Money Management

Can your credit card issuer remove the rewards points in your account? The answer is yes. Find out why you could lose your credit card rewards. [[{“value”:”

Many people use rewards credit cards to pay for everyday purchases. You can use these credit cards to earn points, miles, or cash back rewards. But can you lose the credit card points in your rewards account?

Many credit card rewards programs don’t allow points to expire. So, if you follow the rules outlined in the rewards program terms and conditions and keep your account open and active, you won’t lose your points due to expiration. You should review your card’s rewards program terms to confirm.

However, in some cases, you could lose the credit card rewards you worked hard to earn. You need to be aware of the ways you could lose your points so you can take steps to keep that from happening. Here are a few reasons you could lose your credit card rewards points.

1. Closing your credit card account

Don’t close your credit card account without checking to see if you have unused rewards. You’ll likely lose them when you close your account. Many credit card rewards programs’ terms and conditions state that your rewards will be forfeited when you close your account. You can avoid losing your points by using them before you close an account you no longer use.

Another option is to transfer them to a different account through the same card issuer. Check to see if this is possible. It’s likely an option if both credit cards use the same rewards program. If not, you should redeem your rewards before canceling your card.

2. Having your account closed due to misuse

Your credit card issuer can close your account. To be clear, credit card issuers aren’t going around closing accounts for fun. Instead, they monitor account activity and close accounts when they detect misuse. Your rewards program terms will outline examples of why your account could be closed due to misuse.

Some examples may include buying or selling points, selling gift cards or items of value that you exchanged for points, or repeatedly opening credit card accounts solely for the purpose of generating rewards. Make sure you’re following the rules so you keep your rewards.

3. Returning a purchase

Another way you can have your credit card rewards taken from your account is by making a return. If you purchase something with your credit card and later return it, the points you earned can be deducted from your rewards balance. One way around this is to ask the retailer if you can get store credit or a gift card instead of having the refund processed to your credit card.

4. Your account is in default

If your credit card account is in default, your credit card issuer can close your account and take your rewards. If you’ve stopped making payments altogether or have continuously missed payments, you’re at risk for account closure.

Keep in mind that you likely won’t have your account closed by missing one payment. But it’s never a good idea to pay your bill late. It can impact your credit and you’ll likely be charged a late payment fee. Stay on top of your credit card bills so your account remains in good standing.

Use your credit card rewards

This is a good reminder to use your credit card rewards. If you continue to let them sit in your account, you may risk someday losing them. But there’s another reason you should use them sooner rather than later. Your points or miles can lose value with time.

Credit card rewards programs can change at any time, so it’s best to use them as soon as possible. Before redeeming your points or miles, research available redemption choices to maximize their value.

Don’t yet have a rewards credit card? It’s not too late to get one. Check out our list of the best cash back credit cards to explore some popular rewards credit card options.

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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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For some shoppers, the benefits provided by a Sam’s Club membership aren’t worth the annual fee. Here are a few reasons to cancel your membership. [[{“value”:”

For many shoppers, a membership to a warehouse club like Sam’s Club can be worthwhile. The popular retailer sells groceries, household goods, clothing, electronics, and more at discounted rates.

But that doesn’t mean a Sam’s Club membership is a good fit for every shopper. Don’t let unnecessary annual membership fees eat away at your checking account balance. Here are a few reasons you may want to cancel your membership this year.

1. The items you usually buy aren’t available at Sam’s Club

Sam’s Club sells many products, both name-brand and its own private label, Member’s Mark. But you may find that some of the name-brand essentials you buy regularly from other retailers aren’t sold here.

For example, some specialty dog and cat foods from other brands aren’t available at Sam’s Club. If there are several items you’re already familiar with that you prefer to keep buying and they’re not available at Sam’s Club, you may want to consider canceling your membership.

But it may be worthwhile to try some alternate products to see if you like them before getting rid of your membership. Similar offerings from Sam’s Club may meet your needs.

2. You’re spending beyond your means

Shopping at warehouse clubs can result in spending much more money than planned. Sam’s Club is known for promoting new product offerings often. The retailer also does an excellent job of drawing buyers in with enticing product displays and end caps. A trip to your local club for groceries and essentials can suddenly feel very exciting.

Unfortunately, it can be too easy to overspend by purchasing items you don’t need. If you’re spending more than you can afford when you shop at Sam’s Club, consider dropping your membership.

3. You keep forgetting to use your membership perks

It’s best to use the perks provided to get good value from your Sam’s Club membership. If you invested in a Sam’s Club membership, but aren’t using it very often, you may be wasting your money. The best strategy is to shop online or in-club and stay in the know about current membership benefits so you can maximize your savings.

Whether you’re forgetting to use your membership because life is busy, your closest Sam’s Club is a good distance away, or you’re just not in the mood to push a giant shopping cart around a sprawling warehouse, it may be time to cancel your membership so you don’t waste money.

Look elsewhere for savings

If a Sam’s Club membership isn’t the right fit for you, that’s OK. There are other ways to save money when buying everyday essentials. Here are a few tips to help you save money without shopping at Sam’s Club:

Stay alert to sales: Review the weekly sales flier before shopping at other retailers. Planning your shopping list around sales items can help you keep more money in the bank.

Consider other shopping memberships: You may find other shopping subscriptions and memberships to be more valuable for your shopping habits. If you mostly shop online for example, investing in an Amazon Prime membership may be a better option for your household.

Earn rewards: It pays to take advantage of reward opportunities. One way to earn rewards when you shop is to pay with a credit card that earns cash back rewards. Check out our list of the best cash back credit cards to learn more.

If you’re a current Sam’s Club member, consider whether keeping your membership is the best move. If you’re getting good value from it and using the perks available, that’s excellent. But if you’re not benefiting much, it may be time to cancel your membership.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, 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 Amazon. The Motley Fool has a disclosure policy.

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Upgrading a home can reduce its risk of severe damage from natural disaster. Here are five upgrades that can be worth it. [[{“value”:”

Rising home-building costs and more frequent natural disasters have sent the cost of homeowners insurance skyrocketing over the last few months. Some states have seen premium increases of up to 23% on average, according to the National Association of Realtors.

Many homeowners are seeking ways to cut costs, like shopping around or bundling home and auto insurance. One option many may not have considered is making upgrades to their homes. It sounds counterintuitive, but certain upgrades can make home insurance more affordable. Here are five of them.

Five home upgrades that can lower homeowners insurance premiums

Here’s a closer look at five upgrades that could save homeowners money on insurance over the long term:

Roof replacement: Roof replacement decreases the likelihood of leaks and damages from high winds. Replaced home systems: Those who own older homes may see their premiums decrease if they update or replace plumbing, heating, and electrical systems within the home.Sprinklers: Adding sprinkler systems can minimize damages due to house fires.Storm shutters: Those who live in areas at high risk of tornado or hurricane damage could benefit from installing storm shutters, which reduce the odds of broken windows and interior damage.Fire-resistant building materials: Homeowners in wildfire-prone areas can save by using fire-resistant siding or roofing materials on their homes.

There’s a common theme here: If the upgrade could reduce the risk of a disaster occurring or mitigate the damages if one occurs, insurers are often willing to offer discounts. These upgrades often reduce the cost of claims, which reduces how much the insurer has to pay to repair the property.

How to take advantage of these discounts

Homeowners typically don’t have to do anything to claim homeowners insurance discounts because the insurer applies them automatically during the quote process. But not all insurers offer the same types of discounts.

Homeowners hoping to be rewarded for one of the upgrades above should focus their search on companies that provide that particular discount. Often, the insurer lists its savings opportunities on its website. But a quick call can clarify whether the company offers a particular discount if the website doesn’t say.

Homeowners should keep a few factors in mind when going after these discounts. First, the upgrades mentioned above aren’t cheap. Most have substantial upfront costs, so they’re probably not worth doing just to save a few bucks on an insurance premium. Homeowners who are already planning to remodel the property or those hoping to preserve it over the long term may find these upgrades more worthwhile.

The other thing to note is that, while many of the above upgrades come with substantial discounts, more discounts don’t automatically guarantee a lower insurance premium. Each insurer has its own formula for calculating risk and it also decides how much each discount is worth. It’s still worth comparing rates from a few companies that may not offer discounts for the home features above.

Homeowners who make one or more of the changes above may also want to check with their current home insurer to see if it offers any savings. If it’s willing to knock a significant amount off the policy’s premiums, it might be to the homeowner’s advantage to stay put rather than switch.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, 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.The Motley Fool has a disclosure policy.

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Returning to work after you retire may be necessary for some people. Read on to find out what hidden costs you should be mindful of. [[{“value”:”

Some people view retirement as a finish line you run across after decades of hard work. But for some (depending on their budget), retirement is another leg of the race you run, albeit at a slower pace.

Some people unretire because they need to earn extra money, while others enjoy working on new projects and interacting with coworkers. Whatever the reason, recent T. Rowe Price data shows that 20% of retirees work full or part-time, and another 7% are looking for work.

But going back to work could cost you money in some unexpected ways. Here are some to consider if you’re a retiree thinking of returning to the workforce.

1. You might pay more in taxes

If you’re an individual and earn less than $25,000 annually, or are married, filing taxes jointly and have a household income of under $32,000, then you don’t have to pay taxes on your Social Security benefits.

Unfortunately, earning anything over those amounts could cost you. The IRS says you could pay taxes on between 50% to 85% of your benefits, depending on how much you earn.

If you want to earn income and still receive your maximum Social Security benefit, you should consider how much you’ll earn at your job and calculate whether your new position will take you over the threshold. About 40% of Social Security benefit recipients pay some federal taxes on them.

2. Your work expenses could add up fast

There’s no getting around the fact that working often costs employees money. Even if you unretire and work from home, you might have to get a new computer, spend money on your home office setup, or even upgrade your home internet service.

And retirees who go back to work in person likely have even more expenses. A 2023 Owl Labs report showed that 66% of workers who go into the office spend an average of $51 more per day than those working from home.

The two biggest daily expenses were pet care and lunch. While your costs may vary, it might be wise to calculate the credit card hit for those expenses before returning to work.

3. You may pay to commute

If you have to commute to work, it’s going to cost you some cash. The average American spends $1,249 annually on fuel and vehicle maintenance.

And then there’s the time it takes to get to and from the workplace. According to Clever Real Estate, the average employee spends 200 hours per year commuting.

A recent Resume Builder report showed that 90% of U.S. companies will have a return-to-office policy by the end of 2024, but many of them also offer hybrid schedules. So even if you find a remote position soon, it might be a good idea to ask what the hybrid work policy is.

4. Your healthcare costs might go up

Many retirees rely on Medicare after they stop working, but if you rejoin the workforce, your premiums could potentially increase.

For example, Medicare Part B premiums cost $174.70 per month if you’re an individual with a modified adjusted gross income of $103,000 or less, or filing jointly with a household income of $206,000 or less.

Earning more than those thresholds will likely push you into a higher-priced tier. The next-highest amount you could pay is $244.60 per month, and it continues to go up from there.

5. You may receive reduced Social Security payments

A significant drawback for some people considering unretiring is that their current Social Security payments could be reduced.

The Social Security Administration (SSA) says that if you haven’t reached full retirement age in 2024, your benefits will be reduced by $1 for each $2 you earn above $22,320. If you reach full retirement age in 2024, the SSA will deduct $1 for every $3 you earn above $59,520 until you reach full retirement age.

The good news is if you’ve already reached full retirement age and go back to work, you can earn as much as you want and still keep all of your benefits.

If you’re deciding whether to return to work, spend some time calculating the additional expenses you might have to pay, potential tax increases, and reductions in your Social Security benefits. Doing so could help you determine what jobs might be the best option and how many hours you should work each week.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, 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.The Motley Fool has a disclosure policy.

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An emergency fund is a great way to prepare financially for the unexpected. Learn why $1,000 is a great savings goal to start with as you establish your fund. [[{“value”:”

Having extra money saved can make a big difference in your financial health. You never know when an unexpected bill will come your way, and having the funds needed to pay it can reduce your stress and allow you to avoid debt.

What if you can only afford to save $1,000? That’s great! Find out why having $1,000 in your savings account is much better than zero.

Is $1,000 enough to prepare for emergencies?

You’ve likely heard financial experts recommend having an emergency fund. That’s solid advice. Having extra money in the bank can make it easier to navigate stressful situations like a surprise medical bill or unexpectedly needing to replace your refrigerator.

Without money in the bank, you may have to resort to using a credit card to cover unplanned expenses, which could put you at risk of racking up credit card debt — especially if you’re already in a difficult financial situation.

But what if you only have $1,000 saved up? Is that enough to protect yourself financially? First, if you have $1,000 in your emergency fund, that’s fantastic news. It takes a lot of hard work to save that much money, and you should be proud of yourself.

While $1,000 is likely not enough to cover several months of living expenses, it should be enough to cover an unexpected expense or bill that comes your way. Having $1,000 in your savings account puts you at an advantage and can give you greater peace of mind.

Whether you have $100, $500, or $1,000 saved, it’s important to remember that any money saved is a huge win for your finances. A $1,000 savings fund is a great place to start. Remember, you can always continue saving, so you’re even more prepared.

Do this to boost your emergency fund balance faster

If you’re looking for a way to boost your $1,000 emergency fund, you’re in the right place. Making regular contributions to your savings account is the best strategy. But that requires you to remember to set aside extra cash. Do you sometimes forget to save? You’re not alone.

I recommend automating the savings process. You can set up automatic transfers so money is transferred from your checking account to your savings account as often as you’d like. Doing this can save you time and ensure you stay on top of your savings goals.

One more tip: Keep your extra cash in a bank account that earns interest. One popular option is a high-yield savings account. These accounts are earning APYs of 4.00% or more. As your money sits in the bank, you can get rewarded by earning interest.

No savings goal is too small

If you’re reading this and have yet to establish an emergency fund, don’t fret. It’s never too late to start saving, and it’s OK to begin with a small goal. Whether you want to save $300, $500, $1,000, or more, the most important part is that you’re taking steps to prepare financially.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, 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.The Motley Fool has a disclosure policy.

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With the right strategy, you can grow your money beyond your wildest dreams. Read on to see how. [[{“value”:”

Many people are putting cash into certificates of deposit (CDs) these days to grow their money into a larger sum. And if you’re looking for an easy way to earn some interest over, say, the next year or so, then a CD is a good bet. A 12-month, $1,000 CD at a 5% APY will earn you $50, giving you $1,050 in total.

But if you have $1,000 to your name and you’re a bit more patient, you can actually grow it into $45,000.

Great results take time

If you have $1,000 you don’t expect to need or use anytime soon, then investing it could mean turning it into a much bigger pile of cash. But to be clear, if you want to grow that money substantially, you need to keep it invested for a long period — decades, in fact.

Now at first, the idea of turning $1,000 into $45,000 may not seem believable. But it’s possible if you do two things:

Invest that $1,000 over a 40-year periodGenerate a 10% annual return in your investment portfolio during those 40 years

That 10% annual return isn’t a random figure, though. It represents the stock market’s average annual return over the past 50 years. And it’s important to realize that 10% return accounts for years when the stock market did great, and years when stocks tanked.

But the numbers don’t lie. A $1,000 investment left to grow at 10% per year over 40 years will be worth $45,000 at the end of the day. So if you like the sound of that, then you may want to start investing your money as soon as you can.

How to invest $1,000

If you’re new to investing, you may not know how to start. There are two aspects you’ll have to tackle — where to put your money, and what investments to put it into.

For the first, if you’re investing for retirement, then you may want to choose an IRA over a regular brokerage account. With a brokerage account, there are no restrictions. You can access your money at any time and for any reason.

With an IRA, there are generally penalties for accessing your money before age 59 1/2, with limited exceptions. But the money you contribute to an IRA also goes in tax-free. And if you make money in your IRA year after year, you’re not taxed by the IRS year after year like you are with a brokerage account.

You only pay taxes when you take your withdrawals during retirement. So if you’re willing to part with your money, then investing in an IRA could be a smart move.

Now, let’s tackle how to invest $1,000. You could buy a whole bunch of different stocks across a variety of market sectors. But if that’s not within your comfort zone or you don’t want to do the work (which is perfectly OK), then another option is to put your money into an S&P 500 ETF (exchange-traded fund). That way, you’re essentially investing in the 500 largest publicly traded companies across the stock market.

Any time you invest money, you want to make sure your portfolio is diversified. But an S&P 500 ETF accomplishes this for you because, again, you’re investing in hundreds of companies at once.

A $1,000 investment can go a long way if you give it enough time. While a lot of your friends may be taking $1,000 and using it to open CDs, a better bet for you may be to put that money to work in the stock market so you can grow it into a bigger pile of cash.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, 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.The Motley Fool has a disclosure policy.

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