Only a decade ago, people called a taxi company when they needed a ride. The same act is now as simple as hitting a few buttons on your smartphone.
Ride-share companies like Lyft make getting a ride to almost anywhere a breeze, and the service may cost a lot less than you think.
If you charge your Lyft rides to a credit card that doles out points or miles, thatâs even better. In this guide, weâll go over the absolute best credit cards to use when you ride with Lyft as well as other ways to maximize your ride-share dollars.
See related: Everything you need to know about maximizing rewards on ride-shares
Chase Sapphire Reserve®: Best for Lyft discounts
Chase Sapphire Preferred® Card: Best for extra value at a lower fee
American Express® Green Card: Best for budget-minded travelers
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
Best credit cards to earn rewards with Lyft
There are a handful of credit cards that can help you earn rewards each time you ride with Lyft. Here are your best options:
See related:Â Best cards for Uber, UberEATS
Chase Sapphire Reserve®: Best for Lyft discounts
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In January 2020, the Chase Sapphire Reserve began to offer a one-year complimentary Lyft Pink membership. For a $19.99 monthly fee, Lyft Pink offers passengers 15% off all car rides, in addition to priority airport pickups, special discounts and more flexibility in cancellations, among other benefits. The Reserve is also offering 10 points per dollar on Lyft purchases through March 2022.
Besides these perks, the card comes with a 3-point-per-dollar rate on restaurants and travel, including Lyft, after the $300 annual travel credit. Speaking of the credit, it applies to most travel purchases, including rides with Lyft.
The Chase Sapphire Reserve card is one of the best travel credit cards on the market, but it also comes with a rather high price â the card charges an annual fee of $550. If you donât travel often enough to justify the fee, you might want to look into cards that have a lower annual fee or none at all.
Here are more details:
One-year complimentary Lyft Pink membership (a $199 value)
10 points per dollar on Lyft purchases through March 2022
3 points per dollar spent on restaurants and travel,
$300 annual credit travel that applies to most travel purchases, including rides with Lyft
50,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 50% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
Up to $100 Global Entry/TSA Precheck credit every four years
Priority Pass Select membership
$550 annual fee
exciting new benefits for its World and World Elite credit card members. This includes a $10 Lyft credit for World Elite cardholders, which will be automatically applied to your next ride after you take five Lyft rides within a calendar month. The most popular World Elite Mastercards include the Capital One® Savor® Cash Rewards Credit Card*, the Citi Prestige® Card and the Barclaycard Arrival Plus World Elite Mastercard.
Chase Sapphire Preferred® Card: Best for extra value at a lower annual fee
Similar to the Chase Sapphire Reserve, the Chase Sapphire Preferred rewards cardholders for eating out (or ordering takeout) and traveling and offers 5 points per dollar on Lyft through March 2022. The base rewards rate is lower at 2 points per dollar on dining and travel and 1 point per dollar on other purchases, but the annual fee is also lower at $95.
If youâre not ready to shell out $550 per year that the Reserve charges, the Preferred can be a better alternative. Plus, it offers a higher sign-up bonus than the Reserve â youâll get 60,000 points after you spend $4,000 in the first three months (compare with a 50,000-point sign-up bonus if you spend $4,000 in first three months on the Reserve).
Take a look at the card details:
5 points per dollar on Lyft through March 2022
2 points per dollar spent on dining and travel
60,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 25% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
$95 annual fee
American Express® Green Card: Best for budget-minded travelers
Another credit card that offers rewards for travel and transit (including ride-shares such as Lyft) is the American Express Green Card. While it doesnât offer the luxury travel perks other Amex cards are known for, it can be a good choice for budget-minded travelers. With this card, you can get 3 points per dollar on dining, travel and transit, and 1 point per dollar on everything else. The Amex Green also comes with perks such as up to $100 in annual statement credits for LoungeBuddy purchases and up to $100 per year for CLEAR membership.
The Platinum Card® from American Express (up to $15 per month) and up to $120 on the American Express® Gold Card (up to $10 per month).
Hereâs what the card offers at a glance:
3 points per dollar spent on travel and transit, including ride-shares
3 points per dollar spent on dining
30,000 bonus points when you spend $2,000 in the first three months
Up to $100 per year in statement credits for LoungeBuddy purchases
Up to $100 per year in statement credits for CLEAR membership
$150 annual fee
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
If youâre looking for a credit card that would earn you rewards on Lyft rides and not charge an annual fee, the Wells Fargo Propel American Express is definitely an option worth looking into.
The card earns 3 points per dollar in numerous categories, including dining out, gas stations, transit, flights, hotels, homestays, car rentals and select streaming services â and ride-shares. All other purchases earn 1 point per dollar. You can choose to redeem your rewards for flights through Go Far Rewards or statement credits.
Hereâs a closer look:
Earn 3 points per dollar on dining out, gas stations, ride-shares including Lyft, transit, flights, hotels, homestays, car rentals and select streaming services
Earn 20,000 bonus points when you spend $1,000 on your card within three months of account opening
Redeem for flights through Go Far Rewards
Cash in your points for statement credits
No annual fee
More ways to maximize rewards (and save money) when you pay for ride-sharing services
While using the right credit card can help you score more rewards each time you ride with Lyft, there are other ways to make the most of your ride-share spending. Here are some tips that can help you maximize each dollar you spend, save money and even earn airline miles:
Connect your Lyft account with your Delta SkyMiles account. Regardless of which credit card you use to pay for your Lyft rides, you can earn Delta SkyMiles for each dollar you spend. All you are required to do is connect your Delta and Lyft accounts online. From there, youâll earn 1 Delta mile for each dollar you spend on regular rides and 2 miles per dollar for rides to or from an airport.
Price shop with both ride-sharing companies. The best way to spend less on ride-sharing is to make the two main companies â Uber and Lyft â compete. Download both apps on your phone and check pricing with each before you request a ride. If one ride-sharing company is significantly cheaper, they should be your obvious choice.
Avoid surge pricing when you can. Both Uber and Lyft enact âsurge pricingâ in situations where demand is especially high. If you can avoid paying for a ride during a surge, you will save money over time. This is yet another reason to compare pricing on both apps before you book a ride; both ride-sharing companies may not have surge pricing at the same time.
Refer friends and watch out for coupons. If youâre just now signing up for Lyft, make sure someone who already has the app sends you a referral code that makes your first ride free. Also note that, once you have your own Lyft account, youâll get a free or discounted ride for each new person you refer who signs up and takes a ride. Finally, keep your eye out for special promotions and coupons you can add to your account.
Bottom line
To find the best cards for Lyft to share with you, weâve compared all cards that offer benefits and perks related to ride-sharing and Lyft specifically. These cards can help you maximize your potential earnings and savings on Lyft rides, and if you use Lyft frequently, one of these products can be a great addition to your wallet.
*All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Capital One Savor Credit Card is no longer available through CreditCards.com.
Paying the annual fee on a credit card doesn’t mean you’re wasting your money.
In fact, the top travel and rewards credit cards offer welcome bonuses that are worth considerably more than their annual fees, and that’s on top of the cardholder perks and benefits you can receive.
Case in point: The Chase Sapphire Preferred Card* charges $95 per year, yet the sign-up bonus of 60,000 points is worth $750 on its own. Meanwhile, the more luxurious Chase Sapphire Reserve charges a $550 annual fee, but the sign-up bonus is worth $750 in travel, and you get perks like a $100 Global Entry/TSA PreCheck credit every four years, Priority Pass Select membership (valued at $429), a $300 travel credit and more.
Still, a problem can arise when you can’t use the benefits your card offers – or when you cannot (or don’t want to) pay the annual fee anymore.
In that case, you should know credit card issuers can be surprisingly receptive to cardholders who may not be excited about paying their credit card’s annual fee another year. With this in mind, you have some options that can help you avoid annual fees, get something in return or switch credit cards altogether.
See related: When is a credit card annual fee worth it?
You may have more power than you think
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According to Howard Dvorkin, CPA and chairman of Debt.com, it’s always worth it for consumers to negotiate their credit card fees or terms. Whether a consumer will get their fees waived is another question, but “it never hurts to ask,” he said.
This is especially true in light of the coronavirus pandemic. As we all know, credit card issuers have been fairly generous when it comes to offering struggling customers relief, with some extending options for deferred payments or waived fees. As an example, a March 2020 statement from Capital One CEO Rich Fairbank noted that the bank was offering assistance to its customers, such as “waiving fees or deferring payments on credit cards or auto loans.”
Dvorkin says consumers can improve their chances of getting their annual fee waived if they have a history of responsible credit use. In some cases, it may be possible to have an annual fee waived altogether, while in others, an account credit may be offered to take the sting out of the fee.
Some credit card issuers even have their own “retention offers” meant to entice you into keeping your card. For example, American Express is known for offering a set number of points for customers who agree to renew their card and pay an annual fee for another year. Sometimes a specific amount of spending is required on the card as well.
On the FlyerTalk website, you’ll even find a running guide of retention offers from several different card issuers, including Amex. After you dig through it, you can find that, as recently as January 2021, at least one person was offered 50,000 Membership Rewards points to renew their Platinum Card from American Express.
See related: Which cards earn American Express rewards points?
6 tips for negotiating annual fees
But how do you make sure you have as much leverage as possible? We interviewed the experts to find out their best tips for negotiating credit card fees:
1. Use the card
Lending expert John Li of Fig Loans says you’ll have the best chances at negotiating your credit card’s annual fee if you use your card frequently.
“At the end of the day, doing so makes the bank money, and a steady flow of transactions puts you in front of the credit card issuer as a worthy customer to build a long-term professional relationship with,” he says.
2. Be respectful
Dvorkin recommends keeping a level head before you pick up the phone. Take the time to state your case, but don’t fly off the handle if you don’t get your way.
“Credit card issuers get angry calls from cardholders all the time, so it helps consumers to be positive when calling to get a fee waived,” he says.
3. Negotiate by phone
While some card issuers like American Express have an online chat feature, you may have better luck negotiating with a customer service agent over the phone. In fact, phone agents can usually perform more services on your behalf versus agents you speak to via online chat.
4. Have a legitimate grievance
Nishank Khanna, CEO of business lender Clarify Capital, says you’ll have a better shot at negotiating if you have a compelling reason for not wanting to pay an annual fee.
“If you’re having this conversation with your lender to begin with, you’ll want to be able to articulate a logical reason for why you deserve to have the fee removed or reduced,” he says. “Customer service representatives are often receptive to legitimate reasons and may have a policy in place to help accommodate customers with specific concerns or circumstances.”
5. Leverage the competition
Khanna also says you can point to other card issuers that may have a better deal right now. Have competitors waived their fees? If you’re looking to knock off a fee on a travel credit card because you haven’t been able to use the card during the pandemic, for example, you should find out how other card issuers are handling the situation.
6. If you’re not satisfied, call again
Persistence can pay off when it comes to negotiating credit card fees and terms. Not only that, but you don’t have to accept the first “no” you receive. If you don’t get the answer you want, you can always try the famous “HUCA” method, which asks you to hang up and try again. You may be connected to a different agent who is more agreeable.
See related: Does applying for a credit card by phone boost approval odds?
What to do when the issuer won’t budge
If you are trying to negotiate an annual fee but can’t seem to make any progress, keep in mind that other options may make just as much sense.
For starters, Dvorkin says consumers who find they cannot negotiate their card’s annual fee should consider opening a credit card that doesn’t have an annual fee and closing their old one.
Note that closing a credit card can lower your credit score by reducing your overall available credit. Depending on how high the card’s credit limit is and what balances you have on other cards, this could raise your credit utilization ratio and lower your score. But this may be a risk worth taking if you can no longer afford your card’s annual fee.
Also, keep in mind some card issuers might let you downgrade your credit card to another card they offer that doesn’t charge an annual fee. You will probably earn a lower rewards rate and get fewer perks if you take this route, but moving your line of credit to a different card won’t cause damage to your credit score like closing an account can.
*All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
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The average credit card interest rate is 16.11%.
The national average credit card APR rose Wednesday to its highest point in nearly nine months, according to the CreditCards.com Weekly Credit Card Rate Report.
U.S. Bank revised several credit card APRs this week, causing the national average card APR to increase for the first time in weeks. Among the 100 cards tracked weekly by CreditCards.com, for example, three U.S. Bank cards advertised new offers, including two business cards.
For example, U.S. Bank hiked the lowest possible APRs on the U.S Bank Business Cash Rewards World Elite⢠Mastercard® and the U.S. Bank Business Platinum card by 2 percentage points, causing both cards’ APRs to exceed pre-pandemic levels for the first time in months.
A year ago, for example, the lowest available APR on the Business Edge Cash Rewards card was 13.74%. Itâs now 13.99%.
Meanwhile, the minimum APR on the Business Platinum card was 11.74% last January. Today, the best rate new cardholders can get is 11.99%.
U.S. Bank also increased the maximum APR on the Platinum card by an even larger margin this week, hiking the cardâs maximum APR by 3 percentage points. Applicants may now receive an APR as high as 20.99%, up from a previous high of 17.99%.
U.S. Bank customers who want to transfer a balance are also contending with higher rates this week. The U.S. Bank Visa Platinum Card offers one of the longest balance transfer periods on the market, giving cardholders 20 months to repay an old balance. But once the cardâs interest-free period expires, it will grow significantly more expensive.
The cardâs minimum APR rose by half a percentage point, while its maximum rate climbed by 2 percentage points. As a result, the best rate new cardholders can expect is now 14.49%, while those with lower scores may get hit with an APR as high as 24.49%.
Average card APRs are likely to remain unusually low for a long time
Despite this weekâs rate hike, average rates on new card offers are still near three-year-lowsÂÂâand are unlikely to rise much higher anytime soon.
Since the beginning of the pandemic, only a handful of issuers have been willing to make big changes to brand-new offers. U.S. Bank has been among the most active lenders this year. However, most card issuers tracked by CreditCards.com havenât touched card offers in months. As a result, the national average card APR has remained within striking distance of 16% since March.
APRs on most card offers tumbled dramatically last spring after most credit card issuers matched the Federal Reserve March 2020 rate cuts. A small number of issuers have reversed at least some of those rate cuts. But the majority of cards tracked by CreditCards.com continue to advertise the same unusually low APR theyâve advertised since spring.
Meanwhile, the Federal Reserve is also taking a wait-and-see approach to consumer lending rates, making it even less likely that cardholders will see a big rate increase in the near future.
On Jan. 27, 2021, the central bank announced that it will again leave its benchmark interest rate near zero. It also signaled that rates will likely remain low for some time since the U.S. economy is still relatively weak.
The economy has struggled so far to recover from the economic impact of the pandemic, making it unlikely that the Fed will increase rates any time soon. As a result, most U.S. credit card holders can expect lower rates for months and possibly years to come. As long as the Fed keeps rates near rock bottom, most lenders are also likely to keep interest rates unusually low.
*All information about the U.S Bank Business Cash Rewards card, the Business Platinum and the Visa Platinum has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
CreditCards.com’s Weekly Rate Report
Avg. APR
Last week
6 months ago
National average
16.11%
16.05%
16.03%
Low interest
12.88%
12.77%
12.83%
Cash back
15.91%
15.85%
16.09%
Balance transfer
13.93%
13.85%
13.93%
Business
14.22%
13.91%
13.91%
Student
16.12%
16.12%
16.12%
Airline
15.56%
15.53%
15.48%
Rewards
15.80%
15.76%
15.82%
Instant approval
18.47%
18.38%
18.65%
Bad credit
25.30%
25.30%
24.43%
Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: January 27, 2021
Historic interest rates by card type
Some credit cards charge even higher rates, on average. The type of rate you get will depend in part on the category of credit card you own. For example, even the best travel credit cards often charge higher rates than basic, low interest credit cards.
CreditCards.com has been calculating average rates for a wide variety of credit card categories, including student cards, balance transfer cards, cash back cards and more, since 2007.
How to get a low credit card interest rate
Your odds of getting approved for a cardâs lowest rate will increase the more you improve your credit score. Some factors that influence your credit card APR will be out of your control, such as the length of time youâve been handling credit.
However, even if youâre new to credit or are rebuilding your score, there are steps you can take to ensure a lower APR. For example:
Pay your bills on time. The single most important factor influencing your credit score â and your ability to win a lower rate â is your track record of making on-time payments. Lenders are more likely to trust you with a competitive APR â and other positive terms, such as a big credit limit â if you have a lengthy history of paying your bills on time.
Keep your balances low. Lenders also want to see that you are responsible with your credit and donât overcharge. As a result, credit scores take into account the amount of credit youâre using, compared to how much credit youâve been given. This is known as your credit utilization ratio. Typically, the lower your ratio, the better. For example, personal finance experts often recommend that you keep your balances well below 30% of your total credit limit.
Build a lengthy and diverse credit history. Lenders also like to see that youâve been successfully using credit for a long time and have experience with different types of credit, including revolving credit and installment loans. As a result, credit scores, such as the FICO score and VantageScore, factor in the average length of your credit history and the types of loans youâve handled (which is known as your credit mix). To keep your credit history as long as possible, continue to use your oldest credit card so your lender doesnât close it.
Call your lender. If youâve successfully owned a credit card for a long time, you may be able to convince your lender to lower your interest rate â especially if you have excellent credit. Reach out to your lender and ask if theyâd be willing to negotiate a lower APR.
Monitor your credit report. Check your credit reports regularly to make sure youâre being accurately scored. The last thing you want is for a mistake or unauthorized account to drag down your credit score. You have the right to check your credit reports from each major credit bureau (Equifax, Experian and TransUnion) once per year for free through AnnualCreditReport.com.
Having a strong credit score is important. Consumers need it to get approved for a mortgage loan, to finance the purchase of a car and to qualify for the best credit cards at the lowest interest rates.
By adding friends and family members – or anyone else you’d like – as authorized users on your American Express credit card account, you can help them build a credit score if they lack one or improve one that’s weak. Just be careful: Authorized users can cause you financial pain if they overspend each month.
What is an authorized user?
An authorized user is someone who can use your credit card account to make purchases. Every purchase authorized users make goes onto your account.
These users, though, are not responsible for paying these charges. That’s up to you.
This is why it’s important to only add authorized users whom you trust to not run up charges on your account. You also need to create agreements with your authorized users on how much they can charge each month and when they need to pay for these purchases.
build or repair their credit. Every time you make an on-time payment, it’s reported to the three national credit bureaus – helping improve your credit score in addition to the scores of those listed as authorized users on your card.
One benefit for you as the primary cardholder? If you have an American Express credit card that generates rewards, authorized users can help you build those points faster. Every purchase authorized users make on your card will count toward your rewards bonuses.
Authorized user eligibility requirements
You can add anyone you’d like as an authorized user. Most people add family members, maybe their spouse or children. But you’re not limited to that: You can add friends or even people who work for you, such as a nanny or babysitter.
When adding authorized users, you need to provide their name, date of birth and Social Security number. You don’t have to provide authorized users’ birth dates and Social Security numbers immediately when applying for the card, but American Express does require you to provide this information within 60 days of application. If you don’t, the authorized user’s card will be deactivated. There’s one other limit, too – all authorized users must be at least 13 years old.
How to add an authorized user to your American Express account
Adding authorized users to your American Express account is a simple process. First, log into your American Express account. On your account page, scroll down until you see the “Useful Links” option on the right side of the page. You can then click on “Add Someone to your Account.”
Your authorized user will usually get the same card that you hold. If you hold the Blue Cash Everyday® Card from American Express, your additional card member will also receive a Blue Cash Everyday card.
There are exceptions, though. If you hold The Platinum Card® from American Express card, you can sign your authorized users up for either the Platinum card or the authorized user Gold card (not to be confused with the American Express® Gold Card). This option offers a limited number of benefits from the Platinum card.
See related: Amex Platinum authorized user perks
You can add as many authorized users as you’d like. And if you have more than one American Express card, you can add authorized users to any of them.
Fee for adding an authorized user
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Some American Express cards charge a fee for adding authorized users. Others don’t.
For instance, you can add five authorized users to your American Express Gold card for free. If you want to add more, you’ll pay an annual fee of $35 for each extra authorized user.
Adding authorized users to the American Express Platinum card is costlier: You’ll pay a total annual fee of $175 to add three additional Platinum card authorized users. You’ll also pay $175 each year for each additional user you add after those initial three.
You’ll also pay a $175 annual fee for each authorized user you add to the Delta SkyMiles® Reserve American Express Card.
All other American Express cards charge no annual fees for adding authorized users.
Managing authorized user access
American Express does give primary cardholders some control over the authorized users on their account.
First, the charges that each authorized user makes on your account are itemized on your monthly statements. American Express also allows you to check the balances on your additional cards through your online account at any time.
Unlike some credit card providers, American Express lets you set a monthly spending limit for each of your authorized users. You can set this limit as low as $200 up to your full credit limit.
Pros and cons of adding an authorized user
There are both benefits and potential pitfalls to adding authorized users to your American Express card.
Pros
Increased rewards: The purchases your authorized users make all count toward your rewards points and cash back bonuses. Adding authorized users, then, can help you earn rewards and cash back at a faster pace.
You can help your children build credit scores: Want your children to steadily build a strong credit score? Adding them as authorized users can help do this. Many younger adults have no credit score at all because they don’t have enough of a credit history to have built one. Every time you make an on-time payment on your American Express account, it will strengthen your credit score, as well as help users who don’t have a score build one of their own.
Help to those with damaged scores: Maybe you know a family member or friend with a weak credit score. By adding them as authorized users, you can help them repair their weak scores. Again, every payment you make on time is reported to the credit bureaus. These payments will also count for your authorized users, helping them improve their scores over time.
Cons
You’re responsible for authorized users’ charges: You’re responsible for any charges your authorized users make each month. If they run up an excessive amount of debt and refuse to pay for it? You’re responsible for covering that payment. You can control some of this by setting spending limits for authorized users, but adding additional cards to your account is still risky.
A damaged debt-to-income ratio? Your debt-to-income ratio, a measure of how much of your gross monthly income your monthly debts consume, is an important number for your credit score. If your authorized users add too much debt to your American Express card and refuse to pay it off, it could hurt this ratio. This is especially true if you can’t afford to pay off those charges on your own.
Should you add an authorized user to your American Express card?
Adding authorized users is a worthwhile move if you want to help a family member or friend boost his or her credit. The move, though, could be risky if your authorized users charge too much each month. Only add authorized users whom you trust to abide by any spending rules you set up for them.
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At the beginning of any new year, the subject of homeownership often comes up. And after a year of remaining largely inside, you might even more inclined to take the plunge. And with interest rates at historic lows, you might be able to score great terms.
There are a lot of things to consider before you jump into the homeownership pool, but one thing you definitely want is a good credit score.
Check out all the answers from our credit card experts.
Ask Steve a question.
What credit score is needed to buy a house?
In general terms, the bare minimum score required to get a mortgage is 500. But 500 is not a good score and often points to underlying problems in a personâs financial past. It could also be that a 500 score may simply be the result of a very thin file. While a loan might be available with a 500 credit score and at least 10% down, I suggest waiting until you have at least a 620 FICO score before attempting to buy a home.
See related:Â Can you get approved for a home loan with a credit score?
Scores of 620 to 640 are generally the accepted âminimumâ score required for most types of loans. But, the lower the score, the worse the terms you will qualify for, and scores under 640 are not going to get you the best terms. This is true for any financial product, but especially mortgages.
Can you pay your mortgage with a credit card?
What credit scores do mortgage lenders use?
FICO scores arenât the only credit scores, but they are the most common. And, theyâre what most mortgage lenders will use to evaluate applications. But remember that FICO offers scores, depending on what lenders need. So the FICO score a credit card issuer uses will be different from the one a mortgage lender uses.
How to manage your credit when applying for a mortgage
I always recommend people give themselves six months to a year to get their credit in its best shape before shopping for a mortgage.
Check your creditÂ
Pull your credit reports from all three bureaus at AnnualCreditReport.com. Right now, you can access a free credit report from each bureau weekly. After April 2021, you will be able to access these free reports once a year. Â Look over each report carefully and identify any errors or problems you see.
Correct any errors
If there are errors, work with the bureau to have them corrected. This may take weeks or months, or even longer in the case of identity theft.
Fix any problems
If you see any derogatory marks, you will need to correct them to get the best terms. Any past due items or items you may have in collections will pull your score down and could result in a much higher interest rate or even an outright denial. Most derogatory marks stay on your credit for seven years, but they will have less of an impact on your score over time â assuming you make payments on time and keep any bills out of collections.
Keep your debt low
If youâre hoping to get a mortgage soon, youâll want to keep your debt as low as possible and pay off any existing balances because credit utilization accounts for 30% of your credit score.
Try not to open or close any accounts
Both opening and closing credit card accounts can lower your score. Usually, itâs only temporary, but when youâre looking for a mortgage, you want your score to be as good as possible. So unless you have a good reason to open or close an account, itâs best to wait.
Bottom line
Buying a house is one of the most important decisions you will make. Putting your best credit foot forward is vital to securing the best terms, which will likely be with you for years to come.
Remember to keep track of your score!
See related:Â Building a mortgage-worthy credit profile
Sometimes a credit card purchase that seemed like a great idea when you made it turns out to be a huge mistake.
While you may be able to return a product or cancel a service and get a refund, make sure you understand the refund process, or your credit could take a hit.
There are many reasons why you may want to return a purchase. You may have splurged on a new table only to find it is slightly too large for your space. Perhaps the necklace you bought online arrived with a broken clasp. Or maybe you just changed your mind and decided you didn’t want to spend $999 on an online course so you took the retailer up on its money-back guarantee.
Regardless of why you decide to return an item, “make sure you understand the return policy,” says Rod Griffin, senior director of consumer education and awareness for Experian.
The steps you take after you request a refund to your credit card could hurt your credit or protect it.
See related: What is a credit card chargeback, and how does it work?
How credit card refunds work
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When you make a purchase with cash, the transaction involves two parties – you and the retailer. If you get a refund after making a cash purchase, the retailer can simply give you back the cash from the purchase.
However, when you make a purchase with a credit card, the credit card issuer is involved in the transaction as well. In fact, the credit card issuer extends the payment to the retailer with the understanding that you will pay the card issuer back when you pay your credit card bill. Since the card issuer serves as something of a middleman in the original transaction, the card issuer must serve as a middleman again when you are issued a refund.
That means if you ask for a refund, the retailer must refund the party that paid them, which is the credit card company. The credit card company would then issue the refund to you in the form of a credit on your credit card statement.
Unfortunately, there is no universal rule that determines how long it takes to get a refund. For one thing, retailer policies differ. One retailer may take 15 days to issue a refund while another may take 30 or 45.
“In many if not most states retailers are required to post their refund policies,” says Linda Sherry, director of national priorities for San Francisco-based advocacy organization Consumer Action.
However, “not all these laws require online merchants to do the same,” Sherry adds. Therefore, some merchants may not be obligated to tell you when you can expect a refund at all.
It may take even longer to get a refund if you have to return an item purchased online via mail. For example, according to Amazon’s refund policy, “it can take up to 25 days for an item to reach us once you return it.” It’s not until after the item is received that Amazon would process the refund.
Once the retailer issues the refund to the credit card company, it may take a couple more days for your card issuer to apply your credit.
See related: How do credit cards work?
Can a credit card refund affect your credit?
The way you handle a credit card refund can have implications for your credit score.
If you’re waiting for a refund, you may be tempted to hold onto your money rather than pay your credit card bill since you know the refund is coming. However that would be a mistake, says Griffin.
“If you’re waiting for a refund and you’re not sure if it’s going to be there before the payment is due, make at least the minimum payment,” he said. That way you avoid a late payment, which could not only hurt your credit score but leave you on the hook for a late fee.
Another mistake that could hurt your credit score is believing the refund counts as a credit card payment. Say you are carrying a balance on your credit card and the minimum credit card payment due is $25. Before you make your payment, you see that a refund of $30 is applied to your account for a product you returned.
You may believe you don’t have to pay your bill that month because the credit is for more than the minimum payment due. But that’s not necessarily the case. You could still be obligated to pay the bill because the refund does not count as a payment, Griffin says.
credit utilization ratio – the balance on your credit card in relation to the credit line – goes up. A higher credit utilization ratio can hurt your credit. On the other hand, once a refund is applied, the utilization ratio goes down, which can boost your score.
quickest ways to improve your score, since credit card balances typically get reported to credit bureaus on a monthly basis.
Refunds, negative balances and rewards
Say a refund comes late and you pay your credit card bill to avoid making a late payment. If you paid for part or all of the refunded item when you paid the credit card bill, you may end up with a negative balance on your credit card once the credit is applied.
That simply means your card issuer owes you money. They may either apply the credit the next time you buy something using the card or they may issue you a check if you request it. From a credit standpoint, a negative balance on your credit card won’t hurt you, Griffin says. Rather, the account would be reported to credit bureaus as having a zero balance.
While getting a refund for a purchase you no longer want can be a relief, there could be a downside. If you have a rewards card and you earned rewards on that purchase, those rewards are forfeited if you get a refund on the purchase, according to a Chase spokesman. That means the card issuer will take the rewards back, or if you have already cashed them in, you will have a negative value in your reward balance.
See related: When should I redeem my rewards?
Bottom line
If you’re confused in any way about an expected refund, it doesn’t hurt to give your card issuer a call to let them know you’re expecting a refund as soon as you request it from the retailer, Griffin says. That way you are less likely to run into any surprises, and you can ask directly what they expect from you.
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