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800 Credit Score: Good or Bad?

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(image: https://i.pinimg.com/originals/09/23/41/092341b27562e9ebd38dba8ce3fae560.jpg)800 Credit Score Is it good or bad?

A score of 800 is thought to be an excellent score. You'll be eligible for the highest prices on credit cards and loans.

Written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special-assignment journalist for NerdWallet. She also wrote a syndicated column on money and millennials, and focused on personal loans and consumer credit as well as debt. Prior to that, she was an editor at The Washington Post. Her work was published within The Miami Herald and USAToday. Amrita has a master's diploma of journalism at The University ofMissouri.

Updated August 18, 2022

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Prior experience includes copy editing and news for many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism at the University of Iowa.

A majority of the items featured on this page are provided by our partners who compensate us. This influences which products we review as well as the place and way the product appears on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .

An 800 credit score is in the high range of scores. Lenders use your credit score to decide if you qualify for financial products such as credit card and loans and to set your interest rate.

Just 23.3% of Americans had a score of 800 or higher in 2021, as per FICO, a credit scoring firm. FICO.

This is how your credit score could affect your financial life.

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You can get the top rates on credit cards and loans

With a credit score of 800 You can rest easy as you'll typically be eligible for the majority of financial products and receive the highest rates.

It's not the case if you're relatively new to credit, however, because the lenders want more than just a good score. The length of time you've had credit and how much debt you have in relation to your earnings is taken into consideration.

Read more about , so you know what matters most when it comes to maintaining access to the most reliable credit products.

Know how your credit is graded

See your free score and the factors that impact it, plus insights into ways to continue building.

Tips to protect your 800 credit score

You already practice excellent credit behavior, but the following guidelines will help you maintain your credit score. And they'll be of interest for those who enjoy the challenge of , the highest score for non-specialty credit scores.

Create automatic payments. A single late payment could be a 100 points from your score. If you don't have automated payments, you should consider setting them up to avoid the chance of missing the payment, which could damage your score.

Take note of . It's better for your score to limit the use of your credit limit. You can make multiple payments during a single billing cycle to ensure that your utilization stays low.

Look out for errors on your credit reports for any errors. The mistakes on your credit report are common and they may stop your score from moving higher. And, if you find any mistakes, dispute them. detect.

About the writer: Amrita Jayakumar is a former writer at NerdWallet. She has previously worked for The Washington Post and the Miami Herald.

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Know how your credit is graded

See your free score and the factors that impact it, and get tips on how to keep building.

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Are Cash Advances a good Idea?

(image: https://epodcastnetwork.com/wp-content/uploads/2020/07/IMG_7_16_feat-2-1024x513.png)Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site doesn't feature every company or financial product that is available on the market We're pleased that the advice we provide and the information we offer and the tools we create are objective, independent simple, and free. So how do we make money? Our partners pay us. This may influence which products we write about (and where they are featured on the site) However, it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. .

Can Cash Advances be a good Idea?

Rarely. They provide convenient access to fast cash, however, the high interest and fees will cost you dearly. Less expensive alternatives exist.

By Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked with Silicon Valley startups as well as in the public sector and is a contributor to several publications such as Technorati along with Women Grow Business. She was a mathematician who studied applied economics at Brown University.

Updated Oct 7, 2022 at 1:20 PM PDT

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Every once in a while, you may be in a situation where you require cash, but holding nothing but credit cards. Maybe you're at the cash-only café or your taxi driver won't take plastic. Whatever the reason, a can seem like a tempting choice. Cash advances are short-term loan to your credit card account. It's a simple operation that can result in costly consequences. More often than not it's not a good idea.

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The issue is with cash advances.

Cash advances are as easy as going to an ATM or a bank ATM, presenting your card and walking out with money. It sounds like a dream but cash advances tend to have fees and/or more interest rates. Here's a summary of the main differences between a cash advance and a regular purchase:

Cash advance fee: As the name implies it is one-time charge that you pay when you get your cash advance, typically ranging from 3% to five percent of the sum. For instance, if you take out an advance of $200 then the charge of $6 to $10 will be tacked on to your account balance.

Higher interest rate: Many cards have a higher APR on cash advances than regular purchases.

There is no grace period The credit card typically offers you at minimum 20 days to pay off your purchase prior to being charged interest. Cash advances, though will begin accruing interest on the first day.

Credit limit lower: Certain credit cards have a separate maximum credit limit for cash advances, which is smaller than the overall credit limit.

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What are the alternatives to cash advances?

There are many other . Here are some that may be more relevant to you:

Promotional offers from your card's issuer. In recent times, you can avail some , including the option to convert your credit into an installment loan without requiring a new loan application. You're still charged interest when you use this option however, you may receive a lower rate.

An overdraft on your checking account: It could cost you between $25 and $35 if your account balance is negative, but you've authorised the bank to permit the withdrawal regardless. You can opt out of this, naturally, but it is an option for short-term funds. Be careful, though -Some banks will are also charging extended overdraft charges.

An early withdrawal from a certificate of deposit (CD) can be another option for those who need money right away. But, CDs are designed for long-term deposits, and you could end up having your CD cancelled.

The process is generally more involved than the other optionsbecause it requires you to go to a bank and applying for the loan. The interest rates for 24-month personal loans are less than those for credit cards in general, but the rates on shorter-term loans that are offered by payday lenders are typically more expensive.

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When is a cash advance deemed to be a good idea?

Cash advances rarely make sense.

In comparison to the options above, you might very well consider a cash-back on your credit card is the least expensive alternative after you've crunched the numbers (though it's possible to consider having a bank account with ). But it's likely not going to be free. If you must get a cash advance it's only sensible to do it when you know you'll be able to pay it back quickly. Otherwise, the interest will pile up with every passing day.

The balance may tip favor of cash advances if you're using a card that doesn't charge a advance charge. In that case, you need only worry about the interest payment.

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It's even better: avoid the need for an advance

Build up an emergency fund in order to cover unexpected expenses. Set up automatic deductions to transfer funds from your main checking account to a "rainy day" account or consider several ways to earn extra money in the background.

If you find yourself considering cash advances due to the fact that you've not carried cash,, it's a good idea to research debit cards that have . So, you'll be able to use the nearest ATM without getting slapped with an out-of-network surcharge.

About the author: Anisha Sekar is a former personal finance writer for NerdWallet. She has worked with Silicon Valley startups and in the public sector. She was a mathematician who studied applied economics in Brown University.

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Credit Card Vs. Credit Card: What is Safer Online?

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't contain every company or financial product on the market however, we're confident that the guidance we offer and the information we offer and the tools we develop are impartial, independent easy to use and free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the site) However, it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners do not promise us favorable reviews of their products or services. .

Credit Card Vs. Debit Card: Which Is More Secure Online?

In the case of credit card fraud the credit card issuer's cash is at risk. When you are a victim of fraud with your debit card your cash is stolen.

By Kevin Cash

Updated Nov 9th, 2022 at 1:13PM PST

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If you typically make use of a debit card to pay to make online purchases, you may be thinking about reconsidering. If your card information is compromised and transactions are made without your authorization You'll soon discover that credit and debit cards are treated differently.

The main difference is that with credit cards the issuer has to fight to get its money back. With a debit card, you must fight to get your money back.

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How fraud is handled

If your card details have been stolen and potentially fraudulent transactions were made, protect your rights. For credit cards, the primary legal framework is called the Fair Credit Billing Act, or FCBA. When it comes to debit card transactions, there is an additional law called the Electronic Funds Transfer Act (EFTA) applies. While these laws offer some similar protections, knowing the difference is essential to understanding why it's safer to use one kind of credit card over another.

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Fraud on debit cards

As per the EFTA the potential liability for fraudulent debit card transactions is practically unlimited. You have until 60 days in which to file a report of a stolen or stolen credit card under the EFTA. After that, you simply lose whatever money was taken, even funds siphoned by linked account. The specific liability limits for the EFTA are:

Lost or stolen card reported prior to unauthorized transactions: no risk of liability.

Lost or stolen card filed within two days Limit of liability $50.

Card stolen or lost reported within 60 days: $500 liability limit.

After 60 days: no protection.

It's important to know that if your credit card isn't physically lost or stolen, you are entitled to the right to make a claim within 60 days of fraudulent transactions, with no liability. If only your card number is stolen, 60 days begin on the date on the statement in which the fraudulent transaction appears.

>> MORE:

Credit card fraud

Under the FCBA the maximum liability for fraudulent transactions on credit cards is $50. If you report your card lost or stolen before fraudulent transactions occur, your liability is zero. Many credit cards promise zero liability for all fraudulent transactions.

"I've had my credit card information stolen and used fraudulently a numerous instances," says Tucker Spillane, a 24-year-old credit analyst from New York. "Fortunately my credit card issuer almost always notices the fraud immediately ... generally because the activity is considered different from my normal spending practices. And they provide their own fraud protection anyway. I've never had to pay a dime."

The main difference between a debit and a credit card in relation to fraud lies in the way you can get your money back. If you are victimized by a fraudulent transaction on your credit card you will not lose any money. You can report the fraudulent transaction and receive a credit on your account statement. it is not going to affect the balance of your bank account.

If you have a debit card, the bank account balance is affected from the moment the transaction is fraudulent. If the transactions are significant, you could experience a domino effect of financial headaches. Fraudulent charges could bind funds so that legitimate charges are denied or result in overdrafts.

>> MORE:

If you don't have a credit card...

Although credit cards are a safer option for online purchases, it's possible that you do not have access to one. In this case, there are still ways to safeguard yourself against fraud.

Maintaining a low balance in the account linked to the debit card that you use for online purchases can limit the size of withdrawals that are fraudulent when they occur. This won't necessarily prevent someone from accessing your account, but it could minimize the damage that is done.

You may also want to turn off any type of (should you already have the feature) your account you use for purchases. Many banks offer this feature (usually on an account that is a checking one) which will automatically take money from savings accounts in the event that the checking account is overdrawn. If a fraud occurs it means that the criminal has access to two accounts instead of one. If you do have overdraft protection , make sure to inquire with your bank about what and when it's applicable.

Another way to limit your liability is using an credit card that is prepaid. If someone gains access to the account, they'll gain access only to the amount you've loaded on the card.

The bottom line

From a legal perspective, credit cards generally provide more protection against fraudulent activity. However, there are ways to imitate certain of these security features using the use of a debit card or prepaid card. Deciding which is best for you can help safeguard your funds whether you're buying on the internet or in a store.

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Can you return a vehicle you purchased recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website come from companies that compensate us. This compensation could affect how and where products appear on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages,, and other home lending products. However, this compensation will have no impact on the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial deals that might be available to you. Westend61/Getty Images

6 min read Read Published 31 January 2023

Written by Allison Martin Allison Martin Written by Allison Martin's career began more than 10 years ago as a digital media strategist. She's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

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At Bankrate we strive to help you make better financial decisions. While we adhere to strict editorial integrity ,

This post could contain some references to products offered by our partners. Here's a brief explanation of how we earn our money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long record of helping people make informed financial decisions.

We've earned this name for more than four decades through making financial decisions easy to understand

process, and giving individuals the confidence to know what steps to take next. Bankrate has a very strict ,

so you can trust you can trust us to put your needs first. All of our content is created in the hands of and edited by ,

who ensure everything we publish is objective, accurate and trustworthy. The loans journalists and editors concentrate on the points consumers care about most -- different kinds of loans available and the most competitive rates, the most reliable lenders, how to repay debt, and much more. So you're able to be confident about investing your money. Integrity of the editing

Bankrate has a strict policy , so you can trust that we'll put your needs first. Our award-winning editors, reporters and editors create honest and accurate content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our mission is to provide our readers with reliable and honest information, and we have established editorial standards to ensure that happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that what you read is true. We keep a barrier between our advertisers and our editorial team. Our editorial team does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to offer you the most relevant advice to help you make wise financial choices for yourself. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial staff receives no directly from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore when you read an article or a report, you can trust that you're getting reliable and reliable information. How we make money

There are money-related questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We continually strive to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors and reporters produce honest and reliable information to assist you in making the right financial choices. The content we create by our editorial team is accurate, truthful and uninfluenced from our advertising. We're honest about the ways we're capable of bringing high-quality content, competitive rates and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products or services, or when you click on specific links on our site. Therefore, this compensation may influence the manner, place and in what order products appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own rules for our website and whether or not a product is available in your region or within your personal credit score could also affect how and when products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. If you've purchased a brand-new or used car , and are having second thoughts about it, you're not likely to return the car. The person who sold the car is usually not legally obligated to return the car and give you a refund or exchange once you've signed the sales contract. There are some exceptions to this rule. Some dealerships will allow you to return the car in specific conditions. If the vehicle has significant mechanical problems, the dealership may be obliged by law to allow the return. Still, it's better not to have to return your car in the first place. There are many reasons to return your car. Besides buyer's remorse, possible reasons to sell your car could be mechanical or financial issues. The dealership may offer to help you if you cannot make payments. When you encounter mechanical problems the possibility of returning the car to the dealer is contingent on how and the terms and conditions of the vehicle return policy. If you've been ripped off, and you believe that this is the case , you should consider meeting with the dealership manager. When you meet with the manager, be sure to bring evidence to prove that you were not cheated. For example, if you think the dealer overcharged you show evidence of the car's fair market value from a reputable authoritative source (like Edmunds or Kelley Blue Book) to support your claim. Then, present your case to the manager calmly. Remember that since you've already signed the contract Your options aren't as wide should the manager refuse to honor your request. You can also contact your state attorney general's office to discuss your options. You can file a complaint with the Better Business Bureau. Employ an attorney to sue the dealership. Leave a bad review on the dealership's website. File a complaint with your state's consumer protection agency as well as the Federal Trade Commission. Bankrate tip

To research whether you've paid an unfair amount to determine if you've been charged unfairly, look up the value of cars with identical make, model, and the same mileage or .

Your car payments are too high If you want to return your car because your monthly car payment is too high, you'll have more difficult time making the case to return the vehicle. The dealership's general manager could argue that you should have determined whether you can pay the monthly installments before purchasing the vehicle. It's up to the dealership to decide if they want to let you bring back the car and swap it out for a cheaper model. Contact the salesperson who sold you your car in the first place. If that doesn't work contact the sales manager or the dealership's general manager. If you've exhausted your possibilities, you can look at other methods to . Your auto loan with a lower interest rate or a more extended term could lower your monthly payment. Tips from Bankrate

Use an to see how much money you could save and to compare different loan options.

Your car is a lemon. To build a case for returning a car that isn't perform as it should, you must first collect documentation showing the mechanical problems that you've faced. You may need multiple trips to the dealer's service department. Be sure to note your concerns in full on all repair orders. If the problem still isn't resolved, you may determine the car is a lemon -- an unfixable vehicle. Since laws vary between states, you'll have to research to see whether you can claim a valid lemon law claim. In most states, lemon laws apply to vehicles that have an issue that seriously affects your ability to drive it. Other requirements for lemon laws that vary from state to states include the amount of time that you have to wait after buying the vehicle, its mileage and the amount of times the dealership tried to fix the vehicle. It is possible to find the laws of your state, and it details each state's requirements and the timeframe for returning a car under lemon laws. If you are successful in claiming you'll have the option to secure a refund or a comparable exchange. There are only seven states that have lemon laws on used vehicles: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. Limitations apply, and these laws may not provide some relief for you in your circumstance. Tips for banks

You may be entitled to reimbursement for your attorney's expenses if you engage an attorney to assist in your case. Make sure you keep an eye on your legal expenses during the course of your case.

You changed your mind Dealers do not generally consider buyer's remorse to be persuasive. Few dealers have a return policy. Once you sign the contract of sale, you're responsible for paying the note as promised. Even though the FTC has an "cooling-off rule" which is a law which gives you the right to cancel within three days an agreement that you make at workplace, home or temporary place of business -- a purchase of a car is one of its exceptions. Even if a dealership sells you a car at an uncontained location, the rule applies if they have a permanent address. Certain states also offer a "right to cancel" period in which you can return the vehicle within a specified time without incurring any penalty or the damage to your credit report. But, the car has to be used in the same way as when you bought it. Other restrictions may apply. Tip for Bankrate

Try and avoid this scenario by conducting research prior to the time. Make sure to follow these guidelines prior to signing off on a new vehicle.

The dealer you are dealing with has a return-policy few dealers have return policies. For example, they have 30 days of return time. If you don't like the car, you can exchange it for one that you like or get the money back. In addition, some dealerships offer exchange programs in which you have a limited number of days to exchange the vehicle. Remember that other stipulations could prevent you from turning the vehicle into. If you can sell it, you will likely have to pay the difference between the current value and the value of the car currently worth. Bankrate tip

Always get a dealership's return policy in writing. That way, you'll understand the terms and conditions , and can navigate any attempt to refuse your claim.

How to avoid having to return a car If you want to avoid the difficult process of returning a vehicle it is important to prepare to purchase a car. This procedure . Read car reviews about the car you are considering on websites such as . It's also a good idea to perform price research with Kelley Blue Book or Carfax, , create an estimated budget, and try the car. It's equally important to research dealerships in advance by looking up online reviews. Utilize sites such as BBB.com to make sure that the dealership has an excellent reputation and provide top-quality customer service. In addition, you'll need to conduct some research on the background and the state of repair of the specific vehicle you're thinking of purchasing. Start by looking over the history of the car on sites such as Carfax or AutoCheck and the information about the car can be found by using the . If you're buying a car from a dealer, you should ask the dealer to provide the car's history for your review. It's an excellent idea to bring the vehicle to an expert independent evaluation of the vehicle and any problems it might have. If the mechanic notices mechanical problems, ask the seller to cover the repair costs. Options for returning the vehicle You aren't able return your vehicle? You still have alternatives. Sell the car. By to someone else it could be possible to avoid being stuck with a car you don't want. You may not be able to recover the full amount you paid the dealer, since a car's value decreases once it's driven off the lot. You'll be on the hook for paying an amount that is different between dealer price and the amount the buyer pays for the vehicle. Ask for voluntary repossession. If you're unable to make the monthly installments then you can call the lender and ask for the repossession to be voluntary. Although this would reduce your monthly payments however, you must think twice before taking this step. A lender can still notify the credit bureaus. Repossession negatively impacts your credit score for up to seven years, making it more costly to obtain a future auto loan. You can refinance the auto loan. If your monthly payments are too high, you could do so extend your loan period or by negotiating an interest rate that is lower. When you do this, however have an effect, it is only temporary. In reality, after only some months of payments your credit score is likely to rebound or even improv e. The main point is that before you purchase a car, spend some time researching the price of cars that you like, as well as reading the dealership's return policy and reviews of the car. Failing to research could leave you with an unsatisfactory car. In most cases, you can't return the car you purchased recently -- the majority of dealerships won't allow it. If you're not able return a car you've purchased, there are other methods to dispose of the vehicle. You can sell it or make an action under the lemon law in certain circumstances. If you are suffering from buyer's remorse as a result of the excessive payments, but you want to keep the car, you may refinance your auto loan to reduce the amount of cost of the loan.

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Allison Martin's work began more than 10 years ago when she was a digital content strategist and she's since been published in a variety of top financial publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.

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Do You Need Identity Theft Protection Services?

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able make financial decisions without hesitation. Although our site doesn't include every business or financial product in the marketplace We're pleased of the advice we offer and the information we offer and the tools we create are independent, objective, straightforward -- and free. How do we make money? Our partners compensate us. This may influence which products we write about (and where they are featured on our website), but it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable reviews of their products or services. .

Do You Need Identity Theft Protection Services?

Pay for a service only in the event that you're at risk, don't want to stop your account from being frozen and won't monitor your own data.

by Sean Pyles Senior Writer | Personal finance and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from the NerdWallet Content team to answer listeners' questions about personal finance. With a focus on thoughtful and actionable financial advice, Sean provides real-world guidance that will help consumers improve their financial lives. Beyond answering listeners' money questions on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics such as the racial gap in wealth and how to begin investing, and the history of college loans.

Before Sean took over podcasting at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His writing has been featured on USA Today, The New York Times and elsewhere. When Sean isn't writing about personal finance, Sean can be found working in the garden, taking runs , and taking his dog on long walks. Sean is located in Ocean Shores, Washington.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree in journalism from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she was employed by daily newspapers, MSN Money and Credit.com. Her work has been featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated on Jan 25 2022

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Prior experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications from The University of Iowa.

Many or all of the products featured here come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product appears on the page. However, this doesn't influence our evaluations. Our views are our own. Here is a list of and .

Security companies for identity theft promise to protect your personal information for a monthly or annual fee. They typically begin by adding additional services that will inform you of any potential problems.

But alerts just flag you once the event has occurred; they aren't able to stop the theft and misuse of your financial data. That's why NerdWallet recommends taking action to prevent the opening of fraudulent accounts.

Think about the cost of an identity theft security program only if:

You're already the victim of or are at risk of being the victim.

You are unwilling to block your credit reports.

You are sure that you will not undertake the task of actively monitoring your own credit.

You've checked your records and you don't have adequate identity theft monitoring or as a result of a data breach.

You can do it by yourself

You can provide the most basic services provided by these firms by yourself, typically for no cost:

You can monitor your financial transactions on a variety of personal finance websites, such as NerdWallet or a few credit card issuers.

You are able to follow the free recovery routes that are provided from the government of the United States at .

You can freeze your credit records at all three major credit bureaus -- , and -- for free the identity theft protection firm can't do for you.

"The first thing that consumers have to do when they're worried about ID theft is just to stop their credit report from being frozen," says Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy over that."

>> MORE:

What identity theft protection companies do?

In general the majority of companies, they offer three primary services:

Monitoring: Identity theft protection firms monitor your credit files and inform you of changes, such as the creation of new accounts opening under your name or credit inquiries that are received to ensure you are able to respond promptly.

Alerts: Notify you of any instances in which your personal data has been utilized, for example, if someone attempts to open a bank account in your name. This is helpful since many people don't realize the theft of their identity until their credit is wrecked or their bank accounts have been wiped out or they suddenly have a lot of debt that's been incurred that is in their name.

The Recovery: When someone steals your data and then uses it maliciously, these companies can help you recover the money lost and also repair any damage done to credit. They typically offer insurance policies that cover up to $1 million.

Some also provide tangential services like alerts on information about identity theft, as well as local registries for sex offenders. Certain monitor websites that are which are known to be a source of stolen financial and personal information that you're not able to do by yourself.

Find identity theft protection solutions that are comparable.

You might decide that you need a full suite of safeguards and you're willing to pay to have peace of mind. You may also be aware that you can't do it all yourself.

If yes, you can compare rates and details on coverage to determine which plan will meet your needs. Check that the product you select monitors your credit information at the three credit bureaus, otherwise, you're paying for incomplete security.

Avoid credit monitoring companies that tend to have less robust coverage and can restrict your rights to take them to court, even if they were those that leaked your financial data.

This is a look at popular products in the field of identity protection. This is just a tiny sample; you may find a different provider which is better suited to your needs. If you've already put in credit freezes, you'll have remove them temporarily to let a service access your data for monitoring purposes.

1. NORTON 360 with LIFELOCK Ultimate Plus

Pros:

The highest-end Norton LifeLock plan, , includes a range of services that can aid you in recovering against identity theft.

It also includes a password manager, web privacy and device security benefits.

The company enhances the package by offering additional options, such as the $1 million identity theft recovery plan and legal assistance.

Cons:

The highest-end plan is expensive and especially for families. The coverage for two adults as well as up to five children runs $48.99 each month for the first year and then auto-renews at a higher price.

As of 2015 LifeLock agreed to pay $100m to settle a Federal Trade Commission charge that it violated the terms of a federal court order regarding the protection of customers' personal data and avoiding misleading advertisements.

Cost: The coverage is $29.99 each month for one adult for the first year, and it automatically renews for $34.99 monthly. Discounts are offered for those who pay annually.

Ideal for: People who don't have a whole family to protect; those who can afford just a bit more for complete coverage. Check out our complete .

2. IDSHIELD

Pros:

It is simple to comprehend precisely what you're getting because there are no tiers, and the pricing is transparent.

Provides unlimited consultations with an identity theft expert.

Examines social media posts to determine reputational risk.

Cons:

Like all services it is possible to dismiss the importance of good cyber hygiene guidelines.

Multiple alerts can cause you to ignore them without readingor absorbing important information.

Cost: Monitoring the three credit bureaus is $17.95 per month for singles as well as $32.95 for families (two adults and up to 10 minors).

Ideal for: Customers with a price sensitivity who wish for their accounts on social networks to be scanned as part of a package. Check out our complete .

3. IDENTITYFORCE ULTRASECURE+CREDIT

Pros:

IdentityForce offers less expensive three-bureau monitoring than the big names such as LifeLock.

You can purchase a family plan, which will cover two adults and all children aged 25 or under.

Offers alerts about suspected health insurance fraud.

Cons:

The process of signing up is lengthy it requires you to input information repeatedly.

The family plan isn't apparent on the website and you might have to call to request it.

Pinning down the lowest price can be a challenge, because prices vary depending on whether you sign up online or over the phone.

Cost: $23.99 a month or $239.90 annually for the plan that provides monitoring of all three major credit bureaus. However, as mentioned, promotions are often offered. It's smart to look for it.

Best for: Those who require protection on a budget; people who require medical identity coverage.

4. ID WATCHDOG PLATINUM

Pros:

ID Watchdog keeps credit monitoring as well as alerts and recovery easy.

A standout feature is that it can assist you in recovering from pre-existing identity theft for an additional fee of $79.95 to $279.95 according to the type of credit line.

Cons:

Equifax bought ID Watchdog in 2017, the same year Equifax was hit by a massive data breach that revealed sensitive personal information of nearly 148 million people.

The company's mobile application and desktop interface provide less details than its competitors.

ID Watchdog offers fewer monitoring services than other companies.

The cost: $19.95 a month or $219 for an annual package with three bureaus of credit monitoring.

Ideal for: People who require assistance in recovering from pre-existing identity theft.

Do you need a credit report check-up?

Sign up for an account to have your free credit report and score on-hand, all the time.

About the authors: Sean Pyles is the executive producer and host on NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

Bev O'Shea is a former credit writer for NerdWallet. Her work has been published on the New York Times, Washington Post, MarketWatch and elsewhere.

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Walmart MoneyCard Review

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions without hesitation. And while our site doesn't feature every company or financial product that is available on the market however, we're confident that the advice we provide and the information we offer as well as the tools we design are objective, independent easy to use and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on the website), but it does not affect our advice or suggestions that are based on hundreds of hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. .

Walmart MoneyCard Review

by Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has written about the personal financial sector since, with a focus on certificates of deposit and other banking-related subjects. The work he has written for him was featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Updated Feb 17, 2021

Editor: Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has covered topics on personal finance for over 10 years and has previously was a member of NerdWallet's banking and insurance teams as well as a stint on the copy desk. The location of her work is Ann Arbor, Michigan.

Many or all of the products we feature are provided by our partners who pay us. This affects the products we review and where and how the product is featured on the page. But this doesn't influence our evaluations. Our opinions are our own. Here's a list and .

Editor's note, 12 July, 2021 Walmart MoneyCard, issued by Green Dot Bank, has been converted into a demand deposit account.

The Walmart MoneyCard debit card that is prepaid can be a good value for Walmart customers. The card, which is issued from Green Dot Bank, has cash-back rewards on Walmart purchases, as well as no-cost online services.

The best for:

Frequent Walmart customers.

People who want free bill payment and free money transfers between friends and family.

People who have struggled with managing a bank account in the past.

Anyone who is able to pay $1,000 or more each month, to avoid paying the more expensive monthly charge.

>> See more options: Check our list of

Walmart MoneyCard Pros:

Cash-back up to $75 rewards per year 3.3% on Walmart.com, 2% from Walmart gas stations, and 1% in Walmart stores.

Cash withdrawals are free at more than 55,000 Walmart locations.

Reload your cash for free at Walmart stores by using the MoneyCard application.

Direct deposit of pay or government benefits, up to 2 or 4 days in advance.

Pay your bills online for free.

Are you searching for ways to increase your credit? Discover more about

Walmart MoneyCard Cons:

A substantial sum of $1,000 is needed to eliminate the fee per month.

$2.50 fee for ATM and bank teller withdrawals, and any third-party fee charged by an ATM or bank operator.

A fee of $3 is charged to reload the cash drawer at Walmart checkouts, also known in the industry as Walmart Rapid Reload; up as $5.95 for reload cash at retailers in the Green Dot reload network.

>> Ready to open an account with a traditional savings plan instead? Check out the

A brief overview of debit cards for prepaid

What is a prepaid debit card?

A prepaid debit card can be described as a type of card that allows you to spend the funds you load onto the card. They aren't able to help you build credit. Like a debit card, it can be used with any retailer which accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and easier than cash. The prepaid cards usually have a mobile app for depositing checks and transferring funds. Find out more in our guide on prepaid debit cards.

Unlike checking accounts, debit cards that are prepaid may lack some services such as free ATM branches as well as checks, among other. If this doesn't suit you, take a look at our top list of checking accounts. If you've had trouble with banks before you can look into second chance checking options.

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards before: You load money onto the card through cash or checks or direct deposit into a bank account before paying for transactions.

Cardholders with debit cards- pay today Pay now: You can use the funds directly from a checking account to pay to purchase or withdrawing cash from an ATM.

Credit cards -Pay later: You take money from a bank when you use the card and pay it back later.

How does FDIC insurance on prepay cards work?

Prepaid debit cards almost always include FDIC assurance, which keeps your funds safe in the event the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, which means a prepaid card is either controlled by a bank or a prepaid credit card company that partners with a bank to provide that insurance. You must register your debit card in a prepaid account by submitting your full name, address and other identification information in order to qualify to receive FDIC insurance and other protections.

About the author: Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. He has had his work featured by USA Today and the Los Angeles Times.

In a similar vein...

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Check out NerdWallet's top picks for the best checking accounts.

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What is a credit Score and What are the Credit Score Variables?

Advertiser disclosure You're our first priority. Every time. We believe everyone should be able make financial decisions without hesitation. While our website doesn't feature every company or financial product on the market however, we're confident that the advice we provide, the information we provide and the tools we create are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on our website) However, it does not affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

What Is a Credit Score and What are the Credit Score Ranges?

Credit scores assess your probability of repaying new debt. Scores above 690 are generally considered to be good credit.

by Amanda Barroso Lead Writer | Credit scoring, budgeting, personal financial planning Amanda Barroso is a personal financial author she joined NerdWallet in 2021, covering credit scoring. She also wrote data-driven studies and has was a contributor to the NerdWallet's "Smart Money" podcast. Prior to joining the team Amanda was a journalist for over a decade covering issues facing the majority of Americans, which includes her role as a journalist in the Pew Research Center, a policy analyst at the National Women's Law Center and a college professor. Amanda obtained a doctorate at The Ohio State University.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's level diploma in journalistic studies from Auburn University and a master's in education from Georgia State University. Before joining NerdWallet, she worked for daily newspapers, MSN Money and Credit.com. Her work has been featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.

Updated on Mar 28, 2023

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes copy editing and news for a variety of Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism from The University of Iowa.

The majority or all of the products we feature are from our partners who pay us. This impacts the types of products we review and the location and manner in which the product is featured on a page. But this doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .

Credit scores influence the way you live your life. For instance, whether you're approved for a loan or credit card, what interest rate you pay or whether you are able to get an apartment you want.

An improved credit score can provide you with access to many credit options as well as at lower rates of interest. Creditors with scores of 700 or more often have many options, including the possibility of obtaining zero-interest financing on automobiles and credit cards with no-interest introductory rates.

It pays to know the process of credit score and what the credit score ranges are.

What is credit score?

The credit score can be described as a 3-digit number, typically on a scale of 300 to 850, that estimates how likely you are to repay borrowed money and pay off bills.

The credit scores you get are calculated from information about your credit accounts. This information is gathered by credit reporting agencies, often called , and compiled in your credit records. The three biggest bureaus include Equifax, Experian and TransUnion.

There's no single credit score. Instead, you have several, and they may vary slightly. It's because two big companies calculate scores; more on that below.

The highest credit score you can achieve is 850, but there's no difference between the "perfect" score and an outstanding score in the rates and products you're eligible for. Also, don't worry about trying to get an 850 score, in particular since scores fluctuate regularly.

Know how your credit is evaluated

Find your score free of charge and the variables that affect it, plus suggestions on how to continue building.

What is the difference of FICO scores and VantageScore?

Two companies dominate credit scoring. It is the most well recognized score. Its primary competitor is . They both generally use the credit score range from 300 to 850.

Each company has several different versions of its scoring model, too. The scoring models used typically include VantageScore 3.0 as well as FICO 8.

FICO and VantageScore pull from the same data, weighting the data in a slightly different way. They usually move in tandem: If you have an excellent VantageScore, then your FICO is probably also high.

What is the reason the differences between my FICO score as well as my VantageScore different?

A score is a snapshot and it can change depending on the time you review it. Your score may differ based on which credit bureau supplied the data from your credit report to generate it, or even when the bureau provided the data. Some credit companies do not send transactions to the three bureaus, and so the credit reports from every one is unique.

What is the credit score ranges?

Creditors set their own standards for what scores they'll accept, but these are general guidelines:

A score of 720 or more is generally considered

A score of 690 to 719 can be considered .

Scores ranging from 630 to 689 are .

Scores of 629 or below are

In addition to the credit rating, other factors like your income and other debts may influence creditors making decisions on whether or not to approve your application.

Did you have any idea...

The score in the United States varies a bit between the two main scoring models. The median FICO 8 score stood at 716 at the time of August 2022. This was similar to the score a year before. (0) FICO Choices Blog . . Accessed on Aug 30, 2022.

Its VantageScore 3.0 Average was 695 at the second quarter of 2021.

What are the factors that affect the credit score of yours?

The two primary scores for credit, FICO and VantageScore, take into account the same factors but weight them in a different way.

For both scoring models, the two aspects which matter the most are:

Making payments on time. A misstep here can cost you dearly. Any time you're thirty days or longer past the due date stays on your credit report for many years.

How much you are owed. Credit utilization is the amount of your credit limits are using. It's good to use less than 30 percent of your credit limits -- less is better. You can take several steps to

The weighting is less on these variables however, they're still important to keep an eye on.

The longer you've been in credit and the more advanced the average age of your accounts the better for your score.

Credit mix Scores are rewarded for the ability to have more than one type of credit, such as an ordinary loan and a , as an example.

How recently you have applied for credit: When you make an application for credit, you could see an unintentional dip in your score.

Factors that don't affect your credit score

There are some aspects which are not considered in credit score calculations These are mostly to do with demographics.

For example the race, ethnicity, sex, marital status or age aren't considered in the calculation. Neither is your employment record -- which may include things such as your salary, title or employer -or the location you reside in.

How to improve your credit

What does your credit score measure? In one word: creditworthiness. But what does this actually mean? Credit scores are an attempt to predict your financial behaviors. This is why the factors that go into your score can also provide solid ways to build up your score:

Be sure to pay your bills on time.

Limit credit card balances to 30percent of the limit and, in the ideal case, much less.

Keep old credit cards in your account to safeguard the average age of your accounts. You should also consider using a mixture of credit cards and installment loans.

It is better to spread out credit application forms instead of applying for many in a short period of time. Typically, lenders will initiate an "hard pull" on your credit when you make an application, which will temporarily affect your credit score. Too many applications too close to each other can result in more severe harm.

There are several methods to use when you're getting started and strategies to follow when you've got it established. Doing things like making payments towards your account balances a few times throughout the month and requesting higher credit limits can boost your score.

How can I check and monitor my creditscore?

You can check your own credit report -- it's a thingyou can determine what the lender is likely to look at.

It is possible to obtain one credit score from a personal finance site such as NerdWallet, which offers a TransUnion VantageScore 3.0. Some personal banking apps offer free credit scores, so you can make the habit of checking your score when you log in to pay bills.

It's important to use the same score each time you test. If you don't, it's like trying to monitor your weight on various scales or even changing between kilograms and pounds. Therefore, choose a score and get an exercise plan to track your credit. Any changes that are made by one score may be evident in the other.

Be aware that, just like the weight of your body, scores change. So long as you maintain an acceptable range, these variations won't have an impact on your financial well-being.

You can help protect your credit score by communicating with each credit bureau. You can still use credit cards, however nobody can apply for credit using your personal data since access is restricted when your credit is frozen. The process of freezing your credit is completely free and takes just a few minutes, but it is a significant step to safeguard your financial security.

>> MORE:

The authors' bios: Amanda Barroso covers consumer credit and debt for NerdWallet. She previously worked at the Pew Research Center and earned a doctorate at The Ohio State University.

Bev O'Shea is a former credit writer for NerdWallet. Her work was published in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

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Cash Advances Still Sting But a Card Loan with a Credit Card Loan? Maybe Less So

Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. Although our site doesn't feature every company or financial product that is available on the market however, we're confident that the guidance we offer and the information we offer as well as the tools we design are objective, independent easy to use and free. How do we earn money? Our partners compensate us. This can influence the products we write about (and the way they appear on the website) However, it in no way affects our recommendations or advice that are based on thousands of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. .

Cash Advances Still Sting However, what about a Credit Card Loan? Maybe Not So

Options to borrowing to your credit limit -- - if your card has such features -- can cost less than using your credit card in an ATM to withdraw fast cash.

Written by Sara Rathner Senior Writer/Spokesperson | Travel rewards, credit cards credit cards, debt repayment Sara Rathner is a NerdWallet expert in credit and travel. She has appeared as a guest on "Today" show and the CNBC's "Nightly Business Report," and has been quoted by The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to making the move to NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as a personal finance writer freelance and paraplanner and has an associate's degree in journalism from Northwestern University.

Updated Feb 7, 2023 at 6:43AM PST.

Editor: Kenley Young, Assigning Editor Credit score, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Previously, he was an editor of the homepage and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has decades of experience in digital and print media, with periods as an editor at the copy desk as well as a wire editor, and metro editor for McClatchy. McClatchy Newspaper chain.

The majority or all of the items featured on this page are provided by our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is displayed on the page. But this doesn't influence our opinions. Our opinions are entirely our own. Here is a list of and .

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If you're not able to access the funds within your bank account to deal with an unexpected expense it is a way to quickly access the funds you require, but there are some major downsides. You'll be responsible on cash-advance and ATM fees, along with interest that begins to accrue when you receive the money.

In regards to that interest: According to the data of the Federal Reserve of St. Louis The average APRs for cards that charge interest were 20.4 In November 2022, the rate was 20.4 percent. This is already quite high and, in many instances the interest rates for cash advances are even more than that.

Also, this cash advance is going to cost you.

However, you may have other, less expensive options, thanks to credit card loan programs that allow you to take advantage of your existing credit limit -- which is what you're doing when you make a request for a conventional cash advance. However, unlike cash advances, these newer loan programs offer a number of advantages:

A fixed interest rate for the life of the loan.

No separate loan application or credit check is required.

No fees in many cases that go beyond interest payments (or any late payment that you might make).

An open process that lets you know what options you'd be eligible for , as well as what the monthly cost of each option would be.

New ways to use credit to repay your loan

In the world of major lenders among the major lenders, both Chase and Citi offer these types of loans to those who are cardholders with qualifying. You can find out what you could potentially have the ability to get by signing in to your account online or through the Chase or Citi applications.

My Chase Loan

The card allows you to take out up to 500 dollars. You'll have the choice of various payment plans with varying terms -- for example, you might have the option of choosing an option like a six-month plan or a 12-month plan, potentially at a much lower APR (think single digits) than your card's ongoing variable rate for purchases. (Your rate and terms depend the creditworthiness of your.) You'll also find out what the monthly payment would be with every loan option. Your loan installment will become part of your credit card's minimum monthly payment until you pay it off. There's no penalty for if you choose to pay the loan early. Conditions apply.

Citi Flex Loan

A is similar to borrowing the minimum amount of $500 with a fixed rate for a predetermined period of time. You'll have the option of choosing between loans with different amounts and lengths, and you'll know what your monthly payments will be based on the terms you select. Your payment will be included with your minimum credit card bill every month. The terms and conditions apply.

Beyond the scope of these loan programs offered by major players, you may have other options. For example, hybrid offerings offered by a start-up known as Upgrade can be used to make purchases, as you would normally with a conventional credit card. However, you pay for your purchase in fixed installments with the same rate like the personal loan. You may also be able to take out a loan against your credit limit by asking for cash to be deposited into your account. The terms and APRs vary but it can be less costly than cash advances.

Potential disadvantages

Both loan programs provide access to money relatively quickly for a lower cost than cash advances however, there are downsides:

You don't get cash in hand immediately. If you have a Chase Loan the borrowed money may require between one and two business days before it is directly transferred in your checking account. Citi Flex Loans can also come in the form of direct deposits which can be as quick as a business day or a mail-in check that takes however long the mail is delayed by the mail.

Interest rates may not be as competitive as personal loans. Depending on what you qualify for, you may be eligible for lower interest rates on other types of loans (though for a personal loan it is necessary to apply and go through a credit check). If you've got a bit more time to look around and compare rates, it's worth looking into other options to ensure you can secure the cash you need.

However, you'll still have to pay interest. If you require cash to make a purchase in the near future, there are other possible payment options that do not charge interest, though you may be charged charges.

Alternatives to consider

If you've got expensive future purchases There are options you can use credit cards to hold off interest payments or split up installments:

A similar plan that you can get through an account on your credit card such as My Chase Plan or Citi Flex Pay lets you to divide a bigger cost into monthly installments which are added to the bill for your credit card. With Chase plans, you'll be charged a monthly fixed fee and with Citi's plan you'll be charged interest. Other major issuers also offer various versions or other of the plans. But whether you opt into an installment plan through your credit card, or an unaffiliated buy now, pay later option, be sure to exercise caution. A report released in September 2022 by the Consumer Financial Protection Bureau identifies costly risks associated with these plans, such as the possibility of spending more, as well as the chance of being unable to afford payments if you stack multiple loans at once.

A credit card with an interest-free promotion of 0% for new purchases could give you a year or more according to the card, to settle the balance on a debt-free basis. But be aware that if are still in debt when the promotion ends and you're assessed the normal interest rate.

The author's bio: Sara Rathner is a NerdWallet credit and travel expert. She has appeared as a guest on "Today" show, Nasdaq as well as CNBC's "Nightly Business Report."

On a similar note...

Find the best credit card for your needs. Whether you want to lower your interest rate or earn higher rewards, the right card is available. Answer a few simple inquiries and let us narrow the search for the right card for.

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5 Things You Need to be aware of about the Varo Credit Card

(image: https://i.pinimg.com/originals/09/23/41/092341b27562e9ebd38dba8ce3fae560.jpg)Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions with confidence. While our website doesn't include every financial or company product that is available, we're proud that the guidance we offer, the information we provide as well as the tools we design are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This could influence which products we write about (and the way they appear on the site), but it does not affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners do not be paid to ensure positive reviews of their products or services. .

5 Things to be aware of about the Varo Credit Card

It encourages responsible use of credit and makes penalties relatively low if you happen to slip off -- that's difficult to commit.

By Jae Bratton, Lead Writer Credit cards Jae Bratton writes on the credit cards team at NerdWallet. She earned a bachelor's in English from Wake Forest University and a master's degree in English from the University of North Carolina at Greensboro. Before she began writing for NerdWallet, Jae spent 13 years teaching English as well as journalism. Her writing has been published in blogs, newspapers and an academic journal. Jae is from North Carolina.

Updated February 10, 2023, 10:19 AM PST

Written by Kenley Young Credit cards, credit scores Kenley Young oversees the daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer at Fox Sports, and before that a front page editor for Yahoo. He has years of experience in both digital and print media, with times as the chief of the copy desk as well as a wire editor, and an editor of the metro for The McClatchy newspaper chain.

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Varo Believe Secured Credit Card Varo Believe Secured Credit Card is issued by the internet-based bank Varo, shares many similarities to other cards designed for people who are looking to build or rebuild their credit. Its closest relative may be the . Similar to that card -- that is also targeted at people who are new to the field -- the Varo credit card doesn't offer an annual percentage, or APR; features no annual cost or minimum security deposits; It also does not perform a hard credit check when you apply for. The features you get with the Varo credit card can save you money and spare you from losing points from your credit score. This usually occurs following a .

The Varo Believe Secured Credit Card is designed to guard against overspending , late or missed payments. It's an option to get rewards. However, the safeguards built into the card may appear limiting and excessive to certain.

There are 5 things you need to know about the Varo credit card.

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1. You'll need a Varo bank account to get the Varo credit card

There's no cost to set up an account with a Varo bank account, but it's still a hurdle you'll need to cross. While there's no security deposit required to get this Varo credit card but you're only able receive one in the event that the Varo account has been able to receive direct deposits of at least $500 within the last 90 days. Deposits from an employer or the government count, but transfers made through peer-to-peer applications such as Venmo do not.

If your Varo bank account meets these conditions, you'll then receive an invitation to sign up for the Varo Believe Secured Credit Card within the Varo Bank app.

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2. You set the credit limits you want to set, to a point

In order to use to use the Varo Believe Secured Credit Card, you'll have transfer money out of the Varo bank account to your Varo Believe secured account, that can only be done via your Varo app. The balance that is in the secure account will be the credit limit.

In contrast to a typical credit card however, the Varo credit card imposes spending caps. You'll be limited to the amount of $2,500 per day in purchases and $1,000 per day for cash advances, and the sum of cash advances and purchases cannot exceed $10,000 per billing cycle.

A major purchase, such as a brand new furniture, may put you over the budget and require you to choose a different payment method in order to buy something else on that same day.

3. The process of making credit card payments is virtually impervious to fraud

The balance of the Varo Believe secured account is your credit limit, but it also serves as a source of funding for credit card transactions. To ensure you'll have enough money to cover your monthly bills in total, Varo automatically deducts the amount of credit card transactions from the balance of the account secured. This way, it's not possible to overspend with the Varo credit card. Varo also locks your card if you miss the payment, and they won't allow access until the amount is paid.

To ensure prompt payment, Varo offers a "SafePay" option. With SafePay enabled, balances are instantly paid in full at conclusion of the billing cycle.

Varo credit card reports to all three major bureaus. Varo credit card is reported to the three main U.S. credit bureaus. Therefore, these procedures will definitely help cardholders build or improving their credit score as they reward the payment of the balance on their credit card, and . However, such hand-holding is not typically available on traditional unsecured credit cards. If you decide to upgrade from the Varo Believe Secured Credit Card to a conventional card, you'll need to be more mindful regarding paying your monthly bill. (The secured product will be the sole credit card Varo offers, so there's no upgrade option within its portfolio.)

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4. The APR is 0%.

Even if you miss a credit card payment it won't cause your balance to increase due to interest since the APR for this Varo Believe Secured Credit Card is at 0%. It's a rare and possibly money-saving benefit and one of the highlights for this particular card.

But again, it's not the way traditional credit cards operate. If you're looking to make an upgrade to the Varo credit card, make sure you are aware of your new card's APR.

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5. Cash back is available on select purchases

The Varo Believe Secured Credit Card offers the cashback in two different ways: online offers and offers linked to cards. Varo's online offers -- akin to a with a traditional credit card -- award cash back from purchases at retailers are accessed via the Varo app or a promotional email from Varo.

You can also make use of a card-linked deal to earn cash back which works like a coupon. Card-linked offers must be activated first, and the purchase must be made with your Varo credit card to be eligible for the discount.

Cash back is automatically transferred into the Varo bank account once you've earned more than $5. Cash-back earning from this Varo Believe Credit Card are capped at $50 per month, while other credit cards with secured features offer unlimited cash back , and typically do not require that you shop through a specific portal or activate individual deals.

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Card art from Varo.

Chime Credit Builder Visa(r) Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A., Member FDIC under a license from Visa U.S.A. Inc. and is able to be used anywhere Visa credit card are accepted.

About the writer: Jae Bratton is a writer for the credit card team at NerdWallet. Her writing has been published in newspapers, blogs and an academic publication.

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