Digital-first financial services are the wave of the future: all of the money management, none of the getting off the couch.
One of the earliest players and a leading company in the branchless banking game is Chime, a financial technology company founded in 2013 by Chris Britt (current CEO) and Ryan King (current CTO).
Like other online banking options, Chime offers many of the most important features of a traditional deposit account with a much leaner fee schedule — and even has a savings account option that bears a much higher interest rate than a typical savings account.
Chime has become increasingly popular even though a summer 2021 controversy has yet to play out. Nearly 1,000 complaints were lodged with the Consumer Financial Protection Bureau after Chime abruptly closed hundreds of accounts. Chime said the closures were related to COVID relief fraud but the issue has not been publicly resolved. Pro Publica reported on the situation in July and The Penny Hoarder is watching for resolution.
Chime Review: Accounts
In this review conducted in late 2022, we look at both the Chime’s checking and savings accounts, considering the details you will need to decide if you want to sign up. Chime offers one “checking account” option, called the Chime Spending Account. Every Chime member starts with this account.
If you open a Chime Spending Account, you also have access to a Chime Savings Account, an FDIC-insured savings account with automated savings features, high APY and no fees.
Chime Checking Account
Best for Simple, Fee-Free Checking
Key Features
No monthly fees
Cash deposit via Green Dot
Fee-free overdraft options
Chime’s checking option is the Spending Account. It’s a pretty basic product: A non-interest-bearing deposit account linked to a debit card. It works like most traditional checking accounts, and includes fee-free overdraft options and access to a credit builder account if you want it.
Chime Checking Account
Minimum balance
$0
ATM access
60,000-plus free ATMs2
Prime perk
Get paid up to two days ahead with direct deposit3
More Information about Chime Checking Account
With a Chime Checking Account, you get:
Visa debit card: Use your Chime debit card for point-of-sale transactions, ATM withdrawals and Green Dot cash deposits.
Mobile deposit: Deposit any check into your account by snapping a photo with the Chime smartphone app. How easy is that?
Cash deposits:You can deposit cash into your Chime account at more than 75,000 retail locations with Green Dot, which is a feature many online banks don’t allow.
Peer to peer transfers:Send money directly from your Chime account to friends and family, whether they use Chime or not.4
SpotMe® overdraft protection:This fee-free overdraft protection feature is available if you’ve received total monthly direct deposits of $200 or more in the last 34 days. If you spend more than you have in your account, Chime will cover the difference, starting at a limit of $20 and increasing up to $200 or more depending on your account activity. You’ll repay the overdraft amount out of your next deposit.5
Bill pay:Pay rent and bills directly from your account through ACH transfer by giving companies your Chime routing and account numbers. Or mail a paper check using the Chime Checkbook feature.
Pro Tip
Check out our current list of bank promotions for a chance to earn a cash bonus when you sign up for a new bank account.
Chime Savings Account
Best for Automatic Savings
Key Features
Cash rewards for saving
Automatic savings features
No minimum or maximum balance
The Chime Savings Account comes with no fees, balance minimums or maximums on interest, and it gives you access to automated features to make setting aside money painless. The Savings Account earns interest at a rate of 2.00%1 Annual Percentage Yield (APY), with no minimum deposit required. Chime Checking Account is required to be eligible for a Savings Account.
Chime Savings Account
APY
2.00%1
ATM access
60,000-plus free ATMs
Prime perk
Auto save with 10% of each deposit going to savings
More Information about Chime Savings Account
Anyone with a Spending Account has the option to add a Savings Account.
Automated savings features include:
Round ups: Anytime you make a purchase with your Chime debit card, you can automatically round up transactions to the nearest dollar and stick the digital change into your savings account.
Save When I Get Paid: Automatically transfer 10% of each deposit or payment received (of $500 or more) into your savings account.
Unlike some online accounts, Chime doesn’t make it easy to set specific savings goals or to further personalize your accounts by purpose. You also cannot deposit money directly into your Chime Savings Account; it has to be funneled through your Spending Account.
The Chime Savings Account is a federally regulated savings account, so it’s subject to any definitions or restrictions set by the Federal Reserve, including potential withdrawal limitations.
Other Chime Products
Aside from a simple checking account and savings account, Chime’s offerings are fairly light. It doesn’t offer any lending, credit cards or investing, so you’ll have to work with different institutions to cover those.
It does offer a fairly unique credit builder account connected to the Chime Credit Builder Secured Visa Credit Card.
You can open an account with no credit check and pay no annual fees. You’ll just make a deposit of any amount (no minimum), which becomes your credit limit. You spend on the card like any other Visa credit card and repay the balance with the money in your Credit Builder account, and your activity is reported to credit bureaus to build your credit history.
Chime Fees
Chime goes easy on the fees, which means:
No monthly fees for account maintenance.
No minimum balance requirement.
No foreign transaction fees.
No opening deposit requirement.
No fee for SpotMe overdraft protection and no additional overdraft fees.
No fee to send paper checks with Chime Checkbook.
No ATM fees when you use in-network ATMs.
You can withdraw cash from more than 60,000 fee-free ATMs in the U.S. through MoneyPass and Visa Plus Alliance ATMs.
You’ll pay the provider’s fee if you use an out-of-network ATM. And you’ll pay a fee to deposit or withdraw cash over the counter at Green Dot locations — Chime charges $2.50 for withdrawals, and you may pay a Green Dot fee, which could be up to $4.95 per transaction.
Chime Customer Experience
As with all online bank accounts, Chime’s convenience factor is relative: If you’re looking for the brick-and-mortar banking experience, you’re barking up the wrong (money) tree.
Because Chime is a technology company, its mobile app is easy to use and lets you manage your money on the go 24/7. If that’s what you’re looking for, Chime makes the grade for online checking accounts and savings accounts.
It also includes some features you won’t see from many of its online-banking competitors, including cash deposits, free overdraft protection, and early paycheck deposit.
Chime enjoys high ratings on both the Google Play Store and Apple’s App Store — 4.7 and 4.8 stars out of five, respectively.
The app makes it easy to access and interact with all of Chime’s banking features, including SpotMe overdraft protection, automatic savings options and easy mobile payments, which are made particularly simple for transactions between Chime users.
Through the app, you can:
See your Chime Spending and Savings account balances and transaction history.
Transfer money between Spending and Savings.
Deposit checks with mobile check deposit.
Locate in-network, fee-free ATMs.
Contact customer support.
Set up automatic savings and Round Ups for debit card purchases. A survey by the Federal Reserve Bank of Atlanta reported that Americans made an average of 68 payments or purchases a month in 2020, and 23 of those were debit card payments.
Transfer money to other Chime members with Pay Friends. The money transfers immediately.
The app doesn’t carry the wealth of extra features some other digital-first banks offer. Budgeting tools, for example, are a helpful way to reframe your finances, and banks of all types are increasingly working them into their suite of digital tools.
Chime, on the other hand, remains simplistic — which you might take as a positive or negative, depending on what you’re looking for.
Is Chime Right for You?
Chime’s suite of offerings and in-app tools are pretty lean, but could be a fit for you if you have relatively simple banking needs. Here’s our take on the best things and the not-so-best things about opening a Chime account.
Pros and Cons of Chime
We’ve rounded up the pros and cons of Chime to help you decide if this is the right option for you.
Pros
Fee-free money services
No overdraft fees, plus flexible protection
Get paid early
Cash deposits
Cons
No interest on checking
No small business banking options
No budgeting tools or financial services
No joint accounts
Frequently Asked Questions (FAQs) About Chime
Here are our answers to some commonly asked questions about Chime.
First off, Chime is not technically a bank but rather an online money management system. What makes a good financial platform or institution is different for everyone. Chime offers a fee-free spending account and savings account, higher-than-average APY, a credit builder card, a free ATM network and fee-free overdraft protection. Its features could be attractive to anyone, but may fall short if you want more comprehensive services, like lending, credit cards, investing or small business banking.
Is Chime a Legit Account?
Chime’s deposit accounts are held and FDIC-insured by its partner banks, Stride Bank, N.A. and The Bancorp Bank, both chartered and federally regulated banks in the U.S.
Can You Get Scammed on Chime?
Your money is safe with a Chime account. Chime uses a secure mobile banking platform that includes two-factor authentication, fingerprint authentication, transaction alerts, easy debit card freeze and Visa Zero Liability protection against fraudulent charges to your Chime Visa debit card. Its accounts are backed by partner banks, Stride Bank, N.A. and The Bancorp Bank, which offer FDIC insurance for your balances up to $250,000.
Chime’s mobile banking platform is secured with encrypted data, two-factor authentication and fingerprint authentication to keep strangers from accessing your account. And the platform gives you access to real-time transaction alerts and instant debit card freeze.
What Bank Does Chime Use?
Chime is a financial tech company that has partnered with Bankcorp Bank, N.A. and Stride Bank N.A. Chime offers accounts and cards, but is not a bank itself. It has an app and may seem like a bank, but its partners conduct the actual bank processes.
Dana Sitar (@danasitar) has been writing and editing since 2011, covering personal finance, careers and digital media. Information from former Penny Hoarder contributor Jamie Cattanach is included in this report. Freelancer Michele Becker contributed to this report.
*Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
¹ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October, 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.
² Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
³ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
4 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Checking Account, see your issuing bank’s Deposit Account Agreement for full Pay Anyone Transfers details. Please see the back of your Chime debit card for your issuing bank. See Terms and Conditions.
5 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
If you’ve had “sit down and do my taxes” on your to-do list for a little while, we’ve been there — tax season is not exactly something to look forward to each year.
If anything, it’s something most of us dread, wondering how to put everything together, how the rules have changed since last year, and perhaps most importantly, which digital DIY tax filing service we should use.
And if your response to that is, “Wait, there are services that could help me online?,” then this article is most definitely for you. DIY tax filing services like TurboTax, H&R Block, Cash App Taxes and TaxSlayer help you figure out what forms you need and guide you through the process—often for free.
In this article, we’re going to review TurboTax’s online filing services and tax software and see how it compares to the competition.
TurboTax: How Does It Work?
Perhaps the best-known of the digital filing options, TurboTax is the tax-focused baby of Intuit, the same company behind Mint and Quickbooks.
TurboTax is a perfect option for the taxpayer who wants everything from a full-service expert doing their taxes to someone who simply wants to use the guided software to input information on their own. The service even offers a free option that means you’ll pay nothing to file state and federal taxes — that is, if you’re filing a simple tax return, meaning one using only the IRS Form 1040.
And if you prefer things a little more low-fi, then you may want to invest instead in the TurboTax CD/download, which allows you to install the software on your computer. The cost of the Deluxe (and more) CD includes the tax preparation fee for one state and five federal e-filings, although you can prepare and print unlimited federal tax returns. (Although who wants to think about unlimited tax fillings?)
As you can see, TurboTax offers much to choose from and has four main pricing tiers, as of December 2022. Here’s a little more about how much they cost and what they offer.
Free Edition
The idea of free tax filing software sounds too good to be true, and that’s because it is — kind of. TurboTax’s free edition is great for those who only need to cover W-2 income, the Earned Income Tax Credit (EIC) and child tax credits. You can also import your hobby, personal property rental or personal item sales income from your Form 1099-K. But if your taxes include other categories, you may want to consider something a little more advanced.
Cost: $0
Deluxe
The Deluxe edition is the right choice for the person who doesn’t want to shell out that much more but wants help finding all the possible tax credits for them. The Deluxe TurboTax helps you search more than 350 tax deductions and credits to find the ones that fit for you. That includes homeowner tax breaks, charitable donations plus mortgage and property tax deductions. If you have additional education expenses or tax credits for dependents, you might want to go ahead and invest in Deluxe. This is also helpful when it comes to 1099-MISC income — i.e. earnings of an independent contractor like a freelance writer or Uber driver.
But if freelance work is your sole source of income, you’ll be better off using the TurboTax Self-Employed edition, which is described below.
Cost: $39 for federal filing, plus $39 per state
Premier
If you’re someone who has additional income from investments and rental property, then you may want to upgrade to the Premier version of TurboTax. You’ll get everything in Deluxe, as well as the ability to automatically import transactions from financial institutions, including stock and crypto activity, and look for more than 450 relevant tax deductions and credits. The system will also help you to note your gains and losses from crypto, if that’s a concern.
Cost: $69 for federal filing, plus $39 per state
Self-Employed
If the bulk of your income comes from a self-employed post, like online sales or professional services, then you may want to consider TurboTax Self-Employed. It works for industry-specific deductions and offers guidance for freelancers, independent contractors and small business owners.
You’ll also get the ability to upload your 1099-MISC forms with your phone and an audit assessment. TurboTax guarantees your maximum tax refund.
Cost: $89 for federal filing, plus $39 per state
Aileen Perilla/ The Penny Hoarder
TurboTax Live
For each of the products above, TurboTax lets you upgrade to TurboTax Live to get on-demand answers and a line-by-line review of your taxes by a tax expert — CPA or EA.
Cost: TurboTax Live comes in tiers similar to its DIY products:
Basic costs $0, including free state filing.
Deluxe costs $89, plus $49 for state filing.
Premier costs $139, plus $49 for state filing.
Self-Employed costs $169, plus $49 for state filing.
Features
No matter which tier works best for you — and there’s an easy, clickable questionnaire that helps you figure out the right product based on your tax situation — all TurboTax customers get access to a wide range of tools, guarantees and features.
Audit Support Guarantee
Say you’ve done your taxes through TurboTax and end up receiving an audit letter from the U.S. Internal Revenue Service. Here’s where the system’s Audit Support Guarantee comes in.
TurboTax will offer one-on-one support with a tax professional, through their Audit Support Center. This, however, does not mean that an expert from TurboTax will represent you in front of any tax authority. If the service cannot connect you with a tax professional, you will get refunded the purchase price—and even Free Edition users get a payment of $30.
Money-Back Maximum Refund Guarantee
TurboTax promises you the maximum tax refund — guaranteed. That means that if you find a bigger refund or smaller overall tax payment from another method, they will refund you the price you paid for access to their programs. (Again, free users can get up to $30.)
Mobile Apps for Apple and Android
If you’re someone who likes to do things on the go, you can even file your taxes through an app. TurboTax has options for both Apple and Android users. (Keep in mind—you may want to file them online so you can sit down and really go through your taxes.)
Refund Advance
One of TurboTax’s most unusual features may be the refund advance option of up to $4,000 with no loan fees, no credit impact and 0% APR. A few eligibility barriers apply: you’ll have to have a refund of at least $500 and can’t live in North Carolina, Connecticut or Illinois, for example.
But if you can apply, you could get the funds in as fast as a minute after the IRS accepts your tax return. You’ll have to get them by opening a checking account with Credit Karma Money and can, once accepted, almost immediately use your Credit Karma Money virtual debit card loaded up with the funds from your return. If you prefer to get your funds in direct deposit or a paper check, that will take 21 days or 28 to 42 days, respectively. It’s important to note that you’ll get about half of the actual refund you’re entitled to — for example, if your refund falls between $500 and $999, you’ll get $250.
Once the IRS distributes the rest of your return, you’ll receive the rest of the money into the Credit Karma Money checking account you’ve already opened.
Pay-With-My-Refund Options
If you anticipate having a high refund and want to pay for TurboTax with your refund instead of your bank account, that can be done. This service often comes with a charge—generally, users say they’ve paid $39.99. To do this, you’ll have to e-file your return and direct deposit your refund into a single account. It can only be used once.
Aileen Perilla/ The Penny Hoarder
Fees
To prepare and file your tax returns through TurboTax, you’ll pay a fee for the filing program or software, plus additional fees to file your state return. Here’s how that looks:
DIY online filing: Free to $89, depending on tier.
State filing fees: Additional $0 for free filing, $39 per state for paid DIY tiers, $49 per state for paid Live tiers.
TurboTax Live: Free to $169, depending on tier.
If you owe taxes after you file, you can pay with credit card or debit card through payment processors recommended by TurboTax. This generally comes with a fee between $2 and $4 per transaction for a debit card.
You can also use an electronic funds withdrawal to pay directly from your bank account—that is, if you’re e-filing your taxes. This is an option not all competitors offer; with other tax services, you’d have to go directly to the IRS to pay this way.
TurboTax: Pros and Cons
Now that we’ve laid out the basics of TurboTax’s features, what’s the verdict on its performance? Like all financial products and services, there are both pros and cons to using TurboTax.
Pros
Affordable: TurboTax’s tiers clock in at a lower price than similar tiers from competitors — though its free DIY service doesn’t cover as many filers as other options.
Ease of use: Filing with TurboTax is pretty comprehensive and user-friendly, according to user reviews. Its technology simplifies the process.
Comprehensive: The company has a product available for just about every filer, no matter your income or tax situation, or how hands-on or hands-off you want to be.
Customer service: TurboTax offers lots of support, including links to extensive support topics, as well as a community forum that lets you interact with other filers and tax experts.
Cons
Overwhelming user experience: TurboTax is super customizable, but sifting through its many product options can feel kind of overwhelming.
Lack of transparency: Your total TurboTax fees aren’t totally clear until you go through the tax prep process. That could mean wasted time if you end up wanting to look for a cheaper option.
No physical locations: TurboTax doesn’t offer in-person, brick-and-mortar offices like H&R Block. If face-to-face, personalized service is important to you, this isn’t your best option.
Who Is TurboTax Best For?
When it comes right down to it, most online tax preparation services are more alike than they are different.
TurboTax may be best for someone who wants custom tax help without going into an office and dealing with a live person. It’s also a good option if you’re looking for a truly fee-free line of advance tax credit so you can access your money ASAP.
Remember, you can always file for free, if you’re eligible, through the IRS portal. This service is available to filers who earned $73,000 or less in 2022, and the page also links to free fillable forms for earners at all levels.
Still comparison shopping? Check out our reviews of H&R Block and TaxAct before you make a decision.
Writer Elizabeth Djinis is a contributor to The Penny Hoarder, often writing about selling goods online through social platforms. Her work has appeared in Teen Vogue, Smithsonian Magazine and the Tampa Bay Times.
Figuring out and sticking to a budget isn’t super fun for most people, but it certainly is a smart way to handle your money.
The 50/20/30 rule is one of many budgeting plans that help us get spending under control. This plan works well for households where no more than 50% of the money coming in is spent on living expenses. As housing prices rise across the country, this is becoming more difficult for many Americans.
The 50/20/30 budget plan was popularized by U.S. Sen. Elizabeth Warren of Massachusetts, a bankruptcy expert and creator of the Consumer Finance Protection Bureau, and her daughter, business executive Amelia Warren Tyagi, in their co-authored book, “All Your Worth: The Ultimate Lifetime Money Plan.”
The book was published in 2006, prior to the Great Recession and the housing bubble burst. Since that time, income inequality has risen, and recently inflation has gotten out of control.
How to Use the 50/20/30 Budget Plan
Using this budget plan isn’t particularly difficult but will require you to assess monthly expenses in comparison with household income. The goal of the 50/20/30 budget is to break down your monthly after-tax income and focus your spending in three broad categories: Essential living (50%), financial goals (20%) and personal spending (30%).
While this budgeting method might have worked for many middle-income families when it was published, the number of households it actually applies to is shrinking. However, if you live in that sweet spot, the 50/20/30 budget can still be a great strategy to implement.
Essential Living: 50%
With the 50/20/30 budget, you should spend 50% of your income on essential living expenses. These can include:
Rent or mortgage
Utilities
Groceries
Car insurance and/or car payments
Phone and internet
Gas for your work commute
Credit card and loan minimum payments
Other: Bills that are essential and probably no fun at all. Examples include prescription medicine or daycare costs.
Let’s take a closer look at these numbers and see just why they can be so unrealistic for so many people.
The average American brought in $1,070/week in the third quarter of 2022 That averages out to about $55,650/year, or about $4,637/month before taxes.
According to Realtor.com, the average rent in October 2022 was $1,734/month across the top 50 metro areas. According to the USDA, a thrifty family of four can currently expect to pay over $967.70/month for groceries. These two expenses alone push you well above the 50% threshold for essential living expenses.
So if you have utilities? Car payments? Insurance or phone bills? If you’re the average American household — or, heaven forbid, lower-income — you can forget about it. The 50/20/30 budget won’t work for you because your basic expenses take up more than 50% of your take-home pay.
Financial Goals: 20%
Let’s say you are lucky enough to have your basic expenses account for 50% or less of your monthly take-home pay. You’d then want to look at your financial goals, allocating another 20% of your monthly budget to the cause.
Financial goals can include things like:
Investments: This includes your 401(k) and all other investments. Don’t have any yet? It’s never too late to start investing.
Savings: One of the biggest steps to financial health is having emergency savings so you don’t step backward every time an unexpected expense pops up.
Debt-reduction payments: This is for payments on your credit cards, student loans and any other debts that are above the minimum payment.
Personal Spending: 30%
This is the category that makes this budget work for the budget-averse — when they have a high enough income, that is.
Personal spending is all of the stuff you like to spend money on but don’t really need. And at 30% of your monthly income, that can mean a lot of freedom. These expenses can include things like:
Dining out
Vacations
Going out for movies or drinks
Netflix and other in-home entertainment options
Shopping for clothes, decor, etc.
Now, here’s where you have to get careful at higher income levels. Let’s say both you and your spouse pull in $200,000/year each. That makes your monthly household income about $33,333/month.
That means 30% of your monthly budget would be $11,111.
Could you spend that much on personal spending every month?
Maybe.
But odds are you’d really have to try. For high-income households, you’re probably going to want to readjust your percentages so they’re more oriented towards your financial goals rather than pursuing lavish expenses every single month.
Getting to a place where the 50/20/30 rule could work
Most people don’t fit into the 50/20/30 budget because their income is too low and their essential expenses are too high. If you find yourself in this boat, here are some things that can help on the saving money side:
And here are some ways you can side hustle to increase your income:
When the 50/20/30 Budget Works
This method works well for those within certain income limits who are new to budgeting, or are put off by rigid spreadsheets.
Splitting your expenses into these three broad categories will get you thinking about the value of your purchases, while providing flexibility as you find your frugal footing.
And by building discretionary spending into your financial plan, you’ll be able to enjoy what’s most important to you while you find places to cut spending.
When the 50/20/30 Budget Doesn’t Work
For some, the numbers simply won’t add up.
Maybe you have two jobs and still can’t earn double the price of rent in your area. Maybe your daycare options are limited. Or maybe your student loan debt eats up most of your paycheck.
For others, you may need to adjust the percentages if you make so much money that 30% on personal spending would be ridiculous.
What’s most important is that you zero in on eliminating debt and growing your personal wealth, regardless of the budgeting method you choose to use.
Pittsburgh-based writer Brynne Conroy is the founder of the Femme Frugality blog and the author of “The Feminist Financial Handbook.” She is a regular contributor to The Penny Hoarder. Former Penny Hoarder writer Tyler Omoth contributed to this report.
Saving $10,000 in one year may seem like a daunting challenge. It might feel impossible to save that much money. But imagine how beneficial it could be!
You wouldn’t have to worry about not having enough money in case of an emergency. You could take that luxurious vacation you’ve been dreaming about. You’d be so much closer to reaching your biggest financial goals, like finally paying off your student loan debt.
With the right game plan and discipline, saving $10,000 in a year is possible. We’ll walk you through how to make it happen.
A Realistic Approach to Saving $10K in One Year
Ten thousand dollars is a big number to think about, so let’s break it down into more digestible chunks.
If you want to save $10,000 in a year, you’ll need to save $833.33 each month.
That’s still a pretty big number to work with, so let’s break it down even further. You’d need to save $192.31 each week or $27.40 every day to reach your $10,000 savings goal.
Here’s another way to look at it: If you get paid every two weeks, you’d need to put aside $384.62 each time you get paid.
If you’re going after this savings goal with a spouse or partner, you can divide those amounts by two. You’d each need to save $416.67 each month, $192.31 biweekly, $96.15 weekly or $13.70 each day to save $10,000 in a year.
Keep Your ‘Why’ In Mind
Before you go about attempting this saving goal, it’s important to know the reason why you want to save $10,000 in a year.
Reflecting on why you want to save up $10,000 will help you keep pushing when you want to stop being disciplined and just blow all your money on a shopping spree.
An extra $10,000 in your bank account can help blaze your path to financial freedom. Maybe your emergency fund is low, and you want a bigger financial cushion to be able to fall back on. Or maybe you want to use the money to pay off credit card debt or student loans so you can be debt free.
Perhaps you need seed money to start a business, or you want to quit your job and travel around the world. This pot of savings could help you achieve financial independence.
Ten thousand dollars can also go toward a down payment for a home, a fabulous wedding or a new car. You can use it to complete a big home improvement project.
If you’re expanding your family, you could use that cash for baby expenses — or fertility or adoption costs. Or if you already have kids, $10,000 could go toward their college fund and future financial security.
Maybe you want to add an extra $10,000 to your investment accounts or retirement savings. Really, the options are endless.
What’s important is that you have a specific reason why you want to save $10,000 in a year, and that you reflect on that reason throughout your savings journey.
16 Ways to Save $10,000 in a Year
Now that you understand how to break up this financial goal and you have a firm reason for why you’re saving in the first place, it’s time to dig into all the steps that’ll help you save $10,000 in a year.
1. Use a Budget
To achieve an ambitious goal like saving $10,000 in a year, first you need full awareness of how much money you have coming in and how much you have going out.
Now is the perfect time to start a budget, if you don’t already have one. After you total up your monthly income, subtract all your monthly bills and expenses. Hopefully, you’re left with a positive number and not a negative one. That means you already have room in your monthly budget for saving money without taking any extra action.
However, if that number is low (or is negative) that doesn’t mean you won’t be able to meet your savings goal. The tips in this list will help you find ways to cut expenses, spend less and earn more, so you’ll have more money available to save.
2. Pay Yourself First
Too often, we save money by putting aside whatever cash we have left over at the end of the month or pay period. To truly win at saving, you have to prioritize it up front and pay yourself first.
Treat your savings mission like an important monthly bill you need to pay. At the beginning of the month or whenever you get paid, transfer money into your savings account before you have a chance to accidentally spend money. Better yet, set up an automated transfer so you don’t have to even think about it.
Remember, the goal is to be able to deposit $833.33 into your savings account each month, but if you don’t have room to do that with your current financial situation, don’t worry. Our tips on slashing your spending and boosting your income can help.
3. Use a Separate High-Interest Savings Account
To avoid tapping into your rainy day fund and derailing your goal, it’s best to put your savings in a separate account that you don’t regularly access.
A high-yield savings account is an account where you’ll earn compound interest on the money you save — at a higher rate than regular savings accounts or checking accounts.
If you typically get a large tax refund when you file your annual tax return, you’re withholding an excess of money from your paychecks. Some people refer to this as giving the government an interest-free loan.
By adjusting your tax withholdings, you can increase the amount of money in your paychecks — though you’ll no longer see those big tax refunds. Instead, you’ll be able to save that extra money each pay period to go toward your $10,000 goal.
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5. Track Your Spending
As you’re on this financial journey, it’s important to track your spending on a daily or weekly basis. Don’t wait until the end of the month to look at your checking account and discover you’re overspending.
Cutting back on your biggest living expenses can have a significant impact on your savings goal. Housing, transportation and food typically make up the bulk of monthly expenses for the average household.
Save Money on Housing
Downsizing or moving to a cheaper place is a drastic move, but big moves produce big results. If you want to cut down on housing costs without changing your current address, think about taking in a roommate or renting out space in your home on Airbnb.
Save Money on Transportation
Going from a two-car family to a one-car family can save you a few hundred dollars each month. Refinancing your car payment or trading in your set of wheels for a less expensive ride can also save you a significant amount of money.
You can also save money on transportation by doing your own car maintenance and using these tips to save on gas.
And don’t forget about your car insurance. Instead of wasting your time hopping around to different insurance companies looking for a better deal, you can use a website called EverQuote to see all your options at once. It could save you up to $610 a year.
Save Money on Food
Yes, you’ve got to eat, but chances are you could adjust your spending habits around food.
If you eat out a lot, start meal planning so you have food available when you don’t feel like cooking. Instead of going to restaurants with friends, host potlucks at your house. Look up copycat recipes to make similar dishes to the ones from your favorite restaurants.
Reducing additional recurring bills will help you funnel money towards savings. Here’s how you can in everyday life on things like utilities, cell phone, cable, internet and gym membership.
Save Money on Utility Bills
Cut the costs of your energy bills by adjusting your thermostat, changing filters regularly and sealing drafty doors and windows. Taking shorter showers, using water-saving faucets and running the dishwasher instead of washing dishes by hand can help lower your water bill.
These free TV apps let you watch shows and movies at no cost. Or visit your local library to check out DVDs of your favorite films or television series.
Save Money on Internet Service
Switching to a lower-tiered plan is one way to cut costs on internet service, but maybe you don’t want to sacrifice your internet speed. Check out the deals competitors are offering and consider switching to a different internet provider. Sometimes just calling your current company and letting them know you plan to switch may sway them into offering you a nice discount.
Reduce your entertainment costs and fill up your free time with free things to do. Spend time outdoors. Attend free events or festivals in your city. Explore a part of town you don’t often visit. Host a movie marathon or karaoke night with your friends at home. There are plenty of things you can do without spending money.
9. Barter for Goods and Services
Rather than paying for things you want or need, consider bartering. For example, you can stop paying to get your grass cut and ask a neighbor to do it in exchange for free babysitting.
If you think creatively, you might be surprised at what you can barter. Go beyond your immediate social circle and arrange a bartering exchange with people on Nextdoor or a local Facebook neighborhood group.
10. Join a Buy Nothing Group
Buy Nothing Groups are another way to get free items you need or want — without having to engage in any kind of exchange. Everything is offered as a gift or charitable donation.
Craigslist and Nextdoor are other platforms where local people offer up free items to their neighbors.
Before buying something new, check if you can get it for free first. Sometimes you’ll find items in great condition.
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11. Make Saving Money Fun with a Savings Challenge
You can start saving money today by participating in one of these challenges:
No-Spend Challenge: Ban all extra spending and don’t buy anything for a month (or more) unless it is essential. Or you could choose to focus your spending freeze on a particular online purchases — like not buying any new makeup or video games for the next 90 days.
$5 Challenge: Anytime you receive cash back from a purchase, put any five dollar bills you receive into savings. If you tend to swipe your debit card rather than pay with cash, you could transfer $5 from your checking account to your savings account each time you use your debit card.
Pantry Challenge: Skip your regular grocery shopping trip and challenge yourself to making meals using only what is currently in your pantry, cupboards and freezer. You might have to get creative!
12. Save Any Financial Windfalls
On your journey to save $10,000, you ought to save any unexpected sum of cash that comes your way. If you get a bonus at work, a nice tax refund or $20 from a scratch-off lotto ticket, put that money right into your savings.
13. Enlist an Accountability Partner to Keep You on Track
Having an accountability partner — someone who knows your savings goal and your reason for saving $10K — can help you commit to spending less money. Choose a friend, family member or even an online buddy from The Penny Hoarder Community who will check in on your progress regularly and will send you words of encouragement so you’ll stay motivated.
14. Celebrate Your Wins
Saving $10,000 in a year is a big goal. You deserve to reward yourself as you make progress toward financial success.
Perhaps you want to celebrate your personal finance goal every month or whenever you reach a milestone, like when you’ve saved $2,500, then $5,000 and then $7,500.
Just make sure however you choose to celebrate doesn’t derail your goal of saving money. Having a glass of champagne or a spa day at home are nice treats that aren’t expensive.
15. Bring in Extra Income
Sometimes cutting costs isn’t enough to meet a savings goal. Making money is another way to get you to the $10,000 mountaintop.
A combination of reducing expenses and making money will make this savings challenge much easier. Just think: Instead of needing to save $833.33 each month, you could plan to save only $400 and challenge yourself to earn an extra $433.33 each month.
Pick up Extra Hours at Work
If you work an hourly shift, ask your manager if you can be scheduled for more hours. Ask co-workers to call you to pick up their shifts on days when they’re unavailable to work.
If you’re a salaried employee, ask your manager about taking on more responsibilities for a pay bump.
Ask for a Raise
If you have a great track record at work, now might be a good time to ask your employer for a raise. Not sure how to start that conversation? Read our guide on how to ask for a raise.
Get a Better Paying Job
Sometimes the best opportunity to boost your salary is by getting a new job. Check out this story about a woman whose salary jumped 39% in a little over a year due to job hopping.
You can even use a job offer from another company to get your current employer to counteroffer with a higher salary.
Take on a Side Hustle
You can earn several hundred dollars a month picking up a side hustle in addition to your main source of employment. Scan this list of the best side gigs to find your next money-making endeavor.
Earn Passive Income
Passive income is money you make without having to put in much effort or time aside from what it initially takes to set up the income stream. You can literally earn money while you’re sleeping.
Check out these passive income ideas so you can earn supplemental income to go toward that $10K goal.
16. Sell Items Around the House
Another way to earn extra money is to sell unused items that are lying around at home. It could be anything from clothing and kids’ toys to sports equipment and furniture. These websites and apps are great places to sell things online so you don’t have to organize a garage sale.
Frequently Asked Questions (FAQs)
Here are the answers to three popular questions that tend to come up when people consider saving $10,000 in a year.
How Much Money Do I Need to Save $10,000 a Year?
You don’t have to earn six figures to be able to save $10,000 in a year. You just need to spend $10,000 less than the income you take in.
If you break it down to a monthly basis, you need to have a surplus of $833.33 each month. From a weekly perspective, you need to save $192.31 a week.
A combination of cutting expenses plus earning more money can really help you meet this savings goal.
How Can I Save $10,000 in 100 Days?
In order to save $10,000 in 100 days, you’ll need to save an average of $100 a day. That’s more than three times the savings effort of saving $10,000 in a year.
While it’s definitely more challenging, it’s not impossible to meet this goal. However, you’ll likely need to boost your income significantly while operating on a bare bones budget.
For inspiration, learn how The Penny Hoarder’s senior writer Robin Hartill was able to save $12,000 in 12 weeks to pay off debt.
What is the Fastest Way to Save $10,000?
The fastest way to reach your savings goals is to couple reducing expenses with earning more money. You’ll be able to save quickly if you can greatly reduce or eliminate your biggest expenses — for example, moving in with relatives to save on housing costs.
If you’re able to significantly increase your salary by getting a big raise or starting a better paying job, you’ll be able to save up money fast as long as you don’t give into lifestyle inflation.
Nicole Dow is a former senior writer at The Penny Hoarder. Senior writer Rachel Christian contributed.
SoFi is the brainchild of a few Stanford University business students who wanted to tackle the student loan debt issue in the United States by making it easier for borrowers to refinance student loans.
The founders later expanded SoFi’s focus to include several financial products and services, including online banking through SoFi Money. Currently, SoFi Money is now branded as SoFi Checking and Savings thanks to the company’s approval for a bank charter in early 2022. Today, SoFi offers many banking services with great benefits for consumers with or without student debt.
SoFI Checking Account Features
When you sign up for SoFi Checking and Savings, you open both a checking and a savings account and both are FDIC-insured with access to the same benefits from SoFi. SoFi does not offer standalone checking or savings accounts.
SoFi Checking Account
Best for SoFi Loan or Invest Customers
Key Features
2.00% APY
Up to 15% cash back from local businesses
No-fee overdraft protection up to $50
SoFi Checking and Savings covers nearly everything you need in an online bank account, with no monthly maintenance fees, a network of 55,000 fee-free Allpoint ATMs, no-fee overdraft protection up to $50, an aggressive APY for both savings and checking accounts, a cash-back debit card and an early payday with direct deposit. It connects with other SoFi products, so you can use it to automate investments or make loan or mortgage payments.
SoFi Checking Account
Monthly fees
None
ATM access
Fee-free at 55,000 Allpoint ATMs
Customer service
24/7 Virtual chat, Email, Twitter or by phone with limited hours
Prime perk
Up to 15% cash back with local merchants
More About SoFi Checking
SoFi has many attractive features as a checking account. Coupling a SoFi checking account with its other SoFi money accounts like automated investing and student loan refinancing can help consumers get the most out of the SoFi ecosystem.
You can earn up to 15% cash back at participating local retailers when you pay with your SoFi debit card, but unlike other credit and debit cards, SoFi does not offer a general cash back option for all your purchases.
SoFi checking accounts come with these transaction limits that could make it tough to use as a primary spending account:
Withdrawal limits: $1,000 per day total, $150 over-the-counter cash withdrawal
Peer-to-peer transfers: $3,000 per month
Point-of-sale (cash register) transactions: 12 per day
Point-of-sale spend limit: $6,000 per day
Still, a SoFi money checking account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts.
SoFi offers fee-free overdraft protection up to $50 as long as you receive at least $1,000 in direct deposits.
To open a SoFi Checking and Savings account:
Become a SoFi member by creating an account online or through the app with a valid email address.
Open a Checking and Savings account through your dashboard. You’ll need to enter your mailing address, phone number, birth date and Social Security number.
You can open an account with no minimum opening deposit and pay no account maintenance fees.
Set up direct deposit or a recurring transfer of at least $1,000 to qualify for overdraft protection.
More About SoFi Checking
SoFi has a lot of attractive features as a checking account. It might be most appealing to SoFi customers who use its other products, like automated investing and student loan refinancing.
You’ll earn up to 15% cash back at participating local retailers when you pay with your SoFi debit card, but SoFi doesn’t offer a general cash back option for all your purchases.
Unlike most checking accounts, SoFi accounts come with these transaction limits that could make it tough to use as your primary spending account:
Withdrawal limits: $1,000 per day total, $150 over-the-counter cash withdrawal.
Peer-to-peer transfers: $3,000 per month.
Point-of-sale (cash register) transactions: 12 per day.
Point-of-sale spend limit: $6,000 per day.
Still, your account gives you access to a debit card and gives you the option to order checks. Individual and joint accounts are available, which is rare among online banking accounts.
SoFi offers fee-free overdraft protection up to $50 as long as you receive at least $1,000 in direct deposits.
To open a SoFi Checking and Savings account:
Become a SoFi member by creating an account online or through the app with your email address.
Open a Checking and Savings account through your dashboard. You’ll need to enter your mailing address, phone number, birth date and Social Security number.
You can open an account with no minimum opening deposit and pay no account maintenance fees.
Set up direct deposit or a recurring transfer of at least $1,000 to qualify for overdraft protection.
SoFi Savings Account Features
When you sign up for SoFi Checking and Savings for your checking account, you’ll also get a free savings account. Here’s an overview of its savings features.
SoFi Savings Account
Best for Accessible Savings
Key Features
2.00% APY
No fees
No monthly withdrawal limits
A SoFi Checking and Savings membership comes with access to both a checking and savings account, and the perks apply to your balance on both accounts. When you sign up for direct deposit into either account, you’ll get up to 2.00% APY on both accounts.* And you can grow your savings automatically with goal-based vaults and round-ups from your debit card purchases.
SoFi Savings Account
Fees
None
Balances
No minimum or maximum
Monthly withdrawal limits
6
Prime perk
Up to 3.50% APY
More About SoFi Savings
Both SoFi Checking and Savings come with the same benefits so you don’t have to worry about which bucket your money is in.
You’ll earn 3.50% APY on a total balance across accounts as long as you sign up for direct deposit (with no minimum deposit requirement). If you don’t use direct deposit, you’ll earn 1.20% APY on all balances.
The downside to having your checking and savings seamlessly connected is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow.
The upside: The account structure makes your money more accessible through SoFi than in a traditional savings account, so you can build your savings knowing you can get to the money anytime if you need it.
Cash in SoFi Checking and Savings individual accounts is FDIC insured up to $250,000 and cash in SoFi Checking and Savings joint accounts is FDIC insured up to $500,000 through SoFi Bank, N.A.
More About SoFi Savings
Both of your accounts with SoFi Checking and Savings get the benefits, so you don’t have to worry about which bucket your money is in.
You’ll earn 2.00% APY on a total balance across accounts as long as you sign up for direct deposit (with no minimum deposit requirement). If you don’t use direct deposit, you’ll earn 1.00% APY on all balances.
The downside to having your checking and savings seamlessly connected is that your savings are easily accessible, which can make it easy to dip into that account instead of letting it sit and grow.
The upside: The account structure makes your money more accessible through SoFi than in a traditional savings account, so you can build your savings knowing you can get to the money anytime if you need it.
Cash in SoFi Checking and Savings is FDIC insured up to $250,000 through SoFi Bank, N.A.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Other SoFi Products
The most attractive benefit to signing up for a SoFi money account online is becoming a member of the greater SoFi money ecosystem.
SoFi members are anyone who uses a SoFi product, like Checking and Savings. As members, consumers get exclusive benefits like member-only financial planning events and member rate discounts on SoFi loans.
Personal Loans: Apply for a personal loan for things like student loan refinancing, credit card consolidation or home improvement. SoFi only offers fixed-rate personal loans for amounts between $5,000 and $100,000 with fixed rates as low as 7.99% APR. You can check the rates you may qualify for by creating a SoFi account and entering the amount you want to borrow. Checking rates with SoFi will not affect your credit score.
Mortgages: Take out a home loan or refinance an existing mortgage through SoFi with as little as 3% down. You’ll save $500 on mortgage processing fees for being a SoFi member. SoFi also facilitates home equity lines of credit, allowing members to access up to 95% or $500,000 of their home’s equity.
Investing: SoFi Invest is a brokerage account that lets you invest in stocks, ETFs and cryptocurrency right through the app. You can set up automated investing and let SoFi experts choose your portfolio for you or you can choose what to invest in. SoFi also offers Roth, traditional, and SEP IRAs to help you save for retirement. You can fund your SoFi investment account using a SoFi Checking and Savings account or an external checking or savings account.
Credit Card: The SoFi World Elite Mastercard is designed to help you achieve financial goals along with other SoFi products and accounts. You’ll earn 2% cash back if you redeem it to save into a SoFi savings account, invest through SoFi Invest or pay down a SoFi loan or mortgage. Or earn 1% cash back if you redeem the reward as a statement credit.
Insurance: Through SoFi Protect, you can be matched with affordable life, auto, homeowners and renters insurance. In most cases, you can apply and sign up online without speaking to an agent or facing a medical exam.
Career Services: SoFi members can work one-on-one with a complimentary career coach to pave a path toward career and financial success. Career coaches provide guidance on career transitions, networking, building a resume and LinkedIn profile, negotiating, and personal branding.
Financial Planning Resources: Members can make a free appointment with SoFi financial planners to get professional financial advice on anything from basic money management to retirement planning. SoFi also provides resources to educate you on debt, lending, money management, and investing, plus SoFi provides calculators to help you plan for borrowing and repaying debt.
SoFi Checking and Savings Fees
SoFi boasts no fees across their services and they mean it.
No third-party ATM fees
No monthly fees, like an account maintenance fees or minimum balance fees
No overdraft fees up to $50
No foreign transaction fee
No fee for a replacement card
No bill pay fees
SoFi covers foreign conversion fees
Fee structures are subject to change, but you can take comfort in knowing the lack of fees at SoFi is one of the most attractive features of online-only banking.
SoFi Customer Experience
SoFi offers online-only services, so you won’t find a brick-and-mortar SoFi branch or even any SoFi-brand ATMs.
Cash Management
Customers do all their cash management through the app or website, plus nationwide at SoFi’s network of 55,000 fee-free ATMs. SoFi Checking and Savings account holders have access to these basic checking account features:
Deposits: Set up direct deposit from your paycheck or recurring transfers from another bank account to automate your savings and grow your account balance. You can make cash deposits at participating Green Dot vendors with limits of $500 per transaction, $1,000 per day, $3,000 per week, and $5,000 per month.
Mobile check deposit: Still get a paper paycheck (or a birthday check from your aunt)? Deposit it from anywhere using the SoFi app on your smartphone or tablet with a camera.
Cash withdrawal: Use any ATM to take out cash when you need it with your SoFi debit card. You’ll pay no fees at more than 55,000 Allpoint ATMs nationwide and SoFi reimburses out-of-network ATM fees.
Digital payments: Link your SoFi checking account to PayPal or Venmo to receive payments.
Bill pay: Pay bills up to $10,000 per transaction directly from your SoFi checking account.
Mobile App
As an online-only institution, SoFi’s suite of digital tools is optimized for user ease and stacked with features like easy account transfers, bill pay and even budgeting tools.
SoFi banking happens primarily through the SoFi app, which is free to download for smartphones and tablets. Customers give the app 4.8 out of five stars in the Apple App Store and 4.0 out of five stars on Google Play.
The SoFi app lets you sign up for and access all SoFi products including Checking and Savings and free budgeting and money tracking tools.
Through the app, you can:
See your checking and savings account balances and transaction history.
Deposit money with mobile check deposit.
Transfer funds to and from a linked financial institution or between accounts.
Freeze and unfreeze your debit card.
Chat with customer support.
Monitor your TransUnion VantageScore credit score.
Connect other financial accounts to track your spending and savings in one place.
Access SoFi’s other financial products and services.
Customer Service
SoFi customer support is available through email, Twitter or by phone with limited hours.
Phone number: (855) 456-7634, available Monday through Thursday 5 a.m. to 7 p.m. and Friday through Sunday 5 a.m. to 5 p.m. Pacific.
Chat 24/7: Log into your account online or through the app.
Email: SoFi only provides an email for home loans: [email protected]
Is SoFi Right for You?
SoFi Checking and Savings could be a perfect replacement for your primary checking or money market accounts, plus a good fit for short-term savings and managing money you want to invest through SoFi.
SoFi could be a fit for you if:
You need access to SoFi’s other money products including loans, investing, career advice and free financial planning.
You have short-term savings goals such as vacation savings, home down payment, buying a car or holiday shopping
You receive a regular paycheck via direct deposit
You prefer to do your banking online or through a mobile app
SoFi might not be a fit for you if:
You prefer in-person service from local bank tellers or loan agents
You’re frequently or primarily paid in cash
You have no need for additional products and services like mortgages, debt consolidation, student loan refinancing or financial planning
You have a high volume of daily transactions, like if you travel or shop a lot
You need small business banking
Your savings goals are mostly long term, like retirement or college savings
Pros and Cons of Sofi Checking and Savings
We’ve rounded up pros and cons about SoFi Checking and Savings to help you decide if this personal finance company is right for you.
Pros
No minimum opening deposit
No maintenance fees
No overdraft fees
Free ATM access in-network
Slick app with a lot of features
High-yield accounts offering up to 3.50% APY
Cons
Restricting transaction limitations
No business banking options
No brick-and-mortar banking options
Frequently Asked Questions (FAQs) About SoFi
Here are our answers to some common questions about using SoFi Money.
Social Finance, Inc. (SoFi for short) is based in San Francisco and has been operating in the personal finance space since 2011. It is highly respected in the financial industry and loved by customers for its mobile-first and social approach to managing money.
The company maintains industry-standard security measures to protect users’ personal and financial information, including bank-level encryption and two-factor authentication.
The money in your SoFi accounts is FDIC insured up to $250,000 for individual accounts and up to $500,000 for joint accounts through SoFi Bank, N.A.
There are hardly any fees with most SoFi products. With a SoFi Checking and Savings account, there are no ATM fees, monthly maintenance fees, overdraft fees or foreign transaction fees. You won’t even pay to replace a stolen or lost debit card or to pay bills through the app, and SoFi covers any foreign conversion fees.
How Long Does SoFi Take to Deposit Money?
When you sign up for direct deposit into your SoFi checking account, you’ll have access to your money up to two days before your normal payday. SoFi releases the funds into your account as soon as the payer initiates the deposit, rather than waiting for the scheduled payday.
Yes, as of January 2022, SoFi operates a nationally chartered bank, SoFi Bank, N.A., a member of the Federal Deposit Insurance Corporation (FDIC). SoFi Technologies, Inc. also operates Social Finance, Inc., a financial technology company that produces the SoFi platform and connects members with third-party financial services and other benefits. Members who use SoFi Money, the predecessor to SoFi Checking and Savings, may still have money held by partner banks until transitioning to the new account.
SoFi is not compatible with Zelle. However, it offers its own peer-to-peer payments option that lets you send money to anyone in your address book. Recipients who also use SoFi will get the money instantly and others will get it in one to two business days.
*SOFI CHECKING & SAVINGS APY DISCLOSURE
SoFi members with direct deposit can earn up to 2.00% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.00% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rate of 2.00% APY is current as of 08/12/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Contributor Dana Miranda is a Certified Educator in Personal Finance®. She’s written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and a column for Inc. Magazine. She founded Healthy Rich to publish stories that illuminate the diversity of our relationships with work and money. Freelancer Kristin Jenny contributed to this report.
We know how incredibly easy it is to rack up credit card debt.
More than 50% of Americans carry a credit card balance, with 30% carrying more than $1,000 of debt or more month to month, 15% carrying $5,000 or more and 6% carrying $10,000 or more, according to a recent GOBankingRates survey. The ongoing pandemic and rising inflation have made it even harder for Americans to avoid going into credit card debt, with 45% increasing their overall debt since the start of the pandemic.
But here’s the tricky thing about credit cards: They only benefit you when you’re building credit and receiving perks — but not when you’re paying interest. If you’re paying a lot of interest on your balances, credit card companies are making money off of you.
Your cards are using you, not the other way around.
With average APRs (annual percentage rates) on new credit cards north of 16%, according to LendingTree, paying them off is a smart move. You can do it. And it’ll be worth it.
Tina Russell/The Penny Hoarder
5 Ways to Eliminate Credit Card Debt
Before you start your journey to becoming debt free, try to stop using your credit cards altogether until you can use them without putting yourself in financial risk. Though the specifics will vary based on your situation, we only recommend using credit cards if:
You don’t have any debt outside of a mortgage or student loans. (Mortgages and student loan debt are almost impossible to avoid nowadays.)
You have an emergency fund with three to six months of expenses saved. This is how much money you’d need to survive during that time period, assuming you have no income reaching your bank account.
You can pay off your credit card debt in full every month — not just minimum payments.
However you do it, make paying off your credit cards — and learning to use them responsibly — a high priority.
First, determine how much credit card debt you have. You can do this using a tool like Credit Sesame, a free credit monitoring service.
Then choose your weapons! We’ll go over five different methods, from debt consolidation loans to repayment strategies to settlement, for paying off your credit card debt.
1. The Debt Avalanche Method
Instead of looking at your debt in its entirety, we recommend approaching it bit by bit. By breaking your debt down into manageable chunks, you’ll experience quicker wins and stay motivated.
Using the debt avalanche method, you’ll order your credit card debts from the highest interest rate to the lowest. You’ll make the minimum payment on each of your credit card accounts, and any extra income you have will go toward the highest-interest card.
Eventually, that card will be paid off, and you won’t have to worry about that monthly payment anymore. Then, you’ll attack the debt with the next-highest interest rate, and so on, until all your cards are paid off.
2. The Debt Snowball Method
With the debt snowball method, you’ll order your debts from the lowest balance to highest, regardless of the interest rates on the cards. You’ll make the minimum payment on each of your credit card balances, and any extra income will go to the credit card with the smallest balance.
Starting with the smallest balance allows you to experience wins faster than you would with the avalanche. This method is ideal for people who are motivated by quick wins, but it has a downside: Those who choose it could end up paying more interest over the long term.
Here’s an example of how each method would work if you’re paying off four credit cards of varying balances and interest rates.
$654 with 0% interest
$5,054 with 15% interest
$2,541 with 23% interest
$945 with 17% interest
If you followed the avalanche method, you’d pay off card No. 3 first, followed by No. 4, No. 2 and No. 1. If you followed the snowball method, you’d pay off card No. 1 first, followed by No. 4, No. 3 and No. 2.
Choosing the right method comes down to deciding whether you’d rather get quick results or save money on interest. We encourage you to check a debt calculator yourself, so you can calculate what each method would cost you.
3. The Balance Transfer
If you have good to excellent credit (typically a FICO score of 670 or above) and can feasibly pay off your debt within a year, a balance-transfer credit card is a great option. Balance-transfer credit cards can save you money on interest charges by letting you transfer the balance of a card with a high interest rate to a card with 0% interest.
Most of these cards offer 0% interest for 12 to 18 months with no annual fee. They generally have a 3% to 5% balance-transfer fee, but you can easily find balance transfer cards with no fee. Higher credit scores help borrowers to qualify for a credit card with better terms.
Think a balance transfer card is the right move for your finances? We’ve put together a list of the best balance transfer cards currently available.
4. Take out a Loan
You might look at getting a loan to consolidate and refinance your debts.
If you get a loan with a lower interest rate and pay off your credit cards, that lower rate could potentially save you thousands of dollars in interest.
This is a realistic way to pay off credit card debt if you currently have little or no money to put toward it.
Let’s look at two options for debt consolidation here: A personal loan or a home equity loan.
Personal Loan
Online marketplaces will allow you to prequalify for a personal loan without doing a hard inquiry of your credit, so if you want to shop around, head there first. Shopping for personal loans online does not affect credit scores.
A personal debt consolidation loan is a good idea if you have decent credit and can manage the repayment plan that accompanies the loan. Whereas credit cards offer revolving credit, meaning you can continue to borrow and just make minimum payments, a debt consolidation loan will have a predetermined repayment plan with a set schedule of payments.
A debt consolidation loan is similar to a balance transfer credit card, as you are consolidating all of your debt into one place. The personal loan route is more attractive, however, because rates are typically lower for debt consolidation loans.
A good resource for finding personal loans here is Fiona, a search engine for financial services, which can help match you with the right personal loan to meet your needs. It searches the top online lenders to match you with a personalized loan offer in less than a minute.
Home Equity Loan
If you own a home with equity, you have three ways to borrow money against the value of your home: a home equity loan, home equity line of credit or a cash-out refinance.
With a home equity loan, the lender gives you your money all at once, and you repay it at a fixed interest rate over a set period of time.
With a home equity line of credit, you’re given a limit to borrow. Within that limit, you can take as little or as much as you need whenever you want.
With a cash-out refinance, you refinance your first mortgage with a mortgage that’s slightly more money than your current one, and pocket the difference.
For homeowners, these options will most likely offer the lowest interest rates. But they’re also the riskiest, because your home is the collateral — something you own that your lender can take if you don’t pay off the loan.
5. Debt Settlement
The world of debt collections and creditors can be confusing, intimidating and sometimes even illegal. There’s a common misconception, for example, that someone can take your house or you can go to jail for not making your credit card payments. But credit card debt is unsecured debt, meaning no one can put you in jail or take your house if you don’t pay it.
If you’re being harassed by creditors or have circumstances that make your debt repayment confusing, don’t give up before finding out your options for assistance.
Debt Management Program
With a debt management program, a credit counseling company will handle your consolidation in hopes of getting you a better interest rate and lower fees. You’ll be assigned a counselor, who will set up a repayment and education plan for you. This program is specifically for unsecured debt, like credit cards and medical bills.
A debt management program pays your creditors for you to ensure you stay current on your debt payments. Your credit score may even improve during the program. But if you miss a monthly payment, you can be dropped, and you’ll lose all the benefits you gained.
Debt management plans usually don’t reduce your debt, but they may reduce your interest rates by as much as half or extend your payment timeline to make paying your debt more manageable.
Credit Card Debt Settlement
If you’re in more than just a temporary season of financial instability, and you can’t see yourself affording the amount of credit card debt you owe, debt settlement is an option, though we regard it as a last resort.
Debt settlement reduces the amount of debt you owe, but it will significantly lower your credit score and negatively impact your credit report.
The process isn’t as simple as debt consolidation. You have to convince every creditor that if they don’t settle with you, they probably won’t get anything at all. So, of course, during that time you won’t be making any payments — while interest and late fees accrue.
You can do this on your own, but most people seek the help of a debt settlement company.
Like a debt management program, a debt settlement firm will negotiate debts on your behalf, and the company will make lump-sum payments to creditors while you make monthly payments to the debt settlement company.
Pro Tip
Be careful when seeking help with debt settlement. While some companies are legitimately there to assist you, others take your money and do very little to help your situation.
While you’re paying the debt settlement company, you’ll still be delinquent with any creditors the company hasn’t yet negotiated with, meaning you’ll still get calls from those creditors.
And there’s no guarantee the company will be successful. If it isn’t successful in negotiating, you’ll still be responsible for the full debt amount, plus any extra interest that accrued.
If the company is successful, you’ll have to pay the settlement amount in full. Then in April, you’ll owe taxes on the amount forgiven.
The settlement company will also charge you up to 25% in fees on top of the settlement.
How one Penny Hoarder paid off $12,000 in debt in just 12 weeks. She shares her top tips so you can get out of debt too.
Bankruptcy
Bankruptcy is another last resort. The two major types for individuals are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy allows you to completely discharge all your debts except student loans in four to six months by liquidating your assets. A trustee gathers and sells all of your nonexempt assets to pay off your debt. Those assets can include property that’s not your primary residence, a vehicle with equity, investments or valuable collections.
Those who earn a high income or have significant assets typically choose Chapter 13, which allows you to keep certain assets while still repaying some of the debts. It’s a long, arduous process that doesn’t guarantee to resolve your debt. It can be reversed if your income increases, and it wrecks your credit.
Both bankruptcy options have negative long-term ramifications on your credit. But if you’re out of options, bankruptcy gives you a chance to get your debt under control and get creditors and debt collectors off your back.
Getty Images
How to Pay off Credit Card Debt Fast
If you want to become debt free quickly, here are some ways to pay off credit cards fast:
Up Your Monthly Payments
Make two payments per month instead of one. Most credit card companies use an average daily balance to compute interest charges. Instead of making monthly payments of $400 toward a balance, make two payments of $200, one at the middle of the month and one at the end. You’ll lower the average daily balance so you’ll pay less interest. Some credit card users even advocate for paying off credit card balances every week; a weekly reminder in your calendar is all it takes.
Try to Get a Lower Rate
Ask your credit card companies for lower interest rates. It’s worth trying at least once for each credit card you have. Research competitor cards similar to yours for which you qualify and that offer better rates — then share those with your credit card company to see if they’ll match it.
Knocking four interest percentage points off a $10,000 balance, for example, can save you hundreds of dollars in interest annually. Add those savings to your debt repayment budget!
Get the Debt Reduced
Sometimes you can convince a credit card company to forgive your debt — or at least part of it. After all, these companies want to retain you as a customer, so they may be more open to negotiation than you might think. If you’re in serious financial trouble, explain the situation to the card issuer. Offer to pay a portion of the balance owed as payment in full.
For most of us, though, there’s no quick answer.
How Much Will Paying Off Credit Cards Raise Your Score?
You might be asking yourself, “How much will my credit score go up if I pay off my credit cards?” It turns out that credit card usage has a huge impact on credit scores.
If you spend too much of your overall limit or miss payments, you’ll hurt your score. If you keep your balances low and regularly make your minimum monthly payment on time, your score will increase over time.
Just because you have available credit doesn’t mean you should max out your credit cards. Your credit utilization, which tells the credit bureaus how much of your available credit you’re using, shows whether you are sensible with your borrowing.
Keeping your credit utilization at or under 30% is ideal. That means on a credit card with a $10,000 limit, you wouldn’t want your balance to exceed $3,000.
Credit utilization accounts for a whopping 30% of your score. Other factors affecting your score include payment history (35%), credit history length (15%), credit mix (10%) and new credit (10%).
Looking for ways to increase your score outside of paying down your credit card debt? Penny Hoarder senior editor Robin Hartill shares 10 moves you can make in 2023 to improve your credit.
Credit card issuers make it so easy to get in the habit of overspending. The introductory APR offers, new credit card sign-up bonuses and cash back offers are designed to get us using cards more frequently and thinking less about what items cost.
So if you ever want to be debt-free, you need to change the way you use credit cards.
Former Freelance Editor Janet Keeler, freelancer Tim Moore, former Staff Writer Jen Smith and Senior Writer Mike Brassfield contributed to this post.
Opinions expressed by Entrepreneur contributors are their own.
Marketers are experimenters. We have to be. Some marketing strategies simply don’t work because of bad audience targeting, excessive competition, cost/reward imbalances or other issues. It’s our job to figure out what works and what doesn’t.
When we figure out that a strategy simply isn’t working, our job is simple: Change the variables to try and make it work or discard it entirely. But what happens when we find out that a strategy is working?
The most straightforward option is to maintain the status quo, repeating the process as consistently as possible to continue seeing the benefits. But if you want to keep pushing for better results and improve outcomes for your business, it’s important to scale that marketing strategy somehow, increasing its effectiveness and giving it greater influence.
How can you scale a marketing strategy effectively?
Scaling options
Let’s start by looking at some of the core options you have for scaling and marketing strategy.
Invest more money. First, you could consider spending more money on the strategy itself. This can manifest in any number of different ways, depending on the type of marketing you’re pursuing. For example, if you spent $1,000 to print 2,000 copies of a flyer and that flyer was highly effective, you might spend $5,000 on the next round of printing to get 20,000 copies of that flyer. In SEO, you might spend more money on link building or content development. In PPC advertising, you might increase your bids and overall budget.
Conquer new territory. Another option is to conquer new territory — contending with some of your top competitors, changing your geographic location or placing your ads in new areas. For example, if you’re used to competing only with businesses in your current city, you might expand to start advertising for the entire state. If your ad only ran on one podcast, you might consider running it with several other related podcasts.
Expand to new audiences. Some marketers expand their strategy by trying to target new audiences. Chances are, your strategy worked in part because it was designed to be highly relevant to one specific niche. Can you make adjustments so that your strategy applies to new niches entirely?
Effective marketing strategy scaling
Regardless of if you take one of these routes, all of them or some other route you created for yourself, these are the most important strategies you have for making your marketing scaling effective:
Scale gradually (when possible). For the most part, it’s better to scale gradually. You don’t know for a fact that your results are going to continue, and venturing into uncharted marketing territory is always a risk. Don’t hemorrhage all your marketing dollars on an uncertain strategy; increase your efforts one step at a time.
Do your market and competitive research upfront. If you’re trying to reach a new geographic location or a new target audience, it’s important to know what you’re getting yourself into. Do all your market research and competitive research front so you have a much better understanding of the contextual environment you’re about to enter.
Keep your processes consistent. It’s easy for marketing strategies to become loose and uncoordinated when more people are working on them or when you’re applying them to new contexts. Don’t lose sight of the principles that made this strategy successful in the first place. Keep all your processes consistent and formally documented.
Hire professional help when possible. If you have a small- to mid-sized business, you may not have the internal resources necessary to scale this strategy effectively. Accordingly, you should consider hiring outside professional help. Hiring a professional marketing agency, a team of contractors or new members of your marketing team could be exactly what you need to see ideal results.
Be cautious with repetition. Seeing excellent results from an advertisement or a new piece of marketing collateral might motivate you to repeat your approach exactly. But you should also be cautious with repetition. Repeating your message is a great way to make it stick, but it’s also a great way to annoy people if you aren’t careful. Don’t overwhelm your customers.
Keep a close eye on your ROI. Throughout the entirety of your scaling operation, keep a close eye on your return on investment (ROI) and see if it goes through any changes. Are you getting as much value as you expected? If not, why? This is usually a sign that something critical changed when your strategy began to expand; see if you can find the discrepancy and eliminate it moving forward.
Scaling a marketing strategy isn’t always straightforward, and it isn’t always guaranteed to work. But if you recognize the key challenges and remain cautious but ambitious, you’ll have a much higher chance of success.
Opinions expressed by Entrepreneur contributors are their own.
It seems that as your business grows, so does your website. Of course, this growth is generally a good sign for your company and bottom line. But as your site admins do their best to keep pace, and those blogs, contact forms and product landing pages start to pile up, things can get messy.
With hundreds or more pages to manage — and constantly changing algorithms and content trends to contend with — SEO issues can mount up. From dead links and oversized images to the gradual loss of content optimization, such problems often combine to slow loading speeds and hurt user experience. Ultimately, this can bump up bounce rates and make it much harder to turn prospects into buyers.
If your website has grown out of control, an SEO content cleanup may be the answer. Done carefully, a thorough step-by-step cleanup can help bring order to the chaos, improve site speeds, and return your website to its former glory, complete with the UX and performance needed to magnetize your brand and attract more customers.
Following a few basic cleanup steps can help get your website running in the right direction:
How your site structure is organized matters a lot when it comes to improving your ranking in Google and optimizing customer engagement with your brand. By removing needless clutter and cleaning up critical structural elements, you can provide an almost immediate boost to site appearance and navigation, making it easier for visitors to find what they’re after while strengthening customer sentiment and connections that feed your bottom line.
Cleaning up the site structure starts with simplifying the site menu. Because the menu is typically the first element customers engage with, keeping it focused and as minimal as possible is essential. With clear, easy-to-understand options at the top, visitors have a simplified reference guide to navigate and find exactly what they’re searching for.
Once your menu is re-aligned, you can dive deep into your content. Depending on how much content your site has, this can seem like a Herculean effort, at least at first. But taking time to organize your blogs and product pages into categories, and analyzing each for relevance and search performance, can make the process much more manageable.
When things are sorted, and page importance is organized, ranked and understood, you can better decide which posts to delete, which to keep and which can be tweaked and optimized for SEO.
Separating the effective from the ineffective allows you to eliminate content redundancies while maximizing the reach and impact of working pieces. It also removes needless obstacles and helps refine and optimize user experience — a potential boon to site traffic and content KPIs.
Broken hyperlinks in blogs and web pages don’t just hurt user experience. They can also drag down site authority and, ultimately, your SEO. And as content begins to pile up, so does the number of 404 links cluttering up your website and putting your online brand in a bind.
Broken links happen for various reasons, from incorrectly entered links and restricted page access to links and websites getting deleted after the text was linked up. Fortunately, finding and fixing these digital deadends is an easy way to delete dead weight and help restore search ranking and performance.
A free tool like the Crawl Errors feature in Google Search Console or the Broken Link Checker plugin in WordPress can help identify 404 links across your site. Once you know where they are, fixing these links can be done in several ways: repairing the wrongly-entered link, replacing links that still exist but have since been changed or removing the links altogether.
If the broken link goes to a page on your site (such as the Contact page) but appears in multiple places across your site, creating a redirect can also be an effective way to fix the problem, at least temporarily.
Great images bring an appealing visual element that attracts visitors and adds life to your content. When relevant and displayed correctly, high-quality images help boost clicks and user engagement rates and provide a burst of SEO energy that can lift your blogs and product pages to the top of search results.
Over time, however, those images can often pile up, creating a bulky, unoptimized mess that reduces page load speeds and damages user experience. Fortunately, a thorough SEO cleanup can help tidy things up and maximize each photo’s potential across your website.
Image compression offers an excellent place to start. Compressing images to more manageable file sizes helps reduce page load speeds, shaving seconds off the process while allowing visitors faster access to your blogs and landing pages. Faster page loads help reduce bounce rates and improve customer interactions, ensuring potential buyers stay put and engage with your brand for longer periods.
Removing and replacing irrelevant and poor-quality images can also improve image SEO. By locating unnecessary and ineffective space fillers out of posts and inserting better, more attractive images, you create a more complementary mix of text and imagery that keeps more eyes glued to your content.
Updating image alt text across your site can also provide a valuable SEO boost. Doing so allows you to incorporate focus keywords into each page and sharpen image SEO for essential topics and search queries.
Opinions expressed by Entrepreneur contributors are their own.
You may have seen the ads at the top of every Google search, but 94% of users ignore them in favor of organic results. If you want to increase your business or side hustle’s organic traffic online, then you may need to start creating SEO optimized content.
StackCommerce
If you want to start generating content that ranks highly on Google searches, then you may want to try a content creation tool. You could hire a specialist or start writing your own web content, but a high-quality AI content creation tool like Juice.ai may give you a better return on your investment. Juice’s AI lets you create up to 25 full-length SEO articles at once, and a lifetime subscription is only $39.
Improve your business’s web presence.
A BrightEdge report found that up to 40% of online revenue comes from organic traffic. Capture that revenue by using Juice.ai to generate SEO optimized content. Start by using the keyword explorer to find relevant SEO keywords with low competition. Once you’ve picked your keywords, you can start generating up to 25 full-length articles at the push of a button.
Edit each article yourself or regenerate individual sections if they need revision. All content is unique and plagiarism-free, but you may want to edit to add your own unique voice. Articles come with relevant media built in, and you can also use the Pexels integration to find more images to catch your reader’s attention. When your articles are ready to publish, you can post them directly from Juice if you’re working with a WordPress or Shopify site.
Opinions expressed by Entrepreneur contributors are their own.
Over the past decade, I’ve experienced and navigated through dozens of Google updates and led SEO operations for many big brands. Throughout my SEO career, there has been no ranking factor that’s as debated as backlinks. The mystique around backlinks has led many people to believe that all you need is a high domain authority (DA) to rank competitively on search engines.
This has led many people in SEO to use DA or domain ranking (DR) as the primary factor for search engine rankings. Backlinks are one of the most important ranking factors for search engines, and they are difficult to get, but that doesn’t mean they are the only factor that determines your rankings.
In this post, I want to cover the common fallacies and false beliefs held around domain authority and uncover why it is not enough to rank well for a given keyword.
Before diving into the different intricacies, it’s important to understand what domain ranking is. Domain ranking, also referred to as domain authority, is a metric that helps indicate the authority of a site. More specifically, it is an estimate of how authoritative a site is based on the number/quality of backlinks. Backlinks are a very powerful ranking factor on search engines, and the domain authority of a site will help indicate how much authority a site has
According to Ahrefs, domain ranking is a metric that indicates the relative strength of a website’s backlink profile. According to Moz, domain authority is a search engine ranking score that tells you how likely a site ranks on search engine results pages SERPs. Ahrefs’ DR ranking and Moz’s DA ranking are the two most popular ways to quantify domain authority. With DR and DA, a site is given a ranking from 0 to 100. The higher that number is, the more authoritative a site is.
To give some context, here are the DR and DA rankings of some well-known sites:
HubSpot.com (DA 93, DR 93)
Nintendo.com (DA 91, DR 89)
Porsche.com (DA 88, DR 86)
Fallacy #1: High domain authority guarantees that you will outrank competitors
One of the most common myths about SEO is that high domain authority will immediately allow you to outrank competitors. It’s very easy to look at SERP results and immediately assume that higher DA sites are ranking better than lower DA sites. In most cases, correlation does not equal causation. The reason that many high DR sites still outrank other sites is that they perform all of the other on-page SEO and technical work in addition to link building. It doesn’t matter if you have a higher domain authority if the content you produce is poor and your site is slow.
Here’s a great example that illustrates this. Below are metrics for the top five sites that rank for the keyword “email marketing agency” on Ahrefs:
Site 1: Clutch.co: DR 89, UR 20
Site 2: Soapmedia.co.uk: DR 59, UR 18
Site 3: Thebrainsmakreting.co.uk: DR 47, UR 13
Site 4: Digivate.com: DR 45, UR 15
Site 5: Digitalagencynetwork.com: DR 76, UR 13
Although Clutch.co is outranking other sites, you can see higher DR sites are being outranked by lower DR sites. This isn’t an anomaly because there are other factors that account for why a site ranks well. If you look beyond the SERP results and click on the specific blog articles, you’ll find the higher-ranking ones offer more content, and they’ve optimized their on-page SEO better. You will see similar results for most other keywords because high domain authority does not guarantee your site to outrank your competitors.
Fallacy #2: You can rank for competitive keywords without topical expertise
If you have a high DA site, and you write one blog post about a primary keyword, the chances of you ranking competitively are slim. It’s easy to rank for content that has low search volume and is not competitive, but that traffic is not going to move the needle. In order to rank for competitive keywords, you need to show Google that your site is an expert on a specific topic. To do this, you need to develop a library of content that’s topically related. Without this, you will be outcompeted by sites that have better and more content covering your niche.
A great example of this would be a site like Marketwatch.com trying to rank for a keyword like “gestation period of a rhino.” Even though Marketwatch.com has a high DR (93), it’s not going to rank well for this keyword because it does not have anything remotely related to rhinos. If you look at the top results for this keyword, you’ll see tour sites and animal sites that have been publishing content for years.
You can extrapolate topic relevance to higher-difficulty keywords like “best VPN” or “best CRMs.” Generally, the more difficult a parent keyword is to rank for, the more supporting blog posts you’ll need to build topical relevance and ultimately rank better for all keywords.
Fallacy #3: You can make up for poor content with high DA
Another dangerous practice of some high-authority sites is skimping out on content. Although high DA sites may get more impressions and clicks on search engines, readers will bounce quickly if the content is poor. If a site isn’t nailing searcher intent and optimizing its on-page SEO, having high domain authority will accomplish nothing. The vast majority of content teams understand this, but few thoroughly understand what poor content is. Understanding this is essential to prevent your site from falling into the trap of low-quality content.
Examples of poor content include:
Thin content: Thin content is the most common form of poor content. There’s a place for thin content (like definitions), but most of the time, you should be producing more in-depth content. If you’re writing on a primary keyword (e.g., “What is content marketing?”), your content should be over 1,000 words. A good litmus test is to see the top-ranking pages for a keyword and compare the word count. If most of them are over 1,000 words, you know you need to produce something similar.
Content that’s regurgitated from other sources: A common criticism of SEO is that many sites on the SERPs regurgitate the same content. If your content has the same headers, same formatting and same ideas as other sites, it will be categorized as regurgitated content. If you’re going to take content from other sources, make sure to cite them, restructure them, and add your unique point of view.
Content that’s not well-written: A telltale sign of poor content is content that is not well-written. This encompasses AI-spun content, content with many grammatical errors and content that’s hard to read. If a reader lands on your page, and the writing is hard to read and unnatural, it’s poorly written.
Avoiding these types of content on your site will help improve the quality of your writing and give you a better chance to rank on SERPs, regardless of your domain authority. Some advanced content teams use a variety of internal checklists and software to ensure that their writing is up to par; you can create and use a similar process for your content operations.
As illustrated by some of the examples above, domain authority is not the be-all-end-all ranking factor for SEO. Although backlinks are a very important part of SEO, they’re not enough to overcome little to no effort in content and optimizing your site. If you’re trying to rank for a specific keyword, take the best possible measures instead of relying purely on backlinks. Make sure your site is fully optimized, you have enough content to cover the topic and that your content is high quality. By continuing to invest in all aspects of SEO, you’ll give yourself the best shot possible for ranking for any keyword you desire.
Opinions expressed by Entrepreneur contributors are their own.
Search engine optimization (SEO) is constantly evolving like any other industry. The struggle to stay on top of the ranking takes more than a post in a month. To stay rated and relevant, you must put in the time and conduct the research.
Being easily searchable, informative and consistent is more crucial than ever for small businesses, and for that, businesses need local search engine optimization. It’s simpler than you might think to master local SEO. Here are five quick techniques to boost local SEO and make your small business rank above its rivals.
Name, Address, and Phone Number (NAP). Your local SEO approach may succeed or fail based on these three simple facts. Make sure to display this information on your website prominently.
As it will show at the bottom of every page, the footer is an excellent location for your NAP. You can also make your NAP visible on service area pages and your contact page’s body.
Consistency is key. Your essential company details must be consistent wherever potential clients may find you online.
You can demonstrate that you are the industry leader in your field for the service you offer by using the content on your site. Along with your services in your region, include specifics like street names and landmarks.
Explain to the customer why they would require your services in that particular location. Your customer’s user experience will be improved the more you sound like you belong.
Getting featured in local directories is a fantastic additional strategy for enhancing your local SEO. There are a lot of web directories that are specifically designed for businesses in certain regions.
Your chances of being discovered by potential clients looking for companies like yours are increased by having a listing in these directories.
4. Optimize header tags
Check out this resource on the best practices for using header tags if you haven’t already looked into the topic. By developing localized service pages, you have now gained more space to construct highly targeted header tags with local-based keywords.
Good header tags provide a general picture of the page’s overall structure and what to expect as visitors browse through the content. It would look odd if you simply loaded keywords into the header tags.
Backlinks are one of the most significant ranking elements for any website, and it is the connections to your website made by other websites. Google views backlinks as endorsements — the higher the backlinks, the more they appear in search results.
Prioritizing quality over number is crucial while developing backlinks. Look for chances to receive backlinks from reputable websites related to your business.
End quote marks should be placed inside commas and periods, and there must be one space following a period.
Single quotes should only be used around other single quotes.
Include your personal hyperlinks and avoid placing citations or URLs in parentheses below the article.
Sparingly use one-sentence paragraphs. The ideal paragraph length is two or three sentences.
Subheads should have the same parallel format. They all need complete sentences if the initial heading is a full sentence. Subheads shouldn’t contain links. Just use them in your text. After the first word in a subhead, do not capitalize the following words.
If you must use “he,” use “she” as well. Pluralizing your pronouns will help you avoid this formulation, at least occasionally.
Never use the pronoun “they” to refer to a firm, organization, or government body.
Maintain consistency: If you begin with the pronoun “you,” don’t change it. It’s best to avoid using “we,” “I,” “he/she,” and “you” in the same sentence. Throughout the sentence, use the same verb tense. Keep in mind that the present perfect tense shows continual, habitual action.
Look for repetition of the same points, words, or themes.
All numbers less than ten (apart from percentages) are written out. Numbers 10 or more are represented by numerals.
Numbers are always used to express years. With numbers, use “greater than” rather than “over.” Instead of writing “percent,” use the % symbol.
Verify quotes using trustworthy sources.
Lay out any acronyms and abbreviations other people may not be familiar with on the first reference, followed by the abbreviation in parentheses.
In names for the first reference, use the complete name. Only the last name should be used in subsequent references.
Final thoughts
For promoting your local online business, you must include local SEO. You can increase your visibility in local search results by claiming and optimizing your Google My Business listing. By getting listed in local directories and adding location pages to your website, you can draw more clients to your company.
When you’re looking to start a new career, what are the factors you should take into consideration?
First of all, the career should be something you’re passionate about. Second, it should be able to provide you with the lifestyle you want to live. That could mean work-life balance, career advancement opportunities and, of course, enough money to support your dreams.
That doesn’t mean an entry-level position is going to make you six-figures this year. But you should look at the earning potential of each possible career and what it would take to reach your ideal salary.
We’ll outline some of the highest-paying jobs in 2023, plus how to leverage job sites like ZipRecruiter to find openings.
How to Prepare For a High-Paying Job
The Bureau of Labor Statistics releases a study every year about the highest-paying jobs, including wage estimates, number of job openings, on-the-job training programs and what it takes to land a job in one of these highest-paying occupations.
If you want one of the highest-paying careers, the Bureau of Labor Statistics study shows that many of them require additional schooling and certifications. But not every high-paying career is only available to people with an advanced degree.
For example, the highest paying job in America is a cardiologist — making an average salary of $350,000 per year — but it requires more than a decade of medical school, internships and residencies before you can make that much. Not to mention, you’ll have to pay back those student loans. But with a master’s degree, you can still enter the medical field as a nurse practitioner and make over $100,000.
With only a bachelor’s degree, you could start a career in marketing and work your way up. Marketing managers can make a median salary of $140,000 per year. In the Bureau of Labor Statistics section on how to become a marketing manager, it says that many people currently in these roles were former sales representatives.
Sales representatives, no matter the industry, can start at an entry level position with zero experience. Most companies will offer additional training, giving their sales reps in-depth knowledge about the company’s product and how to best sell it to customers. By gaining experience as a sales representative, people can build their careers into sales managers, marketing managers and even C-level executives.
But not all high-paying jobs require a degree or formal training. Especially these days, self-taught coders and software engineers can land a job working at technology companies without ever stepping foot in a university or completing a formal education. And not only are these positions in high demand for employers, but you can also start off making an average salary of more than $100,000, if you land at the right company and have the skills needed. No need to take the bar exam or step into an operating room.
The Highest-Paying Jobs in the U.S. 2023
Don’t know where to start? These are the highest-paying jobs in America, according to the Bureau of Labor Statistics:
The Highest-Paying Jobs in the U.S. 2023
Job
Average Salary
Degree Required
On the Job Training
Psychiatrists
$208,000
Doctoral
Internship and Residency
Obstetricians and Gynecologist
$208,000
Doctoral
Internship and Residency
Surgeons
$208,000
Doctoral
Internship and Residency
General Internal Medicine Physicians
$208,000
Doctoral
Internship and Residency
Anesthesiologist
$208,000
Doctoral
Internship and Residency
Oral and Maxillofacial surgeon
$208,000
Doctoral
Internship and Residency
Orthodontists
$208,000
Doctoral
Internship and Residency
Prosthodontists
$208,000
Doctoral
Internship and Residency
Family Medicine Physicians
$208,000
Doctoral
Internship and Residency
Chief Executives
$185,000
Usually a Bachelors
No
Nurse Anesthetists
$184,000
Masters
No
Dentists
$183,000
Doctoral
Residency/certifications
Pediatricians
$177,000
Doctoral
Internship and Residency
Airline Pilots, Co-Pilots and Flight Engineers
$161,000
Bachelors
Yes
Computer and Informations System Managers
$150,000
Bachelors/Graduates
No
Architectural and Engineering Managers
$150,000
Bachelors/Graduates
No
Marketing Managers
$140,000
Bachelor’s
No
Petroleum Engineer
$138,000
Bachelor’s
No
Financial Manager
$134,000
Bachelor’s
No
Podiatrist
$134,000
Doctoral
Residency and Fellowship
Sales Manager
$132,000
Bachelor’s
No
Pharmacist
$128,000
Doctoral
No
Lawyers
$127,000
Doctoral
No
Political Scientists
$125,000
Master’s
No
Judges
$124,000
Doctoral
Short-term
Optometrists
$118,000
Doctoral
Clinical Work
Actuaries
$111,000
Masters
No
Business Operations Managers
$103,000
Bachelor’s
No
Financial Advisor
$89,000
Bachelor’s
No
How to Find High-Paying Jobs
There are plenty of ways to find a job, but how can you find the highest-paying jobs? A lot of companies don’t list the average salary range on their job postings, so it can be difficult to know if it’s worth your time. If you need to make at least $75,000 a year, but you don’t find out the pay is $55,000 until you get an offer, you could be wasting weeks or months.
So first things first, do your research. Learn what positions have high earning potential and what industries dole out bigger paychecks. Some industries with the highest-paying jobs include healthcare, engineering, information technology, finance, energy and legal.
Next, use a website like ZipRecruiter to search for high-paying jobs in your area. Not only can you use their search bar to find jobs by keyword or job title, you can also filter by average salary range (and by several other filters, too).
ZipRecruiter makes it easy to find and apply for jobs that will help you reach your earning potential. By using the website for your job search, you’ll have access to real salary data from millions of active job postings. You’ll be able to see real salaries from more than 35,000 job titles — from computer science to human resources— giving you the confidence to negotiate fair pay for yourself.
Transparency about salaries is… not exactly a strong suit for most employers. But with ZipRecruiter’s help, you can find, apply for and negotiate a higher-paying job for yourself. 71% of job seekers earned a higher salary when they found a job on ZipRecruiter.
It’s totally free to use and only takes a minute to sign up for an account.
How to Prepare for a High-Paying Job
In order to increase your value to employers, there are many things you need to do to show off why you’re worth a high salary. It’s not just having education and experience, but also establishing yourself as an expert and making yourself more desirable to companies.
Grow your skill set. This can be done by taking online courses or taking on cross-departmental projects at your current job. The more skills you have, the more desirable you may be to potential high-paying employers.
Set yourself up to be a leader. There’s no doubt that being in a supervisory position will earn you more money, no matter your job or industry. So even if you’re not a manager yet, you could offer to mentor an entry-level employee and attend management training seminars.
Get noticed. Just because you’re not Gary Vaynerchuk doesn’t mean you can’t make a name for yourself. By posting about your expertise often on social media, including LinkedIn and TikTok, you can establish credibility and get noticed. This can set you up to become an expert in your field.
Additionally, if you have some available cash, hiring a career coach can help you land a higher-paying role. The average price is around $75/hour.
If not? Network, network, network. You never know who can introduce you to a hiring manager and give you a glowing reference. Plus, you can connect with higher-ups in your network for free advice (or at least the price of a coffee) to help you navigate your path to a higher paying position.
The Future of High-Paying Jobs
While there will always be high-paying jobs associated with high levels of education — doctors, lawyers, engineers, etc. — the future of well-paid employees is seeing a trend toward self-taught skills and social expertise.
Spending hundreds of thousands of dollars and a decade in school can help ensure a good salary, but the future of high-paying employment is seeing people ascend the ranks without ever having stepped foot in a masters program. Many are even self-taught or have taken advantage of what the internet has to offer, in terms of training.
So are you ready to change your future and pursue a high-paying career? Start your search for that next high-salary position on ZipRecruiter.
Frequently Asked Questions
What job makes $100,000 a year?
There are many jobs that pay over $100,000 annually, many of which require only a bachelor’s degree. Some of these jobs include lawyers ($127k on average), financial managers ($134k), marketing managers ($140k), sales managers ($132k).
You can find a more expansive list of job payments over $100k, in the table above.
Where can I find high-paying jobs?
You can find high-paying jobs on most online job boards.Some job boards cater to specific industries or certain types of work. But for the most popular job boards, you can find high-paying jobs in almost any industry.
What jobs pay the most without a degree?
Some of the best paying jobs that don’t require a college degree are police detectives, airline pilots, physical therapy assistants and distribution managers.
There are many great-paying jobs that you can obtain with just a year or two of trade school and on-the-job training. Here is how you can find some of the best-paying trade jobs.
Kari Faber is a staff writer at The Penny Hoarder.
Pull any bill out of your wallet. See the dark green numbers on the top-left and top-right corners? They could mean your bill is worth much more than its face value.
If a serial number’s digits are unique or interesting, collectors might be willing to pay big bucks — hundreds or even thousands of dollars — for your bill. You’ll make the most profit off a $1 bill with a fancy serial number, since its face value is lower than, say, a $20 bill, but it’s worth scrutinizing all your cash. Who knows what your $100 bill could actually be worth?
Knowing what your paper money might be worth is all in the serial number.
What Are Serial Numbers?
Serial numbers are eight-digit-long codes that are unique to each bill. They are accompanied by other identifying letters and numbers that tell us which series year the bill is from and where it was printed. They are found on the front of U.S. currency and are always printed twice.
Series Year
On bills worth $5 and up, each serial number begins with a letter, which tells us the series year of the bill. The years are represented by letters A-P as follows:
A: 1996
B: 1999
C: 2001
D: 2003
E: 2004
F: 2003A
G: 2004A
H: 2006
I: 2006
J: 2009
K: 2006A
L: 2009A
M: 2013
N: 2017
P: 2017A
The series year is also printed separately on the currency, in between the portrait of the historical figure (such as Lincoln on the $5 bill) and the Secretary of the Treasury’s signature in the bottom right part of the bill. You can check on a bill you have at home to see how these match up.
On dollar bills (and $2 bills), the series year only appears in the bottom right quadrant.
U.S. Federal Reserve Bank Identifier
Additionally, each serial number has a letter and number that shows us where the currency was printed. The U.S. Federal Reserve has 12 banks, and each bank has a letter and number combination associated with it. The identifiers are as follows:
A1: Boston
B2: New York City
C3: Philadelphia
D4: Cleveland
E5: Richmond
F6: Atlanta
G7: Chicago
H8: St. Louis
I9: Minneapolis
J10: Kansas City
K11: Dallas
L12: San Francisco
On $5 bills and up, the bank identifier appears separately from the serial number, though the letter also appears next to the series year letter before the actual serial number.
On $1 and $2 bills, the letter preceding the serial number will match the bank where the bill was printed (such as K for Dallas) and the number portion of this identifier appears separately on the currency.
Categories of U.S. Paper Money
There are several different categories of paper currency in the U.S., and some are more collectable than others.
Silver Certificates are bills issued between 1878 and 1964 in denominations ranging from $1 to $1,000. They are typically worth between $2-$20 for $1 bills, $10-$12 for $5 bills, and $30-$5,000 for $10 bills — all depending on the year of issue.
Gold Certificates are bills issued between 1863 and 1933 in denominations ranging from $10 to $10,000. Worn bills could be worth $100 or more for $20 bills, $250 or more for $50 bills, $1,000 or more for $100 bills, $2,500 or more for $500 bills, and $2,000 or more for $1,000 bills.
Confederate Issues are bills issued during the Civil War (1861-1865). They are typically not sought by collectors.
Federal Reserve Notes are bills issued between 1914 and the present in denominations ranging from $1 to $10,000. The worth of a modern bill depends on its serial number and how unusual it is. Collectors look for several different types of fancy serial numbers that stand out from the crowd.
15 Types of Valuable Serial Numbers
Want to see if your paper currency is worth way more than $1 or $5? Here’s what to look for.
1. Low Serial Number
Collectors love bills with low serial numbers, such as those below 1,000 or 100 (eg. 00000100). On eBay, these kinds of bills can sell for anywhere from $10 to $300.
The lower the serial number, the more valuable the currency is considered to be; a bill with the serial number 00000001 could be worth $15,000, according to SavingAdvice.com.
2. High Number
People also enjoy collecting currency with high numbers, and these can be even more valuable than lower numbers since there are fewer in circulation. Bills marked with 99999900 and higher are especially prized.
3. Flippers
A flipper is a note whose number can be read right side up or upside down. Such as, 0069000. On eBay, flippers cost a few bucks up to several hundred dollars.
4. Star Notes
Some bills have a star instead of a letter at the end of their serial number. Known as star notes, these bills are replacements issued when the original bill had a printing error. Because it’s against policy to produce a dollar’s serial number more than once, the mint simply adds a star to the end.
These printing errors aren’t common, so there aren’t many star notes in circulation. You’ll see $1 star notes on eBay for $5 and up.
5. Repeaters and Super Repeaters
Blocks of repeating digits (such as 27527527) are sought after, with $1 repeaters starting around $3 or $4 on eBay.
A two-digit repeating number, like 45454545, is called a super repeater and is even more valuable. Some eBay listings start at a few hundred dollars.
6. Solids and Near Solids
A solid serial number is one where every digit is the same, like 55555555.
Only about one out of every 11 million notes is a solid, and they can be worth $500 or more.
Since these notes are so rare, people also collect near-solids, where only one digit differs, like 55555575. These will usually bring in less money than a solid, but you’re more likely to find one.
7. Binary Bills
Binary bills have serial numbers with only two numbers, such as 29299299. A near solid would count as one of these binary notes, since it only includes two numbers. On eBay, some binary notes can go for more than $800.
8. Trinary Bills
Because of the rarity of binary bills, some collectors even ask for trinary notes, which contain three unique digits in various combinations (e.g. 29329939).
9. Ladders
When the serial number ascends (e.g. 12345678) or descends (e.g. 8765431) in order, collectors call it a ladder. You’ll also find “near ladders,” where one or two digits break up the ladder.
Ladder notes sell for anywhere from $9 on eBay to as much as $6,000.
10. Birthdays
Some collectors want notes with a specific year or date in the serial number, perhaps a famous date or one meaningful to them. For example, 02162006 might be valuable to a collector whose child was born Feb. 16, 2006.
A serial number that just includes the year is also desirable, such as 10901985 or 10002010.
11. Radars and Super Radars
A radar serial number reads the same backwards and forwards, like a palindrome. For example, 06288260. A good condition, uncirculated $1 radar could sell for about $25.
If only the end two digits are different (like 27777772), you’ve got a super radar, which is much more rare and valuable. Even a $1 bill with this type of serial number can sell for $70 and up on eBay.
12. Consecutives
When you have two or more separate notes with consecutive serial numbers, like 25348793 and 25348794, you have one of these series. They’re not uncommon, since you can get consecutive bills at any bank, but can be valuable if they also fit into another category on this list.
13. Doubles
Doubles occur when a serial number includes pairs of numbers, such as 24459387. The most valuable type is called a quad double, when a serial number has four sets of doubles (e.g. 55998833).
14. Double Quads
While technically they’re a version of a quad double, notes whose serial numbers consist of two sets of four of the same number are called double quads. (Confusing, isn’t it?)
For example, 77776666 is a double quad. These bills are rarer and more valuable.
15. Bookends
When the serial number has the same two or three digits on both ends, it’s called a bookend. Three-number bookends, like 36584365, are more valuable than two-digit bookends, like 36829736. Prices start around $8 for a $1 bookend on eBay.
How to Look Up Serial Numbers
If you think you might have possession of a bill that’s worth more than its face value, you can go online to look up the serial number.
To test it out, I looked up the number on a $5 bill I had in my wallet at MyCurrencyCollection.com. Once you type in the bill’s eight-digit number, it’ll assign it a percentage on the “Coolness Index.” This index is created by CoolNumbers.com using a formula that evaluates numbers according to its “interesting properties.”
Our $5 bill was 89.9% cool, or “almost cool,” according to the website. Here are some facts we found out about the note that made it almost (but not quite) cool:
It had a 4-of-a-kind and 1 pair, which only 2.6% of bills reportedly have.
The bill’s digits had a sum of 48, and 8% of eight-digit serial numbers sum to at least 48.
It had four unique digits, and 9.3% of eight-digit serial numbers have four or fewer digits.
It contained two pairs together, which is true for only 10% of serial numbers on paper money.
Unfortunately, “almost cool” is not enough to push the value of the $5 up, so we won’t be making any extra money on this one. And sadly, the dollar bill was ranked as solidly “uncool” with just 18.5% on the Coolness Index.
However, checking online to see if your money is cool (or uncool) doesn’t guarantee that you’ll be able to sell it for more than face value. While you can list your paper money for as much or as little as you want, it’s worth depends on what people are willing to pay for it.
Where to Sell Your Paper Money
If you do find yourself the owner of a unique bank note, there are several places you can cash it in.
The easiest option is to list your note on eBay. Do a search to see what similar notes are listed for, and list yours in the same ballpark. You don’t want to list too low and wonder if you could have made more; nor do you want to list it too high and risk it not selling at all.
If you don’t want to deal with eBay, you can search locally to see if there are any paper money dealers in your area. If there are, you can take your bank notes to them for an appraisal and they will either offer to purchase the note from you or direct you to someone who may be interested.
Frequently Asked Questions
Still have questions about your paper money and what it might be worth? These frequently asked questions should help.
Which Dollar Bill Serial Numbers Are Worth Money?
Generally, the more unique the serial number on your dollar bill, the more likely it is to be worth more than face value. Some examples of uniqueness include repeating numbers, numbers with a star after them and sequences (such as 12345678). You can see a full list of potentially valuable serial number types in the “15 Types of Valuable Serial Numbers” section above.
How Do I Know if My Dollar Bill Is Worth Money?
To know whether your dollar bill could be worth more than just $1, you need to examine the serial number. This is an eight-digit number that is printed twice on all paper money, and it has one or two letters as a prefix, depending on the denomination. If the number is unique or has a star after it, it could be valuable. See “15 Types of Valuable Serial Numbers” and “How to Look Up Serial Numbers” above.
How Do You Check Serial Numbers on Money?
You can check your serial numbers online to get an idea of whether they might be worth more than face value. See the “How to Look Up Serial Numbers” section above.
What Is the Value of Paper Money?
Paper money is usually worth the exact amount listed on the face (for example, $1, $5 or $10). However, some bills have unique serial numbers that make them desirable to collectors, and therefore sell for more than their face value. See “15 Types of Valuable Serial Numbers” to learn more about the types of unique numbers that are valuable to collectors.
Maryan Akinboyeway and Catherine Hiles are contributors to The Penny Hoarder. Senior staff writer Robert Bruce also contributed.
No matter where you are, most jobs require a lot of online work. You email clients, promote stuff on social media, process orders through an online system or create reports in Google Docs.
So why chain yourself to a desk… in an office… in the same town… every day?
An online job lets you work from anywhere and, often, anytime you want. You can do tons of jobs online — whether to make a little extra money, kick off a serious side hustle or create a full-blown nomadic career.
Whatever you’re looking for, picking up an online job can help you build the life and career you want. In this guide:
Remote and online jobs are everywhere, so you can probably find something in any field. You just have to know where to look. To discover online job postings, try:
General job search: Search general job sites like Indeed, ZipRecruiter and Monster for your desired job title, plus “remote,” or check “remote” as the preferred location. As remote work has grown in the mainstream, your chances of finding quality and legit online jobs on those sites has also grown.
Work-from-home job sites: You’ll have a smaller selection but will likely find higher quality online jobs through work-from-home job sites. Employers had to be aware of these niche sites to post, so they’re more likely to have a strong understanding of remote work culture and the particular needs of remote workers.
The Penny Hoarder Work-From-Home Jobs Portal: Search our curated work-from-home jobs to find well-paying, entry-level online jobs available around the country.
Best work-from-home companies: Keep an eye on companies that regularly hire online workers. They often hire for hundreds or thousands of positions around the country at once, so you have a good chance of finding something available in your state.
There’s a lot of crossover with online jobs between:
A remote job: You’re an employee for a company.
Freelancing and entrepreneurship: You work for yourself.
A lot of online jobs can go either way — you can be a social media manager within a company, or offer the service as a business owner, for example.
Entrepreneurs, freelancers and gig economy workers enjoy complete autonomy that many employees don’t — you choose your hours, set your rates, accept and decline work on your own standards, and live and work anywhere you want.
Being a remote employee is a great compromise if you want a level of autonomy and freedom over your work, but prefer the security and simplicity of a full-time job. You’ll get to choose where — and, often, when — you work, but you don’t have to take on the burdens of running a business, like finding clients, computing taxes or managing workers.
You could also use one online job to develop skills and experience and to build your network, then transition into freelancing or entrepreneurship in the same field.
Or you can switch back and forth between being an employee and a business owner throughout your career. Once you develop your skill set and get comfortable working online, the transition is pretty easy!
There are so many jobs that you can do from home, it would be impossible to create an exhaustive list. As technology evolves and cultural attitudes shift toward accepting remote work, more work-from-home jobs are created every day.
Here’s a list of some of our favorite virtual careers to give you an idea of the scope of online job opportunities.
Time to let your special skills shine through! Creative online jobs are perfect for anyone who wants to make money doing something they love and avoid the 9-to-5 office atmosphere.
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1. Graphic Designer
Pay: $59,970 average salary; $28.83 average hourly rate for freelancers
Graphic designers apply artistic skills through programs like Adobe Photoshop and InDesign to create things like presentation graphics, logos, social media images and infographics for companies.
You’ll need a good eye for visual design — things like color, composition and balance. You’ll also need to be comfortable with design software.
How to Get Started
You can earn a college degree in graphic design, usually as part of a fine arts program. Depending on the program, you may also study professional skills like management and entrepreneurialism.
But you can become a graphic designer with nothing more than a high school diploma. Teach yourself the software and skills you need, then put together a portfolio.
Find full-time, part-time and freelance work through job boards for graphic designers, like Behance.
2. Writer or Editor
Pay: Typically $50+ per article or $33 per hour
Online writing and editing can be lucrative and flexible work. You can find gigs writing about almost anything, so focus on subjects that interest you to do work you enjoy.
Writing and editing jobs could make you a full-time or part-time employee with a company, or a freelancer, depending on what kind of work you want to do. You might specialize in areas like:
Blogging
Content marketing
SEO writing
Magazine writing
News reporting
Translation
How to Get Started
Writing work is abundant online. Your first step to finding online writing jobs is probably pitching story ideas to some publications. That’ll help you get a few pieces published and build a portfolio you can use to get more work.
Check out our articles on where to find work as a freelance writer:
3. Proofreader
Pay: $27 per hour on average
Got an eye for detail? Proofreading is similar to editing and often a good way for writers to make some extra money.
You’ll do the final look through articles, documents, books, graphics, videos and other materials to catch typographical, grammatical or formatting errors in written copy.
How to Get Started
Proofread Anywhere offers a free introductory workshop that tells you what starting a proofreading career is all about.
If it seems like a fit, you can join its general proofreading course, which teaches you everything you need to know to set up a business, find clients and become a successful proofreader.
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4. Niche Blogger
Pay: varies
Don’t believe anyone who says it’s easy to make money blogging — but it certainly is possible.
Your best chance at success is to choose a topic that offers a clear value to readers, based on something specific that people want to learn about, like fixing cars, cooking or starting a business.
Figure out what people want to learn about the topic, write articles that answer those questions, and you can gradually become an authority in your niche — a go-to source of information on the topic.
That authority helps you attract an audience, so you can make money through relevant advertising, affiliate marketing and sponsored posts. The passive income could make a good side hustle at first and maybe even grow into a full-time business.
How to Get Started
Follow these steps to start a blog and start earning money:
Choose your niche. Based on your interests, expertise and demand from an audience, what will you blog about?
Pick a domain name and web host. You can purchase the domain (the website address) and website hosting through the same service.
Connect to a blogging platform. This is the service you’ll use to publish posts and pages on your website. The most popular by far is WordPress.
Build your website. An easy way to start is with a theme or template, which you can find for free or to purchase through blogging and hosting platforms. In most cases, they’ll install with a click, so you don’t have to worry about coding.
Start writing. You’ll need basic pages, like an about page and contact page. And you’ll need some posts! Plan your editorial calendar ahead at least a few weeks, and prep content before officially launching your site.
Promote your blog. Get readers by sharing content on social media, through email, via PR and through guest blogging on related sites.
Monetize your blog. Add display ads and affiliate links for quick and easy monetization. Sponsored posts take more effort, but are still a simple way to make money. You can also produce your own ebooks, courses and other products to sell.
5. PowerPoint Presentation Designer
Pay: Typically $33 per hour
When speakers and business managers don’t have time to create presentations for their meetings or events, put your skills to use to do it for them.
You’ll need some writing, graphic design and communication skills to distill information and ideas into eye-catching and professional-looking slideshows. Brush up on the latest versions of PowerPoint, Google Slides and Apple Keynote to present yourself as an expert to clients.
How to Get Started
Create your own website to attract potential clients through search, or search for gigs through freelance sites like Upwork and Freelancer, and list your services on Fiverr.
6. Website Developer
Pay: $80,407 average salary
A front-end web developer is responsible for how a website looks and functions for visitors (readers or shoppers, for example).
You’ll work with coding languages, like JavaScript, HTML5 and CSS, to set up how websites deliver content. You may need some understanding of design or work closely with a website designer to create the visual aesthetic of the site.
How to Get Started
Don’t be intimidated by computer programming! Like many skills, you can learn to code on your own through free resources, take a quick coding bootcamp or study computer science more in depth in college.
Once you have some skills, build a client base like any other creative freelancer: Network through social media, advertise to family and friends, and build a portfolio to showcase your skills.
Remote-work job boards like Remote.io and We Work Remotely tend to be gold mines for developer and web design jobs.
Turn your knowledge into a moneymaker by teaching and tutoring online. Online teaching jobs let you reach a broader audience and scale your business beyond what you could do in person.
Tami Perkins leads a virtual CrossFit class from the driveway of her home in St. Petersburg, Fla. Chris Zuppa/The Penny Hoarder
7. Online Tutor
Pay: $17 to $29 per hour or more
Set up an online tutoring business to teach college students or K-12 students. You could teach everything from math to fashion — follow your interests!
Elevate K-12: Live-stream classes for groups of students who are in the classroom or remote.
TutorMe: 24/7 online tutoring and ACT and GRE prep. University enrollment or degree required.
8. Online Course Instructor
Pay: Varies; you set your price!
Creating and selling online courses is a fun way to make money from your unique skills, hobbies and expertise. Many people create self-directed online courses — which means you can set them up and earn passive income as students sign up.
How much you can earn this way depends entirely on how much you charge for the course and how many people you get to sign up.
Courses for soft skills or hobbies might reach a wider audience but command a low price, while courses for hard and in-demand skills — like coding, SEO or starting a podcast — can likely command a higher price for a narrower audience.
How to Get Started
You can create an online course to sell through a marketplace like Skillshare, Teachable or Udemy. They take care of the design and functionality, so you don’t have to worry about how to deliver content to your students.
Platforms take a cut when you sell courses, though. If you want to keep 100% of what you charge, consider setting up something simple of your own. You could create a basic website using WordPress or Squarespace, or send an email series through Mailchimp.
9. Online English Teacher
Pay: $10 to $40 per hour depending on experience
Tons of people earn money teaching English online to non-native speakers around the world. You’ll tutor individuals or groups of kids, usually grade-schoolers who live in China.
You should like working with the kids — even though it’s a video chat, you should come prepared with all the songs, puppets, colorful props, funny faces and positive energy that keeps kids engaged.
Lessons are usually in 30- to 60-minute blocks. You can work part-time around a school or work schedule to make extra money. Lessons usually take place early in the morning or late at night, because of the time difference with international students, so it might be tough to make this a full-time gig.
How to Get Started
You can connect with students by signing up with companies for teaching English online. Requirements vary. Many require you to be a student or have a bachelor’s degree. Some require teaching experience, but some require no degree or experience at all.
Enjoy digging into the minutiae others balk at? A job that’s heavy in tech, numbers or research could be a good fit for you.
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10. Software Engineer
Pay: $93,846 average salary
Software development is a fast-growing field — so it typically comes with an impressive payday. Software engineers design the systems and applications that run, well, everything we do.
You’ll work with programming languages like Python, C++ and Java to create the code that runs in the background of programs and apps we use every day. You could work remotely as an employee for a company or as a contractor for specific projects.
How to Get Started
Many software engineers earn a bachelor’s degree in computer science, but you could be successful as a self-taught developer, too.
Pay: Varies, typically $70 to $700 per project or $35 per hour
Family trees are super trendy, and not everyone can afford a DNA test or take the time to scour old family records themselves.
That’s where you come in. If you enjoy putting together a tricky puzzle and answering challenging questions, offer your hand as a genealogist to help people in your area discover their family histories.
How to Get Started
Create a website, like this one for professional genealogist Anthony Adolph, to attract customers through search. You can also advertise your service on your own social media, in local Facebook groups and on freelancing sites like Fiverr.
12. Bookkeeper
Pay: $48,448 median salary
Bookkeeping is a staple job in any business. It’s also a job you can easily do online. You could be a remote employee for a company or start your own virtual bookkeeping business and work for yourself!
Bookkeepers keep track of a company’s transactions, income and expenses. You’ll be responsible for record-keeping, and producing reports and financial statements for other people in a company.
How to Get Started
Although the job is related to accounting, you don’t have to have any certification to be a bookkeeper — just the right tools. Besides a computer and internet connection, you’ll need accounting software like Quickbooks.
The Bookkeeper Launch course shows you the technical skills you need to become a bookkeeper, plus what you need to know to build and grow an online business.
You can also find bookkeeping jobs through general job-search sites or freelancer sites like Upwork.
Some people have a way with people. If you know how to get the right products in front of the right people at the right time, marketing or sales could be for you.
Josh Waldron wears one of the T-shirts he designs and sells while in his home office in Waynesboro, Va. Waldron, a former teacher, sells T-shirts he designs using Merch by Amazon. Chris Zuppa/The Penny Hoarder
13. Amazon Seller
Pay: varies
There are tons of ways you probably haven’t thought of to make money on Amazon working from home — including multiple ways to sell things on the platform.
You could:
Do retail arbitrage: Fulfillment by Amazon lets you buy products from anywhere, then ship them to be stored in an Amazon warehouse and sent to the customer when they buy through Amazon.
Design your own brand: Contact a supplier, and design a label to sell private label products.
Be an affiliate marketer: Join the Amazon Associates program to earn a commission when you recommend products to Amazon shoppers.
Publish an ebook: Use Amazon’s Kindle Direct Publishing platform to publish and sell an ebook — no technical know-how or publishing industry connections necessary.
Sell t-shirts: Create designs, and use the Merch by Amazon print-on-demand service to sell t-shirts without wasting money on inventory.
How to Get Started
Start by creating an Amazon account if you don’t already have one. Then, depending on what you want to sell, sign up for the necessary Amazon seller service:
14. Digital Creator
Pay: varies
If you’re interested in a niche like food, fashion, travel or fitness, and have a knack for creating engaging content, you could make money by posting on social media.
A digital media or social media influencer builds an audience on sites like YouTube and Instagram, and makes money through advertising. You could collect royalties from ads that run during videos, or negotiate flat rates with brands and create custom photos or videos to post on your platforms.
The fun part about this gig is that most of your job is just being yourself!
You’ll build a relationship with an audience around your unique personality, ideas and talents. Brands pay to get in front of your audience, because they know your followers trust your recommendations.
How to Get Started
Getting started as a digital creator is easy — just take a photo or create a video, and post it! Building an audience happens slowly, but you can do it by posting new content consistently, tapping into trending topics and hashtags, and interacting with your followers.
Once you have 1,000 subscribers on YouTube, you can apply to join its Partner Program to earn money through ads on your videos.
As your audience grows, brands might reach out to you about sponsored posts and videos. You can seek these connections proactively through influencer marketing platforms like iFluenz,, Chamboost and Amazon Influencer.
15. Sales Consultant
Pay: $50,286 average salary
An online sales consultant job is just like an old-fashioned sales job in an office: You speak with a company’s existing customers or prospective buyers by phone or email, answer their questions, explain products and promotions, and — ideally — make sales.
Online sales jobs are often available with tech and software (SaaS) companies, where your job is to talk with people at other companies to sell products and services that help their business.
Many require previous sales or customer service experience, but if you’ve got the charisma, you could become a sales consultant with no experience.
Direct Sales Companies
If you want the flexibility of working for yourself, consider becoming a consultant with a direct sales company — a.k.a. multi-level marketing (MLM).
You’ll become a seller with these companies and sell things like clothes or beauty products. You can do it entirely online, but product sales often requires demonstration, so you might consider hosting in-person or virtual events to showcase your products.
Direct sales companies can be a good opportunity to strike out on your own with the support of an established brand. But the MLM model lends itself easily to scams, so do your research before signing up and handing over startup money. Before joining an MLM, ask yourself these four questions.
How to Get Started
Find work-from-home sales jobs through general job search boards and startup job boards like Wellfound (formerly AngelList).
Interested in MLM? Check out some of the most popular — and legit — direct sales companies.
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16. Social Media Manager
Pay: $47 to $60 per hour
Managing a company’s social media accounts is a fun way to connect with businesses you love and earn money online.
You’d help the company present itself publicly, promote itself and engage with customers through Facebook, Twitter, Instagram, Pinterest, and, depending on the company and its target customers, Snapchat, TikTok and YouTube.
The job is part marketing, part customer service, and might require a range of skills, including writing, marketing and graphic design.
How to Get Started
Social media managers might work as an employee or freelancer for a company, or run an agency managing accounts for multiple companies. Job opportunities will show up on general job boards.
If you want to strike out on your own, start with local businesses you love.
Reach out to business owners with a plan to improve their existing social media presence, and propose ways to connect with customers on platforms like Snapchat or TikTok. Small business owners might not have thought of those avenues or don’t have time to pursue them, so they may be willing to pay for your expertise.
Less worried about landing your dream job and more interested in just making money online? Seek out these online jobs that require no previous experience or training.
17. Data Entry Clerk
Pay: $16 to $20 per hour
Data entry jobs are entry-level jobs that don’t require a ton of skills to get started — just a computer and internet connection. Because of that, they also don’t pay as well as some other online job options.
No matter how advanced the algorithm becomes, search engines still are not perfect. They need people to look at search results and evaluate their accuracy and usefulness based on search terms.
How to Get Started
Find search engine evaluator jobs through these sites:
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19. Micro-Freelancer
Pay: $3 to $100 per gig
Micro-gigs are a simple and fun way to earn money online. Individuals and companies need people to complete tons of small odd tasks, like data entry, surveys or proofreading, that you could complete quickly for a few bucks.
Just make sure to value your time wisely — if you only earn $5 an hour, even the easiest tasks are probably not a good way to spend your time.
How to Get Started
List any service you want to offer on Fiverr, or check for gigs on these sites:
20. Virtual Assistant
Pay: Varies with duties and experience: $18 to $35 per hour
Are you super organized and passionate about helping entrepreneurs succeed? Get paid for it!
Like many assistant jobs, virtual assistant gigs vary in pay, hours and even the type of work you’ll do. You’ll be available to help professionals with tasks that help them keep their careers or businesses on track.
Make sure you agree on a scope for your work before starting, so you can be paid properly for the amount of work you do and the skills required. VA work could include:
Data entry
Social media management
Website maintenance
Research
Customer service
Bookkeeping
Writing and proofreading
How to Get Started
Find virtual assistant jobs through these sites:
21. Transcriptionist
Pay: $15 to $25 per hour or more
Transcribing requires little to no prior experience, and offers flexible hours and workloads.
The work sounds easy: Listen to audio and type what you hear. But it can be repetitive and requires a lot of attention to detail.
With that said, the flexible work hours fit well around an academic schedule. And the pay is a pretty good selling point: Earn around $15 to $25 per hour for general transcription, and more if you learn to specialize in the legal or medical fields.
How to Get Started
Find transcriptionist jobs through these sites:
Or, if you want to start your own transcription business and pick and choose your clients, Transcribe Anywhere offers online courses. There’s even a free introductory mini-course that’ll let you take a trial run.
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22. Customer Service Representative
Pay: $15 to $19 per hour
Did you know you could be a customer service agent without working in a call center? Yep! You can work at home and do this popular job.
Customer service representatives answer customer questions and — let’s be real — field complaints. You’ll speak with a company’s customers over the phone, by email, via online chat or through social media.
Many companies also need product specialists or tech support agents. These positions are similar to customer service — your job is to answer customer questions — but may require more training or expertise and pay more.
Find customer service jobs through general job search sites using titles like:
Customer support
Client specialist
Client support
Customer happiness
Customer experience
Client/customer success
23. Product Tester
Pay: Free products, sweepstakes, gift cards
Do you write Yelp reviews people want to read just for fun? You could get paid to do that!
Online product testers receive products for free from companies ahead of a launch and provide feedback.
Companies may use product testers to get direct feedback to develop a marketing strategy, or they’ll ask you to evaluate the product and write a review on Yelp, Amazon, Google, Facebook and other review sites.
Your honest review — even if it’s negative — builds trust with potential buyers, because they can see what real people think and not just rely on sales copy.
Some companies pay you for your time writing the review, but most just offer free products, entry into sweepstakes (for additional free products) and gift cards. This gig pays off best if you sign up to review products you’d otherwise spend money on.
How to Get Started
Some companies post product tester jobs online, so you could find them through general job search sites.
You can also sign up as a tester with sites that connect you with companies looking for reviews, including:
You know how important it is to find the right job for you — so get paid to help others find theirs!
24. Resume Writer or Editor
Pay: $25 to $65 per hour
Helping someone polish their resume, LinkedIn profile and cover letters is fairly easy work, as long as you’ve got some experience evaluating resumes or getting hired yourself.
Often your job is primarily as an editor or proofreader — make sure everything is typo-free and makes sense. But you could go deeper and offer guidance on resume content based on the jobs clients are looking for.
How to Get Started
You can find online resume writing jobs through these freelancing sites, though you’ll face a lot of competition:
For better success, try reaching out to your own network through email and LinkedIn to connect with people hunting for jobs. Include the service on your own LinkedIn profile, or even set up a simple website to promote the service and help people find you through online search.
25. Virtual Recruiter
Pay: $38 per hour on average
Do you have a broad network and a knack for connecting people? Those skills could help you find success as a virtual recruiter.
In this freelance role, you’ll work with companies to shape jobs and find potential new hires. You might write job descriptions, post openings to job sites, evaluate resumes and cover letters, negotiate salaries and even conduct screening interviews.
How to Get Started
Look for virtual recruiter job listings on these sites:
This list just scratches the surface of online jobs. You can turn just about any skill or interest you have into a writing, coaching, consulting, design or teaching job online, so don’t be afraid to get creative.
If you just want to make a little extra money on the side, you can find dozens of even smaller, simpler ways to make money online, including:
Online surveys
Cash back apps and shopping sites
Online games
Micro-investing apps
Market research
These opportunities usually just pay a few cents at a time — or pay in rewards and gift cards, rather than cash. Most people can’t rely on them to pay the rent, but they could be a good way to use your down time to build up your bank account.
You can also find gig apps that help you make money by connecting with people online, but require offline work, like:
Gig apps generally give you the freedom of working for yourself, like freelancing does, and they take care of the work of finding clients or customers. Making a full-time living in the gig economy usually requires putting in a lot of hours, but people are able to do it.
Working online is a great fit for a lot of people, especially anyone who wants a flexible schedule or location independence, faces barriers to landing traditional jobs, or just works better in solace.
Inspired? Use this list of online jobs as a starting point to build the career that’s just right for you.
Online Job FAQs
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Dana Sitar and Larissa Runkle contributed to this article.
Affording dental work can be tough if you’re an older American on Medicare.
That’s because Original Medicare — which covers a majority of beneficiaries — doesn’t include routine dental care.
The Centers for Medicare & Medicaid Services announced plans to begin covering limited dental services starting January 2023. But the scope is narrow: Dental work must be linked to a covered medical procedure, such as before an organ transplant, to qualify for coverage.
For now, older adults are mostly on the hook when it comes to paying for their own oral health care.
Here are seven ways to get free or reduced dental care. We’ll also explain what limited dental benefits Medicare coverage provides, along with other options like private insurers and Medicaid.
7 Places To Get Cheap or Free Dental Care for Seniors
Medicare beneficiaries who use dental services spent an average of $874 a year out-of-pocket, according to an analysis by the Kaiser Family Foundation.
That’s a lot of money, especially if you’re on a fixed income.
Here are a few tips and tricks to get free dental work and save big on oral health.
1. The Dental Lifeline Network
This program by the American Dental Association offers free, comprehensive dental treatment to specific groups, including people ages 65 and older.
You can use this tool on the Dental Lifeline Network website to learn about the specific program details in your state.
Heads up: Due to long wait lists, several states and counties are no longer accepting new applications for the Dental Lifeline Network program. When we did a quick search, Nevada and Wisconsin weren’t accepting new applications.
2. Community Health Clinics
Federally funded community health clinics provide reduced-cost or free dental care services to people with low incomes.
Many operate on a sliding scale system while others offer flexible payment plans.
Wait lists can be long, so it’s important to reach out to your local clinic early.
Some dental schools offer low-cost cleanings and other routine care to members of the community.
Most of these teaching facilities have clinics that give dentists-in-training an opportunity to practice their skills while providing low-cost dental care to the public.
You can search for dental schools and programs in your area by visiting the American Dental Association website.
There’s no guarantee that a dental program in your area currently offers free or reduced dental care. You’ll need to contact each program individually to see what’s available.
When you call, make sure to ask about any fees up front.
4. NeedyMeds.com
This website offers a comprehensive list of dental offices with sliding scale payment options, community health center locations and dental school clinics.
It does a great job breaking down requirements and eligibility (if any) for services in your area, and provides contact information for each service.
It might be difficult to ask for help, but being honest with your dentist about your financial situation can help.
Your dentist may be able to offer a less expensive treatment, help you set up a payment plan or provide a sliding scale payment option.
Ask if you can receive a discount for referring a friend. Or, see if it’s possible to knock off a few bucks in exchange for a positive online review of the dentist office.
6. Sign Up for a Dental Savings Plan
Dental savings plans aren’t dental insurance, but they may still be able to save you money.
Here’s how it works.
With a dental savings plan, you pay an annual fee, then get a 10% to 60% discount on most dental services such as exams, cleanings, fillings, root canals and crowns.
The plan contracts with dentists who agree to reduce their fees, then you pay the participating dentist directly using your discount.
You’ll still pay out of pocket for those services, but the idea is that you won’t pay as much as you would without the plan.
But let’s be clear: Dental discount plans aren’t free. The average cost for plans in Orlando, Florida, for example, ranged between $135 to $170 a year.
You can visit DentalPlans to find a plan in your area.
7. Shop Around
Dentists can charge widely different prices for the same exact procedure.
When it’s coming out of your pocket, it pays to shop around.
You can find average prices in your area by using FAIR Health, a national nonprofit organization. The site lets you search by specific procedures, so you get the average cost for a root canal or teeth cleanings in your area.
Armed with knowledge, call around to different dentist offices for quotes. Ask about senior discounts.
You can also look for discounted dental care on sites like Groupon.
A quick search on Groupon for dental services in Houston, Texas, showed numerous X-ray, exam and cleaning packages for $25 to $50. One office even offered $700 toward dental implants for just $50!
If you reside in a high cost-of-living area, driving to a less expensive area is another smart way to find low-cost dental care.
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Does Medicare Cover Dental Care?
Yes and no.
Original Medicare doesn’t provide coverage for routine dental, vision or hearing benefits.
Original Medicare will only cover dental work if it’s deemed medically necessary, i.e. you were hospitalized after a traumatic injury that also affected your jaw, teeth or mouth.
Starting Jan. 1, Medicare will begin covering the following dental procedures:
Reconstruction of a ridge when performed at the same time as the surgical removal of a tumor.
Stabilization or immobilization of teeth when done in connection with the reduction of a jaw fracture.
Dental splints when used in conjunction with a medically necessary treatment.
Here are the other dental services covered by Medicare Part B:
Dental services that are critical to a larger procedure like facial reconstruction after an accident.
Tooth extraction that is needed to prepare for radiation treatment.
Oral exams and treatments that are done to prepare for a kidney transplant, heart valve replacement or organ transplant procedures.
So if you’re looking for standard dental care like teeth cleaning, X-rays, fillings, extractions, dentures and more — the cost comes out of your pocket.
Medicare Advantage
Medicare Advantage plans are administered by private insurance companies. They must provide the same basic coverage as Original Medicare, but plans may offer additional benefits, such as dental.
About 94% of private Medicare Advantage plans provide some dental coverage, but the amount of coverage varies by plan.
Nearly all Medicare Advantage plans that include dental offer coverage for oral exams, cleanings and X-rays, according to the Kaiser Family Foundation.
But benefits for more advanced dental work like root canals, implants and dentures can carry substantial copays, depending on the plan.
Medicare Advantage plans almost always impose restrictions, including annual dollar caps and how often you can get certain benefits, such as dental implants.
The average annual limit on dental benefits among Medicare Advantage plans that offer more extensive benefits was about $1,300 in 2021, according to KFF.
If you’re enrolled in a Medicare Advantage plan, it’s important to check the plan’s summary of benefits or evidence of coverage to see exactly what dental work is covered. It can vary widely from plan to plan.
Other Dental Insurance for Seniors
About half of all Medicare beneficiaries — 47% — did not have any form of dental coverage in 2019, according to the Kaiser Family Foundation.
Besides Medicare Advantage plans, other sources of dental coverage for seniors include Medicaid and private plans, such as employer-sponsored retiree plans and individually purchased dental plans.
Private Dental Insurance for Seniors
A standalone dental policy for people 65 and older is typically $20 to $50 a month, according to AARP. You can expect an annual deductible of $50 to $100 with these policies.
Dental insurance plans usually cover checkups and cleanings 100% but you will probably owe 20% to 50% for other services, such as tooth extractions or dentures.
The devil is in the details with private dental plans: It’s important to shop around and carefully compare benefits to make sure you’re getting the best deal.
Here are a few other things to keep in mind about private dental insurance plans:
You can’t enroll in a dental plan through the federal ACA Marketplace if you’re already enrolled in Medicare.
Private dental policies usually don’t charge higher monthly premiums if you’re over 65 or in poor health.
An insurance company may require you to undergo a waiting period before you can get expensive procedures.
Some plans won’t cover pre-existing dental conditions you had before enrolling in coverage.
You may be restricted to an in-network dentist, so check to see if your dentist is on the list.
Medicaid
About one in five Medicare beneficiaries is also enrolled in Medicaid, sometimes referred to as being “dual enrolled.”
Medicare usually pays as your primary insurance when you’re dual enrolled. But if you need dental work done or even a yearly cleaning, consulting your Medicaid handbook is a smart move.
If you meet Medicaid low-income requirements in your state, you may be able to receive free or low-cost dental care for certain procedures and services.
But it’s not a guarantee. While most states provide at least some emergency dental services, only 39 states and Washington, D.C. offer limited or comprehensive dental benefits for adults, according to the National Academy of State Health Policy.
Even if your state Medicaid program includes dental, it may not pay out much. Of the 39 states with routine dental care coverage, only 25 states offer an annual expenditure cap of $1,000 or more.
Adult Medicaid recipients in Arkansas, for example, only receive annually up to $500 of dental services, and that excludes dentures and tooth extractions. So if you need a $3,000 root canal and you’re dual enrolled with Original Medicare, you can expect to pay $2,500 out of pocket in that state.
According to Medicaid’s national website, “States have flexibility to determine what dental benefits are provided…There are no minimum requirements for adult dental coverage.”
To find the Medicaid office contact information for your state, click here.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
When you think of interest-generating bank accounts, your mind likely goes to savings. After all, that’s your reward for building an emergency fund or socking away money for a future expense, right? A regular, end-of-month deposit into your savings account, courtesy of your bank.
The good news: You can also earn interest with select checking accounts.
What Is a High-Interest Checking Account?
A high-interest, or high-yield, checking account offers a higher interest rate (annual percentage yield, or APY) on your money. Unlike a traditional checking account, you may have to keep a minimum balance in the account at all times and meet other requirements — for instance, pay a monthly fee, make a certain number of debit card purchases or schedule a recurring direct deposit — to earn the higher interest rate.
High-interest checking accounts are a solid way to earn more for your money. Whether you bank with a federal credit union, online bank or other type of financial institution, high-yield checking accounts can be a great place to store your cash.
The 6 Best High-Interest Checking Accounts for December 2022
Here’s an overview of high-yield checking accounts, what you need to know when choosing one and the top checking accounts available in the market today.
Here are the six best high-interest checking accounts where you can save your money and make a little more at the same time.
SoFi Checking and Savings
Best for Users Who Want Overdraft Protection
Key Features
Free debit card
Fee-free ATM usage via Allpoint
Overdraft protection
SoFi Money is upgrading to SoFi Checking and Savings. This account requires no minimum opening deposit, has no monthly fees, and offers a seriously solid 3.00% APY when you sign-up for direct deposit (1.00% APY without direct deposit).* Through a partnership with Allpoint, account holders won’t pay fees at 55,000 ATMs worldwide. Oh — and you can earn a bonus up to $300 when you set up direct deposit with a particular amount.
SoFi Checking and Savings
APY
Up to 3.00%
Monthly fees
None
Debit card
Free
Minimum balance required
None
ATM fees
None for in-network ATMs
More Information About SoFI Banking
SoFi Banking takes a number of steps to make the transition to online banking easy:
Through a partnership with Allpoint, account holders won’t pay fees at 55,000 ATMs worldwide.
Overdraft protection — SoFi members who meet certain criteria and accidentally spend more than they have in their account will be covered up to $50 with no fees.
SoFi’s website and mobile apps have detailed FAQs, and they make it simple and easy for you to find any information you want.
NBKC is an award-winning regional bank. The NBKC Everything Account offers 1.25% interest on all balances and has no minimum balance requirement. It also features $0 overdraft charges. So, if you have a bad habit of overextending your money, you won’t get dinged. One other thing to note: NBKC is an online bank, though you can visit a physical branch if you live in Kansas City, Missouri.
NBKC Everything Checking Account
APY
1.25%
Monthly fees
None
Debit card
Free
Minimum balance required
None
ATM fees
None for in-network ATMs
More Information About NBKC Everything Checking Account
The NBKC Everything Checking Account offers other perks, too:
Access to over 37,000 ATMs. Keep in mind that the mega-banks, like Wells Fargo and Bank of America, have less than 20,000 in-network ATMs. Plus, NBKC will reimburse you up to $12 monthly to refund those pesky, out-of-network ATM fees.
24/7 mobile banking.
The ability to set up auto-pay for recurring bills.
Consumers Credit Union
Best for the Highest APY on Market
Key Features
Free nationwide checking
Anyone can join CCU
Can bank online or in person
If you’re torn between a bank and credit union and interested in options with the latter, check out Consumers Credit Union. This credit union has free rewards checking, over 30,000 ATMs, early direct deposit and more. CCU also has one of the best APY rates on the market: from 3% to 5% when you follow certain guidelines. You can also open an account online or in person in Illinois.
Consumers Credit Union
APY
3% to 5%
Monthly fees
None
Debit card
Free
Minimum balance required
None
ATM fees
Over 30,000 surcharge-free ATMs
More Information About Consumers Credit Union
Consumers Credit Union knows plenty of people still write checks so it allows unlimited check writing. Plus, there is a feature to get paid at day early when you have direct deposit and your employer has provided the requested information. Consumers brags that clients with balances up to $10,000 can earn 80x the national average.
Ally Interest Checking Account
Best for Users Who Worry About Overdraft Fees
Key Features
40,000 fee-free ATMs
No overdraft fees as of 2021
Super-transparent fees
Ally Financial Inc. is a leading digital financial services company. With the Ally Interest Checking Account, you’ll earn 0.10% for balances under $15,000. But, if you have $15,000, you can earn 0.25%, about 8x the national average for checking accounts that pay interest. You can send money to friends via Zelle, save more with “Round Ups” and more.
Ally Interest Checking Account
APY
0.10% to 0.25%
Monthly fees
None
Debit card
Free
Minimum balance required
None
ATM fees
None for in-network ATMs
More Information About Ally Interest Checking Account
Overall,Ally is an online-only bank with a pretty good high-yield checking account. Last year, Ally Bank eliminated overdraft fees on all accounts for all customers. Another perk is Ally’s super-transparent fees. For example, there’s no gray area over what an outgoing domestic wire will run you ($20).
Online-only Axos Bank offers a decent APY — up to 1.25% APY (0.40% + 0.30% + 0.20% + 0.20% + 0.15%)* — with its Rewards Checking account. It’s yours, if you’re organized, conduct regular monthly deposits and follow other strict guidelines. You just need $50 to open the account
Axos Rewards Checking
APY
Up to 1.25%
Monthly fees
None
Debit card
Free
Minimum balance required
$50
ATM fees
Unlimited domestic ATM reimbursements
More Information About Axos Rewards Checking
Here are the guidelines to receive the higher rate from Axos Bank: Receive $1.5K or more monthly deposits (0.40%), use your Axos debit card for 10 (minimum of $3) transactions (0.30%), maintain at least $2,500 per month in an Axos Invest Managed Portfolios Account (0.20%), have a daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account (0.20%) and use your Rewards Checking account to make an Axos consumer loan payment in full each month (0.15%).
Quontic is an adaptive digital bank that offers traditional and future-focused banking services, such as a wearable debit card ring and Bitcoin rewards checking. The company also strives to help those traditionally underbanked secure home loans. Plus, unlike some banks, there are no hidden fees: Quontic lists its Schedule of Fees clearly on its website.
Quontic High Interest Checking
APY
Up to 1.10%
Monthly fees
None
Debit card
Free
Minimum balance required
None
ATM fees
None for in-network ATMs
More Information About the Quontic High Interest Checking Account
You need to fund your Quontic account with $100 to get started. To take advantage of the higher interest rate, members need to make at least 10 qualifying point-of-sale transactions of $10 or more per statement cycle.
Why You Should Consider High-Yield Checking Accounts
We’ll be honest — you won’t be raking in the dough. The national average for interest checking accounts is a not-so-hot 0.04% annual percentage yield (APY), according to the FDIC.
However, if you can earn something versus nothing for keeping your money in a checking account, we think it’s worth exploring. Any secure account where you can safely store and grow your money is a win in our book.
Pro Tip
Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.
Who Can Get a High-Yield Checking Account?
The short answer? Anyone 18 years old and up. To open any account in the U.S., you typically need the following:
Be age 18 and older
A U.S. citizen
Your social security number
A government-issued ID
Certain accounts might suit different individuals better. For instance, a super-organized person who can meet some banks’ regular requirements to earn a higher interest rate might fare better with one type of account than someone who’s more of a “set it and forget it” type who will be fine with a lower rate and fewer requirements.
Regardless, anyone can benefit from a high-interest checking account.
How Banks Offer Higher Interest Rates
Banks offer attractive rates to incentivize people to open accounts with and keep their money with them. Some companies are able to offer even higher rates than their competitors. For example, online-only banks typically have an edge here. They have less overhead than their brick-and-mortar counterparts and can pass these savings (in the form of higher interest rates) on to consumers.
What to Look for When Opening a High-Interest Checking Account
You want to have a lay of the land before you sign on the (digital) dotted line for a new bank account. Here are some key items you want to review before going with a high-interest checking account:
The APY
Minimum to open the account
Monthly maintenance fee
ATM fee
Minimum deposit requirement
Direct deposit requirement
Daily balance requirement
Number of debit card transactions you need to hit
Rates can change, so make sure you review your account offerings compared to others on the market from time to time to ensure you have the best setup for you.
How to Choose a High-Interest Checking Account
If you’re thinking about moving to a high-interest checking account, take a few things into consideration.
Look for accounts that won’t negate those interest earnings by charging you fees. However, if you carry a high balance, it may be worth paying a small monthly fee to get a better interest rate. Do the math.
Keep an eye on minimum balance requirements. We focused on accounts that don’t require a minimum balance, but if you know that you’ll consistently have at least $1,000 in your account at all times, you may want to shop around a bit more. There may be a great deal out there.
Look at the requirements. Maybe you don’t use your debit card that much or you don’t want to have a direct deposit. Choose an account that fits with the way you like to use your account.
Keep ATMs in mind if you use them. It’s 2022, and you shouldn’t have to pay those fees. There are too many banks that are willing to cover those for you.
Look for accounts with a mobile app. If you do a lot of banking on your phone, make sure the bank you choose has a solid banking app. Once you find the checking account that checks all the right boxes for you and how you like to use your account, sign up and start earning money on your money already.
Think outside the box. If your primary bank doesn’t offer a high-yield checking account (or the rates or monthly fees are a no-go), see what else is available. Consider all your options for opening a checking account — whether it’s a brick-and-mortar bank, credit union, digital-only service or other institution altogether, it quite literally pays to open an account with a bank that will reward you for having an account with them.
Frequently Asked Questions (FAQs) About High-Interest Checking Accounts
Here, we’ve answered popular questions about high-interest checking accounts.
What Banks Pay the Most Interest on Checking Accounts?
Right now, Consumers Credit Union (a credit union) and SoFi (an online-only financial institution) offer two of the highest APY rates on the market, at 3% (starting for the former, and up to 3% for the latter). However, rates change all the time, so it’s essential to check every so often to see which places offer the best numbers. While digital-first organizations tend to offer the highest APY, regional banks and credit unions near you might also offer solid rates.
What Bank has the Highest Interest Rate on Checking Accounts?
APY rates vary at different credit unions, banks and financial institutions (they can vary by location, too). Make sure an account meets other needs you may have instead of solely chasing a high APY. Take for instance, Axos Bank at 1.25% APY — you’ll need to match particular requirements to hit that number. If you can’t meet those qualifications the higher APY won’t matter much if you won’t reliably be able to earn it.
Where Can You Open a High-Interest Checking Account?
Many traditional brick-and-mortar and digital-only banks, financial institutions and credit unions offer high-interest checking accounts to members. Our list of the six best high-interest checking accounts should get you started. Those financial institutions include Axos, Ally, Quontic, Consumers Credit Union, SoFi and NBKC.
How Much Interest Will I Get on $1,000 a Year in a Savings Account?
This depends on a variety of factors. Let’s use an example: If you open a high-yield savings account with $1,000 at an estimated interest rate of 0.50% (that compounds annually) and don’t contribute one more dollar all year, you’ll end the next 12 months with $1,005.
How Much Interest Does $10,000 Earn in a Year?
you’ll end up with $1,305.97 in one year. Again, your results will depend on your own situation. You can always explore other finance products, such as savings accounts, money market accounts and CDs, if they offer more favorable terms for you.
How We Picked the 6 Best Checking Accounts That Pay Interest
Our methodology for this list is simple: According to the FDIC, the average interest rate for interest-bearing checking accounts is currently 0.04%. So, we looked for accounts that came in around that range or, ideally, were higher. (Note: APR fluctuates over time, so a lower rate now could rise in the future.)
Beyond the interest rate, we looked at what else the account brings to the table. We gave preference to ones that don’t have maintenance fees or require minimum balances and that offer ATM fee reimbursement.
Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.
Whether you’re someone looking to start building your credit or someone with poor credit looking to begin again, a starter credit card is probably a good choice for you.
For the most part, starter credit cards can be broken into three main categories: secured credit cards, unsecured starter credit cards, and student credit cards.
Each of these has different requirements and benefits. However, no matter the category, a good starter credit card is one that is easy to qualify for, has low annual fees, reports to all three credit bureaus, and sometimes even lets you upgrade to a better card.
Ultimately which card will work for you depends on your needs and credit history, but we’ve gathered all the best starter credit cards from each category to get your started.
As you look, keep in mind that the purpose of this card is to establish a good credit history, so that you can ultimately move on to bigger and better credit cards in the future.
The Best Starter Credit Cards
Capital One QuickSilverOne Cash Rewards Credit Card: Best for Simple Cash Back
Blue Cash Everyday Card from American Express: Best for Non-U.S. Credit Histories
Petal 2 “Cash Back, No Fees” Visa Credit Card: Best for No Fees
Tomo Credit Card: Best for Focused Credit Growth
Discover it Student CashBack Credit Card: Best for Overall Student Card
Deserve EDU Mastercard for Students: Best for International Students
Discover it Secured Credit Card: Best Overall Secured Credit Card
Capital One Platinum Secured Credit Card: Best for Flexible Deposit
U.S. Bank Altitude Go Visa Secured Card: Best for Dining Rewards
Capital One QuickSilverOne
Best for Simple Cash Back
Key Features
1.5% cash back on everyday purchases
Higher credit line possible in 6 months
The Capital One QuickSilverOne Cash Rewards Credit Card is a traditional, unsecured credit card that accepts fair credit, allowing some less established credit users to qualify. With 1.5% cash back on every purchase, this card is simple to use: there are no complex, rotating rewards categories or redemption strategies that sometimes trip up first time credit card users.
Capital One QuickSilverOne
Annual Cost
$39
Regular APR
28.49% variable APR
Reward Rate
1% – 5% cash back per $1
Foreign Transaction Fee
N/A
Credit Score
Fair to good credit (580 to 740)
More Information about Capital One QuickSilverOne Cash Rewards Credit Card
While the Capital One QuickSilverOne Cash Rewards credit card isn’t truly a “starter” card, it does accept fair credit scores. This allows many newer credit users to qualify, which is why we keep it on our best starter credit cards list.
With this card, you get 1.5% back on everything you spend and 5% back on rental cars and hotels booked through Capital One Travel. Besides cashing in points through Capital One Travel, you can redeem your rewards at any time for cash or a statement credit, or you could even apply it to cover a recent purchase.
It’s worth noting that the APR on this card is pretty steep, so avoid carrying a balance. On the other hand, Capital One does have you covered if you plan on traveling internationally with no foreign transaction fees.
Overall, this card is a no fuss way to start building your credit while getting rewards. It reports to all three credit bureaus, and in as little as 6 months, you can be automatically considered for a higher credit line.
Basically, if you qualify, this is a solid choice to start your credit card journey.
Blue Cash Everyday Card
Best Non-U.S. Credit Histories
Key Features
$100 welcome bonus with eligible purchases
No annual fee
Through a partnership with Nova Credit, American Express is able to accept credit histories from select countries outside of the U.S. to help you qualify for a card. If you qualify, this card has good rewards returns and no annual fee.
Blue Cash Everyday Card
Annual Cost
$0
Regular APR
0% intro APR, 17.74% – 28.74% variable APR
Reward Rate
1% – 3% cash back per $1
Foreign Transaction Fee
2.7%
Credit Score
Good to Excellent (690 – 850)
More Information about Blue Cash Everyday Card from American Express
A card that requires a good credit score might look misplaced on a best starter credit card list, but the Blue Cash Everyday Card from American Express is a special case, and you’ll see why immediately.
Unlike most US credit card issuers, American Express’ partnership with Nova Credit allows them to take into account credit scores from foreign countries when evaluating a customer’s credit worthiness. However, this isn’t available to all foreign credit scores. Currently, Nova vouches for credit from Australia, Canada, India, Mexico, The United Kingdom, Brazil, The Dominican Republic, Kenya, and Nigeria.
Once qualified, the Blue Cash Everyday Card is a great credit card. You’ll get 3% cash back on US grocery stores, 3% on US online retail, and 3% on gas. Each of these categories has a $6,000 cap on purchases eligible for rewards each year. After that, you’ll receive 1% per dollar like you do for all other purchases.
Plus, as an introductory offer, you also get 0% APR for the first 15 months on purchases and balance transfers and $0 Plan It fees for their Buy Now, Pay Later plan.
While this card is a great choice for foreigners living in the United States, it’s not a good choice for traveling outside of the US. American Express credit cards are not as widely accepted internationally as some other credit card issuers, and they do charge foreign transaction fees.
Still, if you’re new to the United States and from one of the lucky countries on Nova’s list, the Blue Cash Everyday credit card is a great credit card to start with.
Petal 2 Visa Credit Card
Best for No Fees
Key Features
No fees
Potentially high credit limit
The Petal 2 “Cash Back, No Fees” Visa credit card is a great starter credit card option because it does not require a credit score. There is also no required security deposit, no annual or hidden fees, and you’ll get 1% back on purchases.
Petal 2 Visa Credit Card
Annual Cost
$0
Regular APR
12.99% – 26.99% variable APR
Reward Rate
1%-1.5% cash back per $1 (2% – 10% with select merchants)
Foreign Transaction Fee
N/A
Credit Score
New, Average to Excellent (630-850)
More Information about Petal 2 “Cash Back, No Fees” Visa Credit Card
The Petal 2 “Cash Back, No Fees” Visa credit card means what they say when they promise no fees. There is no annual fee, no foreign transaction fees, no late payment fee, and no returned payment fee–a lack of fees almost unheard of for starter cards.
You can even qualify for this card if you have a limited credit history. Petal will take into account things like income and savings to establish your creditworthiness–no credit score required. Plus, as an unsecured card, you don’t need a security deposit to qualify.
However, because this is marketed specifically as a starter credit card, the Petal 2 credit card does not offer cash advances or balance transfers. If that’s what you’re looking for, keep moving.
Besides reporting to the three main credit bureaus, Petal actually built its rewards system as a way to reward responsible credit habits. At first, you’ll get 1% cash back on all purchases, and as you make payments on time, they’ll upgrade you to up to 1.5% cash back.
It’s annoying to have to jump through hoops, but not all of the starter credit cards even offer rewards, so we’ll take it.
Finally, the Petal 2 “Cash Back, No Fees” credit card has a relatively high credit limit for cards in this category, with limits beginning at$500 and ranging up to $10,000.
Unfortunately, there is no option to upgrade to a traditional card and the APR is pretty high, so while this might be a good starter card, it will always only be a starter card.
Tomo Credit Card
Best for Focused Credit Growth
Key Features
No credit check
1% cash back
The Tomo Credit Card is focused on helping you build your credit as quickly as you can. There is no credit check to apply and no APR, but you do need a qualifying linked bank account.
Tomo Credit Card
Annual Cost
$0
Regular APR
N/A
Reward Rate
1% cash back per $1
Foreign Transaction Fee
N/A
Credit Score
No Credit Check
More Information about Tomo Credit Card
The Tomo Credit Card has no required credit score. In fact, they don’t even require a credit check. Instead, Tomo creates individual assessments based on your financial history. This allows people with bad credit to qualify.
Tomo advertises this card as having no APR and no fees. While this is true, it’s because it functions a little differently than most traditional credit cards.
To use the Tomo Credit Card, you must link a bank account directly to your credit card. Then at set intervals, Tomo will pull money from your bank account to pay your card off in full. You can choose this autopay to happen as frequently as every 7 days. This keeps your credit utilization low, meaning your credit score will improve more quickly.
This quick turn around will benefit your credit score, but might not benefit your bank account. Anything you buy on this card, you’ll have to pay in full quickly. It’s a great way to earn credit, but not why we traditionally use credit cards.
We do like that the Tomo credit card offers 1% cashback for purchases made on this card and doesn’t have foreign transaction fees. Plus, Tomo offers credit limits of as much as $10,000, which is really high for a starter card.
Basically, if your goal is to build credit quickly and you have poor credit, the Tomo Credit Card might be a good choice for you.
Discover it Student Cash Back Card
Best for Overall Student Card
Key Features
No annual fee
Rotating bonus categories
The Discover it Student Cash Back Credit Card is a rewarding first choice for students. With 5% back on rotating categories and an unlimited cashback match at the end of the first year, the Discover it Student Cash Back Credit Card is probably a lucrative choice for students just starting out.
Discover it Student Cash Back Card
Annual Cost
$0
Regular APR
0% intro APR, 15.99% to 24.99% variable APR
Reward Rate
1% – 5% cash back per $1
Foreign Transaction Fee
N/A
Credit Score
New, Average to Excellent (630-850)
More Information about Discover it Student Cash Back Credit Card
Figuring out the Discover it Student Cash Back Credit Card can be a little complicated for first-time credit card users, but once you understand it, it’s pretty awesome.
First, Discover offers 5% back on specific categories that change each quarter. The rotating categories are:
January through March: 5% back on grocery stores (excluding Walmart, Target, and warehouse stores) and fitness clubs or gym memberships
April through June: 5% on gas stations and Target
July through September: 5% on restaurants and Paypal
October through December: 5% on Amazon.com and digital wallet purchases
Then, at the end of the first year, you’ll get Discover’s Unlimited Cashback Match where you get a dollar-for-dollar match of your rewards from that year. That means if you earned $50 in rewards that year, you’ll get $50 additional dollars at the end of the year automatically!
We also like the low APR introductory offer. You get 0% APR for the first 6 months and 10.99% for balance transfers. Of course, we think you should avoid accruing any interest at all, but it’s still nice to know you have a low APR just in case.
As with all Discover cards, your history using the Discover it Student Cashback Credit Card will be reported to all three main credit bureaus to help you build your credit. Not to mention the fact that this card also comes with great customer service, the fun ability to customize the physical appearance of your card and no foreign transaction fees.
When you do graduate, Discover will transition this student credit card to a traditional credit card. You’ll get the same rotating rewards but with a higher credit limit.
Discover it Secured Credit Card
Best for Overall Secured Card
Key Features
No annual fee
Cash back match
Like all secured cards, the Discover it Secured Credit Card requires a refundable security deposit to get started. The $200 minimum deposit is a little higher than other secured cards requirements, but we do like that you get rewards on your spending and Discover’s dollar-for-dollar match the first year.
Discover it Secured Credit Card
Annual Cost
$0
Regular APR
25.99% variable APR
Reward Rate
1% – 2% cash back per $1
Foreign Transaction Fee
N/A
Credit Score
New, Poor to Average Credit (300 to 629)
More Information about Discover it Secured Credit Card
The Discover it Secured Credit card tops our list of secured credit cards because it’s a secured credit card that doesn’t act like one. That makes it the great choice for someone with absolutely no credit history to start building a credit score. Sure, you have to pay the $200 minimum refundable deposit, but after that, Discover actually gives you a chance to earn rewards on your spending — something pretty uncommon in secured credit cards.
You’ll get 2% back at gas stations and restaurants up to $1,000 each quarter and 1% on all other purchases. Then, at the end of the year, you’ll get a dollar-for-dollar match of those rewards thanks to Discover’s Cashback Match. This means that at the end of the first year your reward earnings will automatically double.
As noted, this card requires a refundable security deposit starting at $200. This minimum deposit is a little higher than some other secured credit cards, but you might not need that deposit long. If you use the card responsibly, you can be eligible to upgrade to an unsecured card in as little as 7 months.
The APR is high, but it does, of course, report to all three main credit bureaus, so if used responsibly, this is a good choice for starter credit cards
Capital One Platinum Secured Credit Card
Best for Flexible Deposit
Key Features
No annual fee
Flexible deposit
The Capital One Platinum Secured Credit Card has a unique security deposit that actually allows you to put down less than you receive. Purposely created to help people rebuild credit, the Capital One Platinum Secured card is a good choice for people with bad credit looking to begin again.
Capital One Platinum Secured Credit Card
Annual Cost
$0
Regular APR
28.49% variable APR
Reward Rate
0
Foreign Transaction Fee
N/A
Credit Score
New, Poor to Average Credit (300 to 629)
More Information about Capital One Platinum Secured Credit Card
For most secured credit cards, the refundable security deposit directly matches the card user’s credit limit. However, with the Capital One Platinum Secured credit card, you can actually be approved for a higher credit limit than the deposit you put down. For example, if you put down $49, you can get a $200 credit limit. Looking for a larger limit? Put down $99 or $200 and get a credit limit up to $1,000.
This card doesn’t charge an annual fee, but it also doesn’t have any rewards and the APR is pretty high at 28.49%. This isn’t a problem if you don’t carry a balance, but it could add up quickly if you make a mistake.
Capital One does, of course, report to the three credit bureaus and even offers automatic credit line reviews. Basically, if you can use this card responsibly, your credit limit can go up in as little as 6 months and eventually make you eligible to upgrade to a new unsecured card.
U.S. Bank Altitude Go Secured Visa Card
Best for Dining Rewards
Key Features
No annual fee
Rewards dining
The U.S. Bank Altitude Go Secured Visa Credit Card is one of the few secured cards that offers pretty good rewards returns. With special reward points for all dining, it’s a no brainer for foodies looking to build credit.
U.S. Bank Altitude Go Secured Visa Card
Annual Cost
$0
Regular APR
25.99% variable APR
Reward Rate
1x-4x points per $1
Foreign Transaction Fee
N/A
Credit Score
Poor to Average Credit (300 to 629)
More Information About U.S. Bank Altitude Go Secured Visa Card
The U.S. Bank Altitude Go Secured Visa Card is a good option for foodies looking to build credit and enjoy rewards at the same time.
The U.S. Bank Altitude Go Secured Visa Card offers 4x points on dining, takeout, and restaurant delivery, 2x points on grocery stores, gas stations, and streaming services, and 1x points on all other services. Reward points are scarce enough with secured cards, but these really are some of the best on the market.
It is worth noting that you need 2,500 points before you can redeem them as cash or a statement credit. However, you can use them in smaller amounts to purchase merchandise and gift cards on the U.S. Bank rewards website.
So if the upside is the rewards, the downside is the large minimum deposit. The U.S. Bank Altitude Go Secured card requires a refundable security deposit between $300 to $5,000. Many other cards have much lower minimums like $49, so the idea of having to hand over $300 is difficult to stomach.
With these high deposits, however, come high credit limits. It’s hard to think of someone who would have $5,000 to hand over for a deposit, but if they do, they’ll have a $5,000 credit limit– high for a secured card.
Right now, you also get $15 for an annual streaming service (after 11 months of paying for that streaming service on the card.) It’s kind of a random perk, but we’ll always take free Netflix.
Finally, U.S. Bank does report to all three credit bureaus and allows card members to upgrade their card to an unsecured credit card after they’ve proven their credit worthiness.
Types of Starter Credit Card
There are three types of starter credit cards: secured cards, student cards, and unsecured starter cards. Each category has its own eligibility requirements, perks and deficits.
Secured Credit Card
Secured credit cards require a security deposit in order to obtain a credit line. This deposit acts as collateral that protects the card issuer in the case of missed payments or late payment fees.
Often this deposit amount matches your credit limit. Because of this, the credit line is often pretty small — around $200 to $500.
Secured credit cards are good options for people with bad or limited credit history because they rarely require a specific credit score and can help you build credit. They do however often have high interest rates and payment fees, so make sure to pay everything on time.
The end goal of a secured card is moving on to a traditional credit card. Some secured card issuers allow you to upgrade your card once you’ve proven your creditworthiness. We especially like these cards because they help you maintain your open credit history.
When you close your secured credit card account, you will receive your full deposit back–assuming you didn’t lose any money on late payments or fees.
Student Credit Card
Student credit cards are cards offered exclusively to enrolled U.S. college students.
To apply, you have to give information like your school, major, and graduation year. You also have to prove that you have an independent income. Normally this income doesn’t have to be much, it just has to be yours.
The APR on student credit cards is often high, and credit limits are normally low. However, these cards do come with lower credit and income requirements than traditional cards, making them a great option for students when used responsibly.
Unsecured Starter Credit Card
Unsecured starter credit cards (also called alternative credit cards) take more into account than just your credit score.
Besides your credit history, they’ll consider your employment, income, savings, expenses, and more. This normally allows more people to qualify for an open credit line.
It does come with a bigger risk for the card issuers so these cards normally have higher interest rates, increased fees, and lower credit limits.
What to Look for in a Starter Credit Card?
Picking the best starter credit card for you can be difficult, so here are a few things that we think you should look for: reports to three credit bureaus, low costs, low APR, possibility for higher credit limit and other rewards and perks.
Reports to All three Credit bureaus
This first one is a little obvious, but only because it’s so important. Not all starter credit options report to all three credit bureaus and since the goal of a starter credit card is to build up your credit history, it’s an important box to check.
Low Costs
The next point to compare is how much this line of credit is going to cost you. Most starter cards have an annual fee — though a few of our favorites don’t — and other fees like foreign transaction fees. Starter cards are also notorious for having high penalty fees, so understanding the fee structure before you sign up can save you a lot in the long run.
Low APR
The APR of a credit card is only important if you choose to carry a balance. We recommend that you pay off your balance each month so that you don’t have to pay interest.
Starter credit cards often have high APRs because you’re considered more of a risk to card issuers. Some cards also offer different types of APRs for different types of transactions like balance transfers (moving debt to this card), cash advances (withdrawing cash at the ATM), or penalty APRs.
Understanding these APRs upfront and picking the best one for your spending habits can help you keep track of your finances before it’s too late.
Upgrades to a Better Credit Line with Same Issuer
Since the goal of a starter credit card is to move on to bigger and better things, it’s nice if your current credit card issuer can upgrade. Normally this comes after you’ve proven that you’re responsible using your current card.
Upgrading with the same provider is a nice perk because it allows you to maintain your open line of credit–one of the metrics used to calculate your FICO credit score.
Rewards and Perks
For the most part, we think you should ignore the rewards on a starter credit card. The point of the card isn’t to build your rewards but your credit so focus on the above stuff first.
That being said, it’s a nice bonus if you can get it. Some credit cards will reward you when you buy things in specific categories, or some just reward you on every purchase. Depending on your spending habits, these rewards can add up.
Again, this should be your last consideration, but it is a fun one.
How to get a Credit Card with No Credit
Nowadays, getting a credit card can be as simple as applying online from the comfort of your couch. Having no credit means you’ll probably get a card with high interest rates or even a security deposit, but applying is still pretty straightforward.
Once you’ve found the card you’d like, you simply need to apply. You can normally apply online or if it’s through a local bank, you can also head to the brick-and-mortar location.
It’s worth remembering that applying for a credit card often involves a hard credit pull which can affect your credit score. Lots of credit card issuers now offer users the chance to prequalify for the card. Prequalifying means you know whether or not you’ll be approved without a hard credit pull. If your credit is low or non-existent, this is a good option to understand your choices without affecting your credit score.
In most cases to actually apply, you’ll then need to provide your social security number, US mailing address, and proof of an open checking or savings account. Other requirements depend on card type. For example, for a student card, you’ll need proof of enrollment in a US college or university, your expected graduation year, and proof of income of some kind. On the other hand, a secured card will require you to provide your cash deposit upfront and a unsecured starter card might ask for information on your employment and/or housing payments.
Once you apply, you should hear whether you’ve been approved quickly–sometimes in a few minutes! Then if approved, you’ll receive the card in the mail and be good to go earn a new credit score.
Alternatives to a Credit Card
If you feel like a credit card just isn’t for you, there are a couple of other options out there.
Debit Cards
A debit card is a pretty normal alternative to a credit card. A debit card works by taking money from your actual checking account. It’s nice because you don’t run the risk of racking up debt since you can only spend the money in your account.
Debit accounts don’t have the same fraud protection as many credit cards, so there is a risk there. They also do not report to any credit bureaus, so it’s not an option to help you build credit.
Prepaid Cards
A prepaid card is just what it sounds like: it’s a card preloaded with money. You’re limited to the money that you have put on the card. On the plus side, prepaid cards limit overspending and are better protection than just carrying around cash, but they also often have large fees and require you to plan ahead for your expenses. These cards do not report to the three main credit bureaus and will not help you build your credit score.
Charge Cards
A charge card is a lot like a credit card except you have to pay it off in full every month. Normally charge cards don’t have a credit limit. This sounds awesome, but at the end of the month, you’re on the hook for everything you’ve purchased, so it can be dangerous.
A charge card does report to the credit bureaus, so it will help you build credit. However, they often have heavy fees if you miss a payment. Plus, they require excellent credit, so they won’t be an option for everyone.
Personal Loan
A personal loan might be another option if you don’t want or can’t get a credit card. Interest rates for personal loans are often lower than starter credit cards, and you have a fixed payment schedule.
The downside of personal loans is the lack of flexibility–you normally have to take a lump sum of money out at one time. This works well if you need money for a home improvement project like painting your home but less well for everyday purchases.
Frequently Asked Questions (FAQ) About Starter Credit Cards
People looking to establish credit by applying for a credit card likely have a lot of questions about the best ones on the market. We’ve rounded up the answer to the most commonly asked questions to help in the search.
Can I Get a Credit Card With No Credit?
Yes, it is possible to get a credit card with no credit. You will, however, be limited in your options.
A secured credit card that has a required security deposit might be a good option to start. Or, if you’re a student, you can try for a student credit card.
You should be able to get a card; however, be warned that you’ll have high APRs and low credit limits, so make sure to use the card responsibly.
How Can I Start Building Credit?
Getting a credit card is a great first step to start building credit. Your FICO credit score is calculated based on your amounts owed, payment history, length of credit history, and your credit mix. You don’t have any of these without having an open line of credit.
Once you have a card, it’s important to use it responsibly. Here are some ways to make sure you’re using your card responsibly and building your credit:
Pay on time
Aim to use less than 30% of your available credit
Keep you credit line open for a decent length of time
Opening a credit card is pretty simple in the online age. You can go to your local bank or apply online. You simply fill out an application with stuff like your social security number, mailing address, and proof of income. From there, the credit card issuer will do a credit check and see if you’re eligible for their card. Normally, this process has a quick turn around and you can be approved or denied quickly.
What Is a Beginner Credit Card?
A beginner credit card or starter credit card is a card that allows people with no or limited credit history to qualify. The card might require a security deposit, or they might evaluate your creditworthiness from something besides your credit score. No matter which type of card you choose, starter cards normally have high interest rates and low credit limits.
Contributor Whitney Hansen covers banking, credit cards and investing for The Penny Hoarder. She also writes on other personal finance topics.
Where can you find antique Pez dispensers, hot vintage heels and (finally!) the perfect lamp to match your weirdly patterned bedspread — all on sale for just a few bucks? Or better yet, where can you sell them to make some extra cash?
We’ll give you a hint: It’s not Walmart. At least, not our Walmart. (And if yours fits the bill… would you let us know where you live?)
No, it’s your favorite online flea market.
A New Way to Browse: Online Flea Markets
Not only are regular flea markets wacky and wonderful, but their goods are usually pre-owned, pre-loved and dirt cheap. (Who wants to pay the full retail price?!) In short, they’re a Penny Hoarder’s dream.
But everything is virtual these days. You turn to your laptop (or, let’s be real, your smartphone) for everything from takeout to taxi rides to a date for Friday night.
So it’s no surprise there’s a whole world of online flea market shopping out there. And it’s just as quirky and addictive as the real thing — especially since you can see it all with just a few clicks.
The Obvious Online Flea Markets
Of course, a few online flea markets are industry giants you almost certainly already know about.
Amazon: A once humble bookselling website, Amazon has become an online marketplace so powerful that its astronomic growth sent its founder, Jeff Bezos, into space. Vendors big and small can sell new and used products on the site and they can appear on your doorstep in as little as one day.
Craigslist: Known for sending shivers down the spines of journalists due to upending newspaper revenues, the online classifieds site is an easy way to pawn off your tchotchkes to neighbors, find some hidden treasures yourself — and so much more. It’s all anonymous, though. So give out your personal deets sparingly, and always meet in a safe, public space!
eBay: This classic buy-and-sell site has been around for more than a quarter century. Although it bills itself primarily as an online auction site, it operates like most online flea market sites. Many of its listings are available for immediate sale — and it seems you can find just about anything you might desire.
Etsy: Sort of like eBay’s quiet, artsy little sister, Etsy specializes in handmade goodies, but it’s also a treasure trove for lovers of all things vintage. In fact, it has a whole category devoted to vintage items, and it’s well-organized enough that you can dive into niches as specific as bolo ties, fedoras and marbles.
10 Online Flea Markets You Might Not Have Heard of Yet
OK, we covered our basic-online-flea-market bases, so now it’s time to move on to the weird and wonderful ones. Half the fun of a traditional flea market is stumbling upon offbeat items and great deals you never would have found elsewhere.
To replicate real flea market experience virtually, we checked out a variety of smaller online flea markets and compared inventory, prices and user experience to help you find the best deals at the digital folding table.
Here’s what we found out.
1. Flea-bay(.com)
Flea-bay.com at a Glance
Pros
Easy to use and navigate
Has smartphone apps
Haggle friendly
Cons
Lots of empty categories
Very little information on seller
Listings may include very little information
In a battle of the Fleabays (Fleabay.net is a less reputable site), the dot com version comes out on top. Flea-bay (notice the hyphen) is a solid online flea market that features a pared-down and slightly dated interface. But that doesn’t make it at all difficult to use.
The site has dozens of categories to browse, but most listings seem to be focused on electronics, clothes or accessories. Like many small online flea markets, it lacks the thousands — or even millions — of listings like some of the better-known online marketplaces.
Still, it’s fun to browse when you’re trying to get a quick flea-market fix online.
Similar to Craigslist, Flea-bay simply connects you with sellers. No transactions take place on the site, so haggle away!
2. vFlea
vFlea at a Glance
Pros
Easy to see if items are pickup only or shippable
Useful filters
Bartering and haggling allowed
Cons
Unencrypted website
PayPal account required for payments
Lots of old listings
Compared to other online flea markets, vFlea feels the closest to actually thumbing through junk until you find a treasure — before leaning across the table to make a bid. The interface is also a touch more polished.
Each listing’s thumbnail specifies whether items are shippable or for local pickup only and also includes an asking price. The platform has built-in “buy now” and “haggle” options, and even an opportunity to “barter” with goods of your own.
Like most online flea markets, items are organized by tags as well as categories, creating better searchability and organization. The site populates the number of listings currently available in each category in parentheses, so no mysteries there.
Finally, vFlea still has some weird stuff available, although it draws the line at community events. For instance, you’ll come across the occasional hilltop timeshare, which apparently can be shipped or picked up locally.
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3. Bonanza
Bonanza at a Glance
Pros
Sleek interface
Fun and quirky inventory
Active community forum and blog
Vets sellers to some extent
Cons
Can be tough to verify vendor reviews
No bidding
Although Bonanza seeks to be the best eBay alternative, it doesn’t offer bidding or bartering options.
It does, however, list categories for everything from home goods to collectibles, including coins and paper money.
And there’s also a wonderful category called “Everything Else,” with subsections like “Metaphysical” (which features “haunted” items) and “Weird Stuff” (We found cockroach earrings).
There’s even a “Vintage” section under fashion so you can easily shop for those precious duds from another era.
4. Nextdoor
Nextdoor at a Glance
Pros
Verified locals only
Popular option
Lots of easy-to-use filters to help you find the best bargains
Frequent listings for free stuff
Haggle friendly
Cons
Lengthy signup process
Smaller towns may not have any users
All purchases made offline
Technically, Nextdoor is a social media site for your community. And it takes that seriously. You actually need to input a valid address, which you will have to verify, to join your community group.
Once you’re in, you can do all sorts of stuff. Gossip. Post community PSAs. Discover local events. (Our photo director uses Nextdoor to save money by polling neighbors for recommendations and hunting for deals from local businesses!)
Another great feature? “Finds,” Nextdoor’s very own local buy-and-sell section. You can browse listings to find deals across all kinds of categories. Toys, games, furniture, vehicles, free stuff, and much more! Its nifty filters make finding exactly what you want a breeze.
5. Mercari
Mercari at a Glance
Pros
Pick-up and shipping options
Easy to review sellers
Tons of listings and categories
Haggling accepted
Very polished site and app
Cons
No niche — inventory fairly bland
Mercari touts a user-friendly experience whether you’re browsing on its websites or scrolling through listings with the smartphone app.
There are tons of freshly listed items across a host of different categories. And if you live nearby the seller, you can opt for pickup. Otherwise shipping allows you to tap into a massive selection of goods.
What’s great about Mercari is how easy it makes reviewing the seller. Click the seller’s name and, boom, you can see more details about them and quickly check out any reviews. Mercari also handles payments. So no worrying about forking over cash to strangers in person!
6. The Internet Antique Shop (TIAS)
Internet Antique Shop at a Glance
Pros
Inventory chock full of antique goodies
Simple browsing
Replicates the wonder of sifting through a quiet antique market
Still active after a 25 years
Verified vendors
Cons
Listings contain little info
Usually only one picture per listing
Founded in 1995, The Internet Antique Shop (TIAS) is a bit of an antique itself. While it never took off quite like its buy-and-sell siblings eBay or Craigslist, TIAS has carved out a remarkable niche for all things antique.
The site looks a bit dated. But, hey, it sells antiques. Maybe that’s an intentional part of its charm? It still functions just fine. The category’s sidebar makes browsing simple. And, before you click, it shows upfront how many listings are in any given category — a feature other virtual online flea markets could learn from.
This site is truly a gem. It’s one online flea market you don’t want to overlook. With subcategories like vintage sewing tools and breweriana (read: old signage, steins and more from classic breweries), TIAS really makes it feel like you’re about to stumble upon unique treasures with each click.
7. OfferUp
OfferUp at a Glance
Pros
Safe in-person exchange
Optional anonymity
Easy customer support
Cons
Anonymous options can lead to scams
When new fathers Arean van Veelen and Nick Huzar ended up with a bunch of extra stuff they didn’t need, they saw an opportunity and co-founded OfferUp. The company (with accompanying smartphone app) was created in 2011 and OfferUp claims to be the largest mobile marketplace in the U.S.
The marketplace doesn’t force sellers to enter names and post profile pictures, though it is encouraged in OfferUp’s posting rules. Optional anonymity is both a pro and a con. Similar to a dating app, communication and transactions between buyers and sellers can be anonymous, so you’ll want to check out a seller’s profile for ratings and any reviews.
The good thing about anonymity in this virtual online flea market is that if you want to sell an embarrassing couch locally, your friends and neighbors won’t necessarily know it’s yours!
We talked to a frequent user who said “the best thing about OfferUp is it’s easy to use and I don’t see a lot of duplicate listings on other sites like Facebook Marketplace.” The user recently sold a bedroom set and bought some cool vintage, mid-century lamps.
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8. 5 Miles
5 Miles at a Glance
Pros
Offers bidding
Every item is vetted
Cons
Clunky website
Only available in larger cities
Founded in 2014, 5 miles is similar to OfferUp because the focus is on local buying and selling. A unique feature of 5 miles is comparatively robust options for pro sellers, which means you might find more high quality and vintage items.
The site (and app) promotes safety and security in transactions. Created by Lucas Lu who earned a Ph.D. in physics and has a professional background in e-commerce at Alibaba and Light in the Box, the look and feel of the site is more similar to Etsy than Craigslist.
Despite the 5 Mile(s) title, you can search up to 50 miles from your location and there are shipping options if you don’t want to drive that far or meet up in person.
9. Poshmark
Poshmark at a Glance
Pros
Established and trusted
App integrates social media elements
Cons
Known for pricey items
Slow shipping
Poshmark isn’t just for buying and selling used clothes. Now they sell kids toys, home goods, electronics, and even pet accessories.
If you’re looking for an online shopping destination that includes brand names for less, sustainable buying, and a social media experience in one, Poshmark could become your go-to.
With Posh Stories, sellers can craft videos to describe and promote their listing, which gives you a better idea of what you’re purchasing.
We talked to one user who had success selling high ticket clothing items. The user said, “If you have some gently used, brand name items sitting around, you can get more for them on Poshmark than on other sites.”
10. Ruby Lane
Ruby Lane at a Glance
Pros
Unique vintage selections
Long history
Quality control
Cons
Listing fee over 15 items
With daily and weekly arrivals, a magazine, and seemingly endless scrolling for one-of-a-kind items, we could easily get addicted to Ruby Lane.
Buyers and sellers can feel secure with the site’s long history in e-commerce. Founded in 1998, the shop pre-screens items and has a Secret Shopper program where buying experiences are checked for quality.
Oh, the weird and wonderful things you’ll find — and sell — for less.
Frequently Asked Questions (FAQs) About Online Flea Markets
Here’s everything else you should know about online flea markets.
Are Online Flea Markets Safe?
Generally speaking, yes, online flea markets are safe. As with any online purchases, guard your personal information. And if you need to make a transaction, be sure the website is encrypted. This sounds fancy, but it’s actually pretty easy to confirm. You can check by looking at the address bar of your browser: You should see “https” before the website’s name. The letter s in https means the website is secure. Many small or old websites ignore this crucial security feature.
Are the Sellers Legitimate?
Exercise good judgement, just as if you’re at a real flea market. Verifying sellers and vendors is a tough nut to crack for almost all online shops — even major corporations like Amazon. As best as possible, try to check who’s selling the item on any given listing before you make your purchase. Some flea market sites more than others make it easy to see the reputation of the seller. For sites that are locally-focused, the sellers are likely neighbors. But still, stay vigilant.
Can You Make Money Selling on Online Flea Market Sites?
Almost every flea market website mentioned in this article allows everyday sellers and established vendors to sign up and start selling. Depending on the online store, it could be as easy as creating a listing and publishing it for the world to see. Other sites are more selective, and the sign-up process might require you to provide lots of personal information to verify your identity. Shipping is something you should definitely factor in when you get started.
What About the Online Flea Market Srchie?
You may notice that Srchie is included in just about every “top online flea market” article. (It was even included in an older version of this article.) However, the beloved website and its social media accounts have been abandoned since 2017. RIP Srchie. We’ll never forget all your great deals.
The Penny Hoarder Shop is always stocked with great deals, including technology, subscriptions, courses, kitchenware and more. Check it out today!
Adam Hardy and Veronica Matthews are Penny Hoarder contributors. Staff writer/editor Tiffany Wendeln Connors and freelance writer Jamie Cattanach contributed to this post.
As anyone who has accumulated a collection of jewelry knows, there’s nothing like the detritus in drawers, boxes and overflowing jewelry boxes. Amid the diamonds and opals, the silver and gold (OK, if you’re lucky), lies a different kind of beauty — the beauty of costume jewelry.
While costume jewelry often gets short shrift compared to precious stones and metals, vintage jewelry sellers reap the benefits of this misconception. It turns out that there is much value to be found in costume jewelry, if only the buyer — or the grandkid — knows how to identify vintage jewelry.
You may come across costume jewelry in several ways. You might get a tangle of necklaces, rings, brooches and bangles as an inheritance. Perhaps you were lucky enough to get faux pearls and rhinestones as gifts over the years. Or maybe you’re a newbie junker or have started going to estate sales looking for silver and gold but are wondering about the value of jewelry that isn’t.
What Is Costume Jewelry?
Costume jewelry — sometimes called fashion jewelry — is generally mass produced. It can be made of many materials, including plastic, but typically not precious metals, especially gold.
The phrase costume jewelry became popular in the 1930s and the jewelry itself provided a way for women to adorn themselves for less money. Think dripping with jewels, just not diamonds, rubies and emeralds and instead amethyst, amber, turquoise and onyx.
Now, some of that retro vintage costume jewelry is worth some money, especially when it is from a reputable designer. Jewelry stamped with the manufacturer or designer’s name is almost always worth more than unsigned pieces.
Bakelite bangles, necklaces and pins are a good example of how costume jewelry has increased in value. The fire-resistant, castable plastic was made into chunky, colorful jewelry (and napkins rings, too) in the 1930s and 40s. If you’ve found some Art Deco delights in Grandma’s jewelry box, know that a Bakelite bangle could be worth $100 or more. Found a funky pin? That might be $500.
12 Tips on How to Identify and Sell Vintage Costume Jewelry
When faced with a crowded jewelry box, it’s hard to find meaning in any of it.
How do you know which pieces to keep and with which to part ways?
We interviewed two jewelry sellers who have turned a significant profit through their sales. Laura Clarice Webb, who runs London-based Clarice Jewellery, once purchased a brooch for 22 pounds (about $30) and sold it for 700 pounds (about $950) that same day. While beginners probably won’t get that far immediately, there are some important standards to keep in mind on your journey, even if that’s just going through Grandma’s old jewelry cabinet.
Jennifer Ward owns vintage jewelry business Ward Vintage and is based in Bernardsville, New Jersey, and deals primarily with costume jewelry.
Keep in mind, what was in fashion back then sometimes comes around again and at a profit. So before you dump that 1950s hideous Rivoli stone brooch that Grandpa got Grandma in the 1950s, know that someone might just pay $50 for it. Likewise the Monet earrings your best friend gave you as a gift for being a bridesmaid in her 1970s wedding.
Here are 12 tips to determine if those prized jewels worn with pride are worth something and how to hawk them if they are.
1. If You See Something Nice, Double Check
First, while this post is about costume jewelry, we have an important caveat: If you have jewelry that could be made of precious metals and stones, check it out with a jeweler, Ward said.
Ward will sometimes work with buyers who leave a bulk jewelry collection to her. It’s grueling to go through pieces one by one, but diamonds in the rough — pardon the expression — do emerge. She once took a set of earrings to a jeweler and discovered that they were 14-karat gold. The jeweler said they wouldn’t sell them for less than $1,000.
Most local jewelers are willing to look at items for no or low cost, according to Ward. It’s worth forming that relationship now so you know where to go when you do have a question. And if you already know some of your antique jewelry is precious, here are our best tips for selling right away.
Sample Costume Jewelry Prices
2. Do Research on Where to Sell Antique Jewelry
Both Ward and Webb couch their answers in qualifiers, but much of their online business happens on Instagram. Ward stages and posts some of her most eye-catching items on the social media platform, though many of the actual financial dealings happen off of the app.
Webb likes Instagram’s community-based atmosphere. With a few simple hashtags, like #vintagejewelry or #antiquerings, she can tap into a global community.
“Instagram is just so easy and a relaxed way of just sharing what you have,” she said. “I feel like if someone was starting and they had a range of jewelry, you can pick a few of the right hashtags and there are thousands willing to buy and share knowledge.”
3. Be Prepared to Sift Through Retro Pieces and Other Items
Part of the fun of going to a thrift store, flea market or estate sale is that it can feel like a bit of a jungle. Don’t expect to enter and find 30 things you want within the first 15 minutes. It takes some time — and a good eye — to find what you want, according to Ward. (Here are some great strategies for finding real gold at a flea market — and making $9,000 in profit from it.)
“You have to be willing to sift through a lot of junk,” she said. “It’s not like you’re going to go in and get ten things.”
Photo courtesy of Laura Webb
4. The Materials of Vintage Jewelry Matter
Don’t immediately discard costume jewelry that seems out of style or don’t instantly scream luxury. In fact, Webb is a big advocate of glass material items. You don’t have to find fine materials for a piece to be worth something.
“If someone finds something and it is glass, don’t be deterred,” she said. “Just because it’s glass doesn’t mean it’s worthless.”
5. Build Relationships With Sellers and Buyers
Both Ward and Webb have relationships with customers and dealers to get the best pieces out to the right people. Ward texts back and forth with dealers of vintage and costume jewelry. She has Zoom meetings to see the best pieces. Do I want this one or that one, she wonders.
If you are looking to unload family antique jewelry, this might not be as big a concern for you since it may be a one-time adventure. However, if you want to build an antique jewelry business, relationship building is key.
Webb has met numerous people through her journeys to antiques fairs. While the business connections are important, it’s the passion that inspires her. These are good people to seek advice from when you’re first starting out.
“There are so many people who you can tell they’re not making a lot of money, but they just love what they do,” she said. “It keeps them going.”
6. Look for a Signature or Other Makers Mark
One no-fail bit of advice to find a piece that will earn at least a little money: spot the signature or the marked piece. It’s not just items by name-brand designers that attract buyers at top dollar — it’s recognizable American brands, like Monet and Napier. The key is to find things that represent certain time periods and may appeal to collectors.
Even if you don’t see a signature, so essentially if you have what you believe to be unsigned pieces, look for a maker’s mark, says Webb. That could be a small animal or a symbol that explains the jewelry’s lineage. Invest in a magnifying glass because some of those marks can be quite small.
“Even if it’s not precious metal or precious stone, it may still have a mark,” Webb said. “If you Google it, you’ll usually find someone somewhere who has done the research.”
Photo courtesy of Laura Webb
7. Consult Costume Jewelry Collectors International
If you want a one-stop-shop database with practically all the information you need to know about costume jewelry, then Costume Jewelry Collectors International is the place for you. Not only are the organization and its website a great way to build up a sharp knowledge for costume jewelry, but it’s also a helpful way to meet other costume jewelry buffs.
Want to know how to identify a piece from World War II? You might start by learning that white metal was actually not allowed at the time, since it was needed to produce arms. Instead, unique materials like wood or even plastic were sometimes substituted.
If you have a penchant for certain designers, like Miriam Haskell or Kenneth Jay Lane, look no further than this interview with Lane himself and a synopsis of Haskell’s origin story (and whether she was the true designer of her eponymous jewelry).
If these little snippets of information aren’t nearly enough, then consider buying this book by Ginger Moro on some of the most famous European jewelry designers. You might even learn about a few more obscure artists.
8. If It Looks Quality, It Probably Is
Sometimes determining if a costume jewelry necklace or other piece is high-quality is as easy as picking them up.
“Good costume jewelry has a weight to it,” Webb said. Ask yourself, are they heavy for their size?
Many of the older pieces were triple-plated, according to Ward. Even costume jewelry that looks well-made is likely more valuable, she said.
When going through family heirlooms, don’t just stop at jewelry. Take a second look at those heirloom antique dishes. You won’t regret it.
9. Be Wary of Fakes
The world of jewelry and jewelry identification is not without its risks. Webb knows this well: she will no longer purchase vintage costume jewelry by Chanel, because there are so many fakes. In fact, she once spent about $275 on a pair of earrings only to learn they were fake.
Some of the fakes, Webb said, “are of such a good standard that I don’t think I would be able to tell whether some of them are real or not.”
“It’s not worth investing the money because it’s too much of a risk.”
10. Understand Which Jewelry Pieces Are Good Sellers
When Ward scouts the shelves for good jewelry, there are certain things that always catch her eye. She is less focused on design and more focused on type which helps her determine value.
For example, so many vintage earrings are clip-ons, so when she finds vintage earrings on posts or with an earring clasp meant for pierced ears, she grabs those. That’s because so many people — about 85% — have pierced ears. If the earrings already have clasps, the buyer doesn’t have to take them to a jeweler to be altered. In other words, they are more likely to buy pierced vintage earrings.
Charm bracelets are ever popular, too — think Pandora but vintage jewelry. European designer jewelry made by Givenchy, Christian Dior and, yes, Chanel will always sell.
11. Know What Your Clients Want
Just as building relationships with vendors is key, so is building relationships with clients who shop for specific styles on vintage jewelry or costume jewelry collectors. Ward is at a point where she can identify certain pieces for certain clients. Sometimes, that means straying from purchasing things just based on what she would want to wear.
“I still buy what I like, but it’s not necessarily what I would wear,” she said.
12. Create a Brand and Internet Presence
If you want to be really successful in the vintage jewelry business, then the same thing holds true as with any other line of work: Build a personal brand. One way to keep clients coming back is to create a niche marketing tactic that always makes them think of you, particularly when it comes to packaging. Consider sending your jewelry with paper hang tags bearing the recipient’s name as a delicate touch.
Webb makes most of her sales through her website, and much of that is through her weekly newsletter. That email chain has 600 subscribers and a whopping 70-80 percent click rate — the average for most newsletters is less than 20 percent. Her subscribers are engaged and ready to peruse her newest listings. Most of her items go fast.
“The newsletter is my biggest achievement, because it’s all been through people choosing to sign up,” she said. “That’s the key to success.”
Writer Elizabeth Djinis is a contributor to The Penny Hoarder, often writing about selling goods online through social platforms. Her work has appeared in Teen Vogue, Smithsonian Magazine and the Tampa Bay Times.
Seeing if you’re prequalified is a common first step to applying for a new credit card. It’s a way to evaluate potential credit card offers and see where you stand based on your credit profile before you take the risk of submitting to a credit check.
But a lot of people misunderstand what it means to be prequalified for a credit card, and credit card companies are all too happy to perpetuate that confusion.
In this guide, we’ll show you exactly what prequalifying actually means (and how it’s different from “pre-approval”), how to see if you’re prequalified for a credit card and what to do when you see a prequalified offer.
What Is Prequalifying for a Credit Card?
“Prequalifying” for a credit card is a way of seeing which credit cards you have a chance of receiving if you apply and at what interest rates and credit limits. Prequalified offers aren’t official offers of credit and you can’t start in with your online retail purchases right away. They’re just a way for credit card issuers to market their products and encourage likely creditworthy borrowers to apply.
Card issuers don’t know what’s in your bank accounts and they don’t look at your credit score or credit report from a credit bureau for prequalification. Instead, they do what’s called a soft credit inquiry, where they use your Social Security number to pull basic credit information about you, including employment status, total annual income, assets and monthly debt payments.
In some cases, you won’t even enter a Social Security number. You can just give a lender or comparison site information about your financial situation and see prequalified offers.
Seeing if you’re prequalified for a credit card can be a useful step before officially applying for credit, especially if you have a poor credit score, fair credit score or a lot of outstanding debt.
Being prequalified isn’t a guarantee of approval, and you’re not likely to receive the exact terms listed in your prequalified offer. But this step can help you avoid applying for credit and submitting to a hard credit inquiry in situations when you’re not likely to be approved.
Prequalification vs. Preapproval
Prequalification and preapproval are often conflated, but they’re not the same thing. Prequalification is a very early step in the credit application process that gives you a broad idea of the type of credit card or loan you might qualify for. Preapproval is further down the line and is an assurance from a lender that you can qualify for a type of credit or loan based on your actual credit profile.
The Consumer Financial Protection Bureau (CFPB) shares a clear distinction between prequalification and preapproval: Preapproval requires that the financial institution evaluates your credit using the same method it uses to make a credit offer; prequalification may, but isn’t required to, use the same comprehensive process.
When you compare credit cards and other lending products online, or you get an ad in the mail inviting you to apply for a credit card, that’s almost always prequalification, not preapproval — even though some credit card issuers and lenders unethically use the phrase “you’re preapproved” in their marketing. An actual pre-approval requires a hard credit inquiry, which you have to agree to let the lender make because it affects your credit. If you haven’t agreed to a credit check, you’re no closer to approval, regardless of the language a company uses.
Preapproval typically only happens for installment loans, most often with mortgages. It’s not a guarantee of approval — it’s a step before approval — but it’s a stronger sign that you’ll be approved if you apply for a loan.
Often, if you’re in the market for a house, you can work with a bank or lender to get a letter of pre-approval that certifies that you’d be able to qualify for a mortgage of a certain amount. Buyers use those letters to ensure real estate agents and sellers that they can afford the monthly housing payment for the homes they’re shopping for.
Does Checking If You’re Prequalified for a Credit Card Hurt Your Credit?
Seeing if you’re prequalified for a credit card doesn’t affect your credit. Prequalification requires only a soft inquiry into your finances and credit history, so it won’t show up on your credit report as a request for new credit — the line item on your credit file that could temporarily hurt your credit score.
The CFPB doesn’t require financial institutions to report prequalification requests the same way it requires them to report pre-approval requests or applications for credit.
Be careful as you compare credit cards and evaluate offers not to submit to a hard credit check before you’re ready. This is usually pretty clear as you’re browsing, but be aware of what to look for so you know which stage you’re at in the process.
Before you submit an official application for credit, you’ll be asked to agree to let the lender run a credit check. That’s when they’ll run a hard credit inquiry and ping your credit report. Before that, you’ll usually see prompts to “see prequalified offers” or something similar, and the site will be clear that this doesn’t affect your credit score.
Agreeing to see prequalified offers isn’t an official application for credit, and it won’t hurt your credit score — whether you do it through an individual credit card company or through a comparison site.
Will You Get Approved If You Prequalify?
Prequalifying for a credit card doesn’t give you guaranteed approval. Prequalification is just a way to see card offers you’re likely to be approved for because of the information you shared. Your next step is to choose an offer and apply.
When you put in the official application for a credit card, the card issuer will run a hard credit inquiry and request your credit report from a bureau, then calculate your creditworthiness based on its preferred formula (which could follow FICO, Vantage or something else). Based on your score and the rest of your credit profile — including your income and outstanding debt — the card issuer will make a decision whether to approve or decline you for the card and at what interest rate.
It’s not uncommon to see a prequalified offer at a low interest rate for a loan or credit card and receive a different offer after you apply. That might be intentional on the part of the credit card companies to entice you further into the process, or it might be the result of the imprecise nature of prequalification.
How to See If You’re Prequalified for a Credit Card
Several sources can tell you if you’re prequalified for a credit card, including:
Marketing from credit card companies: The classic way to be prequalified is to receive a letter in the mail from a credit card company that tells you you’re prequalified. (As mentioned above, it might say “preapproved,” but that’s not accurate under CFPB regulation.) This is a pretty loose prequalification, since you never gave the company any information. It might have chosen your address based on information like median household income or other demographics in your area, or it might just be sending marketing materials to anyone. This kind of prequalified offer isn’t a useful indication of your ability to be approved for a credit card offer.
Advertising supported comparison service: Most marketplaces that let you compare several prequalified credit card offers side by side are supported by ad money from those credit card companies. They’re more useful than mailers, because you have to enter information about your finances to see prequalified offers. These services can help you quickly see whether you have a chance to get a credit card with your credit profile. But they rely on advertising support from credit card companies (you use the service for free), so they’re not impartial. Some sites let lenders pay ad fees to appear higher or more often in searches, which could affect how likely you are to see an offer regardless of your credit. Some sites only get paid by advertisers after you sign up for a card, which is a little better but could still sway how often offers appear in searches.
Direct prequalification with credit card issuers: Most credit card issuers let you see if you’re prequalified directly on their site. This is more work than using a comparison service, but it guarantees you’ll see whether or not you prequalify for cards with that issuer, unaffected by an advertising relationship. It’s not a stronger guarantee of approval, though.
What to Do If You Prequalify
After you see that you prequalify for a credit card offer, your next step is to apply for the offer. If you’re doing it online, this application process is usually pretty easy. The card issuer or comparison tool can use the information you already entered, plus your Social Security number if you haven’t shared it already, and run a hard credit inquiry.
When you agree to a credit check and move forward with the application, you’re applying for a single credit card offer. Read the details of the prequalified offer to make sure you’re choosing the one you want, especially if you’re browsing several offers with a comparison tool.
After the credit check, you may receive an instant decision from the card issuer. If you’re immediately approved, you’ll receive your official offer with credit terms that include your interest rate and credit limit. You’re not obligated to accept this offer, so don’t sign up if the terms turn out to be less favorable than you expected. Just know that if you apply for another offer, that’ll be another hard inquiry on your credit history.
If you want to accept the offer, you can sign up online and usually get a digital card number you can start using right away, with a physical card coming a few days later through the mail.
Some applications require additional information, like proof of income. In that case, you won’t get an instant credit decision, and the card issuer will follow up with you via email or phone to verify the additional information before making a decision.
How to Improve Your Chances of Being Prequalified
Being prequalified for a credit card is fairly easy, so don’t put too much weight on it. Remember, you could receive a prequalified offer in the mail without giving a credit card company any of your information at all.
Still, being prequalified in some cases can be a sign that you’re more likely to be approved for credit, so this process is a great test when you’re working on improving your credit score. Seeing if you prequalify is a smart step to take before submitting to a hard credit inquiry and being denied for a credit card.
Getting prequalified offers doesn’t impact your credit score, so it doesn’t hurt to check out your chances in a few comparison tools to see where you stand. Be aware that this could open you up to getting emails or phone calls from credit card companies that want to entice you to apply — unsubscribe and tell them you’re not interested if you want the marketing to stop.
To get more comprehensive information about your creditworthiness, get a hold of your free credit score and credit report to see what creditors are seeing.
Per the CFPB, you’re entitled to receive your credit report for free every 12 months from each of the three major credit reporting bureaus, TransUnion, Experian and Equifax. You can request all three at once or stagger than throughout the year. You can request a free report through AnnualCreditReport.com — this is the only free credit report site regulated by federal law.
Your credit report won’t include your credit score. It’s useful for other reasons: It lets you see everything reported in your credit history, so you can see whether anyone has opened credit or taken out a loan fraudulently in your name. It’ll also show you the factors affecting your creditworthiness, so you can make a plan to improve it.
To see your free credit score, use a private service, including:
Credit Sesame or CreditKarma, both sites that show you VantageScore credit scores and break down the items on your credit report.
Your current credit card issuer, which may show you your FICO score.
FreeCreditReport.com by Experian, which gives you your Experian credit report and FICO score.
Note that a credit card issuer might not use the same formulas to assess your credit as any of these services. They’re likely pulling your information from one of the three bureaus, but many companies use proprietary credit scoring models rather than FICO or VantageScore to determine your creditworthiness.
You might discover your credit score doesn’t fall in the range most credit card issuers want to see (cards for excellent credit, they want to see 720 or above; some issuers make offers to borrowers with fair credit down to 660 or so). In that case, take steps to raise your credit score, including:
Open a secured credit card, a card you can open with a security deposit as low as a couple hundred dollars. They usually give you a credit limit equal to your deposit but may make a different offer based on your credit.
Use a credit-builder account, similar to a secured card. Banks including Chime and Varo offer credit-builder cards that let you start with any deposit amount and repay your balance in installments to build a credit profile.
Pay off outstanding debts, if you have the resources, to clear them from your credit report and reduce your total monthly debt obligations.
Increase your income to reduce your debt-to-income ratio, which impacts your approval odds and terms.
Settle debts with collections agencies to pay them off quickly or at least get up to date on monthly payments.
Check your credit report and dispute any charges or requests for credit that you didn’t initiate.
Negotiate payment terms for medical debt with your providers to avoid having bills sent to collections.
Prequalification: Information, Not a Guarantee
Seeing if you’re prequalified for a credit card offer can be useful information in your quest to open a new credit card or build your credit history. But nothing can guarantee approval for credit — or receive a particular offer — until you receive an official offer and sign the credit card contract.
Use prequalification as a way to see what kind of credit card offers are out there and to determine your approval odds based on your credit profile. If you don’t see prequalified offers? That’s a great sign to keep working on your credit before submitting an application.
Contributor Dana Miranda is a Certified Educator in Personal Finance® who has written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and Inc. Magazine.
