You know what’s great? If you make your budget the right way you get to decide where you spend your money.

As I stated most feel a budget is restricting, in fact I grew up feeling that way. We couldn’t go eat with our friends because it wasn’t in the budget. I couldn’t get new shoes because it wasn’t in the budget. Growing up, I really hated the word budget.

Now, this isn’t a knock on my parents, financial literacy wasn’t taught in schools and there wasn’t as much access to information as there is today. But now, having to keep my house in order I see how a budget actually brings me financial freedom.

Control Your Money

So how does a budget let you decide where you spend your money?

John Maxwell says: “A budget is telling your money where to go, instead of wondering where it went.”

When you stop to think about that statement for a moment it really changes your perspective. Having this mindset really empowers you to have control over your money. Having a budget is having a plan.

This reminds me of another famous quote “If you fail to plan, you are planning to fail”. This is a quote attributed to Benjamin Franklin.

This is another powerful statement. Without a proper plan in place you will surely fail. A good contractor wouldn’t start building a house without having blueprints. So why would you live your life without a blueprint – a budget – for YOUR money?

Do You Overspend?

Speaking of money, do you know how much you spent on groceries last month or the last 3 months? Even though many still overspend here, most would have a pretty good idea as that is an expense most people review weekly.

But do you know how much you spent on eating out or at your favorite coffee shop over the last 3 months? Those answers might be a little harder to come up with without looking at your bank statement.

Did you know, according to a CNBC article the average household spends $7,400 each year more than those on a budget? That’s $143 per week more that people spend that they have no idea where it went.

These individuals fall into the second half of John Maxwell’s quote, wondering where their money went.

What could you do with an extra $7,400 each year? If you invested that each year for 30 years in a retirement account with a modest 6% annual return you would have put into it for $221,760, but would have over $600,000 in that retirement account. How much faster could you pay off your mortgage? You get the idea.

That example alone shows you the importance of a budget. Without a budget you could potentially be throwing money away.

Now, how do I make a Budget?

But does that mean you can’t spend money on things you want? Absolutely not! Over the next few articles we will look at different methods of budgeting so you can decide which one works best for you. Before we do that though, we need to look and see where your money went over the last 3 months. We will look at how to do that in the next article. I know, super boring. But this will set you up for success so you can decide where to spend your hard earned money.

The post Why you should have a budget! appeared first on My Credit Card IQ.

You will earn this 5% on the first $1,500 you spend at all three areas combined. The maximum amount you can earn will be $75. Just be sure to activate the quarter before you start spending.

HOW SOON CAN YOU ACTIVATE YOUR DISCOVER IT SAVINGS?

You can activate the Discover IT’s quarters 2 months prior to when the quarter begins. For example quarter 3 which lasts from July 1st to September 30th can be activated on May 1st. As you can see in the graphic below, the categories will be restaurants and Paypal. Stay tuned in the coming months when we will discuss the best strategies for maximizing how to earn you $75 cash back.

HOW TO MAXIMIZE QUARTER 1

Most should be able to take advantage and maximize quarter 1 for the Discover IT. Especially in this quarter in the Grocery Store category alone. According to the US Bureau of Labor Statistics in 2018 the average family spends $4,464 per year on groceries. That averages $372 per month.

Because every family’s needs are different, you will no doubt have to adjust accordingly. But for the sake of ease we will use the above numbers for this discussion. For the three months of January, February, and March the average family would spend about $1,116 in the first quarter alone. Only putting you $384 short of the $1,500 cap of earning 5% cash back.

What do most grocery stores, CVS, and Walgreens have in common? They sell gift cards. So what I would recommend doing is purchasing either gift cards to the grocery store you like shopping at since you know you will use it anyway. Alternatively, you could purchase a gift card or gift cards to places you know you will be able to use. Don’t purchase gift cards just to purchase them. You should do so with a clear plan in mind. 

PRACTICAL APPLICATION

What does a practical way of putting this into practice look like? I live in the small town of Houston, Texas. Have you heard of it? Oh, you have? Well anyway, we have a popular chain here called Kroger. They sell a variety of gift cards. 

Anyway my wife and I will be going to California this week for a wedding. While there, we decided to go to Disneyland for a couple days. Kroger sells, you guessed it, Disney gift cards. I purchased $1,000 of Disney gift cards with my Discover IT card. Basically saving my $50.

Now I will get that $50 in the form of available cash back on my Discover IT account that I can use towards my balance or deposit into my bank account. What is great about Discover is if you are still within your first of having this card they will match all of your cash back at the end of your first year. So essentially you could save 10% or $150 each quarter instead of $75.

ANOTHER BENEFIT OF BUYING GIFT CARDS

Another great way I save money when purchasing gift cards at Kroger is being able to take advantage of the promotions they have. Kroger has a fuel rewards program. You earn 1 point per dollar you spend. For every 100 points you earn you can save 10 cents off per gallon of gas.

They usually have 2X fuel points on gift cards and just about every weekend it seems they will allow you to earn 4X fuel points on gift cards.

So my $1,000 Disney gift card purchase earned me 2000 fuel rewards. If it weren’t for my poor planning and waiting until the last minute I could have taken advantage of the 4X fuel rewards that is currently running and earned 4000 fuel rewards.

Kroger allows you to redeem 1000 fuel rewards maximum per transaction. So the most you can save is $1.00 off per gallon. Depending on how many gallons of gasoline it takes to fill up that could be some serious savings. Keep in mind that fuel rewards usually expire within a month. So you won’t want to hoard them.

DO YOU WANT A FREE $50?

If you’re thinking about getting this card now is a great time. You can use this link to apply and get a free $50 as long as you make one transaction within the first 3 months of opening your account.

OVERALL THOUGHTS

The Discover IT card is one of the easiest to use rotating categories credit cards to use. I love that it has no annual fee too. Discover also reveals the whole year calendar ahead of time to help you plan your spend accordingly. Quarter 2 will be Gas Stations, Lyft, Uber, and Wholesale Clubs. Check back for that one. So now that you know how to maximize quarter 1 for the Discover IT, are you ready to start saving?

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This is a cash back card that comes with no annual fee. This is something that is good to keep in mind as this is a card you could keep for the long haul. This card also comes with no foreign transaction fees, which is a selling point of all Capital One cards. This card also comes with a moderate sign-up bonus of $150 cash back bonus after spending $500 on purchases with the first 3 months of account opening.

Sign-Up Bonus tips

When it comes to the sign-up bonus there are a few things to consider. The first one is capital one includes language in their terms that suggests customers are only eligible for the sign-up bonus if they are a new customer. This is generally being applied to new accounts for a product. So, if you have never had the Savor One card before you should be okay. But bear in mind that the way the language is worded you could be at risk for not receiving the sign-up bonus.

More on not receiving a sign-up bonus. Some have complained that when they used the pre-qualify tool on capital one’s website and then approved they never received their sign-up bonus after meeting the requirements. Keep in mind these are complaints from disgruntled customers, so there may be more to the story. But just to play it safe I would recommend using the pre-qualifying tool and if it looks like you have a good shot at being approved either clear your cookies or open an incognito browser.

Savor One Categories

• 3% cash back on dining and entertainment
• 2% cash back at grocery stores
• 1% cash back on all other purchases

What is an Entertainment Purchase for Savor One?

According to Capital One and entertainment purchase is defined as a ticket purchase made at a movie theater, record store, video rental location, does not include streaming and subscription services. Tourist attraction, amusement park, aquarium, zoo, dance hall, billiard and pool establishment, bowling alley, professional sporting event, theatrical promoter, or concert promoter.

Ultimately if the merchant you are purchasing your entertainment from uses an entertainment code that Capital One determines falls under one of those categories, your purchase will earn you 3% cash back. Some restaurants and stores inside say a sporting arena may be coded as “food” or “merchandise”, respectively.

Interestingly, Capital One lists a few non-qualifying entertainment purchases that they don’t offer 3% cash back for. These would be purchases made at golf courses, country clubs (including membership fees), collegiate sporting events categorized as “universities”, charitable organizations that provide live entertainment, amusement park tickets purchased on third-party sites or on entertainment and resort packages categorized as “travel” or “hotel”.

What is a Dining Purchase with Savor One?

Like the entertainment category, it will mainly come down to how the merchant has set up codes for their business. But according to Capital One, you can expect purchases at restaurants, fast-food places, coffee shops, cafes, lounges, bakeries, bars and nightclubs to count towards Dining purchases.

You can see there are plenty of opportunities to earn that 3% cash back with the Capital One Savor One credit card. While the big brother, if you will to the Savor One card. The Savor card earns 4% on dining and entertainment it does come with a $95 annual fee (waived in year 1).

Earning on Groceries

While not game changing, this card does earn a respectable 2% cash back at the grocery store.  There is no cap to the amount of cash back that you can earn in any category, so that is a plus. But frankly there are better options out there when it comes to purchasing groceries. If you are willing to pay a $95 annual fee The Blue Cash Preferred Card from American Express offers 6% cash back at U.S. supermarkets on up to $6,000 in spending each year.

If you don’t want to pay an annual fee the Walmart Credit card and the Target Red card (both debit and credit versions) offer 5% back that you can use on grocery purchases.

SavorOne Earning Potential

One nice thing about the Capital One Savor One card is that there is no maximum to the amount of cash back you can spend. So if you spend a lot in entertainment and dining out you can rack up that cash back quickly. If you think you spend $10,000 or more you may want to consider the regular Savor card which has a $95 annual fee and you can earn 4% cash back in the dining and entertainment category. Also with no cap on earning potential.

Overall Thoughts

If you like eating out and not paying for an annual fee this very well might be the best option for you. The sign-up bonus is decent for a no annual fee card and you can even use this while travelling internationally. If you want a no annual fee credit card that earns 3X in more than just dining and entertainment. The Wells Fargo Propel card might be a better option for you.

The post Capital One Savor One Review | Deliciousness Straight to your Wallet appeared first on My Credit Card IQ.

With the recent changes to the Chase Sapphire Reserve which includes a fee increase of $550 for new card holders effective January 12, 2020 and for existing card holders as of April 1, 2020 and moving forward. One positive is if your annual renewal is prior to April 1, 2020 you will be able to get one more year at the $450 annual fee and still receive all the benefits they added. In this post we will look at 7 reasons to have the Chase Sapphire Reserve in 2020. We won’t be focusing in on the $300 travel credit, of the 3x multiplier on travel purchases. We will be looking at 7 ways to justify this card for 2020. For a detailed post of all the changes click here. These 5 reasons are listed in no particular order.

Do you like Airports?

If so this card comes with complimentary airport lounge access. You’ll receive a Priority Pass Select membership. Which is valued at $99. You can bring two guests with you free of charge. Each additional guest will cost $27. This Priority Pass Select Membership also allows you to use it at select restaurants inside airports towards $28 worth of food at most of the 28 or so participating restaurants, not to mention the 20 or so bars that you can use that credit. Some restaurants allow you to bring one guest and get another $28 worth of food credits, totaling $56. Which is a sweet deal. These credits can’t be applied towards a tip however, so be sure to bring a few bucks for that.

Personally I do not have this benefit as I generally don’t spend much time in airports. I usually get there in time for my flight and once I land I’m headed on to my destination. There are examples of people using this benefit at multiple participating restaurants in the same airport allowing them to use that $28 credit two or even three times. If you’re someone who travels often for work or takes international trips with layovers, this benefit could be very beneficial.

Hate Waiting in line

Are you someone who is always running late or rushing through the airport to catch your flight? Or maybe you just hate waiting in lines. Well, then this is one reason to consider the Chase Sapphire Reserve. I am talking about the Global Entry or TSA PreCheck credit that you get with this card. If you only travel domestically than all you really need is TSA Precheck. But if there is even a chance you might travel internationally within 4 years of getting this, I always recommend going for Global Entry since TSA-Precheck is included in that. If you pay the $85 for TSA PreCheck or the $100 for Global Entry with the Chase Sapphire Reserve you will receive that credited back to your account. You can use this credit once every four years. Which is about how long each membership lasts before it’s time to renew.

Who needs a car?

Do you live in a densely populated area like New York, San Francisco, or Los Angeles? Or maybe you travel for work and instead of renting a car you take a rideshare option. If so you may find yourself taking either Uber or Lyft. Now with the Chase Sapphire Reserve it might make more sense to use Lyft with these new perks.

• 10x points per dollar spent with Lyft
• Complimentary Lyft Pink Membership

With these added perks, not only will you save 15% off your rides, you will earn a higher bonus rate. Plus a few other perks that you can read about here. The 10x benefit is currently being advertised only through March 2022. It will be interesting to see if they extend it or go with a different perk. Although I suspect since American Express has a deal with Uber, Chase will stay with Lyft.

Transfer Partners

Chase has some of the best transfer partners of any of the major credit card players. If your focus is on travel, this card is hard to beat. Points are worth 1.5 cents each when redeemed towards travel through the Ultimate Rewards portal. But many times, you can extract more value by using transfer partners. Points transfer at a 1:1 ratio and sometimes chase even offers bonuses when you transfer to one of their partners.

Here are the Ultimate Rewards transfer partners:

No matter if you only need to rent a car once a year or with every monthly excursion. This benefit is hard to beat. The Sapphire Reserve offers primary collision damage waiver coverage. This basically means that you are covered for any damages that happen to your rental car, regardless of whether you carry other insurance or not. You do have to pay for the rental with this card and decline the collision insurance, for the policy to kick in. Check your cardmember agreement for full details of what type of rentals may not be covered. While thankfully I have never had to use a benefit like this. Knowing that if you use this card to pay for your car rental gives a bit of relief.  

Do you eat?

One of the new changes to this card involves DoorDash. The Sapphire Reserve offers a 1-year DashPass membership. With this service you pay $0 delivery fees when ordering at least $12 from participating restaurants.

You also get $120 of DoorDash credit. This is broken up over two years. You will receive $60 of credit in 2020 and another $60 of credit in 2021. Not a bad benefit overall and one that just about every card holder should be able to take advantage of.

We don’t need no stinking fees!

This card is advertised as a travel card. As such you wouldn’t expect a travel card to have any foreign transaction fees. The Sapphire Reserve doesn’t disappoint. This is an excellent card for purchases made internationally while traveling or even from merchants who may be based in other countries. Say goodbye to those 3% fees.

Those are just 7 reasons why the Chase Sapphire Reserve is still a great option to have in your wallet. Is there a reason that I didn’t include that is a reason you keep this card? We’d love to know. Drop us a comment below, on YouTube, or one of our social media accounts.

The post 7 Reasons to keep the Chase Sapphire Reserve in 2020 appeared first on My Credit Card IQ.

American Express and Delta announced back in October of 2019 that changes would be coming to all 4 personal co-branded credit cards as well as the business versions. These effects take place on January 30, 2020. Since these changes are about to kick in. I thought it would be a good time to dive into these changes. Let’s take a peek.

Sign-Up Bonus

Since American Express only allows you to earn one sign-up bonus per lifetime on each product. Equally, you want to try and earn a sign-up bonus when it is at or near its highest offer. The public offer always starts off at around 40,000 SkyMiles after $3,000 of spending within the first 3 months of account opening. We have seen as high as 75,000 SkyMiles with $5,000 of spending within the first 3 months of account opening. I would strongly suggest waiting for one of the higher offers. As part of the sign-up bonus you will also receive 10,000 Medallion Qualifying Miles (MQMs). These are put towards Elite Status with Delta Airlines.

Moreover, you can generally get a great sign-up bonus by using a referral link. Use our LINK, just click on “VIEW ALL CARDS WITH A REFERRAL OFFER” and you’ll currently get 75,000 Delta SkyMiles after you spend $5,000 in purchases within the first 3 months of account opening. This current promotion ends 01/29/2020. We will see if there will be an increased offer coming on 01/30/2020 to help promote the new versions of these cards.

In addition, the best strategy is to use a computer to go onto Delta.com and purchase a $100 gift card. Because, if you try this from your phone or tablet that the credit will not kick in. Why this is I don’t know. But don’t chance it. You may even want to use incognito mode.

If you really want this card the best strategy is to apply for this card by January 29, 2020. By doing this you will get the current $450 annual fee. If you apply on January 30, 2020 or later the higher annual fee of $550 will be in effect.

Delta SkyMiles Platinum Benefits

We will look at the benefits this card will have effective January 30, 2020.

• 3X on Delta Purchases
• Complimentary Access to the Centurion Lounge
• Delta Sky Guest Passes
• Complimentary Upgrades
• Global Entry or TSA PreCheck credit
• Status Boost
• Companion Certificate
• MQD Waiver
• Main Cabin 1 Priority Boarding
• Concierge
• First Checked bag free

What is Status Boost?

If in any calendar year you spend $30,000 or more on your Delta SkyMiles Reserve Card you will receive 15,000 Medallion Qualification Miles (MQMs). You can earn this up to four times in one calendar year. So, if you spend $120,000 or more in a calendar year you can earn 60,000 MQMs. Delta defines the calendar year ending on December 31 of any year. The purchase must post to your account on December 31. MQMs are not redeemable. They count towards earning Elite Status with Delta. If you have this credit card you probably already have or are planning on earning Delta’s highest loyalty program. Diamond Medallion Status.

Companion Certificate

Every card anniversary month. So, beginning on your 1^st year anniversary holding this card. You will receive a Companion Certificate in your account on Delta.com in your renewal month. This certificate can be used for travel within the United States only with some exceptions when it comes to Hawaii, Alaska, Puerto Rico or the US Virgin Islands. You only pay the taxes and fees, no more than $75. If traveling across the country the value of the ticket you would be getting more than covers the $250 annual fee.

Delta Sky Club Access

These lounges inside airports allow you and complimentary access to these lounges when traveling on a same-day Delta flight. This is a unique perk of the Delta SkyMiles Reserve Card. If you are traveling on an airline other than Delta, you may still access the Sky Club for a cost of $39. You may also bring up to two guests to enter for $39 per person. Children under 2 years of age may enter for free with the Card Member. You will have to pay for this with your Delta SkyMiles Platinum Credit Card, so be sure to carry it with when traveling. Card Member and guests must be flying on same-day Delta or Delta partner flight. Generally, the $39 fee is not worth the cost of admission. If you happen to have a long layover or had a flight cancellation it’s better than sitting around in the terminal. But Ultimately, you’ll have to decide if he cost is worth it.

Each year with this card you will receive two complimentary guest passes for the Delta Sky Club. These one time passes expire one year from the date of issuance. So if you don’t use them, you lose them. You as the card holder will have to be present with your guests. So you can’t just give these passes to your friends as a gift. The guests must also be travelling on a same day Delta flight or Delta operated flight.

This benefit has a lot of restrictions. But if you have this card you are flying Delta every time you are in the skies anyway. This shouldn’t be too hard for you to use if say taking your family on a vacation.

The Centurion Lounge Benefit

One of the more luxurious perks of this card if you will is the complimentary access to all locations of The Centurion Lounge. Same rules apply as for the Delta Sky Club Access. Must be traveling on a same day Delta flight or partner flight. The eligible flight must be booked on a U.S. issued American Express charge or credit card. How they determine if this was done, I’m not sure. I guess they will have access to your itinerary and receipt.

Overall Thoughts

The assumption I am making is that if you have this credit card you already fly Delta or are about to start flying Delta on a very regular basis. Probably monthly. Overall the benefits I feel more than cover the annual fee if you visit lounges. This is a great card to help you reach the Elite Diamond Medallion Status. The earning categories are lack luster in my opinion only have a Delta earning multiplier. The Delta SkyMiles Platinum Card has better earning categories in my opinion and you could partner that card with say The Hilton Honors Surpass card with gives you 10 visits to Priority Pass lounges each year and pay only about $350 per year in annual fees instead of the $550 annual fee with this card. Like with any card, run the numbers for any credit card you are considering to see if it makes sense for you.

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American Express and Delta announced back in October of 2019 that changes would be coming to all 4 personal co-branded credit cards as well as the business versions. These effects take place on January 30, 2020. Since these changes are about to kick in I thought it would be a good time to dive into these changes. While the overall changes are more negative than positive. This card still comes with some nice benefits and an amazing perk. Let’s take a peek.

Sign-Up Bonus

Since American Express only allows you to earn one sign-up bonus per lifetime on each product. You want to try and earn a sign-up bonus when it is at or near its highest offer. The public offer always starts off at 35,000 SkyMiles after $1,000 of spending within the first 3 months of account opening. We have seen as high as 75,000 SkyMiles with $2,000 to $3,000 of spending within the first 3 months of account opening. I would strongly suggest waiting for one of the higher offers.

You can generally get close by using a referral link. If you’d like to use our LINK, just click on “VIEW ALL CARDS WITH A REFERRAL OFFER” and you’ll currently get 75,000 Delta SkyMiles after you spend $3,000 in purchases within the first 3 months of account opening. You will also get a $100 statement credit after you make a Delta purchase with your new card within the first 3 months. This current promotion ends 01/29/2020. We will see if there will be an increased offer coming on 01/30/2020 to help promote the new versions of these cards.

The best strategy is to use a computer to go onto Delta.com and purchase a $100 gift card. Data points suggest that if you try this from your phone or tablet that the credit will not kick in. Why this is I don’t know. But don’t chance it. You may even want to use incognito mode.

If you really want this card the best strategy is to apply for this card by January 29, 2020. By doing this you will get the current $195 annual fee. If you apply on January 30, 2020 or later the higher annual fee of $250.

Delta SkyMiles Platinum Benefits

We will look at the benefits this card will have effective January 30, 2020.

• $250 annual fee
• 3X Miles at Hotels
• 3X Miles on Delta Purchases
• 2X Miles at Restaurants
• 2X Miles at U.S. Supermarkets
• Global Entry or TSA PreCheck Fee Credit
• Companion Certificate
• First Checked Bag Free for you and up to 8 passengers traveling with you on the same reservation
• Main Cabin 1 Priority Boarding
• No Foreign Transaction Fees
• Delta Sky Club Access for $39
• Status Boost

What is Status Boost?

If in any calendar year you spend $25,000 or more on your Delta SkyMiles Platinum Card you will receive 10,000 Medallion Qualification Miles (MQMs). You can earn this up to twice in one calendar year. So, if you spend $50,000 or more in a calendar year you can earn 20,000 MQMs. Delta defines the calendar year ending on December 31 of any year. The purchase must post to your account on December 31. MQMs are not redeemable. They count towards earning Elite Status with Delta.

Companion Certificate

Every card anniversary month. So, beginning on your 1^st year anniversary holding this card. You will receive a Companion Certificate in your account on Delta.com in your renewal month. This certificate can be used for travel within the United States only with some exceptions when it comes to Hawaii, Alaska, Puerto Rico or the US Virgin Islands. You only pay the taxes and fees, no more than $75. If traveling across the country the value of the ticket you would be getting more than covers the $250 annual fee.

Delta Sky Club Access

These lounges inside airports allow you and up to two guests to enter for $39 per person. Children under 2 years of age may enter for free with the Card Member. You will have to pay for this with your Delta SkyMiles Platinum Credit Card, so be sure to carry it with when traveling. Card Member and guests must be flying on same-day Delta or Delta partner flight. Generally, the $39 fee is not worth the cost of admission. If you happen to have a long layover or had a flight cancellation it’s better than sitting around in the terminal. But Ultimately, you’ll have to decide if he cost is worth it.

Overall Thoughts

As mentioned at the outset of this post this card still packs some power. That Companion Pass is hard to beat. Checked bags on Delta run you a smooth $30 per bag each way. If you and your travel buddy each check a bag that would cost you $120. Those two perks alone more than cover the $250 annual fee. To get the lower annual fee of $195 in year one be sure to apply by January 29, 2020.  What do you think about this Card?

The post Delta SkyMiles Platinum Review 2020 | Get a FREE TICKET appeared first on My Credit Card IQ.

American Express and Delta announced back in October of 2019 that changes would be coming to all 4 personal co-branded credit cards as well as the business versions. These effects take place on January 30, 2020. Since these changes are about to kick in I thought it would be a good time to dive into these changes.

Sign-Up Bonus

Since American Express only allows you to earn one sign-up bonus per lifetime on each product. You want to try and earn a sign-up bonus when it is at or near its highest offer. The public offer always starts off at 30,000 SkyMiles after $1,000 of spending within the first 3 months of account opening. We have seen as high as 75,000 SkyMiles with $2,000 to $3,000 of spending within the first 3 months of account opening. I would strongly suggest waiting for one of the higher offers.

You can generally get close by using a referral link. If you’d like to use our LINK and You’ll currently get 60,000 Delta SkyMiles after you spend $2,000 in purchases within the first 3 months of account opening. You will also get a $50 statement credit after you make a Delta purchase with your new card within the first 3 months.

The best strategy is to use a computer to go onto Delta.com and purchase a $50 gift card. Data points suggest that if you try this from your phone or tablet that the credit will not kick in. Why this is I don’t know. But don’t chance it. You may even want to use incognito mode.

If you really want this card the best strategy is to apply for this card by January 29, 2020. By doing this you will get the current $95 annual fee waived for your first year. If you apply on January 30, 2020 or later the higher annual fee of $99 kicks in and is not waived in year one.

Delta SkyMiles Gold Benefits

We will look at the benefits this card will have effective January 30, 2020.

• $99 annual fee
• 2X Miles at Restaurants
• 2X Miles at U.S. Supermarkets
• 2X Miles on Delta Purchases
• $100 Delta Flight Credit, after you spend $10,000 in a calendar year
• First Checked Bag Free for you and up to 8 passengers traveling with you on the same reservation
• Main Cabin 1 Priority Boarding

Overall Thoughts

As mentioned at the outset of this post this card is perfect if you fly using Delta at least twice a year as a solo traveler or once a year with a travel buddy. Checked bags on Delta run you a smooth $30 per bag each way. If you and your travel buddy each check a bag that would cost you $120. That more than pays for the $99 annual fee. To avoid the annual fee in year one be sure to apply by January 29, 2020. It’s also a great card to get your feet wet and earn some increased earnings at the supermarket and gas station while enjoying some nice travel benefits. This is a keeper card in my book.

The post Delta SkyMiles Gold American Express Card Review 2020 appeared first on My Credit Card IQ.

The Wells Fargo Propel American Express credit card is quickly becoming one of the most popular credit cards around. For good reason too. In this post we will take a look at how this credit card earns and an amazing perk that more credit cards should offer.

Sign-Up Bonus

This card comes with an outstanding sign-up bonus for a no annual fee credit card. This card earns in points. So you will earn 20,000 points after only spending $1,000 in the first 3 months of account opening. Those 20,000 points are worth a cool $200. Which gives you a 20% return on your spend.

How The Wells Fargo Propel Earning Potential

• Earn 3x points on
  • Eating out and ordering in
  • Gas stations, rideshares, and transit
  • Flights, hotels, homestays, and car rentals
  • Popular streaming services
• Earn 1x points on other purchases
• No limit to the points you can earn
• Points never expire as long as your account is open

Wells Fargo Propel Unique Perk

This card had a benefit that more cards need to include. That is cell phone protection. All you have to do is pay you cell phone bill monthly with the Wells Fargo Propel Credit Card and you receive up to $600 cell phone protection per claim. This covers damage or theft of your cell phone. You must pay a $25 deductible towards the coverage of repairs or replacement of your original phone. No more than $1,200 can be covered in a 12 month period. 

The cell phone coverage goes into effect the 1st day of the calendar month following your first cell phone bill where you pay your cell phone bill.

The terms and conditions on the Wells Fargo website states that this benefit does not cover phones that are lost (i.e. disappear without explanation). It also does not apply to phones that are rented, borrowed, or received as part of a prepaid plan.

I would recommend keeping the receipt for your cell phone purchase incase it is asked for when making a claim. Also do the math to make sure the coverage makes sense over getting one with your cell phone carrier or cell phone company. With many of the hottest phones costing about $1,000 you may not get enough to cover the cost of that new phone of yours.

Additional Benefits

This card also comes with purchase and travel protections that includes:

• Lost luggage reimbursement
• Car rental loss and damage insurance
• Roadside assistance
• 24/7 travel and emergency assistance, and emergency cash advances
• Retail Protection
• Extended Warranty

Link to all the details of each coverage here as it has a lot of legal jargon that I don’t want to mis-represent.

Overall Thoughts

For a no annual fee credit card, the Wells Fargo Propel card is hard to beat. You earn 3X points in some pretty major categories as well as get a solid cell phone protection benefit. I think this card is a contender for the best no annual fee credit card and can definitely be a card that everyone should consider having for the long haul.

If you love cash back cards we bet you’ll love this card that gives 5X back on travel.

The post 9 Amazing Categories for the Wells Fargo Propel appeared first on My Credit Card IQ.

What is the Southwest Companion Pass?

If you’re unfamiliar with what the Southwest Companion Pass is check out our other post here or this video for a full break down and the best strategy. But simply put, this companion pass allows you to bring a plus one on any paid or reward flight for up to 2 years. You need to earn 125,000 rapid rewards points in one calendar year to ge it. It’s truly the best travel hack available and it’s easier to get than you might think. The easiest way is through credit cards.

Southwest partners with Chase for all of their credit cards. Something to keep in mind if you have opened 5 or more credit cards in the last 24 months. If you have you wont be approved for a Southwest credit card.

What are the Two Best Credit Cards to Earn The Southwest Companion Pass?

Now these can be subjective. But if your goal is to earn the Southwest Companion Pass that means you plan on flying Southwest frequently. So, with that in mind, don’t you want to get the most out of every flight?

I knew you would say a resounding yes!

To earn the companion pass fast and easy you need to open two of these Southwest credit cards. You will need to open up one personal credit card and one business credit card. Now you might be thinking, I don’t own a business. Well, if you sell anything online that is considered a business. 

For the personal credit card you will want to get the Southwest Rapid Rewards Priority Credit Card which comes with a $149 annual fee. For the business version you will want to get the Southwest Rapid Rewards Performance Business Credit Card which comes with a $199 annual fee. 

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So now you have two cards in your wallet that are costing you $348 per year. Is it worth it? Absolutely! Let’s look at the numbers.

Southwest Rapid Rewards Priority Credit Card Benefits

Let’s take a look at the personal credit card first. What do you get for $149 per year? After the 75,000 point sign-up bonus which is worth about $1,125, here is what else you will get:

• 7,500 points every anniversary ($112.50 value)
• Four Upgraded Boardings per year when available ($30-$50 value per pass)
• $75 Southwest annual travel credit
• 20% back on inflight drinks and WiFi
• 2 points per $1 on Southwest Airlines purchases

Since you won’t receive your 7,500 points until your year one anniversary we won’t include that into our valuation. I also don’t value the boarding passes at $30. I value those at a modest $10 since I would easily pay that amount. So that means in year one you are getting a whopping $1240. Now once those points have been used. Does it still make sense to keep this card?

Now we can include those 7,500 anniversary points as those can be used to redeem for flights. Just on the value of the points and the annual travel credit alone you are already at $187.50 which gives you more than the $149 annual fee. Add in $40 worth of value for those 4 boarding passes and based on my value you’re sitting at $227.50 worth of value. This card more than pays for itself and this is the one I always recommend to apply for between the three.

Southwest Rapid Rewards Performance Business Credit Card Benefits

Now let’s take a look at the Business credit card. What do you get for $199 per year? After the 70,000 point sign-up bonus which is worth about $1,050, here is what else you will get:

• 9,000 points every anniversary ($135 value)
• Four Upgraded Boardings per year when available 
• Inflight Wifi Credits (limited to 365 $8 credits per year)
• $100 Global Entry or TSA Pre-Check statement credit every 4 years
• 3 points per $1 on Southwest Airlines purchases
• 2 points per $1 on social media and search engine advertising, Internet, cable, and phone service

Since again on this card you won’t receive your 9,000 points until your anniversary we won’t include that in our year one valuation. We also use the same value for the boarding passes. We now have have a couple more things to add that we get with this card. We get those inflight WiFi credits as well as that $100 Global Entry Credit. Even though it is every 4 years, we will include that in the year one valuation instead of averaging it out over 4 years. Now the inflight credits are going to be based on how many times you fly. If you are getting the companion pass the plan is to fly as often as possible. For the sake of this article we will use a consevative number of 6 flights to use that credit. That means in year one you are getting $1,238 worth of value.

Now let’s look at year two and beyond. Without the signup bonus value and the global entry credit. But we now get to add the value of the 9,000 rapid reward anniversary points. The value of everything comes to $223. Which is $24 more than you’re paying for the annual fee. 

Final Thoughts

If you already fly Southwest or plan on it. These two cards are must adds. We’ve done the math and know the value you are getting more than covers the cost of the annual fees. All that’s left to do now is to plan your trip.

The post Southwest Companion Pass | The Two Best Cards appeared first on My Credit Card IQ.

What is Lyft Pink?

This is a membership program that Lyft is advertising as a membership that elevates the Lyft experience for its users with preferred pricing. It is being launched at a price of $19.99 per month. This membership will auto renew every month and you can cancel anytime. This membership is also only currently available in the United States.

What are the Perks?

• 15% off unlimited car rides
  Save on every car ride you take — any time, anywhere. 
• Priority airport pickups
  Get picked up faster at the airport when it’s busy.
• Relaxed cancellations
  We’ll cover three cancel fees per month if you rebook within 15 minutes.
• Surprise offers
  Get seasonal discounts and exclusive savings.
• Waived lost and found fees
  We’ll take care of the return fee every time. 
• Bikes and scooters
  Enjoy 3 free 30-min. bike or scooter rides per month (in select markets).

How do these Perks work?

We will take a look at some of these perks and explain how they work according to Lyft. Since this is a brand new service we don’t have much information on the real life application of this just yet. This information is taken from the frequently asked questions section of the lyft website.

• How do priority airport rides work?

When it’s busy at applicable airports, we’ll match you with a closer driver. This perk only applies to Standard Lyft rides and does not apply to airports where Fast Match is available such as LAX, LGA, MDW, MSY, PDX, and SAN. Lyft cannot guarantee a faster pickup.

• How does relaxed cancellation work?

If you cancel and rebook a ride within 15 minutes, we’ll credit you the cancellation fee up to 3 times per month. You’ll see the credit in your account after you finish your rebooked ride and rate the driver.

• How does the bike and scooter perk work?

For a limited time, Lyft Pink riders get 3 free 30-minute bike or scooter rides per month in certain markets. Rides must be booked using the Lyft app. Bike perks are available in the New York Metro Area, San Francisco Bay Area (via Bay Wheels), and Washington DC Metro Area (via Capital Bikeshare). Scooter perks are available in Austin, TX, Denver, CO, Los Angeles, CA, Miami, FL, Minneapolis, MN, Oakland, CA, San Diego, CA, San Jose, CA, and Washington DC.

• How does the lost and found perk work?

Lyft will automatically waive the lost item fee after you report a lost item. This perk has unlimited uses.

Who is Lyft Pink for?

This new membership program is promoted towards those who use Lyft 2-3 times per week. Obviously with any membership program you will need to do the math to see if it makes sense for you. If you use Lyft on a regular basis you probably know about the average cost for your rides. 

Overall Thoughts

The perks themselves seem to make sense. But seem to be limited and restricted as it is just getting started. If you’re someone who uses Lyft regularly this membership might make a lot of sense for you. If you’re someone with a Chase credit card in their wallet. You will be happy to know that in addition to know that you can get 1 year free with the Chase Sapphire Reserve. You can also earn points and cash back with these other Chase cards. What are your thoughts on Pink Lyft?

The post What is Lyft Pink? | Worth the cost? appeared first on My Credit Card IQ.