Outsmart the competition and get your dream home. Krakenimages.com / Shutterstock.com
When several buyers make offers on the same house, the resulting bidding war can be daunting, especially for first-time buyers. So, what can you do if you find yourself up against several other buyers all competing for your dream home? Simply raising your offer price isn’t always the best way to get what you want, or indeed, possible. Fortunately, there are many other things you can do to ensure…
Deciding at what age to retire may not be as straightforward as you expect. Sabrina Bracher / Shutterstock.com
At what age are you going to retire? It is a big question. And, no answer is going to be right for everyone. In fact, data on the average retirement age suggests that there is no real average.
Capital One buying Discover still needs approval from the FTC. But check out three reasons why credit card customers should be happy about the deal. [[{“value”:”
Image source: The Motley Fool/Upsplash
Capital One made big news in the credit card industry on Feb. 19, 2024, when the company announced it’s buying Discover® for $35.3 billion. It’s still in the early days of the process of Capital One buying Discover, and no one knows what exact product changes might happen. But there are reasons to be hopeful that this deal could be good news for credit customers — not just Capital One and Discover cardholders, but anyone who uses credit cards.
Let’s look at a few reasons why Capital One buying Discover could be good for your wallet.
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If you’re a Discover customer and you love Discover’s unique products like its cash back rewards for debit card purchases, don’t worry — Discover is not going away. Capital One has already stated that it intends to keep the Discover brand alive.
Don’t assume that your Discover cards are going to change in a “bad” way; Capital One is likely to keep offering the same features and benefits that Discover customers love. Current customers of Discover don’t have to do anything or take any action for now. Just sit tight and keep using your Discover banking products like usual.
By buying Discover, Capital One is not just buying a credit card company — it’s buying Discover’s payment network. There are four big payment networks for credit and debit cards: Visa and Mastercard are the top two biggest, American Express is third, and Discover is fourth. By purchasing Discover’s payment network, Capital One will have extra financial flexibility behind the scenes of the payment system to make more money and potentially offer better rewards to Capital One customers.
No one knows exactly what kinds of new products or rewards cards Capital One could offer as a result of buying Discover. But a few ideas might include the following.
By buying Discover’s payment network, perhaps Capital One can adapt some of the most customer-friendly features of Discover debit cards. The same kinds of cash back rewards that Discover offers today could be available for Capital One customers in the future.
If Capital One is saving money (and making more money) by owning its own payment network, that could mean better rewards for its best customers. Capital One already ranks highly among the best rewards credit cards. Buying Discover (and its payment network) could turn Capital One credit cards into an even better deal for savvy shoppers.
Capital One says it wants to use Discover’s payment network to work more closely with merchants (retailers, restaurants, and other stores) to offer better benefits and experiences. This could mean better customer loyalty programs, special offers from your favorite brands, and more.
By buying Discover’s payment network, Capital One would bring more competition to Visa and Mastercard. Capital One has already announced that it intends to move all of its debit cards to the Discover payment network (so if you have a Capital One Mastercard debit card, you could soon see a new logo on it).
Capital One might keep working with Visa and Mastercard, but it doesn’t need them as much anymore. This means Visa and Mastercard have to sweeten the deal behind the scenes to make Capital One want to keep offering its credit cards through their payment networks.
How is this good news for credit card customers? When big payment networks like Visa and Mastercard have to compete harder, that could lead to more generous rewards for credit card customers like you. Capital One customers might get a better deal out of this, but Visa and Mastercard might also be incentivized to offer better features, perks, and rewards for other credit card companies, too. This deal could be good news for a wide range of customers, not just people who use Capital One credit cards.
The deal is not yet done, and might get blocked by federal regulators. The FTC (Federal Trade Commission) might decide that Capital One buying Discover would create “too big” of a credit card company. If regulators decide that combining two credit card companies into a much bigger company would result in anti-competitive (monopoly) business practices that hurt consumers, the federal government could sue to stop this deal.
But if this purchase agreement is allowed to go through, Capital One’s newly acquired payment network could create new competition to the biggest companies (Visa and Mastercard) and open up new opportunities for new products and better benefits for customers. There are hopeful signs that Capital One buying Discover might actually be good news for anyone who uses credit cards.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.American Express is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool has positions in and recommends Mastercard and Visa. The Motley Fool recommends Discover Financial Services and recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.
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Want to continue buying from your favorite brands without breaking the bank? Shopping at outlet stores could save you money. See what you need to know. [[{“value”:”
Image source: Getty Images
These days, many people are more hesitant to spend money. The current economic environment has made many of us think twice about how we dole out our cash. Here’s some good news: You don’t have to sacrifice your favorite brands to save money.
If you make strategic shopping moves, you can buy the brands you love for a more affordable price. Shopping at outlet stores could allow you to stretch your shopping budget further. Find out how to save money by buying your favorite brands at outlet stores.
I used to think of outlet stores as retailers you only passed on road trips. But there may be physical outlet stores not too far from where you live, meaning you can shop without planning a faraway vacation.
I recently learned about an Anthropologie Home Outlet near my home. This outlet retailer has furniture, rugs, light fixtures, hardware, artwork, glassware, and other household goods for sale. Some products are samples, overstock, returns, or slightly damaged merchandise the retailer can’t sell in regular stores.
Even if your favorite retailer doesn’t have a physical outlet store nearby, there may be an online outlet store for you to shop. Many outlet retailers provide online outlet stores that ship directly to your home.
Here are a few examples of popular outlet retailers:
AdidasAppleBirkenstockEccoEddie BauerFossil
If luxury retailers interest you, here are a few examples of luxury retailers with outlet stores:
BurberryGolden GooseGucciMichael KorsValentino
Does your favorite retailer have outlet stores? A quick Google search can lead you to savings.
There’s something for everyone, whether you’re looking for home goods, clothes, accessories, or electronics. When shopping at outlet stores, you can earn valuable rewards by paying for your purchases with rewards credit cards.
Before you rush to fill your cart with outlet store finds, here’s something to consider. Many brands have the same items and send them to the outlets because of an overstock or an off-season situation. You can save big with these finds and get the same quality you love.
However, some brands make clothes exclusively for outlet stores, and these items may be made from cheaper materials or labeled with a discount similar to the original price — making them not a great win for your wallet.
When shopping at a physical outlet store, you’ll want to take a few extra moments to ensure you get a good deal. You can also be mindful of the quality of the merchandise you want to buy. You can ask an employee at the store if the merchandise was made for an outlet.
Another way to decide is to take out your phone and compare outlet pricing to online prices. If you’re shopping online, you can easily compare the merchandise prices and even check if the brand sells the same product on its regular website.
Some outlet stores promote additional sales. You can check outlet store websites and social media accounts to learn more about current sales. You could keep more money in the bank by planning your outlet store trips around sales.
You can find great deals when shopping at outlets. If you’re shopping at an outlet retailer, in-store or online, honoring your budget and sticking to your shopping list is essential. You don’t want to rack up expensive credit card debt because you spent more than you can afford.
Remember to research prices online to ensure you’re getting a deal. It’s also wise to ensure you’re not being sold an outlet-exclusive item that might be of lesser quality. Getting a good deal on clothes, accessories, and other goods can benefit your personal finances.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Apple. The Motley Fool has a disclosure policy.
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It’s possible to have too much money in your checking account. Learn how much is too much and what to do with it instead. [[{“value”:”
Image source: Getty Images
Many Americans use checking accounts to manage their money. When things are going well for you financially, you could find yourself with more and more money sitting in your checking account. You may end up with $10,000 or more, if you earn an above-average income or just keep most of your savings there.
It’s exciting to see a big balance when you log into your bank account. But it’s also important to have your money in the right place. Here’s how to figure out if your checking account is overfunded.
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A popular guideline is to keep enough money for one to two months of spending in your checking account. For extra security, you can add up to 30% on top of that amount.
So, if you normally spend $5,000 per month, then there’s nothing wrong with having $10,000 and even up to $13,000 in your checking account. But if you normally spend $2,000 or $3,000 per month, $10,000 is more than you need there.
By following this guideline, you’re unlikely to overdraft your account or have any payments declined for insufficient funds. After all, you have more than enough to cover your spending. You also don’t need to check your balance too often. You could do that about once a month. If you only keep enough in your account to cover two weeks of expenses, then you’ll be checking it a lot more often to confirm that you have enough for your upcoming bills.
A checking account is perfect for depositing your paycheck and paying your bills. It’s not the place to keep most of your money, though. Checking accounts pay lower rates than other banking products, so your savings won’t be earning as much as it could be.
Most checking accounts earn less than 1.00%. Here are a few examples of the rates available with other types of accounts:
High-yield savings accounts are currently offering up to 5.32%.Certificates of deposit (CDs) are currently offering up to 5.55%.Money market accounts are currently offering up to 5.30%.
If you have $10,000 in a checking account, there’s a good chance it earns under $100 a year in interest. In a savings account, CD, or money market account, it could earn over $500. That doesn’t mean it’s a mistake to keep that much in your checking account. If you have high monthly spending and are going to use that money to pay bills in the near future, then it makes sense.
The mistake that some people make is treating their checking account like a savings account. While this may be convenient, it costs you money in interest.
Ensure you have enough in your checking account for one or two months of expenses. In your savings account, aim to have enough to cover three to six months of expenses. That takes time, but it’s the amount recommended for a suitable emergency fund.
A savings account is also a good place for money you have earmarked for any other savings goals, such as buying a home. CDs are another option if you want to lock in a fixed rate. Your checking account needs enough money to pay your bills, but that’s all the money you should have there.
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts could earn you 11x the national average savings account rate. Click here to uncover the best-in-class accounts that landed a spot on our short list of the best savings accounts for 2024.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Does your health insurance plan not qualify for a health savings account (HSA)? Here are a few ideas to get the best deal on paying your medical bills. [[{“value”:”
Image source: Getty Images
Getting a health savings account (HSA) is one of the best ways to pay for healthcare and invest for your future, while increasing your tax deductions. But not every health insurance plan will let you get an HSA. In fact, some high-deductible health insurance plans on HealthCare.gov do not qualify for an HSA because the out of pocket cost limits are “too high.”
The IRS rules say that if you want an HSA, you must have a high-deductible health plan (HDHP) with deductibles and maximum out-of-pocket costs within certain limits. For 2024, the limits to get an HSA-eligible HDHP are:
Single coverage: deductible of at least $1,600, maximum out of pocket costs of $8,050Family coverage: deductible of at least $3,200, maximum out of pocket costs of $16,100
My family’s 2024 health insurance plan has out-of-pocket costs that are “too high” to get a health savings account. That means my family doesn’t get to pay for healthcare costs with tax-deductible dollars in 2024. This is bad news for our taxes, but I’m hoping to make the best of the situation.
If your health insurance plan does not qualify for an HSA, here are a few ideas to manage your out-of-pocket healthcare costs.
Instead of a health savings account (HSA), you could open…a savings account for healthcare costs. You don’t get a tax deduction for putting money into a regular high-yield savings account, but this could be the best move to keep you on track for covering your healthcare expenses in 2024.
Take the same monthly contribution of money that you used to put into an HSA, and put it into a high-yield savings account at a bank or credit union. You won’t get a tax break of 12% or 22% (or more, depending on your tax bracket) on the money you put into this savings account. But your money can grow at 5.00% APY or higher right now with the best high-yield savings accounts.
I recently opened a travel rewards credit card that has a generous welcome offer that could be worth hundreds of dollars in free travel. I’m going to pay for some of our healthcare costs with that card to help earn the welcome bonus. Maybe we can get a free vacation out of this!
Let’s say that you open a rewards credit card with a welcome offer of 60,000 points, worth $600 to book travel — but to get those points, you have to spend $4,000 within three months of opening the account. Let’s say you have a $2,000 medical bill from a dental procedure or minor surgery. Here’s what you do:
Use the newly opened rewards credit card to pay that $2,000 medical bill.Use the rewards credit card to spend another $2,000 over three months (about $667 per month) on other everyday expenses like groceries and restaurants.
After three months, you’d have spent $4,000 — enough to earn that $600 travel reward. That $2,000 of healthcare costs didn’t get you a tax deduction, but it helped you earn $600 of free travel. That’s a decent return on investment, and it lets you turn your medical bills into an affordable vacation. If you can’t get a tax break for your healthcare spending, you might as well have some fun with it.
If you have good enough credit to qualify, some credit card companies offer 0% APR cards that give you zero interest for a certain introductory period, like 15 months or longer. These 0% APR credit cards are not “medical credit cards” — you don’t have to use them only for medical expenses. But medical bills can be a good way to use these cards.
If you have a big medical bill in 2024, or if you know you’re going to have a big expense like an elective surgery or braces for a child, using a 0% APR credit card can give you flexibility to pay it off with no interest. But pay attention to when your 0% introductory period ends, so you don’t unexpectedly get charged interest.
This advice is best suited to people who have a pretty good income and can afford to sock away extra money each month to cover their healthcare bills. If you’re living paycheck to paycheck, have less-than-good credit, and don’t have much room in your budget to make clever moves with healthcare spending, this might not work for you. In that case, you should try to negotiate with your healthcare providers to see if you can get on a monthly payment plan or other help paying your medical bills.
But if you’re a self-employed person or small business owner who doesn’t get health insurance from a job (or through a spouse), these ideas might help you. You still have options to manage your healthcare expenses in 2024, even if you don’t get a tax break from a health savings account.
Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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