5 Bank and Credit Programs that Aren’t Worth the Cost

5 Bank and Credit ProgramsThere’s nothing new about bank and credit card companies offering various programs designed to help account owners. In fact, most companies will sign new individuals up for trials of these programs, whether or not they actually want to try it out. One of the biggest issues with this is that the consumer is expected to cancel the program if they don’t like it. Until then, they get charged monthly for services, such as credit score trackers, identity theft programs, payment protection, and more. None of these services are a necessity for the average consumer, and most people don’t realize that they can have $30 to $50 in service charges each month in their checking or credit card accounts. So then, here are five of these such services.

Identity Theft Programs

First of all, these programs can range in price from about $8.00 all the way up to $15.00 or more. A person who is smart about their finances should already be monitoring their financial accounts. They should be checking their credit report at least once per year. However, nobody really needs the identity theft programs because they are costly and really only alert someone when a change has been found in their credit report. Sadly, these changes usually only rotate between new inquiries made by the actual person or new accounts they opened themselves. Most people won’t ever find themselves using the program to find an actual instance of identity theft against themselves, which makes these types of programs useless.

At around $120 per year or even more, identity theft programs are a complete waste of money. You can monitor your own accounts for free by simply making sure you know where all of your purchases come from and where all of your money goes to. Check your credit reports from all three bureaus at least once per year and you should consider yourself safe from identity theft. Undoubtedly, a person’s best tool for combating such a theft is to monitor all of their accounts diligently. You don’t need a costly program to do that job for you.

Credit Score Trackers

Obviously, a credit score tracker just keeps track of your credit score – except not really. Almost all supposed “credit score” trackers will not give you your actual FICO credit score. In fact, these companies offering the program use a similar (but not the exact same one) formula to come up with an estimated FICO score. Amusingly, many people call these estimated FICO scores “FAKO” scores. A person will end up paying around $8.00 per month for their monthly “credit” score, which amounts to almost $100.00 per year spent on this useless program. The only perk a user will get from a credit score tracker is the ability to check their credit report on a regular basis for no extra charge, but not all trackers allow a consumer to do this.

Still, credit score trackers are relatively useless because they do not offer you a FICO score. You might receive a high score from this tracker, but your real score could be much, much lower. Also, you don’t need to check your credit report too often, so that benefit of these programs doesn’t really matter either. Most people are just better off not signing up for a credit score tracker or getting rid of one that they currently have.

Keep The Change

Only Bank of America offers “Keep The Change”, but it really serves no purpose and can end up costing a person a lot of money. Simply put, “Keep The Change” rounds off the change amounts on almost all of your checking account/debit purchases to a whole dollar amount. The difference is moved from your checking account to your savings account. Bank of America will match the first 3 months of your purchases completely and then will match 5% of your Keep the Change savings afterward. Sure, the program sounds good in theory, but there are plenty of problems with it.

The program will constantly reduce the balance in your checking account, which can result in issues if you end up with an overdraft due to insufficient funds on a check or a purchase. On top of this, the payouts that you receive annually are counted as interest, which makes sense but can be annoying for some. “Keep The Change” is a sound idea, but it isn’t as helpful for most people in actual practice. One of the biggest problems with the program is that a person can just move the money back from their savings account. Unfortunately, this can result in further fees if done too many times.

Payment Protection

Most people should be familiar with Payment Protection. Of course, it varies between each credit card company, but it mostly is designed to protect a person in case they cannot make a payment, whether they have lost their job or just can’t pay in a particular month. The scope of events that can be used to take care of payments are pretty wide, but most individuals won’t face those problems. Luckily, Payment Protection plans are usually not that expensive – sometimes costing only $0.99 per 100 dollars on your credit card balance. A good amount of these programs will make either an emergency one-time (per year) payment on your monthly bill or they will make your payments for your for a lengthy amount of time if you have an illness or lose your job (or other reasons).

Sure, this program sounds pretty cheap, but you absolutely do not need a Payment Protection plan. They are unnecessary for 99% of people because they will almost always just end up as another charge on your credit card. How are you supposed to pay down your credit balance when a useless Payment Protection plan keeps raising it each month? Therefore, you should drop this program and any others like it as soon as you can because it will do nothing for you for a long, long time.

Extended Warranty Programs

Everybody knows about extended warranties. Obviously, you can get them from more places than just the bank or credit card company. Just about every store will offer you an extended warranty on an electronic or other expensive item. Most of them will extend your coverage in case of damage or defect for a year or more. Unfortunately, these plans can be expensive and the terms can be extremely strict. You don’t need another 6 months of coverage for $19.99 or another year for $29.99. These plans can be even more expensive for bigger items.

Either way, nobody really needs an extended warranty on any device or electronic they own. You can spend 100’s of dollars on extended warranties for all the items you buy, but you probably won’t end up using these warranties within their active periods. Therefore, you’ll spend $20 to $50 or more on an extended warranty that will just expire before you actually get to or need to use it. It might give you peace of mind to know that you’ve got your item covered in case of a problem, but most devices and electronics wont’ have any problems for their lifetime of use. So then, you basically pay a bunch of extra money for absolutely nothing. Stay away from extended warranty programs offered by banks or credit card companies.

Don’t make the wrong moves.

Of course, that also means that you shouldn’t be wasting your money. Banks and credit card companies will throw a bunch of useless and typically costly programs your way. In reality, you don’t need a free trial or anything like that because these programs are useless. Only a person who wants to throw away their money should opt-in to these types of programs. Sadly, you won’t get much out of them, but the credit card companies and banks will get plenty of money out of your pocket.

How to manage quick loan?

In spite of great planning, it is inevitable to depend upon short loans to meet emergencies. Even though there are various agencies, you should choose the best lender so that you will pay very nominal interest rates and the loan process will not be burdensome. There are various kinds of loans. A Payday loan is granted to any citizen of US as there is special provision. If you manage after-tax income of $1,000 per month, you will be able to get a payday advance. You can take advantage of online loans so that there will be great satisfaction.


There are specialized financial institutions and banks which grant loan under payday rules and regulations. The loan will be granted without looking into your credit history. It is possible to get quick sanction of loan and there will not be any requirement of a guarantor. The money will be transferred into your account as soon as you get the confirmation for the loan. Your previous payroll history will be taken into consideration to grant loans under payday. It is possible to go for online loans after going through the loan comparison service. When you register on the site, you will be able to choose the reputed lender so that there will not be any hidden charges.

The best lender maintains the highest level of transparency and your information will not be shared with third parties. As you apply for online loan, you will not want to deal with physical documents. The verification will be done very quickly and you will get quick confirmation. Thus, you can manage your loan account very efficiently. If you are granted loan under payday norms, the monthly installment will be debited from your bank account directly. Thus, you can meet emergencies without any issues by going for best loans.

An Overview

The only constant in the world, specifically in the world the finances, is that change is inevitable. Whether you are looking at interest rates for mortgages, or the type of qualification that you need to have to get an unsecured loan, these things can change very quickly. One thing that has become much more prominent is the use of payday loan companies, businesses that you can probably see several of on your way to the store. These are companies that lend people money, usually within a day, after submitting an application to their company. The reason for their popularity is not only the state of the economy, but also the fact that they are so easy to work with. Anyone that has ever been to a traditional bank or credit union, and had to sift through the many different documents that you have to sign, this will be a definite relief. Let’s look at how cash advance loan companies work, where you can find the best ones, and how soon it will be until you can get your money.

What Are Payday Loan Companies All About?

These are businesses that are designed to work with people that would probably not be able to get any type of financing because of their credit rating. However, these same individuals are in situations where they need to borrow money very quickly in order to handle payments that are coming up. It could be a few hundred dollars for a gas bill that you have, or perhaps you need just a little bit more to pay your mortgage. These companies work with wealthy individuals in most cases, all of which are willing to lend their money at a very high interest rate, allowing you to take care of your problem.

An Overview

Why People Focus On The Interest Rate

The reason that there is so much focus on the interest rate that is provided by a cash advance loan company is that it is much higher than you would typically get from a bank. The reason for this is twofold, primarily a way of earning money, but also a way of protecting themselves in case people decide not to pay them back. In reality, it is actually a very reasonable fee to pay in comparison to all of the other penalties that you will have to pay if you are not able to pay your bills on time. It is a win-win scenario for everyone, and once you have found one that is highly recommended, you should submit your application as quickly as you can.

Submitting Your Application Online

Although you could visit one of the many different locations for the different companies that offer this service in your city, some people find it much more convenient to go online, choose a website that comes highly recommended, and submit their application there. You can find review sites that will show you exactly which ones are the best to work with, allowing you to get started with this company. Within a day, sometimes less, you will hear back about your approval and get a deposit right after.

Once you have done your research, and your confident that you are going to work with a cash advance loan company that can help you, get the application in, and you will soon find out why so many people recommend these companies if you are in a situation that you cannot financially handle. Just make sure that you pay off the loan by the recommended time, using your next paycheck that will be coming in. This is the best way to take care of financial business in the most expedient manner using these payday loan companies.

Few Things To Consider

Few Things To ConsiderDo you need to borrow money to take care of an emergency? These loans are known as cash advance loans and they can be an interesting option if you cannot wait more than a day to get an answer and need the money right away. Here are a few things you should know about these loans.

Cash advance loans are usually issued to clients who will then use their next paycheck or a portion of their next paycheck to pay the loan back. Lenders charge higher interest rates and fees since the loan is meant to be paid back within a few weeks or a month or two. This is why the fees can seem high when compared to what banks offer, but you should not end up spending a lot on fees as long as you can pay the loan back with your next paycheck.

This also means that you will probably not be able to borrow more than what your next paycheck is going to be. If you need more money, you should consider borrowing a portion of what you need from friends and relatives or looking for a lender who will offer a larger loan and give you more time to pay it back.

Lenders will usually require you to prove that you are going to receive a paycheck at the end of the month. Showing old pay stubs will probably be necessary but some lenders might require additional information such as a letter from your employer that states you are still employed and will receive a paycheck soon.

It is very important to understand the fee structure used by the lender you select. Ask them about their fee structure and get something in writing. You should also review the loan application very carefully to look for any information about additional fees that the lender did not mention when you asked about the fee structure.

Use a loan payment calculator to get an idea of how much your payments will be and make sure you will be able to cover these payments while taking care of your other important expenses. You should also calculate how quickly late fees will add up to get an idea of the cost of missing a payment. A cash loan can be a good option if you need money quickly. However, it is important to look for a trustworthy lender and to go over their fee structure.

Short-Term Cash Advance Loan

Short-Term Cash Advance LoanA short term cash advance loan is sometimes a necessity because of things such as medical bills, utility payments, insurance payments, down payment on a vacation, appliance sales, car repairs, school supplies, or almost any other thing. A short-term cash advance loan is easy to pay back, usually by the next payday. These type of short-term loans are also very easy to obtain as long as you have a steady job and a weekly paycheck.

I think everyone has experienced the frustration of trying to get a short-term loan from a financial institution such as a bank or credit union. These type of strict institutions make you jump through a variety of hoops before they even consider giving you a loan. The process usually goes something like this. You make an appointment to visit the bank loans officer. You spent a couple of uncomfortable hours in his office as he makes you feel inferior and intimidated. He tells you to come back in two weeks for an answer. When you return he tells you that you do not have enough collateral.

Who in their right mind would want to go through this type of process when you can get a short-term cash loan from the friendly folks at a payday loan company? The payday loan company will be able to provide you with an answer usually within hours. Once you are approved they will deposit the money that you require directly into your savings or checking account. If you have a regular job and a steady paycheck then the answer will always be “yes we can give you the money”.

Therefore, the next time you find yourself a bit strapped for cash you should visit the friendly folks at a payday loans office or go online to complete your transaction.