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Guide: How to Make Money Through Blogging

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(image: https://live.staticflickr.com/7836/31787196377_cd1ec35b3d.jpg)Guide How to Earn Money Blogging

Making money from a blog may require you to advertise or explore affiliate marketing, or go down a different route.

By Laura McMullen Assistant Assigning Editor Financial, personal finance and news Laura McMullen assigns and edits the financial news content. Laura was previously the senior journalist at NerdWallet and covered the process of saving, budgeting and making money. She also contributed to the "Millennial Financial" column in The Associated Press. Prior to making the move to NerdWallet as of the year 2015 Laura was employed by U.S. News & World Report which is where she wrote and edited content related to the health and wellness of students, careers and other topics and also contributed to the rankings of the company. Prior to working for U.S. News & World Report, Laura interned at Vice Media and studied journalism history, historical studies, and Arabic at Ohio University. Laura lives in Washington, D.C.

Updated Dec 14, 2021

The majority or all of the products we feature are from our partners, who pay us. This influences which products we write about and the location and manner in which the product appears on a page. But, it doesn't affect our assessments. Our views are our own. Here is a list of and .

You'll need been a businessman prior for blog. It is possible that you will need to sell advertisements, promote products as well as write your own ebook. We'll assist you in choosing the best tactics for you.

Four ways to earn money blogging

If your blog gets decent traffic, consider using any of the strategies listed below. If your readers aren't big, the first two will likely be the best fit. Regardless, using more than one method of making money will increase your opportunities to earn cash.

1. Display ads

You've probably seen digital advertisements for cell phones credit cards, cell phones and other products on websites you've been to. Businesses can bid to display ads on your blog too, through programs like Google Adsense. You can choose what types of ads to run and the locations on the page they'll appear and get the money when someone clicks on the ads.

The process of estimating your potential earnings is tough and this thorough guide will help. This is the basic concept that your website receives 2,800 views in one month and 1.5 percent of users click on a display ad which is 42 clicks. If the advertiser offered $75 cents for each click you'll be getting paid around $30.

"For bloggers who are new who is just starting out, a $30 or $50 check can be all the motivation they need to keep their blog going and eventually reach the higher pay-outs," says Joseph Hogue, writer of "Make Money Blogging."

How much can you make blogging? Here's what Google states.

Google is the reigning king of content. Your content, that is. Google decides if potential readers are able to locate your blog via a search. Google then pay you to put advertisements within your site.

But Google also knows how much money you make from the website's traffic. The whole thing is revealed in an .

Below are some instances of what Google considers you likely to make annually from advertising for blogs in North America with 50,000 monthly page views based on the following categories of content:

Sports: $2,538.

Entertainment and Arts Entertainment and arts: $3,372.

Autos and vehicles: $5,520.

Beauty and fitness Fitness and beauty: $7,806.

Shopping: $8,400.

Travel: $8,460.

Food and drink: $8,598.

Finance: $19,278.

The more bigger your audience, the more income you can earn.

2. Repurposed blog content

You're already producing content Why not make it available to distribute it in another form? Make your blog posts chapters of an e-book, which you can make available on Amazon.

Self-publishing probably won't bring you wealth however "it's an excellent source of passive income," Hogue says. It's possible to disappear from the content once you've finished compiling it and submitting it to Amazon. You can pay in the near future and.

Plus, you already have the perfect platform for marketing that is able to reach a targeted audience - your blog. Hogue promotes his e-books on investing and passive incomes through his own personal blog about finance, PeerFinance101.

Or, if your content could be converted into video, look into .

3. Marketing through affiliates

If you frequently refer to products on your blog, consider affiliate marketing. Let's suppose you write your own blog on smoothies. You can mention a specific blender selling on Amazon in your blog post If a person clicks on the link and purchases the blender, you'll earn the commission.

Hogue states that a single purchase could put between a few dollars to hundreds in your pocket. To find products and advertisers for your site, join an affiliate platform like ShareASale, CJ Affiliate, FlexOffers.com, Rakuten Marketing or .

Affiliate marketing is a serious moneymaker for many bloggers. In 2017 Hogue made about $2,000 per month this way from two of his blogs. He has heard of other bloggers who use it to earn tens of thousands each month.

This method is most effective when blogs receive a lot of traffic. The more visitors is the greater chance that people will read the article then click the link to buy the product.

>> MORE:

4. Content that is sponsored

This tactic lets companies pay you a flat price to create a article about their product. For instance you or a blender company could write a post on your smoothie blog about a particular blender that could also include a link to a website where readers can buy it.

Sponsored content may be difficult to obtain in the case of blogs that don't get much visitors. However, if you have the opportunity, Hogue says even authors of blogs with low traffic should request for at least $100. If you need to writing the content on your own. You can ask for some hundred dollars per post after your blog has reached an increased number of readers.

These opportunities can be found via ad networks or making contact with potential sponsors. You might also receive unsolicited emails that offer cash in exchange in exchange for a sponsored post.

This strategy isn't suitable for every person. Some bloggers don't like selling a product in exchange for money since they feel "they're basically a shill for a corporate sponsor" Hogue says. He recommends only promoting products you've actually tried and recommend. The product should be relevant, too, so no gushing about a carpet cleaner on your smoothie blogexcept if you're at risk of spilling your drinks.

The most effective way to earn money blogging is to make

No matter the tactic you decide to use, earning money from blogging takes patience. It isn't possible to earn a decent amount until your blog receives solid traffic and shows up prominently in Google search results. that requires time. It is also important to be an expert in the blogging industry. Hogue is a follower of "blogs about blogging" and sites that delve into SEO.

With all the commitment that is required to make money through your website, you're better to choose a subject you're passionate about. "You're going to be talking about it a lot, and sometimes that passion is your only reason for doing it." Hogue says

.

Make sure you keep track of the money you earn

Check the insides and outs of your money cards, accounts, and accounts at one glance.

Want nerdy knowledge that's personalized to your money? Put all your money in one view, and get tailored insights to get the most value from it.

About the author: Laura McMullen writes about managing the money of NerdWallet. Her work has appeared on The Associated Press, The New York Times, The Washington Post, and other outlets.

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Average Net Worth by Age How Can You Compare?

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions with confidence. Although our site does not include every company or financial product in the marketplace however, we're confident that the advice we provide, the information we provide and the tools we develop are independent, objective easy to use and cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and where those products appear on the site) however it in no way affects our suggestions or recommendations, which are grounded in many hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

Average Net Worth by Age: How Do You Compare?

The average net worth of U.S. families is $748,800. The median -- which is a more accurate measurement is $121,700.

By Lauren Schwahn Lead Writer | Personal finance and the debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt, and other money-saving strategies. She contributes to the "Millennial Money" column in The Associated Press. Her work has also been featured in USA Today, MarketWatch and many more. Lauren holds a bachelor's degree in the field of history at her home at the University of California, Santa Cruz. She is based in San Francisco.

Updated Dec 2 2022 at 2:31 PM PST

Edited by Courtney Neidel Assigning Editor | Personal finances, budgeting, buying Courtney Neidel is an assigning editor for the personal finance team at NerdWallet. The editor began working at NerdWallet at the beginning of 2014, and has spent over six years of writing on budgeting, shopping and strategies for saving money before she was elevated to the position of editor. Courtney was interviewed as a authority on retail by "Good Morning America," Cheddar, and CBSN. Her previous experience includes freelance writing on behalf of California newspapers.

A majority of the items featured on this page are from our partners, who pay us. This affects the products we write about and the location and manner in which the product appears on a page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list of and .

Most of us are fully aware that our wealth doesn't remotely come close to those of billionaires from the world of Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). It's been reported that Elon Musk's net worth declined over the course of 2022, more than wealth of Oprah and Jay-Z together 100 billion. However, his net worth is close to $200 billion.

Have you ever wondered how yours ranks against the other people in your circle? We looked up the median net worth numbers of the Federal Reserve's Survey of Consumer Finances report to help you figure it out.

What is the net worth?

Net worth is the amount you own less the amount you are obligated to. Utilizing a calculator, you are able to calculate your net worth by subtracting the total value of all your obligations (such as credit card debt as well as loans for students) loans) in comparison to the worth of your entire assets (including your home and savings in your retirement accounts).

>> RELATED:

Is the median American Net worth?

So how can we figure out the amount of net worth for Americans? The Federal Reserve Board issues the Survey of Consumer Finances every three years to share information about family earnings, net worth and more. In the current report -that was released in September 2020 and based on data collected in the year 2019 -- the overall mean or average value for U.S. households is $748,800 [0$0]. Federal Reserve Bulletin . . Accessed Apr 11, 2022.

. Doesn't seem like it's too high? It's because wealthy households drive the average upwards.

The median, also known as the midpoint value, is an accurate depiction of the average person. The average wealth for U.S. households is $121,700. This might make breathing a little easier.

Average net worth per person based on age

Net worth figures vary based on education, age, and many other variables. We'll focus on median and the average figures for different age groups:

The age of the head of the family

Median net worth

Average net worth

Less than 35

$13,900

$76,300

35-44

$91,300

$436,200

45-54

$168,600

$833,200

55-64

$212,500

$1,175,900

65-74

$266,400

$1,217,700

75+

$254,800

$977,600

How can you determine your net worth?

Not sure what your number is? Make use of our calculator for net worth to figure it out.

Net worth calculator

Enter the value of your assets and liabilities in order to determine your net worth.

Assets

Checking your accounts

Savings accounts

Retirement and investment accounts

Real estate

Cars

Other assets Include all other accounts or items of value (e.g. jewlery, art, etc. ).

Liability

Mortgages

Personal loans

Car loans

Credit card debt

Student loans

Other debt Include payday loans and any other loans not listed here.

Net worth

Learn about your money.

NerdWallet gives you a complete overview of your spending debts, bills, debts, and spending all in one place.

What is the significance of net worth?

Net worth is one way to monitor your financial performance and identify the strengths as well as weaknesses. However, it's not an exact representation. Just because someone has a isn't a guarantee that they are living the highest quality of life. For instance, a person's home may pad their net worth, but they can still be cash poor in the event that they don't intend to sell it and have no savings.

Curiosity about others' net worth can motivate us to establish and follow financial goals. However, it can make us feel unnecessarily inferior. It's crucial to realize the fact that your net worth doesn't represent a set number. It's able to fluctuate in a positive or negative way over time.

How to boost your net worth?

However, wanting to increase your earnings is not a good thing. There are a variety of strategies you can use to build the wealth of your net. Start with a few basic steps:

Select a strategy for debt repayment. Create a plan for shedding heavy debts. We recommend that you pay off debts that have the highest rates first. This strategy is called the . Another option you may consider is : rolling multiple debts into one payment.

Increase your savings. Automate savings and make use of competitive accounts interest rates, and investigate other options .

Be patient. The trend for most people is that their net worth rises when they age. Do your best to get on the right path and allow time to pay off.

Monitor your finances with NerdWallet.

Get rid of the bank app and see all your accounts from one location.

The author's bio: Lauren Schwahn covers consumer credit and debt at NerdWallet. Her work has been highlighted on USA Today and The Associated Press.

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Ask a Nerd: How Should I Set Up My Bank Accounts?

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions with confidence. And while our site doesn't feature every company or financial product that is available in the marketplace, we're proud that the guidance we offer as well as the advice we provide and the tools we create are objective, independent, straightforward -- and completely free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on the site) However, it in no way affects our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. .

Ask an expert: How Do I Set Up My Bank Accounts?

The right combination of bank accounts can help you manage your money better by taking advantage of different advantages.

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

Updated on Dec 9, 2022

Written by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She has been an editor, as well as project coordinator in various newsrooms for over two decades, with the most recent working for U.S. News & World Report. She was in charge of projects like The U.S. News education rankings as well as The Best States rankings. Sara has appeared on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been quoted on The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other media outlets. She lives close to Washington, D.C.

A majority of the products we feature are from our partners who compensate us. This impacts the types of products we feature as well as the place and way the product is featured on the page. However, this does not influence our opinions. Our opinions are our own. Here's a list of and .

The information about investing on this page is provided for educational purposes only. NerdWallet does not offer advisory or brokerage services or advice or advise investors to buy or sell certain securities, stocks, or other investment options.

The starter homes of an bank relationship are your checking and savings accounts. But just as you might arrange your home in a different way or even move to a new home the way you arrange your bank accounts could require changes as time passes.

If you're anything like me and have accounts with the same bank that your parents used to use Perhaps something has happened in your life that you need to consider if a new bank will better suit your needs.

Let's determine both the right kind of bank as well as the most effective combination of tools and accounts for you.

Which accounts in the bank are best for me?

It's probably not necessary to think too hard on this issue. Checking accounts are for expenditure, while savings accounts are used to save money as well as earning interest.

However, you may require additional or special accounts, so ask yourself:

Do I intend to share my finances with someone? If so, you might want joint accounts.

Do you want to put some savings out of reach? Certificates of deposit are a type of savings account that do exactly that, and will earn you a guaranteed rate.

Do I need a higher rates of savings or even lower charges? Banks online offer generally, with no fees and low opening minimums. The best rates are above 3 percent. These accounts could be an addition to your primary account.

>> COMPARE:

Saves CD Management Checking Money Market

Member FDIC

Savings and SoFi Checking

APY 4.00 percent SoFi customers who have direct deposit are eligible to get up to 4.00% per year in annual percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. No minimum direct deposit amount required to qualify for the 4.00% APY for savings. Customers who do not deposit direct deposits will receive 1.20 percent APY on their total account balances , including checking and savings (including Vaults). Interest rates are variable and subject to change at any point. These rates are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Min. balance to APY $0

Member FDIC

Marcus by Goldman Sachs Online Savings Account

APY 3.75 percent 3.75% APY (annual percent yield) with no minimum balance to earn stated APY. Accounts must have an open balance in order to stay open. APY current as of 02/14/2023.

Min. balance for APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75%

Min. balance for APY $5,000

They combine the features and services that are that are similar to checking, savings or investment accounts into one package. The cash management account is typically offered by non-bank financial institutions.

These cash accounts combine features and services that are similar to savings, checking and/or investment accounts in one package. These accounts for managing cash are generally provided by non-bank financial institutions.

on Wealthfront's website

The Wealthfront Cash Account

APY 4.30%

Min. balance for APY $1

on the Betterment website.

Betterment Cash Reserve - Paid non-client promotion

APY 4.20 Percentage of annual percentage yield (variable) is at 03/27/2023.

Min. balance for APY $0

CDs (certificates of deposit) are a type of savings account that comes with an interest rate fixed and a term generally, and have higher interest rates than regular savings accounts.

CDs (certificates of deposit) are a type of savings account that has an interest rate fixed and a term generally, they offer higher rates of interest than traditional savings accounts.

Member FDIC

Marcus from Goldman Sachs High-Yield 10-Month CD

APY 5.05 5 % 5.05 5 % APY (annual percentage yield) as on 03/28/2023. Special Offer Ends 09/15/2023.

Ten months of term

CIT Bank No-Penalty CD

APY 4.80 percent

Term : 11 months

Checking accounts are utilized to deposit cash on a daily basis and for withdrawals.

Checking accounts are used to deposit cash on a daily basis and for withdrawals.

They are FDIC Insured

Current Account

APY N/A

Monthly fee $0

Chime Checking Account

APY N/A

Monthly fee of $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30% Your annual percentage yield may be up to 3.30% according to the following rate of rewards: direct deposits (not including inter-bank transfers from an account) with a total of $1,500 or more each month will earn 0.40 percent. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) transactions at the point of sale per month using the Rewards Checking Visa(r) Debit Card to make ordinary purchases that have at least $3 for each transaction, or by enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30%; maintaining an average balance per day of at least $2,500 in the Axos self-directed trading Invest account earns 1.00%; maintaining the average balance per day of $2,500 on an Axos Managed Portfolio Invest account will earn 1.00%; and making monthly payments to an open Axos bank consumer loan (commercial as well as business loans exempted) by the Rewards Checking Account earns the maximum amount of 0.60%.

Monthly fee $0

The money market accounts have rates similar to savings accounts. They also have certain checking features.

Money market accounts pay rates that are similar to savings accounts and have some checking features.

Member FDIC

The Discover Bank Money Market Account

APY 3.50%

Min. balance to APY $1

How many banks should I open?

The short answer is: It depends.

The ideal number is "the fewest accounts necessary to achieve your objectives and support your household," says Derek Brainard, national director of financial education for the nonprofit AccessLex Institute. "Two is the bare minimum, but lots of people exceed this for organization's sake."

Multiple deposit accounts might help you budget by effectively making use of an online version of the , which traditionally involves putting money into envelopes that are earmarked for specific goals or bills. Instead, you could set up an account with savings for each goal , or a checking account to cover different kinds of expenditures, which could be much more convenient in comparison to ATM cash withdrawals and using envelopes.

But this set-up might not be suitable for everyone.

"Do multiple accounts give you peace of mind or cause anxiety?" says Saundra Davis who is the executive director and founder at Sage Financial Solutions, a San Francisco Bay Area-based non-profit. Davis has eight bank accounts, including business and personal checking accounts, a savings account for periodic expenses and an emergency savings account (commonly called an ).

"How we live our lives should be reflected in how we manage our money," she says.

What's the most suitable type of bank to me?

It's also a matter of personal preference, however you might not have the options you have . Let's look at a few types of banking institutions.

Bank vs. credit union

Both have similar accounts, but banks are for-profit businesses while credit unions are cooperatives that are not for profit that require membership based on geography or other factors. The largest banks, in particular ones, typically have more modern technology for online banking. But you might have lower fees and better rates in loans and savings, on average at the credit union.

Brick-and-mortar vs. online bank

A traditional or brick-and-mortar bank is a network of ATMs and branches as well as in-person support to address urgent issues or for specific services like cashier's checks or signing legal documents using an official notary. While an online banking institution typically doesn't have physical locations or services, it can provide far higher rates on savings accounts, and have lower fees than a traditional bank.

A brokerage can offer banking

A brokerage firm or investment firm is able to manage banking as well as investing if you want the convenience. A company's bank account equivalent is often an insurance policy that typically covers money that is beyond the federal maximum of deposit insurance of $250,000. This insurance enables you to get funds back if a bank goes bankrupt.

Combining types

You may be able to have your money at more than one institution in fact, you might benefit from it. I have one of the traditional banks, the same one as my parents', but I use the cash to pay my credit card bills quickly. The year 2015 was the first time I created a high-yield savings account which offered a sign-up offer, and later ended up enjoying the bank's checking account for its debit card with no foreign transaction charges.

I might switch to be completely online, but what if I require an in-person service that I don't need yet -- such as paying a check that is over my online bank's limit for mobile check deposit, or talking to an officer from the bank's lending department at a branch while applying for a loan? In keeping both banks, I get access to various advantages and services.

What tools for banks should I utilize?

A lot of banks have options that can aid in managing your account, such as alerts to help you budget or detect fraud. You can also make automatic transfers to transfer some of your monthly income from checking to savings regularly.

The main benefit of an automatic transfer is that it automates your smart decision to save frequently, according to Brainard. "The one drawback is that it reduces cash flow flexibility." Make sure that your account balance is enough to cover monthly bills , so you don't have to make back-and-forth transfers.

Although automatic transfers do aren't a bad thing but I've discovered that the peer-to-peer payment system Zelle offers a benefit unlike the other transfer apps Venmo and Cash App don't. Since Zelle is integrated in a number of banking apps which includes all of mine, I joined in both accounts Zelle Accounts (one for each bank) and have been able to make nearly instant transfers to both of the two accounts. This is better than waiting for the one to three business days that I used to do to make these transfers.

As with similar apps like Venmo However Zelle's biggest risk is that you generally cannot cancel a transfer after it's been sent, even if you transfer funds to the incorrect person.

Transaction alerts are a different tool which can assist you in budgeting or detect fraud, and they're delivered via email or texts. A few of the most common alerts are withdrawals or deposits that exceed a certain amount, balances that drop below a set threshold, and future payment reminders. I have alerts about transactions on my credit card for virtually every purchase in case I find one I didn't make.

How often should I review my banking setup?

Dana Twight, certified financial planner and founder of the Seattle-based firm Twight Financial Education, recommends evaluating your banking setup every two to three years. When your income changes, your needs may change.

Other reasons to change banks or accounts may include:

Having a major life moment. Getting married might mean opening joint accounts. Likewise, having or adopting children can require the opening of new accounts. If you are looking to get a mortgage or start your own business could lead you to a new bank or credit union with cheaper loans than the one you have with your current bank.

A bank no longer satisfying your requirements. The bank may begin to charge fees to your account, or the customer service isn't assisting you in resolving important issues.

Looking to give back to an institution based on your values. Certain credit unions and banks, such as or banks, play a vital role in their communities , and they are advocates for social changes.

"Banking through a black-owned bank is important to me, but they don't have the same backbone and infrastructure that a large bank does," Davis says. "I realize that I have to pay a monthly fee to keep my money there and do that because it matters to me."

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

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7 Tips for Getting an Apartment without a Credit Check

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make sound financial decisions without hesitation. Although our website does not include every financial or company product available on the market We're pleased of the advice we provide as well as the advice we provide and the tools we create are impartial, independent easy to use and completely free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the website) However, it doesn't 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 reviews of their products or services. .

(image: https://cashwiki.org/files/cash/images/thumb/e/ee/Payday-loan-advance.jpg/400px-Payday-loan-advance.jpg)7 Tips for Getting an Apartment without a Credit Check

Consider offering references, obtaining a roommate, paying a larger deposit as well as working through an individual property owner.

Written by Erin El Issa Senior Writer | Personal finance, analysis of data credit card Erin El Issa writes data-driven studies on personal finances, credit cards investments, travel, and student loans. She loves numbers and aims to simplify data sets in order to assist consumers in improving their finances. Prior to becoming an Nerd during 2014, she was a tax accountant and freelance personal financial writer. Erin's work has been mentioned as a result by The New York Times, CNBC and on the "Today" program, Forbes and elsewhere. In her spare moment, Erin reads voraciously and struggles to keep on top of her two kids. Her home is in Ypsilanti, Michigan.

, Tiffany Curtis Lead Writer Tiffany Lashai Curtis is a chief writer for the core financial team of NerdWallet. Her previous position was as the health editor for Livestrong.com and a freelancer for various publications like Refinery29, Business Insider and MTV News, where she focused on the issues that affect communities with marginalized populations. In her role as a health facilitator, she has led conversations with organizations such as Planned Parenthood and Harvard University. She is based in Philadelphia.

as well as Amanda Barroso Lead Writer | Credit scoring, budgeting, personal finances Amanda Barroso is a personal finance writer that has joined NerdWallet in 2021 and focuses on credit scoring. She also wrote data-driven studies and has contributed to NerdWallet's "Smart Money" podcast. Prior to joining the team, Amanda spent more than 10 years covering issues facing numerous Americans including writing for 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 earned a doctorate from The Ohio State University.

Updated Dec 19 2022

Edited by Kirsten VerHaar Senior eBay and Yahoo! Kirsten VerHaar is an editor of personal finance, with an English literature degree from the University of Colorado Boulder. In her previous roles, she was a lead editor at eBay, where she managed the writers team that produced coverage for the site's global content team. She also wrote for Yahoo. Since her joining NerdWallet in 2015, she's covered subjects as diverse as vacuums (yes, really) budgeting, as well as Black Friday.

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

A strong credit history is essential for a variety of reasons -- including acquiring credit cards or cell phone contracts. In many cases, you'll need credit to rent an apartment. Don't be afraid to inquire with your landlord about whether they have a particular credit score requirement prior to you make the effort of applying.

No credit apartments tend to be located in low or rural populations than in big cities where lots of competition can mean landlords face more demanding requirements.

What are the reasons landlords generally need a credit score to lease an apartment

The majority of landlords employ a combination of credit checks and background tests to evaluate a potential tenant's ability to pay rent in time. While these tests don't provide the whole story of a person's finances but they are among the most widely employed tools to determine liability and protect the landlord.

If you are looking over the credit reports of your clients, landlords are likely to search for items like previous bankruptcies, expulsions or late payments. The presence of large amounts of debt or a history of collections may be red flags.

>> MORE:

How to find a place to live with little or no credit

If you do not have a credit history yet or your credit isn't as great as you'd like, here are a few options to overcome this and (hopefully) be approved.

1. Rent from an individual owner, but beware of frauds

Most apartment complexes and management businesses require a . However, some owners are willing to let you rent with no credit history.

Generally, these landlords will nevertheless require proof of income stability. You can only rent apartments within the city , even if you can get approved for higher-priced apartments.

And be cautious of listings that advertise no credit check apartments that appear too good to be true. A few signs that renting listings are fraud, as per the Federal Trade Commission include:

A rental owner asking for an initial security deposit or the first month's rent before you've agreed to a lease agreement or seen the property.

A rental owner says that they're in another country but has someone who is working for them to set you up with the apartment. Don't transfer money to another country, and be suspicious when you're unable to meet with anyone or view the apartment before committing.

A rental owner asks you to wire them money. Wire transfers are similar to handing over cash, and you can't get it back.

2. Invite you to relocate immediately

Having one or more empty apartments is expensive for landlords. They must pay for the rent and utilities with no repayment in the form rent. Due to this -- especially if you reside in an area that has a low demand for rentalyou might be able to lease a property without a credit history in the event that you can move in right away.

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3. Show proof of savings or income

Even if you're not able to establish a solid credit history, you might be considered if your income is stable and can pay for the cost of rent. It's generally recommended that you limit your rental expenses to less than one-third of your income from your home If you earn an average of $3,000 per month, it's best to consider apartments that have a monthly rent of less than $1000. Keep in mind that as rents for median homes rise, it's often not possible to stick to that guidelines. Try to locate a property with a monthly rent that is .

If you don't have a stable income, a high savings account may be sufficient. The savings required will vary according to the management or apartment complex company, but ideally it should cover several months of rent.

4. You can pay a couple of months' rent in advance for a deposit security

Landlords will be more likely to rent to you if they have the rent funds in the bank for a short period of time. By paying at least two or three months in advance the landlord will not run the risk of not being able to pay, at the very least for a short period of time. Make sure this payment is properly documented so that you can claim refunds at conclusion of the lease.

5. Provide reference letters

Prove your credibility by providing references from past employers, professors , or teachers. The assumption is that people who are responsible at school and work tend to be responsible with their money. These reference points to your character can show you're a hardworking, responsible person who won't be late with the rent.

Know how your credit is assessed

Find your free score and the factors that impact it, as well as suggestions on how to build your score.

6. Offer to start out month-to-month

When you sign a lease that is three months or going on a month-to-month basis the landlord has the option to not renew your lease for a longer period in the event that you're not paying. Of course, you're sure you'll pay rent on time, but you have to show your landlord that you're a good tenant with a solid history of punctual rent payments.

7. Get a co-signer or a roommate with a strong credit score

If you don't have other options, ask an intimate friend or family member with good credit to sign on your behalf. Understand that if this person is willing to sign, they can cancel your loan if you fail to complete the payment in a timely in a timely manner. To keep your relationship in good standing, make sure you pay your payment in full and on time.

It's also a good idea to consider finding a roommate. If the person you're considering rooming with is creditworthy, it could help increase the chances of you getting an apartment. Sharing rent will help your budget.

Methods to build credit

If you don't plan to move immediately or are having difficulty finding a place to live, it doesn't hurt to take a look .

You can apply for an secured credit card. These cards require the user to make a cash deposit before the account is established. The amount of the deposit is equivalent to the credit limit of the card -- if you deposit $250, that would be your credit limit as well. The most secure cards permit the possibility of upgrading to a non-secured card that doesn't require a deposit, so make sure to do your research prior to applying.

Ask someone you trust to add you to their card to be an . You won't be responsible for paying bills and benefit from having more credit, which will reduce the amount you use and increase your credit score.

You can take out an . The lender, typically a credit union, or a small Lbank, holds the total amount as you make repayments over time. Once you've paid the loan in total, you receive the full amount. This kind of loan helps you build the habit of paying on time as well as accumulating funds to be used to cover an emergency or any other goal to save for.

Get credit to pay for utility bills and rent. This can assist in getting you credit scores to be reflected in rent payments. The use of this method allows utility and rent payments to be counted toward your credit score at the credit bureau. It is important to ensure you pay your bills on time so that you can get credit and build your score.

About the authors: Erin El Issa is a credit card expert and studies writer at NerdWallet. The work she has written for NerdWallet was highlighted by USA Today, U.S. News and MarketWatch.

Tiffany Lashai Curtis is a lead writer on the team for personal finance. She has over 5 years of experience in reporting on topics that affect communities that are marginalized.

Amanda Barroso covers consumer credit and debt for NerdWallet. She was previously employed at the Pew Research Center and earned her doctorate at The Ohio State University.

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Credit Card vs. Debit Card: Which Is More Secure on the Internet?

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Credit Card vs. debit card: which Is Safer Online?

In the case of credit card fraud the money of the card issuer is at stake. When you are a victim of fraud with your debit card, your money was stolen.

By Kevin Cash

Updated Nov 9, 2022 1:13PM PST

The majority or all of the products we feature are provided by our partners who compensate us. This impacts the types of products we feature and where and how the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and .

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If you frequently make use of a debit card to pay to make online purchases, you may consider reconsidering. If your card's information is hacked and purchases 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 their money back. When you use a debit card you'll have to fight to get your money back.

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How fraud is handled

If your credit card information was stolen and fraudulent transactions have been made ensure that you are protected. When it comes to credit card transactions, the primary legal framework is called the Fair Credit Billing Act, or FCBA. For debit card transactions it is the Electronic Funds Transfer Act (EFTA) applies. While these laws provide similar protections, knowing the distinctions is crucial to understanding why it's safer to use one kind of plastic over the other.

>> MORE:

Fraud on debit cards

As per the EFTA, your potential liability for debit card fraud is almost indefinite. You have the option of reporting a lost or stolen card under the EFTA. Once that time has passed, you forfeit the money you took, even funds siphoned from linked accounts. The specific liability limits for the EFTA are:

The card that was stolen or lost is reported prior to unauthorized transactions: no risk of liability.

Lost or stolen card not reported within 2 days: $50 liability limit.

Card stolen or lost filed within 60 days of the incident The liability limit is $500.

After 60 days: no protection.

It is important to remember that if the card you have is not physically lost or stolen, you are entitled to sixty days in which to file a report of fraudulent transactions with zero risk. If only your card number is stolen, the 60 days begin from the date of the statement on which a fraudulent transaction is reported.

>> MORE:

Fraud committed with credit cards

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

"I've been the victim of having my credit card details stolen and used fraudulently a number of times," says Tucker Spillane who is a credit analyst aged 24 who hails from New York. "Fortunately my card issuer nearly always picks up on it immediately ... typically because the activity is considered different from my normal spending practices. In addition, they offer fraud protection anyway. I've never been required to pay a cent."

The real difference between a debit card and credit card in relation to fraud lies in the way you get your money back. When a fraudulent transaction occurs on your credit card you have lost no cash. You can report the fraud and get a credit added to the statement and the issue is not going to affect you bank account.

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

>> MORE:

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

While credit cards are a safer option to make purchases online however, there is a chance that you don't have access to one. In this case there are ways to safeguard yourself against fraud.

The ability to keep a low balance on the account that is linked to the debit card you use for online purchases can limit the size of fraudulent withdrawals should they occur. This won't necessarily prevent someone from accessing your account, but it can limit the damage done.

It is also possible to deactivate any type of (should you already have it) your account used for purchase. A lot of banks provide this service (usually on an account that is a checking one), which automatically withdraws from an account for savings when the checking account becomes overdrawn. In the event of fraud it means that the perpetrator is able to access two accounts instead of one. If you do have overdraft protection , make sure to inquire with your bank regarding what and when it's applicable.

Another method to reduce your risk is to make use of an prepaid debit card. If someone gains access to the account, they'll be able to access only to the amount you've loaded on the card.

The bottom line

From a legal point of view, credit cards generally provide greater security against fraudulent activities. However, there are ways to replicate some of these protections with cards that are prepaid or debit. Choosing the right one for you can protect your funds whether you're buying on the internet or in a store.

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Chapter 7 Bankruptcy: What it is and How to File

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able make financial decisions with confidence. And while our site doesn't include every financial or company product that is available however, we're confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective simple, and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our site) however it does not affect our advice or suggestions, which are grounded in hundreds of hours of study. Our partners do not pay us to guarantee favorable ratings of their goods or services. .

Chapter 7 Bankruptcy: What is It is and How to File

Chapter 7 can wipe out overwhelming debt, with notable exceptions such as student loans.

By Sean Pyles Senior Writer | Personal finance, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds on the NerdWallet Content team to answer listeners' personal finance questions. With a focus on shrewd and practical money tips, Sean provides real-world guidance that can help consumers better in their finances. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests who are not part of NerdWallet and produces special segments on topics like the racial inequality gap as well as how to get started investing and the background for student loans.

Before Sean took over podcasting for NerdWallet He also covered issues that dealt with consumer debt. His writing has been featured on USA Today, The New York Times and other publications. When Sean isn't writing about personal finances, Sean can be found playing in the garden, taking runs and taking his dog for long walks. He lives in Ocean Shores, Washington.

Updated on Aug 6, 2021 3:31PM PDT

Written by Hanah Cho, Vice-President Personal finance Hanah Cho is Vice President of Content. She was the leader of several NerdWallet teams that were focused on personal finance before becoming deputy director and then director. She first was hired by NerdWallet as a writer covering small-scale businesses. Before that, she covered startups and business for The Dallas Morning News, as well as a prior journalist for business at The Baltimore Sun. She was also treasurer for The Texas Chapter of the Asian American Journalists Association.

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Chapter 7 bankruptcy can wipe away a myriad of types of overwhelming debt with the help of the federal court. You might have to give up some items, like a luxury vehicle or jewelry, however, most bankruptcy filers don't. Chapter 7 bankruptcy is the most popular and fastest type of bankruptcy.

Chapter 7 bankruptcy erases most non-secured debts, that is, debts without collateral like medical bills credit card debt and personal loans. However, certain types of debt, such as debts that are owed to the courts, such as back taxes, judgements, alimony, child support, as well as student loans generally don't qualify for. Chapter 7 bankruptcy will leave an ominous mark on your credit reports for a period of 10 years. In this time, you'll probably be unable to obtain credit. But, you'll see your credit scores start to recover in the months after you file.

Learn more about how you can qualify for Chapter 7 bankruptcy, how to file, if this debt relief option is right for you, and how you can rebuild your life after bankruptcy.

Do you qualify to file Chapter 7 bankruptcy?

To qualify for Chapter 7 bankruptcy you:

Have to pass the test that examines your earnings as well as assets and expenditures.

It is not possible to complete the Chapter 7 in the or within the last six years.

Cannot have filed bankruptcy papers (Chapter 7, 13) within the preceding 180 days. The petition was dismissed because you failed to show up in court or to comply with order of the courts, or have voluntarily withdrawn your own bankruptcy filing due to creditors seeking court relief to recover their property that they were able to levy on.

How do you file Chapter 7 bankruptcy?

It's possible that you can complete the process in just six months. You'll need to follow a few steps.

You must complete pre-file bankruptcy counseling with a certified nonprofit credit counseling agency within 180 days before filing.

Before you start tackling the many documents required to complete Chapter 7, find a qualified bankruptcy attorney to help. It's difficult to know when you require debt relief however, this isn't a DIY situation. Missing or improperly completed paperwork can result in the case being dismissed or not having some debts dismissed.

File paperwork: Your attorney will help with filing your petition and other paperwork. But it's on you to gather all necessary documentation of the assets you have, your income and debts. An automatic stay goes into effect at this point which means that creditors are unable to take legal action against you and garnish your wages, or call you to demand payments.

Trustee will take over: When your petition is filed, a court-appointed bankruptcy trustee will take over the management of the bankruptcy process.

Meeting of creditors The trustee will set up the meeting between you, your lawyer and your creditors. You'll need to respond to concerns from your trustee and the creditors about your bankruptcy documents and finances.

Your eligibility is determined: After reviewing your documents The trustee will determine whether you're eligible to apply for Chapter 7.

Non-exempt property is handled: The trustee determines whether the assets that aren't exempt from selling, so that the proceeds can be given to creditors. Nonexempt property can include jewelry, or the equity in your home or vehicle if it's greater than the exemption limit set by your state. The majority of individuals Chapter 7 cases, however they're "no asset" cases where there are none of the nonexempt property to liquidate.

Secured debts: To resolve those secured obligations, asset which is collateralized could be ordered return to your creditor. You may also be able to redeem the collateral (you give the creditor the amount it is worth today) or reaffirm the credit (arrange to exclude the debt from bankruptcy and then continue to pay it back).

Education course: Before your case is discharged, you'll need to complete a financial education course at a reputable non-profit credit counseling organization.

Discharge In the three to six months after submitting your petition your case will be discharged. This means that any debts that are eligible are paid. In the next few days, your case will be closed.

Is Chapter 7 bankruptcy right for you?

Make sure you understand the distinction between Chapter 7 and Chapter 7. It makes sense in the following situations:

There aren't many assets for you.

Your debts that are causing problems total more than 50 percent of your income.

Your debts that are causing you problems could be wiped out, or forgiven, by Chapter 7. This can include things like medical bills as well as credit card debt. personal or payday loans.

It could take five years or more to pay off your debt even if you take extreme measures.

Some debts typically can't be removed in bankruptcy, like recent tax bills, child support and student loans. It's still an option but if the elimination of other types of debt will make enough money available to pay the debts that aren't eraseable.

The other common form of consumer bankruptcy, Chapter 13, may be more appropriate if you have higher assets and secured debts and can repay some or all of what you are owed.

are available, too for example, a debt management plan through an agency. You can also take advantage of the no-cost initial advice that credit counselors and many bankruptcy lawyers offer prior to deciding on a path.

Rebuilding after bankruptcy

Your financial life -- particularly your credit -requires some care when you are done, but having lots of accounts settled is a good starting point.

Take two steps to :

Make a financial plan Create an annual budget, establish financial goals, and think about getting the help of a non-profit credit counselor to help you along the route.

Rebuild your credit: Make all payments in time, and keep your credit balances low and .

Frequently asked questions Will bankruptcy affect my credit?

By the time you're ready to file bankruptcy, your credit files likely have some dents from discharged or late-paying accounts. After bankruptcy, however your credit score is likely to improve within six months.

What is the best way to file bankruptcy myself?

You must consult with an attorney when you are filing bankruptcy. It is because bankruptcy has many moving parts and a tiny clerical mistake could cause your case to be dismissed.

How long does you need to wait before filing for bankruptcy?

There are many steps involved in filing bankruptcy and, with the help of a qualified bankruptcy attorney you will be able to finish the process within six months.

Do bankruptcy filings ruin my credit?

By the time you're ready to file bankruptcy, you'll find that your credit files are likely to have a few dents due to late payments or discharged accounts. After a bankruptcy discharge, however your credit scores are likely to rise within the next six months.

What about filing for bankruptcy myself?

You must consult with an attorney when you are filing for bankruptcy. It is because bankruptcy has many moving parts , and a small clerical error can lead to your case being dismissed.

How long does the process take for filing for bankruptcy?

There are many steps in filing bankruptcy however with the assistance of a competent bankruptcy lawyer you should be able to complete the process in six months.

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

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What constitutes the definition of a covenant breach? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be open to you. valiantsin suprunovich/Getty Images

2 min read . Published September 30, 2022

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate promises

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There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We strive to continuously give our customers the right guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial team is objective, factual, and not influenced from our advertising. We're open about how we are capable of bringing high-quality content, competitive rates, and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on specific links on our site. So, this compensation can affect the way, location and when products are listed in the event that they are not permitted by law. We also offer mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether or not a product is available in your area or at your self-selected credit score range could also affect how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include the details of each financial or credit item or service. Covenants are a part of a written contract . They typically include commitments or conditions to perform something , or a promise not to make a mistake in the future. If a breach of the covenant occurs, it means any of the people in the contract has violated these promises in some manner. In the case of vehicles they could be terms or conditions tied to the loan agreement between a lender and you, the lender. What exactly is a breach of covenant? Covenants are agreements or stipulations that are part of written contracts, often dealing with tangible objects like a car. If one of the parties in the contract does not adhere to a portion of those conditions or stipulations, then it is considered to be a breach of the covenant. In the case of an -- the financing for the purchase of a car -- the loan agreement between the lender and the borrower could contain requirements surrounding the specific conditions of the debt. The covenants are a set of requirements or terms imposed upon the lender and the borrower has to be in agreement with the conditions in order to conclude financing. Because loans are contracts between the lender and a borrower, any violation of that contract constitutes a breach of covenant and may even result in a lawsuit. Certain aspects of covenant breaches There are various types of covenants, including negative and positive covenants, as well as standard as well as nonstandard ones. Positive and negative covenants. negative covenants Positive covenants usually include a variety types of commitments that an obligated borrower has to meet in order to remain in compliance with the terms of a contract and for the deal to remain in place. Contrary to what they sound, negative covenants are designed to prevent lenders from engaging in high-risk actions. These types of covenants typically require borrowers to get prior approval before taking any action that may be deemed as risky. Standard vs. non-standard covenants Standard covenants are generally the same for all lenders. An example of a standard covenant could include that the borrower must be able to make the initial payments of the loan and make those payments by the due date. In contrast, non-standard agreements are unique to a particular borrower, and the borrower's unique circumstances. The way a breach of a covenant can affect a borrower a range of consequences for breach of covenant. These could include: Having to pay the cost of a financial penalty for breaching an agreement Fees or penalty charged by the lender The interest rate will increase on your loan Revision of the contractual agreement. Termination of the contract. In certain situations for the purpose of preserving the covenant following the breach of the covenant or a breach of covenant, you could be required to provide a type of collateral. The final word Covenants are terms and conditions that form an element of the contract, specifically those that deal with debt such as car loans as well as financing. When signing a contract be sure to review all stipulations and conditions of the contract carefully to ensure that you fully understand their meaning and are in conformity. When a breach of covenant occurs, you may be forced to be penalized, pay an increased interest rate, or even having your contract terminated completely. Learn more

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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. The article was 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 take control of their finances by providing precise, well-researched and clear facts that break down otherwise complex subjects into bite-sized pieces.

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What you need to know about Chase's New Policy on "Cash-Like Transactions."

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What you need to know about Chase's new Policy on "Cash-Like Transactions"

The transactions may result in charges and prevent the purchase from earning rewards.

By Gregory Karp Senior Writer | Personal finance, credit cards and credit scores Gregory Karp is a former NerdWallet writer and an expert on credit and personal finance. Journalist for more than 30 years, he's been a newspaper reporter and editor, authored two personal finance books and developed his own "Spending Smart" syndicated newspaper column. His distinctions include national recognition numerous times by the Society for Advancing Business Editing and Writing.

Updated April 15, 2022 10:17AM PDT

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

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Chase has adopted a new and expanded definition of "cash-like transaction," which for Chase credit card holders refers to transactions that result in the penalty of using a . Cash advance regulations can differ according to the card you use, but they often contain high-cost fees and higher interest while also disqualifying any purchase that is not eligible for rewards, for example, cash back points or miles.

A common example of transactions that are similar to cash, also called "cash equivalents" would be using credit cards to cash out cash from an ATM.

To some extent, Chase is just making the current definition of Chase clear. The changes will be effective at various dates, mostly from mid-April to early April 2021.

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What's happening?

Chase in recent years has rejected some types of transactions, including the funding of an account to and through an exchange. The same was true when Chase introduced its new definition of cash-like transactions.

But if Chase eventually allowed these transactions, they are clear as cash-like transaction and would be considered cash advances.

In its notice to cardholders, Chase declared that transactions like cash include, but are not limited to, four categories:

Other forms of payment: Travelers' cheques foreign currency, money orders digital currency, transfers to wires, or any other like virtual or digital currencies and similar transactions.

Gaming: Lottery tickets, casino gaming chips, bets on racetracks and similar online and offline gambling transactions.

P2P payments: Person-to-person money transfers and account-funding transactions which move money.

Third-party bill-pay service: It includes bill-payment transactions not made by the vendor directly or through their provider.

Some of those things, such as lotto tickets were already classified as cash-like transactions under Chase's prior agreements with cardholders. The new definition expands to clarify what Chase refers to as cash-like transactions.

Not included in the list is the explicit mention of some prominent payment platforms, such as , Google Pay, Venmo, PayPal Key and . A Chase spokeswoman said each of them "could" be considered an equivalent transaction to cash. However, purchases of goods and services by a company using a third-party payment service are not cash-like transactions , and do not incur the charges, she explained.

For instance, using a Chase card to pay for the purchase in person through Apple Pay or an online purchase made through PayPal at the point of purchase would not be considered a cash-like transaction.

Transactions made using transactions made with a Chase transactions made with a credit card will be treated as purchases , and therefore would not be cash-like transactions, she stated.

And Plastiq states that it will automatically reject transactions when the issuer views the transaction as a cash advance.

Why the definition matters

Generallyspeaking, a transaction that is based on cash may have disadvantages like:

Cash advance fees . This is a one-time fee charged when you take your advance, typically 3 to 5% of the amount.

A higher interest rate. Many credit cards offer a higher annual percentage rate for cash advances than for regular purchases.

No grace period. If you pay your amount in full each month, you'll usually have a minimum of 21 days to pay off purchases before you're charged for interest. Cash advances, however begin to earn interest from Day One.

Credit limit lower. Certain credit cards come with an additional cash advance credit limit that is lower than the overall credit limit.

There are no rewards on credit cards. Your spending on a cash equivalent is probably not eligible for rewards, such as cash back and travel points or miles. In the same way, it doesn't contribute to your spending requirement to receive a sign-up reward.

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What can you do if you're worried

If you're concerned about getting in the middle of cash advance fees, you can call the number located on the bottom of the credit card and request that Chase . That way, if a purchase is found to be a cash-like transaction and is rejected in the event that it's exceeded instead of being charged fees.

If you aren't happy with Chase's recent changes to the definition of cash-like transactions, you are able to reject them until the day before they become effective. Then, Chase will cancel your account.

What Chase provides as alternatives

Cash advances can be a costly option to earn cash. But Chase provides another method to get access to the credit card's line credit, besides purchasing, if that's your goal.

My Chase Loan

is like is similar to a like a bank loan. Once approved, you receive an immediate deposit into your bank account. There is a predetermined period of time to pay the loan, and you're paying a variable interest rate dependent on the Chase card you are using for the loan.

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Author bio Greg Karp is a former NerdWallet writer, and an expert on personal finance and credit cards. He previously worked at the Chicago Tribune and wrote two money books.

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