is more secure, as it doesn’t require the use of a bank card.

Another nonbank network upping the ante for financial institutions through innovation is Cardtronics, the world’s largest retail ATM owner-operator. The company recently began providing a smartphone app, digital rewards and discount coupons consumers can scan and use immediately through a cash machine network in the Phoenix area. The technology pilot program at 17 Fresh & Easy grocery stores uses a second digital screen atop each ATM that displays in-store discounts and incentives, plus local weather.

As with bank branches that keep a ready store of cash on hand, ATMs attract thieves, and some are ingenious.

Skimming schemes

Card skimming at ATMs began to pick up steam in the early 2000s as criminals stole bank account information by using devices surreptitiously attached to the machines. The process is simple: Criminals install a skimmer on an ATM that captures the data on an inserted card’s magnetic strip, while another device may be used to record the personal identification number (PIN) needed to gain access to the account. Then a duplicate card can be made and used to rob the account.

ATMs are also vulnerable to other forms of theft, such as currency trapping and fishing, in which thieves capture bills dispensed during a transaction. They use hooks or devices attached to the machine to block the currency from coming out, then stop by later to collect it. Some hackers have installed malicious software that gives them control of the machine to copy account numbers and PINs.

Cash machine manufacturers are just beginning to change their designs to combat these types of breaches and make transactions more secure, such as Diebold’s finger-vein reader. The company’s 5500 series ATMs also provide smartphone app compatibility and come equipped with anti-skimming card readers and encryption technology. The machines can be hooked up to provide two-way video that lets consumers connect with a remote bank representative. The video link enables the machine to act as a call center where customers can ask questions, get support and process some transactions.

Banks respond

While enhanced ATMs make it easier to avoid entering a branch, banks aren’t sitting still. Bank of America, for instance, has cash machines linked to live remote tellers who can help with more transactions even when nearby branches are closed. At selected ATMs, you can get help depositing checks and getting cash back, splitting a deposit into two or more accounts and making loan or credit card payments. While there are still other banking functions – such as more complex transactions – that haven’t made it to bank ATMs, the potential is there.

At some Wells Fargo cash machines, you can get postage stamps and deposit checks and cash without using envelopes – the machine just scans in the bills and paper. Some automatically display your most-frequent transaction types as favorite buttons to help speed things up.

Whether they’re run by nonbank networks or financial institutions, ATMs are changing to keep up Americans’ preference for mobile and online banking and to stay relevant to their needs.

---

ATM customer photo via Shutterstock.

The post ATM Innovations Help Banks Keep Customers Coming Back appeared first on NerdWallet Credit Card Blog.

Source Article http://alleasyscholarships.blogspot.com

Read More

ATM Innovations Help Banks Keep Customers Coming Back

Cash machines are about to become a whole lot smarter.

Manufacturers such as Diebold are leveraging technology to appeal to consumers who demand a more advanced digital experience and better on-the-go access. But as nonbank networks of automated teller machines (ATMs) sprout new features, financial institutions are responding with additional functions of their own as a way to keep you coming back.

The second most common way of interacting with a financial institution – after visiting a branch – is using an ATM, according to a 2014 Federal Reserve study. As mobile apps and online links expand the capabilities of nonbank cash machines beyond their traditional functions, pressure is increasing on banks and credit unions to develop competitive services.

Currently, more than 2.2 million ATMs provide services worldwide. Diebold, one of the premier producers of the machines, is rolling out a new model that takes its cue from mobile and online applications with expanded features. It includes a virtual video help desk, a finger-vein scanner, encryption technology and a touchless card reader for added security.

ATM evolution

ATM features have evolved marginally since the first one in the U.S. – the Docuteller – began dispensing cash in 1969 from a location in Rockville Centre, New York. By 1971, Total Teller machines could take deposits and transfer money between accounts. Until 1974, when it began producing ATMs, Diebold mostly made safes and vaults. Before long, cash machines permeated the culture of personal finance and could be found anywhere from big-name banks to standalone units in corner stores.

Now, ATMs are no longer seen as only cash-dispensing, check-depositing and money-transferring tools, but as all-in-one digital banking outposts offering multi-channel uses to customers.

Organizations such as the ATM Industry Association are recognizing the changing needs of consumers. The association created the U.S. Underbanked Forum earlier this year to develop nontraditional ways the machines can serve consumers with only basic checking accounts or who don’t have access to other mainstream financial services.

Some ATM manufacturers are already finding ways to reach tech-savvy customers by pairing ATM capabilities with smartphone apps, for instance. In 2012, NCR came up with software that works through mobile banking apps to let you order a cash withdrawal before arriving at the ATM. Customers use a mobile app to choose the amount of their transaction, then through an embedded NCR function, can scan the 2D barcode on any participating ATM screen to get the cash. The method saves time and is more secure, as it doesn’t require the use of a bank card.

Another nonbank network upping the ante for financial institutions through innovation is Cardtronics, the world’s largest retail ATM owner-operator. The company recently began providing a smartphone app, digital rewards and discount coupons consumers can scan and use immediately through a cash machine network in the Phoenix area. The technology pilot program at 17 Fresh & Easy grocery stores uses a second digital screen atop each ATM that displays in-store discounts and incentives, plus local weather.

As with bank branches that keep a ready store of cash on hand, ATMs attract thieves, and some are ingenious.

Skimming schemes

Card skimming at ATMs began to pick up steam in the early 2000s as criminals stole bank account information by using devices surreptitiously attached to the machines. The process is simple: Criminals install a skimmer on an ATM that captures the data on an inserted card’s magnetic strip, while another device may be used to record the personal identification number (PIN) needed to gain access to the account. Then a duplicate card can be made and used to rob the account.

ATMs are also vulnerable to other forms of theft, such as currency trapping and fishing, in which thieves capture bills dispensed during a transaction. They use hooks or devices attached to the machine to block the currency from coming out, then stop by later to collect it. Some hackers have installed malicious software that gives them control of the machine to copy account numbers and PINs.

Cash machine manufacturers are just beginning to change their designs to combat these types of breaches and make transactions more secure, such as Diebold’s finger-vein reader. The company’s 5500 series ATMs also provide smartphone app compatibility and come equipped with anti-skimming card readers and encryption technology. The machines can be hooked up to provide two-way video that lets consumers connect with a remote bank representative. The video link enables the machine to act as a call center where customers can ask questions, get support and process some transactions.

Banks respond

While enhanced ATMs make it easier to avoid entering a branch, banks aren’t sitting still. Bank of America, for instance, has cash machines linked to live remote tellers who can help with more transactions even when nearby branches are closed. At selected ATMs, you can get help depositing checks and getting cash back, splitting a deposit into two or more accounts and making loan or credit card payments. While there are still other banking functions – such as more complex transactions – that haven’t made it to bank ATMs, the potential is there.

At some Wells Fargo cash machines, you can get postage stamps and deposit checks and cash without using envelopes – the machine just scans in the bills and paper. Some automatically display your most-frequent transaction types as favorite buttons to help speed things up.

Whether they’re run by nonbank networks or financial institutions, ATMs are changing to keep up Americans’ preference for mobile and online banking and to stay relevant to their needs.

---

ATM customer photo via Shutterstock.

The post ATM Innovations Help Banks Keep Customers Coming Back appeared first on NerdWallet Credit Card Blog.

Source Article :http://bit.ly/1wfo83w

Read More

Chase and Apple Pay: Will I Be Able to Use My Credit Card?

With the flurry of excitement surrounding Apple’s recent announcement of several new products and services, you might be wondering: Chase and Apple Pay — will I be able to use my credit card?

In a word, yes. When the mobile payment system hits the scene in October 2014, you can count on being able to use your Chase credit or debit card to pay with just one touch (if you have an iPhone 6 or iPhone 6 Plus, of course). Ready to learn more? Let’s take a look at the details.

About Apple Pay

When Apple Pay was announced at the company’s big unveiling event on Sept. 9, 2014, most folks in the technology world reacted with excitement, but not surprise. The mobile payment service was hotly anticipated, and now that it’s finally coming online, many expect it to change the way we pay forever.

If you’re not familiar with how Apple Pay works, it’s fairly straightforward: First, you’ll load your payment and store loyalty cards into the Passbook application. Reportedly, this will simply involve taking a picture of each of your cards and uploading it to the app. If you typically use one card to pay for most of your purchases, you can select it as the default when you put its information into Passbook.

Then, if you’re shopping in a store that supports Apple Pay (see below), you’ll hold your iPhone 6 or iPhone 6 Plus in close proximity to the payment terminal and make your payment with a tap of your finger. This touch will both verify your identity using Touch ID technology and authorize the card you’ve selected to be charged.

Because Apple Pay works with payment terminals by using near field communication (NFC) technology and comes with several layers of security built into each transaction, most experts expect it to be a safer way to pay than our current swipe-and-sign system.

As of October 2014, Apple Pay will be accepted at over 220,000 brick-and-mortar retailers nationwide, including:

• Walgreens


• Whole Foods


• Macy’s


• McDonalds


• Bloomingdales

You’ll also be able to use Apple Pay with some popular apps, including:

• Starbucks


• Target


• OpenTable


• Groupon


• Uber

A few of our favorite credit cards from Chase

Not all credit card issuers are on board with Apple Pay just yet, but if you’re a Chase cardholder, you’re in luck. You’ll be able to use your credit card with the new mobile payment system as soon as it hits the scene, assuming you’ve purchased an iPhone 6 or iPhone 6 Plus, too.

Remember, you don’t have to worry about missing out on perks or rewards when you use your Chase card with Apple Pay. Every time you authorize a mobile payment, it’s just as if you’d swiped the card. You’ll keep racking up the Ultimate Rewards points every time you touch!

The Nerds weren’t yet able to confirm with Chase if all of their consumer cards will be Apple Pay compatible, so be sure to check with them if you have questions. In the meantime, here are a few of our favorite Chase cards:

Chase Freedom®

The Chase Freedom® is one of our favorite cash-back cards on the market, and it’s easy to see why. With it, you’ll earn 5% cash back in rotating quarterly bonus categories, up to $1,500 spent per quarter. You’ll also earn unlimited 1% cash back on all other purchases. All this comes with a $0 annual fee – what’s not to love?

Chase Freedom®
Apply Now on Chase's secure website starstarstarstarstar	Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period 0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 13.99%-22.99% 5% Cash Back on up to $1,500 in combined purchases between October 1 — December 31, 2014 at Amazon.com, Zappos.com and select department stores You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter! Unlimited 1% Cash Back on all other purchases No annual fee and rewards never expire		thumbsupPros Bonus cash back categories No annual fee 0% for 15 mos on transfers

Annual Fee	Signup Bonus	APR , Variable*	APR Promotions
$0	Get a $100 Bonus after spending $500 on purchases in your first 3 months from account opening.	13.99% - 22.99% (Variable)	0% APR for 15 months on purchases and balance transfers

Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® Card is a great choice for travelers. With it, you’ll earn 2 points per dollar spent on travel and dining in restaurants and 1 point per dollar spent on all other purchases. Ultimate Rewards points are generally worth $.01 apiece, but their value jumps 25% when you redeem for travel through the Ultimate Rewards portal. And remember, with the Chase Sapphire Preferred® Card you also have the option to transfer your points to a participating frequent traveler program at a 1:1 ratio.

The Chase Sapphire Preferred® Card will get you started with a stellar signup bonus: Earn 40,000 bonus points after you spend $3,000 in the first 3 months. It charges an Introductory Annual Fee of $0 the first year, then $95. But if you spend a lot on dining and travel, we think this is a small price to pay.

Chase Sapphire Preferred® Card
Apply Now on Chase's secure website starstarstarstarstar	Earn 40,000 bonus points when you spend $3,000 on purchases in the first 3 months from account opening. That's $500 in travel when you redeem through Chase Ultimate RewardsSM. Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening. 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases No foreign transaction fees, plus Chip and Signature enabled for international travel. 1:1 point transfer to leading frequent travel programs at full value — that means 1,000 Ultimate Rewards points equal 1,000 partner miles/points. 24/7 direct access to dedicated customer service specialists Introductory Annual Fee of $0 the first year, then $95		thumbsupPros No foreign transaction fee thumbsdownCons Has annual fee

Annual Fee	Signup Bonus	APR , Variable*	APR Promotions
Introductory Annual Fee of $0 the first year, then $95.	Earn 40,000 bonus points after you spend $3,000 in the first 3 months.	15.99% (Variable)	Purchase: None Transfer: None

iPhone 6 image via Shutterstock

The post Chase and Apple Pay: Will I Be Able to Use My Credit Card? appeared first on NerdWallet Credit Card Blog.

Source Article http://ift.tt/1y39EC7

Read More

Chase and Apple Pay: Will I Be Able to Use My Credit Card?

With the flurry of excitement surrounding Apple’s recent announcement of several new products and services, you might be wondering: Chase and Apple Pay — will I be able to use my credit card?

In a word, yes. When the mobile payment system hits the scene in October 2014, you can count on being able to use your Chase credit or debit card to pay with just one touch (if you have an iPhone 6 or iPhone 6 Plus, of course). Ready to learn more? Let’s take a look at the details.

About Apple Pay

When Apple Pay was announced at the company’s big unveiling event on Sept. 9, 2014, most folks in the technology world reacted with excitement, but not surprise. The mobile payment service was hotly anticipated, and now that it’s finally coming online, many expect it to change the way we pay forever.

If you’re not familiar with how Apple Pay works, it’s fairly straightforward: First, you’ll load your payment and store loyalty cards into the Passbook application. Reportedly, this will simply involve taking a picture of each of your cards and uploading it to the app. If you typically use one card to pay for most of your purchases, you can select it as the default when you put its information into Passbook.

Then, if you’re shopping in a store that supports Apple Pay (see below), you’ll hold your iPhone 6 or iPhone 6 Plus in close proximity to the payment terminal and make your payment with a tap of your finger. This touch will both verify your identity using Touch ID technology and authorize the card you’ve selected to be charged.

Because Apple Pay works with payment terminals by using near field communication (NFC) technology and comes with several layers of security built into each transaction, most experts expect it to be a safer way to pay than our current swipe-and-sign system.

As of October 2014, Apple Pay will be accepted at over 220,000 brick-and-mortar retailers nationwide, including:

• Walgreens


• Whole Foods


• Macy’s


• McDonalds


• Bloomingdales

You’ll also be able to use Apple Pay with some popular apps, including:

• Starbucks


• Target


• OpenTable


• Groupon


• Uber

A few of our favorite credit cards from Chase

Not all credit card issuers are on board with Apple Pay just yet, but if you’re a Chase cardholder, you’re in luck. You’ll be able to use your credit card with the new mobile payment system as soon as it hits the scene, assuming you’ve purchased an iPhone 6 or iPhone 6 Plus, too.

Remember, you don’t have to worry about missing out on perks or rewards when you use your Chase card with Apple Pay. Every time you authorize a mobile payment, it’s just as if you’d swiped the card. You’ll keep racking up the Ultimate Rewards points every time you touch!

The Nerds weren’t yet able to confirm with Chase if all of their consumer cards will be Apple Pay compatible, so be sure to check with them if you have questions. In the meantime, here are a few of our favorite Chase cards:

Chase Freedom®

The Chase Freedom® is one of our favorite cash-back cards on the market, and it’s easy to see why. With it, you’ll earn 5% cash back in rotating quarterly bonus categories, up to $1,500 spent per quarter. You’ll also earn unlimited 1% cash back on all other purchases. All this comes with a $0 annual fee – what’s not to love?

Chase Freedom®
Apply Now on Chase's secure website starstarstarstarstar	Earn a $100 Bonus after you spend $500 on purchases in your first 3 months from account opening Earn a $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period 0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 13.99%-22.99% 5% Cash Back on up to $1,500 in combined purchases between October 1 — December 31, 2014 at Amazon.com, Zappos.com and select department stores You'll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It's free and easy to activate your bonus each quarter! Unlimited 1% Cash Back on all other purchases No annual fee and rewards never expire		thumbsupPros Bonus cash back categories No annual fee 0% for 15 mos on transfers

Annual Fee	Signup Bonus	APR , Variable*	APR Promotions
$0	Get a $100 Bonus after spending $500 on purchases in your first 3 months from account opening.	13.99% - 22.99% (Variable)	0% APR for 15 months on purchases and balance transfers

Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® Card is a great choice for travelers. With it, you’ll earn 2 points per dollar spent on travel and dining in restaurants and 1 point per dollar spent on all other purchases. Ultimate Rewards points are generally worth $.01 apiece, but their value jumps 25% when you redeem for travel through the Ultimate Rewards portal. And remember, with the Chase Sapphire Preferred® Card you also have the option to transfer your points to a participating frequent traveler program at a 1:1 ratio.

The Chase Sapphire Preferred® Card will get you started with a stellar signup bonus: Earn 40,000 bonus points after you spend $3,000 in the first 3 months. It charges an Introductory Annual Fee of $0 the first year, then $95. But if you spend a lot on dining and travel, we think this is a small price to pay.

Chase Sapphire Preferred® Card
Apply Now on Chase's secure website starstarstarstarstar	Earn 40,000 bonus points when you spend $3,000 on purchases in the first 3 months from account opening. That's $500 in travel when you redeem through Chase Ultimate RewardsSM. Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening. 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases No foreign transaction fees, plus Chip and Signature enabled for international travel. 1:1 point transfer to leading frequent travel programs at full value — that means 1,000 Ultimate Rewards points equal 1,000 partner miles/points. 24/7 direct access to dedicated customer service specialists Introductory Annual Fee of $0 the first year, then $95		thumbsupPros No foreign transaction fee thumbsdownCons Has annual fee

Annual Fee	Signup Bonus	APR , Variable*	APR Promotions
Introductory Annual Fee of $0 the first year, then $95.	Earn 40,000 bonus points after you spend $3,000 in the first 3 months.	15.99% (Variable)	Purchase: None Transfer: None

iPhone 6 image via Shutterstock

The post Chase and Apple Pay: Will I Be Able to Use My Credit Card? appeared first on NerdWallet Credit Card Blog.

Source Article :http://bit.ly/10eqCC4

Read More