What do you need your credit score for? In a nutshell, a lot. Credit cards, loans, mortgages, APR, even renting an apartmentâwhether or not you qualify is based largely on your credit score. If your credit is less-than-ideal, you know it can make your life just that much harder.
Having a bad credit score can hold you back. It can keep you from feeling in control of your life. You might feel like youâre in a vicious cycle: you apply for credit to improve your score, get denied, suffer a hard inquiry, watch your credit score drop and try again. And it starts over.
We get it. And we want to help. Enter ExtraCredit, the newest product from Credit.com. ExtraCredit is a comprehensive credit solution, with specific and encompassing features that helps you with every dimension of your credit.
But ExtraCredit isnât your typical credit solution. Think of it as a lifestyle change. Think of it as a way for you to take your life back.
Check Out ExtraCredit
Whatâs ExtraCredit?
ExtraCredit is your one-stop-shop for all things credit. Need identity protection? ExtraCreditâs got it covered. Want a look at your FICO® Score? Sure! An exclusive discount with one of the leaders in credit repair? Yep, weâve got that too. Ready to add more to your credit? Weâve got your back. ExtraCredit is here for you, no matter what your credit score is. ExtraCredit helps you own your lifeâstarting with your credit.
ExtraCredit has five features, each created to help you get where you want to be. Hereâs the lowdown on each:
Reward It
So you decided to sign up for ExtraCredit. Smart choice! Because youâve made such a smart choice, weâll send you an ExtraCredit card loaded with $5. Thatâs real money. And thatâs what Reward It is all about.
It doesnât end there. When you sign up with ExtraCredit, we start sending relevant financial offers your way. Letâs say you get approved for one of those financial offers. Thatâs a big deal! And we want to celebrate with you. Which is why weâll load your ExtraCredit card with up to $200. Thatâs rightâup to two hundred dollars. All for you, because of your smart financial decisions.
Learn More about Reward It
Track It
There are a lot of credit scores out there. And there are a lot of apps and services that claim to have the score. You know, the one and only completely accurate score you need. But the thing is, that doesnât exist. So the score you might be seeing on one of those other apps isnât the same as the FICO® Score that lenders see. In fact, you have at least 28 credit scores. Thatâs a lot to keep track of.
Thatâs where Track It comes in. ExtraCredit will keep track of your 28 FICO credit scores, so you can keep track of every single one. But it goes one step further by showing you what each score is used for. Plus, youâll get access to your credit reports from all three major credit bureausâExperian, TransUnion and Equifax.
Learn More about Track It
Guard It
Here are some statistics for you: in 2019, 14.4 million consumers were victims of identity fraud. Sure, that might not sound like a lot of people. But when you realize that it comes out to about 1 in 15 people, it feels like a much bigger threat. In total, 33% of adult Americans have been victims of identity theft.
You might think that youâve got all the protection you need. And maybe you have set up a few precautions here and there. But criminals nowadays are smart. Just look at those stats! They know what theyâre doing. But donât sweat itâso do we. Guard Itâs here to save the day.
Guard It provides services to keep you nice and safe. Thereâs Dark Web Monitoring, which will continually scan hidden websites and file-sharing networks for data breaches. Then thereâs Compromised Account Monitoring thatâll catch unauthorized bank changes and accounts opened with a stolen identity. And last, but not least, thereâs Identity Theft Insurance. Thatâll help protect you from financial danger with a $1,000,000 policy. Better safe than sorry.
Learn More about Guard It
Build It
We all know that credit card payments play a major role in your credit score. But thatâs just half the story. What about all the other bills that you pay, like rent and utilities? Shouldnât those count? We definitely think so, which is where Build It comes in.
Build It uses Rent & Utility reporting to match transactions from your bank account. Think about that for a secondâBuild It will help you add more to your credit profile whenever you pay your rent on-time. How easy is that?
From there, Build It continues to report your payments to all three major credit bureaus each month.
Learn More about Build It
Restore It
So your creditâs not where you want it to be. And you need help. The good news is, youâre in the right place. Restore It will connect you with one of the leaders in credit repair. Youâll get an exclusive discount for CreditRepair.com, a credit repair service that has a killer track record. If they are not available in your area, you will get that discount with another leader in credit repair.
Learn More about Restore It
The Breakdown
Okay, we know that there are a lot of credit solutions out there. Youâve probably seen other services, like credit repair, ID protection and credit monitoring. But hereâs the thingâno one offers a comprehensive service like ExtraCredit.
With ExtraCredit, you get five killer features all wrapped up in a box with a bow on top. Hereâs a breakdown of how much the ExtraCredit services would typically cost on their own:
Basic Credit Repair: $24.95+
Rent Reporting: $9.99
ID Protection: $34.99
FICO Scores: $19.99
Altogether, thatâd add up to a cool $89.92. But with ExtraCredit you get all five services at $24.99 a month, plus real cash back for select offers.
The Bottom Line
Sure, there are a lot of credit solutions out there. But hereâs the thingâExtraCredit impacts every dimension of your credit. So you could go with one-dimensional services provided by the other guys. Or you could go with ExtraCredit, which offers so much more than the basics.
ExtraCredit is here for you. Itâs like a team of credit pros, all focused on monitoring your credit and satisfying your credit score needs. All you have to do is sit back, relax and let ExtraCredit do the work.
ExtraCredit is the last credit solution you’ll ever need. Join the revolution today.
The post Why You Need ExtraCredit in Your Life appeared first on Credit.com.
Ten months into the COVID-19 pandemic, many consumers have settled into new routines and developed new spending patterns. One of the spending categories that hasnât lost its popularity is groceries, as many people are cooking more at home and eating out less frequently.
See related: Grocery shopping and COVID-19: Whatâs changed and how to save money
Credit card issuers are adapting to these new patterns as well.
On Oct. 20, 2020, Chase announced it would be temporarily adding grocery rewards to the Chase Sapphire Preferred® Card* and Chase Sapphire Reserve®. This comes on top of other limited time offers the issuer has recently added, such as limited time redemption options through Pay Yourself Back and gas and grocery store purchases counting toward the Reserve cardâs $300 travel credit.
See related: Guide to Chase Pay Yourself Back
âThroughout this very unique year, weâve provided our cardmembers flexibility and options to get the most out of their cards ⦠ as well as limited time opportunities to earn more points on certain spending,â Chase said in a statement. âWe want to continue to give our cardmembers ways to maximize value where they are spending today.â
On top of that, on Jan. 28, 2021, Chase added an offer for new Chase Sapphire Preferred cardholders: a one-time automatic $50 statement credit on grocery store purchases.
How the limited time grocery rewards work
Starting Nov. 1, 2020 and running through April 30, 2021, Sapphire Reserve cardmembers will earn 3 points per dollar on grocery store purchases, and Preferred cardmembers will earn 2 points per dollar, up to $1,000 in purchases per month. According to Chase, this will be automatic for existing and new cardmembers.
See related: Best credit cards for grocery shopping
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This provides cardholders with an excellent opportunity to earn some of the most valuable travel points while travel is still limited.
The new offer also makes Sapphire cards more competitive when compared with the recently updated Chase Freedom card suite. In August, the issuer replaced the Chase Freedom with the Chase Freedom Flex and added three new valuable rewards categories to both the Freedom Flex and Chase Freedom Unlimited, namely bonus cash back on travel purchased through Chase Ultimate Rewards and on dining and drugstore purchases.
Considering neither Freedom card charges an annual fee and both earn Chase Ultimate Rewards points, some cardholders may be wondering if the Chase Sapphire Reserve is worth keeping during a time when most of its premium travel perks might go unused.
Fortunately, all the limited time offers coupled with temporary grocery rewards make it much easier to get value of these popular travel cards â even when youâre not traveling.
How the grocery statement credit works
Another incentive to apply for the Chase Sapphire Preferred card now is the new one-time $50 statement credit on grocery purchases.
New cardmembers will get access to the statement credit automatically and be able to use it for 12 months from the time of account opening. Eligible purchases include purchases made at merchants coded as grocery stores. Warehouse club purchases wonât qualify.
Chase hasnât announced the offerâs expiration date yet.
Chase Sapphire cards value at a glance
Chase Sapphire Reserve®
Chase Sapphire Preferred® Card
Newly added limited-time benefits
Cardmembers earn more on grocery store purchases: Nov. 1, 2020 â April 30, 2021
3 points per $1 spent
Up to $1,000 in grocery store spend per month
Gas and grocery purchases count toward Sapphire Reserve $300 travel credit:Â
Gas and groceries have been added as qualifying purchases, through June 30, 2021
New cardmembers receive an automatic statement credit:
One-time $50 statement credit on eligible grocery store purchases available for 12 months from the account opening
Cardmembers earn more on grocery store purchases: Nov. 1, 2020 â April 30, 2021
2 points per $1 spent
Up to $1,000 in grocery store spend per month
Existing benefits
3 points per dollar on dining purchases with restaurants â including delivery and pick-up
3 points per dollar on travel â including tolls and parking
Complimentary DashPass Subscription from DoorDash, valued at over $100 per year
Up to $120 in statement credits on DoorDash purchases â $60 in statement credits through 2020 and another $60 in statement credits through 2021
10 points per dollar on Lyft rides
Complimentary Lyft Pink membership, worth a minimum of $199 in value when you activate by March 21, 2022
Pay Yourself Back:Â Points are worth 50% more now through April 20, 2021 when redeemed for purchases in current categories of grocery, dining, home improvement and contributions to select charities
Chase Dining:Â Points are worth 50% more when redeemed through the new Chase Dining hub in Ultimate Rewards, now through April 30, 2021
2 points per dollar on dining purchases with restaurants â including delivery and pick-up
2 points per dollar on travel â including tolls and parking
Complimentary DashPass Subscription from DoorDash, valued at over $100 per year
5 points on per dollar on Lyft rides
Pay Yourself Back: Points are worth 25% more now through April 20, 2021 when redeemed for purchases in current categories of grocery, dining, home improvement and contributions to select charities
Chase Dining: Points are worth 25% more when redeemed through the new Chase Dining hub in Ultimate Rewards, now through April 30, 2021
Â
Bottom line
While travel isnât the most lucrative rewards category at the moment, your Chase Sapphire card can still bring you plenty of value, especially given the temporary rewards categories and other limited time offers.
*All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. This offer is no longer available on our site.
Your credit
score can affect many aspects of your lifeâfrom getting a loan to getting a
job or getting a house. Good credit is necessary for sound finances and many
major purchases. But there are no quick fixes or shortcuts to building good
credit. You must start by establishing credit, then embrace responsible credit
habits over time. This helps you create a record that shows lenders you’re a
low risk and a desirable customer.
The following tips for building your credit help you understand and improve on the key factors that the three major credit bureaus use to calculate your credit score. By following these smart financial guidelines, you can demonstrate your credit worthiness. That makes you a more desirable customer and borrower for many businesses and lenders.
1. Review Your Credit Report
In order to build your credit, you have to understand it. Start by regularly reviewing your credit reports. You can request your free annual credit report from each of the three credit bureaus and assess your credit as it stands right now. Review the following:
Payment history
Amount of credit you’re using
Credit age
Mix of credit account types
Credit inquiries
Our free Credit Report Card can help you understand what is in your credit report and how those things affect your credit score. Our report card will help you identify areas that need improvement and help you make a plan to address these issues.
2. Dispute Errors and Inaccuracies
As you review your reports, keep an eye out for any errors. Credit report errors are not uncommon. In fact, a Fair Credit Reporting study found that one in four consumers found mistakes on their reports that can hurt their scores. You have the right to dispute those errors and fix your credit report. You can do credit repair on your own or hire a credit repair company to help you.
3. Keep Credit Accounts Open and In Good Standing
If you already have available credit, keep the accounts
open. Older credit accounts help assign a credit
age, which makes up 15% of your score. Closing an old account makes it look
like you didn’t start establishing credit until later, which can lower your
credit score.
And if you close a credit card, you also lose valuable
available credit for your utilization rate. It may be better to keep the card
open to support a lower debt-to-credit ratioâjust don’t run up the balance.
Make small purchases two to three times per year and pay them off during the
following billing cycle.
4. Make On-Time Payments
Making on-time payments is one of the most important
things you can do to build your credit. Your payment
history accounts for 35% of your credit score. It tells lenders and
potential employers how reliable you are. Missed payments are serious signs of
trouble. Charge offs and defaulted accounts say you can’t be trusted to repay
your debts as promised.
If you are newly establishing credit, avoid late payments
and other poor payment habits. This is one of the two most impactful factors
for building good credit. If you already have a poor payment history, commit to
changing now. Over time, those old payments will have less impact. Eventually,
they’ll even fall off your report.
5. Use a Maximum of 30% of the Credit Available to You
Ironically, lenders would rather not give you credit if
it looks like you need it or you like using it too much. That may seem
counterproductive, since they make their money off loan interest and fees. But
using too much of your available credit is a warning sign.
Maxing out your cards and lines of credit may point to
problems with spending, debt and income. That worries creditors, since it means
you may stop paying your loans. That’s why your utilization rate is a vital
part of your credit scoreâaccounting for 30% of the calculation in most scoring
models.
The most
desirable utilization rate is less than 10% of your available credit. At
most, keep it under 30%. If you make any large purchases on your revolving
credit accounts, pay them off as quickly as possible to keep your utilization
rate low.
6. Open Different Types of Credit Accounts
Having a mix of credit types is a good demonstration of
creditworthiness. This factor contributes 10% to your credit score. There are three
types of credit accounts to consider:
Revolving accountsâcredit cards and lines of credit. They have a credit limit and require regular payments.
Installment accountsâstudent loans, car loans, mortgages and personal loans. The lender provides a lump sum, and you make payments until the debt is paid off.
Open creditâcharge cards, utilities and cellphone services. With charge cards, you have a credit limit, and you can make purchases and cash advances, but you don’t carry a balance. With open credit accounts, you need to pay off your charges each month.
To build credit, work toward maintaining an account
from each of these categoriesâas long as you can afford them.
7. Open a Secured Line of Credit
It may be difficult to build credit if you haven’t
established a credit history yet. If you have poor or fair credit, it may also
be hard to get approval for traditional credit cards or loans. However, secured
lines of creditâlike secured
credit cards and secured
personal loansâcan help you get started on your path to good credit.
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
17.39% (variable)
Balance Transfer:
N/A
Annual Fee:
$35
Credit Needed:
Fair-Poor-Bad-No Credit
Snapshot of Card Features
No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
Build credit quickly. OpenSky reports to all 3 major credit bureaus.
99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search âOpenSky Cardâ in Facebook.)
OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
*View our Cardholder Agreement located at the bottom of the application page for details of the card
Card Details +
To get a secure line of credit, you will need to put up
some form of collateralâusually cash, a savings account, or other personal
property. With this credit option, you may get a decent interest rate. The
lender’s risk is lowered due to your secured asset. This means they don’t need
to charge a much higher interest rate, as is common with poor credit.
8. Limit Credit Inquiries
Be careful when applying for new credit. You don’t want
more than two hard
inquiries every six months or so. Too many requests for credit can look bad
to potential lenders. These inquiries account for 10% of your score. Only apply
for credit if it can help improve your score through one of the methods
discussed above or is necessary for making a large purchase such as a home or
car.
When you do apply, comparison shop. Carefully weigh all
the terms and the chances that you will qualify for the card or loan on offer.
Then, choose only one or two and apply. If you’re turned down, don’t try again
for at least six months.
Build Your Credit
These personal tips can help you build credit and work on improving poor or fair credit. Building good credit habits can have a bit impact on your credit score. Start by signing up for Credit.comâs free Credit Report Card to get personalized advice for your unique credit situation.
Sign up for the Free Credit Report Card.
The post Tips for Building Your Credit appeared first on Credit.com.
At the end of December 2020, around 2.87% of accounts in the auto, credit card, mortgage or unsecured personal loan accounts were still in some form of financial hardship status.
But the percentage of accounts in that status continue to fall from a high of 4.77% in May 2020, according to TransUnionâs Financial Services Monthly Industry Snapshot Report.
TransUnion data includes all of the accounts with accommodations at the end of December plus those that had accommodations pre-pandemic.
The percentage of credit card accounts in financial hardship status fell from a high of 3.73% in May 2020 to 2.42% in December 2020.Â
Repayment preferences vary
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Among those consumers with loan accommodations, plans to repay the money were diverse, according to TransUnion.
The research showed that around 25% of them want to return to making regular payments and negotiate with lenders to increase the length of the loan, while 19% would like to continue the accommodation and 17% want to catch up by making bigger payments.
See related: Credit card spending rebounds from pandemic plunge
Delinquencies and hardship program situation surprisingly positive
Ted Rossman, industry analyst for CreditCards.com, said that in general, the outlook for delinquencies and hardship programs is surprisingly positive.
âDelinquencies have actually fallen during the pandemic and fewer customers than we initially expected have enrolled in hardship programs, plus many have already gotten back on track,â Rossman said.
For example, Chase reported that more than 90% of customers who exited their assistance program have remained current on their payments.
And, according to the ABA Banking Journal, âBank card delinquencies fell 109 basis points to 1.52% of all accounts in the second quarter, declining to the lowest level on record. In the third quarter they were essentially flat.â
Rossman noted that government stimulus programs deserve a lot of credit, along with many consumers spending less and making debt payoff a priority.
âIt seemed like the stimulus impact was starting to wane late in 2020, but Congress and the Trump Administration agreed on another round of stimulus right before New Year’s and the Biden Administration is intent on implementing an even larger program soon,â Rossman said.
Rossman said weâre not out of the woods yet, but there’s growing optimism that the worst has passed and we will not see nearly as many delinquencies and defaults as we did during the 2007-2009 financial crisis.
See related: What to do if your credit card is closed due to delinquency
Good credit is essential if you hope to borrow money one day for things like a new car or home. But good credit can also be important for smaller things like renting an apartment or even landing a new job. And one of the easiest ways to build the credit necessary for these things is by getting a credit card.
If you have no credit, or even bad credit, and you’re averse to getting a secured credit card to help improve your credit, there are other ways to go about establishing and building good credit.
Here are three other options for building credit and improving your credit scores.
Get It Now Privacy Policy
1. Get a Credit-Builder Loan
A credit builder loan is a loan with a set amount you pay back over a set period of time (referred to as an installment loan). Most have repayment terms ranging from six months to 18 months, and because these loans are reported to one or more of the three national credit reporting agencies, on-time payments will help build up your credit.
Hereâs how it works: A lender places your loan into a savings account, which you canât touch until youâve paid it off in full, allowing you to build credit and savings at the same time. And because loan amounts for credit builder loans can be quite small (just $500) it can be much easier to make monthly loan payments.
Credit-builder loans are best for people with no credit or bad credit. But, if you have good credit but don’t have any installment accounts on your credit report, a credit-builder loan could potentially raise your score since account mix is another major credit-scoring factor.
2. Pay Your RentÂ
If you’re in the process of moving or need to do so in the near future, it’s a good idea to find a landlord who reports your rent payments to the major credit bureaus. Depending on what credit report or credit score is being used, these on-time monthly rent payments can give you a quick and easy credit reference and help you qualify for a loan (or at least another apartment down the road).
3. Become an Authorized User
Asking your spouse, partner or even your parent to add you onto one of their accounts as an authorized user could give your credit a boost. If the account they put you on has a perfect payment history and low balances, youâll likely get âcreditâ when that account starts appearing on your credit reports. You wonât necessarily need to use the card to benefit from this strategy. It is a good idea to have your friend or family member check with their issuer to be sure that it reports authorized users to the three major credit reporting agencies (not all do).
Remember, one of the most important things in building good credit is making timely loan and bill payments. Bills like rent or utilities may not be universally reported to the credit bureaus, but if they go unpaid long enough, they can hurt your credit, especially if they go into collection. (You can see how any collections accounts may be affecting your credit by viewing your two free credit scores, updated every 14 days, on Credit.com.)
If your credit is in rough shape, due to a collection account or other payment history troubles, you may be able to improve your scores by paying delinquent accounts, addressing high credit card balances and disputing any errors that may be weighing them down. And remember, you can build good credit in the long term by keeping debt levels low, making timely payments and adding to the mix of accounts you have as your score and wallet can handle it.
[Offer: If you need help fixing your credit, LexingtonLaw can help you meet your goals. Learn more about them here or call them at (844) 346-3296 for a free consultation.]
More on Credit Reports & Credit Scores:
The Credit.com Credit Reports Learning Center
How to Get Your Free Annual Credit Report
How Credit Impacts Your Day-to-Day Life
Image:Â Jacob Ammentorp Lund
The post I Don’t Need a Credit Card But Want to Build Credit. What Can I Do? appeared first on Credit.com.
While COVID-19 has affected all parts of daily life, the travel industry has certainly been put on hold as people have had to cancel plans and stay at home. Since most travelers plan many months in advance, this also leaves many holding tickets they can no longer use. Frequent flyers and hotel loyalty members are left wondering what recourse they have, if any, when it comes to their member status and points or miles.
We researched the major players in the hotel and airline industry to find out how these companies plan to accommodate their valued members â by extending points, status levels and more â in the wake of the coronavirus pandemic.
Coronavirus relief measures by loyalty or travel program
Hilton Honors
Marriott Bonvoy
IHG Rewards Club
World of Hyatt
Wyndham Rewards
Choice Privileges
United MileagePlus
Delta SkyMiles
American Airlines AAdvantage
JetBlue TrueBlue
Southwest Rapid Rewards
Virgin Atlantic
British Airways
CLEAR
TSA Precheck
Global Entry
Hilton Honors
In addition to donating up to one million rooms to medical professionals, Hilton has promised to compensate its Hilton Honors loyalty program members in a number of ways.
Lower status requirements
Hilton has cut status qualification requirements by half.
Elite status
Previous status requirements
New status requirements
Silver status
4 stays, 10 nights or 25,000 base points
2 stays, 5 nights or 12,500 base points
Gold status
20 stays, 40 nights or 75,000 base points
10 stays, 30 nights or 37,500 base points
Diamond status
30 stays, 60 nights or 120,000 base points
15 stays, 30 nights or 60,000 base points
Status extension
For any Silver, Gold or Diamond members that were due to downgrade in 2020 or 2021, statuses will be extended through March 31, 2022.
Cardholder benefits
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Weekend night rewards on eligible Hilton credit cards that were not expired by May 1, 2020, will now be valid through August 31, 2021, and certificates issued from May 1 through Dec. 31, 2020, are valid for 24 months from the date of issuance. All free weekend night certificates issued in 2021 can be used any night of the week and expiration is extended until Dec. 31, 2022.
Additionally, bonus points will continue to count as base points on eligible purchases through Dec. 31, 2021, and toward elite status tier qualification, including Lifetime Diamond Status.
Other rewards
All 2020 elite qualifying nights will be rolled over to the 2021 status year. This applies to all nights members have already completed or will complete this calendar year.
On top of that, Hilton has lowered the requirements to earn Milestone Bonuses for 2021. Previously, you could earn 10,000 bonus points every 10 nights after completing 40 nights in a calendar year. Starting in January, that requirement has been changed to 20 nights stayed to align with the new Gold qualification level. However, 60 nights will still earn you 30,000 points.
Diamond members will be able to gift Gold status for staying 30 nights in 2021 instead of 60 nights which was the previous requirement. The requirement to gift Diamond status is lowered to 60 nights instead of 100.
To ensure member safety, Hilton is providing flexible cancellations and full points refunds for all Hilton Honors experiences booked through May 31, 2021.
You can follow further updates for Hilton Honors members on the loyalty program website.
Marriott Bonvoy
Marriott plans to compensate its Marriott Bonvoy members, although benefits may vary depending on membersâ location.
See related: Marriott data breach involves 5.2 million hotel guests
Status extension
Bonvoy members who earned elite status for 2020 can now enjoy their benefits through February 2022.
Points extension
Points set to expire by February 2021 will be paused, and no points will expire until after that time period.Â
Other rewards
Active free night awards (as part of Marriott credit cards or packages) set to expire beginning March 1, 2020, will be extended through Aug. 1, 2021. Additionally, more recent certificates set to expire before July 31, 2021, will be extended through that date as well. Suite night awards set to expire by Dec. 31, 2020, will be extended another year through Dec. 31, 2021.
Additionally, Marriott will deposit Elite Night Credits into Bonvoy elite membersâ accounts in the amount of 50% of the nights required for the status they earned in 2019. This can make it easier for the members to reach the next tier.
Elite Night Credits deposit breakdown
Elite status
Annual tier requirements
Extra elite night credits
Ambassador Elite
100 Qualifying Nights and $20,000 stay spend
50 Elite Night Credits
Titanium Elite
75 Qualifying Nights
38 Elite Night Credits
Platinum Elite
50 Qualifying Nights
25 Elite Night Credits
Gold Elite
25 Qualifying Nights
13 Elite Night Credits
Silver Elite
10 Qualifying Nights
5 Elite Night Credits
Stay up to date on relief measures for Bonvoy members on the companyâs COVID-19 page.
Coronavirus: What to do if youâre unemployed and have credit card debt
How to manage your credit cards during the coronavirus outbreak
IHG Rewards Club
Due to travel constraints and shortened travel periods, IHG has lowered its requirements for elite status membership by 25% or more, as well as extended statuses and points for all members (since elite membersâ points never expire).Â
Lower status requirements
Status
Previous qualification requirements
New qualification requirements
Gold
10,000 qualifying points in a calendar year or
10 qualifying nights in a calendar year
7,000 qualifying points in a calendar year or
7 qualifying nights in a calendar year
Platinum
40,000 qualifying points in a calendar year or
40 qualifying nights in a calendar year
30,000 qualifying points in a calendar year or
30 qualifying nights in a calendar year
Spire
75,000 qualifying points in a calendar year or
75 qualifying nights in a calendar year
55,000 qualifying points in a calendar year or
55 qualifying nights in a calendar year
See related: The benefits of IHG Rewards Club elite status
Status extension
Program statuses will be extended through January 2022 for all members. Spire elite members will also retain their Choice benefit of 25,000 bonus points or gifting of Platinum Elite status to someone each year.
Award certificatesÂ
Anniversary night certificates (U.S. and U.K. only) set to expire before March 1, 2020, will be extended through the end of the year. All 2020 certificates will be redeemable for 18 months, instead of the usual 12. Some members have also reported that free night certificates expiring before Dec. 31, 2020, will be extended until August 2021.
Follow updates to IHG Rewards Club benefits on the programâs travel advisory page.
World of Hyatt
The World of Hyatt loyalty program will extend all statuses and rewards to compensate valued members.
Status extension
All active elite statuses, as of March 31, 2020, will be extended through Feb. 28, 2022.Â
Points extension
Forfeiting points due to inactivity will be suspended through June 30, 2021. No points will expire until that date.
Other rewards
Any earned rewards, such as free nights or upgrades, set to expire between March 1 and Dec. 31, 2020, will be extended through Dec. 31, 2021.
Check the updates to Hyatt relief measures on the programâs COVID-19 page.
online.
Keep an eye on Wyndhamâs COVID-19 statement page for updates.
Choice Privileges
It took Choice some time to follow suit and join other hotel chains in extending elite statuses and offering other promotions amid the outbreak. On May 21, 2020, the company announced a series of offers to expand the benefits of its Choice Privileges loyalty program.
“Even during this crisis, our members found a number of ways to engage with us and make a difference,” said Jamie Russo, vice president, loyalty programs and customer engagement, Choice Hotels. “Some of them are essential and frontline workers who chose to stay in our small-business hotels, and others showed their generosity by donating their Choice Privileges points to aid recovery efforts. Our latest loyalty program changes tell our members that we appreciate their continued support and our hotels are here to welcome them whenever they feel safe traveling again.”
Status extension
All membersâ current elite statuses will be extended through Dec. 31, 2021.
Lower status requirements
Choice is also easing requirements to qualify for elite status in 2021.
Elite status
Previous status requirements
2021 status requirements
Gold status
10 nights
7 nights
Platinum status
20 nights
15 nights
Diamond status
40 nights
25 nights
Additionally, Choice is giving current elite members a limited-time upgrade to the next tier. Gold members will be upgraded to Platinum status and Platinum members will be upgraded to Diamond. Additionally, members who stayed at least five nights by Dec. 31, 2020, will be able to keep their upgraded tier through 2021.
United MileagePlus
United has said it would compensate their MileagePlus members by extending all annual memberships, subscriptions and checked bag benefits for six months. United also plans to make status membership requirements easier and will release information later in 2020.
Status extension
All MileagePlus Premier members will get to retain their 2020 status through Jan. 31, 2022.
Lower status requirements
MileagePlus Premier membership now has easier requirements, reduced 50% for each status level.
2021 status
Premier qualifying flights
and PQP
⦠or PQP
Silver
6
2,000
2,500
Gold
12
4,000
5,000
Platinum
18
6,000
7,500
1K
26
9,000
12,000
Other rewards
All valid travel certificates issued on or after April 1, 2020, will be extended to be valid for two years for booking, as well as up to an additional 11 months to travel. All redeposit fees for flights booked through May 31, 2020, will be waived, as well as all fees for members who cancel within at least 30 days of departure.
Follow more updates to United MileagePlus on the programâs travel notice page.
Delta SkyMiles
Delta has stepped up to say they will compensate their Medallion members by extending their Member status.
Status extension
2020 Medallion Member status will be extended through Jan. 31, 2022, and this change should be reflected on the memberâs SkyMiles account by Feb. 1, 2021. Additionally, all 2020 Medallion Qualification Miles will roll over into 2021.
Follow updates to the Delta SkyMiles program on the coronavirus travel update page.
American Airlines AAdvantage
As AAdvantage members experience reduced travel opportunities due to the coronavirus, American Airlines is offering elite status extension, lowering elite status requirements and allowing eligible cardholders to earn miles toward Million Miler status with credit card spend.
Status extension
Members whose elite status expires on Jan. 31, 2021, will automatically get an extension until Jan. 31, 2022.
Lower status requirements
Members will be able to qualify for a higher elite status in 2021 with lower requirements, including Elite Qualifying Dollar (EQD), Elite Qualifying Mile (EQM) and Elite Qualifying Segment (EQS).
Gold oneworld Ruby
Platinum oneworld Sapphire
Platinum Pro oneworld Sapphire
Executive Platinum oneworld Emerald
$2,000 EQDs and 20,000 EQMs or
$2,000 EQDs and 20 EQSs
$4,500 EQDs and 40,000 EQMs or
$4,500 EQDs and 45 EQSs
$7,000 EQDs and 60,000 EQMs or
$7,000 EQDs and 70 EQSs
$12,000 EQDs and 80,000 EQMs or
$12,000 EQDs and 95 EQSs
Cardholder benefits
The CitiBusiness® / AAdvantage® Platinum Select® Mastercard® cardholders who hold a companion certificate expiring Dec. 31, 2020, will receive a six-month extension as well, bringing the expiration date to June 30, 2021.
Learn more about AAdvantage program updates on aa.com.
JetBlue TrueBlue
JetBlue took a bit longer to join other airlines in taking measures to support loyal customers. On May 14, 2020, JetBlue announced it’s extending Mosaic elite statuses, as well as making it easier to earn one.
Status extension
All currently valid Mosaic elite statuses will be extended through Dec. 31, 2021.
Lower status requirements
JetBlue is reducing the qualifying thresholds for Mosaic status by 50% for 2021. To earn the status this year, you’ll need to earn 7,500 qualifying TrueBlue base points or 6,000 qualifying TrueBlue base points and 15 flight segments.
Alternatively, you can get the elite status by spending $50,000 in annual net purchases on the JetBlue Plus card â this spending requirement hasn’t changed for 2020.
Virgin Atlantic
Virgin Atlantic has also made it easier for customers to earn and maintain elite status amid the pandemic.
Status extension
In March 2020, Virgin Atlantic extended status for Gold and Silver members, allowing them an additional six months to meet the requirements.
On Aug. 20, 2020, the airline added another six months to the extension, making it one year in total.
Other rewards
Starting Sept. 1, 2020, the Flying Club program members will be able to earn tier points on award flights, meaning they’ll be able to earn elite-qualifying points on flights where they used Flying Club miles to redeem for travel.
On top of that, Virgin Atlantic makes it easier for members to earn and redeem Companion Vouchers, Upgrade Vouchers and Clubhouse Vouchers.
Members can now use Companion Vouchers with any ticket in any booking class, regardless of status. Gold and Silver members can book their companion into any cabin for zero miles, and Red members can book their companion into Economy and Premium for zero miles or upper class at a 50% discount.
Upgrade Vouchers can also be used with any ticket in any booking class, excluding Economy Light, for a one-cabin upgrade on a return flight.
Clubhouse Vouchers can be used for one entry to any clubhouse when booked on a Virgin flight or with Air France, Delta or KLM when flying internationally. Gold members will continue to receive two vouchers.
Southwest Rapid Rewards
On April 16, Southwest announced a status extension for A-List and A-List Preferred members and companion passes. The company is also giving a points “boost” to all Rapid Rewards members.
“As we continue to navigate our way through this unprecedented time and deal with extraordinary challenges, we are committed to keeping you informed and updated on the steps we are taking to manage through the COVID-19 pandemic,” Southwest said in a message to Rapid Rewards members.
Status extension
Companion Pass Members who received an extension of their earned Companion Pass benefits through June 30, 2021, will have their benefits extended for another six months. Members will be able to keep their status through Dec. 31, 2021.
Other rewards
Southwest is giving all Rapid Rewards members with an account opened by Dec. 31, 2020, a âboostâ of 25,000 Companion Pass qualifying points and 25 flight credits toward Companion Pass status, as well as 15,000 tier qualifying points and 10 qualifying flight credits toward A-List and A-List Preferred.
Southwest cardholders can also spend their way all the way to A-List status, with no cap on tier qualifying points (TQPs) earned through card spend. Previously, cardholders could only earn up to 15,000 TQPs per year via card spend.
Additionally, travel funds created or expiring between March 1, 2020, and Sep. 7, 2020, will now expire on Sep. 7, 2022. Alternatively, Rapid Rewards members can convert those funds into Rapid Rewards points. According to Southwest, the conversion ratio is âthe same rate you would be able to purchase a ticket with points today.â
British Airways
On June 11, British Airways finally joined other airlines in extending the elite status for its members. Additionally, the carrier is reducing the number of tier points needed to reach a higher membership tier.
Status extension
British Airways is extending tier status by 12 months for members who have a tier point collection end date of July 2020, through to June 2021.
Lower status requirements
The carrier has also reduced the number of points needed to retain and upgrade a membership status by 25%.
Here are the new tier qualification thresholds:
Bronze: 225 Tier Points or 18 eligible flights
Silver: 450 Tier Points or 37 eligible flights
Gold: 1125 Tier Points
Cardholder benefits
Members who have earned heir Gold Upgrade Vouchers, Companion Vouchers and Travel Together Tickets with a British Airways credit card will get a 6-month expiration extension to any current vouchers.
CLEAR
CLEAR is a program that makes it quicker for travelers to get through airport security lanes by using biometrics for ID verification. Since many people are currently avoiding traveling due to the coronavirus outbreak, a CLEAR membership might not be useful at the moment.
Originally, CLEAR offered customers to pause their membership for three months. Now CLEAR is allowing members to request a three-month extension to their membership, which can be done by contacting the company directly. With customer service channels such as phone lines overloaded by requests, the fastest way to do so is via CLEARâs online chat. However, some users have reported experiencing difficulties finding the chat box on the website. Alternatively, you can reach CLEAR by text, email or phone.
TSA Precheck
TSA Precheck is a five-year membership that provides expedited security checks at select domestic airports in the U.S. At this time, TSA is planning to keep enrollment centers open while working to determine if any temporary closures are required. Some centers have been closed or changed hours.
If youâre planning to visit an enrollment center, itâs recommended that you schedule an appointment â as walk-ins may be deferred.
Visit TSAâs enrollment questions page for more information.
Global Entry
Global Entry, a program run by U.S. Customs and Border Protection that allows travelers to get expedited clearance through automatic kiosks when arriving in the U.S, has reopened its enrollment centers on Sept. 8, 2020. After a six-month hiatus, the program will finally allow conditionally approved Global Entry applicants to complete in-person interviews at most Trusted Traveler Programs enrollment centers in the U.S. The interviews must be scheduled in advance online, and their availability will vary by location.
Since the COVID-19 outbreak has also affected processing times for Global Entry renewals, CPB has increased the renewal grace period to 18 months. This means that if you apply for your Global Entry renewal before its expiration date, you’ll be able to use Global Entry for another 18 months.
As the coronavirus situation is unprecedented and changing rapidly every day, hotels and airlines continue to make updates to their travel policies, including their loyalty programs. Travelers should continue to check airline and hotel websites as the situation evolves. If they cannot find the information they need online, they should contact their hotel, airline or travel agencyâs customer service number.
Credit cards, interest rates, loans, even where you liveâthese all depend on your credit score. If you have a good credit score, youâre more likely to get better financial offers. But if you have a low or nonexistent score, the chances of getting prime financial offers are pretty slim.
If you have low or nonexistent credit, improving your credit can seem almost impossible. Because you donât qualify for the best financial offers, you canât get the opportunities you need to bump up your credit. Plus, youâll probably find yourself paying a lot more interest than youâd like.
This might feel like a no-win situation. But thereâs good newsâthere are alternatives to building credit besides credit cards. Those with poor or nonexistent credit can have the opportunity to build up their scores. Learn about good credit scores and how you can work to get your rating in that range.
What Is a Good Credit Score?
If youâre completely unfamiliar with credit, itâs time to learn where your credit score stands. Hereâs the breakdownâcredit scores range between 300 and 850. According to Experian, an average credit score for Americans is around 675.
Credit scores are ranked as bad, poor, fair, good or excellent. Experianâs numbers are based on a model called VantageScore. The VantageScore model is broken down to the following:
Excellent: 750-850
Good: 700-749
Fair: 650-699
Poor: 600-649
Bad: 300-599
FICO scores are based on a slightly different model with a range of 300 to 850. The average FICO score in 2018 was 704. For FICO ratings, a good or excellent score is above 740. Hereâs the breakdown of FICO Score ratings:
Exceptional: 800-850
Very good: 740-799
Good: 670-739
Fair: 580-669
Very Poor: 300-579
How to Build Low or Nonexistent Credit
It is possible to get a credit card for bad credit. But youâll find that theyâll either have no rewards, higher interest rates or both. These are worth looking into, but you might want to consider other methods before you commit to a credit card. Here are some great options for building your credit scoreâthat arenât getting a credit card.
1. Get a CreditStrong Account
In a frustrating turn of events, building or rebuilding credit often requires that you have some credit to begin with. Thatâs where credit builder loans, such as the ones provided by CreditStrong, come in handy. Credit builder loans allow you to take out a loan without a hard credit pull. The money is placed in a locked savings account to secure the loan.
Once you make the required payments, the savings account is unlocked and you gain access to the funds. In the meantime, you get up to 24 months of positive payment reports to the credit bureaus, helping to build your score.
Each loan payment you make will be reported to all three credit bureaus each month, which will help build your credit history. Because 35% of your credit score is based on payment history, making on-time payments towards a CreditStrong account can improve your score.
2. Try Experian Boost
You already know that payment history makes up 35% of your credit score. Experian knows that, too. Thatâs why they launched Experian Boost earlier this year. This program allows you to include both your cell phone and utility payments in the calculation of your credit score.
Worried that youâll miss a payment or two? Missed payments will typically harm your credit score, but Experian only counts the payments youâve made on time. That means that any bill you donât pay on time wonât harm your score. While you should try to pay your bills on time, this is a life-saver if you accidentally slip up on a payment or two.
3. Improve Your Credit with Rent Track
When you have a low credit score, any payment you continually make on time helps. RentTrack is a great rent reporting tool that will track your rent payments, therefore helping you build your score. RentTrack is often used by property management companies, letting their tenants pay rent online.
How does this help your credit score? When you pay your rent, RentTrack offers to report your payments to all three major credit bureaus. If you choose to do, every payment you make will show up on your credit report. Make your payments on time, and youâll watch your credit score increase over time.
The post 3 Ways to Build Credit if You Can’t Get a Credit Card appeared first on Credit.com.
As 2020 ended, we left behind some challenging times â and some valuable credit card perks, like $20 streaming and mobile statement credits the on The Platinum Card® from American Express. (Both expired on Dec. 31, 2020.)
Fortunately, Amex hasnât left Platinum cardmembers with nothing in the place of the expired perk. On the contrary, the issuer has added yet another exciting benefit.
See related: Amex adds Uber Eats Pass for Green, Gold and Platinum, Uber Cash credit on Gold
For a limited time, Amex Platinum cardholders will be able to enjoy a $30 monthly PayPal credit. While itâs less than the cumulative $40 in monthly streaming and mobile credits the issuer offered late last year, the perk still offers a great value and can be very versatile.
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How the new PayPal credit works
Amex Platinum cardmembers will be able to use the new perk through June 30, 2021. No registration is required, and the credit will be applied automatically.
To use the perk, link your American Express Platinum card to your PayPal account and set it as the default payment method. Now, when you shop at eligible online merchants, you can select to check out via PayPal and get up to $30 credited back to you in your monthly statement. Youâll earn Membership Rewards points on this type of transactions as well.
Note, however, that peer-to-peer payments arenât eligible for this offer, and you also canât use it on gift card purchases or prepaid card reloads.
Receive up to $880 in credits with Amex Platinum in 2021
This perk is far from the first valuable credit offered on the Platinum card.
The credits on the Amex Platinum include annual Uber credits of up to $200 ($15 per month plus an extra $20 in December), an up to $200 airline-fee credit, up to $100 Saks Fifth Avenue credits per year, a $100 Global Entry or $85 TSA Precheck application fee credit every four years and a $100 hotel credit every time you book with The Hotel Collection.
The $30 monthly PayPal credit will be available through June â for up to $180 in PayPal credits in total.
The newly added limited-time perk brings the total credits you can receive from the Amex Platinum up to $880 in 2021 (if you only use the hotel credit once).
Considering the cardâs annual fee is $550, you can get a lot of value from your Amex, especially if we get to see travel finally coming back this year.
Bottom line
The new $30 monthly PayPal credit on Amex Platinum may be less valuable than the discontinued $20 streaming and mobile statement credits, but itâs versatile and easy to use â PayPal checkout is available at thousands of online retailers, including major ones, such as Walmart, Target, Home Depot and others.
Coupled with other credits and perks the Amex Platinum offers, the new benefit drives up the value of the card, making it a travel credit card thatâs worth it to have even in the times when travel is limited.
