How to Get the Best Deals From Bank of America?

February 10, 2021 by Liam Lane Posted in Banking, Mortgage, Personal Finance Tagged bank of america, Banking, Buying, Buying a house, Cash Back, coupons, Credit, Credit Card, credit cards, Deals, Debt, deposit, FDIC, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, gas, Home, house, How To, Investing, Make, money, More, more money, Paying Off Debt, personal finance, planning, Popular, refer a friend, referral bonus, Retirement, Rewards, Saving, savings, Savings Account, savings accounts, Shopping, Travel, Uncategorized

August 10, 2020 Posted By: growth-rapidly Tag: Banking

Bank of America, like most banks, offer several bonuses, either from their credit cards, checking or savings accounts. These deals can be either cash rewards, bonus points, etc. For example, open this credit card then you get a $200 cash rewards bonus. In the past, if you refer a friend, Bank of America would pay you $50 referral bonus. But Bank of America has discontinued the referral bonus when you refer a friend.

SAVINGS ACCOUNT CIT Savings Builder – Earn 0.85% APY. Here’s how it works: Make at least a $100 minimum deposit every month. Or Maintain a minimum balance of $25k. Member FDIC. Click Here to Learn More.

Bank of America “refer a friend & cash rewards” bonus program

While Bank of America does not have a cash reward bonus when you refer a friend, there are cash rewards when you yourself get approved for a particular credit card.

Cash Rewards Credit Card:

Receive $200 cash rewards bonus after you make $1,000 in purchases in the first 90 days. Also, you get to choose how to collect your rewards.
Plus, earn 3% cash back when you shop for: gas, online shopping, drug stores, home improvements, dining or travel.
Get 2% cash back at grocery stores and wholesale clubs.
Earn unlimited 1% cash back on all other purchases.
No annual fee. Go to Bank of America’s homepage to take advantage of this credit card referral bonus.

Travel Rewards Credit Card

Earn 25,000 online bonus points when you make at least $1,000 in purchases in the first 90 days. You can redeem it for a $250 credit toward your travel purchases.
Earn unlimited 1.5 bonus points for every $1 spent on all purchases.

Bank of America Premium Rewards Credit Card.

Again Bank of America offers no referral bonus when you refer a friend, but this credit card has great deals and promotions.

50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening.
Earn 2 points for every 1$ spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
Get $200 in travel statement credit.

Make sure you take a look at other Bank of America Promotions.

In conclusion, if you’re looking for a cash reward deal when you refer a friend to Bank of America, you will not find any at this time. But there are several credit cards with great cash rewards. For more cash back deals, rewards or future referral bonus programs and promotions, check Bank of America’s deals here. The site guarantees no coupons or promo codes. You just activate your deals and go.

Here are other popular Bank promotions deals!

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 SmartAsset’s 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.

Source: growthrapidly.com

14 Best Small-Business Checking Accounts of 2021

February 10, 2021 by Liam Lane Posted in Banking, Money Management, Podcasts, Small Business Tagged ATM, Banking, Cash Back, CD, Checking Account, Credit, Credit Card, Debit Card, Direct Deposit, Fees, Financial Wize, FinancialWize, freelancers, How To, keep, line of credit, lists, Make, market, Mobile App, Mobile Banking, Mobile Check Deposit, money, Money Management, Money Market, More, News, Online Banking, Personal, Purchase, real, Rewards, save, savings, Small Business, tax, Taxes

Small-business owners know that business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Most business bank accounts do impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees.

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

But the picture isn’t uniformly bleak.

The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly maintenance fees at all) and enough fringe benefits to keep things interesting for account holders. Some pay interest as well. All are FDIC-insured.

And once you know where to look, you’ll find ample small-business checking options to choose from.

1. Chase Business Complete Checking

$300 Bonus for New Account Holders Who Open With Qualifying Activities

Chase Business Complete Checking has a category-leading bonus opportunity for new account holders: $300 when you open a new account (with no minimum deposit required) and complete the required qualifying activities.

Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card. Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
Yield: None.
Rewards and Incentives: Open a new Chase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires April 15, 2021.
Possible Fees: Chase offers multiple ways to waive the $15 monthly maintenance fee.

Apply Now

2. BlueVine Business Checking

No Fees; Earn 1.00% APY on All Balances

BlueVine Business Checking is a branchless free business checking account with an excellent yield for account holders and no transaction limits, in-network ATM fees, or NSF fees. It’s also one of the few branchless business bank accounts that comes with free checkbooks. But setting up one-time and recurring payments is a snap with BlueVine too.

Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or monthly maintenance fee.
Yield: Earn 1.00% APY on all balances up to $100,000.
Rewards and Incentives: BlueVine does not impose transaction limits, unlike many business bank accounts. Each new account comes with two free checkbooks. Withdrawals are free at about 38,000 in-network ATMs.
Overdraft Options: BlueVine may decline overdraft or NSF transactions at its sole discretion but does not impose overdraft or NSF fees.
Possible Fees: BlueVine has virtually no fees.

Learn More

3. Axos Bank Basic Business Checking

Earn a $100 Account Opening Bonus With Qualifying Activities

Axos Bank Logo With no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for newly incorporated businesses and long-incorporated businesses alike that open accounts by the stated offer end date and a nice remote deposit feature that you can use just about anywhere, Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking. Apply 100% online (no paper forms required) and enjoy paperless statements once you’re signed up.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly maintenance fee.
Yield: None.
Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account by the stated offer end date, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.

Learn More

4. Lili

Totally Free Checking With Automatic Tax Savings and Financial Insights

Lili Logo The Lili Account is a truly free, all-in-one checking solution that’s built with freelancers in mind. In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers.

With Lili, these folks don’t need separate bank accounts for personal and business needs — just Lili. Its signature benefits include a sub-account that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter. Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day.

Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
Yield: Lili doesn’t pay interest. Check back often for the latest offers.
Rewards and Incentives: Lili’s referral program pays $25 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders with direct deposit (up to 2 days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
Possible Fees: Lili charges no account fees.

Learn More

5. Wise

Earn Up to 1% on Deposits With Qualifying Spend; Get $100 Credit After Sign-up

Wise 5e961d64942a2f00f64d30dc Primary P 800 is a mobile-friendly business banking and payments solution with no hidden fees and a juicy cash back rate that’s more than enough for active users to offset the $10 monthly fee.

All Wise balances earn a 0.5% base incentive, credited monthly, and purchases earn an additional cash back incentive of 0.1% per $1,000 spent (up to 0.5% maximum on a $5,000 monthly spend). Wise has an impressive offer for new account holders as well: a $100 credit in your Wise account after you sign up and spend $1,000 on your Wise card within the first 30 days.

Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
Yield: Wise balances earn a 0.5% base incentive.
Rewards and Incentives: For a limited time, earn a $100 credit in your Wise account when you sign up and spend $1,000 on your Wise card during the first 30 days. Moving forward, earn 0.1% cash back incentive per $1,000 purchased on your card, up to a maximum of 0.5% ($5,000 spend) per month.
Possible Fees: See Wise’s fee disclosure for a full accounting of possible fees.

Learn More

6. Brex Cash

50,000 Bonus Points After Account Approval; No Fees or Minimums

Brex Logo Brex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here. Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.

Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
Yield: None.
Rewards and Incentives: Spend $1,000 after your account is approved and open to earn 50,000 bonus Brex Rewards points. Plus, earn points on every purchase and enjoy perks worth $150,000.
Possible Fees: Brex Cash has no account fees.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.

7. Novo Powerfully Simple Business Banking

Thousands of Dollars in Exclusive Perks Available to Account Holders

Novo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people. An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here. If you’re done with branch-based business banking, put Novo at or near the top of your list.

Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
Yield: None.
Rewards and Incentives: Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

Learn More

8. Radius Bank Tailored Checking

1% Cash Back on Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000

Radius Bank Tailored Checking Radius Bank Rewards Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing. Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand. Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance fee is waived with a minimum daily balance of $5,000 or more.
Yield: 0.10% APY on balances over $5,000.
Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $10,000 or more in the account to qualify to earn 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period.
Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
Possible Fees: Radius Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

Learn More

9. NorthOne Business Banking

Unlimited Payments, Deposits, Transfers & Debit Card Usage

NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing”. Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited sub-accounts for payroll, taxes, and more.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $50.
Yield: None.
Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited sub-accounts for taxes and payroll (and other functions), mobile check deposit, and unlimited transactions.
Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.

Learn More

10. Axos Bank Business Interest Checking

Up to 0.81% APY on Eligible Balances

Axos Bank Business Interest Checking Axos Bank Logo is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances. Throw in a low minimum opening deposit requirement, and you’ve got a solid choice for business owners looking to earn a real return on working capital.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
Possible Fees: $0.50 per item processed after the first 50 items each month.

For more information, read our Axos Bank review.

Learn More

11. Citizens Bank Clearly Better Business Checking

No Monthly Maintenance Fees, Ever

Citizens Bank Logo Citizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charges a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

This account also boasts a relatively high monthly limit for free transactions and generous overdraft options. On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing balance requirement.
Yield: None.
Rewards and Incentives: None.
Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and an overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
Possible Fees: $0.50 per item above the 200 monthly transaction limit.

Learn More

12. NBKC Business Checking Account

Virtually No Fees and No Balance Requirements

Nbkc bank The NBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees. As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico. And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
Yield: None.
Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

Learn More

13. Huntington Bank Unlimited Business Checking

Access to Exclusive, Potentially Valuable Business Perks

Huntington Bank Unlimited Business Checking is for established businesses with relatively large cash stockpiles and relatively frequent transaction needs. Other than a $10,000 monthly limit on free cash deposits (after which a fee applies), there’s no limit on transaction frequency. And customers can select one from a menu of exclusive money-saving perks, such as discounts on payroll services.

Minimum Deposit and Balance Requirements: Avoid the $40 monthly maintenance fee with $50,000 or more in combined average deposits across all eligible accounts. See Huntington Bank’s website for additional details.
Yield: None.
Rewards and Incentives: Choose from one of several exclusive perks, such as 10% off Paychex payroll services.
Overdraft Options: Huntington Bank offers two opt-in overdraft protection options: an overdraft protection account (with a transfer fee but no annual fee) or deposit-to-deposit overdraft protection (which does charge an annual fee but no transfer fee).
Possible Fees: $0.30 fee for each $100 in cash deposits above the $10,000 monthly limit. Other fees may apply.

Learn More

14. TIAA Bank Business Checking

High Monthly Transaction Limit

TIAA Bank’s business checking account boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features. It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee. A reasonably high monthly transaction limit appeals to businesses with active cash flows.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
Yield: None.
Rewards and Incentives: None.
Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

Learn More

Final Word

These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

Source: moneycrashers.com

5 Best Personal Loans for Fair Credit for 2020

February 10, 2021 by Liam Lane Posted in Banking, Loans, Personal Finance, Skilled Nursing Care Tagged 5 best, away, bad credit, bank of america, Banking, big, Buy, car, Credit, Credit Card, credit history, credit monitoring, credit report, Credit Score, Debt, experian, Fees, Finance, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, house, Interest Rates, invest, late payments, Life, Loans, Main, money, Pay Off Debt, Personal, personal finance, Personal Loans, Popular, Purchase, Retirement, save, Saving, Student Loans, Uncategorized

Are you wondering if there are personal loans for fair credit out there?

If you are, then the answer is a resounding “Yes.” There are, indeed, personal loans for fair credit available to you.

If you have fair credit, expect your credit history to be under the microscope by lenders when applying for a personal loan. But that shouldn’t stop you from getting a personal loan.

So, how do you get a personal loan when you have a fair or average credit?

While you may have fewer options, the best way to know for sure what’s available to you is to shop around and compare.

In other words, there are lenders that are willing to get you a personal loan even if your credit is simply average. You just have to know where to look.

A simple internet search of “personal loans for fair credit” can return thousands of results. That can be overwhelming to go through everything.

But don’t worry.

This guide will provide you a selection of the best personal loans for fair credit. It will also show you ways to fix a fair credit score to a good or excellent credit score.

What is a fair credit score for purposes of getting a personal loan?

Before we offer you a list of personal loans for fair credit, you need to know what a fair credit score is.

A fair credit score, according to Credit Sesame, is a credit score within the range of 640 and 680. It sits “between bad and good credit.”

With an average credit score in the mid 600’s, you more likely to get a personal loan than those who have a poor or bad credit score (which usually ranges between 300 to 600).

But you will not enjoy the same interest rate that someone with an excellent credit score would.

Great interest rates are reserved for people with excellent credit score.

What is a personal loan and what can it be used for?

A personal loan is a lump sum of money you borrow from an institution, and then repay that amount (with interest) over a set period of time.

There are two types of personal loans: secured and unsecured. For example, if you’re taking a personal loan to pay off credit card debts or to go on a vacation, that loan is an unsecured debt.

On the other hand, if you’re taking a personal loan to finance a car, you’ve taken a secured loan that is guaranteed by collateral, which is the car your purchase.

Unsecured loans have more risks for lenders, because there is no collateral. So, they have to rely solely on your credit history and other aspects of your financial life. That’s why it may be harder to get qualified for an unsecured personal loan with bad or fair credit.

Can I get a personal loan with a fair credit?

The answer is “yes.”

While there are plenty of personal loans for fair credit out there, it’s not always the best idea to apply. One reason is that you’ll often be charged a higher interest rate than someone with a good or excellent credit score.

In that case, it could be worth raising your credit score first before applying for a personal loan.

So while there are lenders who are willing to offer personal loans to people with fair credit if you’re struggling to get approved for a personal loan with a fair credit, you may want to consider improving your credit score first.

Click to get approved for a personal loan now

5 Best Personal Loans for Fair Credit

The better your credit score, generally the higher your chance is for getting approved for a personal loan.

If you’ve got an average credit, you may still get a loan but you will get a high interest rate.

Check out the list below to see some personal loans you may be eligible for.

Part of your search for the best personal loans for fair credit should start with LendingTree.

That is because LendingTree is not a direct lender of personal loans, but instead it’s an online marketplace that matches borrowers to lenders based on your individual qualifications.

It saves you time. Instead of applying to several lenders, with LendingTree you can shop around and compare the best personal loans on one website. It’s an all-in-one platform.

It just connects you with multiple lenders, you can get a personal loan with even a 600 credit score.

Avant targets people with bad and fair credit. So, that means even if you have a credit score as low as 580, you may still get qualified for a personal loan. The loan amount ranges from $2,000 to $35,000.

Plus, Avant provides quick funding for personal loans.

Just like Lendingtree.com, BadCreditLoans.com is another online lending network that connects you to a huge selection of lenders.

These lenders specialize in lending personal loans to people with bad or fair credit. You can get a personal loan from up to $5,000.

Payoff provides loans to borrowers who have a tons of credit card debts. If you have high interest credit card debts, a Payoff loan can help you consolidate them.

While you can get a Payoff personal loan with fair credit, the minimum credit score is around 640, which is on the higher end of a fair credit score.

So if you have a less-than-stellar credit, you may postpone your personal loan application.

Another peer-to-peer lender to get a personal loan with fair credit is Prosper. With Prosper, not only can you get loan approval the same day, you can also get funding the same day.

But the main downside is that Prosper requires a minimum credit score of 640, which is on the higher end of a fair credit score range.

Other ways to find personal loans for fair credit

When you’re applying for a personal loan, don’t underestimate banks. The options above are online lenders. But banks and credit unions do provide personal loans to people with an average credit.

Banks.

This includes all the major banks, such as Chase, Wells Fargo, Citibank, Bank of America, plus other small banks.

The main benefit of visiting a bank when applying for a personal loan, especially with a fair credit, is that you get to speak with a human being and has the opportunity to explain your financial situation.

For example, you might be able to explain that the reason for an average credit score is due to an unexpected medical bill.

That is not possible with online lenders where it is an automated system that’s reviewing your finances.

It’s even better to get approved for a personal loan even with a fair credit if you have an account with that bank. They can see your transaction history.

The disadvantage, however, is that a bank may not offer the most competitive personal loan rate, especially with a fair credit.

Credit Unions

Part of your search for a personal loan with fair credit should also include credit unions.

Credit unions are not for profit organizations and are more willing to approve you.

But to get access to the best rate, you’ll have to become a member.

Peer-to-peer (P2P) Lenders

Another alternative to banks and credit unions, P2P lenders can provide you with a personal loan even if your credit is average.

For example, LendingClub, a popular P2P, can get you a personal loan with a credit score as low as 600 — which is considered fair credit.

However, your rate may not be as competitive.

Tips to fix a fair credit if you can’t get a personal loan

Holding off applying for a personal loan to improve your fair credit to an excellent one is a good idea.

Not only will you get qualified, but you’ll also get a better interest rate.

Follow these tips to improve your credit score.

1. Get a copy of your credit report

The first step is to obtain a copy of your credit report.

The three main ones to get it from are Transunion, Equifax, and Experian.

By law, you can request a credit report once every 12 months.

But if you want to do so more frequently, you can request it from free credit monitoring services such as Credit Sesame or Credit Karma.

2. Make sure there aren’t any mistakes

Once you get a free copy of your report, make sure there aren’t any inaccurate information or listings.

If you find something that you’re not familiar with, dispute it immediately.

Sometimes it can be a harmless mistake such as a misspelling or an issue that has already been resolved. Some other times, it can be something more serious such as a credit card or a loan taking out in your name.

So it’s important to always check so you’re not a victim of identity fraud.

3. Pay off any credit card debts

Some debts like student loans (as long as you’re not in default) may not have an impact on your credit score.

But if you have outstanding credit card debts, make it a priority to pay them off.

Or at the very least, pay them down until your balance is at or below 30%. That’s called “credit utilization rate,” which is a big factor in calculating your credit score.

4. Pay your bills on time

Nothing will tarnish your credit score like late payments. That is because payment history accounts for 35% of your total credit score.

Before a lender can provide you with a personal loan, (whether you have fair credit or not) they look at your entire credit history.

A late payment history does not look good. It tells them that you’re not responsible with your money.

So make an effort to pay your bill on time, even if you can only make the minimum payment.

5. Don’t apply for new credit

When you’re improving a fair credit to good credit in order to get a personal loan, the last thing you want to do is to apply for new credit.

That’s because each time you do, you rack up what’s called a “hard inquiry.” Each hard inquiry is recorded on your report. And hard inquiry accounts for 30% of your credit score.

One hard inquiry is nothing to worry about. But when you make several within a short amount of time, you’ll hurt your credit score. It also tells lenders that you are desperate for credit.

Consider a co-signer

While it makes sense to raise your credit score before applying for a personal loan, sometimes you just need the money right away.

If that’s the case and can’t get approved on your own, then you will need to use a co-signer with good credit.

With a fair credit, using a co-signer should be able to get you qualified for a personal loan.

But, bear in mind that this is a big financial burden you’re putting on them. By accepting to co-sign a loan, they are also responsible to pay off the loan if you cannot. So don’t take it personal if they say “no.”

Summary

Can I get a personal loan with fair credit? The answer is “yes.” Personal loans for fair credit are available. And the list above have the best personal loans if you have fair credit.While there are several personal loans for fair credit, it’s not always the best idea as you will often charged a higher interest rate and fees. In this case, it makes sense to improve your credit score first before applying.

Click to get approved for a personal loan now

Work with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you save 100k (whether you need it to pay off debt, to invest, to buy a house, or plan for retirement, saving, etc). Find one who meets your needs with SmartAsset’s 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.

Source: growthrapidly.com

CIT Bank CD Rates: How Much Can You Earn

February 10, 2021 by Liam Lane Posted in Banking, Home Improvement, Investing, Personal Finance Tagged 5-year CD, 6-month CD rates, ATM, Banking, CD, CDs, certificate of deposits, Checking Account, cit bank, CIT Bank CDs, Credit, Direct Deposit, FDIC, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, house, index funds, invest, Investing, investment, market, money, Money Market, more money, mutual funds, personal finance, principal, Purchase, save, Saving, Saving Money, savings, Savings Account, savings accounts, Security, Uncategorized

CIT Bank CD rates are competitive compared to other Banks’ CDs.

For instance, a 6-month CIT Bank CD has a rate of 0.50%, which is way higher than the national average rate of 0.25%.

How much you will earn depends on the length of the term.

But one thing for sure is that the longer the term of the CD (certificate of deposit), the more money you will make.

CIT Bank offers CD terms ranging from 6 months to 5 years. The 5-year term CD has an applicable yield of 1.05%.

The minimum investment requirement is $1,000. But their jumbo CD’s deposit requirement is way much higher, $100,000.

CIT bank also offers a no-penalty 11-month CD (more on this later).

Click here to open a CD with CIT Bank.

See below a table of CIT Bank CD Rates that are available to you:

CIT Bank Term CD	Minimum Deposit	APY/Rate
6 Month	$1,000	0.50%
11-Month	$1,000	0.75%
1 Year	$1,000	0.75%
13 Month	$1,000	0.75%
18 Month	$1,000	0.75%
2 Year	$1,000	1.00%
3 year	$1,000	1.00%
4 year	$1,000	1.05%
5 Year	$1,000	$1.05%

All CIT bank CDs are FDIC insured up to $250,000.

CIT Bank CD Rates: an overview

CIT Bank CD rates are very impressive out there.

When compared to other CDs, such as Vanguard CDs, they compete at a similar or even better level.

CIT bank CDs, as all certificate of deposits, produce a higher rate than savings accounts, money market funds, etc.

But not as much as a short-term bond.

The minimum deposit for CIT Bank’s standard CDs is very reasonable, $1,000.

The bank’s Jumbo CDs, while produce a higher rate than a standard CD, has a much higher minimum of $1,000 (more on this below).

What is a certificate of deposit (CD)?

CDs are certificates that banks or credit unions sell to you.

Banks issue them to you for a specific dollar amount for a specific length of time.

The time period could be anywhere from 1, 6, 12 or 24 months to several years.

The bank pays you some interest. You get your full principal back plus interest you earn once the CD matures or “comes due.”

If you want your money back before it matures, you can withdraw it.

But you will get hit with a penalty for early withdrawal. But some banks like CIT Bank, that offer CDs with no penalty.

CDs are very safe, because they are FDIC insured for up to $250,000.

See: Grow Your Money: Mutual Funds, Index Funds & CDs

Are CIT Bank CDs the right choice for you?

CDs is one of the best short-term investments you can have. Given that their rates are very impressive, CIT Bank CDs may be right for you.

Therefore, you should consider investing in them:

You don’t tend to tap into your money at any moment.
You’re saving money for a down payment to buy a house in the near future.
You want an investment that provides a higher yield than a regular savings account, money market fund.
You’re looking for a safe and low-risk place for your hard-earned money.

What are the CIT Bank CD rates?

CIT Bank provides CDs ranging from 6 months to 5 years. The longer the term of the CD, the higher the interest rate.

For instance, CIT Bank’s 5-year term CD currently has a rate/APY of 1.05%.

CIT Bank 5-Year CD Rates

The applicable rate for a 5-Year CIT Bank CD is currently 1.05%. And it requires a minimum deposit of $1,000.

This is the longest CIT Bank CD term out there. And its interest rate exceeds most CD rates you’d get from banks.

Learn more about this product and apply on CIT Bank’s secure website

CIT Bank 4-Year CD Rates

This 4-year CIT Bank CD also requires a minimum deposit of $1,000.

This CD’s yield is the same as the CIT Bank 5-year CD. It is also higher than most bank CDs. The yield is currently is 1.05%.

CIT Bank 3-Year CD Rates

The applicable yield for a 3-Year CIT Bank CD is still very competitive. It’s 1.00% and requires a $1,000 deposit.

CIT Bank 2-Year CD Rates

The rate for a 2-Year CIT Bank CD is 1.00% and a minimum deposit of $1,000 is required.

CIT Bank 18-Month CD Rates

For an 18-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

CIT Bank 13-Month CD Rates

For an 13-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

CIT Bank 1-Year CD Rates

The yield for a 1-Year CIT bank CD is 0.75% and a minimum deposit of $1,000 is required.

CIT Bank 11-Month CD Rates

For an 11-Month CIT Bank CD, the yield is 0.75%. The minimum deposit is $1,000.

However, the CIT Bank 11-month CD is a no-penalty CD. That means CIT Bank will let you withdraw your money at any time without incurring a penalty.

This is good for those faced with an emergency situation and need quick and easy access to their money.

CIT Bank 6-Month CD Rates

Lastly, for a 6-Month CIT Bank CD, the yield is 0.50%. The minimum deposit is $1,000.

See: 6-Month CD Rates: Earn More Money

CIT Bank’s Jumbo CDs.

CIT Bank also offers Jumbo CDs. They offer a much better interest than CIT Bank’s standard CDs.

However, they require a much bigger minimum deposit. For example, you will need a minimum deposit of $100,000 to start with.

Here is a table of CIT Bank’s Jumbo CD rates:

CIT Bank Jumbo CD	Minimum Deposit	APY/Rate
2 Year	$100,000	1.00%
3 Year	$100,000	1.00%
4 Year	$100,000	1.05%
5 Year	$100,000	1.05%

How to open a CIT Bank account.

To get access to the best CIT Bank CD rates, you must be eligible to open an account.

To be eligible, you must be a US citizen or resident alien. You must be 18 years old or older, have a a US address, a social security number, a driver’s license or state issued ID.

You also need to have a bank checking account to transfer money to your CIT Bank account.

CIT Bank CDs Alternatives

If CIT Bank CDs do not do it for you, or you’re looking to get more interest on your money, then try to invest in the best Vanguard mutual funds out there.

That way your money is still safe and you get more return on your money.

Mutual funds are some of the best ways to invest your money.

One thing you should know, however, is that mutual funds invest in stocks and bonds.

These securities tend to be riskier. Therefore, you might lose some or most of your investment if the market goes down.

So, beginner investors wishing to invest in these mutual funds should also consider learning how the stock market works.

Bottom line

CIT bank CDs might be appropriate for you if you are not going to use the money for a certain period of time.

They can be a great choice if you are saving your money for a down payment to purchase a house in the next few years or so.

Indeed, CIT Bank CDs provides a better yield than bank savings accounts and money market funds. But the money is only available after the CD becomes due.

So, if access to your money at anytime is a priority, you’re better off save your money in a high yield savings account or the best Vanguard Mutual Funds.

Tips for Maximizing Your Savings

Open a Chase checking account. You will get a $200 bonus when you open a new Chase Total Checking account and set up a direct deposit. And it’s easy to find a Chase ATM just about anywhere. Get started Now.
If you have questions beyond CIT Bank CD rates, you can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s 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.

Source: growthrapidly.com

The 8 Best Vanguard Funds for Long-Term Investments

February 10, 2021 by Liam Lane Posted in Banking, Financial Planning, Home Improvement, Investing, Personal Finance, Retirement Tagged Banking, Buy, Buying, buying a car, Buying a house, car, Debt, Financial Planning, Financial Wize, FinancialWize, Grow, house, index funds, invest, Investing, investment, investments, keep, Main, market, money, more money, mutual funds, personal finance, Popular, Retirement, Saving, Uncategorized, vanguard funds, vanguard index funds, visa

If you’re busy and want to invest your money in the long term, you will love the best vanguard funds. They are cheaper.

They are high quality funds, well diversified, and professionally managed.

Thus, vanguard funds are a favorite for long-term investments and for retirement.

Vanguard mutual funds, like any mutual funds, are money invested by investors. They are pooled together in a single investment portfolio. The mutual fund is then managed by a professional manager who then use the money to buy a bunch of stocks, bonds or other assets.

With Vanguard index funds, they are passively managed. That is, they are managed by a computer with its only job is to track an index, such as the S&P 500.

Nonetheless, both mutual funds and index funds are cost-efficient and a huge time saver for a busy investor. And because of that, the best vanguard funds are superior investment vehicles for long term-investment.

In this article, we will discuss the 8 best vanguard funds that offer a high-quality, cost and time-efficient way to invest in the stock market.

Understanding the Advantages of the Best Vanguard Funds

Before jumping into the best vanguard funds, it’s important to go over the main reasons for investing in mutual or index funds rather than individual stocks, bonds, or other securities.

Diversification. You have probably heard of the popular saying “don’t put all your eggs in one basket.” Well, if so, it applies well to mutual and index funds. Diversification is when you have a mix of investment to help control the total risk of your investment portfolio.

Unless you have a lot of money, buying individual stocks yourself can be costly. But with a mutual or index fund, you’re able to buy dozens of stocks and invest in different types of stocks in a variety of industries, thus diversifying your portfolio.

Because you invest in multiple stocks across various industries, you are spreading your risk. If one stock plummets, the others can balance it out. Most Vanguard funds, if not all, are diversified.

Low minimum investment. Another benefit of Vanguard funds is that they require a reasonable investment minimum. Some Vanguard mutual funds require a minimum of $3000 to invest. They also offer a monthly investment plan, so you can start with as little as $20 per month.

Cost efficiency. The charges that you pay to buy or sell a fund can be significant. However Vanguard funds are known to cost way less than the average mutual fund.

Professional management. Even if you have a lot and you are an expert in investing, investing your money in a Vanguard mutual fund is a huge time saver. That means once you buy your fund and contribute to it monthly (however you chose), you can just forget about it.

A Vanguard professional manager takes care of it for you. Plus, vanguard fund managers are experienced, well educated. So you don’t have to worry about an inexperienced manager running your money.

These are the reasons why investing in the best vanguard funds is better than investing in individual stocks and/or bonds.

However, one of the drawbacks with vanguard funds, as with all mutual or index funds, is that you don’t have control over your investment portfolio. Leaving your money to someone who decides when and what to invest in can be difficult for you if you’re someone who likes to be in control.

So, if you like to be in control and things yourself, you may want to develop your own investment portfolio and not relying on these Vanguard funds.

Are you a long-term investor?

Think about yourself and your goals before choosing these best Vanguard funds.

What are your investment goals? Do you plan on holding these funds in the long term?

A long term investor is someone who puts money into an investment product for a long period of time.

If you plan on investing money to achieve some goals in 2 years, such as buying a car or going on a vacation, you should not use these Vanguard Funds.

That is because stocks and bonds can rise and fall significantly over a short period of time. That makes it possible to lose some or all of your money. Moreover, if you need cash in a hurry, a Vanguard fund is definitely not the right investment for you.

So you’re better off using short-term investments for these kind of goals.

But if you want to build wealth for the long term or your goal is to retire in 20 or 40 years, these Vanguard funds are for you.

Likewise, what is your appetite for risk?

A long-term investor should be aware of the risks involved in investing in the stock market. They should know their own risk tolerance. Some investors are more cautious than others. Some can take risks and are able to sleep well at night.

These vanguard funds carry different level of risks. Some are more conservative than the others.

Therefore, before you start buying Vanguard funds, figure out whether you are a long term investor. In other words, don’t keep money in funds unless you plan on holding them for at least 5 years.

The 8 Best Vanguard Funds to Buy Now for Long-Term Investments

Now that you have a pretty good idea of why a Vanguard fund is a good long-term investment, and you are aware of your risk tolerance, below is 8 of the top and best Vanguard funds to buy now for the long term. If you have questions beyond Vanguard funds, it may make sense to work with a financial planner or financial advisor near you.

Vanguard Total Stock Market Admiral (VTSAX)

Minimum initial investment:$3000
Expenses:0.04%

The biggest and perhaps one of the best Vanguard funds is the Vanguard Total Stock Market. The fund was created in 1992. It gives long term investors a broad exposure to the entire US equity market, including large, mid, and small cap growth stocks. Some of the largest stocks include Apple, Facebook, Johnson And Johnson, Alphabet, Berkshire Hathaway, etc…

This Vanguard fund has all of the attributes mentioned above, i.e., diversification and low costs. Note this fund invests exclusively in stock. So it’s the most aggressive Vanguard fund around.You need a minimum of $3000 to invest in this fund. The expenses are 0.04%, which is extremely low. Note this is also available as an ETF, with an expense ratio of 0.03%.

Vanguard 500 Index (VFIAX)

Minimum initial investment:$3,000
Expenses: 0.04%

If you want to have your money invested only in American assets, this Vanguard fund is the right one for you. The Vanguard 500 Index, as the name suggests tracks the S&P 500 index.

This index funds gives you exposure to 500 of the largest U.S. companies, spreading across different industries, making it one of the best Vanguard funds to have. Some of the largest companies you might already know include Microsoft, Apple, Visa, JP Morgan Chase, Facebook, etc. It has a minimum investment of $3,000 with an expense ratio of 0.04&, making it one of the best Vanguard funds to have.

Vanguard Wellington Income Investor Share (VWINX)

Minimum initial investment:
Expenses:

If you’re aware of risks involved in investing in stocks and you have a low tolerance for risk, the Vanguard wellington Income is for you. This fund allocates about one third to stocks and two thirds to bonds, making it very conservative.

Another good thing about this Vanguard fund is that it invests in stocks that have a strong track record of providing dividend income to its investors. So, if you are one of those long term investors who has a low appetite for risks and who likes to receive a steady dividend payment without a lot of volatility in the share price, you should consider this fund.

Vanguard Star (VGSTX)

Minimum initial investment: $1,000
Expenses: 0.31%

The great thing about this Vanguard fund is that the minimum investment is relatively low ($1000), making it a good choice among new investors. Plus, it’s well balanced.

It is invested 60% in stocks and 40% in bonds. For those investors looking for a broad diversification in both domestic and international stocks and bonds, this fund should not be overlooked.

Vanguard Dividend Growth (VDIGX)

Minimum initial investment:$3000
Expenses:0.22%

Vanguard Dividend Growth, as the name suggests, focuses on companies that pay dividends and have the ability to grow their dividends over time.

If you’re an investor with a long term focus and likes to receive a steady dividend income, you may want to consider this fund. The minimum investment is $3000 with an expense ratio of 0.22%.

Vanguard Health Care (VGHCX)

Minimum initial investment: $3,000
Expenses: 0.34%

As the name suggests, Vanguard Health Care only invests in the Health Care Section. That’s the only downside. Apart from that, it gives investors a great exposure to various domestic and international companies within the health care sector, such as pharmaceutical firms, research firms, and medical supply and equipment companies.

If you’re considering this Vanguard fund, you should also have another and more diversified fund to reduce your risk.

Vanguard International Growth (VWIGX)

Minimum initial investment: $3000
Expenses: 0.43%

If you’re looking to build a complete investment portfolio and want to have more exposure to foreign stocks, the Vanguard International Growth is the one of the best Vanguard Funds to accomplish that goal. The fund focuses on non-U.S. stocks in developed and emerging markets with a high growth potential.

However, one thing to consider is the high volatility of this fund. Because it also invests in developed countries, the share price can rise and fall significantly. So you should consider this fund if you want more exposure to foreign stocks. But you also want to have another fund as well to balance it out. The minimum initial investment is $3,000 with an expense ratio of 0.43%.

Vanguard Total Bond Market Index (VTBLX)

Minimum initial investment: $3000
Expenses: 0.05%

Bond funds may be appropriate and advantageous for long term investors who want a bond fund that invests US and Corporate bonds. If that’s your goal then the Vanguard Total Bond Market Index is the right one for you.

Just as any Vanguard funds, it’s cost efficient, safe and high quality. It has a minimum initial investment of $3,000 and an expense ration of 0.05%. Also note that this fund is also available as an ETF.

The Bottom Line

If you’re looking to invest in mutual or index funds, those are the best Vanguard funds to buy now and hold for the long term. They are high quality, low-cost, and are safe.

Related:

Speak with the Right Financial Advisor

If you have questions beyond knowing which of the best Vanguard funds to invest, 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).

Source: growthrapidly.com

Cities Where Residents Have the Worst Commutes â 2021 Edition

February 10, 2021 by Liam Lane Posted in Apartment Hunting, Checking Account Tagged 4%, brooklyn, budget, california, Checking Account, Cities, commute, Commute Time, covid-19, Credit, Finance, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, Florida, Home, How To, Investing, Main, Managing Your Money, money, new york, Personal, personal finance, Retirement, Saving, School, second, Spending, texas, Travel, Worst Commute

Cities Where Residents Have the Worst Commutes – 2021 Edition – SmartAsset

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How far you live from work, school and other places you frequent can cost you time, money and health. The U.S. Census says that the average commute takes Americans 27.6 minutes each way. That’s more than 240 hours annually, if you commute twice every workday in 2021. And now that many people have cut back their commutes by working from home during the COVID-19 pandemic, you might be thinking about how to save money by carpooling or biking, or you might consider moving to shorten the commuter distance. In either case, SmartAsset examined the largest cities in America to uncover the worst commutes in 2021. Find out how your commute measures up against them.

We compared data from the 100 largest U.S. cities and ranked the worst commutes by six key metrics: commuters as a percentage of workers, average travel time to work, five-year change in average travel time, percentage of workers with a commute of more than 60 minutes, five-year change in percentage of workers with a commute of over 60 minutes, and transportation as a percentage of income. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology below.

This is SmartAsset’s second study on the worst commutes in America. Check out the 2020 version here.

Key Findings

California leads the country as the state with the worst commutes. Eight out of the 11 cities on this list are located in the Golden State, averaging 33.6 minutes in travel time to work. Commuters in those cities need twice as long as those with the shortest commute – in Lubbock, Texas, which averages a little more than 16 minutes on a trip to work.
The overwhelming majority of workers in America are commuters. On average, 94.3% of workers in the 100 largest U.S. cities are commuters, based on the most recently available Census data from 2019. Scottsdale, Arizona has the smallest percentage of commuters, but it still has 82.1% of its workers traveling to their jobs. Newark, New Jersey has the highest percentage, with 98% of workers averaging almost 35 minutes commuting.
The Midwest still offers better commutes. Cities in Northeastern, Southern and Western states tend to rank in the worst third of the study for their less-than-ideal commutes. While Chicago, Illinois and Cincinnati, Ohio crack the top 35 cities with the worst commutes, all other Midwestern cities rank in the bottom half of the list for their relatively short commutes.

1. Riverside, CA

Ranked as the worst commuting city in America, Riverside, California takes the greatest toll on its workers in transit, with 18.6% of them averaging more than 60 minutes on a trip to work. And data shows that commutes are getting longer, with a 3.7% five-year increase (2014 to 2019) in workers traveling for more than one hour. Riverside commutes average 33.9 minutes each way, and this travel time has also increased 13.38% over the same five years.

2. Stockton, CA

Ranking second-worst, Stockton, California saw an increase of 18.68% in average travel time over the five-year period from 2014 to 2019. Data shows that 17.8% of workers in this Central Valley city average more than 60 minutes on their commute to work, the fifth-highest percentage for this metric across all 100 cities we studied. The average travel time for residents there is 32.4%, ranking 11^th overall.

3. Hialeah, CA

Commute times in Hialeah, Florida, a Miami suburb, have spiked more than any other city in the study with a 26.81% jump between 2014 and 2019. Hialeah has also seen the biggest percentage 2014-to-2019 increase for workers commuting longer than 60 minutes, a 6.1% uptick. However, it is important to note that the city’s percentage of commuters is relatively small: With just 91% of all workers traveling to work, this city ranks 90^th out of 100 for this metric in our study.

4. Glendale, AZ

Between 2014 and 2019, the number of workers in Glendale, Arizona with commutes longer than an hour increased 5.6%. This is the second-highest uptick for this metric overall. The percentage of workers with a commute longer than 60 minutes is 12.1%, ranking 16^th-highest out of 100. Data shows that with 94.9% of Glendale workers commuting, they average 31.5 minutes on each trip.

5. Los Angeles, CA

Los Angeles, California has seen a five-year (2014 to 2019) increase of 3.3% in workers commuting longer than 60 minutes, the ninth-biggest jump for this metric in the study. With 93.5% of the workforce commuting, 15.4% of Angeleno workers need more than one hour each way to their jobs, the 11^th-highest percentage for this metric overall. That said, they only spend 7.91% of their income on commuting, ranking 77^th out of 100 for this metric.

6. Oakland, CA

Workers in Oakland, California average 34.4 minutes on each trip to work, the seventh-longest travel time in the study. Oaklanders also rank seventh-highest for the percentage of workers with trips longer than 60 minutes, with 16% of them making treks longer than an hour to the office in 2019. However, Oakland has one of the cheapest commutes, as workers there spend only 5.45% of their income on travel to work, the fourth-lowest rate for this metric overall.

7. Fremont, CA

Fremont, California has seen a 4.3% increase in five years for workers commuting longer than 60 minutes on each trip, the fifth-highest in the study. Residents there also have the third-longest travel time, averaging 36.4 minutes on each commute, and the second-largest proportion of the workforce commuting longer than one hour, at 20.2%. Fremont workers, however, spend only 5.45% of their income on travel to work, tying for fourth-lowest for this metric.

8. San Jose, CA

Located in the heart of Silicon Valley, San Jose, California has the most affordable transportation on our list. Workers there spend only 5% of their income on travel to work. Despite those relatively low costs, San Jose still ranks as the eighth-worst commuting city on our list. Workers average 31.7 minutes on each commute, and they have seen a 14.44% increase in travel time over the five-year period from 2014 to 2019. Data also shows that San Jose has seen a 4.8% increase over that time period in commuters traveling more than one hour per trip.

9. San Francisco, CA

San Francisco, California averages 34.7 minutes on each commute, the sixth-longest travel time in the study. The Bay Area city also has one of the largest groups of workers commuting the longest, with 15.7% needing more than 60 minutes to commute one way. That said, San Francisco workers have a relatively affordable commute, as residents there spend only 5.45% of their income on travel for work. The city ties for fourth-lowest out of 100 for this metric.

10. New York, NY (tie)

New York City ties with Long Beach, California for the final spot in the 11 cities where residents have the worst commutes. The average travel time for New Yorkers is 41.7 minutes, the longest travel time in our study. New York City also has the highest percentage of workers who travel more than 60 minutes each way, at 27.2%. Despite the duration, the city ranks 16^th-lowest out of 100 for transportation costs, with workers spending less than 8% of their income on commuting.

10. Long Beach, CA (tie)

Long Beach, California ties with New York as the 10^th-worst U.S. city for residents’ commutes. Residents there have seen a 2.1% increase over the five-year period from 2014 to 2019 in the number of workers traveling more than one hour to work each day. Long Beach has the 12^th-longest commute on our list, averaging 32 minutes for each trip. And 14.9% of the workforce is traveling for longer than 60 minutes during each trip, the 12^th-largest for this metric in the study.

Data and Methodology

To find the cities with the worst commutes, we compared the 100 largest cities in the country across the following metrics:

Commuters as a percentage of workers. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Average travel time to work in 2019. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Five-year change in average travel time. Data comes from the Census Bureau’s 2019 and 2014 1-year American Community Surveys.
Percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureau’s 2019 1-year American Community Survey.
Five-year change in percentage of workers with a commute of longer than 60 minutes. Data comes from the Census Bureau’s 2019 and 2014 1-year American Community Surveys.
Transportation as a percentage of income. Data comes from the Census Bureau’s 2019 1-year American Community Survey and the March 2020 MIT Living Wage Study.

First, we ranked each city in each metric. We then found each city average ranking, giving all metrics an equal weight except for average travel time, which received a double weight. Next, we ranked the cities based on this average, giving the city with the highest average an index score of 100 and the city with the lowest average an index score of 0.

Tips for Managing Your Money While on the Go

Locate a one-stop shop for expert financial support. Need something to do on a long commute? Think about finding a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now
Take a new route in your budget management. If transportation is eating up a lot of money, consider creating a budget using SmartAsset’s free budget tool.
Plan your road to retirement. It’s never too early – or too late, for that matter – to start saving as much as you can for retirement. Get ready for your golden years by saving using a 401(k) or other workplace retirement plan.

Questions about our study? Contact press@smartasset.com.

Ben Geier, CEPF® Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance (CEPF®). When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.

Here’s Your CIT Bank Routing Number

February 10, 2021 by Liam Lane Posted in Adult Nursing Home Guide, Banking, Personal Finance, Savings Account Tagged Banking, Buying, Buying a house, cit bank, CIT Bank Routing Number, Debt, Direct Deposit, Family, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, government, house, Investing, keep, money, more money, new york, paycheck, Personal, personal finance, Retirement, Saving, savings, Savings Account, tax, Uncategorized

July 18, 2020 Posted By: growth-rapidly Tag: Banking

You may need your CIT Bank routing number for several things from sending money to friends and family to direct deposit money.

This guide will help you find your CIT Bank routing number.

What is a routing number?

A routing number is a 9-digit number that banks use to identify themselves. Think of it as an address that lets banks know where to send the money.

A routing number is often referred to as the ABA number or check routing number.

The American Bankers Association created the bank routing number in 1910 in order to process paper checks and allow banks and other financial institutions to send and receive funds from and to other financial institutions.

Unlike other banks such as Wells Fargo routing number and Citibank routing number, which have several routing numbers for different states, CIT Bank only has one routing number.

That is because CIT Bank is an online-only bank. So it does not matter where you live, you only need to know one routing number.

CIT Bank Routing Number:

The CIT Bank routing number is: 124084834.

As mentioned above, because CIT bank does not have local branches, you will only need to remember the number above to do your transactions, regardless of where you live.

So, for example, if you live in New York, your CIT Bank routing number is still 124084834.

You will need your CIT bank routing number for several reasons. For instance, you need it for:

To set up direct deposit
For ACH payments;
To transfer funds between accounts at different banks;
For bill payments;
To receive government benefits;
To receive tax refunds;
For wire transfers;
To have payments like paycheck deposited into your account

How to Find Your CIT Bank Routing Number?

There are several ways to find your CIT Bank routing number.

Your CIT Bank personal check.

For your CIT bank “eChecking” account, you can find your routing number at the bottom left hand corner of the personal check.

On this page:

In case you have missed it, we have listed the CIT Bank routing number earlier in this article. It is: 124084834.

Cit bank online:

Find your routing number online by going to their resources and FAQs page.

Call customer service:

Lastly, you can call customer service at 855-462-2652 to get your routing number. However, you will need to identify yourself to get your number.

Once you do so, a representative will be able to help you.

Routing Numbers for Domestic Wire Transfers

With your CIT Bank account, you are able to wire money to other bank accounts in the United States.

Other banks can also wire money to your account as well.

So, to get funds from a domestic wire, use this routing number: 124084834.

You will also need the following:

The recipient’s name as it appears on the account;
The address of the recipient including the city and state;
Account number of the recipient; and
The bank routing number.

One thing to be aware of, while CIT bank does not charge for incoming wires, they will charge you a $10 fee for outgoing fee unless you maintain a daily of $25,000 or more.

If you are a commercial, listing service, and institutional client, call CIT Bank at 877-748-0004 to get the correct routing number for wire transfers.

Routing Numbers for International Wire Transfers

CIT Bank does not have outbound international wire transfers at this time. But, you can receive an international transfer from another bank.

So, just provide the routing number 124084834 to whoever wants to send you an international wire transfer. Also CIT Bank does not have a SWIFT code, which is used for international transfers.

The Bottom Line

You will need your CIT Bank routing number to do several financial transactions. For example, you will need it to set up direct deposit, automatic payment, or wire transfer.

So it’s important to know what it is and to keep it handy.

However, if you don’t have an account with CIT Bank yet, make sure you check out their CIT Bank savings accounts and best CD rates.

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 SmartAsset’s 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.

Source: growthrapidly.com

Best Cities for Womenâs Pay â 2021 Edition

February 1, 2021 by Liam Lane Posted in Apartment Hunting, Checking Account Tagged best cities for women's pay, california, Checking Account, Cities, Colorado, covid-19, Credit, crisis, earnings, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, Florida, money, new york, pay gap, paycheck, Retirement, Salary, savings, women's pay

Image shows a woman who is wearing glasses sitting at a desk in front of a laptop and removing a paycheck from an envelope in her hands. SmartAsset analyzed data to find the best cities for women's pay.

Womenâs earnings in the U.S. make up about 81% of menâs, according to Census Bureau data from the past several years. Though this figure has steadily grown over the course of decades, researchers predict the economic effects of the COVID-19 pandemic could set back pay for women. Bureau of Labor Statistics data unequivocally shows that the COVID-19 crisis has had a disproportionate impact on womenâs participation in the labor force and unemployment, and many analysts theorize this will carry over to womenâs earnings.

In this study, SmartAsset uncovered the best cities for womenâs pay leading up to the COVID-19 pandemic. We compared the 150 largest U.S. across four metrics: median earnings for women, growth in womenâs earnings, womenâs earnings as a percentage of menâs earnings and the change in womenâs earnings as a percentage of menâs earnings. Both metrics that examine changes over time consider the years 2017 and 2019. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs third annual study on the best cities for womenâs pay. Check out the 2020 version here.

Key Findings

Midwestern cities lag. Among the top 10 cities for womenâs pay, the Northeast, South and West are all represented. There are two cities in the Northeast, three in the South and five in the West. The first Midwest city in our ranking, however, is Overland Park, Kansas, coming in at 19^th. Though both Chicago, Illinois and Cleveland, Ohio squeeze into our top 25, womenâs earnings fall significantly short of menâs. The pay gap in all three Midwest cities in our top 25 is greater than 10%.
Median earnings for women do not equal or surpass menâs earnings in any city in our study. Last year, we found that median earnings for women were equal to or exceed median earnings for men in four cities: Yonkers, New York; Spring Valley, Nevada; Tempe, Arizona and Aurora, Colorado. Though Sacramento, California has the highest womenâs earnings as a percentage of menâs earnings this year, it is still at 99.05%.

1. Raleigh, NC

Raleigh, North Carolina ranks in the top quartile of cities for all four metrics in our study. It has the 32^nd-highest median earnings for women (about $50,300), and womenâs earnings make up the 10^th-highest percentage of menâs earnings (almost 96%). Between 2017 and 2019, Raleigh had the sixth-greatest increase in earnings for women (18.62%) and fourth-highest increase in womenâs earnings as a percentage of menâs earnings (13.05%).

2. Tacoma, WA

Women in Tacoma, Washington earn roughly $49,700 on average. Though this figure does not fall in the top fifth of the study, Tacoma ranks within the top 15 cities for our other three metrics: Womenâs earnings increased by more than 17% between 2017 and 2019 and womenâs earnings make up about 93% of menâs earnings â almost 10% higher than in 2017.

3. Huntington Beach, CA

Womenâs earnings as a percentage of menâs earnings increased the most in Huntington Beach, California compared to any other city in our study. Census Bureau data shows that the gender pay gap closed by almost 16% between 2017 and 2019. Huntington Beach also has the 12^th-highest median earnings for women, at $61,148.

4. Sacramento, CA

Sacramento, California has the smallest pay gap of all 150 cities in our study. In 2019, womenâs earnings made up 99.05% of menâs earnings. This figure is 7.27% higher than it was 2017. As a gross figure, median earnings for women in Sacramento are about $50,400, 31^st-highest of the cities we considered.

5. Jersey City, NJ

Earnings for women in Jersey City, New Jersey grew by the second-highest rate of any city in the study. Between 2017 and 2019, median womenâs earnings increased by 22.82%. As a result of that growth, 2019 median earnings for women in Jersey City are the seventh-highest overall, at $62,530.

6. St. Petersburg, FL

Womenâs earnings in St. Petersburg, Florida have grown substantially over the past couple years. In 2017, median earnings for women were less than $40,400, and in 2019, they were greater than $45,700 â marking a two-year growth of 13.39%, 19^th-highest in our study. Relative to men, women in St. Petersburg earn about 8% less on average.

7. Honolulu, HI

Honolulu, Hawaii ranks in the top third of our study for all four metrics we considered. It has the 38^th-highest median earnings for women (about $47,700) and ranks 45^th-best for womenâs earnings as a percentage of menâs earnings (88.51%). Between 2017 and 2019, the capital of Hawaii had the 20^th-greatest increase in womenâs earnings (13.24%) and 19^th-largest change in womenâs earnings as a percentage of menâs earnings (almost 7%).

8. Portland, OR

From 2017 to 2019, median earnings for women in Portland, Oregon increased by 18.40% â the third-highest increase of any city in our top 10 and seventh-largest overall. With that increase, Portland has the 17^th-highest 2019 median earnings for women, at more than $55,200.

9. Baltimore, MD

Baltimore, Maryland ranks in the top 20 cities of the study for two metrics: womenâs earnings as a percentage of menâs earnings (92.31%) and growth in womenâs earnings as a percentage of menâs earnings (6.47%). Census Bureau data from 2019 shows that median earnings for women in Baltimore are about $47,500, 39^th-highest across all 150 cities in our study.

10. Boston, MA

Boston, Massachusetts rounds out our list of the top cities for womenâs pay. Womenâs earnings in Boston are the 11^th-highest in our study, at roughly $61,700. Boston additionally ranks in the top 25 for womenâs earnings as a percentage of menâs earnings (91.88%) and the two-year growth in womenâs earnings (12.23%).

Data and Methodology

To find the best cities for womenâs pay, SmartAsset looked at the 150 largest cities in the U.S. We compared those cities across four metrics:

Median earnings for women. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Womenâs earnings as a percentage of menâs earnings. This is median earnings for women divided by median earnings for men. Data comes from the Census Bureauâs 2019 1-year American Community Survey.
Growth in womenâs earnings. This is the change in median earnings for women from 2017 to 2019. Data comes from the Census Bureauâs 2017 and 2019 1-year American Community Surveys.
Growth in womenâs earnings as a percentage of menâs earnings. This is the difference between womenâs earnings as a percentage of menâs earnings in 2017 and 2019. Data comes from the Census Bureauâs 2017 and 2019 1-year American Community Surveys.

In all cases, earnings figures are for full-time workers 16 years and older.

To determine our final list, we ranked each city in every metric, giving a full weighting to all metrics. We then found each cityâs average ranking and used the average to determine a final score. The city with the best average ranking received a score of 100. The city with the lowest average ranking received a score of 0.

Tips for Maximizing Your Paycheck

Contribute to a 401(k). A 401(k) is an employer-sponsored defined contribution plan in which you divert pre-tax portions of your monthly paycheck into a retirement account. Some employers will also match your 401(k) contributions up to a certain percentage of your salary, meaning that if you chose not to contribute, you are essentially leaving money on the table. Take a look at our 401(k) calculator to see how you and your employerâs contributions can add up.
Consider professional help. A financial advisor can help you make smarter financial decisions to be in better control of your money. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

The post Best Cities for Womenâs Pay â 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

Advantages And Disadvantages of Money Market Accounts

February 1, 2021 by Liam Lane Posted in Adult Nursing Home Guide, Banking, Investing, Personal Finance Tagged 4%, away, Banking, Buy, Buying, Buying a house, cit bank, Credit, Debt, Fees, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, government, house, Interest Rates, Investing, Main, money, Money Market, Money Market Account, money market accounts, personal finance, Retirement, Saving, savings, Savings Account, savings accounts, Taxes, Uncategorized, Vs.

Saving money in a place like a money market account can assure that the money will be there safely when you need it. A money market account is an alternative to savings account, and usually pays more interest rate than a savings account.

See, Money Market Vs. Savings Accounts: What’s The Difference.

Overall, money market accounts are worth it, especially if you’re saving for a short-term goal. However, like any investments, there are some disadvantages to money market accounts.

In this article we will address three main things: what is a money market account and what are the advantages and disadvantages of money market accounts.

*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK	OFFER	REVIEW
CIT Bank Money Market	1.00% APY	Review
CIT Bank Savings Builder	0.95% APY	Review
CIT Bank CDs	0.75% APY 1 Year CD Term	Review
CIT Bank No Penalty CD	0.75% APY	Review

What is a money market account?

Before we get to the advantages and disadvantages of money market accounts, it’s best to define what a money market account is.

A money market account is an interest bearing account that you can open at a bank or credit union. It is more like a savings account, though there are some key differences.

Money Market Accounts Advantages and Disadvantages.

Advantages

Let us consider the advantages of money market accounts.

Interest rate: The main benefit of a money market account is that the interest rate is much higher than that of a regular savings account. For example, CIT bank offers a money market account with 1.00% APY. Whereas the interest rate for a typical savings account is anywhere around 0.10%. MMAs interest rates are similar to those of certificate of deposits. The main difference, however, with a CD you earn a fixed interest for a fixed amount of time. And CD rates are higher than MMAs. And a penalty may apply if you withdraw your money early.

FDIC Insured. One of the benefits of money market accounts is that they are FDIC insured. Your money is secured by the federal government of up to $250,000. If you have more money than that, then you will need to open another account so all of your money can be protected.

To recap, money market accounts are FDIC insured, they offer higher interest rates than savings accounts, and they permit check writing privileges. Despite these many advantages, money markets also have disadvantages.

What are the disadvantages of a money market account?

Minimum balance: Most money market accounts require a minimum deposit account of $1,000. Although, that’s not a big amount, it may not be feasible for a young saver. Plus, a penalty will apply if your balance falls below the minimum requirement.

Limited check writing: While MMAs offer check writing privileges, there is a limit. With a money market account, you can only write six checks per month against your balance, which can be a disadvantage if you pay a lot of bills every month. So, money market accounts are a disadvantage for those who need to write more than six checks per month.

Account fees: Another disadvantage of money market accounts is the fee. If you donât maintain the required minimum balance, a fee will apply. So, maintaining the minimum balance is important because any fee will eat out your interest or earnings.

Taxes: Taxes are another disadvantage of money market accounts. You will pay taxes on whatever interest you earn in a MMA.

Inflation: just like taxes and account fees can reduce your interest, inflation can do the same thing. Let’s suppose you generate a 3% return on your money market account per year, and the inflation is 4%. That can impact your total return significantly.

Best Money Market Accounts

CIT Bank Money Market Account

The CIT Bank money market account is one of the best ones out there. Currently, the money market account offers a 1.0% APY.

This is very competitive comparing to other MMAs. Moreover, CIT Bankâs MMA has a required account minimum of only $100.

Open a CIT Bank Money Market Account.

Bottom line:

While money market accounts offer several benefits, there are disadvantages as well. The main disadvantages are that the minimum balance can be high for a young investor. Moreover, taxes and account fees can eat away whatever interest you might earn.

Related:

7 Best Short-Term Bonds to Buy in 2020
Vanguard CD Rates: How Much Can You Earn
Grow Your Money: Mutual Funds & CDs

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.

*TOP CIT BANK PROMOTIONS*
PROMOTIONAL LINK	OFFER	REVIEW
CIT Bank Money Market	1.00% APY	Review
CIT Bank Savings Builder	0.95% APY	Review
CIT Bank CDs	0.75% APY 1 Year CD Term	Review
CIT Bank No Penalty CD	0.75% APY	Review

The post Advantages And Disadvantages of Money Market Accounts appeared first on GrowthRapidly.

Source: growthrapidly.com

States Where Residents Most Rely on Credit â 2020 Edition

January 29, 2021 by Liam Lane Posted in Apartment Hunting, Checking Account Tagged Checking Account, covid-19, Credit, Credit Card, Credit Card Debt, credit cards, Debt, employment, Financial Goals, Financial Wize, FinancialWize, money, Recession, savings, where residents most rely on credit

Image shows four credit cards stacked on top of one another. SmartAsset analyzed various data points to find where residents most rely on credit.

Perhaps counterintuitively, consumer credit card debt has fallen since the beginning of the COVID-19 crisis. Federal reserve data shows that the total amount of revolving consumer credit, which primarily consists of credit cards charges, fell below one trillion in April 2020 for the first time in close to two years. Data from Experian tells a similar story. Between the end of Q2 2019 and Q2 2020, the average credit card balance of borrowers fell by about 11% from $6,629 to $5,897.

Though average credit card debt is decreasing nationally, it remains high in some states and may increase during the holiday season. In this study, SmartAsset looked at states where residents tend to rely on credit the most. Using data from Experian and the Census Bureau, we ranked all 50 states and the District of Columbia based on five metrics relating to credit card debt. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is the 2020 edition of our study on where residents most rely on credit. Read the 2019 version here.

Key Findings

Credit card debt is high in Southern states. Seven of the 10 states where residents rely most on credit are in the South: Oklahoma, Louisiana, Texas, South Carolina, Alabama, Georgia and Florida. In all seven states, average credit card debt exceeds $5,600 and makes up more than 10% of the median household income.
13 states saw one-year increases in average credit card debt. Though Experian data shows that national average credit card debt fell by 11.04% over the past year, certain states still saw increases. Average credit card debt increased by more than 3% in two states â Idaho and North Dakota â and rose by 1% or more in six additional states â Oklahoma, Hawaii, Mississippi, West Virginia, South Dakota and Iowa.

1. Oklahoma

Oklahoma ranks as the state where residents most rely on credit. Experian data shows that though average credit card debt fell in many places between the end of the second quarter in 2019 and 2020, it rose by 2.00% in Oklahoma, from about $5,800 to almost $6,000. With that rise, we estimate average credit card debt for Oklahoma residents makes up 10.96% of the median household income â the fourth-highest percentage for this metric in our study.

2. Louisiana

Though average credit card debt in Louisiana ranks toward the middle of the study at 24^th, it makes up the second-highest percentage of median household income, at 11.25%. Additionally, credit card debt may build up in Louisiana, as the state has relatively high poverty and unemployment rates. Data from the Census and Bureau of Labor Statistics shows that Louisiana also has the second-highest poverty rate (14.3%) and 15^th-highest September 2020 unemployment rate overall (8.1%).

3. Alaska (tie)

Average credit card debt in Alaska fell by close to 5% over the past year, but it is still the highest in our study, at close to $7,700. Additionally, Alaska ranks in the worst half of the study for two other metrics, average credit card debt as a percentage of income and September 2020 unemployment rate. Average credit card debt makes up 10.15% of the median household income (the 10^th-worst rate for this metric overall). In September of this year, unemployment stood at 7.2% (the 23^rd-worst in the study).

3. Nevada (tie)

Nevada ranks in the bottom half of the study for all five metrics we considered. It has the 11^th-highest average credit card debt, the 22^nd-worst one-year change in average credit card debt and the 17^th-highest average credit card debt as a percentage of median household income. Census Bureau data from 2019 shows that Nevada has the 20^th-worst poverty rate of all 50 states and the District of Columbia, at 8.7%. Moreover, in September 2020, the unemployment rate (12.6%) was the second-highest in the country, behind only that of Hawaii.

3. Texas (tie)

Texas ties with Alaska and Nevada as the No. 3 state in the country where residents rely most on credit. Though average credit card debt in Texas fell by almost 5% over the past year, it remains elevated compared to other states. Experian data shows that at the end of the second quarter in 2020, average credit card debt was $6,423 â the seventh-highest of any state. Additionally, Texasâ poverty rate is the ninth-highest in the study, at 10.5%.

6. New Mexico

Credit card debt in New Mexico is high relative to average incomes. We found that average credit card debt as a percentage of the median household income was third-highest in our study, at 10.98%. New Mexico residents may also struggle with credit card debt more, as unemployment and poverty rates are high. In 2019, the unemployment rate was 9.4% (eighth-highest in the study) and in September 2020, the poverty rate was 13.7% (the third-worst in the country).

7. South Carolina

South Carolina actually has the lowest September 2020 unemployment rate (5.1%) of any of the 10 states where residents most rely on credit. However, the state ranks relatively poorly on the other four metrics we considered. It has the 18^th-highest average credit card debt, 14^th-worst one-year change in average credit card debt, eighth-highest average credit card debt as a percentage of income and 11^th-highest poverty rate.

8. Alabama

Using Experian and Census Bureau data, we found that average credit card debt for Alabama residents makes up almost 11% of the stateâs median household income. Additionally, Alabama has the sixth-highest 2019 poverty rate (11.2%) of all 50 states and the District of Columbia.

9. Georgia

At the end of the second quarter of 2020, average credit card debt in Georgia stood at roughly $6,200. This debt may affect residents more in Georgia, as debt makes up more than 10% of the median household income in the state. In addition, almost 10% of individuals fall below the federal poverty line.

10. Florida

Florida has the 12^th-highest average credit card debt (about $6,100) and ninth-highest average credit card debt as a percentage of median household income (10.31%). In September 2020, the unemployment rate in Florida was the 20^th highest in the country, at 7.6%.

Data and Methodology

To determine the states where residents rely most on credit, we compared all 50 states and the District of Columbia across five metrics:

Average credit card debt. Data comes from Experian and is for Q2 2020.
One-year change in average credit card debt. Data comes from Experian and is from Q2 2019 to Q2 2020.
Average credit card debt as a percentage of median household income. This is the average credit card debt (per borrower with credit card debt) divided by median household income. Data for average credit card debt comes from Experian and data on median household income comes from the Census Bureauâs 2019 1-year American Community Survey.
September 2020 unemployment rate. Data comes from the Bureau of Labor Statistics.
Poverty rate. This is the percentage of the population below the federal poverty level. Data comes from the Census Bureauâs 2019 1-year American Community Survey.

First, we ranked each state in every metric, giving a double weight to both of the average credit card debt metrics, a single weight to the change in average credit card debt metric and a half weight to September 2020 unemployment rate and poverty rate. We then found each stateâs average ranking and used the average to determine a final score. The state with the best average ranking received a score of 100. The state with the lowest average ranking received a score of 0.

Tips for Managing Credit Card Debt During the COVID-19 Downturn

Contact your credit card company. Many credit card companies are offering financial relief to their customers during the COVID-19 pandemic. The Consumer Financial Protection Bureau recommends that the best first steps in receiving relief are contacting your credit card company, telling them youâve been affected and asking questions about the relief packages they offer.
Create a plan to pay it off. Credit card debt can be incredibly stressful, especially during a recession when jobs are less secure and employment opportunities are more limited. Our credit card calculator is here to help. By adding your credit card details, you can calculate the total interest and time it will take you to pay off your debt.
Consider a financial advisor. A financial advisor can help you make smarter financial decisions to be in better control of your money and get previous debt under control. Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com.

The post States Where Residents Most Rely on Credit â 2020 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

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3. Axos Bank Basic Business Checking

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5. Wise

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8. Radius Bank Tailored Checking

9. NorthOne Business Banking

10. Axos Bank Business Interest Checking

11. Citizens Bank Clearly Better Business Checking

12. NBKC Business Checking Account

13. Huntington Bank Unlimited Business Checking

14. TIAA Bank Business Checking

Final Word

What is a fair credit score for purposes of getting a personal loan?

What is a personal loan and what can it be used for?

Can I get a personal loan with a fair credit?

5 Best Personal Loans for Fair Credit

Other ways to find personal loans for fair credit

Banks.

Credit Unions

Peer-to-peer (P2P) Lenders

Tips to fix a fair credit if you can’t get a personal loan

4. Pay your bills on time

Consider a co-signer

Work with the Right Financial Advisor

See below a table of CIT Bank CD Rates that are available to you:

CIT Bank CD Rates: an overview

What is a certificate of deposit (CD)?

Are CIT Bank CDs the right choice for you?

What are the CIT Bank CD rates?

CIT Bank 2-Year CD Rates

CIT Bank’s Jumbo CDs.

Here is a table of CIT Bank’s Jumbo CD rates:

How to open a CIT Bank account.

CIT Bank CDs Alternatives

Bottom line

Tips for Maximizing Your Savings

Understanding the Advantages of the Best Vanguard Funds

Are you a long-term investor?

The 8 Best Vanguard Funds to Buy Now for Long-Term Investments

Speak with the Right Financial Advisor

Key Findings

Data and Methodology

Tips for Managing Your Money While on the Go

Categories

What is a routing number?

CIT Bank Routing Number:

How to Find Your CIT Bank Routing Number?

The Bottom Line

Speak with the Right Financial Advisor

What is a money market account?

Money Market Accounts Advantages and Disadvantages.

What are the disadvantages of a money market account?

Best Money Market Accounts

Speak with the Right Financial Advisor