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Netspend Credit Card Prepaid Card Review

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Netspend Credit Card Prepaid Card Review

By Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer writer for banking at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit as well as other banking-related topics. His work has been highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.

Updated Feb 10, 2021

Written by Alice Holbrook Assigning Editor | Homebuying, savings and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for almost 10 years and has previously worked in NerdWallet's banking and insurance teams as well as a stint on their copy desk. She is located in Ann Arbor, Michigan.

Many or all of the products featured here are provided by our partners who pay us. This affects the products we review as well as the place and way the product appears on a page. But this doesn't affect our assessments. Our opinions are our own. Here's a list of and .

Netspend's prepaid debit cards can be more expensive than a traditional checking account. They're very easy to obtain, and there's no background check or credit history required to open, but Netspend lets you pick whether to pay a monthly charge or paying a charge each time you make a purchase. Whatever you choose, you'll incur more charges over the course of a year than you earn interest from your savings account. There's a handy nationwide network of over 130,000 cash reload locations, but it isn't available for free, and there's no cost accessibility to ATMs.

Best for:

Individuals who need a credit card that won't let you make a negative balance or charge overdraft fees, unless you opt into an overdraft protection.

People who have had trouble with managing the bank account in the past.

Check out more choices: Check our list of

Netspend Card Pros

5.00 percent APY savings account for balances less than $1,000. 0.50 percent APY on any amount over that.

Access to easily adding and withdrawing cash from a range of retailers.

You can receive your pay up to 2 days in advance through direct deposits.

Grace period for overdrafts or courtesy cushion available with optional overdraft protection.

Are you looking for a way to build credit? Learn about

Netspend Card Cons

Steep monthly fee for basic fee plans and no way to waive the fee completely.

There is no free cash network available for withdrawals or reloads.

Inactivity fee for when you cease using the card, along with other charges that a lot of prepaid cards don't have.

Optional overdraft service costs $20 per overdraft, up to five times per month.

Are you ready to open an ordinary savings account instead? Look over the

General information on pre-paid debit cards

What is a pre-paid debit card?

A Prepaid debit card can be described as a form of card that allows you to spend the funds you load onto the card. They aren't able to assist in building credit. Like a debit card, it can be used at any merchant that accepts its payment network, such as Visa, Mastercard or American Express. It's safer and more convenient than cash. Usually the prepaid card has an app for mobile devices to deposit checks or transfer funds. Learn more on our .

As opposed to checking accounts, prepaid debit cards might not have certain services, such as free ATM or branch networks, checks, among others. If that doesn't work for you, see the following list . If you've had trouble with banks before take a look at .

Prepaid debit card vs. debit card vs. credit card

Prepaid debit cards -- pay before you load funds onto the card using cash or checks or direct deposit into a bank account before paying for transactions.

Credit cards -- Pay today: You use funds directly from a checking account when paying to purchase or withdrawing cash at an ATM.

Credit cards -Pay later: You borrow cash from a financial institution when you use your credit card. Then, you pay the money back later.

How does FDIC insurance for prepaid cards function?

Prepaid debit cards nearly always come with FDIC assurance, which ensures that your funds safe in the event the issuer goes under. Only financial institutions can have FDIC insurance, which means a prepaid card is either operated by a bank, or a prepaid credit card company that partners with a bank to provide this insurance. You must sign up 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 as well as other protections.

Author bio Spencer Tierney is a writer, and NerdWallet's expert on deposit certificates. His work has been highlighted by USA Today and the Los Angeles Times.

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Are You In Too Much Debt?

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Do You Have Too Many Debts?

Combine the various types of debt, then compare the total to income to determine if you have an issue and how to proceed.

Through Our Nerdwallet contributors are experts in their fields, who come from various backgrounds including finance, journalism and consulting. Our editorial standards are the highest standards of editorial to ensure that our readers are provided with the information necessary to make financial decisions confidently. Learn more about our

Updated Aug 5, 2021 at 11:28 AM PDT

Editor: Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Her previous experience included news and copy editing for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications in The University of Iowa.

The majority or all of the products featured here are provided by our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on the page. But, it doesn't influence our evaluations. Our opinions are our own. Here is a list of and .

Wondering if you have too much debt? Looking into your debt-to-income ratio can help answer your question. Take your monthly obligations to pay (things like auto loans as well as housing and credit card bills) and divide by your gross monthly income. If your debt load is greater than 36 percent of your DTI is difficult to pay back and can hinder your ability to obtain credit.

If you're having trouble keeping up with your bills or you're experiencing stress or sleepless nights It's probably time to create a plan to look into .

Watch your debts dwindle

Create an account and link your cards, loans and accounts to manage them all in one location.

Figure out your debt load

Utilize the calculator below to tease out whether is problematic. The calculator will also offer suggestions for what you should do next.

Enter various debts -- such as credit card payments as well as medical bills and your income to this tool. Student loans and mortgages are typically less troublesome forms of debt, so set these aside for now.

Check your results for these riskier types of debt with regard to possible solutions:

If it's less than 36%, your debt load is within the range considered affordable compared with your earnings.

If it's between 36% to 42% , you should look into DIY techniques like

If your debt is between 43% and 50%, consider taking action to lower your debt burden; consulting a may be helpful. If it's more than 50, your debt load is a high risk. Consider consulting with an lawyer.

Think of those guidelines as an overall rule of thumb. "There is no one standard for credit," says David Nash who is a certified financial planner working at Magister Wealth in San Antonio, Texas. He adds that "If your debt levels are increasing as a percentage of your income, it means certain tradeoffs that are more difficult to negotiate need to be considered."

Distinguish between bad and good debt

It's crucial to differentiate between the good from the bad and the harmful. A mortgage that has annual rates of 3.5 percent, for instance, can be weighed differently when compared to a credit card that has 20% APR.

What's good debt?

If you have an interest rate that is fixed and low, as well as you take out the loan is used to buy something that increases in value, such as a house, business or college education. It's also a good idea if the interest is tax-deductible like the majority of mortgage and student loan interest.

What's a bad loan?

These loans have rate of interest that are variable or high that are used to purchase items that decrease in value or are used up. Some examples include personal loans for discretionary purchases like holidays or auto loans stretching 5 years or more or loans that pay high-interest and have growing balances.

What's toxic debt?

No-credit-check and with APRs above 36 percent, loans so long you end up paying more than the product is worth, or loans with collateral you simply cannot afford to lose, such as your vehicle.

Bad debt has crushing rates of interest, and it can hamper your savings, cash flow and your ability to borrow to fund goals like buying a home According to Erika Safran, a certified financial planner with Safran Wealth Advisors in New York City.

A low-interest mortgage you can comfortably afford shouldn't make you sleepy at night.

Common warning signs of troublesome debt

The balance on your debt isn't declining despite regular payments.

You're living paycheck to paycheck, with no money at the end each month.

It's not like you're contributing an employer-sponsored retirement plan because you're desperate for money.

You're not able to put together a fund of at least $500 to protect yourself from financial fluctuations.

You're using credit cards for cash advances.

Are the other forms of debt a problem?

The following guidelines provide an idea of how much is too much in these debt categories and what to do in the event that you're burdened:

Housing

The guideline is: when buying a house, keep your mortgage costs to . This calculator will help you understand .

How to deal with the stress of an overflow: Consider , or consider downsizing and moving into a lower-cost region. If you're refinancing or changing homes in your 40s or 50s, choose a , so you can be mortgage-free when you retire.

Student loans

Guideline: Don't borrow more to complete your degree than the amount you anticipate earning during your first year of working. If you are expecting a start-up salary of $40,000, for instance, restrict your loans to $10,000 annually for a four-year college degree. is a major regret for student loan recipients, according to NerdWallet research.

How do you handle the stress: Consider your options alternatives, including income-driven repayment programs and refinancing.

Car loans

Guideline: Experts say your total auto costs (including -- should be borne out of your home pay. Car loans are required to be less than four years and ideally with a 20% down payment. So you don't have to spend years with a balance that is greater than what the value of your car.

How to deal with an overload If you're experiencing an overload , consider or selling your vehicle to a cheaper one.

Medical debt

Guidelines: Medical debt is an exceptional situation because health-related expenses are often beyond consumers' control. This kind of debt generally has no interest charges however the amount can be overwhelming.

How to deal with an overload: Try bargaining with the billing office to reduce the amount to be paid or arrange an affordable payment plan. on your own if possible however, you might need to investigate .

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12 Best Ways to Transfer Money

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions with confidence. Although our site does not feature every business or financial product that is available in the marketplace, we're proud that the advice we provide as well as the advice we offer and the tools we develop 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 where those products appear on our website), but it doesn't affect our suggestions or recommendations, which are grounded in many hours of study. Our partners do not pay us to guarantee favorable review of their services or products. .

12 Best Methods to Send Money

Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

And Ruth Sarreal Content Management Specialist Accounts with banks, bank account bonuses Ruth Sarreal is a specialist in the management of content covering topics related to consumer banking at NerdWallet. She has more than a decade of experience in writing and editing content for consumer websites. She previously edited content on personal finance topics for GOBankingRates. The work she has written for her was highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Oct 3, 2022

Edited by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor, writer and a research analyst in a variety of industries, from health care to market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's degree in sociology from University of Chicago, with the focus on Soviet cultural history. She lives within Portland, Oregon.

The majority or all of the products featured here come from our partners who pay us. This impacts the types of products we review and the location and manner in which the product appears on a page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and .

Discover savings accounts that best meet your financial goals

Answer a few simple questions to find accounts that meet your needs.

Take a look at our suggestions for the best methods to transfer money:

The best mobile phone:

Best for referral bonus:

Most efficient for domestic transfers

Most popular online:

Best for nonbank transfers:

The best option is to send $10,000 or more to the U.S.:

Cheapest for international bank-to bank transfers:

The fastest transfer time transfer times for international transfers:

Best for transferring large amounts internationally:

The best option for transfer options:

Ideal for simple registration:

The year's best bank accounts

Do you need to switch banks? Need a high-yield savings account with a great rate? Shop our 2023 Best-Of Awards.

When you send money online, the most efficient way to do so depends on the way and the location you want to send it. We looked at fees, speed and other features to find the most reliable international and domestic money transfer service. Note that you should always be cautious when using these services to ensure you're making payments to the correct person. Most of the time you're not guaranteed any refund in the event that your money is sent to the wrong person.

• Protect your cash: Learn about

Why you can trust NerdWallet: Our writers and editors follow strict guidelines to ensure our coverage is truthful and accurate So you can pick the options that work best for you.

+ See a summary of our choices

How do I transfer money online, on the phone or in person

The best ways to transfer money International

Venmo: The best mobile.

Cash app: The best for referral bonus.

Zelle: Fastest for domestic transfers (tie to Google Pay).

Google Pay: The fastest in domestic transfer (tie in with Zelle).

PayPal: The most well-known online.

Walmart2Walmart: Best for nonbank transfers.

Bank wire transfer: Best to send $10,000 or more to the U.S.

Best ways to send money: International

MoneyGram: Cheapest International bank-to-bank transfers.

The Xoom is the fastest in international transfer.

OFX: Ideal for international transfers with large amount.

Western Union: Best transfer choices.

Wise: Ideal for easy registration.

The most efficient ways to transfer money within the U.S.

Here's a brief overview of the most effective ways to send money domestically.

Venmo: Best for mobile

We're recommending this because:

Highly reviewed app available on iOS as well as Android.

Free, easy, fun and socially-engaged money transfers.

+ Venmo in a nutshell

Venmo's app ratings are among the highest of the local providers we looked at: 4.2 stars in the Google Play Store and 4.9 in Apple's App Store.

It's completely free to send and receive funds when you connect a bank account, debit card or the prepaid debit card. The cost of using a credit card is 3% for each transaction. Just a few taps on Venmo after you've verified your identity, you can send up to $60,000 per week.

Your and your friends' transactions will pop up , without the amount on a news feed. If you'd prefer to keep your transactions private, you can change your settings to ensure that only your friends or only you and the other person you're paying or receiving money from will be able to see them.

It is crucial to know about Venmo

Money you receive shows up immediately within the Venmo balance, however the process of cashing it out to a bank account takes one to three business days . You can also transfer funds to a debit card, usually in 30 mins, for the 1.75 percent fee. (For more details, read .)

From top to bottom

Cash App: Great for a referral bonus

The reason we picked it:

Bonus of $5 when someone utilizes your referral code to sign up and send money.

There are no fees to send or receive cash.

Cash App and the Cash App in an easy to understand

Cash App allows you to send and receive money by cashing out the connected bank account or debit card. You can make your own unique $Cashtag or username in the app, to make it easier for others to locate you and make it easier for them to send you money. Unlike the other P2P apps and ways to transfer money from the list below, Cash App offers a $5 bonus when someone sign-ups using the referral code and sends at least $5 through their new account.

Plus, it is important to understand the Cash App

You'll need to have an account with a bank account to use Cash App. Cash you receive will show up instantly in your app's balance however, it can take up at least three working days for money to appear in the balance of your bank account if you choose to transfer. You can cash out instantly to your debit card but you'll pay an additional 0.5% -1.75 percent cost.

You're limited to sending and receiving up to $1,000 per 30 days. If you wish to increase the limit, you'll need to supply additional information about yourself, including the full address of your name and birth date as well as the last four digits of the last four digits of your Social Security number. If you make a payment via credit card, you'll be assessed a fee of 3. (For more information, please refer to .)

From top to bottom

Zelle The fastest (tie Google Pay) Google Pay)

We're recommending this because:

Delivery is usually within minutes.

Already integrated with more than 100 financial institutions bringing together more than 100 million customers.

+ Zelle in the nutshell

With Zelle, you can send and deliver money within minutes between bank accounts in different financial institutions. You might already be using Zelle's service through your bank's mobile or website. More than 1,000 credit unions and banks are signed up and that means the 100 million customers they serve can use Zelle on their bank's website or mobile application. If your bank isn't on Zelle's network Zelle may be used as a standalone app.

+ Important to know about Zelle

You'll require an U.S. bank account to make and receive payments . Zelle doesn't charge any charges, but any of its partner banks may choose to. Although the limits for each bank differ but some of the biggest banks set the daily maximum transfer limit at $2,000 or $2,500.

Zelle is not intended to purchase or sell items It's not a way to protect yourself from these transfers. Additionally, if you make a transfer in the wrong direction or transfer the incorrect amount, you could be out of luck. Protections are limited to when someone is able to steal the password to your Zelle account or password and uses it to transfer money.

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Google Pay: Most efficient (tie to Zelle)

The reason we picked it:

Transfers to a debit card for less than other payment processors charge.

Smooth integration of money transfer service in email.

+ Google Pay in an easy to understand way

Google Pay lets you transfer funds for free by using an QR code, the recipient's name, telephone number or email address. You can also make a cash withdrawal immediately from the app wallet to a debit card for the cost of 1.5% fee. If you're not working in a hurry, you can cash out at no cost to an bank account, which takes up to three days. The maximum amount you can transfer is $5,000 per day for seven days. Bank accounts and debit cards can fund transfers, but the credit and debit ones cannot.

+ Important to know about Google Pay

Google Pay covers 100% of verified transactions that are not authorized however this isn't a guarantee for all money transfer apps and services.

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PayPal: The most popular online

Why it's our pick:

High transfer maximum.

There are more than 400 million active account in the world.

+ PayPal in a nutshell

PayPal provides free transfers to PayPal's U.S. when you fund through a bank account or PayPal balance. When you pay with credit card -- and unlike other service providers one that accepts debit cardscomes with a cost: 2.9 percent of the sent amount and 30 cents. Bank account transfers are completely free.

+ Important to know about PayPal

According to your currency and the currency you use, the maximum amount you are able to send out per transfer varies between $10,000 and $60,000. If you're sending this much money, making it through a bank will provide additional security for your account, such as FDIC insurance.

Transferring money into banks for free can take between one and up to four days based on whether the transfer was initiated within 7 p.m. ET or on weekends. You can also pay instantly to a debit card that is linked. You can pay or transfer money on the website or mobile app on iOS and Android, or at PayPal.Me, where you create your own personal link that family and friends can use to pay you. (Read the full article on our .)

From top to bottom

Walmart2Walmart: Best for nonbank transfers

We're recommending this because:

Convenient option for sending cash to or from an Walmart store.

+ Walmart2Walmart in the nutshell

If you're looking to transfer money, Walmart is a convenient option, especially if or your recipient live near an establishment It is possible to transfer funds through an Walmart store for pickup at an Walmart. Walmart is a partner with many payment service providers, so you can also transfer money via any MoneyGram, Ria or Western Union store for pickup at any one of the thousands of U.S. Walmart stores, where a recipient can collect the money within minutes. In the same way, you can transfer money to a Walmart for pickup within minutes at a Western Union or MoneyGram location. (Ria locations don't offer a pickup option.)

Plus, it is important to be aware of Walmart2Walmart

In the majority of states, the maximum you can send per day is $2,999.99, and prices start at $2.50. (For more details on Walmart financial services, including details on Walmart's involvement in the FTC lawsuit against the company, please read our .)

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Bank wire transfer: B est for sending $10,000 or more to the U.S.

We're recommending this because:

Delivers large amounts between banks the next within hours or minutes.

Transfers to banks in the nutshell

Sending a wire transfer through your bank may be the most efficient way to transfer large amounts quickly. As convenient as P2P apps are however, they restrict the amount you can send. Typically, you can only send between $1,000 and $10,000 per transfer and delivery could take several days. Contrary to that the majority of bank wire transfers arrive within hours or minutes.

+ Important to know about bank wire transfers

There's a steep fee for transfers. According to an examination of the largest bank accounts, the average domestic wire fee for sending money is around $25, while it is $15 for receiving (see ). If you need to send lots of money in a matter of minutes, though the cost may prove worth the cost.

>> Interested in transferring money via wire transfer? Learn more about wire transfers.

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Best ways to transfer money internationally

Below, we'll provide our recommendations for the top methods to transfer money internationally. If you transfer money abroad, you generally encounter two charges: the cost to transfer money (also known as the outbound or upfront fee) and the foreign exchange fees as well as the markup on the exchange rate that banks use when transferring money among themselves. Take a look at both fees to determine the best deal.

+ Read our advice on money transfers and definitions for common money transfer terms

Definitions: Rates of Money Transfer

There are three rates that determine the amount your transfer will cost and the amount of cash the recipient will receive.

Exchange rate: An exchange rate is the cost of one currency in relation the other currency. For example, if you would like to change U.S. dollars to euros then you should determine the value of the value of one U.S. dollar is worth in euros.

Midmarket rate: The midmarket rate, also called the interbank rate, also known as an interbank exchange rate is the exchange rate that big banks use to exchange currencies between each other.

Markup on exchange rates: Many service providers employ markups on exchange rates in price your transfer. They give customers an exchange rate which is the midmarket rate plus the additional amount, also known as a markup, in order to earn profits on the transfer.

Example A case in point: If the midmarket exchange rate of U.S. dollars to Mexican pesos is 20 psos per dollar, then a 2 markup in exchange rates means the provider is giving you 19.6 pesos for every dollar. For a $500 transfer with an average rate, you'd send 10,000 pesos, but with a markup of 2 it would result in 9,800 pesos. The more markup you pay, the less your recipient will receive in exchange for their currency.

General guidelines for international money transfers

1. Know the way exchange rates work (and how to find the most favorable rates). One of the ways the money transfer service providers earn their money is through markups on exchange rates. Many transfer companies don't give the rate of exchange you'd find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency relative to another, but they are a helpful starting point for knowing what the ideal rate will look like this minute. If you are looking at your exchange rates when you make international transfers with services like Western Union, focus on the exchange rate markup by examining the foreign currency value. The higher it is, the lower the markup and the greater amount the recipient gets.

2. Compare total transfer costs across different providers. There are two kinds of costs: upfront fee and markup on exchange rates (see below). Choose the one that offers the lowest fee combined with the best exchange rate that you can find. Most nonbank online providers provide cheaper transfers than banks.

3. Avoid paying with a credit card. It's an option for some companies, but there may be a higher cost upfront and the credit card company may tack on costs such as interest and cash advance charges. A transfer paid by bank account directly tends to be a less costly (and much slower) transfer. If you need money delivered fast, you can use the debit card option, which will also incur fees that are lower than credit cards.

The MoneyGram service: Cheapest transfer from bank to bank

at MoneyGram

Why it's our pick:

Most affordable fees for transfers and from accounts at banks.

MoneyGram and the MoneyGram acronym in one sentence

MoneyGram operates a network of more than 200 countries and territories. Transfers between locations take only a few minutes to be delivered as cash pickup. This has a similarity to the primary competitor, Western Union. Transfers made online or via mobile app to bank accounts in various countries take one hour or just one business day; other providers can take several business days to transfer to bank accounts. If you want to transfer money from a bank to a bank, MoneyGram is the cheapest choice.

Plus, it is important to be aware of MoneyGram

You'll need to pay fees. If you send $200-$1,000 the average fee ranges from between $6 and 14 in each of the nations we studied according to the method of sending and receiving. MoneyGram will also mark up exchange rates ranging from 0.60 percent to 8.44%. For the countries we researched and compared, the amount you can pay per transaction is around $10,000 to $15,000 -- the limits are at the lower range when compared to other services on this list. (See our .)

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Xoom: Fastest

We're recommending this because:

Transfers to bank accounts overseas within minutes for some countries.

+ Xoom in an easy to understand way

Xoom-is an PayPal service that specializes in fast transfers to about 160 countries. You can transfer up to $100,000, but the greater the amount you want to transfer, the more time it will take along with the additional personal data you'll have to provide (such as passports or Social Security number and a bank statement or pay stub). It is possible to transfer funds using a bank account, debit card credit card or payment methods stored inside your PayPal account, and most transfers are made in a matter of the timeframe of a few minutes. Xoom is a partner with banks of major importance in other countries, which allows users to have money delivered to bank accounts, or in certain countries, for cash-in-hand pickup, or for mobile phone reloads.

Plus, it is important to be aware of Xoom

Cost is where Xoom lags behind competitors. Xoom earns profits from exchange rates, but it gives better rates for sending higher amounts to specific countries. The transfer of funds from one bank account to another are not always free. In general, charges may be higher if you make use of a credit or debit card. (For more information, visit our .)

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OFX: Best for international transfers with a large amount.

at OFX

The reason we picked it:

There is no maximum limit on how much you can send.

No fees, no matter how much you send.

+ OFX in an easy to understand way

OFX is free of charge, regardless of the amount you send. Additionally the online service allows you to transfer money at current exchange rates or at target rates for the future -which means that your money will transfer once the exchange rate has been achieved. In your location in the U.S., you can send money in over 50 currencies. OFX is ideal if you need to send more than other providers on this list allow, as there is no limit on the amount you can transfer.

It is important to be aware of OFX

OFX has a minimum transfer amount of $1,000. Costs for consumers are in the form of exchange rate markupsthat are at the top of the spectrum when compared to other service providers. Delivery generally takes several business days. (Read our for more details.)

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Western Union: Best transfer options

The reason we picked it:

An extensive network of locations across the world.

There are many ways to send and deliver money.

+ Western Union in a nutshell

The largest company for money transfers across the globe, Western Union also has numerous transfer options . On the provider's price estimator tool on the internet, you'll see more than a dozen combinations of sending channels, payment methods, and delivery options. It is possible to send money through Western Union's website Western Union website or its mobile app, and you can use the option of a bank account, debit card or credit card -- or transfer money from a nearby agent location with cash.

The physical network of the transfer giant covers over 200 countries and territories, and more fifty million locations all over the world.

Plus, it is important to be aware of Western Union

Transfers are expensive they are among the most expensive of the companies we examined- and only some options provide same-day or next-day delivery. Some online transfer options can require several business days to delivery. (Read our .)

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Wise: Best for easy sign-up

at Wise

Why it's our pick:

A user-friendly experience on the web from sign-up to delivery

No foreign exchange rate markups.

+ Wise in a nutshell

Wise (formerly TransferWise) balances convenience and costs on its online and mobile money transfer service. You can sign up with an account on Apple, Google or Facebook account instead of a site-specific login, and the exchange rate you receive is guaranteed until the money arrives at Wise. Wise can transfer cash through its headquarters in the U.S. to about 80 countries (the precise number of countries changes from time to time) without an exchange rate markup. However, they charge an exchange rate charge, which pays for making the exchange happen, but there is no markup.

Plus, it is important to be aware of Wise

In most instances, you'll have to pay two charges: a fixed dollars amount (the upfront fee), which increases depending on the amount you pay, and the exchange fee, which is often less than 1% of the amount you send. From in the U.S. to the countries that we looked into, more than half of the delivery times were estimated to take 2 hours or less. (Read our .)

Return to the top

>> Looking for the right bank to use when you go abroad? Take a look

METHODOLOGY for DOMESTIC TRANSFERS

To identify the top domestic transfer options, we examined the following characteristics of 14 companies: fees, delivery speed of cash or money to the recipient's bank account, user reach (where transaction data were available) Limit on the amount of money that can be sent and measures to protect your data. Priority was given to service providers that offer free transfers, have established histories and maintain strict security measures. We excluded single-bank P2P services since they usually restrict users to one particular bank.

Note: All amount transfer limits are given assuming that the user has authenticated their identities because each app needs to verify their identity. Also, the app will set initial limitations when you first start using the app.

Providers surveyed: , , Facebook Pay (now Meta Pay), Google Pay, and PopMoney, , the list goes on and .

METHODOLOGY FOR TRANSFERS TO OTHER NATIONAL BANKS

We examined seven providers who operate with clients in the U.S., mostly focusing on the major players in the international market for money transfer that are based in market research expert opinions cost analysis, and U.S. internet traffic.

Countries surveyed: Germany, India, Mexico and the United Kingdom.

Providers surveyed: , the , , as well (owned through PayPal).

The fees and markups on exchange rates that are mentioned are based on the study linked below.

About the authors: Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. His work has been featured on USA Today and the Los Angeles Times.

Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written articles on topics related to personal finance for over five years.

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5 Tactics to Pay Off Buy Now, Pay Later

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able make financial decisions with confidence. And while our site does not feature every business or financial product available on the market however, we're confident that the guidance we offer and the information we offer and the tools we develop are independent, objective, straightforward -- and cost-free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where they are featured on our website) however it does not affect our suggestions or recommendations that are based on many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .

5 Tips to Pay Off Buy Now, Pay Later

When your buy now, pay later bills come due, think about these strategies when you are figuring out how to get out of debt.

By Melissa Lambarena Lead Writer | Credit cards, the debt Melissa Lambarena is a lead writer on the credit card group at NerdWallet. She has enthusiastically covered credit card related topics for more than six years. Her prior experiences include nine years as an author for various publications and websites. With her efforts, she aims to help readers extract value from credit cards for financial goals like expanding their budgets, building credit and traveling to dream destinations and paying off debt. She focuses on these subjects and others in and her Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology at University of California, Los Angeles. University of California, Los Angeles.

Updated January 13th, 2023 at 7:46 AM PST.

Written by Kenley Young Credit score, credit cards Kenley Young directs daily coverage of credit cards on NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in both digital and print media, including stints as an editor at the copy desk, a wire editor and an editor of the metro at the McClatchy Newspaper chain.

The majority or all of the items featured on this page are provided by our partners, who we pay. This impacts the types of products we write about and the location and manner in which the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list and .

More Like This

Chances are you're " " bill from the holiday season will arrive soon or has already made its debut.

If you're not financially ready to pay up charges for late fees, or other costs can put your deeper in debt. The situation can alter in just a few weeks due to unexpected financial challenges like unemployment, an unexpected bill, a family emergency or other circumstances.

If your financial situation is causing you to feel the strain of those buy-now-pay-in-four or pay later plansor perhaps other debts -- it's crucial to devise an action plan to pay off debts.

Here are some options to consider as you strategize your way out of debt.

1. Update your budget

Reevaluate your habits and reduce unnecessary costs, or swap services with less expensive alternatives. Cancel unused subscriptions, for example switching to a cheaper streaming service.

If you're also dealing with debt from credit cards that could take anywhere from three to five years to pay off, think about talking to an accredited non-profit credit counseling service regarding a, which could consolidate some balances into one low-interest installment. Be aware that accounts in the program are usually required to be shut down, which could affect your financial situation in the short-term.

2. Change your payment due date

Some lenders like Klarna and Afterpay permit you to alter the payment due date or ask for an extension.

Klarna customers using a pay-in-four loan can extend the due date for each payment once by 14 days, according to the company's website. Afterpay may provide more leeway, allowing changes to the payment due date up to six times a year through the app, as per Amanda Pires, a company spokesperson.

Policies of lenders can differ, so read the plan's conditions or speak to the lender about your options.

3. Communicate with lenders about hardships

If a setback in your finances or an situation prevents you from making your payments, the buy now, pay later lender might be able to provide some relief.

Major purchase now, pay later companies with hardship policies typically encourage you to contact customer service as quickly as possible about the hardships.

"Affirm users experiencing financial hardship can contact us through our help desk so that we can help them identify an available repayment option that best meets their personal requirements," Casey Becker, the spokesperson for the company, told me via email.

The terms of the loan vary according to lender.

4. Think about a balance transfer credit card

If you're a credit-worthy person (a FICO score of 690 or more) Some issuers will offer you the opportunity to pay for buy-now, and pay it off later. It could allow you to extend your time should you be trying to meet the plan's payment deadlines however there are a few points to be aware of.

Balance credit cards that transfer balances are designed to help you lower interest charges over an agreed-upon time period, so they might not be the best choice for buy now or pay later plans which don't charge interest to begin with. Plus, you can move a balance only as high as your credit limit permits and usually there's a fee charged on the amount transferred generally between 3% and 5%. Compare the potential purchase now and charges for pay later against these elements.

The procedure and conditions will vary among the card issuers which allow this, so ask what you can expect. Wells Fargo, for instance, may allow an account balance transfer to pay buy now, to pay later on debt.

"The most popular practice would be to move balances from a different credit card issuer to your Wells Fargo account to save on interest," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's an issuer that isn't technically considered a retail or bank card issuer, customers do have other options for how to take advantage of their balance transfer deal (i.e. using a balance transfer check that comes in conjunction with this deal)."

When a credit card issuer offers a balance transfer feature by way of an actual check, your capacity to utilize it will be contingent on your lender's capability to accept that payment method.

5. Consider the advantages and disadvantages of a personal loan

A personal loan can consolidate multiple obligations into a fixed monthly payment with a low rate of interest over a predetermined time. If the funds are sent directly to your bank account, it's generally possible to make use of them to pay creditors, including buy now and loans that pay in the future. A credit score that is good could be able to qualify you for lower interest rates.

However, it's not the best way to pay off debt with credit, so it's important to consider whether the interest rate offers savings compared to the potential fees on buy now plans, such as pay later. If your buy now, pay later plan doesn't charge interest or fees, paying it off with a personal loan might not be the best option. But it might be worth taking the loan to pay off other debts , if you allows you to free up cash to pay for buy now, pay later plans.

The article is written by NerdWallet and was first published by The Associated Press.

Author bio Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been highlighted on The Associated Press, New York Times, Washington Post and USA Today.

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Auto Refinance Calculator

your car loan can lower your interest rates and help you save hundreds and even thousands of dollars over the life of your loan. This is especially true if you originally made a deal with a dealer, or your credit score improved since you took out the auto loan. Whatever the case, it's worthwhile to calculate savings and evaluate .

Make use of this auto loan refinance calculator to determine potential savings Bankrate's auto refinance calculator can help you estimate how much you can potentially save on interest, monthly installments or both. Simply input the details that you have on your existing loan: your monthly payment the balance remaining, as well as the remaining loan period. Then, consider how a new loan could potentially save you money. After figuring out what adjusted term and interest rate will work best for your needs and your wallet It is advisable to consider applying for a loan the best deal, which will ensure that you walk away with an excellent deal. Look through current offers to see how you can compare automobile loan prices and rates, after you have determined what you want your new loan to look like.

What refinancing is and how it works? Refinancing lets you to with a new loan. The new loan will have higher rates and terms, and therefore save you money each month. Your existing loan is replaced by one from a new lender however, it is always wise to consider the savings potential in the event that you have remained with your current bank or lender. Refinancing your loan is an option that does not happen . In the event of extending the life of your loan you are more likely to end up dependent on your car loan. To prevent this from happening, stay away from extended repayment terms that can be tempting when refinancing. It is also crucial to keep in mind that lenders have a say when it comes to refinancing. A lot of banks and lenders be looking for a clean title, payment history, and the age and value of the car. Should you refinance your auto loan? The decision to refinance your auto loan will save the interest cost or reducing the monthly payments or both. Consider these situations when determining whether or not you should refinance your auto loan:

You received dealer financing. Dealers typically will add a few points to the loan as commission. Therefore, if your initial loan was funded by one of your car dealer's preferred lenders, there is a good possibility that you didn't get the best rate possible. Your credit score improved. A difference of just 30 points in your credit score could have huge difference in the rate you pay. If your score has improved since your original auto loan, you may benefit from refinancing. You're looking to reduce your payment. Refinancing for a longer loan time frame can . How do you apply for auto refinance loan The process is fairly similar to the application process for applying for . Take these steps prior to making a decision on a refinanced auto loan. Determine if refinancing is the right choice for your finances. Check your current monthly costs against the potential savings you could make from the refi process. Examine your current loan. Understand your current rate and the amount you would potentially pay in interest. Determine the value of your vehicle. Use tools like Kelley Blue Book and Edmunds to find out . Explore. Compare loan options from at least three lenders. Accept the latest loan. Select a loan and then walk away with a new term and rate. The next step to finding the best auto loan is the possibility of . For many , refinancing is a great method to alter your current loan to meet your budget for the month. Use the calculator to know the implications of a new loan would appear to be for you and your budget and take a look .

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How Long Will Hard Inquiries Last On Your Credit Report?

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site doesn't feature every company or financial product that is available in the marketplace however, we're confident that the guidance we offer, the information we provide as well as the tools we design are impartial, independent, straightforward -- and cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and the places they are featured on our website), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .

How Long Can Hard Inquiries Expire on the Credit Report?

An inquiry that is not a hard one will remain in your credit file for two years. However, it typically won't affect your score for more than a year.

By 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 of journalism at Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she worked for newspaper publishers, including daily ones, MSN Money and Credit.com. Her work was featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated November 3 2021

Many or all of the products featured here are from our partners who compensate us. This affects the products we review and where and how the product is displayed on the page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here is a list of and .

Credit inquiries that are hard to get (the kind that occur when you apply for an loan or card -- can stay on your for about 24 months. However, a hard inquiry typically won't affect your credit score for 12 months after.

Applying for credit can knock some points off your credit scores. However, making multiple requests in an extremely short time frame counts as one inquiry when you shop for a mortgage or student loan or auto loan.

The time frame you have to shop varies according to the kind of credit. The latest versions typically offer you a 45-day period for these requests. There is a shorter timeframe for -- 14 days.

You can't choose the score or score variant the lender uses It is important to shop around quickly.

Are you in need of a credit exam?

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

How much does a hard inquiry on your credit report cause you to worry?

For people with extensive credit histories, one inquiry for credit -- and hard inquiry -- will have little or no impact, or is a small one.

If you've been unable to earn points because you applied for numerous credit cards in a short amount of time Take heart. Credit applications aren't a major factor in calculating your credit scores.

VantageScore evaluates recent credit behavior or inquiries to be "less significant." Applications for new credit cards are 10% or less of FICO scores.

But people who have short credit history or have a few accounts could see a greater change.

If you're trying get points, each one counts and restraining applying for new credit applications over a couple of months can help restore points. Particularly if you're getting a mortgage, wait until the day after the closing date to apply for new credit.

could cause a major smudge in your credit, particularly in the case of a newcomer to credit. This is an easy mistake to commit. Let's say you've just hired a house. The agent who rented it may look into your credit. And then you may apply for financing for furniture. You decide that you would like a card with travel rewards and you decide to apply for a couple of them. It could be as many as four credit inquiries within the same time frame, and it can result in a lower score.

Statistics show that people with six or more recent inquiries are eight times more likely to declare bankruptcy than those with none and scoring formulas indicate the fact that.

If you've made a thorough inquiry, your credit report shows an error, as you would any other mistake on your credit report.

Any credit score damage done through inquiries can be repaired over time. When you need credit for your needs, it's always a great idea to determine whether you're likely be eligible prior to applying since a formal inquiry will be recorded regardless of whether you're approved or otherwise.

In the meantime, you should focus on two aspects that have the most powerful impact on your scores:

Paying on time, every time.

Maintaining credit card balances not greater than 30% of your credit limit and lower is better.

Those habits account for more than 50% percent of the scores you receive. NerdWallet will help you with tips on improving the other elements.

Want nerdy knowledge that's personalized to your needs? All your money will be in one view, and get customized information to get the most value from it.

About the author: Bev O'Shea worked as a writer for credit at NerdWallet. Her work has been featured in the New York Times, Washington Post, MarketWatch and elsewhere.

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Do You Really Need Identity Theft Protection Services?

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. And while our site does not include every company or financial product available on the market however, we're confident that the guidance we offer as well as the advice we provide and the tools we create are impartial, independent, straightforward -- and completely free. How do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on our website) However, it in no way affects our advice or suggestions that are based on many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .

Do You Need Identity Theft Protection Services?

You should only pay for a service in the event that you're in danger, refuse to block your credit and won't monitor your own data.

Written by Sean Pyles Senior Writer | Personal finances and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from the NerdWallet Content team to answer the questions of listeners about their personal finances. With a particular focus on sensible and actionable financial advice, Sean provides real-world guidance that can help consumers better their financial lives. In addition to answering listeners' financial concerns on "Smart Money," Sean also interviews guests outside of NerdWallet and creates special segments that explore subjects like the racial wealth gap as well as how to get started investing and the history of student loans.

Before Sean lead podcasting at NerdWallet He also covered issues that dealt with consumer debt. His writing has been featured throughout the media including USA Today, The New York Times and elsewhere. When he's not writing about personal finances, Sean can be found working in his garden, taking runs , and taking his dog for long walks. Sean is located at 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 degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet, she worked for the daily papers, MSN Money and Credit.com. Her work was featured on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.

Updated Jan 25 2022

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

The majority or all of the items featured on this page come from our partners, who we pay. This influences which products we feature and the location and manner in which the product appears on the page. However, this does not influence our evaluations. Our views are our own. Here's a list of and .

Security companies for identity theft promise to safeguard your personal information in exchange for an annual or monthly fee. Typically, they begin by adding additional services that will warn you of potential issues.

But alerts just flag you once the event has occurred; they can't prevent anyone from taking and stealing your financial data. This is the reason why NerdWallet advises proactively to prevent the opening of fake accounts.

You should consider purchasing an identity theft protection service only If:

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

You're not ready to block your credit reports.

You know that you won't undertake the task of actively monitoring your own credit.

You have checked and don't have adequate identity theft monitoring or due to an incident with data.

You can do it yourself

You can perform the basic services provided by these firms by yourself, usually free of charge:

You can and track your via a variety of personal finance websites, such as NerdWallet as well as a handful of credit card issuers.

You can follow the free recovery routes set out by the federal government at .

You can block your credit file at all of the major credit bureaus -as well as -- at no cost this is something that an identity theft protection company will not be able to do for you.

"The first thing consumers need to do if they're worried about ID theft is just to freeze their credit reports," says Chi Chi Wu the staff attorney of the National Consumer Law Center. "Freeze, freeze, freeze. Everything else is gravy on top of that."

>> MORE:

What companies for protection against identity theft do

In general Identity theft protection companies provide three major services:

Monitoring Security firms for identity theft monitor your credit files and inform you of activities, like new accounts opening in your name , or credit inquiries received to ensure you are able to respond swiftly.

Alerts: Notify you of instances when your personal information has been used, like if someone tries to establish an bank account in your name. This can be helpful because most people don't know that the theft of their identity until their credit is damaged, their bank accounts depleted or they discover they have lots of new debt on their account.

Recovery: If someone steals your data and then misuses it the companies may help you recover lost money and help undo the damage to your credit. The majority of them offer insurance plans up to $1 million.

Some also provide tangential services for example, alerts on the latest news about identity theft and local sex offender registrations. There are some who monitor dark websites known to traffic in stolen financial and personal data that you cannot do on your own.

Compare identity theft protection services

It could be that you decide to purchase a full suite of safeguards and are willing to pay for peace of mind. Or you may know you'll never do it yourself.

If so, compare prices and details on coverage to find a plan that fits. Make sure the product you select is monitoring credit data at all three credit bureaus; otherwise you're paying for insufficient protection.

Beware of credit monitoring services that are more likely to offer less comprehensive coverage and can restrict your rights to pursue them even if they're the ones that have exposed your financial data.

Here's a look at a few well-known products in the identity protection industry. This is just a tiny sample; you may choose a different service that is more suitable for you. If you've already placed the credit freezing, then you'll have to temporarily lift them to allow a provider access to your data for monitoring purposes.

1. NORTON 360 with LIFELOCK ULTIMATE PLUS

Pros:

The top-tier Norton LifeLock plan, , provides a variety of services to aid you in recovering against identity theft.

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

The company can enhance its package through additional features including the $1 million identity theft recovery plan and legal assistance.

Cons:

The most expensive plan is priced at $48.99, especially when covering a family. Coverage for two adults as well as up to five children costs $48.99 a month initially, but it auto-renews at a higher rate.

In 2015, LifeLock made a payment of $100 million in order to settle an Federal Trade Commission charge that it violated the terms of a 2010 federal court order regarding the protection of consumers' personal information and avoiding misleading advertisements.

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

The best for: those who don't have a large family to cover; who can afford an extra amount for more comprehensive protection. Check out our complete .

2. IDSHIELD

Pros:

Easy to understand precisely what you're getting because there aren't any tiers and the pricing is transparent.

Provides unlimited consultations with an experts in identity theft.

Examines social media posts to determine reputational risk.

Cons:

As with all services, you may be tempted to dismiss the importance of maintaining good cyber hygiene guidelines.

Multiple alerts may lead you to dismiss them without reading, missing crucial details.

Cost: Monitoring at all three bureaus of credit costs $17.95 monthly for singles as well as $32.95 per month for families (two adults and up to 10 minors).

The best option for price-sensitive clients who would like to have their social media accounts checked as part of a bundle. Check out our complete .

3. IDENTITYFORCE ULTRASECURE+CREDIT

Pros:

IdentityForce provides less expensive three-bureau monitoring than big names like LifeLock.

You can get a family planthat includes two adults as well as any children 25 and under.

Offers alerts about suspected fraudulent health insurance claims.

Cons:

The sign-up process can be tedious it requires you to input details several times.

The family plan isn't readily visible on the website, and you'll need to call for it.

The process of determining the lowest cost isn't easy, as prices differ based the method you choose to sign up on the phone or online.

Price: $23.99 per month, or $239.90 per year for the plan that includes monitoring at all three credit agencies. As noted, though, promotions are often offered. It's smart to look for it.

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

4. ID WATCHDOG PLATINUM

Pros:

ID Watchdog keeps credit monitoring easy with alerts, recovery and monitoring.

One standout feature: It can help you recover from pre-existing identity theft with an additional cost of $79.95 up to $279.95, based on the type of fraudulent credit line.

Cons:

Equifax bought ID Watchdog in 2017, in the same year Equifax suffered a major data breach that revealed the sensitive personal data of more than 148 million people.

The mobile app and desktop interface provide more information than its rivals.

ID Watchdog offers fewer monitoring services than other businesses.

The cost: $19.95 a month or $219 for an annual plan for , which offers three-bureau credit monitoring.

Best for: Those who need help to recover from identity theft that was pre-existing.

Do you need a credit report review?

Register for an account and get your credit report free and score on-hand, constantly.

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

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

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What is a Credit Score and What are the Credit Score ranges?

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product in the marketplace, we're proud of the advice we offer as well as the advice we provide and the tools we create are objective, independent simple, and free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the places they are featured on our website) However, it does not affect our advice or suggestions which are based on many hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. .

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 good credit.

Written by Amanda Barroso Lead Writer | Budgeting, credit scoring, personal finances Amanda Barroso is a personal financial journalist she has joined NerdWallet in 2021, covering credit scoring. She also wrote research studies on data and also 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 many Americans, which includes her role as a journalist in the Pew Research Center as well as a policy analyst at the National Women's Law Center and a professor at the college level. Amanda received a doctorate degree from 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 degree in journalism from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet, she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated on Mar 28, 2023

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Her previous experience includes copy editing and news for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism from The University of Iowa.

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Credit scores influence all aspects of your life: whether you get a loan or credit line, what interest rate you pay or whether you are able to obtain the apartment you've always wanted.

A higher credit score can give you access to more credit products -- as well as at lower rates of interest. People with credit scores that are higher than 775 or less typically have several options, including the ability to qualify for no-interest financing for cars and for credit cards with 0% introductory interest rates.

It's important to know the workings of credit scores and what the credit score ranges are.

What is an credit score?

Credit scores are a 3-digit number, generally on an scale from 300-850. It estimates how likely you are to repay borrowed money and pay your bills.

Scores for credit are calculated using the information you provide about your credit accounts. This information is gathered by credit reporting agencies, often known as, and then compiled to create your credit report. The three biggest companies include Equifax, Experian and TransUnion.

You don't have a single credit score -- you have several, and they're likely to vary. This is because two large businesses calculate their scores. More on that in the following.

The highest credit score you can achieve is 850, but there isn't much difference between a "perfect" score as well as a high score when it comes to the products and rates you are eligible for. That's why you shouldn't worry about trying to get an 850 score, especially because scores can fluctuate often.

Find out how your credit is scored

Check your score for free and the factors that impact it, and get insights into ways to continue building.

The difference is what's the main distinction of FICO score and VantageScore?

Two companies dominate credit scoring. It is the most well known score. Its primary competitor is . Generally, they both utilize the credit score range of 300 to 850.

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

FICO and VantageScore draw from the same data, weighting the information slightly differently. They usually work in tandem If you have an excellent VantageScore, then your FICO is likely to be very high too.

What is the reason My FICO score and VantageScore different?

A score is a snapshot and it can change depending on the time you review it. Your score may differ based the credit bureau that provided the credit report data used to create it or the bureau supplied the data. Each creditor may not report information about their accounts to all three bureaus, which means you will receive a credit report for each one is distinct.

What are the credit score ranges?

Creditors establish their own standards for the scores they'll accept however, these are generally accepted guidelines:

Any score that is greater is generally considered

A score of 690 to 719 is considered .

Scores between 630 and 689 are .

Scores of 629 or less are

Alongside your credit score, other aspects like your income and other debts could be a factor in creditor' decisions about whether to approve your application.

Did you have any idea...

The score in America United States varies a bit between the two main scoring models. The average FICO 8 score was 716 as of August 2022, similar to the score a year earlier. (0) FICO Choices Blog . . Accessed Aug 30, 2022.

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

What influences how your scores on credit?

The two main scores for credit, FICO and VantageScore, consider many of the same factors but weight them somewhat differently.

For both scoring models, the two things that are most important are:

It is important to pay bills in time. A misstep here can cost you dearly. Any time you're at least 30 days after the due date is recorded on your credit history for years.

How much you have to pay. Credit utilization describes how much of your credit limits are making use of. It is recommended to limit your use to less than 30% of your credit limits -- lower is better. You can take several steps to

A lesser amount of weight is given to these variables however, they're still worth keeping an eye on:

The more time you've had credit and the greater an average account's age the better for your score.

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

How recently you have applied for credit: If you make an application for credit, you could see a temporary drop in your credit score.

The factors that affect your credit scores

There are a few things that aren't included in the calculation of credit scores These are mostly to do with demographic characteristics.

For example, your race or ethnicity, sexual status, or age don't count as part of the equation. Also, your work history -- which can comprise things like your pay, title or employer -or the location you reside in.

How can you improve your credit score?

What does your credit score measure? In one word creditworthiness. But what exactly does this mean? The credit score you receive is an attempt to determine your financial habits. The factors that are incorporated into your score can also provide reliable ways you can build up your score:

Make sure to pay all bills in time.

Maintain credit card balances below 30percent of the limits and, in the ideal case, much less.

Make sure you have old credit cards in your account to ensure the age average of your accounts. Also, consider using a mixture of credit cards as well as installment loans.

Spread out credit application forms instead of applying for many in a short time. Typically, lenders will perform an "hard pull" on your credit when you apply, which temporarily dings your score. Insufficiently many applications to each other could cause further harm.

There are several options to consider when beginning your journey and methods to when you've got it established. Making payments towards your account balances several times throughout the month or asking for greater credit limits can elevate your score.

How can I check and monitor my credit?

You can check your own credit -- it -you can determine what the lender will likely to find.

It is possible to obtain one through a personal finance website like NerdWallet and offers a TransUnion VantageScore 3.0. A lot of personal banking apps provide credit scores for free which means you can create a an habit of checking them in whenever you log into your account to pay your bills.

It is important to use the same score every time you test. Doing otherwise is like trying to keep track of your weight on different scales , or possibly switching between pounds and kilograms. Choose one score and then create an exercise plan to track your credit. The changes that are analyzed by one score will likely be seen in other scores.

Remember that, like weight, scores fluctuate. So long as you maintain a healthy range, those variations won't have an impact on your financial well-being.

You can protect your credit score by communicating with every credit bureau. You can still use credit cards, however you cannot use your credit card information to apply for credit based on your personal data since access is denied by freezing your credit. Freezing your credit is easy and takes only a few minutes, but it goes a long way in securing your finances.

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

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

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How to become the Uber Driver of Your Dream: Beginning's guide

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How to Become an Uber Driver A Beginning's Guide

Through Our Nerdwallet contributors are specialists in their fields, who come from diverse backgrounds in journalism, finance, and consulting. The By Our Nerdwallet team adheres to strictest editorial standards to ensure our readers have the information that they need to make decisions about their finances with confidence. Find out more about our

Published Jun 30, 2022 10:20AM PDT

Edited by Courtney Neidel Assigning Editor | Personal finances, budgeting, spending Courtney Neidel is an assigning editor for the core personal finance department at NerdWallet. They began working at NerdWallet in 2014 and worked for six years writing about budgeting, shopping and strategies for saving money before being made editor. Courtney has been featured as a specialist in retail by "Good Morning America,"" Cheddar, and CBSN. Her prior experience includes freelance writing for California newspapers.

The majority or all of the products we feature are provided by our partners, who pay us. This influences which products we review as well as the place and way the product is featured on a page. However, it does not influence our evaluations. Our opinions are our own. Here's a list and .

Uber drivers Uber is often advertised as a simple way to sign up, then take the car. However, the reality isn't as simple.

You need to meet certain requirements regarding age, vehicle and insurance requirements, and undergo a background screeningwhich could take several weeks- before you can start earning.

Here's what you must know to get started driving for .

Uber driver requirements

You must tick at least these boxes before you can become an Uber driver:

You must be at least 18 years old to drive for Uber in your city.

Possess a valid U.S. driver's license.

Have at least one year license-issued driver's license in the United States (three years if you're younger than 25 years old).

Take part in a screening procedure which includes a review of your driving records and, possibly, a background check.

You must provide proof of residency in your state or city.

You must provide proof that you're planning on driving your own vehicle.

Take note that Uber drivers can also rent their cars, which include insurance. Find details on .

Easy money management

NerdWallet monitors your earnings bills, income, and gives you ways to save.

Uber vehicle requirements

In general, Uber vehicles must be in good working order, have four doors and be in compliance with state requirements, such as passing a smog exam or being registered with the most recent date. Other requirements include:

Check-in requirements, for example, differ by state and city.

Meets the age requirements of vehicles in your state and city (typically 10 to 15 years old or newer).

Not classified as salvage or rebuilt.

No commercial branding.

Other requirements might be required for driving services, like UberX.

Uber insurance conditions

Uber drivers need to have auto insurance coverage. The minimum insurance requirements differ by state, and some states have requirements specific to driver-on-demand.

Uber is also able to provide insurance coverage on behalf of its drivers, which begins after you've accepted a ride and may be extended if you're waiting on an appointment (if your personal insurance doesn't cover the accident).

Contact your insurance company prior to signing up as a ridesharing driver -they could cancel your policy if it doesn't disclose your new gig. Your individual policy could leave you with gaps in coverage. If that's the case, you should consider buying a policy if it's offered in the location you live. A commercial auto policy may be required for certain types that Uber drivers.

What is the average amount Uber drivers make?

Drivers can anticipate earning around $5 to $20 per hour with Uber as well as a review site for platforms that make money.

The amount you make as an Uber driver depends on when, where and how frequently you drive, as well as any tips or bonuses you might receive. Be aware that drivers are required to pay for gas and maintenance and travel by themselves.

How to earn the most money as an Uber driver

Familiarize yourself with the various opportunities to earn and bonuses. Look for guaranteed-pay offers in your area, which assure your weekly or hourly earnings for as when you meet certain conditions.

Make the most of the peak times -- when the demand for rides is at its highest via Uber surge pricing. This could be waiting for rides following the event or making yourself available to drive during the morning commute.

Maintaining a stellar rating can help you earn more Be sure to keep your car clean Be nice and utilize an accurate GPS.

Discover other strategies to earn money while traveling

If Uber isn't for you You could consider becoming a . If you'd rather carry food or packages than individuals, certain delivery services, like and , have less stringent requirements. For example, you may be permitted to drive an older car or even a scooter.

Before you sign up for anything, you should know the basics of what it takes to be a part of the .

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