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LearnVest is Giving you $2,500 to Pay off Your Credit Cards!

December 30, 2011 By 6 Comments

SWEEPSTAKES: WE’LL PAY OFF $2,500 OF YOUR CREDIT CARD DEBT!

How great would it be to have a fairy godmother?

She could turn our mother-in-law into a pumpkin, make all of our paperwork disappear—and pay off all of our debt.

At LearnVest, we know that you can’t build a safe and happy future while you’re carrying credit card debt. It’s toxic in so many ways: It pulls down your credit score, stresses you out daily and has a nasty way of snowballing into an insurmountable obstacle.

So we’re going to be someone’s fairy godmother this holiday.

We’re going to pay off $2,500 of credit card debt for one lucky LearnVester. Your chances of winning are all about spreading the LearnVest love.

Here’s how to enter. Click here to become a LearnVest member and enter to win $2,500 to pay off your credit cards and put in savings.

 

More Details:

  • You get one entry in the contest for each of your friends who signs up. Limit: 30 entries. Make sure they use this button from this email so you get the referring credit.
  • When your friends sign up, they also get entered into the sweepstakes. Then, they can forward on to their friends to increase their chances.
  • Winner will receive a check for $2,500. Even if you only have $500 in credit card debt, we’ll pay that off, and give you the rest to plump up your emergency fund, funnel into your IRA or sock away for the down payment on a home. Either way, you’ll get $2,500 to get your financial life on track.
  • Read LearnVest’s standard sweepstakes rules here.
By using the link included in this post, you understand that I am getting an additional entry when you sign up. Thank you for your continued support!
Filed Under: Blog, Credit Cards, Featured Bar, Personal Finance

I Don’t Care What Bank of America Does With Their Fees – I’ll Never Be a Customer

November 1, 2011 By 7 Comments

In case you missed it today, Bank of America announced they would not be charging the $5 a month fee for it’s customers to use their debit card.

Well shazam!

BoA was a little late to the party because JPMorgan Chase & Wells Fargo said last week they would not be charging the $5 fee. After all the consumer outcry, BoA finally got the hint too.

I don’t care what BoA does with their fees because I will never be a customer. I have never used a large bank and I’m definitely not going to start now. I am a big advocate for small community banks and credit unions.  I recently switched to PerkStreet FinancialSM for my main checking account. Instead of paying fees each month, I’m earning perks so I can buy other things.

Let’s not be fooled. Those that stick with BoA will get that fee somewhere else, it just won’t be as obvious. My advice: Ditch the big banks and stick with your local community bank, a credit union or PerkStreet FinancialSM where you are less likely to encounter ridiculous fees.






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Filed Under: Blog, Credit Cards, Featured Bar, Personal Finance Tagged With: ,

How to Rebuild Your Credit with a Credit Card

November 1, 2011 By 2 Comments

In yesterday’s post, I went over Your Credit File: Do It Yourself Tips to Improve Poor Credit. In case you missed that post, please go back and read it because there is a lot of helpful information that you will need to know if you are trying to rebuild your credit.

How To Rebuild Your Credit Score

According to About.com, there are 4 ways you can start to rebuild your credit score:

  • Start by getting new credit to begin establishing a new credit history.
  • Build new credit habits
  • Pay everything on time – only buy what you can afford and realistically pay off each month
  • Replace bad credit with good credit – Charge what you can afford and pay off your bills each and every month – and on time! This will show your creditors
In order for a credit card to help you rebuild credit, the credit card company must be reporting your payment history to the three credit reporting agencies each month (Experion, TransUnion and Equifax). It is important you pay your bill on time each month to show you are responsible enough to make your payments on time. It is best if you are able to pay the card in full each month.

 

How Long Does it Take to Rebuild a Credit Score?

As I mentioned in yesterday’s post, there is no quick fix for reestablishing your credit history. It takes time and making sure you pay your bills on time each month to show your creditors you are responsible with your spending.  The time to rebuild your credit score can vary. According to Experian:

Actually, you don’t rebuild the credit score. You rebuild your credit history, which then is reflected by your credit score. The length of time to rebuild your credit history after a negative change depends on the reasons behind the change. Most negative changes in credit scores are due to the addition of a negative element to your credit report, such as a delinquency or collection account. These new elements will continue to affect your credit scores until they reach a certain age.

  • Delinquencies remain on your credit report for seven years.
  • Most public record items remain on your credit report for seven years, although some bankruptcies may remain for 10 years and unpaid tax liens remain for 15 years.
  • Inquiries remain on your report for two years.

Secured Credit Card vs. Prepaid Credit Card

If you are trying to rebuild your credit, one way to do this is is through a secured or prepaid credit card. Here are the differences between the two:

A secured credit card is a credit card offered by a bank or other credit company in exchange for, or secured, by collateral. While many credit cards require an individual to have an average or above credit score, a secured credit card can be acquired even when an individual has a poor credit history or no credit at all. Source

A prepaid debit card also has a credit line equal to the amount on deposit with the card company, so it is a pre-funded credit line rather than a borrowed credit line. Debit cards draw funds from a bank checking account and prepaid credit cards draw funds from the money “loaded” onto the card beforehand. Source

 Credit Card Suggestions

If you are looking for a credit card to help you start rebuilding your credit, here are two credit cards that will help with that:







 

Lessons Learned: Remember to only take on as much debt as you can pay off when you are trying to rebuild your credit. And make sure you make your payments on time each month!!

This post may contain affiliate links which help keep this site going, thank you for your support!

Filed Under: Blog, Credit Cards, Featured Bar Tagged With:

You’ve Got Perks! Why I Love my PerkStreet Rewards Checking Account

October 8, 2011 By 11 Comments

As many of you know, I am an online contributer to the blog for the financial services company, PerkStreet FinancialSM.  But did you also know I am a satisified customer?   I love opening my emails from PerkStreet because that means I’ve earned perks! My most recent email showed my rewards like this:

I’ve actually never understood why people tend to gravitate towards larger banks. The fees are always higher, the minimum balance requirements suck and usually the customers service isn’t worth a hoot. As you are most likely aware, some of the larger banks have now decided to introduce a$5 a month debit card fee.  Why should you have to pay to use the money you have in your account? With PerkStreet you don’t! There are no fees to use your debit card with your PerkStreet account.

Why I love my PerkStreet Rewards Checking Account:

  • Sign up was easy – there was no hassle and I got my checking account set up from home.
  • I could change my pin number on the phone when I validated the card. Seems like a small detail but it was a huge benefit for me!
  • I can transfer money too and from another account for no charge.
  • And my most favorite part, I earn perks each month for using my PerkStreet card! I always opt for Amazon gift cards but you can also get gift cards for Target, Best Buy, Gap or even a prepaid MasterCard.

Who is PerkStreet?

PerkStreet Financial is an online financial services company dedicated to helping people and families make smarter spending decisions. They offer a free checking account with a debit rewards card that offers phenomenal cash back rewards:

  • Earn 2% cash back on all non-PIN debit card purchases for 3 months (90 days)
  • After 90 days, earn 2% cash back on every non-PIN purchases when your balance is $5,000 or more or earn 1% cash back for balances below $5,000.

Either way, you won’t find another bank in America that gives you more rewards on debit.

  • Get 5% PowerPerks at rotating monthly categories and merchants
  • No credit check. No annual fee. It’s free to get and free to use.

PerkStreet was founded to help Americans live debt-free by rewarding them for making smart spending choices and avoiding credit card debt and big banking fees. PerkStreet also gives their customers access to the nation’s largest fee-free ATM network, fast and live customer service 24/7 and free checkbooks.

How Does PerkStreet Compare to Other Banks?

I’m glad you asked! This handy dandy chart will show you some comparisons:

How Do I Earn Perks?

You earn perks by making non-PIN purchases with the PerkStreet FinancialSM Debit MasterCard®. You could earn over $600* in rewards a year with the only unlimited 2% cash back debit card. Effectively whenever you make a purchase with your debit card without entering your PIN, you will earn perks on that purchase.  The following is a list of non-PIN transactions:

  •  Any purchase that you sign for
  •  Any purchase where you swipe your debit card and do not enter your PIN
  •  Purchases made on the internet
  •  Phone and mail order purchases

What’s the Catch?

Believe it or not, none that I can see. The only fee I was charged was an inactivity fee of $4.50 one month I didn’t use the account. Just make sure you don’t overdraw on the account (standard $25 fee per item) and you will be on your way to earning perks every month!

Stay on budget by signing up for the PerkStreet FinancialSM Debit MasterCard®. Who couldn’t use more perks in their life?! Click the banner below for more information and to sign up. Save money, have fun and stay on budget with the only unlimited 2% cash back debit card. Don’t miss out. Sign up today!!

*Making $601 in weekly non-PIN purchases will earn you $625 in perks annually (when you maintain a balance of $5,000).  According to the U.S. Bureau of Labor Statistics, the average American household spends $601 per week on purchases that could be put on a debit card, including stuff like utility bills or rent.
 This post contains affiliate links which help keep this site going. Thank you for your support!

 

Filed Under: Blog, Credit Cards, Featured Main Tagged With: , ,
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