7 Debit Cards That’ll Give You Cash Back (and More!) for Swiping

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7 Debit Cards That’ll Give You Cash Back (and More!) for Swiping
Debit cards are popular. Like, really popular. Nearly 43% of adult Americans reported using debit cards as their main form of payment, according to a 2017 LendEDU study. And each year, people make billions (with a big ol’ b) of transactions using one. As a bonus, some debit cards offer rewards, similar to credit cards. So, if you’re one of the many using a debit card — or looking to upgrade yours — keep reading. We’ll explore why you might consider getting one, plus we’ll look at the best cards available today. Why Some Bank Debit Cards Don’t Offer Rewards (Anymore) After the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010. The goal was to stabilize and reform the financial industry. Before it passed Congress, lawmakers added the Durbin Amendment — named after Sen. Dick Durbin of Illinois — to the act. This amendment was introduced to curb processing fees for debit card purchases. When you use a debit card to make a purchase, the merchant pays an interchange or swipe fee. This fee goes to the bank that issued the debit card. Banks said these fees covered the costs of providing debit cards and monitoring accounts for fraudulent activity. However, retailers argued they were too high. Before the act’s passage, retailers paid up to 44 cents per debit card transaction, according to Reuters, which made it difficult for some businesses to accept them. After Dodd-Frank passed, the cap fee was reduced to 21 cents. (It’s worth noting credit card interchange fees were not affected.) As a result, the financial incentive for banks to offer debit card rewards just isn’t what it used to be. Why You Should Consider a Debit Card That Offers Rewards Just because debit card rewards aren’t flowing like they used to doesn’t mean you shouldn’t keep your eyes peeled for them. Debit cards that offer rewards are appealing for a few reasons: Your bank may only charge a small — or no — monthly (or annual) fee to use it. They’re good if you want to monitor your spending and find credit cards too tempting. Since it’s money from your account, there’s no monthly balance owed or accumulated interest to worry about. The REWARDS: anything from cash back to points to discounts on qualified purchases. 7 Debit Cards That Offer Rewards (Plus a Bonus!) We picked several options that could work for you. 1. American Express Serve® Cash Back The American Express Serve Cash Back option is a prepaid debit card. (To be clear, it’s not connected to a checking account.) When shopping online or in stores, you can earn unlimited 1% cash back on your purchases. Bonus: The cash back is immediately available to use after you earn it. Other features include free ATM withdrawals at over 30,000 locations, fraud protection and 24/7 customer service. Card price: $0 online or $3.95 in stores Monthly or annual fee: $7.95 a month (no fee in Texas, New York or Vermont) 2. Bank of America BankAmeriDeals® Bank of America has a program called BankAmericaDeals for BoA card holders. Existing customers can log into online banking or use the mobile app to see available deals (for example, 15% cash back at Petco). You’ll earn cash back on these deals when they use an eligible BoA debit or credit card to make a purchase. You can also earn BankAmeriDeals Coins for qualifying purchases to earn more rewards. Other features include 24/7 account monitoring, fee-free BoA ATM usage and the ability to add your debit card to a digital wallet for easier checkout. Card price: $0 Monthly or annual fee: $0 3. Discover® Cashback Debit With Cashback Debit, users can earn 1% cash back on up to $3,000 in purchases per month. So, if you make $500 worth of purchases monthly with your debit card, you’ll earn back $5 a month, or $60 a year. Other features include 24/7 customer service and access to over 60,000 surcharge-free ATMs. Also, if you lose your debit card, Discover will replace it for free. Card price: $0 Monthly or annual fee: $0 4. Axos Bank CashBack Checking Axos offers CashBack Checking for customers who want to earn rewards with a debit card. You can earn up to 1% cash back on signature-based purchases (so, something routine like grocery shopping doesn’t count) and earn up to $2,000 cash back per month. However, you’ll also need to maintain a daily balance of $1,500 to earn the 1% cash back. Other features include reimbursement for over 60,000 ATMs worldwide, and no balance or activity requirements to maintain the account. Card price: $0 Monthly or annual fee: $0 5. PayPal Business Debit Mastercard® Once you activate the cash-back program, PayPal Business Debit Mastercard users can get unlimited 1% cash back on qualifying purchases. The cash back is added to your PayPal account each month. Note that business owners face a $1.50 domestic ATM usage fee, and have a daily limit of $3,000 in purchases and $400 in cash withdrawals. Other features include a free additional card for the account and no liability for unauthorized charges. Card price: $0 Monthly or annual fee: $0 6. Consumers Credit Union Rewards Checking CCU offers rewards in the form of annual percentage yield (APY). There are three rewards tiers with varying requirements to earn 3.09% APY, 4.09% APY or even 5.09% APY on account balances up to $10,000. For the first tier, you must make at least 12 debit card purchases that equal $100 or more a month as one of the qualifications, so you’ll need to be organized to reap these rewards. Other features include over 30,000 surcharge-free ATMs and no minimum balance requirement. Card price: $0 Monthly or annual fee: $0 7. Empower Empower is an app and bank account. You can get 1% cash back on the first $1,000 you spend per month with your debit card, earn 1.65% APY on your money and even snag cash back when you refer your friends. You’ll have access to over 25,000 fee-free ATMs and even get reimbursed for one out-of-network ATM use per month. You can fund your account in a number of ways, though it does not support cash or check deposits. Other features include no account fees or required minimum balances. Accounts are also FDIC-insured up to $250,000. Card price: $0 Monthly or annual fee: $0 Bonus: Your Local Credit Union Check out your neighborhood credit union for other reward-card options. Many institutions offer debit card rewards in the form of redeemable points or cash back. Some even allow you to support a local charity or cause if you choose to make a donation when you open an account. Contact your local credit union online or in person to see what costs and conditions may apply. Card price: Varies Monthly or annual fee: Varies FROM THE BANKING FORUM Social security Representative Payee bank account 9/26/19 @ 5:16 PM L How to find a checking account that displays scheduled transaction on account activinty view? 9/4/19 @ 2:05 PM ONLINE BANKS 8/26/19 @ 6:54 PM Best bank to use? 7/12/19 @ 2:52 PM See more in Banking or ask a money question What About Credit Card Rewards? When it comes to serious rewards, credit cards typically offer better ones — think, a higher percentage of cash back on purchases or larger sign-up cash bonus — and may provide perks such as price-matching and [...]
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5 Tax Moves to Make if You’re a Newlywed (Once the Honeymoon Is Over)

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5 Tax Moves to Make if You’re a Newlywed (Once the Honeymoon Is Over)
You did it. You found your soulmate, successfully wooed them, went through the requisite ups and downs of dating, and now you’ve finally tied the knot and said “I do.” It’s probably safe to assume that the very last thing on your mind in this time of marital bliss is the tax code. But alas, Uncle Sam does not make exceptions for the starry-eyed!  Now that you’re joined in matrimony, there are a few steps you need to take to ensure everything is up to date and reflective of your exciting new life together. But don’t worry: They needn’t be a serious source of stress. You can probably get most of these simple tasks done well before you get your edited wedding photos back — but they can at least wait until after the honeymoon. 5 Steps for Filing Taxes the Year You Get Married Here are five not-so-scary tax tasks to add to your to-do list as a newlywed. 1. Officially Change Your Name (if Applicable) If you’re taking your partner’s last name, hyphenating yours, or — my favorite option — making up a new one together, the Social Security Administration needs to know about it. You can fill out an SS-5 form to apply for a new Social Security card and mail it, along with documentation of your old name and your marriage, to your local Social Security office. (You can also contact the SSA at 800-772-1213 to have one mailed to you.) 2. …and Your Address These days, many couples live together before they take their vows.  But if you’re old-fashioned (or just didn’t want to share a tube of toothpaste until the last possible moment), don’t forget to inform the IRS of your new address. You can do this by filing IRS Form 8822, or by mailing them a letter containing your full name, your new and old addresses, your Social Security number, and a signature. 3. Decide How You’re Going to File In that sacred moment when you pledged your whole heart to your beloved, you also changed your tax filing options. Now, instead of being able to file as a singleton, you get to choose between two alternatives: filing jointly or married filing separately. The vast majority of married couples file jointly — and it’s almost always a better idea. For one thing, there’s less paperwork involved, which is inevitably a welcome occurrence around Tax Day.  Furthermore, filing separately can reduce the tax breaks and benefits you’d be eligible for if you were filing jointly, such as the child and dependent care tax credit, the Earned Income Credit, the student loan interest deduction, IRA contribution deductions and more.  Of course, in some cases, it may be advantageous to file separately regardless; everyone’s finances are different. For instance, if one of you can itemize enough deductions to surmount the $24,000 standard deduction for couples filing jointly, you might want to file separately to take advantage of that perk. Filing separately can also translate to lower monthly student loan payments if one or both of you are on an income-based repayment plan. The best way to figure out which filing option works best is to calculate your tax liability both ways — or to hire an accountant, if you can foot it.  Pro Tip Regardless of the month of your wedding, your tax status will cover the entire year so long as you’re considered married by Dec. 31. 4. Update Your W-4 Mazel tov: Your marriage most likely means you’re eligible for lower tax withholdings! Of course, in order to enact this change, your employer needs to be informed — and we don’t just mean strolling by your manager’s office to show off that big, shiny rock on your finger. You’ll need to request a new W-4 and update your withholdings, which is fortunately pretty straightforward: Just tick the “married” box this time. There is also an option to state that you’re married but request withholding at the higher single rate… but while that might mean a bigger refund come tax time, it also means you’re basically giving the government an interest-free loan.  FROM THE TAXES FORUM 401k contribution 4/17/19 @ 1:45 PM B Tax Settlement Firms - Legit? 4/11/19 @ 1:43 PM W Disability 4/4/19 @ 3:39 PM I've a question about Federal and State Taxes 3/30/19 @ 3:56 PM See more in Taxes or ask a money question 5. Inform the Health Insurance Marketplace. If you buy your health insurance through the marketplace, getting married counts as a major change in circumstances and could result in a shift in your eligibility for the premium tax credit — a refundable credit that helps eligible individuals and families cover the cost of monthly premiums.  Namely, if your new, joint income is over the threshold, you may lose some or all of your eligibility… and although nobody wants to suddenly have to pay more each month for their health insurance, if you wait until tax time to fess up, you may end up facing a hefty bill when you’re asked to pay back a year’s worth of credits.  And who knows? You could also learn that you were actually entitled to more credits now — so either way, it’s definitely worth coming clean sooner than later. That’s all there is to it! Now that we’re done talking about the least sexy topic on earth, maybe you should get off the internet and go give your partner a smooch.  After all, you (hopefully) didn’t get married just for the tax benefits.  Jamie Cattanach’s work has been featured at Fodor’s, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.com. 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. [...]
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This week in FinTech

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This week in FinTech
Every day we bring you fresh insights about Fintech from an elite group of Authors who are just like you – senior executives, entrepreneurs and investors on the frontlines of the global Fintech revolution. Once a week Daily Fintech’s Editor summarises these posts for the time challenged to give you a peek at what you […] The post This week in FinTech appeared first on Daily Fintech. [...]
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7 Secret Perks of Individual Retirement Accounts

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7 Secret Perks of Individual Retirement Accounts
There are all sorts of places you can save money for retirement if you don’t have a 401(k) or other workplace retirement plan: savings accounts, brokerage accounts, money under your mattress. However, few can compare with an individual retirement account. IRAs share some key features — such as tax advantages and the ability to invest your savings — with certain other types of... [...]
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