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22 Best Small Business Credit Cards of 2020 – Reviews & Comparison

Source: moneycrashers.com
6 Benefits of a Discover Online Savings Account
Dan Stous works in financial planning and wealth management. Online savings accounts initially came on his radar when he saw their interest rates steadily rise.
“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates,” says Stous, who is the director of financial planning at Flagstone Financial Management in Lincoln, Nebraska.
He and his wife opted for a Discover® Online Savings Account, named Best Savings Account by NerdWallet in 2020, and started making monthly transfers into it to help save for a car. They were pleased to find the funds growing quickly with the account’s high interest rate and annual percentage yield (APY).
Whether you’re saving for a new set of wheels like Stous and his wife, a home down payment, an emergency fund or [enter your next big financial goal here], an online savings account could be your ticket to success.
What are the benefits of a Discover Online Savings Account? Here are six things to know about a Discover Online Savings Account that will help you take your savings game to the next level:
1. You can grow your savings with a high interest rate
Regardless of your financial goal, you’ll want your savings to earn interest (and then you’ll want that interest to earn even more interest). One of the benefits of a Discover Online Savings Account is that you can grow your money with a savings account interest rate over 5x the National Savings Average.1
You earned it.
Now earn more with it.
Online savings with no minimum balance.
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With online banks offering superior yields compared to traditional banks, Stous recommends online savings accounts to his clients as a financial strategy. “We have been steering people to online accounts because the rates have been so much better,” Stous says.
2. You can save yourself the hassle of fees
A bank account fee here and there can really add up. And who wants sneaky fees to eat into your hard-earned savings? One of the top benefits of a Discover Online Savings Account is that you won’t be charged an account fee.* Common fees that you won’t see with your Discover Online Savings Account include fees for:
- Monthly maintenance
- Official bank check (there’s also no fee if you need expedited delivery of your check)
- Deposited item returned
- Insufficient funds
- Stop payment order
- Account closure
Another thing to know about a Discover Online Savings Account is that the lack of maintenance or activity fees means you don’t have to stress about initiating certain account behavior (say, a regular direct deposit) to avoid a charge that could set your savings back.
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“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates.”
3. There’s no balance requirement
When considering important things to know about a Discover Online Savings Account, add no minimum balance requirement to the list. If you are just getting started with your savings (way to go!), it can be challenging to set aside a large chunk of cash just to avoid a balance requirement fee. With the Discover Online Savings Account’s no minimum balance requirement, you can start small and continue to add to your savings as your budget allows.
Getting ready to make a big withdrawal for an exciting big purchase? No problem. If you’ve reached a goal and need to put your savings to work, go right ahead. You won’t need to stress about getting charged for the lower balance that remains in your Discover Online Savings Account, and you can start building up your funds again for the next big thing.
4. You can manage your account onlineâand on the go
Your life is online and on the goâso your savings account should be right there with you. You can open a Discover Online Savings Account from the comfort of your couch (or when commuting in your rideshare) in three easy steps:
- Enter the essentials (personal information like your address and Social Security number).
- Fund the account with a starting balance of your choosing (or come back and do it later if you prefer).
- Check your inbox for an email confirmation.
Once you are up and running, you can easily transfer funds between different accountsâDiscover accounts as well as external onesâand set up automatic transfers into your savings account so you can grow your funds on autopilot.
If you’re on the move, the account’s mobile app is control in your hands via your smartphone or tablet. Whether you’re in line for a coffee or waiting for your child’s extracurricular activity to wrap up, you can easily transfer money between your Discover Online Savings Account and other accounts, view your account activity and electronically deposit checks. Only have a second but want to check in? Quick View is a benefit of a Discover Online Savings Account that allows you to view your savings account balance without having to log in.
“The mobile app is very user friendly,” says Rick Vazza, financial planner and president of Driven Wealth Management. “It’s easy to use and easy to sync with a checking account. There’s a seamless flow.”
5. You can experience top-notch customer service
Customer service can be hard to evaluate, but the ability to quickly speak to a real person is certainly one sign of good customer relations.
“I’ve been seeing people particularly attracted to value-added services. The first being customer service,” Vazza explains.
Discover’s customer support is 100 percent U.S.-based and offers the ability to speak with a live person 24/7 without having to go through a bunch of automated prompts. Having knowledgeable and friendly customer service adds to the benefits of a Discover Online Savings Account.
“People like the fact that Discover is an all U.S.-based service,” Vazza adds.
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“I’ve been seeing people particularly attracted to value-added services. The first being customer service. People like the fact that Discover is an all U.S.-based service.â
6. You can easily access your funds2
When and how you can withdraw money is important to know before you open a savings account. “How easy it is to get the money is a huge question, particularly with older generations,” Stous says. Having multiple ways to withdraw is a plus.
With a Discover Online Savings Account, your withdrawal options include:
- Setting up electronic transfers between your Discover Online Savings Account and other internal or external bank accounts.
- Requesting a no-fee official bank check.
- Initiating an outgoing wire transfer.*
On your mark, get setâsave!
Understanding the things to know about a Discover Online Savings Account could help you make the decision to open an easy-to-use and high-yield financial solution for storing your cash. Whether you’re saving up for something special or creating a savings safety net, it’s tending to these areas of your financial plan that will better prepare you for what comes next.
Learn more about a Discover Online Savings Account today.
* Outgoing wire transfers are subject to a service charge.
1 The Annual Percentage Yield (APY) for the Online Savings Account as of 01/01/2021 is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of 01/01/2021. Interest rates and APYs are subject to change at any time. Although the information provided by Informa Research Services has been obtained from the various institutions, accuracy cannot be guaranteed.
2 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.
The post 6 Benefits of a Discover Online Savings Account appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com
Credit Unions vs. Banks: Here are the Pros & Cons

Source: crediful.com
What Is A Consumer Loan?
A consumer loan is a loan or line of credit that you receive from a lender.
Consumer loans can be auto loans, home mortgages, student loans, credit cards, equity loans, refinance loans, and personal loans.
This article will address each type of consumer loans.
Get Approved for personal loan today.
Types of consumer loans:
Consumer loans are divided into several kinds of categories. They include auto loans, student loans, home loans, personal loans and credit cards. Regardless of type, consumer loans have one thing in common: you have to repay the loan at some period of time.
Auto loans
Most people who are thinking of buying a car will apply for an auto loan. That is because buying a car is expensive.
In fact, it is the second largest expense you will ever make besides buying a house. And unless you intend to buy it with all cash, you will need a car loan.
So, car loans allow consumers to purchase a vehicle where they may not have the money upfront. With an auto loan, your payment is broken into smaller repayments that you will make over time every month.
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You can choose between a fixed or variable interest rate loan. But the most important thing is, whether you’re buying a new or used car, it’s important to compare loans to help you find the right auto loan for your needs.
Start comparing auto loans now!
Home loans
Another, and most common, type of consumer loans are home loans. A home loan or mortgage is a loan a consumer receives for the purpose of buying a house.
Buying a house is, undoubtedly, the biggest expense you’ll ever make in your life. So, for the majority of consumers who want to purchase a house, they will need to borrow the money from a lender.
Home loans are paid back over a period of time. Those mortgages term are typically 15 to 30 years. They can be variable rate or fixed rate. A fixed rate means that your repayments are locked in for a fixed term.
Whereas a variable rate means that your repayments depend on the interest rate going up or down when the Federal Reserve changes the rate.
Over the loan’s term, you will pay back the principle amount of the loan plus interest. This makes it very important to compare home loans. Doing so allows you to save thousands of dollars on interest and fees.
Personal Loans
The most common types of consumer loans are personal loans. That is because a personal loan can be used for a lot of things.
A personal loan allows a consumer to borrow a sum of money. The borrower agrees to repay the loan (plus interest) in installments over a period of time.
A personal loan is usually for a lower amount than a home loan or even an auto loan. People usually ask for $500 to $20,000 or more.
A personal loan can be secured (the consumer backs it with his or her personal assets) or unsecured (the consumer does not have to use his or her personal asset).
But most of them are unsecured, so getting approved for one will depend on your credit score, income and other factors.
But consumers use personal loans for different purposes. People take out personal loans to consolidate debts, such as credit card debts. You can use personal loans for a wedding, a holiday, to renovate your home, to buy a flt screen TV, etc…
Student Loans
Consumers use these types of loans to finance their education. There are two types of student loans: federal and private. The federal government funds a federal student loan.
Whereas, a private entity funds a private student loan. Generally, federal student loans are better because they come at a lower interest rate.
Credit Cards
Believe it or not credit cards is a type of consumer loans and they are very common. Consumers use this type of loan to finance every day expenses with the promise of paying back the money with interest.
Unlike other loans, however, every time your pay with your credit card, you take a personal loan.
Credit cards usually carry a higher interest rate than the other loans. But you can avoid these interests if you pay your balance in full immediately.
Small Business Loans
Another type of consumer loans are small business loans. These loans are used specifically to create a business or to expand an already established business.
Banks and the Small Business Administration (SBA) usually provide these loans. Small Business Loans are different than personal loans, because you usually have to provide a collateral to get the loan.
The collateral serves as a way to protect the lender in case you default on the loan. In addition, you will also need to provide a business plan for the lenders to review.
Home Equity Loans
If you have your own home, you can borrow money against it. These types of consumer loans are called home equity loans. If you’ve paid off the mortgage on the home, you can borrow up to the full value of the home.
Vice versa, if you’ve paid half of the mortgage on the home, you can borrow half of the value of the house. You can use a home equity loan for several purposes like you would with a personal loan.
But most consumers use this type of loan to renovate their house. One disadvantage of this type of loan, however, is that you can lose your house in case of a default, because your house is used as a collateral for the loan.
Refinance loan
Loan refinancing is a basically taking a new loan to replace an existing one. But you get this loan specifically either to refinance your existing mortgage or to refinance your student loans or a personal loan.
Consumers usually refinance in order to receive a lower interest rate or to reduce the amount of monthly payments they are making on their existing loans.
However, reducing to a lower payment will lengthen the time to pay off the loan and you will accrue interest as a result.
Consumers also use this type of loan to pay their existing loans off faster. However, some mortgage refinancing loans come with prepayment penalties. So do you research in order to avoid that extra charge.
The bottom line is consumer loans can help you with your goals. However, understanding different loan types is important so that you can choose the best one that fits your particular situation.
So do you need a consumer loan?
Get Approved for personal loan today.
Speak with the Right Financial Advisor
If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post What Is A Consumer Loan? appeared first on GrowthRapidly.
Source: growthrapidly.com
Certificate of Deposit: What is a CD? – The Simple Dollar

Source: thesimpledollar.com
5 Things Keeping You From a Life of Financial Independence

Source: wisebread.com
How to Set Financial Goals: A Simple, Step-By-Step Guide
Want the number to be bigger? Go back through your budget and figure out where you can afford to make cuts. Maybe you can ditch the cable bill and decide between Netflix or Hulu, or replace a takeout lunch with a packed one.
Itâs also the money you can use toward your long-term financial goals.
Youâre in awesome financial shape â and youâve made it to the fun part of this post.
So even though becoming debt-free seems like a big sacrifice right now, youâre doing yourself a huge financial favor in the long run.
You might try to get away with a smaller emergency fund â even ,000 is a better cushion than nothing. But if you lose your job, you still need to be able to eat and make rent.
And the trouble isnât brand-new: Weâve been bad enough at saving for retirement over the past few decades that millions of todayâs seniors canât afford to retire.
Future you will thank you. Heartily. From a hammock.
What to Do Before You Start Writing Your Financial Goals
Now you can figure out exactly what you want to do with it.
You donât need to abandon the idea of having a life (and enjoying it), but there are ways to make budgetary adjustments that work for you.
First Thingâs First: How Much Money Do You Have?
Did you know almost half of Americans have absolutely nothing saved so they can one day clock out for the very last time?
Ideally, youâll want to find other ways to save for retirement, too. Look into individual retirement arrangements (IRAs) and figure out how much you need to contribute to meet your retirement goals.
Saving money is all well and good in theory.
And I do mean all of the expenses â even that .99 recurring monthly payment for your student-discounted Spotify account definitely counts.
- Figure out how much money you have. It might be in checking or savings accounts, including long-term accounts like IRAs. Or, it might be wrapped up in investments or physical assets, like your paid-off car.
- Assess any debts you have. Do you keep a revolving credit card balance? Do you pay a mortgage each month? Are your student loans still hanging around?
You also get to decide the size of your emergency fund, but a good rule of thumb is to accumulate three to six times the total of your monthly living expenses. Good thing your budget is already set up so you know exactly what that number is, right?
One method is known as the debt avalanche method, which involves paying off debt with the highest interest rates first, thereby reducing the overall amount youâll shell out for interest.
Is everything in order? Amazing!

Create a Budget
To help keep you from financial goals like âbuy the coolest toys and cars,â which could easily get you deeply into debt while you watch your credit score plummet, weâve compiled this guide.
You get to analyze your own priorities and decide exactly what to do with your hard-earned cash.
Source: thepennyhoarder.com
Before you run off to the cool-expensive-stuff store, hold on a second.
Itâll help you set goals and create smart priorities for your money. That way, however you decide to spend your truly discretionary income, you wonât leave the 10-years-from-now version of you in the lurch.
Your expenses probably include rent, electricity, cable or internet, a cell phone plan, various insurance policies, groceries, gas and transportation. It also includes categories like charitable giving, entertainment and travel.
And you need to start now, while compound interest is still on your side. The younger you are, the more time you have to watch those pennies grow, but donât fret if you got a late start â hereâs how to save for retirement in your 20s, 30s, 40s and 50s.
But what are you saving for? If you donât have solid financial goals, all those hoarded pennies might end up in limbo when they could be put to good use.
And if youâre operating without a budget, it can be easy to run out of money well before you run out of expenses â even if you know exactly how much is in your paycheck.
Jamie Cattanach (@jamiecattanach) is a contributor to The Penny Hoarder.
A ton of great digital apps can help you do this â here are our favorite budgeting apps â but it can be as simple as a spreadsheet or even a good, old-fashioned piece of paper. It just takes two steps:
See? Itâs all about priorities.
So sit down and take a good, hard look at all of your financial info.
You might plan to travel more, take time off work to spend with family or drive the hottest new Porsche.
Setting Financial Goals
Once youâve learned your net worth, you need to start thinking about a working budget.
It also offers me the opportunity to see what I prioritize â and to revise those priorities if I see fit.
- Build an emergency fund.
- Pay down debt.
- Plan for retirement.
- Set short-term and long-term financial goals.
If your job offers a 401(k) plan, take advantage of it â especially if your employer will match your contributions! Trust me, the sting of losing a percentage of your paycheck will hurt way less than having to work into your golden years.
By writing down my short- and long-term financial goals and approximately how long I expect it will take to achieve each, I can figure out what to research and how aggressively I need to plan for each goal.
Make a list of your debts and (ideally) donât spend any of your spare money on anything but paying them off until the number after every account reads âFiguring out where your money should go might seem daunting, but itâs actually a lot of fun.
1. Build an Emergency Fund
You canât decide on your short- or long-term financial goals if you donât know how much money you have or where itâs going.
Print out the last two or three months of statements from your credit and debit cards and categorize every expense. You can often find ways to save by discovering patterns in your spending habits.
But thereâs one more very important long-term financial goal you most definitely want to keep in mind: retirement.
Take the full amount of money you owe and subtract it from the total amount you have, which you discovered in step one. The difference between the two is your net worth. Thatâs the total amount of money you have to your name.
2. Pay Down Debt
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.
Congratulations. Youâre in control of your money.
This will essentially be a document with your total monthly income at the top and a list of all the expenses you need to pay for every month.
Make a list of the goals you want to achieve with your money and which category they fall into. Then you can figure out how to prioritize your savings for each objective.
For example, some of my goals have included:
Your financial goals should be (mostly) in this order:
Thereâs lots of great information out there about how to pay off debt, but itâs really a pretty simple operation: You need to put every single penny you can spare toward your debts until they disappear.
Finding money to sock away each month can be tough, but just starting with or of each paycheck can help.
If you ever want to stop working, you need to save up the money youâll use for your living expenses.

3. Plan for Retirement
Set the numbers youâre willing to spend in each category, and stick to them.
Congratulations! Weâre almost done with the hard part, I promise.
If it seems like a lot, cool. Hang tight and donât let it burn a hole in your pocket. Weâre not done yet.
Many experts suggest making sure you have an emergency fund in place before aggressively going after your debt.
Because youâre wasting money on interest charges you could be applying toward your goals instead.
No matter your goals, itâs helpful to categorize them by how long theyâll take to save for.
If youâre motivated by quick wins, the debt snowball method may be a good fit for you. It involves paying off one loan balance at a time, starting with the smallest balance first.
But if youâre hemorrhaging money on sky-high interest charges, you might not have much expendable cash to put toward savings.
You can make the process a lot easier by automating your savings. Or you can have money from each paycheck automatically sent to a separate account you wonât touch.
If it seems like⦠not a lot, well, you can fix that. Keep reading.
4. Set Short-Term and Long-Term Financial Goals (the Fun Part!)
Maybe you want to have a six-course meal at the finest restaurant in the world or work your way through an extensive list of exotic and expensive wines. (OK, Iâll stop projecting.)
What experiences or things can your money buy to significantly increase your quality of life and happiness?
Now, letâs move on to repaying debt. Whyâs it so important, anyway?
Itâll depend on your individual case â for instance, I totally have âwineâ as a budget line item.
As a bonus, if your credit score could be better, repaying revolving debt will also help you repair it â just in case some of your goals (like buying a home) depend upon your credit report not sucking.
Start by listing how much you actually spent in each category last month. Subtract your total expenses from your total income. The difference should be equal to the amount of money left sitting in your bank account at monthâs end.
All right, youâre all set in case of an emergency and youâre living debt-free.
We say âmostlyâ because itâs ultimately up to you to decide in which order you want to accomplish them.
After all, even if something seems like exactly what you want right now, it might not be in future-youâs best interest. And youâre playing the long game⦠thatâs why theyâre called goals!
- Short-term financial goal: Save spending money for a trip overseas.
- Medium-term financial goal: Pay off my car within a year, or sell it â and its onerous loan â and buy an older car I can own free and clear.
- Long-term financial goal: Buy a house I can use as a home base and increase my income by renting it out while I travel. This will probably take me through the rest of my 20s.
But to make the most of your money, follow a few best practices while setting your goals.
For example, if you have a ,500 revolving balance on a credit card with a 20% APR, it gets priority over your ,000, 5%-interest car loan â even though the second number is so much bigger.
Consider the funds you have left â and those youâll continue to earn â after taking care of all the financial goals above. Now think: What do you want to do with your money?
Itâs pretty hard to argue against having more money in the bank.
That means youâll pay the interest for a lot longer â and pay a lot more of it â if you wait to pay it down until you have a solid emergency fund saved up.
Get Two Months Free on This Adams Morgan Studio

We’re all about scoring a good deal here at Apartminty. While we love perusing the top-of-the-line luxury apartments in DC, we also understand, sometimes an affordable rent is the better option. Either way, instead of you searching for Washington, DC apartments on Craigslist and property management company listing sites, we are delivering our choice of the best apartments to rent in DC right now. Here’s our pick for the best Washington, DC apartment for rent today. Want more information on moving to DC? Check out Apartmintyâs Ultimate Guide to Moving to Washington, DC.
Adams Morgan/Columbia Heights
THE SHAWMUT
1768 Columbia Road NW
Washington, DC 20009
Studio Apartment
$1325/month
Unit #: 308
330 Sq Ft
Available Now
Why it’s a great deal:
The Shawmut is in the intersection of Adams Morgan and Kalorama and just a quick walk to Dupont Circle. This apartment building is one of the most pet friendly buildings in D.C. They allow cats and dogs, but do not charge pet rent or a pet fee. The customer service and maintenance team are incredible.
The price on this studio apartment is not something you will see often! PLUS The Shawmut is offering two months free if you lease before the end of December! You are only responsible for electric and cooking gas. If you’re interested, reach out today! Looking for something a little different? Check out Apartminty’s guide How to Find an Apartment in DC. *Pictures may not be of exact unit.*
Read Get Two Months Free on This Adams Morgan Studio on Apartminty.
Source: blog.apartminty.com