Why Get a Walmart Credit Card?

Walmart provides two types of credit cards including Walmart Credit Card and Walmart Master Card. Walmart Credit Card is a store card that can only be used at certain stores including Walmart, Walmart.com, Murphy USA and Sam’s Club. On the other hand, Walmart MasterCard is a card that can be used to earn cash back rewards anywhere where MasterCard is accepted.

Both cards feature the 3-2-1 save rewards program which allows you to enjoy some savings on your purchases every day. If you shop online at Walmart.com, you can save 3%. If you purchase your groceries online, you have to go to the local store to pickup afterwards. You earn 2% cash back when purchasing gas at the Walmart gas stations or Murphy USA. The standard 1% cash back applies when you spend it on purchases at other stores.

To qualify for the 3-2-1 save rewards program, your credit account must be in good standing. The cash back is disimbursed to the customers in the form of a statement credit in the following month. For example, if you earn $10 rewards this month, they will send you a $10 statement credit in the following month. If you want to receive the statement credit, you must settle your balance in full every month and not wait until it is past the due date to make the repayment. The rewards do not expire.

Both cards are also offering a signup bonus program. In the signup bonus program, you can receive a $25 cash back when you spend $25 on the first purchase. If the card is applied at the Walmart store, make sure the first purchase is made in the physical store on that day. If the card is applied online, the first purchase must be made online in order to enjoy the perk.

The cards are issued by Synchrony Bank. They have a rather high interest charges starting from 18.40% – 23.40% based on your creditworthiness. Walmart credit cards are designed for people with poor credit score below 630. It did state in the statement credit that it does not anticipate to accept a lot of applicants at low interest rate. Both cards have no annual fee and are covered with a $0 fraud liability.

You can add additional users to the card for free of charge. If you login into your account, you will be able to check the free FICO credit score. Walmart MasterCard is different from Walmart Credit Card in that it offers special financing options of 6 months, 1 year, 18 months and 2 year. Walmart credit card is ideal for people who do a lot of online shopping at the Walmart.com. The disadvantage is that it does not offer any special reward when you shop at the physical Walmart store.

Learn More About How Credit Unions Help With Short Term Loans

Credit unions signature loans are best for consolidating high interest debts because of their low-interest rates. Credit unions signature loans usually feature interest rate starting from around 7%. The fees that they charge are also considerably lower than bank charges.

There are various types of credit unions such as community, college, group, military and federal credit unions. Each type of credit union has their own requirement in joining the membership. In most areas almost everyone can join the credit union, although certain credit unions will have some restrictions. There are a few requirements to fulfill, for example, be employed at a certain company, or live in a certain area or study at a certain college/university. You may be required to open a savings/checking account to fulfill the membership criteria. There may also be a small membership fee to pay.

Credit unions strict stricter eligibility criteria. They don’t have so many procedures to follow when checking your loan application. It takes only 1 week or so for them to check your signature loan application and approve it. They also can release your funds fast for example in 1 – 2 weeks after the loan get approved. If you get rejected by the bank for a loan, you can go to a credit union and submit your application. There is a higher chance of loan approval when you apply at a credit union.

Credit unions put emphasis on good customer service. It is easier to ask for an appointment with the manager and discuss with him your financial issues. For example, if you have a poor credit score, the manager would be willing to discuss with you and arrange for a favorable interest rate and repayment term.

You can get awarded with a loan easily when you have good credit history. You can try applying with 1 – 2 credit union for the signature loans. This can prevent too many credit inquiries to be made on your credit report. Performing too many credit inquiries can minus a lot of points in your credit score. Before applying, always check with them the interest rate as well as the fees that you are responsible for paying. This allows you to calculate the estimate cost and decide whether it is worthwhile for consolidating your debts.

When you get the funds, you can use it to pay back your creditor. You only have a single payment to make when you consolidate your debt with credit union signature loan. The most important thing is to pay back the credit union every month by the due date. As you promptly clear the monthly repayment, your credit score will also slowly increase. In the mean time, you should stop spending money on your credit card or apply for additional loans until you pay off the debt consolidation loan.

Short Term Lending in California, what Has Changed Since President Trump was Elect

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that put heavy requirements on short term lenders believing they are responsible for the many low income borrowers who have fallen into the debt trap. Payday loans lenders argued their existence is beneficial to people who have urgent financial needs. Before CFPB regulates the payday loan industry, the state of California has already put forward regulation by setting interest rate caps to prevent lenders from charging exorbitant interests on the customers.

The Operation Choke Point was recently launched to prevent banks from doing business with businesses with high money laundering risk like payday lenders. These regulations did not really pose any crisis to the payday loan industry and many of these lenders continue to operate up until the CFPB proposes the regulation. According to the report of the Center for Financial Services Innovation, the payday loans industry is declining with the payday loans volumes facing an 18% drop.

With the 18% drop in the payday loan volumes, the revenue from the payday loans have also dropped by 30%. Over 500 payday loan shops have been closed down last year. The closing down of the payday loan shops have also caused unemployment for many people. Trump’s administration is attempting to undo the new payday loan regulations established by the CFPB. One of the republicans, Hensarling has criticized the head of the CFPB, Richard Cordray as misusing his authority to restrict the access of consumers to funding from banks and other lenders.

CFPB is accused of violating the separation of power of the US Constitution and reducing the president’s authority. Many people have accused the CFPB of not offering adequate protection for consumers even though it seems to be helping consumers to recover their money. Despite that, President Trump has not made any attempt to fire him. Trump claimed that Dodd-Frank is leaving a negative impact on the economy and eliminating it can increase the economy growth by 4%. The pledge on eliminating parts of the law is to be a priority on Trump’s regulatory reform.

Dodd-Frank has make it hard for banks to grow and offers more financial products. Community banks are the ones that are most affected by the regulation. At least 25% of community banks have closed down because they are unable to keep up with the requirements of the regulation. Trump administration will target on the Volcker Rule which is preventing banks from earning enough profits. Rep. Several people can be of help in eliminating the CFPB’s regulation, for example Rep. Jeb Hensarling has proposed a bill to revoke the Volcker Rule. Ed Mierzwinski, the US Public Interest consumer director has also launched opposition against the Dodd-Frank’s payday loan regulation.

Refinancing Your Mortgage to Pay Off Credit Card Debt Drawbacks

Many people with high credit card debts choose to refinance their mortgage because they want to take advantage of the low interest rates. The lower interest rates means you can reduce your loan term and repay all your debts within a shorter timeframe. However, refinancing the mortgage also have other risks that you should consider.

One of the reasons why you should not refinance your mortgage for clear the debts you owe on your credit cards is that you can possibly lose your home when you fail to pay. The credit card company will sue you and put a lien on your house especially if you owe a huge amount of debt. It has the authority to foreclose your house to cover the cost of your mortgage.

The bank will keep all the proceeds from the foreclosure sale of your house. The bank can seize your assets in case the proceeds from the sale of your home in the foreclosure is not enough to cover your mortgage. You should look up your state housing finance agency site to find out what will happen if the foreclosure proceeds is insufficient to cover your loan.

Mortgage refinancing also cannot be acquitted through filling of bankruptcy like credit card debts in case you want to keep your home. You are responsible for fully committed in repaying the refinanced mortgage loan until it is completely paid off.

Mortgage refinancing also have expensive closing costs that is about 3%- 6% of your home value. Some of the closing costs are origination fees, and mortgage insurance. You can do some comparison on the various mortgage refinancing loans and their closing costs prior to making a decision.

Mortgage refinancing is considered as taking a new mortgage so you will experience a drop in your credit score. You are making the mortgage larger so it will definitely have a huge impact on your credit score although the effect is just temporarily. The increased mortgage will appear on your credit score and make it harder for you to obtain other loans.

It is getting harder to get approved for mortgage refinancing because of the strict rules set by the bank. Banks are now stricter and more selective due to the crash in the housing industry. It is hard to qualify for it if you have an average credit score. The ideal credit score is 720 and above in order to get the lowest rate that the bank advertise.

The process of applying for the mortgage refinancing loan is complicated and requires the filling of a lot of paperwork. Some of the different types of paperwork that you are to submit include pay stubs, loan statements, and income tax returns. The loan officer also have to go to your house to survey it and give his appraisal on the value. It will take at least a few months to get approved for mortgage refinancing.

What Steps You Should Take Once You Pay Off Your Mortgage

Paying off your mortgage is definitely a joyous time in your life. You now have one less major financial obligation and you now own your home free and clear. Of course you still have obligations as a home owner such as property taxes, maintenance, repairs, and of course home owners insurance must still be maintained. After you close out your mortgage you should of course notify your county that you own your home free and clear now. There are several other things to consider once your mortgage is finally paid off, which I will outline below.

paying off your home mortgage

paying off your home mortgage

Satisfaction of mortgage statement:

This should be the first thing on your to do list. You should receive this automatically after you have paid off your mortgage but there are cases where this does not happen. Your bank or lender should also provide you a copy of your mortgage note. If three to four weeks have passed and you have not received this important paper work do call your lender to inquire as to when you will receive them.

Make sure your mortgage papers are filed with the county:
While most lenders will file the satisfaction of mortgage statement with the county you live in some will not do so, in which case you will need to do so yourself. These papers should be filed with your counties register of deeds office or recorder of deeds office as it is sometimes called in some parts of the country. You should ask your lender when you close out your mortgage if they will be doing this on your behalf or if you need to do it yourself.

Escrow balance:
Most people have paid into an escrow account to cover their property taxes and homeowners insurance. It is very common for people to still have a positive balance at the close of their mortgage. You should contact your lender and inquire if you still have a positive balance and if so when you will be expecting the check to arrive in the mail.


If your mortgage was set to auto-pay do make sure that the bank has shut this option down, mistakes have happened in the past where this was left on. Needless to say this can cause quite a few problems.

Homeowners Insurance and property taxes:
Most people have these rolled into their mortgage. Now that your mortgage is free and clear you will be responsible for this. You will now need to contact the county and make sure they know to send you the property tax bill directly to you. You also need to contact your homeowners insurance company to have them directly bill you. You should also factor these both into your new budget. You cannot avoid property tax, although technically you can skip out on homeowners insurance I would not recommend that. Be aware that rates and taxes do have hikes so make sure you have about 10% more than this total cost in your savings account to adjust for any rate hikes.

Cheaper homeowners coverage:

Your bank may have required a higher policy than you actually need. This is often the case so you should contact your homeowners insurance company to discuss your current policy and what other options you have. Be sure to ask the specifics as to what any new plan may or may not cover then make an informed choice.

New budget:

Now that your mortgage is paid off you will have substantially more care cash flow. You will need to figure out what you plan to do with your new found cash flow. I often advise clients to start investing this money and making this money work for you in what I like to call “putting dollars to work”. I also advise clients to put a portion of this money away into a rainy day fund for home repairs and the like. If you start spending it right away you may never break yourself from the habit, so I recommended starting to save some of it right away.

How To Consolidate Debts By Using Peer to Peer Loan Lending

Today’s Lending Alternative

The lending practices at work in today’s banking systems are less than ideal for borrowers. Additionally, the volatility of the today’s economy makes investing and lending anything but stable once you begin to consider interest rates and the value of the dollar. In order to avoid the risks and pitfalls that exist, people are turning towards peer-to-peer lending as a safer alternative to traditional banking and investing. These borrowing and investing systems are allowing people to consolidate debt and pay off loans and credit card bills using completely revolutionary methods.

Unlike the traditional avenues of financing for paying off loans and consolidating debt, peer-to-peer lending allows families and individuals to receive money without having to meet unrealistic financial qualifications. These practices are being carried out using online resources such as Lending Club, Zopa, and Prosper. Using these websites, borrowers can secure lower-interest loans through social media at a critical time. Despite the unorthodox approach to borrowing, people still have to abide by some general rules for lending.

Peer-to-peer lending generally takes the form of a three-year loan and is still subject to the credit score of the individuals applying for the loan. On average, these loans range anywhere from $1,000 to $25,000 per lender. Depending on factors such as credit history and the size of the loan, the interest rate can be as little as 7 percent or as high as 20 percent for each loan. However, there is always one distinct advantage for borrowers. The interest rate on the loan is always lower that that being offered on the loan that they are planning to consolidate. The result is a financial transaction in which the borrower almost always saves money.

These kinds of loans also vary from traditional loans in that there are fewer restrictions on the money. Borrowers can use the money for a huge number of enterprises that extend well beyond debt consolidation. Borrowers have turned to peer-to-peer lending for everything from new businesses to medical bills. If the need is legitimate, then there is a way that the financing can be made available on some level. However, the vast amount of loans being made are given to families who are in the process of paying down credit-card debt. This fact remains consistent with all three of the social-lending sites mentioned above.

People apply for the loans by first creating a profile and posting a range of personal information that includes financial data. Individual lenders can then browse the online profiles and choose which loans they would wish to finance. The lender can also fund the loan in whatever amount and increment that they desire. Lenders can contribute the entire amount of the loan or provide a minimum of funding at $50 per month.

Avoid Bank Fees With Helpful Tips and Advice Thats Easy To Follow

If you have a checking account that has lots of fees you are not alone. Millions of Americans are feeling the burden of checking account fees. Take, for example, non-bank ATM fees, which can actually hit you twice – one from the ATM’s company and another from your bank. It is not uncommon to face fees of 6 dollars or more for using an ATM that is not part of your bank’s network. About three out of four banks charge this fee. Another fee some banks charge is for every check written in excess of 10 checks a month. Then of course there are overdraft fees, which have greatly subsidized the bank’s cost for offering those free checking accounts so many take advantage of. Did you know that overdrafts ended up costing Americans over $24 billion in 2013? Some banks also charge a small fee every time you use your debit card. Every fee you pay is less money in your checking account. Even if the fees are small, they add up quickly, and by the end of the year it can be a hefty chunk of money. That money is better spent or saved elsewhere than it is helping to increase your banker’s profit margin.

Some people think that an interest-bearing checking account will earn them money, but they neglect to consider the cost of owning these types of accounts. While not every bank has costs associated with them, most do. For example, interest bearing accounts tend to have high minimum balance requirements to them (generally in excess of $5000), and if you should happen to dip below that minimum most banks will assess you a fee. The average monthly service charge for these accounts is around $12.00, so unless you are sure you can always maintain a high balance, you will likely lose money on an interest bearing account. You could opt to sign up with an online bank, which generally do not charge fees, but you may still be required to carry a high balance. The fees for interest-bearing accounts can be quite high and offset the paltry interest you will gain, which is typically around 0.01% to 0.05% for brick and mortar banks and between 0.50% and 0.25% for online checking accounts such as through Bank5 Connect.

Banks tend to offer a few options when it comes to checking accounts, so you should visit the bank’s websites to compare the various checking accounts they offer, and the associated fees and perks for each account type. Some accounts might, for example, offer free checks, but have a fee for keeping the account open. If you are like many of us who tend to pay bills online, it may be cheaper for you to simply buy a pack of checks from a check company or your bank directly. Some banks waive certain fees if you agree to go with paperless account statements. Make sure the bank you choose provides the services you require without a fee, or if there is a fee, that it is set at a reasonable amount. Some banks charge for things such as duplicate statements, a cashier’s check, and stop payment requests.

Free checking accounts are a good option, but should be aware that most free checking accounts are not really free, and in some way you are technically paying for the account. Paying for that account could be as simple as you maintaining several accounts with the bank in question, such as Certificate of Deposits (CDs) and a line of credit, such as a credit card issued by your bank. Free checking accounts might also have a minimum balance requirement, which means you are giving the bank a free loan with your money since the account will not be paying you interest. You also need to be aware that free doesn’t mean there can’t be other fees associated with the account. The bottom line is read all the fine print and choose the best account for you with the lowest possible fees.


Here are some tips for avoiding fees with a free checking account:

• Using only Bank ATMs and ATMs within your bank’s network.
• Go with paperless account statements, as this often waives certain account fees
• Avoid accounts with maintenance fees and service fees
• Avoid over-drafting your account or bouncing any checks resulting in a non-sufficient funds (NSF) fee
• Set up overdraft protection by linking your account to a saving account, a credit card, or a line of credit with your bank to avoid any overdrafts.
• Going with an online bank’s free checking account. Most online banks carry little (if any) fees outside of NSF fees which are avoidable.
• Avoid banks that add a fee for every debit purchase, as many banks are now adding these small fees to make up loss of other fee income due to law changes.
• Consider opening a checking account with a credit union or a community bank, as these banks tend to have very little in the way of fees.