Latest news with #ClintHenderson
Yahoo
04-06-2025
- Business
- Yahoo
3 ways to conduct your mid-year credit check-in
Americans sat on over $1.2 trillion in credit card balances in the first quarter of 2025, according to the New York Federal Reserve. Clint Henderson, The Points Guy managing editor, breaks down how to maximize credit card rewards and avoid costly fees in the second half of the year. To watch more expert insights and analysis on the latest market action, check out more Wealth here. According to the New York Fed, Americans credit balances totaled 1.2 trillion dollars in the first quarter. And as part of our mid-year financial checkup, I want to bring in Clint Henderson, who's the points guy managing editor. Clint, good to see you once again. What should consumers be checking in on at this halfway point of the year? So you want to make sure that you're squeezing every last drop of your statement credits that you get for some of the premium credit cards. Uh you want to check to see if you're in the market for a credit card. So, know your credit score, you know, maybe shop around. We've seen some insanely good uh offers right now in the in the past couple of months. I know several off the top of my head where you can get 100,000 points or miles for signing up for a credit card. Um, but right now you want to be checking that you're getting the maximum value from all your cards. Make sure you set up some uh automatic payment schedules so you're not missing any payments because that really dings your credit score. Uh, you want to make sure you're paying off the balances every month and then like I said, squeeze every, you know, a lot of cards now have, we call it couponning. So, you have to make sure that you're getting all the statement credits that you're eligible for. You can see some of the rules on your screen. Um, you want to not carry balances, avoid foreign transaction fees, a lot of cards have no foreign transaction fees. Um, you want to check to see if you're paying fees for making payments. So, increasingly we're seeing like a 2% or 3% charge to use a credit card. Uh, that's exorbitant and you shouldn't be paying that cuz then you you're erasing any of the benefits you get from having a rewards credit card. Uh, but there are cards out there like the Wells Fargo built card that actually comes, uh, you can pay your rent with that with no transaction fees, uh, some some billing will let you pay without a transaction fee. So make sure you're not getting hit with a transaction fee when you're using your credit cards. If you're in a good position to sign up for a new card, what should you be looking for? Look for a giant sign-up bonus. You know, we just saw a huge sign-up bonus from Chase. I have a feeling more coming down the pike. You know, 100,000 points or miles for for a low annual fee card is a no-brainer in my mind. I think the American Airlines executive card right now has 100,000 American Airlines miles. Uh, you know, some of these cards have really valuable sign-up bonuses and you know, I'm kind of the outlier because I have 27 credit cards. Uh, but you know, that's how I'm able to travel the world in business class because I'm signing up for a lot of credit cards, earning those sign up bonuses, and then downgrading the card after a year if I don't want to pay the annual fee, but you can bet I have a spreadsheet where I track every single card and its benefits and make sure I'm getting all those benefits. Dozens of cards you've told me you had before here. So once you do get a new card, how do you accumulate those points by the end of the year? So, the main thing is you want to meet the terms of the signup bonus. So a lot of the cards, you have to spend a certain amount of money in the first three months of card opening. So make sure you're tracking that. I have made that mistake myself where I signed up for a business credit card, and then I spent $998 instead of a thousand and I did not get the sign-up bonus. So make sure you're getting those sign-up bonuses. And then use the cards that come with bonuses on on certain categories of spending. So the Chase Sapphire preferred card for example, gives you extra points on travel, uh, on things like ride shares and taxis. So you want to make sure that you're using the right card. You know, some people in this hobby go to the length of putting little stickers on their partners cards to make sure they know what to use which card for which store because of the bonus categories. So there's lots of ins and outs. You don't have to get quite that deep into the hobby, but, uh, make sure at least for the main card that you're using that you know what category bonuses it might have. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
3 ways to conduct your mid-year credit check-in
Americans sat on over $1.2 trillion in credit card balances in the first quarter of 2025, according to the New York Federal Reserve. Clint Henderson, The Points Guy managing editor, breaks down how to maximize credit card rewards and avoid costly fees in the second half of the year. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Yahoo
‘Some wiggle room,' travel expert says of REAL ID deadline
After a 20-year waiting game, REAL ID requirements for Americans flying within the U.S. took effect Wednesday. Travelers without REAL ID-compliant identification can still fly, but they should anticipate longer wait times in airport security, according to the Transportation Security Administration (TSA) The TSA has advised travelers without a REAL ID to arrive at the airport at least three hours ahead of their flight and to be prepared for advanced screenings. Clint Henderson, managing editor of travel website 'The Points Guy,' told NewsNation that there is two years of 'wiggle room built into' the rollout. But, he added, those traveling domestically will 'eventually' need a REAL ID. 'We've been kicking the can down the road for some time on this,' Henderson continued. 'I'm actually glad to see it's going into effect.' 'Apparently, they're not turning many people away who don't have a REAL ID,' he added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
08-05-2025
- The Hill
‘Some wiggle room,' travel expert says of REAL ID deadline
After a 20-year waiting game, REAL ID requirements for Americans flying within the U.S. took effect Wednesday. Travelers without REAL ID-compliant identification can still fly, but they should anticipate longer wait times in airport security, according to the Transportation Security Administration (TSA) The TSA has advised travelers without a REAL ID to arrive at the airport at least three hours ahead of their flight and to be prepared for advanced screenings. Clint Henderson, managing editor of travel website 'The Points Guy,' told NewsNation that there is two years of 'wiggle room built into' the rollout. But, he added, those traveling domestically will 'eventually' need a REAL ID. 'We've been kicking the can down the road for some time on this,' Henderson continued. 'I'm actually glad to see it's going into effect.' 'Apparently, they're not turning many people away who don't have a REAL ID,' he added.
Yahoo
25-04-2025
- Business
- Yahoo
Credit card travel hack loopholes: Can you really fly for free?
(NewsNation) — Travel hackers on social media say you can fly for free and it all comes down to your credit card points. One popular strategy is known as credit card churning — opening and closing cards to earn sign-up bonuses and rewards. A subreddit dedicated to churning has over 600,000 members. A 2023 survey by The Harris Poll found nearly 40% of Americans have used credit card points/rewards to pay for travel. The global travel credit card market was valued at $16.4 billion in 2022 and is projected to reach $48.5 billion by 2032, according to Allied Market Research. Making fast money on vending machines: Is it that easy? Travel hackers on TikTok and YouTube make credit card churning look simple. They flash dozens of cards and explain how others can enjoy champagne travel on a beer budget. 'Get cheap flights with this trick' (TikTok) 'Credit card churning 101' (TikTok) 'How to travel the world for free: Credit cards 101' (YouTube) While sign-up bonuses can lead to great rewards, churning can be risky. 'You have to go into this really carefully and I think sometimes social media makes it sound really simple and easy,' said Clint Henderson, managing editor at The Points Guy — a credit card rewards site. Henderson has 27 credit cards and a very good credit score, but he also keeps track of everything in a spreadsheet and pays in full each month. 'You really have to be a knowledgeable consumer if you're going to get into this hobby,' he said. Credit card companies offer sign-up bonuses to attract new customers and travel credit cards have some of the best welcome offers. Those bonuses allow new cardholders to rack up extra rewards like cashback or air miles, which can be used on flights and hotels. 'Churning' is when a consumer repeatedly opens new credit cards to take advantage of sign-up bonuses and then quickly closes the cards to avoid annual fees. Is meme coin crypto the key to get rich quick or another scam? Keep in mind: You'll have to spend money to save money. With the Capital One Venture Rewards card, you can earn 75,000 bonus miles if you spend $4,000 within the first three months. The Chase Sapphire Preferred card has a similar sign-up deal worth 100,000 bonus points if you spend $5,000 in the first three months. Both cards have a $95 annual is a bad idea if you're among the roughly 50% of credit card holders who carry debt month to month. 'If you're carrying a balance and paying interest, that's going to cancel out any rewards you might have gotten from the card,' Henderson said. Data from the Consumer Financial Protection Bureau (CFPB) reinforces that point. In 2022, consumers who carried debt from month to month paid 94% of all interest and fees charged, but earned just 27% of the rewards at major credit card companies. You should also think twice if you're prone to overspending. Earning welcome bonuses can require new cardholders to spend several thousand dollars, driving people to buy things they otherwise wouldn't have. Instead of chasing rewards, consider signing up for a new card when you have a natural spending spike, said Ted Rossman, senior industry analyst at Bankrate. 'Whether that's a big vacation or holiday shopping or a home renovation,' Rossman credit makes up 10% of your FICO credit score and opening several accounts over a short period can temporarily lower your score. That's because applying for a credit card leads to a 'hard inquiry' on your credit report, which is when a lender evaluates your creditworthiness. Multiple hard inquiries in quick succession can be interpreted as a sign of financial instability and negatively impact your score. Credit card debt calculator: Find out how much you owe 'If you're about to try to get a car loan or a housing loan, you don't want to open a bunch of credit cards,' Henderson said. Rossman said it's best to wait about six months between card applications. 'Walk before you run — don't go off and open 10 credit cards all at once,' he said. Closing a credit card too soon can also hurt your score, so both experts suggest downgrading your card to one with no annual fees instead of closing it entirely. 'It's actually better for your credit score to have more available credit and to be using less of it, so it's best to keep it open,' Rossman card companies want long-term customers, so many have restrictions to discourage churning. 'Chase has a 5/24 rule where you can only open five credit card accounts within two years of each other,' Henderson said. Bank of America has what's informally known as the 2/3/4 rule, limiting you to two new cards in 30 days, three new cards in 12 months and four within 24 months. American Express limits each customer to one welcome bonus per card per lifetime. Previously, you could earn welcome offers on the same card multiple times. 'This game has gotten much harder over the years,' Henderson said. 'But it's perfectly legal.' For the disciplined spender who pays their credit card bills on time, churning is a way to maximize rewards points, but data shows card issuers are still coming out ahead. Credit card companies charged consumers more than $130 billion in interest and fees in 2022, according to the CFPB. By comparison, consumers earned about $40 billion in rewards on major issuers' general-purpose credit cards. But consumers who paid off their balance each month fared well, paying just 6% of interest and fees charged in 2022 while earning 73% of total rewards. 'Don't be afraid of credit cards, just know what you're doing,' Henderson said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
