Lost Bag? Overbooked Flight? 3 Air Passenger Rights You Didn’t Know You Had

Domestic and foreign air travel in the U.S. has reached an all-time high. That means airports are more crowded, and flights are frequently delayed or overbooked.

And the worst part? Not knowing what to do when your reservation is affected. 

You feel like the airline should compensate you for your delayed flight, but the gate agent is saying it won’t. Who’s correct? 

Airline passenger rights are complicated, and even frequent travelers don’t know all of them. (I sure learned a few things while researching this article!)

Don’t wait until you’re at the airport, fuming, frustrated and running out of options. Learn your rights now and know what you’re entitled to when — er, if — the airline screws up your holiday travel. 

Airline Passenger Rights You May Not Know About

Having a problem with your flights? 

Per the rules and regulations listed in the Department of Transportation’s Fly Rights, here’s what to do when… 

Your Flight Is Delayed or Canceled

Unfortunately, the federal government doesn’t require the airline to do anything for domestic delays or cancellations. If you’re traveling internationally, you may be able to file for reimbursement under Article 19 of the Montreal Convention. 

Still, many airlines will offer some form of compensation in the name of good customer service. If the delay is caused by weather, they usually won’t give you anything — but if it’s a mechanical or scheduling issue, they might. 

Here’s what to ask for: 

• Vouchers: If you’re stuck at the airport for a few hours, be sure to request food vouchers so you can eat at the airport restaurants. If you’re delayed overnight, ask for hotel and/or taxi vouchers. 
• Airline miles: If you have a frequent flyer account with the airline, ask for extra miles for the inconvenience. I’ve successfully done this on a few occasions.
• Lounge passes: If you have to be at the airport for several hours, ask the agent for a lounge pass. I don’t know if this works, but it’s worth a shot!

In addition to the airline, look at your credit cards for compensation, too. 

Pro Tip

Some hotels jack up prices as soon as they find out about travel troubles. The moment you know you’re going to be stuck overnight, book a room to snag better rates.

If your flight is delayed more than 12 hours or requires an overnight stay, and you paid for at least a portion of it with your Chase Sapphire Preferred card, for example, Chase will reimburse you up to $500 per ticket for reasonable expenses like food and lodging.

To avoid delays and cancellations in the first place, book flights leaving early in the day, and look for direct routes. If you must have a connection, stay away from airports that are really busy or notorious for weather delays (e.g. Chicago O’Hare). 

Your Flight Is Overbooked

Airlines regularly overbook (sell more tickets than there are seats) flights to make up for no-show passengers. Though this isn’t illegal, it can cause problems if more people show up than expected. 

When this happens, airlines ask for volunteers, offering incentives like vouchers and upgrades to entice passengers to give up their seats. If not enough people volunteer, airlines are forced to bump some passengers against their will. 

Though it’s a huge bummer to get involuntarily bumped, keep cool and remember your rights; you could end up with a pretty nice chunk of change. 

Here’s what you’re owed if you arrive…  

• Within an hour of your scheduled time: $0
• One to two hours late: Double the price of your ticket, up to $675
• More than two hours late: Quadruple the price of your ticket, up to $1,350 

Some airlines may try to take advantage of you and offer airline credit in exchange for the inconvenience. Don’t accept this offer. And don’t sign any paperwork, as it could remove your right to further compensation. 

Stand your ground and, if necessary, cite this Department of Transportation page. 

Want to reduce the likelihood of being bumped before you even get to the airport? Check in to your flight early (you can do so 24 hours before your scheduled departure) and add your frequent flyer number to the reservation. The airline is less likely to bump loyal travelers.

Your Baggage Gets Lost

Standing at baggage claim and never having your bags show up is not fun. 

Your first stop should be your airline’s baggage office. Sometimes luggage comes in on an earlier flight or is accidentally placed in the oversize luggage area. 

Still not there? Time to ask for compensation. 

Airlines are required to compensate passengers for reasonable expenses for loss, damage or delay in the carriage of passenger baggage, according to DOT rules.

Pro Tip

To help prevent lost luggage, put an address label in your bag’s clear external pocket and attach a luggage tag.

Each airline interprets this differently, but in general, expect a stipend of at least $50 per day to spend on necessities like toiletries and clothing. Just be sure to keep your receipts so the airline can reimburse you later. 

Also, if you paid for your ticket or fees with a credit card, check its benefits. The Chase Sapphire Preferred, for example, offers a stipend of up to $100 per day for clothing, toiletries and charging cables when your baggage is delayed by six hours or more. 

If your luggage gets lost permanently, then you’ll need to file a second claim. The airline must compensate you for the value of your luggage, up to $3,500. 

Something’s Gone Wrong, and You’ve Hit a Dead End

The first thing I do when I’m not getting the help I need? Jump on social media. I use Twitter to explain my situation — and @mention the airline — and often the company will address it right away. 

You can also call the airline’s customer service line from the airport. Sometimes its phone reps will give you a different answer than the gate agents, which gives you leverage when resolving your issue. 

And please, as difficult as it can be sometimes, always treat the gate agents with respect and patience. Airline mishaps usually aren’t their fault, and they have to deal with a lot of cranky people. Not only that, but you’d be surprised how far they’ll go to reward someone who’s nice. 

Pro Tip

To find the quickest way to speak to a live agent, simply Google “gethuman” plus the airline’s name.

If you do receive great service, don’t forget to return the favor by submitting a comment form on the airline’s website. Alternatively, you can submit complaints about rude or unhelpful agents. I’ve actually complimented and complained about different agents in the same message! 

Be sure to write down information — agent names, dates and flight numbers — while it’s fresh in your mind. You can refer back to this if you need to contact the airline later; providing details always strengthens your case. 

If your trip is over and your complaint hasn’t been resolved, try AirHelp, a company that lobbies airlines on behalf of passengers who were involuntarily bumped. Or check out Service, a company that helps resolve customer service issues at no cost to the customer. 

Whatever you do, don’t let this holiday travel season get the best of you. Stay calm, remember your rights and seek the compensation you deserve! 

Susan Shain is a contributor to The Penny Hoarder. 

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Joining a Credit Union Is Way Easier Than You Think. Here’s How to Do It

If you’re looking for a new financial institution, it’s important to weigh all the options. Traditional brick-and-mortar banks continue to be popular with customers, but with the advent of online banks, they certainly aren’t the only option.

Another option to consider? Credit unions. Credit unions are similar to banks in that they offer traditional accounts like checking and savings accounts, money market accounts and certificates of deposit. They also have great options for mortgages and auto loans. 

And just as most banks protect your deposits of up to $250,000 with FDIC insurance, credit unions guarantee your deposits up to the same amount via National Credit Union Administration (NCUA) insurance.

So what’s the difference between credit unions vs. banks? Whereas banks are for-profit organizations, credit unions are member owned and not-for-profit. 

Instead of being a customer, you’ll be an actual member of your credit union. That means you get to vote on who’s elected to the board of directors and collect annual dividends based on the credit union’s success.

Credit Unions vs. Banks

The biggest draws of credit unions over banks are higher payouts and lower costs. At credit unions, you typically get:

• Higher interest rates on checking and savings accounts.
• Lower or no monthly fees.
• Better auto, small-business and home loan rates.

Note: Online banks and credit unions typically offer even better interest rates than physical banks and credit unions due to low overhead. 

Credit unions are also typically local organizations, meaning the money you invest there is more likely to benefit your immediate community.

But traditional banks aren’t without merits. Brick-and-mortar banks typically have:

• More advanced online and mobile banking.
• Better sign-up bonuses.
• More physical locations and a potentially larger network of ATMs.
• An easier process to join.

How to Join a Credit Union

By law, credit unions must have criteria for membership. If you don’t meet a credit union’s stated criteria, you can’t join.

Sound intimidating? Don’t sweat it. Many credit unions make the field of membership broad enough that almost anyone can find a way in. Here’s how to join a credit union.

Credit Union Eligibility

The easiest way to join a credit union is through your employer. Many local employers have agreements with area credit unions that allow their employees to join. If you leave that job down the road, you don’t have to forfeit your membership.

Credit unions are often community-based, meaning you just need to live in the right ZIP code to be eligible. If you still don’t meet the requirements for your preferred credit union, see if they offer membership to students at a particular university, members of a specific religious congregation or donors to certain charitable organizations.

When all else fails, reach out to your family members. If you’re related to a credit union member, the credit union will usually allow you to join. Even if your relative is not a member but meets the eligibility requirements, many credit unions will allow you to join.

Finding a Credit Union

The best way to find a credit union is to use the NCUA’s credit union locator tool, which allows you to search by location for a credit union. 

After you find credit unions in your area, research each one online to determine which is best for you based on rates, branch locations and customer satisfaction ratings. You should also call each credit union to confirm you’re eligible to join.

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How to Create an Account at a Credit Union

Once you have found a credit union that you are eligible to join, creating an account is just as simple as opening a bank account.

1. Bring documentation. To open an account, you will need to provide a valid ID, your Social Security card and proof of your address. You will also need to prove that you are eligible for membership; this could be as formal as providing a pay stub from an employer or as informal as letting them know you belong to a specific church.

2. Make a deposit. To open a checking or savings account, you’ll need to make an initial deposit. Typically, $5 should do the trick. This deposit demonstrates your participation as a member of the credit union; think of it as buying stock in a company, but instead you’re buying a share of the credit union. This money must stay in the account at all times.

3. Start banking. Once you’ve created your account(s), you can set up direct deposit and auto payments, link your account to external bank accounts, order your checks and debit card, and apply for a credit card or loan. 
Don’t forget to be active in your credit union by exercising your right to vote on the leadership you believe will grow your money the best.

Timothy Moore leads a team of editors and graphic designers at a market research company as his full-time gig. As a freelance writer, he writes about personal finance, careers, education, pet care, travel and the automotive industry. His work has been featured on Debt.com, The Ladders, Glassdoor and The News Wheel.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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'It's Unbelievable': Consumer Confidence Soars as Economy Steadily Improves

Financial markets globally and in the US are looking up.  The DOW, S&P 500, and NASDAQ hit record-closing highs Tuesday as a stock rally extended into five straight sessions. 

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Discover it® Balance Transfer Review

If you want to increase the time you have to pay off your credit card balance but also get rewarded as you spend, look to the credit card. This credit card provides an 18-month 0% into APR balance transfer offer (then an ongoing 13.49% - 24.49% Variable), with cash-back benefits similar to other Discover cards. For example, you can get a cash-back match at the end of your first year of purchases with the Discover It Balance Transfer credit card. Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate and earn 1% cash back on all other purchases automatically. There’s no annual fee, but you will have to pay an introductory 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).

The Discover it® Balance Transfer credit card is available to those with good credit or higher and may be a solid option for paying off your balance.

Card	Purchase APR	Annual Fee	Intro Offer	Credit Needed	Key features
Discover it® Balance Transfer	0% for 6 months, then ongoing 13.49% - 24.49% Variable APR	$0	Discover will match ALL the cash back you’ve earned at the end of your first year, automatically.	Good to Excellent	Balance transfer

What we like about the Discover it® Balance Transfer

Along with the 0% intro APR on 18-month balance transfer offer (then 13.49% - 24.49% Variable APR) and no annual fee, cardholders can earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.  All other purchases earn 1% cash back automatically. Any cash back earned during the first year will be matched at the end of the year, with no limit to how much is matched, making this a balance transfer card with some great perks.

Cash back never expires and can be redeemed in a variety of ways any time, including account direct deposit, through Amazon.com, as a statement credit and in gift cards and eCertificates, which require a minimum of $20.

Discover security features are attractive, with free Social Security number alerts and monitoring for thousands of dark web sites after you sign up, along with suspicious activity monitoring on your card for every purchase. You can get free overnight shipping to any U.S. street address at your request for a new credit card replacement for lost or stolen cards. There’s also $0 fraud liability, meaning you’ll never be responsible for unauthorized purchases on your credit card.

Things to consider

Cardholders who plan on making lots of large purchases with their balance transfer credit card may want to look at other options since the card only provides six months of a 0% intro APR for purchases, then an ongoing 13.49% - 24.49% Variable APR . If you’re not able to pay off new purchases in full, you’ll end up creating a new balance, which could defeat the purpose of getting the card. And balance transfers aren’t free, with a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).

You also will have to pay attention and activate your bonus categories if you want to get the cash back rewards. If you’re forgetful or don’t want to have to work for your rewards, this may not be the card for you.

Discover it® Balance Transfer details

With the intro balance transfer offer, the cardholder gets 0% intro APR for 18 months on balance transfers. After that, a 13.49% - 24.49% Variable standard variable purchase APR applies. There is a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).

You’ll only be able to transfer a balance onto the card that comes from a non-Discover-branded card. The amount will need to be less than the credit limit on the Discover card. And keep in mind the balance transfer can take at least 14 days to close. You’ll want a solid credit score to qualify for a balance transfer and get a lower interest rate.

To maximize the use of this card, aim to pay off your balance within 18 months to avoid interest after that. Use your card only for purchases you can fully pay off, especially within the first six months when purchases are interest-free (then an ongoing 13.49% - 24.49% Variable APR.

Discover it® Balance Transfer fees

There’s no annual fee or foreign transaction fee with the Discover it® Balance Transfer credit card. Keep in mind that the 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms) will apply. Depending on the size of the balance, you’ll want to plan to pay that specific amount and avoid extra debt.

There’s no late fee on your first late payment, but every late payment after that and returned payments require up to a $39 fee. As long as you can plan to make on-time payments and pay off your balance to avoid new interest, the Discover it® Balance Transfer can help you consolidate your debt.

How does it compare to other balance transfer cards?

If you’re looking or another balance transfer credit card with cash back, the has some benefits. The 0% intro APR period is shorter, at 15 months, before it moves to a variable APR rate of 14.49% - 25.49% Variable See Rates & Fees. You do get 3% cash back at U.S. supermarkets for up to $6,000 per year (then 1%), 2% cash back at U.S. gas stations and select U.S. department stores and 1% cash back on other purchases. Cash back is only applied in Reward Dollars for a statement credit. There is no annual fee with this card (See Rates & Fees).

The is available to those with good to excellent credit and features a balance transfer with 0% intro APR for 15 months, then a 15.74% - 25.74% (Variable) APR after that. There’s a 3% fee on amounts transferred within the first 15 months. This card has no annual fee, you earn unlimited 1.5% cash back on every purchase and you can earn a one-time $150 cash bonus after spending $500 on purchases within three months from the account opening.

The bottom line

If you’re able to plan to pay down your balance with 18 months and can pay off any new purchases within six months, you can avoid heftier debt and interest rates with the credit card. If you plan to make a big purchase and need more than six months to pay it off, you may want to look for other credit cards that have a 0% intro interest rate time period longer than six months for purchases.

For rates and fees of the Blue Cash Everyday® Card from American Express, please click here.

Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author's alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser's page for terms & conditions.

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Time for a Job Change? Find Inspiration in Our Top Career Stories From 2019

It’s never the right time to start your dream career.

Or is it always the right time?

Looking back over the different careers we’ve covered in 2019, we’re reminded that the world is full of opportunity. But getting started can be the hardest step. As you head into 2020, full of dreams and plans and goals, don’t let them get derailed by the third week of January. 

A new career could be well within your grasp.

5 Top Career Stories of 2019

1. 10 Great Careers — No Bachelor’s Required

If you don’t have a bachelor’s degree — and don’t really aspire to the whole four-years-of-college thing — you’ve probably wondered what your job prospects are. Well, we crunched some federal data and came up with this list of the 10 Best Jobs of 2019 That Don’t Require a Bachelor’s Degree. Read up — and then go get one.

2. Coders, Programmers (and How Much They Make)

Have you ever wondered exactly what coders do? Or is it programmers? (Or are those the same?) We’ve answered those questions, plus this all-important one: What are the job prospects in this hot field?

3. Community Colleges: An Overlooked Resource

If you’re taking the first steps into your career, or maybe considering a new one, here’s one stop you need to make: your local community college. You can earn valuable credentials, get into an apprenticeship program or test out an idea at a makerspace. And those well-paying non-bachelor’s jobs we mentioned — community colleges are your entry point.

4. The Future Is Video Gaming

It’s a bit cute to use the term “gaming” to describe a $43 billion industry. But with those kind of numbers, you can believe there are good jobs to be had. And you don’t have to actually, you know, be a gamer to get into this career field.

5. Head to the Office? No, Thanks.

We recently read that 5% of Americans currently work from home. Want to join their ranks and land yourself a pajama job? These 29 companies regularly hire people to work from home. (And don’t worry, we’ve checked them out. They’re legit.)

Molly Moorhead is a senior editor at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Major overdrafts overhaul as new regulations come into force

Major overdrafts overhaul as new regulations come into force

From today, banks and building societies will no longer be able to include a customer's overdraft in their ‘available balance’ or ‘available funds’

Brean Horne Wed, 12/18/2019 - 12:23

Image

New rules on overdrafts announced by the Financial Conduct Authority (FCA) will come into force from today, 18 December 2019.

The changes are designed to make overdrafts, simpler, easier and fairer to manage.

From today, banks and building societies will no longer be able to include a customer's overdraft in their ‘available balance’ or ‘available funds’.

Lenders will also have to send alerts to customers when they dip into an arranged or unarranged overdraft to help avoid unintended overdraft use. Further changes will come into force next spring.  

From 6 April 2020, lenders will no longer be able to charge higher prices for unarranged overdrafts than for arranged overdrafts. They will also no longer be able to charge, fixed fees for overdrafts.  

The new rules will require banks and building societies to do more to identify customers who are showing signs of financial strain or difficulty too.

Experts say that the FCA's changes will come as a huge benefit to customers, especially those living in deprived areas.

Peter Briffett, chief executive of income-streaming app Wagestream, says: “Vulnerable customers living in deprived areas are far more likely to be hit by unplanned overdraft fees, and end up paying double what those in better-off areas pay.

“A simpler system of fees should make it easier for customers to compare bank accounts, but we fear that banks will find alternative ways of extracting this profit from their most deprived customers.

"This is the reality of the poverty premium.”

What are banks doing?

A number of banks have already started to adopt the FCA’s changes.

Nationwide was the first to announce that it would be introducing a new single interest rate charge of 39.9% in November this year.

This was shortly followed by HSBC, first direct and M&S Bank who have since introduced a flat overdraft charge of 39.9%.

Challenger banks Monzo and Starling Bank will also introduce flat overdraft charges which will vary depending on a customers' credit score.

Monzo customers wishing to use an overdraft will be charged 19%, 29% or 39% while Starling Bank overdraft users will have to pay 15%, 25% or 35%.

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American Express® Gold Card Review

The is a charge card for those with good to excellent credit that rewards you for “everyday and extraordinary experiences.” Cardholders get 4x points at U.S. supermarkets on up to $25,000 a year in purchases (then 1X) and 4X Membership Rewards® points when you dine at restaurants worldwide, making this a card with solid rewards for foodies, professionals who charge lots of business meals and families who make frequent trips to grocery stores.

American Express® Gold Card members also get 3x points for flights booked through amextravel.com or booked directly through airlines. Points can be redeemed for travel, gift cards, statement credits, shopping and charity donations. There is a $250 See Rates & Fees annual fee, but with the rewards like bonus points and a dining credit, you may be able to easily offset the fee with the rewards you rack up.

Card	Annual Fee	Welcome Bonus	Credit Needed	Key features
American Express® Gold Card	$250 See Rates & Fees	Earn 35,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 3 months. Terms Apply.	Good to excellent	Dining and Travel

What we like about the American Express® Gold Card

The comes with some travel perks, such as no foreign transaction fees. Cardholders also receive up to $100 per calendar year at one selected qualifying airline in statement credits when an airline charges incidental fees. Members can also access discounts and amenities when booking eligible airfare, lodging, car rentals, cruises and tours through thetravelcollection.com.

Another travel benefit for American Express® Gold Card members: through The Hotel Collection, they can get a $100 hotel credit on qualifying dining, spa, and resort activities, plus a possible room upgrade when they arrive and have booked a stay of at least two consecutive nights. Cardholders also get car rental loss and damage insurance. When you use your card to rent a car, pay for the entire eligible rental and opt out of the collision damage waiver, the card provides coverage if the car is damaged or stolen.

American Express offers other perks to cardholders like American Express Preferred Seating, which provides access to premium seats for select cultural and sports events. You can also get exclusive access to ticket presales and Card Member-only events, for events like Broadway shows, concert tours, family and sporting events.

Things to consider

Since this is a charge card, your usage of the will not affect your credit utilization or credit score. However, other factors of the card will impact your credit score, such as if you have late payments.

Also different from a credit card, you will have to pay off the entire balance at the end of each billing cycle. American Express does offer a Pay Over Time feature for eligible charge card members, who may be able to pay certain charges over time with the variable APR (See Rates & Fees). You’ll have to decide if the charge card model is one that works for you, or if you’d rather use a credit card.

The $250 See Rates & Fees annual fee can seem steep for some. To offset it and get the most rewards possible, you’ll want to use this card for food purchases and use most of your points towards travel.

American Express® Gold Card dining and travel details

If you want to make the most out of your , you’ll want to first take advantage of that intro offer. Spend at least $4,000 on purchases within the first three months of getting your card to earn the 35,000 bonus membership rewards points. Terms Apply.

You’ll also want to use the card for all dining and U.S. supermarkets purchases to get 4x points (on up to $25,000 per year in purchases, then 1X). You can also earn up to a total of $10 in statement credits each month when you use the card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations. Enrollment is required.

Your points never expire. The point value is most valuable when points are used for travel. Points can be transferred directly to American Express transfer partners’ loyalty programs. Be sure to book travel using your American Express® Gold Card, as well, to earn 3x points on flights booked directly with airlines or on amextravel.com.

American Express® Gold Card fees

In addition to the annual fee of $250 See Rates & Fees, there is a cash advance fee (See Rates & Fees), either $10 or 5 percent of the amount of each cash advance, whatever is greater. To offset the annual fee, take advantage of the up to $120 yearly dining credit and the travel discounts mentioned. Using the card for travel purchases can also make the annual fee negligible.

Penalty fees are up to $39 for a late payment and up to $39 for a returned payment (See Rates & Fees). These are fairly standard for charge cards.

How does it compare to other dining and travel cards?

Foodies and travel lovers have other card options, including credit cards for dining the travel. The has a bonus offer of 60,000 points after you spend $4,000 on purchases in the first three months, which is much higher than the . You get 2x points on travel and dining worldwide and earn 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. There is a lower annual fee of $95 and no foreign transaction fees. But if you’re looking for higher points on dining and travel all the time, the American Express® Gold Card may be a better fit.

The is a dining rewards credit card with unlimited 4 percent cash back on entertainment and dining out. You also get 2 percent cash back at grocery stores and 1% on all other purchases. The new cardmember offer provides a one-time $300 cash bonus when you spend $3,000 on purchases within three months of the account opening. There are also no foreign transaction fees. If you eat out more than shop at grocery stores and go to entertainment events more than travel, this may be a more rewarding card.

The bottom line

For a card that rewards you for all the food you purchase, whether it’s at a restaurant or from an American grocery store, the is highly rewarding. It’s even more so when you use points for travel, which can quickly offset the annual fee. If you’re looking to get more cash value out of your dining card, you may be better off with a credit card like the Capital One® Savor® Cash Rewards Credit Card.

For rates and fees of the American Express® Gold Card, please click here.

Editorial Note: Compensation does not influence our recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author's alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser's page for terms & conditions.

The post American Express® Gold Card Review appeared first on The Simple Dollar.

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Don’t Lose the Meaning of the Season

Recently, the internet was astir with controversy over a holiday-themed ad from Peloton, a manufacturer of a popular series of stationary bicycles. I won’t go into the details of the ad, but you can read the details here if you’re interested.

The reason I’m mentioning this ad isn’t to dig into the details and criticize it — many others have done that quite effectively — but because the entire controversy serves as a powerful and timely window into some financial and personal realities about the holiday season, some that we tend to overlook during the hustle and bustle.

If you’re feeling like many Americans are right now, stressed out and struggling to deal with an abundance of work projects, personal challenges and big expenses in the final days before your holiday celebrations begin, here are some thoughts for you.

The lives of people you see in advertisements are not real.

Whenever we see a person or family on television or on an internet ad, there’s always a temptation to compare ourselves to that person and their situation. We naturally want to put ourselves in that place, at least to an extent. How does that life compare to ours?

The problem, of course, is that the lives depicted in advertisements aren’t real ones. They’re constructed to convince you to buy a product. Nothing more, nothing less.

Some ads aim to create a fear of missing out. Other ads are designed to convince you that your life needs some kind of improvement, and they have just the product to improve you. They’re all about pushing your emotional buttons.

None of that is real. All of that is about selling you a product.

This can be really tricky to keep in mind at times. Ads can provide glimpses into the lives we dream about. They can touch our emotions by tugging on the things we care deeply about.

That’s okay. That’s what ads are supposed to do: they display a product in the best possible light and they are trying to make you want that product on some level.

The challenge is to always remember that it isn’t real, that it’s just tugging on your emotions in a way that the ad maker hopes will result in you spending money.

For example, is that tasty burger ad making you hungry? An ad maker is doing their job because somewhere in the back of your mind is a little cue that the burger you get from this restaurant will be yummy.

Does that car in that commercial look cool, with a powerful-seeming person behind the wheel?

The Peloton ad is definitely playing that game (probably ineffectively, depending on your perspective). It’s playing on the emotions of lots of people watching it. For me, for example, it hits the “I’d love to make my wife that happy” button when I watch it (though I consciously recognize that buying my wife a Peloton for the holidays would not be a good choice for us). Other people see other things in the ad, of course, but it’s aiming to hit those emotional buttons.

The point is this: the world you see in ads isn’t real. They’ll emotionally tug you, but that emotional tug doesn’t have to and shouldn’t result in spending money.

What can you do? Reduce your exposure to ads, for one. Spend less time watching videos and television in particular. When you do see ads, be aware of what kind of emotional strings that they’re trying to pull. Most of all, recognize that what you feel doesn’t need to result in buying or consuming something. Instead, reflect on your buying decisions away from ads, both before and after purchases.

The lives of people you see on social media are a highlight reel.

Many people — myself included — have a deep desire to have the “perfect” holidays, and we all have our own visions of what that might be. Many people — myself included — often have a feeling that whatever it is that we do to put together that “perfect” holiday season isn’t going to be good enough.

Much like ads, social media really plays on that fear. When we look at social media, what we see is the highlight reel of other people’s lives. We see that perfect moment where family is getting along and everyone is happy, and we want that for ourselves. What we don’t see are any of the imperfect moments or the struggles that everyone else goes through, too. We just see their highlights, and when we struggle ourselves, it quickly feels like we’re falling short.

You’re not falling short. Not every moment in life can be or will be a postcard. It will be imperfect and messy. You will burn the chestnuts (I did this two years ago). You will knock over the Christmas tree (I, again, did this three years ago). You will feel like the gifts you’re giving are inadequate (I feel like this many years) or the meal you have planned won’t be good enough (yup). Social media, when you see those great highlights of other people’s lives, can often encourage those negative feelings.

Here’s the problem: not only do you feel bad, but the holiday season is in many ways designed to make you feel like you can solve the problem by throwing money at it. You can just spend more to get that perfect present. You can just spend more to have that perfect meal.

But…

The gifts that you are worrying about right now will barely be remembered in a month or two.

The people you’re buying gifts for and putting so much worry and thought into right now are going to open up their gifts this holiday season and enjoy most of them, but the truth is that the vast majority of them will be forgotten in a month or two.

I tried, just now, to make a list of everything I received as a gift last holiday season. I could only name a few things, and that was after some serious thinking. I remember more gifts I gave than I received.

Try it yourself. How many gifts can you remember from past holiday seasons? I’m talking about the item itself, not some special moment associated with opening it. I bet the number isn’t too high.

Here’s the truth: the “perfect gift” won’t create the perfect holiday season. Neither will the “perfect meal.” Don’t worry about them. Rather, worry about what will be remembered.

What will be remembered are the moments of togetherness, of kindness, of attention, and of love.

If you ask me what I remember about last Christmas, almost everything positive I come up with centers around spending time with people I care about. I remember shared jokes. I remember seeing a child enjoy a toy. I remember playing cards with my wife’s family. I remember being crammed into a way-too-small room with about 20 of my relatives for a gift exchange. I remember seeing a depressed friend smile for the first time in a long time.

None of those memories have anything to do with stuff. None of them require the perfect decoration or the perfect tree or the perfect gift. None of them require a huge outlay of cash to try to make everything picturesque.

They just required a bit of time, somewhere in the holiday season, with people I care about.

Here’s a recipe for holiday success.

Don’t worry about the “perfect meal.” Just make a good meal that people will like and don’t sweat perfection.

Don’t worry about the “perfect gift.” Just get them something they’ll like, then spend some time with them catching up and really listening to them.

Don’t worry about the “perfect decor.” Just make it pleasant and fill it with people.

Don’t worry about the “perfect photo.” The one you’ll treasure is one that was captured on the fly anyway.

Instead, give a little attention. Give a little time. Give a little focus. Give a little thought. That stuff is the stuff that lasts, not a gift that won’t be remembered in a month or an over-the-top meal that will be forgotten in a week.

Never forget that you can’t buy love, you can only make it. You can’t buy special moments, you can only make them. They come from you, not from your wallet.

Dump your stress at the door. Make a simple meal so you can spend time with people. Don’t spend a ton or stress a lot about a gift, just get something simple that they’ll like.

Don’t lose the meaning of all of this.

And don’t give your partner a surprise gift that implies that they need self-improvement unless you’re absolutely positively sure they want it, and it shouldn’t be a surprise in that case.

Have a wonderful, meaningful holiday season.

The post Don’t Lose the Meaning of the Season appeared first on The Simple Dollar.

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Going green: complex, costly, yet crucial

Going green: complex, costly, yet crucial

Reducing consumption is vital if we are to help soften our impact on the environment

Jessica Exton Wed, 12/18/2019 - 10:58

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But our research suggests that ‘going green’ is generally considered an expensive activity. Last year, when we asked what prevented people from reducing the environmental impact of their home, a lack of funds was a key reason for many.

This year we asked about what people thought of moving towards a circular economy. This is one that seeks to extend the use of products through reducing resource use and waste, maintaining what we have manufactured for longer, then returning it to the production process. While businesses and regulators will play a big role, so to, will consumers.

So, how do people feel about compromising their consumption in favour of a greener lifestyle?

Many already agree that we need to do our part for the sake of the planet and are recycling and reusing items when they can. Yet we also recognise the need for help to coordinate efforts and prioritise change if contributions are going to have the intended, large-scale impact.

Making it easy

As consumers, we recognise the need to reduce consumption. Consequently, the majority of us say we are prepared to change how we purchase and dispose of items in the coming years.

If only it were so simple.

While almost everyone recycles to some degree, there are still day-to-day challenges. Almost 40% say they throw away between three to five plastic items every single day and many often aren’t sure what can and can’t go into the recycling bin.

This isn’t necessarily surprising given that packaging is often made of many different parts, which are not all recyclable. With so much plastic waste to dispose of, such confusion is not helpful.

And yet, many people are happy to try. Around 90% of us say we would recycle if doing so meant only a short walk to our door or down the road, compared to the 54% who said they would do so if it required a 10-minute drive.

But regardless of whether recycling was at their door, down the road or required a car, many said that a financial incentive wouldn’t change their activity. Essentially, they say, this is not needed to encourage recycling.

Overcoming inconvenience and coordinating actions seem to be among the biggest hurdles.

But there is a common consensus that companies could do more to help us reuse and recycle. Some 60% of us already anticipate repairing items more frequently over the next three years instead of replacing them.

But many of the mechanisms which could enable this, such as accessing repair services or being able to replace individual elements within products, rely on backing from manufacturers and retailers. Should they fail to adapt their operations to enable repairing, 64% of us expect them to experience some consumer backlash.

Having simple options that make economic sense

Another challenge in the move to a circular economy is to make greener activities affordable. Repairing broken goods should help steer us away from the throwaway culture we have developed, but the choice to do so must make some economic sense.

More than half of Europeans say they would choose to fix the likes of a broken fridge over immediately purchasing a new one, if the repair costs were no more than 30% of the replacement. Ensuring repair activities are financially viable could encourage more of a ‘repair-over-replace’ culture.

When shopping for homewares, such as a washing machine or couch, it’s not necessarily surprising that many of us place high importance upon getting a good price over whether it could be repaired if it happens to break. Balancing the quality of goods with their relative price can be challenging.

Cheaper items may not last as long but might suit your needs. Production of more expensive items may or may not have a large impact on the environment. Almost everything comes wrapped in plastic. And information on these topics can be hard to find.

Consumption decisions have many elements, adding the environment makes them even more complex. But despite this, we do see many people trying to make greener choices where options exist. 

Growing a green society

Despite becoming more aware of what steps are needed, sustainability remains a big challenge. Two areas where individual consumers can make an impact is in their attitudes towards acquiring goods and disposing of those no longer needed.

What we find is that we are both pushing for change and asking for help to coordinate these efforts. But while it is relatively easy to call for radical behavioural change, it’s less easy to accomplish. As consumers, we know we are a substantial part of the sustainability puzzle – but can’t complete the picture alone.

Jessica Exton is a behavioural scientist at ING

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Goldman Sachs cuts Marcus savings account for new savers again

Goldman Sachs cuts Marcus savings account for new savers again

The rate on the formerly market-leading easy-access savings account has been cut to 1.35%

Stephen Little Wed, 12/18/2019 - 10:34

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Goldman Sachs is cutting the interest rate on its Marcus account from 1.45% to 1.35% for new savers.

This is the second cut in the space of three months and leaves the former market-leading account well down the best buy table.

Marcus was launched to much fanfare in September 2018 at a rate of 1.50%, making it the top-rated account. This included a bonus of 0.15% which was payable after the first year.

A year later, the headline rate was reduced to 1.45% with a bonus of 0.10% after the first year. The new rate does not include a bonus.

The news comes after a report in The Telegraph that Goldman Sachs is looking to slow the growth of its Marcus brand in the UK to avoid stricter regulations.

The paper says this is to stop the volume of deposits exceeding £25 billion, the point at which banks have to separate their retail operations from their investment banking arms.

Goldman Sachs has also cut the rate on its Saga easy-access savings account from 1.40% to 1.35%. This includes a 0.20% bonus for the first 12 months.

Sarah Coles, personal finance analyst, Hargreaves Lansdown, says: "It was always going to happen eventually.

"The rate was significantly higher than its nearest competitor when it launched, attracted cash from 100,000 savers in its first month, and has been among a handful of market-leading accounts ever since.

“Marcus has achieved its aims of making a name for itself in the UK market and attracting significant cash, so it’s pulling back on the rate.”

Savings alternatives

This year has been a tough one for savers, with lenders slashing rates across the board.

For existing savers the rate will remain the same at 1.45% for 12 months from when they opened their account. So if you have already got an account you may want to hang on to it.

If you are a new saver there are higher paying interest rates available.

The new market-leading account is from Shawbrook Bank with its Easy Access – Issue 17 which pays 1.41%. Further additions and withdrawals are allowed.

You can open the account online with a minimum of £1,000. It can also be managed online or by phone.

Its nearest rival is Chelsea Building Society’s One Year Limited Access Saver at 1.40% which can be opened online with £100. However, you are only allowed one withdrawal a year.

Post Office Money has an account at 1.38% which can be opened with a £1 deposit online. It comes with a bonus of 0.88% for 12 months.

If you are looking for a higher paying account and don’t mind locking your money away, you can always try a fixed deal.

The current highest paying one-year fixed deal is from Gatehouse Bank at 1.70%. Note, this account's rate is an expected profit rate (EPR).

If you don’t mind tying your money up for longer, Gatehouse Bank also has a two-year fixed deal at 1.90% and a three-year bond at 2%.

Andrew Hagger, personal finance expert at of Moneycomms, says it is "another blow for UK savers".

He says: "When a market leader cuts rates it leads to a ripple effect which allows other providers to trim rates and still feature in the best buys.

“It’s a grim situation for savers but with some accounts paying less than 0.2%, make sure your money isn’t stagnating in one if these below par accounts.”

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Five investment mega trends you’ll see in the next 20 years

Five investment mega trends you’ll see in the next 20 years

Mega trends are powerful forces that can change economies and even society. They are long term in nature and have irreversible consequences for the world around us

Darius McDermott Wed, 12/18/2019 - 00:36

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Think the discovery of electricity, the invention of cars and aeroplanes… the internet. All of these things have transformed the way we live our lives and therefore have an impact on our investments.

Recent research from the likes of PriceWaterhouseCoopers (PwC) and BlackRock/iShares has highlighted five key mega trends that are expected to shape our lives in the next 20 years or so: rapid urbanisation; climate change and resource scarcity; shifts in global economic power; demographic and social change; and technological breakthroughs. Here, I take a closer look at each.

Rapid urbanisation

More than half of the world’s population lives in urban areas and 1.5 million people are added to the global urban population every week – most of which are in emerging markets. This level of urban migration will place huge demands on infrastructure, services, job creation, the climate and the environment.

One way to invest in this mega trend would be via a fund such as First State Global Listed Infrastructure. It invests in global-listed infrastructure assets including toll roads, airports, railroads, utilities and wireless towers. Growing urbanisation is likely to underpin long-term demand for its holdings, many of which provide essential services to some of the most densely populated regions in the world.

Climate change and resource scarcity

With increasing numbers of floods, cyclones and wild fires, if we need any further proof that we have a climate change problem that must be tackled, it comes in the fact that 16 of the 17 warmest years on record have occurred since 2001.

At the same time, managing the increasing need for food, water and energy by a growing global population, is becoming a huge challenge. According to the Food and Agriculture Organization of the United Nations, the global population will surpass 9.1 billion by 2050, at which point it predicts the world’s agricultural systems will not be able to supply enough food for everyone. The UN says that demand for fresh water will exceed supply by 40% in some cities.

A fund I like that invests with these issues in mind is Pictet Global Environmental Opportunities fund.  All companies within the portfolio must operate ‘within a safe operating space’ for each of nine environmental challenges identified, and also actively contribute to solving these challenges.

Shifts in global economic power

Emerging economies now account for nearly 80% of global economic growth, and 85% of global consumption – more than double their share in the 1990s. China is at the centre of this change. Having been a tenth of the size of the US less than 15 years ago, it is set to replace the US as the largest global economy in the late 2020s.

To tap into China’s future growth potential, investors could consider a fund such as the Invesco China Equity fund. It has increased the amount it is allowed to invest in China A Shares – the shares of domestic-listed Chinese companies, which have recently been opened up to more foreign investors.

Demographic and social change

Changes in global demographics will bring major challenges and opportunities. For example, the iShares mega trends report found one in five Western Europeans is older than 65, with this expected to rise to one in four in the next decade.

Healthcare is one example of how we can invest in this trend. As we all live longer, we are likely to need more healthcare provision. Polar Capital Global Healthcare investment trust works well with this mega trend.  It invests predominantly in companies from pharmaceuticals, biotechnology, medical technology and healthcare services.

Technological breakthroughs

Finally, new technology is essential for all other mega trends to succeed, so it has become a mega trend in its own right.

Investors may consider the likes of Smith & Williamson Artificial Intelligence or AXA Framlington Global Technology fund as a potential route to tap into this trend. The latter is a fund that touches almost every aspect of our lives, from our mobile phones to our online weekly shop.  

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. Darius’s views and those of the investment professionals quoted are their own and do not constitute financial advice.

Darius McDermott is managing director at Chelsea Financial Services and FundCalibre

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'Manic’ spending leaves two readers short of cash

'Manic’ spending leaves two readers short of cash Hannah Nemeth Wed, 12/18/2019 - 00:05

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