Only a decade ago, people called a taxi company when they needed a ride. The same act is now as simple as hitting a few buttons on your smartphone.
Ride-share companies like Lyft make getting a ride to almost anywhere a breeze, and the service may cost a lot less than you think.
If you charge your Lyft rides to a credit card that doles out points or miles, thatâs even better. In this guide, weâll go over the absolute best credit cards to use when you ride with Lyft as well as other ways to maximize your ride-share dollars.
See related: Everything you need to know about maximizing rewards on ride-shares
Chase Sapphire Reserve®: Best for Lyft discounts
Chase Sapphire Preferred® Card: Best for extra value at a lower fee
American Express® Green Card: Best for budget-minded travelers
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
Best credit cards to earn rewards with Lyft
There are a handful of credit cards that can help you earn rewards each time you ride with Lyft. Here are your best options:
See related:Â Best cards for Uber, UberEATS
Chase Sapphire Reserve®: Best for Lyft discounts
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In January 2020, the Chase Sapphire Reserve began to offer a one-year complimentary Lyft Pink membership. For a $19.99 monthly fee, Lyft Pink offers passengers 15% off all car rides, in addition to priority airport pickups, special discounts and more flexibility in cancellations, among other benefits. The Reserve is also offering 10 points per dollar on Lyft purchases through March 2022.
Besides these perks, the card comes with a 3-point-per-dollar rate on restaurants and travel, including Lyft, after the $300 annual travel credit. Speaking of the credit, it applies to most travel purchases, including rides with Lyft.
The Chase Sapphire Reserve card is one of the best travel credit cards on the market, but it also comes with a rather high price â the card charges an annual fee of $550. If you donât travel often enough to justify the fee, you might want to look into cards that have a lower annual fee or none at all.
Here are more details:
One-year complimentary Lyft Pink membership (a $199 value)
10 points per dollar on Lyft purchases through March 2022
3 points per dollar spent on restaurants and travel,
$300 annual credit travel that applies to most travel purchases, including rides with Lyft
50,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 50% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
Up to $100 Global Entry/TSA Precheck credit every four years
Priority Pass Select membership
$550 annual fee
exciting new benefits for its World and World Elite credit card members. This includes a $10 Lyft credit for World Elite cardholders, which will be automatically applied to your next ride after you take five Lyft rides within a calendar month. The most popular World Elite Mastercards include the Capital One® Savor® Cash Rewards Credit Card*, the Citi Prestige® Card and the Barclaycard Arrival Plus World Elite Mastercard.
Chase Sapphire Preferred® Card: Best for extra value at a lower annual fee
Similar to the Chase Sapphire Reserve, the Chase Sapphire Preferred rewards cardholders for eating out (or ordering takeout) and traveling and offers 5 points per dollar on Lyft through March 2022. The base rewards rate is lower at 2 points per dollar on dining and travel and 1 point per dollar on other purchases, but the annual fee is also lower at $95.
If youâre not ready to shell out $550 per year that the Reserve charges, the Preferred can be a better alternative. Plus, it offers a higher sign-up bonus than the Reserve â youâll get 60,000 points after you spend $4,000 in the first three months (compare with a 50,000-point sign-up bonus if you spend $4,000 in first three months on the Reserve).
Take a look at the card details:
5 points per dollar on Lyft through March 2022
2 points per dollar spent on dining and travel
60,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 25% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
$95 annual fee
American Express® Green Card: Best for budget-minded travelers
Another credit card that offers rewards for travel and transit (including ride-shares such as Lyft) is the American Express Green Card. While it doesnât offer the luxury travel perks other Amex cards are known for, it can be a good choice for budget-minded travelers. With this card, you can get 3 points per dollar on dining, travel and transit, and 1 point per dollar on everything else. The Amex Green also comes with perks such as up to $100 in annual statement credits for LoungeBuddy purchases and up to $100 per year for CLEAR membership.
The Platinum Card® from American Express (up to $15 per month) and up to $120 on the American Express® Gold Card (up to $10 per month).
Hereâs what the card offers at a glance:
3 points per dollar spent on travel and transit, including ride-shares
3 points per dollar spent on dining
30,000 bonus points when you spend $2,000 in the first three months
Up to $100 per year in statement credits for LoungeBuddy purchases
Up to $100 per year in statement credits for CLEAR membership
$150 annual fee
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
If youâre looking for a credit card that would earn you rewards on Lyft rides and not charge an annual fee, the Wells Fargo Propel American Express is definitely an option worth looking into.
The card earns 3 points per dollar in numerous categories, including dining out, gas stations, transit, flights, hotels, homestays, car rentals and select streaming services â and ride-shares. All other purchases earn 1 point per dollar. You can choose to redeem your rewards for flights through Go Far Rewards or statement credits.
Hereâs a closer look:
Earn 3 points per dollar on dining out, gas stations, ride-shares including Lyft, transit, flights, hotels, homestays, car rentals and select streaming services
Earn 20,000 bonus points when you spend $1,000 on your card within three months of account opening
Redeem for flights through Go Far Rewards
Cash in your points for statement credits
No annual fee
More ways to maximize rewards (and save money) when you pay for ride-sharing services
While using the right credit card can help you score more rewards each time you ride with Lyft, there are other ways to make the most of your ride-share spending. Here are some tips that can help you maximize each dollar you spend, save money and even earn airline miles:
Connect your Lyft account with your Delta SkyMiles account. Regardless of which credit card you use to pay for your Lyft rides, you can earn Delta SkyMiles for each dollar you spend. All you are required to do is connect your Delta and Lyft accounts online. From there, youâll earn 1 Delta mile for each dollar you spend on regular rides and 2 miles per dollar for rides to or from an airport.
Price shop with both ride-sharing companies. The best way to spend less on ride-sharing is to make the two main companies â Uber and Lyft â compete. Download both apps on your phone and check pricing with each before you request a ride. If one ride-sharing company is significantly cheaper, they should be your obvious choice.
Avoid surge pricing when you can. Both Uber and Lyft enact âsurge pricingâ in situations where demand is especially high. If you can avoid paying for a ride during a surge, you will save money over time. This is yet another reason to compare pricing on both apps before you book a ride; both ride-sharing companies may not have surge pricing at the same time.
Refer friends and watch out for coupons. If youâre just now signing up for Lyft, make sure someone who already has the app sends you a referral code that makes your first ride free. Also note that, once you have your own Lyft account, youâll get a free or discounted ride for each new person you refer who signs up and takes a ride. Finally, keep your eye out for special promotions and coupons you can add to your account.
Bottom line
To find the best cards for Lyft to share with you, weâve compared all cards that offer benefits and perks related to ride-sharing and Lyft specifically. These cards can help you maximize your potential earnings and savings on Lyft rides, and if you use Lyft frequently, one of these products can be a great addition to your wallet.
*All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Capital One Savor Credit Card is no longer available through CreditCards.com.
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In response to the coronavirus pandemic, major credit card issuers are offering relief to their customers.
Even though many places around the country are open, the pandemic continues to impact the U.S. economy. Workers are still at risk of being laid off or facing reduced hours or pay.
“This is a rapidly evolving situation and we want our customers to know we are here to provide assistance should they need it,” Anand Selva, chief executive officer of Citi’s consumer bank, said in a statement in Spring 2020.
At the same time, scammers are now trying to take advantage of coronavirus concerns by sending out fake emails about the virus that are designed to steal consumers’ personal and financial information or to infect their computers with malware.
Financial strategies if you’re self-employed
How to manage your credit cards during the coronavirus outbreak
Coronavirus: What to do if you’re unemployed and have credit card debt
What to do if you’re struggling to pay your credit card bills
Many credit card issuers are allowing customers to opt into financial relief programs online. These programs are a convenient way to access short-term relief. But it could come with a long-term cost as many cardholders will continue to see interest accrue. With the average credit card interest rate sitting at 16.05%, cardholders might find more cost-effective relief through other options.
Here’s what issuers are currently offering:
American Express
Cardholders who are having difficulties can get assistance through American Express’s financial hardship program. Eligible cardholders have the option to enroll in a short-term payment plan, which provides relief for 12 months, or a long-term plan, which can provide relief for either 36 or 60 months.
Under both options, you will receive lower interest rates, plus waived late payment fees and annual fees. But you might not have access to certain card benefits and features.
If you enroll in the short-term plan, you might be able to continue putting new purchases on the card but with a reduced spending limit. If you are participating in the long-term plan, you will not be able to use the card.
Amex will report participating cardholders to the credit bureaus as current, assuming they comply with the program’s rules. But the program’s terms do offer some important caveats: Amex will inform the credit bureaus that you are enrolled in a payment assistance program (if you’re in the long-term plan). And under both plans, Amex will report that you have a lower credit limit.
While these factors do not have as much of an impact on your credit score as a delinquent account does, it could still signal to other lenders that you might be having some financial hardship.
Bank of America
Bank of America cardholders who have trouble paying credit card bills can request a credit card payment deferral by calling the number on the back of their card.
To qualify for payment assistance, cardholders must be carrying a balance, according to the website.
Bank of America sent an email to Preferred Rewards members in May 2020 stating that the company had temporarily suspended the annual program review process. Members whose assets dropped below the regular threshold to keep their status would continue to qualify for program benefits. It is unclear if Bank of America is still suspending this program.
Barclays
Barclays urges credit card account holders to request payment relief online. As of May 4, 2020, the bank is granting payment relief for two statements, but interest will continue to accrue.
Capital One
“We understand that this is a time of uncertainty for many people, and we know that there may be instances where customers find themselves facing financial difficulties. Capital One is here to help and we encourage customers who may be impacted to reach out to discuss how we might be of assistance,” the bank said in a statement.
In a March 26, 2020 update, Chairman and CEO Rich Fairbank confirmed that they are offering waived fees and deferred payments on credit cards for some cardholders.
Because each customer’s situation is different, the bank encourages customers to contact it directly. To contact Capital One customer service about an existing account, call (800) 227-4825.
See related: How to clean your credit card
Chase
Previously, Chase Bank stated that customers will be able to “delay up to three payments on your personal or business credit card” if needed, with interest continuing to accrue. The website currently does not specify how many payments cardholders can defer.
It also stated that active duty military members who are responding to a disaster might have access to additional benefits. Servicemembers can call the bank for more information.
In a letter to shareholders, the company’s CEO, Jamie Dimon, also promised to not report late payments to the credit bureaus for “up-to-date clients.”
See related: Chase offering limited-time bonus on food delivery for some cardholders
Citi
Citi customers who have been impacted by the coronavirus pandemic might be eligible for assistance. Previously, the bank was waiving payments and late fees for two consecutive billing cycles. However, Citi has ended its pandemic assistance program.
“Due to a significant and steady decline in enrollments, our formal COVID-19 assistance program has concluded and we will focus on providing assistance options to those customers financially affected by COVID-19 on a case-by-case basis. We continue to closely monitor the situation and will evaluate additional actions to support our customers and communities as needs arise,” a spokesperson for Citi said in an email.
During the bank’s pandemic assistance program, interest continued to accrue, but accounts that were current at the time of enrollment were not be reported as delinquent.
Discover
Discover will be extending relief to qualified customers who are experiencing financial difficulty caused by the spread of COVID-19.
“We encourage them to contact us by calling and are directing them to www.discover.com/coronavirus for phone numbers for each product line and other FAQs,” Discover said in a statement earlier this year. “We also can provide relief through our mobile text app, which connects a customer directly with an agent.”
Discover it Miles cardmembers can also put their miles towards their bill – including their minimum payment.
See related: What to do if you can’t pay your business credit card bill
Goldman Sachs
Apple Card customers can enroll in an assistance program. Previously, cardholders could waive payments without accruing any interest. The website currently doesn’t specify if this is still the case.
Key Bank
Cardholders can defer payments for three billing cycles. Though interest will continue to accrue, enrolled cardholders will not receive late fees, and their accounts will be reported as current, as long as accounts were not delinquent at the time of enrollment.
Synchrony
Synchrony is extending relief to customers experiencing financial hardship. The company’s website previously stated that this could include payment relief for up to three statement cycles, while interest would continue to accrue. The website currently offers no specifics about what the issuer is prepared to offer.
Truist (formerly SunTrust and BB&T)
Previously, Truist offered payment relief assistance to customers with personal and business credit cards, among other products. As of April 14, it was willing to delay payments for up to 90 days. The website currently offers no specifics about what the issuer is prepared to offer.
Wells Fargo
Previously, impacted cardholders could defer monthly payments for two consecutive billing cycles. The company’s website currently does not specify what assistance cardholders can expect to receive.
See related: Coronavirus stimulus legislation doesn’t suspend negative credit reporting
ultimate guide to coronavirus limited-time promotions for more offers designed to help cardholders maximize rewards amid the coronavirus pandemic.
Business credit cards
If you are a small-business owner and cash is not flowing and bills are piling up, the most important thing to do is contact your card issuer.
Some banks are also providing assistance in case you can’t pay your business credit card bill.
Another coronavirus complication: Scams
As consumers wrestle with the impact of the coronavirus, scammers are trying to take advantage of the situation.
In a June 2020 public service announcement, the FBI warned that the increasing use of banking apps could open doors to exploitation.
“With city, state and local governments urging or mandating social distancing, Americans have become more willing to use mobile banking as an alternative to physically visiting branch locations. The FBI expects cyber actors to attempt to exploit new mobile banking customers using a variety of techniques, including app-based banking trojans and fake banking apps,” the PSA warns.
Scammers might also be capitalizing on health and economic uncertainties during this time. In one such scam, cybercriminals are sending emails claiming to contain updates about the coronavirus. But if a consumer clicks on the links, they are redirected to a website that steals their personal information, according to the Identity Theft Resource Center (ITRC).
Identity theft in 2020: What you need to know about common techniques
Bottom line
The outbreak of a disease can upset daily life in many ways, and the ripple effects go beyond our physical health. Thankfully, many card issuers are offering relief. If you’re feeling financially vulnerable, contact your credit card issuer and find out what assistance is available. And while data security may seem like a secondary consideration, it’s still important to be vigilant when conducting business or seeking information about the coronavirus online.
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The average credit card interest rate is 16.11%.
The national average credit card APR rose Wednesday to its highest point in nearly nine months, according to the CreditCards.com Weekly Credit Card Rate Report.
U.S. Bank revised several credit card APRs this week, causing the national average card APR to increase for the first time in weeks. Among the 100 cards tracked weekly by CreditCards.com, for example, three U.S. Bank cards advertised new offers, including two business cards.
For example, U.S. Bank hiked the lowest possible APRs on the U.S Bank Business Cash Rewards World Elite⢠Mastercard® and the U.S. Bank Business Platinum card by 2 percentage points, causing both cards’ APRs to exceed pre-pandemic levels for the first time in months.
A year ago, for example, the lowest available APR on the Business Edge Cash Rewards card was 13.74%. Itâs now 13.99%.
Meanwhile, the minimum APR on the Business Platinum card was 11.74% last January. Today, the best rate new cardholders can get is 11.99%.
U.S. Bank also increased the maximum APR on the Platinum card by an even larger margin this week, hiking the cardâs maximum APR by 3 percentage points. Applicants may now receive an APR as high as 20.99%, up from a previous high of 17.99%.
U.S. Bank customers who want to transfer a balance are also contending with higher rates this week. The U.S. Bank Visa Platinum Card offers one of the longest balance transfer periods on the market, giving cardholders 20 months to repay an old balance. But once the cardâs interest-free period expires, it will grow significantly more expensive.
The cardâs minimum APR rose by half a percentage point, while its maximum rate climbed by 2 percentage points. As a result, the best rate new cardholders can expect is now 14.49%, while those with lower scores may get hit with an APR as high as 24.49%.
Average card APRs are likely to remain unusually low for a long time
Despite this weekâs rate hike, average rates on new card offers are still near three-year-lowsÂÂâand are unlikely to rise much higher anytime soon.
Since the beginning of the pandemic, only a handful of issuers have been willing to make big changes to brand-new offers. U.S. Bank has been among the most active lenders this year. However, most card issuers tracked by CreditCards.com havenât touched card offers in months. As a result, the national average card APR has remained within striking distance of 16% since March.
APRs on most card offers tumbled dramatically last spring after most credit card issuers matched the Federal Reserve March 2020 rate cuts. A small number of issuers have reversed at least some of those rate cuts. But the majority of cards tracked by CreditCards.com continue to advertise the same unusually low APR theyâve advertised since spring.
Meanwhile, the Federal Reserve is also taking a wait-and-see approach to consumer lending rates, making it even less likely that cardholders will see a big rate increase in the near future.
On Jan. 27, 2021, the central bank announced that it will again leave its benchmark interest rate near zero. It also signaled that rates will likely remain low for some time since the U.S. economy is still relatively weak.
The economy has struggled so far to recover from the economic impact of the pandemic, making it unlikely that the Fed will increase rates any time soon. As a result, most U.S. credit card holders can expect lower rates for months and possibly years to come. As long as the Fed keeps rates near rock bottom, most lenders are also likely to keep interest rates unusually low.
*All information about the U.S Bank Business Cash Rewards card, the Business Platinum and the Visa Platinum has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
CreditCards.com’s Weekly Rate Report
Avg. APR
Last week
6 months ago
National average
16.11%
16.05%
16.03%
Low interest
12.88%
12.77%
12.83%
Cash back
15.91%
15.85%
16.09%
Balance transfer
13.93%
13.85%
13.93%
Business
14.22%
13.91%
13.91%
Student
16.12%
16.12%
16.12%
Airline
15.56%
15.53%
15.48%
Rewards
15.80%
15.76%
15.82%
Instant approval
18.47%
18.38%
18.65%
Bad credit
25.30%
25.30%
24.43%
Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. (Introductory, or teaser, rates are not included in the calculation.)
Source: CreditCards.com
Updated: January 27, 2021
Historic interest rates by card type
Some credit cards charge even higher rates, on average. The type of rate you get will depend in part on the category of credit card you own. For example, even the best travel credit cards often charge higher rates than basic, low interest credit cards.
CreditCards.com has been calculating average rates for a wide variety of credit card categories, including student cards, balance transfer cards, cash back cards and more, since 2007.
How to get a low credit card interest rate
Your odds of getting approved for a cardâs lowest rate will increase the more you improve your credit score. Some factors that influence your credit card APR will be out of your control, such as the length of time youâve been handling credit.
However, even if youâre new to credit or are rebuilding your score, there are steps you can take to ensure a lower APR. For example:
Pay your bills on time. The single most important factor influencing your credit score â and your ability to win a lower rate â is your track record of making on-time payments. Lenders are more likely to trust you with a competitive APR â and other positive terms, such as a big credit limit â if you have a lengthy history of paying your bills on time.
Keep your balances low. Lenders also want to see that you are responsible with your credit and donât overcharge. As a result, credit scores take into account the amount of credit youâre using, compared to how much credit youâve been given. This is known as your credit utilization ratio. Typically, the lower your ratio, the better. For example, personal finance experts often recommend that you keep your balances well below 30% of your total credit limit.
Build a lengthy and diverse credit history. Lenders also like to see that youâve been successfully using credit for a long time and have experience with different types of credit, including revolving credit and installment loans. As a result, credit scores, such as the FICO score and VantageScore, factor in the average length of your credit history and the types of loans youâve handled (which is known as your credit mix). To keep your credit history as long as possible, continue to use your oldest credit card so your lender doesnât close it.
Call your lender. If youâve successfully owned a credit card for a long time, you may be able to convince your lender to lower your interest rate â especially if you have excellent credit. Reach out to your lender and ask if theyâd be willing to negotiate a lower APR.
Monitor your credit report. Check your credit reports regularly to make sure youâre being accurately scored. The last thing you want is for a mistake or unauthorized account to drag down your credit score. You have the right to check your credit reports from each major credit bureau (Equifax, Experian and TransUnion) once per year for free through AnnualCreditReport.com.
The interest rate on your credit card is too high. And because you carry a balance each month, that rate is costing you serious dollars.
If you’re considering making a balance transfer to a Chase credit card, here’s everything you need to know before applying – including card options, restrictions, balance transfer fees, chances of approval and even potential pitfalls.
See related: Best balance transfer credit cards
Chase balance transfer guide
Chase balance transfer offers.
What you should know before applying.
How to improve your chances of approval.How to initiate a balance transfer.
How to make a balance transfer work.
Chase balance transfer offers
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Chase currently doesn’t offer any introductory APR options for consumers who want to transfer an existing balance (unless you are individually targeted). It does, however, offer a few intro APR promotions on new purchases, including:
Chase Freedom Unlimited
0% promotional period: First 15 months on new purchases after you open your account – but not on balance transfers.
Regular APR: 14.99% to 23.74% (variable).
Worth noting: 5% cash back on Lyft purchases (through March 2022), 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining, 3% cash back on drugstore purchases, 1.5% cash back on all purchases; no annual fee; $200-sign-up bonus if you spend $500 in first three months.
Chase Freedom Flex℠
0% promotional period: 15 months on new purchases, but not on balance transfers.
Regular APR: 14.99% to 23.74% (variable).
Worth noting: 5% cash back on rotating categories that you must activate each quarter (up to $1,500 per quarter); 5% cash back on Lyft purchases (through March 2022); 5% cash back on travel purchased through Chase Ultimate Rewards; 3% cash back on dining; 3% cash back on drugstore purchases; 1% cash back on general purchases; no annual fee; $200-sign-up bonus if Best no annual fee credit cards
What you should know about Chase balance transfers before applying
There are limits to balance transfers with Chase credit cards, according to the company.
Customers can’t transfer more than $15,000 in credit card debt within any 30-day period.
You can’t transfer your balance from an existing Chase card to another card issued by Chase.
Balance transfer requests take time. While Chase says that your debt will be transferred to your new card within a week, it can take up to 21 days.
You need to continue making payments on your existing card until you are certain that the balance transfer has closed.
Balance transfers won’t earn you rewards points or cash back, if the card you are transferring a balance to offers them.
There is no guarantee Chase will approve your balance transfer request. It might turn you down if you are past due on your existing card or if it believes you won’t be able to repayFICO credit score.
Revolving payments such as your mortgage loan, credit card bills, student loans and auto loan areZero to 750: What’s the fastest way to raise your credit score?
How to initiate a balance transfer to a Chase credit card
If you already own a Chase credit card:
Log into your account and select the “transfer a balance” option. This will bring up the offers available to you.
To start the process, provide some basic information about the card from which you want to transfer a balance.
If you are applying for a new Chase credit card:
Start a credit card application for a Chase balance transfer card.
make a plan to pay it off before any 0% offer expires.
Steps you can take to ensure you will able to pay off your debt include creating a budget, choosing a payoff strategy and stashing your card to avoid making any extra charges.
“Zero percent offers are an amazing deal if you plan to pay it off by the end of a promotional period,” said Aris Jerahian, AVP of card services at Anaheim, California-based Orange County’s Credit Union. “Unfortunately, most consumers focus on short-term goals, taking advantage of such deals while never paying off their balance in time.”
In the era of lockdowns and social distancing, youâre probably relying most heavily on your credit card, as you shop online for many of your purchases.
But you might run into a snag and not be able to complete your transaction if youâre trying to use your card after its expiration date.
Here are some things to keep in mind if you want to keep those purchases coming all year long.
See related: How do credit cards work?
Wear and tear
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While your credit card account itself doesnât expire at a certain time, the piece of plastic associated with it does.
Thatâs because âmagnetic stripes wear out, cards bend,â says Nessa Feddis, a senior vice president at the American Bankers Association.
Because of their propensity to show wear and tear, âissuers want to make sure to get working cards into customersâ hands,â says Ted Rossman, industry analyst for CreditCards.com.
Cards with magnetic stripes typically wear out faster, so they usually expire after three years, Rossman says.
EMV cards, which contain computer chips embedded in them, tend to show less wear than those with magnetic stripes, Rossman says. As a result, many issuers are extending the expiration date on those cards to five years.
Sending you a new card periodically also allows issuers to implement design upgrades and technology updates, according to a spokeswoman for Discover.
Credit cards for retailers such as Macyâs can be an exception and there may be no expiration date on such cards.
Safety and security
Expiration dates also serve as a security measure. If youâre making a purchase online or by phone, youâll typically be asked to provide your account number, the three- or four-digit security code on the card and the credit card expiration date.
The expiration date helps to verify that your transaction is valid, Feddis says. âItâs another data point to match up.â
For the card issuer, putting an expiration on a credit card helps the company manage its credit card portfolio, Rossman says. About 20% to 30% of credit cards that are issued are never activated.
Having an expiration date on a card serves as a âmechanism for re-evaluating a customerâs standing and potentially clearing dormant cards off the books,â Rossman says.
According to the American Bankers Association, Americans held 373 million credit card accounts in the second quarter of 2020. But that was down from 374 million in the second quarter of 2019. It was the first time the number of accounts has fallen since 2012, no doubt tied to the COVID-19 pandemic.
Meanwhile, credit card debt fell by $74 billion from the third quarter of 2019 to the third quarter of 2020, according to the New York Federal Reserve. The drop was driven by the economic recession caused by the pandemic.
See related:Â Many Americans say they’ll spend less after the pandemic than before
Where to look
If you want to check your credit cardâs expiration date, youâll often find it embossed on the front of your card, under your account number and above your name.
It will be embossed with the two-digit month and two-digit year, such as 02/21.
In the past, the raised numbers were needed on the front of a credit card because merchants would use a machine to make an imprint of the numbers on a receipt, and customers would have to sign the receipt. Now those machines are few and far between.
Today you may have a newer chip credit card that has no raised numbers on the front, and the account number is printed on the back.
With those cards, youâll also find the expiration date on the back of the card, below your account number.
The expiration date is listed as a month and year, so your card is valid through the last day of that month, the Discover spokeswoman says.
Your new card should be sent to you well in advance of the expiration date. Once the new card arrives, be sure to activate it using your computer or by calling in to the number listed on the sticker placed on your card. Sign your card and be sure to destroy your old one.
See related: What do the numbers on your credit card mean?
Recurring payments
If you use your credit card to make recurring payments, youâll need to update your card information with the merchant to make sure your payments continue to go through, the Discover spokeswoman says.
However, many merchants subscribe to credit card issuersâ account updater services. If you get a credit card with a new expiration date, or you receive a card with a new account number, the service updates that information to the merchant, so your credit card payment will continue to be processed.
If your account information doesnât automatically update, you may receive an email from the merchant, asking you to go to the companyâs website and update your information.
Paying attention to your credit card expiration date can help keep your transactions on track throughout the year.
Sending cash to friends and family? Before you reach for that credit card, grab a calculator. It’s time to do a little math.
With most everything you purchase online or through apps, credit cards have the edge. With plastic, you have chargeback rights. If you’re overcharged or receive the wrong item, broken merchandise or nothing at all, your card issuer will make it right. And if you use a rewards card, you collect points or miles, too. Win-win.
But it’s different story when you’re sending money through peer-to-peer platforms. Many of them (like Google Pay, Popmoney and Zelle), don’t allow consumers to use a credit card to send cash.
Others (like Cash App, PayPal and Venmo), allow credit cards but also charge a fee for the privilege – often about 3%.
See related: How to choose a P2P payment service
The hidden costs of using credit cards to send money
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Choose a credit card to send money and you might also end up paying additional fees to your card issuer. That’s because the combination of some peer-to-peer apps with certain cards are coded as cash advances, rather than purchases.
For many cards, that cash advance code triggers a higher interest rate that kicks in the moment you make the transaction, as well as a separate cash advance fee that’s often $10 or 5% of the transaction – whichever is higher. (Currently, the average interest rate for cash advances is 24.8%, while the average APR for purchases is 16.05%.)
So the combination of peer-to-peer service fees, credit card cash advance fees and that higher interest rate (with no grace period) could make sending a few hundred dollars a bit more costly than you’d planned.
No chargeback rights with credit cards
The real kicker: Unlike other venues, you don’t have chargeback rights when you use credit cards to make peer-to-peer money transfers.
When you present your credit card in an online or brick-and-mortar store, there’s a merchant involved – and the law provides chargeback rights for your protection in case you don’t get what you were promised in the deal. But in a peer-to-peer money transfer, there’s no merchant, so currently the laws don’t give consumers any chargeback rights, says Christina Tetreault, manager of financial policy for Consumer Reports.
“The chargeback right requires a merchant,” says Tetreault. “One of the hoops a consumer has to jump through is to try and work it out with the merchant.”
If you use a peer-to-peer service and send the wrong amount or send the money to the wrong person, most platforms advise that the only way to get it back is to contact the recipient and ask them to return it. And that’s often the same whether you use a credit card, debit card, bank account or funded account on the platform.
“Be doubly sure when you’re sending the money that you’re putting in the correct information,” says John Breyault, vice president of public policy, telecommunications and fraud for the National Consumers League. “It’s still a buyer beware world when it comes to peer-to-peer.”
The solution
If you’re sending money and want to use a credit card, it pays to do a little sleuthing first. Check out the peer-to-peer site. Does it allow users to send money with a credit card? If so what, if any, fees does it charge?
On some platforms (PayPal is one), you could see similar fees for using a debit card – while sending from a bank account or funded account on the platform is free.
The good news is that many peer-to-peer platforms clearly disclose it when there’s an extra charge to use a credit card, says Tetreault. With Venmo, for example, you’ll get a pop-up message.
Harder to decipher: Will credit card transactions on the platform be treated as a cash advance? If your preferred platform doesn’t post this information, you might need to contact customer service. (And how quickly and easily you get an answer can tell you a lot, too.)
Ask your card issuer the same question: Are peer-to-peer money transfers on the platform you’ve chosen treated as a cash advance? If they are, what’s the interest rate, and what’s the cash advance fee?
“What I would suggest is to ask that question, via email, of your financial institution,” says Tetreault. “It may be in their FAQs. And you want to save that email. If you have it in writing, if there’s an issue later, you’re better positioned to contest that fee.”
But “the hard truth is you may not be able to find out ahead of time,” she says.
Another solution: Opt to use a credit card issued by a credit union.
“With credit unions, the APR is usually the same” for purchases and cash advances, says John Bratsakis, president and CEO of the Maryland and District of Columbia Credit Union Association.
Likewise, with American Express cards you pay your regular interest rate and no cash advance fees on peer-to-peer transfers, says Elizabeth Crosta, vice president of public affairs for American Express.
And credit cards from U.S. Bank register peer-to-peer money transfers as regular purchases – with no cash advance fees or cash advance APRs, says Rick Rothacker, spokesperson for the bank.
See related: How do credit card APRs work?
What’s your reason for using a credit card?
Take a good look at the reason you’re using a credit card, too. If you want chargeback rights, that’s not an option. If you’re doing it for the rewards, will the value of those points or miles be eaten up by extra fees or a higher interest rate you have to pay to use the card?
And if you’re using a card because you don’t have the cash, that might be a good reason to rethink the idea of sending money in the first place.
That’s a huge red flag, says Bruce McClary, vice president of public relations at the National Foundation for Credit Counseling.
“The need to convert credit into cash is what really gets my attention – because that hints at a lack of savings,” he said. “It’s a reality a lot of people are facing, especially now.”
Cash advances aren’t as expensive or risky as payday loans and car title loans, but they should be among your last resorts. If you’re looking for short-term relief, you could ask your credit card issuer for help, or find out if you qualify for a personal loan. You could also borrow from a family member or trusted friend, but be wary of the potential relationship toll if you can’t pay them back.
Getting cash from credit cards
Fifty-two percent of Americans report that the pandemic has damaged their finances, according to a recent survey by the NFCC. More than a fifth of those had to tap savings for everyday expenses, while 16% increased their credit card spending.
And that’s a sign of financial stress, says McClary. “It means that, in some situations, they have run out of savings.”
There are ways you can use your card to get cash, though.
Cashing in rewards
Some rewards cards from issuers such as Chase, Bank of America and US Bank let you deposit cash-back rewards directly to your bank account.
And Wells Fargo also will let you deposit its Go Far Rewards directly into another Wells Fargo customer’s account, says Sarah DuBois, spokesperson for the bank.
Gift cards
Many credit cards let you convert rewards into retail gift cards. So a pile of points can help a friend or family member buy much-needed groceries or a few holiday presents.
Or simply “buy a gift card for someone,” says Bratsakis.
Retailer-specific gift cards and gift cards issued through local and regional retail associations and malls often come with no fees – meaning every dollar you spend goes toward your gift.
Convenience checks
While you can get a cash advance or use convenience checks from your card issuer, both those options often come with fees and higher interest rates. Not a smart money move, especially in the current economy.
While some lenders may offer convenience checks with deferred interest, that’s not the same as “no interest,” says Bratsakis. Also, if you don’t pay the loan in full, will you owe the full interest retroactively?
“That’s where consumers have to be careful,” he says. With a convenience check or even a cash advance, “that’s usually where consumers can get themselves into trouble if they can’t pay it off and get hit with deferred interest.”
See related: What is deferred interest?
Bottom line
When it comes to peer-to-peer payments, cash really is king. You can then put it into a funded account with the money transfer platform or your bank account. And most peer-to-peer platforms let you do this for free.
“The safest way to use these services is to send money person-to-person and be diligent about getting all the details correct so it doesn’t go to the wrong person,” says Tetreault.
Only send to people you trust and know in real life, she says. “And before sending money make sure you understand what, if any, fees you might incur.”
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