5 tips to make sure you don’t overspend on your credit card

In order to make a credit card cost-effective, it’s crucial to make payments on time and in full to avoid incurring big interest charges. Below, CNBC Select reviews five tips to follow in order to avoid overspending on your credit card. The same goes for credit card rewards programs that earn cash back, points or miles. Using points to purchase a plane ticket is only a good deal if you’re not paying high interest on your credit card balance. Avoid store credit cardsIt can be tempting to sign up


In order to make a credit card cost-effective, it’s crucial to make payments on time and in full to avoid incurring big interest charges.
Below, CNBC Select reviews five tips to follow in order to avoid overspending on your credit card.
The same goes for credit card rewards programs that earn cash back, points or miles.
Using points to purchase a plane ticket is only a good deal if you’re not paying high interest on your credit card balance.
Avoid store credit cardsIt can be tempting to sign up
5 tips to make sure you don’t overspend on your credit card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: alexandria white
Keywords: news, cnbc, companies, dont, overspend, offer, card, rewards, tips, spend, credit, avoid, spending, sure, money, afford


5 tips to make sure you don't overspend on your credit card

Credit cards are essential for building credit, but only if you’re smart about how you use them. The best credit cards offer generous welcome bonuses, rewards and added perks that may tempt you to spend more than you can afford. In order to make a credit card cost-effective, it’s crucial to make payments on time and in full to avoid incurring big interest charges. Below, CNBC Select reviews five tips to follow in order to avoid overspending on your credit card.

1. Only spend what you can afford to pay off right now

When you pay with a credit card, it’s easier to spend more than if you pay with cash since you’re not handing over any physical money. You don’t have to stop and think about whether you have enough in your wallet to cover your bill. To avoid spending more than you can afford, set some boundaries for yourself. You can turn on alerts so your card issuer will inform you once you’ve hit a certain dollar spending limit, whether that’s $200, $500 or $1,000. You can check your balance daily to make sure you don’t go over a certain amount. It can also be helpful to treat your credit card like a debit card, only spending up to the amount you have in your checking account (although ideally less, as you likely have other bills to pay).

2. Avoid impulse purchases

Also known as the 72-hour rule, avoiding impulse purchases is a great way to prevent overspending. When you scroll through social media, you may see ads for apparel or merchandise that tempt you to click and buy something on a whim. These ads are banking on impulse purchases, which can come at your downfall if you purchase things you don’t need — and can’t afford. Before purchasing an item from an ad or promotional offer, consider whether you really need it or just want it in the moment, and if you have the money to pay for it. If the item falls within your budget, still wait 72 hours before completing the purchase. Save the item in a note or bookmark it and wait to see if you remember after three days. In some cases, you may forget about it altogether, thus saving you money.

3. Start tracking your spending

Tracking your spending can help you better understand where your money goes each month. Once you know how you spend, you can create a budget that lists all your fixed expenses, such as rent/mortgage, cell phone, groceries and savings. Then you can see how much money you have leftover for flexible expenses, such as restaurants, clothing and entertainment costs. This budget should then help you understand how much money you can afford to spend each month, so you don’t overspend. For example, if you calculated that you have $500 leftover for various unfixed expenses, you can divide that up however you want. That may be $200 for dining out, $100 for clothing, $150 for entertainment and $50 for random purchases. Regardless how you divvy the money, this helps provide guidelines for how much you can afford to spend on non-essential items.

4. Don’t let rewards tempt you

Many credit cards offer welcome bonuses that can be worth over $500 if you meet the spending requirements. But if you overspend just to earn a bonus, you risk racking up debt and high interest charges that can counteract any rewards you earn. The same goes for credit card rewards programs that earn cash back, points or miles. For each dollar you spend, cards may offer anywhere from 1X rewards to 25X rewards. While these rewards can be a great perk, you can get into debt if you spend more than you can afford. Using points to purchase a plane ticket is only a good deal if you’re not paying high interest on your credit card balance.

5. Avoid store credit cards

It can be tempting to sign up for a store credit card when it comes with so many exclusive discounts. Unfortunately, these cards usually come with high variable interest rates, which can negate any savings if you’re carrying a balance. Avoid the temptation to take advantage of a new discount offer by not signing up for a store card in the first place.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: alexandria white
Keywords: news, cnbc, companies, dont, overspend, offer, card, rewards, tips, spend, credit, avoid, spending, sure, money, afford


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5 benefits of small business credit cards

Of course, finances are a huge consideration and small business credit cards can be a major asset, when used responsibly. Opening a small business credit card is a great way to streamline day-to-day business expenses while enjoying added perks, such as rewards and purchase protection. Below, CNBC Select reviews the benefits of small business credit cards that can add up to increased savings and easier expense management. Receive travel and purchase protectionsSimilar to personal credit cards, bu


Of course, finances are a huge consideration and small business credit cards can be a major asset, when used responsibly.
Opening a small business credit card is a great way to streamline day-to-day business expenses while enjoying added perks, such as rewards and purchase protection.
Below, CNBC Select reviews the benefits of small business credit cards that can add up to increased savings and easier expense management.
Receive travel and purchase protectionsSimilar to personal credit cards, bu
5 benefits of small business credit cards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: alexandria white
Keywords: news, cnbc, companies, cards, card, cash, business, credit, travel, purchase, rewards, spending, purchases, small, benefits


5 benefits of small business credit cards

Small business owners manage a lot of responsibility, and when first starting out, you’re just as likely manage the trash pick up as manage the payroll. Of course, finances are a huge consideration and small business credit cards can be a major asset, when used responsibly. Opening a small business credit card is a great way to streamline day-to-day business expenses while enjoying added perks, such as rewards and purchase protection. Below, CNBC Select reviews the benefits of small business credit cards that can add up to increased savings and easier expense management.

1. Finance purchases and simplify cash flow

Small business credit cards provide a line of credit that can be used to purchase anything you may need for your business, from supplies to equipment. Without a credit card, you may not have the cash available to afford these purchases. Many business owners have to spend money to earn money, but that can be hard to do without a credit card. The line of credit can help your cash flow by giving you the ability to make purchases that can help you fulfill business orders. Many cards also offer interest-free financing so you can pay for purchases over time without incurring interest. The Blue Business® Plus Credit Card from American Express offers 0% for the first 12 months on purchases (then 14.74% to 20.74% variable APR). (See rates and fees).

2. Streamline employee expenses

It can be a hassle to reimburse employees for business spending on personal cards, so opting for a business card is a smart way to manage the process. Employees can use the card for all business expenses, and you’ll receive one bill with all your spending and any employee spending every month. Plus many card issuers provide free employee cards, such as the Capital One® Spark® Cash for Business and Ink Business Preferred℠ Credit Card. As the business owner, these cards give you more control of how much employees spend versus if they use a personal card. You can set spending limits and freeze cards as needed.

3. Earn rewards

Many business cards offer rewards programs that can earn you cash back, points or miles. All the purchases made on your business card account earn rewards — which includes any purchases employees make. Rewards can be redeemed in a variety of ways, such as statement credits, gift cards, merchandise and travel. The Business Platinum® Card from American Express offers rewards geared toward business that spend a lot on travel: Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points on all other purchases. There are also cards with simpler rewards programs. The Capital One® Spark® Classic for Business offers 1% cash back on every purchase.

4. Receive travel and purchase protections

Similar to personal credit cards, business cards provide numerous travel and purchase protections. This may include no foreign transaction fees, cell phone protection, purchase and extended warranty protection, trip cancellation or interruption insurance and auto rental damage collision waivers. All Capital One business credit cards offer no foreign transaction fees, auto rental damage collision waivers, travel and emergency assistance services, purchase security and extended warranty protection. If you want cell phone protection, the Ink Business Preferred℠ Credit Card offers coverage up to $600 per claim against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Ink Business Preferred℠ Credit Card. (Terms apply.)

5. Access account management tools

Most business cards offer quarterly and year-end summaries, plus the ability to download purchase records to accounting programs like Excel and Quickbooks. This allows you to easily track spending and simplify financials come tax season. Amex business cards allow you to review a year-end summary and send transactions to Quickbooks on a daily basis, after enrollment. Capital One business cards provide an easy view of recurring transactions, a year-end summary and the ability to download purchase records into Quicken, QuickBooks and Excel. Chase business cards offer quarterly reports and integration with bookkeeping software to simplify accounting. Don’t miss: Best small business credit cards

How to apply for a business credit card For rates and fees of the Blue Business® Plus Credit Card from American Express, click here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: alexandria white
Keywords: news, cnbc, companies, cards, card, cash, business, credit, travel, purchase, rewards, spending, purchases, small, benefits


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Singles Day sales hit record high as Chinese buyers rack up credit card bills

A significant portion of sales during this year’s Singles Day shopping event in China came from spending on credit, according to estimates from analysts. For example, Alibaba-affiliate Ant Financial has a product called Huabei, which provides users with a revolving line of credit or installment purchase plans. The increased use of credit products was most apparent this past Monday, known as Singles Day in China. Their popularity, in addition to overall use of credit cards, was more apparent duri


A significant portion of sales during this year’s Singles Day shopping event in China came from spending on credit, according to estimates from analysts.
For example, Alibaba-affiliate Ant Financial has a product called Huabei, which provides users with a revolving line of credit or installment purchase plans.
The increased use of credit products was most apparent this past Monday, known as Singles Day in China.
Their popularity, in addition to overall use of credit cards, was more apparent duri
Singles Day sales hit record high as Chinese buyers rack up credit card bills Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: evelyn cheng
Keywords: news, cnbc, companies, card, yuan, purchase, singles, record, installment, huabei, credit, chinese, nov, high, day, sales, hit, china, plans, rack


Singles Day sales hit record high as Chinese buyers rack up credit card bills

A significant portion of sales during this year’s Singles Day shopping event in China came from spending on credit, according to estimates from analysts. While it’s common to use a credit card to shop in the U.S., China has been known for its high savings rate and preference for paying only with funds at hand. Even widely used mobile payment systems function more like a debit card. But consumer habits, especially among younger Chinese, are changing — thanks partly to growing consumerism and partly to the development of financial technology. For example, Alibaba-affiliate Ant Financial has a product called Huabei, which provides users with a revolving line of credit or installment purchase plans. JD.com has a similar payment product called Bai’tiao. The increased use of credit products was most apparent this past Monday, known as Singles Day in China. The annual shopping spree on Nov. 11 is spearheaded by Alibaba, which reported record sales of 268.4 billion yuan ($38.3 billion) across its shopping platforms this year. That’s a year-on-year increase of about 26% — slower than 2018’s 27% growth. From Nov. 1 to Nov. 11 overall, online retail sales topped 870 billion yuan, China’s Ministry of Commerce said Thursday.

During Singles Day this year, Kapronasia fintech analyst Leilei Wang estimates at least half of all purchases on Alibaba’s Taobao and Tmall e-commerce platforms were made using Huabei. “This type of consumer finance encourage a certain amount of consumption,” Wang said, noting younger consumers are typically more wiling to try out new ways of spending. During the shopping event, Tmall cut Huabei interest rates to zero on 8 million products — five times as many products as last year, according to a report from Ant Financial’s digital bank MyBank, cited by state news media Xinhua. A separate Xinhua article cited Ant Financial Digital Finance President Huang Hao saying that typically, businesses that open support for Huabei see transactions increase by 38%. Data for Huabei purchases during Singles Day was not available from Ant Financial. A representative for the company did not immediately respond to a request for comment. On social media, one user said that some of the difficulties after Singles Day include having to repay Huabei and picking up packages.

Banks build up their credit card business

China Merchants Bank said its credit card transactions on Nov. 11 hit a record 27.2 billion yuan, while Industrial and Commercial Bank of China (ICBC) said it processed at least 20 billion yuan on the same day. “Lending to corporations has a non-performing loan problem, so the banks across China are trying to diversify into the retail business,” Nicholas Zhu, banking analyst at Moody’s in Beijing, said in a phone interview. He noted some banks are working with stores to create installment purchase plans for consumers, which theoretically help those individuals build a credit history. The lack of a unified credit system in China has typically made it difficult for many people to get loans or a credit card, especially migrants working in large cities.

An Alipay digital payment app logo and smartphone sit on a desktop at the Wirecard AG headquarters in Munich, Germany, on Wednesday, Sept. 5, 2018. Matthias Doering | Bloomberg | Getty Images

But now, companies like Alibaba-affiliate Ant Financial have volumes of purchase and transaction data to better gauge creditworthiness with. “Overall the market data volume is increasing, so banks can improve their ability to reduce risks,” said Hang Qian, principal at consulting firm Oliver Wyman’s finance and risk, and public policy practice. That’s according to a CNBC translation of his Mandarin-language remarks.

Buying on installment more popular

In China, many credit cards also offer installment purchase plans. Their popularity, in addition to overall use of credit cards, was more apparent during this year’s Singles Day, Oliver Wyman’s Qian said. Buying on installment is more popular among Chinese and cheaper than using a revolving line of credit, he said. He estimated that use of installment purchase plans accounted for about 60% to 70% of credit use. Fenqile, an installment purchase e-commerce platform run by LexinFintech, said that during this year’s Singles Day, gross merchandise value broke 100 million yuan in half the time it took last year. GMV is a key industry metric measuring the total dollar value of merchandise sold. Fifteen-month and two-year plans were the most popular among Fenqile’s Generation Z users (roughly those born in the mid-to-late 1990s), with an average monthly payment of less than 200 yuan, the company said. Apple’s iPhone was the most popular smartphone on the platform, the company said, noting iPhone 11 sales during the first 8 hours of Nov. 11 were more than twice that of the first day the device was available on Fenqile.

Widespread fraud risk


Company: cnbc, Activity: cnbc, Date: 2019-11-15  Authors: evelyn cheng
Keywords: news, cnbc, companies, card, yuan, purchase, singles, record, installment, huabei, credit, chinese, nov, high, day, sales, hit, china, plans, rack


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How to apply for a business credit card

As the name hints, you need to operate a business in order to apply for a business credit card. Many banks review your personal credit report in addition to your business credit report (when available). How to apply for a business credit cardOnce you choose the best business credit card for your needs, you can start the application process. Applying for a business credit card isn’t that different from applying for a personal credit card. How a business card affects your personal creditWhen you o


As the name hints, you need to operate a business in order to apply for a business credit card.
Many banks review your personal credit report in addition to your business credit report (when available).
How to apply for a business credit cardOnce you choose the best business credit card for your needs, you can start the application process.
Applying for a business credit card isn’t that different from applying for a personal credit card.
How a business card affects your personal creditWhen you o
How to apply for a business credit card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: alexandria white
Keywords: news, cnbc, companies, enter, credit, apply, number, card, report, personal, company, business, sole


How to apply for a business credit card

There can be many benefit to using a small business credit card, from streamlining expenses to earning rewards. But you may wonder who qualifies as a business owner? Below, CNBC Select reviews who can apply for business credit cards, how to complete an application and how your personal credit is affected.

Who can apply for business credit cards?

As the name hints, you need to operate a business in order to apply for a business credit card. However, card issuers have pretty lenient requirements when it comes to defining a business. If you tutor in your spare time, freelance or resell products, you’ll likely qualify as a business owner. If your business is new and doesn’t have a credit history yet, you can still apply. Many banks review your personal credit report in addition to your business credit report (when available).

How to apply for a business credit card

Once you choose the best business credit card for your needs, you can start the application process. Applying for a business credit card isn’t that different from applying for a personal credit card. You’ll still be required to enter contact information, revenue and other details. Here’s what to expect on a business credit card application: Business name: The name of your company. If you freelance or have a sole proprietorship, enter your name.

The name of your company. If you freelance or have a sole proprietorship, enter your name. Business address and phone number: Where your business is located, which can be your personal address. And you can list a work or personal phone.

Where your business is located, which can be your personal address. And you can list a work or personal phone. Industry type and company structure: The industry your business falls under and whether you have a corporation, partnership, sole proprietorship, etc.

The industry your business falls under and whether you have a corporation, partnership, sole proprietorship, etc. Years in business: How long you’ve operated your business. If you have a new company, put zero.

How long you’ve operated your business. If you have a new company, put zero. Number of employees: How many employees are part of your company. If you are the only employee, enter one.

How many employees are part of your company. If you are the only employee, enter one. Annual business revenue: The amount of money your business makes each year. Report your total annual business revenue; not your business profit. Don’t exaggerate this number since you may be required to provide documentation verifying it.

The amount of money your business makes each year. Report your total annual business revenue; not your business profit. Don’t exaggerate this number since you may be required to provide documentation verifying it. Estimated monthly spend: Average monthly business expenses you plan to spend on the card.

Average monthly business expenses you plan to spend on the card. Tax identification number: This is either your employer identification number (EIN) or social security number (SSN), and sometimes both.

This is either your employer identification number (EIN) or social security number (SSN), and sometimes both. Personal information: This may include your home address, monthly rent/mortgage payments and total annual income.

How a business card affects your personal credit

When you open a business credit card, your personal credit will typically be reviewed by the card issuer, resulting in a hard inquiry on your personal credit report. This often causes your personal credit score to drop a few points, but it can bounce back in a few months with responsible card use. When you use a business card, the actions you take with your card may be reflected on your personal credit report. That means any balances and payment history can affect your personal credit. Some card issuers only report negative information to personal credit bureaus, while others may report both the good and the bad. You should always use your business credit card responsibly, with a plan to pay it off on time and in full each month, so you avoid damaging your personal credit.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: alexandria white
Keywords: news, cnbc, companies, enter, credit, apply, number, card, report, personal, company, business, sole


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Best credit cards for streaming services of November 2019

There are hundreds of cards available, all offering a wide range of perks, which can make it hard to find the best card for streaming services. To help you find the right card, we narrowed down 111 popular rewards cards to those that offer bonus rewards for streaming subscriptions. Here are CNBC Select’s picks for the top credit cards for streaming service rewards, ranked from highest to lowest rewards rate on eligible streaming services. That’s fairly reasonable, though there are other cards on


There are hundreds of cards available, all offering a wide range of perks, which can make it hard to find the best card for streaming services.
To help you find the right card, we narrowed down 111 popular rewards cards to those that offer bonus rewards for streaming subscriptions.
Here are CNBC Select’s picks for the top credit cards for streaming service rewards, ranked from highest to lowest rewards rate on eligible streaming services.
That’s fairly reasonable, though there are other cards on
Best credit cards for streaming services of November 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: alexandria white
Keywords: news, cnbc, companies, fee, streaming, earn, services, card, purchases, points, best, rewards, bonus, cards, cash, prime, credit, 2019


Best credit cards for streaming services of November 2019

Whether you binge watch the latest season of your favorite show in one sitting or stream movies, you likely pay for at least one streaming subscription. And every week there seems to be a new streaming service available to consumers, with the recent launch of Apple TV+ and Disney+, not to mention mainstays such as Netflix and Hulu. The cost of all these streaming subscriptions can add up, but if you use the right rewards credit card, you can earn cash back or points that can help offset some of the price of streaming your favorite content. There are hundreds of cards available, all offering a wide range of perks, which can make it hard to find the best card for streaming services. To help you find the right card, we narrowed down 111 popular rewards cards to those that offer bonus rewards for streaming subscriptions. (See our methodology for more information on how we choose the best cards.) Here are CNBC Select’s picks for the top credit cards for streaming service rewards, ranked from highest to lowest rewards rate on eligible streaming services. Blue Cash Preferred® Card from American Express (6%)

U.S. Bank Cash+™ Visa Signature® (5%)

Amazon Prime Rewards Visa Signature Card (5%)

Wells Fargo Propel American Express® Card (3X)

Citi Premier℠ Card (2X)

Blue Cash Preferred® Card from American Express Apply Now On American Express’s Secure Site Rewards 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations, 3% cash back on transit including taxis/rideshare, parking, tolls, trains, buses and more and 1% cash back on other purchases

Welcome bonus $250 after you spend $1,000 on eligible purchases within the first 3 months from account opening

Annual fee $95

Intro APR 0% APR for the first 12 months on purchases and balance transfers

Variable APR 14.49% to 25.49%

Balance transfer fee 3%, $5 minimum

Foreign transaction fee 2.7%

Estimated rewards earned after 1 year $691*

Estimated rewards earned after 5 years $2,457

See rates and fees and our methodology, terms apply. Pros Unlimited 6% cash back on select U.S. streaming subscriptions

High 6% cash back at U.S. supermarket spending (up to $6,000 a year, then 1%)

Unlimited 3% cash back at U.S. gas stations and on transit

Amex Offers, which provide statement credits at select merchants

A year of no interest on new purchases and balance transfers Cons $95 annual fee

2.7% fee on purchases made abroad Who’s this for? If you prefer to Netflix and chill instead of going out on a Friday night, the Blue Cash Preferred® Card from American Express can earn you the most cash back on select U.S. streaming subscriptions at 6%. There are 25 streaming subscriptions that qualify for 6% cash back, including popular services like Netflix, Hulu, Spotify and Prime Video Unlimited, as well as services that are typically not included among other cards, such as ESPN+, Audible and YouTube. Who’s this for? If you prefer to Netflix and chill instead of going out on a Friday night, the Blue Cash Preferred® Card from American Express can earn you the most cash back on select U.S. streaming subscriptions at 6%. There are 25 streaming subscriptions that qualify for 6% cash back, including popular services like Netflix, Hulu, Spotify and Prime Video Unlimited, as well as services that are typically not included among other cards, such as ESPN+, Audible and YouTube. Cardholders can also earn 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), unlimited 3% cash back at U.S. gas stations and on transit-related purchases, such as tolls, parking, buses and rideshares, and 1% cash back on all other purchases. Additional perks include money-saving Amex Offers, which provide discounts and extra points at participating retailers. For example, right now if you spend $9.99 or more at Pandora.com, you get a $9.99 statement credit, through December 18. These limited-time offers are location-based and additional terms apply. This card does come with a $95 annual fee, but it can be offset by the cash back you earn and discounts you can get through the Amex Offers. *First year rewards total incorporates the points earned from the welcome bonus read more Apply Now On American Express’s Secure Site

U.S. Bank Cash+™ Visa Signature® Apply Now On U.S. Bank’s Secure Site Rewards 5% cash back on two categories you choose quarterly (on your first $2,000 in combined eligible net purchases each quarter, then 1%); 2% cash back on one everyday category; 1% cash back on everything else

Welcome bonus $150 after you spend $500 within the first 90 days of account opening

Annual fee $0

Intro APR 0% APR for the first 12 billing cycles on balance transfers

Variable APR 15.49% to 24.99%

Balance transfer fee 3%, minimum $5

Foreign transaction fee 2% to 3%

Estimated rewards earned after 1 year $353*

Estimated rewards earned after 5 years $1,167

See rates and fees and our methodology, terms apply. Pros No annual fee

High 5% cash back on select entertainment purchases, when you activate bonus categories

Low spending required to earn a good welcome bonus Cons 5% cash back is limited to $2,000 in combined purchases each quarter

Activation is required to earn 5% cash back

2% to 3% foreign transaction fee Who’s this for? The U.S. Bank Cash+™ Visa Signature® card offers the highest rewards rate on select entertainment purchases: 5% cash back. Cardholders can choose to earn 5% cash back on two bonus categories each quarter, on your first $2,000 in combined eligible net purchases, then 1%. There are currently two entertainment-related categories that earn 5% cash back: movie theaters and TV, along with internet and streaming services, which includes 15 providers such as Comcast, Apple Music and Hulu. You can choose both categories every quarter to maximize cash back. Who’s this for? The U.S. Bank Cash+™ Visa Signature® card offers the highest rewards rate on select entertainment purchases: 5% cash back. Cardholders can choose to earn 5% cash back on two bonus categories each quarter, on your first $2,000 in combined eligible net purchases, then 1%. There are currently two entertainment-related categories that earn 5% cash back: movie theaters and TV, along with internet and streaming services, which includes 15 providers such as Comcast, Apple Music and Hulu. You can choose both categories every quarter to maximize cash back. You also get 2% cash back on one everyday category, such as grocery stores or gas stations, and 1% cash back on all other purchases. Cardholders can update their preferences every quarter, so you can change categories based on your needs. This card also comes with no annual fee and a generous welcome bonus of $150 after you spend $500 within the first 90 days of account opening, which is like earning 30% cash back. *First year rewards total incorporates the points earned from the welcome bonus read more Apply Now On U.S. Bank’s Secure Site

Amazon Prime Rewards Visa Signature Card Learn More Information about the Amazon Prime Rewards Visa Signature Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication. Rewards 5% cash back at Amazon.com and Whole Foods Market; 2% back at restaurants, gas stations and drugstores; 1% back on all other purchases

Welcome bonus $70 Amazon.com gift card upon approval

Annual fee $0 (but Prime membership is required)

Intro APR None

Variable APR 16.24% to 24.24%

Balance transfer fee 5%, $5 minimum

Foreign transaction fee None

Estimated rewards earned after 1 year $506*

Estimated rewards earned after 5 years $2,253

See our methodology, terms apply. Pros No annual fee

$70 Amazon.com gift card upon approval, with no spending requirements

5% back at Amazon.com and Whole Foods Market

No fee charged on purchases made outside the U.S. Cons Prime membership is required

The 5% back on groceries only applies to groceries bought on Amazon.com or at Whole Foods Market Who’s this for? Frequent shoppers on Amazon and at Whole Foods Market will want to look into the Amazon Prime Rewards Visa Signature Card. All purchases made by Prime members at Amazon and Whole Foods Market get a robust 5% cash back. You can use this card to pay for your Prime membership (which includes Prime Video) and earn 5% cash back. This card also offers a $70 Amazon.com gift card upon approval as a one-time bonus. In addition to the generous 5% cash back at those two retailers, the card gives users 2% back on purchases made at restaurants, gas stations and drugstores and 1% back on all other purchases. Take note that the only subscription service earning bonus rewards is Prime Video. All other streaming services earn 1% back. Who’s this for? Frequent shoppers on Amazon and at Whole Foods Market will want to look into the Amazon Prime Rewards Visa Signature Card. All purchases made by Prime members at Amazon and Whole Foods Market get a robust 5% cash back. You can use this card to pay for your Prime membership (which includes Prime Video) and earn 5% cash back. This card also offers a $70 Amazon.com gift card upon approval as a one-time bonus. In addition to the generous 5% cash back at those two retailers, the card gives users 2% back on purchases made at restaurants, gas stations and drugstores and 1% back on all other purchases. Take note that the only subscription service earning bonus rewards is Prime Video. All other streaming services earn 1% back. As the name implies, you must have an eligible Prime membership to apply for this card ($119 for an annual membership and $12.99 for a monthly membership). If you don’t, opt for the Amazon Rewards Visa Signature Card, which doesn’t require a Prime membership and still offers 3% cash back at Amazon and Whole Foods. *First year rewards total incorporates the points earned from the welcome bonus read more Learn More Information about the Amazon Prime Rewards Visa Signature Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Wells Fargo Propel American Express® Card Learn More Information about the Wells Fargo Propel American Express® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication. Rewards 3X points on gas, dining out and ordering in; rideshares and transit; flights, hotels, homestays and car rentals; and popular streaming services; 1X points on all other purchases

Welcome bonus 30,000 bonus points when you spend $3,000 in purchases in the first 3 months

Annual fee $0

Intro APR 0% APR for the first 12 months on purchases and balance transfers

Variable APR 15.49% to 27.49%

Balance transfer fee 3%, $5 minimum

Foreign transaction fee None

Estimated rewards earned after 1 year $680*

Estimated rewards earned after 5 years $2,199

See our methodology, terms apply. Pros No annual fee

Strong rewards program with 3X points in a wide range of categories

No fee charged on purchases made outside the U.S.

No blackout dates on air travel when redeemed through Go Far Rewards Cons You must have a rewards balance of at least 2,500 points before you can start redeeming them

Balance transfers incur a 3% fee ($5 minimum)

American Express isn’t as widely accepted as Visa or Mastercard Who’s this for? The Wells Fargo Propel American Express® Card has a strong rewards program for a no annual fee card: Earn unlimited 3X points on gas, dining out and ordering in; rideshares and transit; flights, hotels, homestays and car rentals; and popular streaming services; plus 1X point on all other purchases. This card is a smart choice for all types of travelers, whether you like to fly, drive or take mass-transit. And this card not only gives you 3X points at gas stations but also on purchases at toll bridges and highways, parking lots and garages. And you earn a competitive 3X points on restaurants and take out, which is great while you’re traveling. When you’re ready to relax, you can enjoy 3X points on select streaming services, such as Netflix and Hulu. Who’s this for? The Wells Fargo Propel American Express® Card has a strong rewards program for a no annual fee card: Earn unlimited 3X points on gas, dining out and ordering in; rideshares and transit; flights, hotels, homestays and car rentals; and popular streaming services; plus 1X point on all other purchases. This card is a smart choice for all types of travelers, whether you like to fly, drive or take mass-transit. And this card not only gives you 3X points at gas stations but also on purchases at toll bridges and highways, parking lots and garages. And you earn a competitive 3X points on restaurants and take out, which is great while you’re traveling. When you’re ready to relax, you can enjoy 3X points on select streaming services, such as Netflix and Hulu. Wells Fargo makes it easy to redeem points for cash, gift cards or travel. There are no black-out dates when you make reservations through Go Far Rewards, but you can’t start redeeming points until you’ve earned 2,500. In addition to rewards, this card offers no interest on purchases and balance transfers for a full year (then 15.49% to 27.49% variable APR). If you have large upcoming expenses or debt on a non-Amex card, the Wells Fargo Propel American Express® Card provides a way to finance new and old debt without incurring interest charges. Balance transfers are charged a 3% fee, $5 minimum. There’s also cell phone protection for damage to or theft of your phone up to $600 per claim and $1,200 per 12-month period ($25 deductible applies and you must pay your bill with your Wells Fargo Propel American Express® Card). *First year rewards total incorporates the points earned from the welcome bonus read more Learn More Information about the Wells Fargo Propel American Express® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.

Citi Premier℠ Card Learn More Information about the Citi Premier℠ Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication. Rewards 3X points on travel including gas stations, 2X points at restaurants and on entertainment, 1X points on all other purchases

Welcome bonus 60,000 bonus points after making $4,000 in purchases with your card within the first 3 months of account opening (worth $750 in airfare)

Annual fee $95

Intro APR None

Variable APR 17.49% to 25.49%

Balance transfer fee 3%, $5 minimum

Foreign transaction fee None

Estimated rewards earned after 1 year $853*

Estimated rewards earned after 5 years $2,100

See our methodology, terms apply. Pros Strong rewards program for everyday purchases, including 2X points on entertainment purchases

Points are worth 25% more on airfare when booked at thankyou.com

No foreign transaction fees Cons $95 annual fee

No special financing offers Who’s this for? The Citi Premier℠ Card is a good option for frequent travelers, especially those who drive. This card offers 3X points on travel, which includes gas stations. It’s hard to find a card that classifies gas station spending as travel, so this is a nice perk. This card also earns 2X points at restaurants and on entertainment, which includes on-demand internet streaming media. Who’s this for? The Citi Premier℠ Card is a good option for frequent travelers, especially those who drive. This card offers 3X points on travel, which includes gas stations. It’s hard to find a card that classifies gas station spending as travel, so this is a nice perk. This card also earns 2X points at restaurants and on entertainment, which includes on-demand internet streaming media. Cardholders get the best value when they redeem rewards for airfare through thankyou.com where points are worth 25% more. For example, 60,000 points are worth $750 towards airfare. This card does have a $95 annual fee. That’s fairly reasonable, though there are other cards on this list offering more streaming services rewards with a lower or no annual fee. *First year rewards total incorporates the points earned from the welcome bonus read more Learn More Information about the Citi Premier℠ Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the cards prior to publication.

Our methodology

To determine which cards offer the best value, CNBC Select analyzed popular credit cards offered by the biggest banks, financial companies and credit unions that allow anyone to join and offer bonus rewards on streaming services. Bonus rewards means a cardholder earns at least 2% or 2 points per dollar in a given category. In this case, streaming services. We compared each card on a range of features, including cash-back rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit score and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points. CNBC Select teamed up with location intelligence firm Esri. The company’s data development team provided the most up-to-date and comprehensive consumer spending data based on the 2018 Consumer Expenditure Surveys from the Bureau of Labor Statistics. You can read more about their methodology here. Esri’s data team created a sample annual budget of approximately $21,852 in retail spending. This budget is comprised of the most common spending categories, including groceries ($5,019), gas ($2,394), dining out ($3,365), travel ($2,154), utilities ($4,959) and general purchases ($3,961). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses. CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases. All rewards total estimations are net the annual fee. It’s important to note the value of a point or mile varies from card to card and based on how you redeem them. When we calculated the estimated returns, we assumed that cardholders are redeeming points/miles for a typical maximum value of 1 cent per point or mile. (Extreme optimizers might be able to achieve more value.) Our final picks are weighted heavily toward the highest five-year returns, since it’s generally wise to hold onto a credit card for years. This method also avoids giving an unfair advantage to cards with large welcome bonuses. While the five-year estimates we’ve included are derived from a budget similar to the average American’s spending, you may earn a higher or lower return depending on your spending habits.

Best credit cards for streaming services Credit Card Estimated rewards earned after 5 years Blue Cash Preferred® Card from American Express $2,457 Amazon Prime Rewards Visa Signature Card $2,253 Wells Fargo Propel American Express® Card $2,199 Citi Premier℠ Card $2,100 U.S. Bank Cash+™ Visa Signature® $1,167

For rates and fees of the Blue Cash Preferred® Card, click here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: alexandria white
Keywords: news, cnbc, companies, fee, streaming, earn, services, card, purchases, points, best, rewards, bonus, cards, cash, prime, credit, 2019


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This rule of thumb about credit card use could be costing you

If you’re hoping to snag the best-available terms on a loan, a standard rule of thumb about credit card usage could end up messing with your plans. The common advice is to keep revolving debt below 30% of your available credit so your utilization rate doesn’t hurt your credit score. Yet experts say your FICO score — which most lenders use in their decision-making — starts taking a hit well below that threshold. “Anything above 5% will start lowering FICO scores,” said Al Bingham, a credit expert


If you’re hoping to snag the best-available terms on a loan, a standard rule of thumb about credit card usage could end up messing with your plans.
The common advice is to keep revolving debt below 30% of your available credit so your utilization rate doesn’t hurt your credit score.
Yet experts say your FICO score — which most lenders use in their decision-making — starts taking a hit well below that threshold.
“Anything above 5% will start lowering FICO scores,” said Al Bingham, a credit expert
This rule of thumb about credit card use could be costing you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: sarah obrien
Keywords: news, cnbc, companies, utilization, fico, consumers, score, revolving, card, scores, rule, credit, terms, ratio, thumb, costing


This rule of thumb about credit card use could be costing you

If you’re hoping to snag the best-available terms on a loan, a standard rule of thumb about credit card usage could end up messing with your plans. The common advice is to keep revolving debt below 30% of your available credit so your utilization rate doesn’t hurt your credit score. Yet experts say your FICO score — which most lenders use in their decision-making — starts taking a hit well below that threshold. “Anything above 5% will start lowering FICO scores,” said Al Bingham, a credit expert and author of “The Road to 850.”

Joe Raedle | Getty Images

Exactly how much, he said, depends, including how long the accounts have been opened. Regardless, your score continues dropping as your utilization rate climbs toward 30% — and does not suddenly nosedive at that recommended ratio, Bingham said. “The actual score decline varies a little from person to person,” Bingham said. “Those that have a lot of depth in their credit report will not see the same drop as someone who has only one [newly opened] credit card.” The world of credit scoring is a complicated one. Yet as many consumers know, the higher your score, the better terms you can get on loans and credit cards. The lowest rates are generally reserved for those with a credit score of at least 750, although sometimes that’s 760 or even 780, depending on the type of loan and the terms. The best-known scores among consumers are FICO — which has been around since 1989 — and VantageScore, which is a joint venture among the nation’s three biggest credit-reporting firms: Experian, Equifax and TransUnion. It was created in 2006 as a competitor to FICO.

The most familiar versions of both result in a score that falls on a scale of 300 to 850. However, the specific algorithms used to arrive at your numbers are different. This means consumers may track a score that’s different from what a lender will use (roughly 90% use FICO scores in their decisions). A FICO score may even differ from one credit-reporting firm to the next for the same person. And while your credit utilization ratio is only one item contributing to your score, the idea that anything below 30% is acceptable could be doing some consumers a disservice. “There is nothing significant about 30% revolving utilization — it’s relative,” said Can Arkali, principal scientist of analytics and scores development at FICO. Arkali said that while there are “no hard and fast rules” for an ideal credit utilization ratio, FICO research shows that the highest-scoring 25% of consumers — those with a score above 795 — use an average 7% of their credit limit.

“There is nothing significant about 30% revolving utilization — it’s relative. Can Arkali Principal scientist of analytics and scores development at FICO

Moreover, most consumers with the best scores owe less than $2,500 on revolving accounts, according to myfico.com. (In some cases, a low utilization ratio has a more positive impact on your score than not using any of your available credit at all, Arkali said.) Of course, lenders also typically weigh additional items, including income, length of employment, stable housing or other aspects of your financial life that don’t show up in your credit report or get reflected in your score. To illustrate the difference that interest rates can make: On a $200,000 mortgage, paying 3.5% over 30 years incurs roughly $123,000 in interest. Just a half percentage point higher, 4%, would result in paying about $143,500 in interest over the same time — $20,500 more. And at 4.5%, the interest would total more than $164,500 — $41,500 more than at 3.5%. More from Personal Finance:

Why your vaping habit could raise your life insurance costs It’s also worth noting just one relatively high balance on a card can negatively affect your score more than you might think. “It could hurt your score if you max out on one card even if the others have a low utilization rate,” said Rod Griffin, director of consumer education and awareness for Experian. He also said that when you cross the 30% utilization ratio, your score begins dropping faster if your debt continues to climb.

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Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: sarah obrien
Keywords: news, cnbc, companies, utilization, fico, consumers, score, revolving, card, scores, rule, credit, terms, ratio, thumb, costing


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Apple Card algo issue and the future of AI in your everyday life

Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California. Goldman spokesman Patrick Lenihan said algorithmic bias is an important issue, but the Apple Card is not an example of it. Here are key points about AI algorithms that will factor in future headlines. can be biasedThe AI Now Institute has also found biases in the people who are creating AI systems. “It’s actually a very real problem that keeps resurfacing in A


Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California.
Goldman spokesman Patrick Lenihan said algorithmic bias is an important issue, but the Apple Card is not an example of it.
Here are key points about AI algorithms that will factor in future headlines.
can be biasedThe AI Now Institute has also found biases in the people who are creating AI systems.
“It’s actually a very real problem that keeps resurfacing in A
Apple Card algo issue and the future of AI in your everyday life Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: jacob douglas, lauren feiner, phil quade, fortinet chief information security officer
Keywords: news, cnbc, companies, future, apple, technology, life, issue, card, data, algorithms, credit, systems, everyday, algorithmic, used, bias, algo


Apple Card algo issue and the future of AI in your everyday life

Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California. Noah Berger | AFP | Getty Images

When tech entrepreneur David Heinmeier Hansson recently took to Twitter saying the Apple Card gave him a credit limit that was 20 times higher than his wife’s, despite the fact that she had a higher credit score, it may have been the first major headline about algorithmic bias you read in your everyday life. It was not the first — there have been major stories about potential algorithmic bias in child care and insurance — and it won’t be the last. The chief technology officer of project management software firm Basecamp, Heinmeier was not the only tech figure speaking out about algorithmic bias and the Apple Card. In fact, Apple’s own co-founder Steve Wozniak had a similar experience. Presidential candidate Elizabeth Warren even got in on the action, bashing Apple and Goldman, and regulators said they are launching a probe. Goldman Sachs, which administers the card for Apple, has denied the allegations of algorithmic gender bias, and has also said it will examine credit evaluations on a case-by-case basis when applicants feel the card’s determination is unfair. Goldman spokesman Patrick Lenihan said algorithmic bias is an important issue, but the Apple Card is not an example of it. “Goldman Sachs has not and will never make decisions based on factors like gender, race, age, sexual orientation or any other legally prohibited factors when determining credit worthiness. There is no ‘black box.'” he said, referring to a term often used to describe algorithms. “For credit decisions we make, we can identify which factors from an individual’s credit bureau issued credit report or stated income contribute to the outcome. We welcome a discussion of this topic with policymakers and regulators.” As AI and the algorithms that underlie technology become an increasingly large part of everyday life, it’s important to know more about the technology. One of the major claims made by technology firms using algorithms in decisions like credit scoring is that algorithms are less biased than human beings. That’s being used in areas like job hiring: The state of California recently passed a rule to encourage the development of more job-based algorithms to remove human bias from the hiring process. But it is far from 100% scientifically proven that an AI that relies on code written by humans, as well as data fed into it as a learning mechanism, will not reflect the existing biases of our world. Here are key points about AI algorithms that will factor in future headlines.

1. A.I. is already being used widely in key areas of life

As Hansson and his wife found out, AI systems are becoming more commonplace in areas that everyday people rely on. This technology is not only being introduced in credit and job hiring but insurance, mortgages and child welfare. In 2016, Allegheny County, Pennsylvania, introduced a tool called the Allegheny Family Screening Tool. It is a predictive-risk modeling tool that is used to help with child welfare call-screening decisions when concerns of child maltreatment are raised to the county’s department of human services. The system collected data on each person in the referral and uses it to create an “overall family score.” That score determines the likelihood of a future event. Allegheny did face some backlash, but one conclusion was that it created “less bad bias.” Other places, including Los Angeles, have used similar technology in an attempt to improve child welfare, and it is an example of how AI systems will be used in ways that can affect people in large ways, and as a result, it is important to know how those systems can be flawed.

2. A.I. can be biased

Most AI is created from a process called machine learning, which is teaching a computer something by feeding them thousands of pieces of data to help them learn the information of the data set by itself. An example would be giving an AI system thousands of pictures of dogs, with the purpose of teaching the system what a dog is. From there the system would be able to look at a photo and decide whether it is a dog or not based on that past data. So what if the data you are feeding a system is 75% golden retrievers and 25% Dalmations? Postdoctoral researcher at the AI Now Institute, Dr. Sarah Myers West, says these systems are built to reflect the data they are fed, and that data can be built on bias. “These systems are being trained on data that’s reflective of our wider society,” West said. “Thus, AI is going to reflect and really amplify back past forms of inequality and discrimination.” One real-world example: While the human manager-based hiring process can undoubtedly be biased, debate remains over whether algorithmic job application technology undoubtedly removes human bias. The AI learning process could incorporate the biases of the data they are fed — for example, the resumes of top-performing candidates at top firms.

3. People who program A.I. can be biased

The AI Now Institute has also found biases in the people who are creating AI systems. In an April 2019 study, they found that only 15% of the AI staff at Facebook are women, and only 4% of their total workforce are black. Google’s workforce is even less diverse, with only 10% of their AI staff being women and 2.5% of their workers black. Joy Buolamwini, a computer scientist at MIT, found during her research on a project that would project digital masks onto a mirror, that the generic facial recognition software she was using would not identify her face unless she used a white colored mask. She found that her system could not identify the face of a black woman, because the data set it was running on were overwhelmingly lighter-skinned. “Quite clearly, it’s not a solved problem,” West said. “It’s actually a very real problem that keeps resurfacing in AI systems on a weekly, almost daily basis.”

4. Algorithms are not public information

AI algorithms are completely proprietary to the company that created them. “Researchers face really significant challenges understanding where there’s algorithmic bias because so many of them are opaque,” West said. Even if we could see them, it doesn’t mean we would understand, says co-director of the Digital Platforms and Democracy Project, and Shorenstein Fellow at Harvard University, Dipayan Ghosh. “It’s difficult to draw any conclusions based on source code,” Ghosh said. “Apple’s proprietary creditworthiness algorithm is something that not even Apple can easily pin down, and say, ‘Okay, here is the code for this,’ because it probably involves a lot of different sources of data and a lot of different implementations of code to analyze that data in different siloed areas of the company.” To take things a step further, companies like Apple write their code to be legible to Apple employees, and it may not make sense to those outside of the company.

5. There is limited government oversight of A.I.

Right now there is little government oversight of AI systems. “When AI systems are being used in areas that are of incredible social, political and economic importance, we have a stake in understanding how they are affecting our lives,” West said. “We currently don’t really have the avenues for the kind of transparency we would need for accountability.” One presidential candidate is trying to change that. New Jersey Senator Cory Booker sponsored a bill earlier this year called “The Algorithmic Accountability Act.” The bill requires companies to look at flawed algorithms that could create unfair or discriminatory situations for Americans. Under the bill, the Federal Trade Commission would be able to create regulations to ‘conduct impact assessments of highly sensitive automated decision systems.’ That requirement would impact systems under the FTC’s jurisdiction, new or existing. Cory Booker’s website’s description of the bill directly cites algorithmic malpractice from Facebook and Amazon in the past years. Booker isn’t the first politician to call for better regulation of AI. In 2016, the Obama administration called for development within the industry of algorithmic auditing and external testing of big data systems.

6. Algorithms can be audited, but it is not a requirement

While government oversight is rare, an increasing practice is third-party auditing of algorithms. The process involves an outside entity coming in and analyzing how the algorithm is made without revealing trade secrets, which is a large reason why algorithms are private. Ghosh says this is happening more frequently, but not all of the time. “It happens when companies feel compelled by public opinion or public sway to do something because they don’t want to be called out having had no audits whatsoever,” Ghosh said. Ghosh also said that regulatory action can happen, as seen in the FTC’s numerous investigations into Google and Facebook. “If a company is shown to harmfully discriminate, then you could have a regulatory agency come in and say ‘Hey, we’re either going to sue you in court, or you’re going to do X,Y and Z. Which one do you want to do?'”


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: jacob douglas, lauren feiner, phil quade, fortinet chief information security officer
Keywords: news, cnbc, companies, future, apple, technology, life, issue, card, data, algorithms, credit, systems, everyday, algorithmic, used, bias, algo


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Here are the states whose residents are the best at managing their money

Higher income may be great, yet it doesn’t necessarily mean it makes managing money easier. States with higher incomes may not be the ones where residents have the best credit scores, a new report from CreditCards.com shows. Beating out all the other states for best money management is South Dakota. “A number of states that had middle-of-the-pack incomes ranked really well in terms of their credit score,” Rossman said. “Even though they have lower income, they’re doing a good job of managing the


Higher income may be great, yet it doesn’t necessarily mean it makes managing money easier.
States with higher incomes may not be the ones where residents have the best credit scores, a new report from CreditCards.com shows.
Beating out all the other states for best money management is South Dakota.
“A number of states that had middle-of-the-pack incomes ranked really well in terms of their credit score,” Rossman said.
“Even though they have lower income, they’re doing a good job of managing the
Here are the states whose residents are the best at managing their money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: sarah obrien
Keywords: news, cnbc, companies, scores, best, rossman, credit, income, residents, managing, debt, higher, score, money, states


Here are the states whose residents are the best at managing their money

Higher income may be great, yet it doesn’t necessarily mean it makes managing money easier. States with higher incomes may not be the ones where residents have the best credit scores, a new report from CreditCards.com shows. While some of that could be due to younger populations with short credit histories, other key criteria — such as high debt or delinquencies — drag down scores. “Just because you have more income doesn’t mean you’re managing it well,” said Ted Rossman, industry analyst for CreditCards.com, which released the report Thursday. “A lot of people in places with higher income also have more debt.”

Hero Images | Getty Images

While a variety of factors go into a credit score, payment history (35%) and the amount you owe (30%) are the biggest contributors when it comes to FICO numbers, which most lenders use to make a decision on whether to take you on as a customer or not. The five states where residents manage their money the best — based on their income ranking and average credit scores — all rank in the bottom half of total debt per capita, according to Rossman’s analysis of data from the Federal Reserve Bank of New York. Beating out all the other states for best money management is South Dakota. Although its median household income of $56,274 is 33rd in the nation, its average credit score of 727 is tied for second-highest. “A number of states that had middle-of-the-pack incomes ranked really well in terms of their credit score,” Rossman said. “Even though they have lower income, they’re doing a good job of managing their money.” At the bottom is Washington, D.C. Its median household income is the highest in the country ($85,203), while its average credit score (703) ranks 32nd. Part of the issue, Rossman said, is higher household debt — which can drag credit scores down. In the nation’s capital, for example, total debt per capita is $86,730 — the highest in the country. While not all debt is created equally, the credit card version is often a challenge for consumers to keep in check. Collectively, the nation’s credit card tab is $1.08 trillion, according to the latest data from the Federal Reserve. The share of accounts moving into serious delinquency — more than 90 days behind — is about 5.2%.


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: sarah obrien
Keywords: news, cnbc, companies, scores, best, rossman, credit, income, residents, managing, debt, higher, score, money, states


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Credit Suisse says Tesla is running out of time as the major electric car maker – shares to dive 40%

While a statement like this may be common among Wall Street’s bullish Tesla analysts, Credit Suisse remains one of the company’s skeptics. Credit Suisse has had an underweight rating on Tesla shares since the firm began covering the stock in June, with a $200 price target. “Yet to the extent Tesla continues to struggle with the basic ‘blocking and tackling’ of the auto business (i.e., manufacturing, delivery logistics, service), it risks not capitalizing on this opportunity,” Levy said. Credit S


While a statement like this may be common among Wall Street’s bullish Tesla analysts, Credit Suisse remains one of the company’s skeptics.
Credit Suisse has had an underweight rating on Tesla shares since the firm began covering the stock in June, with a $200 price target.
“Yet to the extent Tesla continues to struggle with the basic ‘blocking and tackling’ of the auto business (i.e., manufacturing, delivery logistics, service), it risks not capitalizing on this opportunity,” Levy said.
Credit S
Credit Suisse says Tesla is running out of time as the major electric car maker – shares to dive 40% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: michael sheetz
Keywords: news, cnbc, companies, major, dive, tesla, suisse, car, maker, electric, opportunity, running, shares, credit, levy, marks, model, range, price, mache


Credit Suisse says Tesla is running out of time as the major electric car maker – shares to dive 40%

Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018.

Credit Suisse on Thursday noted that Tesla has nearly an 80% share of the U.S. market for electric vehicles but the firm expects that the automaker’s “unique position” with its Model 3 will face a serious challenge from Ford next year.

“For all the competition entering the market we are still awaiting the EV that will be a true competitive threat to Model 3 – especially in the US,” Credit Suisse analyst Dan Levy wrote in a note to investors. “Tesla has a window of opportunity now with a clear competitive lead.”

While a statement like this may be common among Wall Street’s bullish Tesla analysts, Credit Suisse remains one of the company’s skeptics. Credit Suisse has had an underweight rating on Tesla shares since the firm began covering the stock in June, with a $200 price target. That’s more than 40% below the stock’s close on Wednesday at $346.11 a share.

“Yet to the extent Tesla continues to struggle with the basic ‘blocking and tackling’ of the auto business (i.e., manufacturing, delivery logistics, service), it risks not capitalizing on this opportunity,” Levy said.

Levy believes Tesla will soon face a key test as “the only game in town,” as Ford is expected to announce the Mach-E on Sunday, a line of a Mustang-inspired electric SUVs.

“The launch marks the first real milestone in Ford’s increased emphasis in electrification, and more importantly marks an increased effort by the legacy US automakers to be relevant in electrification,” Levy said.

Ford’s Mach-E will be available in the U.S, Canada and Europe next fall. Credit Suisse estimates Mach-E will be priced “in the mass luxury range” between $40,000 and $50,000 miles, with an expected 300 mile range.

“Ford’s new BEV should provide a more compelling alternative at the Model 3 price range than the other comps, especially given the performance focus,” Levy said.

– CNBC’s Michael Bloom contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-11-14  Authors: michael sheetz
Keywords: news, cnbc, companies, major, dive, tesla, suisse, car, maker, electric, opportunity, running, shares, credit, levy, marks, model, range, price, mache


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Google is getting into banking with the search giant set to offer checking accounts next year

Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing big tech’s boldest move yet into the consumer banking business as most have focused on credit cards and payment platforms. The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union. As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space. Google does not intend to sell cu


Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing big tech’s boldest move yet into the consumer banking business as most have focused on credit cards and payment platforms.
The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union.
As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space.
Google does not intend to sell cu
Google is getting into banking with the search giant set to offer checking accounts next year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-13  Authors: jeff cox
Keywords: news, cnbc, companies, set, getting, tech, warner, told, accounts, credit, sengupta, run, giant, google, checking, banking, regulatory, virginia, offer, search, project


Google is getting into banking with the search giant set to offer checking accounts next year

Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing big tech’s boldest move yet into the consumer banking business as most have focused on credit cards and payment platforms.

The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union. The Wall Street Journal was first to report the offering.

As part of a project code-named Cache, the company will become the latest Silicon Valley leader to try its hand at the banking space. Previous attempts by Apple and Facebook faced obstacles, with consumers growing increasingly skeptical over providing big tech companies with their personal information.

Google does not intend to sell customers’ data, Caesar Sengupta, an executive at the firm, told the Journal.

“If we can help more people do more stuff in a digital way online, it’s good for the internet and good for us,” Sengupta said.

Apple’s offering has run into multiple issues. Its partnership with Goldman Sachs has been tense after Apple said it created the card without help from a bank. Also, complaints have arisen recently that the algorithm used to determine customers’ credit limits is biased toward men.

Facebook’s foray into digital currency saw major financial backers drop out over regulatory concerns.

Democratic Sen. Mark Warner from Virginia, a leading voice on regulating tech companies on Capitol Hill, told CNBC on Wednesday, “I’m concerned when we got, whether it’s libra or the Google proposal, … these giant tech platforms entering into new field,s before there are some regulatory rules of the road.”

“Because once they get in, the ability to extract them out is going to virtually impossible,” said Warner, who was a tech entrepreneur before he got into politics. He was the governor of Virginia from 2002 to 2006.

Google’s plans are to brand the checking accounts with the financial institutions’ names, not its own.

—With reporting by John Melloy and Matthew Belvedere.


Company: cnbc, Activity: cnbc, Date: 2019-11-13  Authors: jeff cox
Keywords: news, cnbc, companies, set, getting, tech, warner, told, accounts, credit, sengupta, run, giant, google, checking, banking, regulatory, virginia, offer, search, project


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