Top 10 Best Small Business Credit Card Bonus Offers – March 2023

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Updated March 2023. Do you have small business income or work as an independent contractor? Freelance, Uber/Lyft, Amazon, eBay, Etsy, Airbnb? A small business credit card separates your personal and business expenses and can build up your business credit profile. If you are not a corporation or LLC, you can apply as a sole proprietorship, with your name as the business name and your Social Security number as the Tax ID number. These are the top 10 credit card offers that I would personally apply for right now (or have already). Recent changes:

  • Added Marriott 125k, Alaska 70k, Hilton 165k, Ink Cash 90k w/ No AF, Ink Unlimited 90k w/ No AF, Ink Preferred 100k/$1250.
  • Removed Hawaiian 90k, Barc AA 80k+$95, JetBlue 80k+$99, United 150k, Marriott 125k, Delta 75k

This is a companion post to my Top 10 Best Credit Card Bonus Offers for personal cards. Notice that small business bonuses are on average even higher than those on consumer cards.

Chase Ink Business Unlimited Card

  • $900 bonus cash back (Highest ever, Ending soon!) (90,000 Ultimate Rewards points) after $6,000 in purchases in the first 3 months. See link for details.
  • Flat 1.5% cash back on all purchases with no limit.
  • No annual fee.
  • Subject to 5/24 rule.*

Chase Ink Business Cash Card

  • $900 bonus cash back (Highest ever, Ending soon!) (90,000 Ultimate Rewards points) after $6,000 in purchases in the first 3 months. See link for details.
  • 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year.
  • No annual fee.
  • Subject to 5/24 rule.*

Marriott Bonvoy Business® American Express® Card

  • 125,000 Marriott Bonvoy points after $5,000 in purchases within the first 3 months. Limited-time offer. See link for details.
  • Additional Free Night Award upon card anniversary (worth up to 35,000 Bonvoy points). Earn another additional Free Night Award after spending $60K in purchases on your Card in a calendar year.
  • Annual fee is $125.

The Hilton Honors American Express Business Card

  • 165,000 Hilton Honors points after $5,000 in purchases in first 3 months. Limited-time offer ends 4/5/23. See link for details.
  • Earn a Free Night Reward after you spend $15,000 on purchases in a calendar year.
  • $95 annual fee.

Chase Ink Business Preferred Card

  • 100,000 Ultimate Rewards points (worth $1,000 straight cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®) after $15,000 in purchases in the first 3 months. See link for details.
  • 3X points on the first $150,000 spent on travel, shipping purchases, internet/cable/phone services, and advertising purchases with social media sites and search engines.
  • Primary rental car coverage when renting for business purposes.
  • $95 annual fee.
  • Subject to 5/24 rule.*

United Explorer Business Card

  • 75,000 bonus United miles after $5,000 in purchases in the first 3 months. See link for details.
  • Free first checked bag for both you and a companion (a savings of up to $140 per roundtrip).
  • Expanded award availability. Having this card makes it easier to redeem for that saver award economy ticket.
  • 5,000-mile “better together” bonus each anniversary when you have both the United(SM) Business Card and personal Chase United credit card.
  • Primary rental car coverage when renting for business purposes.
  • $0 introductory annual fee for the first year, then $99.
  • Subject to 5/24 rule.*

Business Platinum® Card from American Express

  • 120,000 Membership Rewards points after $15,000 on eligible purchases in the first 3 months.
  • HUGE list of additional perks including $400 Dell, $360 Indeed, $150 Adobe, $120 wireless phone annual credits, $200 annual airline fee credit, $189 CLEAR credit, Centurion airport lounge access, and more. See link for details.
  • $695 annual fee.

Hawaiian Airlines Business MasterCard

  • 70,000 Hawaiian miles. 60,000 miles after $2,000 in purchases in first 90 days. 10,000 miles after a qualifying purchase is made on an employee card. See link for details.
  • Receive a one-time 50% off companion discount for roundtrip coach travel between Hawaii and The Mainland on Hawaiian Airlines.
  • $99 annual fee.

CitiBusiness / AAdvantage Platinum Select Mastercard

  • 65,000 American Airlines miles after $4,000 in purchases in first the 4 months. See link for details.
  • First checked bag free on domestic AA flights for you and up to 4 companions ($60 value per roundtrip, per person).
  • $0 annual fee for the first year, then $99.

World of Hyatt Business Card

  • 60,000 Hyatt points after $5,000 in purchases in the first 3 months. See link for details and rough valuation of points.
  • Up to $100 in Hyatt statement credits – spend $50 or more at any Hyatt property and earn $50 statement credits up to two times each anniversary year.
  • $199 annual fee.
  • Subject to 5/24 rule.

Bank of America Business Advantage Cash Rewards Card

  • $500 statement credit after $5,000 in purchases in the first 90 days. See link for details.
  • 3% cash back on your choice of six categories. 2% cash back on dining and unlimited 1% cash back on all other purchases. The 3% and 2% cash back applies to the first $50,000 in combined category/dining purchases each calendar year, 1% thereafter.
  • No annual fee.

US Bank Business Leverage Card

  • 75,000 bonus points after $7,500 in purchases (on the Account Owner’s Card only) in first the 4 months. 75,000 bonus points can be redeemed for $750 in cash back. See link for details.
  • Availability may be restricted to certain states.
  • $0 annual fee for the first year, then $95.

Capital One® Spark® Miles for Business Card

  • 50,000 miles (worth a $500 statement credit) after $4,500 in purchases in the first 3 months. See link for details.
  • Flat 2X points per dollar spent on all purchases with no limit.
  • $0 annual fee for the first year, then $95.

JetBlue Business Card

  • Up to 70,000 TrueBlue points. 60k miles after $2,000 on purchases in first 90 days, and 10k miles after a purchase is made on an employee card. See link for details.
  • First checked bag free for the primary cardmember and up to 3 companions when tickets are purchased with your JetBlue Plus Card.
  • $99 annual fee.

Barclays AAdvantage Aviator Business Card

  • Up to 70,000 American Airlines miles. 60k miles after $2,000 on purchases in first 90 days, and 10k miles after a purchase is made on an employee card. See link for details.
  • First checked bag free on domestic AA flights for you and up to 4 companions ($60 value per roundtrip, per person).
  • $95 annual fee.

Alaska Airlines Visa Business Card (Bank of America)

  • 70,000 Alaska miles + Companion Fare Voucher after $4,000 in purchase within 90 days. See link for details.
  • Companion fare voucher is “Buy one ticket, get one for $122” ($99 fare plus taxes and fees from just $23).
  • Free checked bag on Alaska flights for you and up to six other passengers on the same reservation (worth $60 roundtrip per person).
  • $70 annual fee for company, plus $25 per card.

* Note: Certain Chase cards have a “5/24 rule” which is an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards on your credit report within the past 2 years. This rule applies on a per-person basis, so if you are new, you might want to start with those Chase cards.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Chase Ink Business Cash Card Review: $750 Bonus, 5% Back Categories, No Annual Fee

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Got a small business? The Ink Business Cash Card has a sign-up promotion offering a $750 cash bonus (90,000 Ultimate Rewards points) for new cardholders, along with 5% cash back and 2% cash back on select small business categories, all with no annual fee. Here are the details:

  • Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
  • 5% cash back (or 5X Ultimate Rewards per dollar) on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year.
  • 2% cash back (or 2X Ultimate Rewards per dollar) on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year.
  • 1% cash back on all other card purchases with no limit to the amount you can earn.
  • 0% introductory APR for 12 months on purchases.
  • Free additional cards for employees.
  • No annual fee.
  • Member FDIC

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 75,000 points = $750 cash. This is similar to the situation with the Chase Freedom Unlimited.

If you have also have the Chase Sapphire Preferred, Chase Sapphire Reserve, or Ink Business Preferred Card, then you can pool all of your Ultimate Rewards points together (even with your spouse/partner as an authorized user) and either use the airline/hotel transfer partners or redeem using the new “Pay Yourself Back” tool for a 25% to 50% boost in value.

Leveraging the 5% back bonus categories. Putting all of your small business cell phone, landline, and internet bills on the card and getting 5% back is pretty handy. For example, even just $200 a month x 12 months x 5% back is $120 back a year without changing your spending habits. Now let’s take the office supply store category and the fact that you can buy gifts cards to Amazon.com and other retailers at such office supply stores like Staples and OfficeMax… now you can effectively discount many of your other purchasing needs by 5% as well. Putting those purchases on such gift cards upfront can also help you meet the spending requirement for the bonus.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Cash Card has a large sign-up bonus and ongoing features of 5X/2X categories with no annual fee. This card is best if you have significant expenses in the special 5% and 2% categories above. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Chase Ink Business Unlimited Card Review: $750 Cash Bonus, 1.5% Flat Cash Back, No Annual Fee

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

The Ink Business Unlimited Card is a small business credit card offering a $750 cash bonus (75,000 Ultimate Rewards points) for new cardholders and the simplicity of a flat, unlimited 1.5% cash back on all purchases. Here are the details:

  • Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
  • Unlimited, flat 1.5% cash back (or flat 1.5X Ultimate Rewards points per dollar spent) on all purchases with no limit.
  • 0% introductory APR for 12 months on purchases.
  • Free additional cards for employees.
  • Member FDIC
  • No annual fee.

Ultimate Rewards points. The cash sign-up bonus actually comes in the form of Ultimate Rewards points at 1 point = 1 cent in cash. 50,000 points = $500 cash. If you have one of the other annual fee cards that offer a boost in value like the Ink Business Preferred, Sapphire Preferred, or Sapphire Reserve, you can transfer your points between Ultimate Rewards accounts and redeem using that other card’s 25% travel bonus. This can increase the value of your points.

You could think of this card as the small business version of the Chase Freedom Unlimited card.

Prefer airline and/or hotel points? You can’t transfer points to miles directly with this card, but if you transfer over your Ultimate Rewards points to the Chase Sapphire Preferred Card (or Ink Business Preferred card), then you can use that card to transfer into hotel and/or airline miles. If you value those miles/points at more than 1 cent per point, then your 1.5X rewards from this card can be significantly higher. Examples:

– You could earn 1.5 United miles per dollar spent.
– You could earn 1.5 Hyatt points per dollar spent.
– You could earn 1.5 British Airways Avios per dollar spent.
– You could earn 1.5 Southwest Rapid Rewards points per dollar spent.

For example, if you placed a perceived value of 1.5 cents on each United mile or Southwest Rapid Rewards point, then you’d receive 2.25 cents of perceived value per dollar spent with this card. Your actual numbers will depend on your own specific redemption choices.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Note that Chase has an unofficial rule that they will automatically deny approval on new credit cards if you have 5 or more new credit cards from any issuer on your credit report within the past 2 years (aka the 5/24 rule). This rule is designed to discourage folks that apply for high numbers of sign-up bonuses. This rule applies on a per-person basis, so in our household one applies to Chase while the other applies at other card issuers.

Bottom line. The Ink Business Unlimited Card has a large sign-up bonus and flat 1.5% cash back with no annual fee. This card is best for people who want simple and straightforward rewards. If you have certain other Chase credit cards, you can transfer Ultimate Rewards points over to those cards and increase your value. Be sure to compare with other Chase small business cards – Ink Business Preferred and Ink Business Cash.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

US Bank $200/$400/$600 New Checking Account Bonus

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

US Bank has a up to $600 new checking promotion when you open a Bank Smartly Checking account with $25 minimum and complete the following within 90 days:

  • Enroll in the U.S. Bank Mobile App or online banking.
  • Complete two or more direct deposits.

Your bonus is determined by the total amount of your direct deposits in those 90 days:

  • Earn $200 when your direct deposits total $3,000 to $5,999.99.
  • Earn $400 when your direct deposits total $6,000 to $9,999.99.
  • Earn $600 when your direct deposits total $10,000 or more.

Must open by April 11th, 2023 and use the promo code 2023MAR. This offer may be restricted to those states where US Bank has a physical branch presence. In addition, sometimes people outside this footprint may be allowed to open an account if they have other US Bank products.

You may still be considered a “new” account even if you had a US Bank account years ago:

Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last two years, or received other U.S. Bank bonus offers within the past two years.

The Smartly Checking account has a $6.95 monthly fee which that is waived with any one of the following:

  • Your combined monthly direct deposits total $1,000 or more.
  • You keep a minimum average account balance of $1,500 or more.
  • You are age 24 and under.
  • You are age 65 and over.
  • You are a member of the military.
  • You hold an eligible US Bank credit card
  • You qualify for one of the four Smart Rewards® tiers (Primary, Plus, Premium or Pinnacle).

A pretty large bonus if you have enough direct deposits in that 90 days window.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Best Interest Rates on Cash – March 2023

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Here’s my monthly roundup of the best interest rates on cash as of March 2023, roughly sorted from shortest to longest maturities. We all need some safe assets for cash reserves or portfolio stability, and there are often lesser-known opportunities available to individual investors. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn. Rates listed are available to everyone nationwide. Rates checked as of 3/7/2023.

TL;DR: 5% (fintech only) or 4.55% APY available on liquid savings. 5% APY available on multiple short-term CDs. Compare against Treasury bills and bonds at every maturity (12-month now above 5%). 6.89% Savings I Bonds can be bought with 2023 annual limits now.

Fintech accounts
Available only to individual investors, fintech companies often pay higher-than-market rates in order to achieve fast short-term growth (often using venture capital). “Fintech” is usually a software layer on top of a partner bank’s FDIC insurance.

  • 4.45% APY ($1 minimum). SaveBetter lets you switch between different FDIC-insured banks and NCUA-insured credit unions easily without opening a new account every time, and their liquid savings rates currently top out at 4.45%. This system makes it easier for you to maintain a top rate even if one bank decides to drop out of the “rate race”. 😉 There is usually another bank waiting in the wings that is still looking for deposits.
  • 5% on up to $25,000, then 4% up to $250k. Juno now pays 5% on all cash deposits up to $25,000 and 4% on cash deposits from $25,001 up to $250,000. No direct deposits required. $10 referral bonus. Please see my Juno review for details.
  • 4.00% APY on $6,000. Current offers 4% APY on up to $6,000 total ($2,000 each on three savings pods). Must maintain a direct deposit of $200+ every 35 days. $50 referral bonus for new members with $200+ direct deposit with promo code JENNIFEP185. Please see my Current app review for details.

High-yield savings accounts
Since the huge megabanks STILL pay essentially no interest, everyone should have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

  • The leapfrogging to be the temporary “top” rate continues. UFB Direct at 4.55% APY. All America/Redneck Bank is at 4.25% APY for balances up to $75,000 ($500 to open, no min balance). Primis Bank dropped their rate, but grandfathered existing customers for the time being.
  • SoFi Bank is now up to 3.75% APY + up to $275 new account bonus with direct deposit. You must maintain a direct deposit of any amount each month for the higher APY. SoFi has their own bank charter now so no longer a fintech by my definition. See details at $25 + $250 SoFi Money new account and deposit bonus.
  • There are several other established high-yield savings accounts at 3.40%+ APY that aren’t the absolute top rate, but historically do keep it relatively competitive for those that don’t want to keep switching banks.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. CIT Bank has a 11-month No Penalty CD at 4.10% APY with a $1,000 minimum deposit. Ally Bank has a 11-month No Penalty CD at 4.00% APY for all balance tiers. Marcus has a 13-month No Penalty CD at 3.85% APY with a $500 minimum deposit. You may wish to open multiple CDs in smaller increments for more flexibility.
  • Western Alliance Bank via SaveBetter has a 12-month certificate at 5.01% APY. $1 minimum. Early withdrawal penalty is 270 days of interest.
  • BMO Harris has a 12-month certificate at 5.00% APY. $1,000 minimum. Early withdrawal penalty is 180 days of interest.
  • Capital One Bank has a special 11-month certificate at 5.00% APY. Offer ends 3/14/23. No minimum deposit, early withdrawal penalty of 3 months of interest.

Money market mutual funds + Ultra-short bond ETFs*
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). * Money market mutual funds are regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms. I am including a few ultra-short bond ETFs as they may be your best cash alternative in a brokerage account, but they may experience losses.

  • Vanguard Federal Money Market Fund is the default sweep option for Vanguard brokerage accounts, which has an SEC yield of 4.51%. Odds are this is much higher than your own broker’s default cash sweep interest rate.
  • Vanguard Ultra-Short-Term Bond Fund currently pays 4.54% SEC yield ($3,000 min) and 4.64% SEC Yield ($50,000 min). The average duration is ~1 year, so there is some term interest rate risk.
  • The PIMCO Enhanced Short Maturity Active Bond ETF (MINT) has a 4.71% SEC yield and the iShares Short Maturity Bond ETF (NEAR) has a 4.79% SEC yield while holding a portfolio of investment-grade bonds with an average duration of ~6 months.

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes.

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 3/6/23, a new 4-week T-Bill had the equivalent of 4.68% annualized interest and a 52-week T-Bill had the equivalent of 5.06% annualized interest.
  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 4.41% SEC yield and effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 4.34% SEC yield and effective duration of 0.08 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov. You can also buy an additional $5,000 in paper I bonds using your tax refund with IRS Form 8888.

  • “I Bonds” bought between November 2022 and April 2023 will earn a 6.89% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
  • In mid-April 2023, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will have another post up at that time.
  • See below about EE Bonds as a potential long-term bond alternative.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

  • Genisys Credit Union pays 5.25% APY on up to $7,500 if you make 10 debit card purchases of $5+ each, and opt into receive only online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Pelican State Credit Union pays 5.11% APY on up to $10,000 if you make 15 debit card purchases, opt into receive only online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via partner organization membership.
  • The Bank of Denver pays 5.00% APY on up to $15,000 if you make 12 debit card purchases of $5+ each, receive only online statements, and make at least 1 ACH credit or debit transaction per statement cycle. Thanks to reader Bill for the updated info.
  • All America/Redneck Bank pays 4.50% APY on up to $15,000 if you make 10 debit card purchases each monthly cycle with online statements.
  • Presidential Bank pays 4.625% APY on balances between $500 and up to $25,000 (3.625% APY above that) if you maintain a $500+ direct deposit and at least 7 electronic withdrawals per month (ATM, POS, ACH and Billpay counts).
  • Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • Credit Human has 24-month to 35-month CDs at 5.50% APY. $500 minimum to open. The early withdrawal penalty is 365 days of interest. Anyone can join this credit union via partner organization (no fee).
  • Sallie Mae Bank via SaveBetter has a 27-month CD at 4.85% APY. $1 minimum. Early withdrawal penalty is 180 days of simple interest.
  • Seattle Bank has a 5-year certificate at 4.70% APY ($1,000 min), 4-year at 4.65% APY, 3-year at 4.60% APY, 2-year at 4.55% APY, and 1-year at 4.50% APY. The early withdrawal penalty for the 5-year is a very reasonable 180 days of interest.
  • Lafayette Federal Credit Union has a 5-year certificate at 4.63% APY ($500 min), 4-year at 4.58% APY, 3-year at 4.52% APY, 2-year at 4.47% APY, and 1-year at 4.42% APY. They also have jumbo certificates with $100,000 minimums at even higher rates. The early withdrawal penalty for the 5-year is very high at 600 days of interest. Anyone can join this credit union via partner organization ($10 one-time fee).
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I don’t see any competitive 5-year non-callable CDs. Be wary of higher rates from callable CDs, which means they can call back your CD if rates drop later.

Longer-term Instruments
I’d use these with caution due to increased interest rate risk, but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at (none available, non-callable) vs. 3.80% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.
  • How about two decades? Series EE Savings Bonds are not indexed to inflation, but they have a unique guarantee that the value will double in value in 20 years, which equals a guaranteed return of 3.5% a year. However, if you don’t hold for that long, you’ll be stuck with the normal rate, currently 2.10% for EE bonds issued November 1, 2022 to April 30, 2023. As of 3/6/23, the 20-year Treasury Bond rate was 4.14%.

All rates were checked as of 3/7/2023.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Free 1-Year TripAdvisor Plus Membership from Target Circle ($99 Retail + Tested Results)

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Target Circle is Target’s rewards program (free to join) and 3/5 to 3/11 is “Target Circle Week” where they have special offers. Standard perks include 1% back on your Target purchases if you don’t get the 5% back from REDcard, and you get a 5% off single purchase coupon on your birthday.

One of the Circle Week deals is a free 1-year membership to TripAdvisor Plus ($99 cost usually). This premium subscription service offers the following:

  • Member-only discounted hotel rates at 100,000+ hotels worldwide.
  • 10% Off every bookable experience (tickets, tours, and attractions).
  • “Access member-only perks and benefits from Tripadvisor’s travel partners”
  • “Get complimentary travel advice from experts via SMS with Trip Text.”

When you sign up, you must provide a valid credit card number or PayPal. However, by default, the free trial does NOT auto-renew automatically.

Is it worth signing up? I’m really not sure how useful the last two things on that list are, but 10% off activities is clear and the first can at least be tested. I tried out a test booking, and TripAdvisor Plus did offer a significantly better deal than if I chose book directly from the hotel as a basic free member.

Direct from the hotel was $276 + taxes:

Direct from regular Tripadvisor was $278 + taxes:

Direct with TripAdvisor Plus was $217 + taxes ($69 savings):

This just one data point, but a potential $50+ savings per night shows that it is worthing obtaining (for free) and checking when booking a hotel room. Whether it is reliably worth $99 a year is another question. It depends on your personal travel habits and if you don’t mind that fact that you lose some perks from booking directly with the hotel.

I’ll have to also remember the 10% off activities and compare with Viator, etc. One of the partner perks is a $1 membership to something called the Dollar Flight Club, which I have never heard of before.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Marriott Bonvoy Business® American Express® Card Review – 125,000 Bonus Points + Free Annual Award Night

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New limited-time offer. The Marriott Bonvoy Business® American Express® Card is the re-branded business credit card of the Marriott Bonvoy program (formed after the merger of Marriott Rewards and Starwood Preferred Guest). This card offers unique perks for Marriott customers. Here are the highlights:

  • Limited Time Offer: Earn 125,000 Bonus Marriott Bonvoy Points after you use your new Card to make $5,000 in purchases within the first 3 months of Card Membership. Offer ends 5/3/23.
  • Receive a 7% discount off standard rates for reservations of standard guest rooms at hotels that participate in the Marriott Bonvoy program when you book directly. Terms and Conditions Apply.
  • 6x Marriott Bonvoy Points on each dollar of eligible purchases at hotels participating in the Marriott Bonvoy(R) program.
  • 4x points for purchases made at restaurants worldwide, at U.S. gas stations, on wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping.
  • 2X points on all other eligible purchases
  • Receive 1 Free Night Award every year after your Card renewal month. Plus, earn an additional Free Night Award after you spend $60K in purchases on your Card in a calendar year. Awards can be used for one night (redemption level at or under 35,000 Marriott Bonvoy(R) points) at hotels participating in Marriott Bonvoy(R). Certain hotels have resort fees.
  • Enjoy Complimentary Marriott Bonvoy Gold Elite Status with your Card.
  • Each calendar year you can receive credit for 15 nights towards the next level of Marriott Bonvoy Elite status.
  • Annual fee is $125. (See Rates and Fees)
  • Terms Apply.

Keep in mind the following terms and conditions:

Welcome offer not available to applicants who (i) have or have had the Marriott Bonvoy™ Premier Plus Business Credit Card from Chase, the Marriott Rewards® Premier Plus Business Credit Card from Chase, the Marriott Bonvoy Business™ Credit Card from Chase, or the Marriott Rewards® Business Credit Card from Chase in the last 30 days, (ii) have acquired the Marriott Bonvoy Boundless™ Credit Card from Chase, the Marriott Rewards® Premier Plus Credit Card from Chase, the Marriott Bonvoy Bold™ Credit Card from Chase, the Marriott Bonvoy™ Premier Credit Card from Chase or the Marriott Rewards® Premier Credit Card from Chase in the last 90 days, or (iii) received a new Card Member bonus offer in the last 24 months on the Marriott Bonvoy Boundless™ Credit Card from Chase, the Marriott Rewards® Premier Plus Credit Card from Chase, the Marriott Bonvoy Bold™ Credit Card from Chase, the Marriott Bonvoy™ Premier Plus Credit Card from Chase or the Marriott Rewards® Premier Credit Card from Chase.

This is more specific than before, note the different 30-day, 90-day, and 24-month waiting periods that may now include consumer cards. American Express usually gives you a pop-up warning during the application process if you are ineligible based on their records. This is why you should be looking to get the best possible bonus (like a limited-time offer) when you do apply.

Many people aren’t aware of the fact that they can apply for business credit cards, even if they are not a corporation or LLC. The business type is called a sole proprietorship, and these days many people are full-time or part-time consultants, freelancers, eBay/Amazon/Etsy sellers, Uber/Lyft drivers, or other one-person business owners. This is the simplest business entity, but it is fully legit and recognized by the IRS. On a business credit card application, you should use your own legal name as the business name, and your Social Security Number as the Tax ID.

Free Night Award. At your card anniversary, you will receive a Free Night Award that is good for one night (redemption level at or under 35,000 Marriott Bonvoy points) at a participating hotel. This excludes the very top properties, but for regular travelers it will be very easy to get your $95 or even $125 value. Many W Hotels, Westin, and even some Ritz-Carltons worldwide are included. Here are some sample hotels that qualify under the 35,000 point limit:

  • Sheraton Kona Resort (Big Island, Hawaii)
  • Westin Hapuna Beach Resort (Big Island, Hawaii)
  • Courtyard Waikiki Beach (Honolulu, Oahu)
  • Sheraton Kauai Resort (Kauai, Hawaii)
  • W Atlanta
  • New York Marriott at the Brooklyn Bridge
  • Chicago Marriott Downtown Magnificent Mile
  • W Chicago
  • The Ritz-Carlton, Beijing, China
  • The S. Regis Bangkok, Thailand

Bottom line. The Marriott Bonvoy Business® American Express® Card is the co-branded business card between Marriott hotels and American Express. You also get a Free Night Award at card anniversary, which can be worth much more than the annual fee.

Also see: Top 10 Best Small Business Card Bonus Offers.

(See Rates and Fees)

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Elements Financial CU: 4.25% APY Savings Until 10/31, 5.00% APY Rewards Checking for 12 Months ($20k Max)

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New promos with rate guarantees. Elements Financial Credit Union has a new rate of 4.25% APY on their High-Yield Savings on balances of $10,000+ (different from their Helium Savings). The promo rate is guaranteed until October 31, 2023. (Technically, it lasts until the 1st of the 12 month after you initial month, so actually between 11 and 12 months.)

There is also a promo rate of 5.00% APY on their High Interest Checking account, only valid on balances up to $20,000. Also for new accountholders only, with the promo APY fixed for 12 months from account opening date. Requires 15 qualifying transactions (such as using your debit card) every statement cycle. No monthly fee with electronic statements.

Note that their definition of qualifying transactions is also less strict than others. The following are qualifying transactions: Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals.

Per DepositAccounts, anyone can join with one-time $5 membership in Tru Direction, a not-for-profit organization dedicated to improving financial literacy. However, I couldn’t find anything about this on their membership page, other than Elements will provide you with $5:

Open an Elements checking or savings account or apply for a loan or credit card. During the application process, we will open you an Elements savings account (that’s the part that makes your membership official). We’ll even put $5 in to get you started — no need to transfer funds from an existing account!

I’m not sure how I feel about this one. 5.00% APY on $20k is a nice number ($1,000 a year in interest), but I don’t like having to remember the hoops for an entire year. They don’t seem to treat their existing customers nearly as well as new ones. Some of you may have signed up back in September 2022 when they offered a guaranteed 3.25% APY for a year on their Helium Savings. Right now, that account would only pay 1.00% APY once the promo ends.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

HMBradley Bank Review: 4.20% APY w/ New Credit Card Spend Requirements (Existing Users Exempt Until June 2023)

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Update #2: If you were previously grandfathered into the 4.20% APY or 3.60% APY rate tiers with “no hoops” until 4/30/23, HM Bradley has sent out e-mails on 3/1/23 that you will now receive that grandfathered rate tier until 6/30/23. Good news for loyal customers.

Update February 2023: HM Bradley has raised the interest rates on their tiers as follows. The top rate is now 4.20% APY, and the middle tier is now 3.60%. At these rates, I feel HMBradley is too much effort if you aren’t exempt from the new hoops. You can find a better rate elsewhere without hoops as of February 2023.

Older review, last updated October 2022:

HM Bradley announced several significant changes to their product (again). I’ve updated the review completely and removed all the historical changes as it was just getting too long.

HM Bradley (HMB) is a fintech software layer on top of a partner bank’s infrastructure. They are terminating their initial relationship with Hatch Bank at the end of October 2022 and changing completely over to New York Community Bank (NYCB). Existing HMB customers will need to open up a new account at NYCB before the end of October. HMB is also changing up their interest rate structure, but is offering a special intro offer to existing HMB customers. Detailed review below.

Rate tiers. Interest is earned on balances up to $250,000 with NYCB (up from $100,000 with Hatch Bank) and the rate you earn is set for the next month based on the current month’s activities. Here are the current rate tier and requirements:

  • 1.00% APY. All customers who open an HMBradley Deposit Account with NYCB will be rewarded with 1.00% APY. No other requirements.
  • 2.00% APY. Customers who make a direct deposit of at least $500 per month to their HMBradley Deposit Account with NYCB and maintain positive monthly cash flow (meaning that monthly deposits exceed monthly withdrawals, not including HMBradley Credit Card payments) will earn 2.00% APY in the following month.
  • 3.00% APY. Customers who fulfill the 2.00% APY requirements AND also spend $500 per month on their HMBradley Credit Card will earn 3.00% APY in the following month.

Limited-time offer to switch for existing customers. HM Bradley is waiving some of the requirements for new customers that signed up to switch by 10/31/22:

Any customer who opens an HMBradley Deposit Account with New York Community Bank (NYCB) before November 1, 2022, will receive Level 2 Annual Percentage Yield (APY) until April 30, 2023.

Any customer who opens an HMBradley Deposit Account with NYCB and has an HMBradley Credit Card in good standing before November 1, 2022 will receive Level 3 APY on the balance of the HMBradley Deposit Account with NYCB until April 30, 2023.

You’ll have to start doing the requirements in April to get the higher rates in May 2023.

Requires a “real” direct deposit every month. You must receive some sort of direct deposit each month, as defined below:

For our accounts, we define direct deposits as those deposits made by the customer’s employer, a federal or state government agency, or retirement benefits administrator. These generally include payments made by corporations and other organizations. We do not consider deposits to an account that are made by an individual using online banking or other payment provider such as PayPal or Venmo as direct deposits. HMBradley shall make the final determination as to whether a deposit qualifies as a direct deposit for purposes of qualifying to earn interest.

Based on my experience, they do have a system for filtering incoming deposits, but it is not 100% accurate and your direct deposit may have to be reviewed manually. Their online account interface should clearly indicate whether you have made the required direct deposit for the current month. I had to contact them in order for them to manually check and mark the transfer as a direct deposit. Having it marked properly is required to get the top rate.

Positive monthly cash flow is based on ALL deposits and withdrawals (except HMB credit card spend). For the calculation of “positive monthly cash flow”, all deposits are considered including incoming transfers from another personal bank account. At the same time, your “spending” will also include any transfer out of your account, even if it’s just to another bank account that you own. They don’t count purchases made on your HMB credit card, which incentivizes you to use it – but conveniently they don’t care about your credit card spending habits as long as you’re using their card…

Basically, money has to keep coming into HMBradley and not go back out on a net basis every month. That’s a very unique requirement, but also hard to keep up forever. Even if you are a diligent saver, you will want to redirect some of those funds into other assets like stocks, ETFs, real estate, etc.

Credit card details. The HMBradley credit card is invite-only and partially based on their estimate of your income (which is in turn based on the size of your deposits, although you can attempt to self-report). Invitations are not guaranteed. You must opt in to their “One Click Credit” service which basically checks your TransUnion credit report so they can market stuff to you (soft inquiries). If your TransUnion credit file is frozen, they will not offer you an invite. But once you officially apply, you will have a hard inquiry.

Starting at the October 2022 monthly billing cycles, the HM Bradley credit card is basically a flat 1.5% cash back credit card with no annual fee. Prior to this, it used to be a more complicated 3/2/1% rewards card with tiered categories and a $60 annual fee (waived for first year). 2% cash back would have been nice, but now it’s just another vanilla mediocre rewards card.

Additional features. It’s still not exactly clear how other basic features will change with the new NYCB accounts. ATM rebate policy? Well, right now, they don’t even give you a debit card! This change seems a bit rushed.

Once you accept the new NYCB deposit account agreement and disclosures, we will ask you to agree to allow us to transfer your funds (including any funds in a Plan and accrued interest) from your deposit account at Hatch Bank to your new deposit account with New York Community Bank (NYCB). We will also provide you with your new account and bank routing numbers. You will want to use this information to change your direct deposit and recurring ACH transfers as soon as you can.

Unfortunately, we are unable to offer debit cards for new deposit accounts at this time. You will still be able to make ACH transfers, and we will let you know when a new debit card is available.

My thoughts. Interest rate changes are happening very quickly these days, and it is unknown how aggressively HM Bradley will keep up. If I didn’t already have an HMB account, I wouldn’t bother opening one up with the current hoops required. I will be looking for them to raise their rates at least a bit more above the competition if I am going to keep jumping through that many hoops.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Charles Schwab Brokerage: Higher Interest Rate Options on Cash (4%+ APY)

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards and may receive a commission. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

Charles Schwab became a major player by offering discounted stock trades back when high commissions were the norm. These days, nearly every broker offers $0 commission trades on online equity/ETF trades. Where they differ is how they choose to squeeze out profit in such a lean environment. Even though Schwab will deny it publicly to retail customers, they have chosen to focus on skimming interest from their customers’ idle cash as a primary source of profits. This “net interest revenue” added up to $3 billion dollars in 2022 Q4 alone and makes up roughly half of all their revenue.

Here are two sample slides from the Charles Schwab Corporation 2023 Winter Business Update, which is meant for shareholders. The first one talks about the growth of “net interest revenue” over the years:

The second one talks about “sorting”, which is basically when a customer realizes their cash is earning very little interest and actually puts forth the effort to earn some more interest by moving away from the default cash sweep options. More sorting is bad for Schwab’s profits. But not to worry! Schwab is happy to report that “A growing portion of our client base is less prone to sorting.”

First, some perspective. Chase, Bank of America, Wells Fargo, they all make money by making money off your idle checking account balances while paying you nothing or 0.01% APY. They could all pay you more interest, but they don’t. This is why I post regular updates and monthly summaries of better banking options. Take your money and walk.

However, let’s also be clear that if Schwab was truly client-first, then they would offer a high-yield, low-cost money money fund that would be paying 4%+ interest as their default sweep. Instead, their mandatory default cash sweep pays only 0.45% APY as of 2/28/23. They purposefully make the default profitable for them while making the alternative more hassle.

For comparison, Vanguard’s default cash sweep is the Vanguard Federal Money Market Fund, which has an SEC yield of 4.52% as of 2/28/23. If I make a sale or receive a dividend distribution, my Vanguard cash automatically waits in this low-cost fund and earns a competitive interest rate. I may complain about how Vanguard is slipping in the customer service area, but this feature by itself is a major reason that I maintain my Vanguard brokerage account.

Schwab will say “Oh, but our cash sweep is FDIC-insured! That’s what people want!”. Well, if you care what I want, then how about letting me have a choice?

For another comparison, Fidelity has an FDIC cash sweep available as well, but they also let me switch my “core position” (their term for default cash sweep) to a higher-yield money market fund like Fidelity Treasury Money Market Fund (FZFXX) which has an SEC yield of 4.23% as of 2/28/23 or Fidelity Government Money Market Fund (SPAXX) which has an SEC yield of 4.22% as of 2/28/23. I find it amusing that Schwab is so chippy with Fidelity in this article Zero Confusion: Setting the Record Straight. I think Fidelity’s cash setup is more customer-friendly than that of Schwab.

In the end, the most important thing is for you as the customer to understand the situation. Schwab still has other positive attributes and a reputation for good customer service. The good news is that there are several options for you self-motivated individuals (those that read posts like this!) that are willing to put forth a little effort to earn what could add up to hundreds or thousands in extra interest.

Manually invest in Schwab money market funds. The key is to visit this page: Schwab Purchased Money Funds for the most current fund options, minimums, and rates. These are not FDIC-insured, but they are still regulated by the SEC and required to hold very safe investments of a very short duration. Here the the available Schwab funds and SEC yields as of 2/28/23 with zero minimums. No transaction fees. There are higher-yielding options if you have more than $1 million.

  • Schwab Value Advantage Money Fund® – Investor Shares (SWVXX) 4.47%
  • Schwab Government Money Fund – Investor Shares (SNVXX) 4.18%
  • Schwab Treasury Obligations Money Fund – Investor Shares (SNOXX) 4.27%
  • Schwab U.S. Treasury Money Fund – Investor Shares (SNSXX) 4.21%

Again, these money market mutual funds can’t be set as an automatic sweep; you must manually move money in and out of the product. Every time you have a dividend or capital gains distribution, or you made a sale, you have to remember to move your cash (“sort”) into a higher-yielding option. This also means that if you want to for example buy new shares of stock, you would need to first put in an order to sell your money market mutual fund shares into cash (in order to have the funds available to buy that stock). The system won’t be able to automatically sell your fund. You’ll have to coordinate settlement times.

Treasury bills (auction and secondary). You can buy US Treasury bills and bonds directly through the Schwab fixed income desk. You can place either an auction order for a “new” T-Bill or buy them on the secondary market. There is no commission for online orders and a $25 fee per broker-assisted trade.

Buying an outside ETF. You can also use your free stock trades to buy an ETF that is close to cash (ultra-short duration, high-quality bonds). These will not be FDIC-insured and carry a bit of duration risk, but if your ETF holds T-Bills then those are also fully backed by the US government. Here are a few ideas (note the the reported rates may lag by up to one month):

  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has an effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has an effective duration of 0.08 years.
  • The PIMCO Enhanced Short Maturity Active Bond ETF (MINT) and the iShares Short Maturity Bond ETF (NEAR) hold a portfolio of investment-grade bonds with an average duration of ~6 months.

Bottom line. Charles Schwab has a default cash sweep option with a relatively low interest rate. Schwab offers no other better cash sweep options, but you can manually move your money. If you have significant assets with them, you might want to call your rep and tell them your opinion and try to create a change. Otherwise, I detail your available options if you want to keep your cash at Schwab and earn a much higher interest rate.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Wells Fargo $325 New Everyday Checking Account Bonus

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wellsfargo_logoNew $325 offer. Wells Fargo has a $325 bonus offer if you open a new Everyday Checking account from this offer webpage with $25+ by April 10th, 2023. You are not eligible for this offer if you currently have Wells Fargo consumer checking account or if you have received a bonus for opening a Wells Fargo consumer checking account within the past 12 months. You must live in an eligible zip code, but their footprint is pretty big. Found via DoC.

Here are the bonus requirements:

  • Open a new Wells Fargo consumer checking account with a minimum opening deposit of $25 by April 10, 2023 online via the link above. If you open in-branch, you must first generate a bonus code via the link above.
  • Within 90 calendar days of account opening (the “qualification period”), receive a total of $1,000 or more in qualifying direct deposits to your new checking account. “A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account.”
  • Once the 90-day qualification period has elapsed, they will deposit any earned bonus into your new checking account within 30 days.

The Wells Fargo Everyday Checking account monthly service fee is $10, but it is waived with one of the following each fee period:

  • $500 minimum daily balance
  • $500 or more in total qualifying direct deposits

In the past, Wells Fargo has not done a “hard credit check” while being pretty flexible with what qualifies as a direct deposit. This is a solid offer if you are eligible as the requirements are relatively easy and you may find other benefits from having a Wells Fargo checking account.

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

Bilt Mastercard: Earn Rewards For Paying Rent w/ Any Landlord (March 1st Rent Day Promos)

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March 1st Bilt Rent Day: 50% Bonus on Amazon Redemptions. The Bilt Mastercard is great for all renters, but especially if you wait until their special promos on the first of every month (“Rent Day”). On March 1st, 2023, you can get 50% more when redeeming your Bilt points towards Amazon purchases. So 1 Bilt point = $1.05 towards Amazon purchases instead of only 0.70 cents. Link to your Amazon account at amazon.com/biltrewards. I personally would rather have the 1:1 Hyatt point, but this is an opportunity for those that prefer close-to-cash redemptions. Bank up the points, and then time your redemption well.

On 3/1/23, you can also get 6X points on dining, 4X points on travel, and 2X points on other purchases (except rent) for up to 10,000 points. Remember that you need to make 5 transactions each statement period, so it’s best to get these done on the double points Rent Day where you get a minimum of 2x points.

Full review:

The updated Bilt Mastercard is a unique credit card that earns rewards on rent payments to any landlord. Bilt is a rent payment platform and they will send your landlord a check or ACH bank transfer so that your landlord will not have to do anything. In addition, the credit card has bonus categories and a variety of points redemption options like many other rewards credit cards. Here are the highlights:

  • Up to 1X points spent on rent payments without the transaction fee, up to 50,000 points each calendar year.
  • 3X points on dining.
  • 2X points on travel including hotels, rental cars, and cruises when booked directly with airlines, hotels, and car rental agencies.
  • 1X points on other purchases.
  • Earn points when you make 5 transactions that post each statement period.
  • When renting at a Bilt Alliance property, you can choose to have your rent payments automatically reported by Bilt to the three major credit bureaus each month; Experian(TM), TransUnion(TM), and Equifax(TM).
  • No annual fee.
  • World Elite Mastercard perks like cell phone insurance and purchase protection.

That means your rent can be up to $50,000 per year ($4,166 per month) and you would still be able to take full advantage of the 1X points per dollar spent on rent payments. They do require you to make at least 5 transactions per month (rent can be one), otherwise too many people might just put their rent on the card and not use the card otherwise.

Bilt has partnered with the owners of over 2,000,000 apartment units to create the Bilt Rewards Alliance. The easiest way is find out if you live in a qualifying property is to simply type in your address into the Bilt app.

Bilt also offers Double Points on “Rent Day”, aka the 1st of every month. This means that on the 1st day of every month, you can get 6X on dining, 4X on travel, and 2X on other purchases(except rent). They also offer other promos on this day. For example on 12/1/2022, you can transfer 1 Bilt point into 2 IHG points (1:2 instead of 1:1).

Bilt Rewards Points redemption options

Travel partners. Bilt Rewards points transfer on a 1:1 basis to the following hotel and airline partners. You can also get 100 bonus points for every loyalty program you link to Bilt.

  • American Airlines AAdvantage
  • Air Canada Aeroplan
  • United Airlines
  • Hawaiian Airlines
  • FlyingBlue (Air France/KLM)
  • Miles & Smiles (Turkish Airlines)
  • Emirates Skywards
  • Cathay Pacific Asia Miles
  • British Airways Executive Club
  • Virgin Atlantic Flying Club
  • Aer Lingus Aer Club
  • Turkish Miles & Smiles
  • Iberia Plus
  • World of Hyatt
  • IHG One

Hyatt hotel points, American, United, and Hawaiian miles are likely the most useful points for the average US traveler. I am conservative when valuing points and miles due to their redemption hassles and steady threat of devaluation, so I would place the value here a 1 cent a point even though I definitely plan to exceed that. You may wish to use a different value.

Home Downpayment? Bilt says that your points can be redeemed at 1.5 cents per point when used towards a home downpayment. This seems like it might be rather complicated to actually redeem, so I would keep it mind but wouldn’t count on it. If you racked up 100,000 points over time, it would be nice to have $1,500 via this method.

Shop with Points at Amazon. You can link your Bilt Rewards points to Amazon and pay for your purchases at rate of 0.70 cents per point.

Rent. Bilt will let you convert points towards your next rent payment at 0.55 cents per point. This is not a good redemption rate when compared to the miles/Hyatt option. It’s too bad there is no easy, decent cash-out option.

Other options include fitness classes or physical items like “limited-edition” home decor or art in the “Bilt Collection” catalog. Personally, I like being able to add to my Hyatt and Canada Aeroplan stash.

Possibly help your credit score? When renting at a Bilt Alliance property, your on-time payment activity can be automatically reported to the three major credit bureaus. In addition, with the optional “BiltProtect” feature, your rent payments will be immediately withdrawn from a linked bank account so your credit limit is not decreased (and ideally your rent won’t contribute to your credit card debt).

How do I pay my landlord or property manager? They don’t take credit cards due to the transaction fees. Bilt will provide you with a bank ACH routing number and account number that you can use to perform an ACH transfer, or they will simply send a paper check on your behalf. You don’t actually pay with the credit card, nor do you or your landlord have to pay any credit card transaction fees.

Bottom line. The Bilt Mastercard offers a unique rewards structure targeted specifically at all renters with any landlord. At $2,000 a month in rent, the 1X rewards would add up to 24,000 points per year in rewards = 24,000 American/United/Hawaiian miles or 24,000 Hyatt points with no additional transaction fees and no credit card annual fee. You may even do better if you wait for a “Rent Day” promo on the first of the month. Something to consider if you already have to pay rent anyway.

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