Category Archives for Finance.
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Time Magazine just named Aspiration Summit the best bank account in America for 2015.
#1… I’d agree!
I’m glad I got in on the ground floor of this account. You can sign up too if you’d like!
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I’ve been looking forward to writing this post for a few months by now. Now here it is!
Yesterday, I made the final payment on my credit cards. Now, I don’t owe a cent of credit card debt!
As you guys know, I charged those puppies up to:
There was a point, a real and scary one, where I felt I’d certainly overleveraged myself.
I wrote about the feeling in Smart Debt: Is carrying a balance ever a good idea?
Side hustle of the millennium
And I definitely felt I’d nearly crossed the line into plain ol’ dumb debt.
Digging out of credit card debt is by far one of the most psychologically strenuous exercises I’ve faced. And that moment where I saw the interest get charged felt so wrong, my stomach turned. But I knew I could shoulder a couple of months of interest to make it all back, plus more.
Still, it sucked.
And today is the official turning point where I go full-force into FIRE.
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Update 10/1/15: I just got my own invitation link. Yay! You can sign up for an Aspiration Summit account here.
Update 8/26/15: I have the account set up now as well as email invites. If you’re interested, leave a comment below or shoot me an email and I’ll hook you up – it’s supposed to let you “skip the line!”
I’m always on the hunt for a great new banking product, so when I saw Aspiration’s new Summit checking account with a 1% APY (NOT APR!), I had to check it out.
Aspiration Summit checking account will earn you 1% APY when you have a $2,500 daily balance
I’ll show you the benefits and highlight one big caveat.
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It looks like Serve has a new prepaid debit card – and it’s already on the front page of their website.
OBS and NGS (Old Blue Serve and New Green Serve)
AMEX is apparently splitting the “Old Blue Serve” into 2 separate products.
And you can reload the “New Green Serve” at CVS, Family Dollar, Walmart, and 7-Eleven.
$0 “cash reloads” at CVS, Family Dollar, and 7-Eleven… I wonder if you can pay with a credit card?
And New Green Serve has a $4.95 monthly fee – but not if you’re in Texas, New York, or Vermont.
I’m not sure if you can have both products at the same time – or what the split means for Old Blue Serve, if anything.
Aside from the new monthly fee, and the free cash reloads, it looks like the 2 products are exactly the same.
It would be really awesome if CVS took credit cards for the “cash reloads.”
I’d take my new Hilton credit card for a joyride (as it’s one of the only credit cards left that still earns points at drugstores – 3X Hilton points @ $1,000 a month reload limit would equal 36,000 points annually. That’s good for a few Hilton Category 2 hotel stays!).
All of the other terms and conditions – reload limits, ATM fees, etc. are identical.
After switching from Bluebird to Serve then to REDbird, then back to Serve again, I’ll keep my eye on this as it seems like AMEX is still rolling this out. This would be a great way (and convenient) way to manufacture some spend and pay bills you can’t ordinarily pay with a credit card. Especially in the barren wasteland of New York City.
Although if you can’t, I’m perfectly fine collecting my free $240 a year with the Fidelity AMEX.
Mark this one as developing…
Just a few bits and baubles to follow up on recent posts.
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August is my birthday month, and Kohl’s got their timing perfect.
Because today, in the mail, was a card/gift from Kohl’s. Right after I mentioned how much I love them this morning.
$10 birthday present from Kohl’s
I also just received my Yes2Rewards this morning as an email, too.
Kohl’s has a great thing going. Their rewards program is more straightforward than Sears Shop Your Way Rewards and their website is way better, they have frequent discounts (usually 30% off) and promotion codes, often free shipping, and now I get a $10 bonus.
I wish their portal payout on the Discover Deals shopping portal was 10% cashback like Macy’s, Sears, and Kmart (it’s 5%).
But free money is great. I can always buy some new sheets and towels for my Airbnbs.
Like it or not, in this country you need good credit. It’s as avoidable as death or taxes. As in, not at all.
Starting out with credit cards, you’ll encounter a catch-22: you need good credit to get a credit card, but you need a credit card to build good credit.
No annual fee cards are NOT boring. In fact, they have some innovative rewards!
A good place to start is no annual fee cards.
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I’ve written lots about the AMEX Fidelity card. It’s such a great addition to any wallet. (Too bad they’ve lost the WorldPoints mall, though.)
Now that the Barclaycard Arrival Plus is a Barclaycard Arrival Minus, I recommend the Fidelity AMEX as a card to take its place.
BUT, before you sign up, remember you can get an easy $600 with the Discover It card – and the double cash back promotion has been extended until September 30th! (I’m signing up this weekend, on August 1st. And it’s available via my links!)
For non-bonused spend – think oil changes, dentist, post office – the AMEX Fidelity card is great. That’s because when you hit 5,000 points, you can redeem for a $50 statement credit to your Roth IRA (which is tax-fee forever!), college savings account… or cash management account.
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Correct me if I’m being thick because I definitely have my “forest for the trees” moments.
Meaning of value… are you in there? Oh, there you are.
I read an article on Point Me to the Plane about a flight that got 2.5 cents per Delta mile.
Then the comments read: if you wouldn’t pay cash for the flights, that’s not how much the points/miles are worth.
But… I use points and miles for flights and hotels specifically because I won’t pay cash for them.
In fact, I’ve planned entire trips (like Hawaii, Paris, RTW/Australia, and Eurotrip 2014 in Lufthansa First Class) that I would’ve never paid for if it weren’t for points and miles.
I did NOT pay $7,243 for this flight… but I did pay 40,000 Avios + $453 in fuel surcharges. So what are the points worth?
I thought… that was the “point” of points and miles?
In my exploration of new MS techniques, I stumbled across something else that could be potentially useful for some.
I’ve written about the whole PayPal debit card/My Cash/RadPad combo.
As you guys know, the PayPal Business Debit MasterCard earns unlimited 1% cash back in your PayPal account. It does work with RadPad and does NOT work with Evolve Money (in the sense that you’re charged a 3% fee for using it).
But some peeps don’t like the PayPal-ness of it all, as they’ve been known to shut down accounts after sending warning emails.
So enter…
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When last we spoke of this topic, I was a little down in the dumps. Q1 was tough.
But I’m happy to report that Q2 was much better.
Good vibes
I’m expecting Q3 to be the best this year, and Q4 to match Q2, maybe exceed it a bit because of the holidays. And then back to where we started in January 2016: Q1 again.
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Many strong opinions
I’ve been meaning to talk about this for a while because it seems like there’s a lot of opinions about Airbnb these days.
Specifically, I’d like to talk about what it’s like being an Airbnb host, how it’s been staying at Airbnbs as a guest, and all the others that think it’s a great thing… and a terrible thing.
People who book lodging on Airbnb tend to be millennials who aren’t looking for a traditional hotel.
The downsides:
The upsides:
Now, if your host doesn’t show up to let you in or leaves you hanging… that’s a pretty bad scenario. Fortunately, Airbnb has lots of verification systems, and heavily encourage reviews.
Bleep happens of course, but when you’re coming off a long flight, you don’t want an excuse, you want to get in and settled.
Most hosts I know have a Plan B. And a Plan C. And a… yeah.
When I’ve stayed at Airbnbs, I’ve never had an issue getting in.
Be communicative, give a heads up if you’re delayed, and stay in touch. It’s all about the little things, but they go a long way.
Considering a suite in a hotel can be over $1,000, you can save yourself a bundle of money by booking an Airbnb. Especially in expensive cities like New York or San Francisco.
I recently discovered a blog called Financial Samurai that got me thinking. Particularly the articles about living in cities:
I’ve mentioned before that living in New York forever might not be in the cards for me as part of my path toward FIRE.
It’s simply a shift in priorities.
Hello and welcome to Out and Out! My name is Harlan – I’m a points and miles enthusiast who loves to travel. I am interested in personal finance, the power of positive thinking, and the extraordinary journeys that make life worth living.