Debt doesn’t have to be a financial death sentence. You can overcome it. Put together a plan and get to work.

Twelve years ago, my husband, David, and I found our sitting on the floor of our basement apartment as two financial services professionals with $51,000 in credit card debt between the two of us.

Like the cobbler’s kids with unfortunate shoes and the emperor with off-the-rack clothes, we were helping other people with their money and not ourselves.

We put together a debt payoff plan and got rid of that debt in two and a half years and built a business based on our experience becoming and living financially free.

How did we pay off so much debt?

We’re often asked in interviews how we paid off so much debt so quickly.

The underlying question is, “What tools or tricks can you give us to help us become financially free?”

The problem with tools and tricks and that what works for us may not work for you and vice versa. That’s why our first response to that question is that we figured out what we most wanted in life.

We found our “why,” and as Jim Rohn says, “When you know what you want, and you want it bad enough, you’ll find a way to get it.” When we figured out what we most wanted and not what we thought we should want or what others thought we should want we had the motivation to pay off our debt.

When times were tough, and they were, we used our why as fuel to continue our path to being debt free and stick with our debt payoff plan.

But that doesn’t mean there aren’t tips and tricks you can try. Here’s the five-part plan we used to become and live debt free. You can see if some — or all — of this plan might work with your own style to help you reach your financial goals.

Be money conscious.

My husband and I thought we coined this term. To us, it initially meant being clear on how much money we earn, have and spend. It meant having a basic understanding of the economy and how the economies of the world affect us personally.

We later learned that Napoleon Hill thinks he coined “money consciousness” in his book, Think & Grow Rich. Hill talks about money consciousness on a metaphysical level. The results on both a practical and metaphysical level produce the same results, as Hill says, “only those who become money conscious ever accumulate great riches.”

Live below your means.

Living below your means sounds outdated and old-fashioned, but it’s critical to getting and staying out of debt and achieving financial success. This rule affects everyone, rich and poor, black and white, gay and straight and everyone in between everyone else.

Living below your means is such a powerful principle that it brings down many seemingly successful movie, music, and sports stars.

Cash is king.

Living on cash gives most people a 20% raise. Studies show that individuals who use only cash spend less money in addition to paying less in interest fees. When we had our debt, we were paying $10,000 a year in interest payments. When we paid off our debt, we gave ourselves a $10,000 raise and dramatically improved our quality of life.

Have a financial plan.

Just like you can’t drive from New York City to Los Angeles without clear directions, you can’t achieve financial goals without a financial plan. A good financial plan includes knowing the starting point of where you are financially and the ending point or goal of where you want to go.

It wasn’t until we knew which direction we wanted to go with our financial lives and our lives in general that we could go from a negative net worth of $51,000 to a positive net worth over $700,000. Therefore, you need to have a financial plan.

Creating and maintaining a financial plan isn’t hard and doesn’t limit us from enjoying life. Our budget and financial plan help us do all the things we want in life by letting us know when we can have and do what we want. As Søren Kierkegaard said, “Anxiety is the dizziness of freedom.”

Now, how do you pay down your existing debt?

The Avalanche and Snowball methods.

The Avalanche Method says to pay off highest interest rate debt first while making minimum payments on other debts. Then, proceed to the next highest interest rate debt and so forth until all debt is paid off.

The Snowball Method, popularized by Dave Ramsey, says to pay off the smallest debt first while making minimum payments on other debts. Once the smallest debt is paid off, proceed to the second lowest debt and so forth. The Snowball Method gives quick wins.

For my husband and me, neither seemed fast enough, especially because all our debt was credit card debt and we saw a loophole.

Our Debt Lasso method.

We first contacted all our credit card companies and asked them to lower our interest rates. The Debt Lasso method helped us to start saving money immediately. Any savings we had immediately went towards our debt.

Most companies obliged even if it took some explaining. It helped that despite having all that debt, we rarely missed or were late on payments. The only thing holding down our credit scores were our debt to income ratio.

It, also, helped that we explained how dire our situation was and that we didn’t want to miss or be late on future payments or file for bankruptcy. So, it was in everyone’s best interest to accommodate us.

Next, we looked for 0% interest-rate-credit-card-promotions with no annual fees. When we found a credit card and promotion that suited us, we calculated the cost of a balance transfer to that card. This strategy required reading a lot of fine print to be clear what we were getting.

At the time, 3% balance transfer fees were standard. There were some that charged less than 3% and even some that charged 0%. The 0% interest-rate-credit-card-promotions with no annual fees and 0% balance transfer fees were gold. Some exist today!

Most of the 0% interest-rate-credit-card-promotions lasted between six to 18 months. The longer the promotion, the more time we had to pay off our debt. Then, we diligently paid off as much debt as we could as fast as we could. When one card was paid off, we put more money towards our remaining debt. We continued this strategy until all our debt was paid off.

This is the five-part debt payoff plan we created to destroy $51,000 of credit card debt and, then, stay out of debt. If it worked for us, it can work for you. So, get working.

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Don’t get caught in the buy low and sell high fantasy. Your path to best long-term results is boring AF.

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The Dow recently closed above 20,000. It seems like we’re still seeing a bull run, even with some losses. Indeed, even with recent drops, the Dow is still above 20,000. But will it last?

It’s tempting to try to time the market. But the problem is that, as humans, it’s hard for us to make good choices when it comes to investing.

We talk about the need to buy low and sell high, but is this actually practical advice? Let’s look at how likely this is for you to accomplish.

Concepts

  • What it means to buy low and sell high.
  • The realities behind trying to get in low and sell high.
  • Does stock picking make sense?
  • Downsides to frequent trading.
  • A look at indexing and how it works.
  • Riding the market instead of trying to beat it.
  • Why most people end up selling low — they have to.
  • Should you invest cash instead of having it just lying around?
  • The psychological downsides of trying to buy low and sell high.
  • The concepts of rebalancing and asset allocation
  • How to create “buckets” of money based on your time horizons.

This week’s DO NOWS are all about taking action for a better investing future. Consider opening an investment account and setting up an automatic plan to invest in an index fund or ETF. One good place to start is Acorns, which allows you to use pocket change to start investing in ETFs.

We also suggest picking up a couple of books to learn more about investing:

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Hardcover)


List Price: $24.95 USD
New From: $13.83 USD In Stock
Used from: $8.75 USD In Stock

Oblivious Investing: Building Wealth by Ignoring the Noise (Paperback)


List Price: $15.00
New From: $62.96 USD In Stock
Used from: $16.32 USD In Stock

This week, our listener asks about investing with a small amount of money. The good news is that you can invest, even if you feel like you’re broke. We talk about different choices you can make when you’re running low on funds, and how to make the most of each dollar. You can also read our article on how to invest when you’re broke AF.

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Travel doesn’t cost as much as you think. Especially if you use credit card rewards programs to reduce the cost.

When my husband and I got married, we didn’t exactly have a lot of money to throw around.

We weren’t poor by any means, but our idea of a honeymoon was leaning more towards a relaxing weekend at the family cabin than a transatlantic tour of Europe and the UK.

Thankfully, my then-fiance and I had been racking up points on a credit card with a travel rewards program.

Before I even started to come up with honeymoon ideas, we’d earned enough mileage to fly to London and Croatia for free.

Instead of heating up s’mores in the microwave and burning through a pile of DVDs, we were exploring ancient palaces and stuffing ourselves with Croatian seafood. It was perfect.

Travel rewards are a slam dunk, as long as you’re responsible enough to reap the benefits. If you’re looking to adventure on the cheap, here’s how to find the best credit card for you and use credit cards to travel.

Examine your credit.

If you want to start earning airline or hotel points, you have to see if your credit is good enough to qualify for the best credit card rewards programs.

The most lucrative cards often require credit scores of 750 or higher, although some will approve people with scores between 620 and 749.

You can get an idea of your credit score for free through sites like Credit Karma or Credit Sesame.

Don’t like what you see? Look at your credit report to see what’s dragging you down. It might be a high debt-to-income ratio, frequent late payments, or large credit utilization. Work on improving your score before you apply.

If you already have a credit card, pay off the balance each month in full and on time. Doing so regularly for a few months will boost your credit score.

Choose the right card for you.

Almost every airline and hotel company has their own credit card, so it’s easy to find one that fits your needs.

Before you sign up for any cards, research which one makes the most sense for you. If your local airport is mainly a hub for Southwest, it doesn’t make sense to sign up for the United Airlines card.

Many consumers apply for cards based on their initial sign-up bonus. Often signing bonuses are worth at least one round-trip domestic flight.

These bonuses usually require users to spend a certain amount within three months to qualify. Some of these cards only ask that you spend $1,000 in three months, but others demand you spend closer to $3,000 or $4,000 in three months to receive the bonus.

A family of four could probably spend that amount easily, but it’s much harder for a single person. It’s a waste to sign up for a card when you won’t be able to earn the bonus.

Also, it’s not worthwhile to carry a balance on a card just to get the extra points. Travel cards often have higher interest rates, and it’s never worth the free trip if you wind up in credit card debt.

Do the research.

Credit card travel expert Brad Barrett of Richmond Savers said the best airline deals come with traditional frequent flyer miles, but they also sell out the fastest. The key to maximizing any credit card reward is to be adaptable in your plans.

“If they can’t be flexible with their dates, and that often means even plus or minus a few days, then it will be very difficult to use traditional frequent flyer miles,” he said.

Every card has its pros and cons, but some are better than others. One of the perennial favorites is the Chase Sapphire Preferred, which offers 50,000 bonus points that can be redeemed through almost any airline. Another popular option is the Southwest Rapid Rewards card, which has a

One of the perennial favorites is the Chase Sapphire Preferred, which offers 50,000 bonus points that can be redeemed through almost any airline. Another popular option is the Southwest Rapid Rewards card, which has a 40,000-mile bonus. Flights through Southwest can cost as little as 2,000 points, giving you great bang for your buck.

Barrett’s other favorite picks include the Capital One Venture and Barclaycard Arrival Plus, “which allow you to buy the travel with your credit card like normal and then log in after the fact to redeem your ‘miles’ to wipe the expense off your credit card statement.”

For hotels, Barrett loves the Starwood and Hyatt cards, “since they allow you to use your points to book any ‘Standard’ room they have available.”

“Most hotels aren’t at full occupancy, so you can almost always use your points, even on last-minute stays,” he said.

Read the fine print.

You have to pay taxes and fees when you travel, even if you book your flight for free. Taxes for domestic flights are usually less than $20. However, those taxes and fees can cost more than $100 for an international flight. Don’t forget to include this cost when budgeting for your trip.

Used to traveling at the last minute? Reward flights have to be booked months in advance or you’ll face staggering prices (like 40,000 points for a flight that usually costs 20,000).

Stay on top of your credit rewards.

When you use credit cards to travel, you can build up points for your next trip. Many cards give you double points on your travel, helping you earn rewards faster.

Pay attention to how you are earning points. Use your points to book free airfare, free hotel rooms, and get discounts on rental cars.

You might be surprised at how cheap travel becomes when you use your rewards credit cards.

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Choose one of these best bank accounts to handle your finances like an adult.

If you don’t have a bank account yet, you should open one. (Continue reading for some suggestions.) Anyone who earns money from a job or any other source — even if there isn’t a lot of money to spare — should be using a checking account at the very least.

My bank tells me I’ve been a customer since the year I turned 13, so whether it was from an allowance, from taking care of my neighbor’s cat while they were on vacation, or from my first job in retail, I was at least trying to have a positive money attitude, inspired by my parents.

It’s possible to be successful without a bank account, but without one, you’ll have obstacles in today’s society. You can work at a job where you’re paid cash, or you can use check-cashing services at Walmart or storefronts. Prepaid debit cards can help you buy things in an increasingly cashless environment. But all these workarounds are expensive and limit your financial possibilities.

Bank accounts can be expensive, too, and many of these financial corporations will try to fleece you at any opportunity with overdraft fees, minimum balance requirements, maintenance fees, and ATM fees. The list of hidden fees seems to go on forever. Avoiding fees sometimes requires some attention, but when you can, checking and savings accounts are much better than “alternative banking products.”

You don’t need to go crazy. You can do everything you need with one checking account, but to make the most out of benefits banks have to offer, you’d need one savings account as well. That will help you earn interest on the money of yours you let the bank use — yes, when you deposit money in a bank account, you’re letting the bank use your money, so they should be giving you something in return (in addition to your ability to withdraw any amount of your money at any time).

I prefer the KISS strategy when it comes to bank accounts: Keep It Simple, Stupid. (No offense.)

Choose one of these best bank accounts to open.

Best Overall Bank Account for an Adult.

Fidelity Cash Management Account. This is the best example of the KISS method of banking. It’s a checking and a savings account in one, though the amount of interest you earn is minimal. But for a primary bank account, that’s just fine. Everything is free. Let me repeat: Everything is free. There’s no minimum balance. When you want to use an ATM, the owners will charge a fee, but Fidelity pays you to cover that fee.

You receive free checks to use. (You should learn how to use a checkbook and how to write checks if you don’t already know.) You can deposit any checks you receive using an app on your phone. Of course, you receive a debit card to access your money using an ATM or for purchases. Open a Fidelity Cash Management account.

Best Bank Account for an Adult Who Doesn’t Trust Banks.

Your local credit union. Not a fan of the financial industry? Credit unions don’t answer to Wall Street, so they’re not always trying to profit from their customers. Credit unions are owned by their members (who are also their customers), so it’s a system that makes the needs of the customers their priority.

Many community credit unions are open to anyone, but some have restricted membership. Navy Federal Credit Union is one of the best-reviewed credit unions out there, but you need to be affiliated with the military or the Department of Defense (or have an immediate family member who is) in order to join.

The Navy Federal Credit Union e-Checking is that organization’s best option taking all the facets of banking into account.

An independent credit union may also be the best option for Socially Conscious Adults. (Trump fans should head to CitiBank or Wells Fargo; the president owns stock in these companies.) Search for a credit union.

Best Bank Account for an Adult With Limited Mobility.

The branch that’s local to you. For a while in my adult life, I didn’t own a car. That really limited my ability to get around to a distant branch. This might apply to someone who lives in a walk-able city, too, like New York City.

Convenience is an important factor in choosing a bank account, sometimes more than a tiny bit of interest you might earn. So if you have a bank within a walking distance of 60 seconds, no one would ever judge you for choosing that bank’s free checking option over another bank.

Almost every bank account in existence today can be managed online, so there should be very few things you need to actually travel to a branch for. But sometimes, something comes up. But any online account should also be good for someone without access to transportation. Ally Bank is a strongly-reviewed online bank with a standard checking account. Simple is another interesting choice.

Best Bank Account for Adults Who Earn Interest.

Synchrony High Yield Savings. If you want just one bank account, choosing a checking account like one of the above. If you’re ready to have both a checking account and a savings account, and you’re moderately good at managing your money, a high yield savings account is a good choice for a second bank account.

And in recent years, Synchrony has offered one of the highest interest rates around. As of right now, that’s 1.05% APY (annual percentage yield). What does that mean? If you deposit $1,000 on day one and do nothing else, on day 366, your balance will be $1,010.50.

Not a huge increase, but it’s better than ending up with less. And we’ve been at a low point in interest rates. They will rise in the future — we just don’t know when. Open a Synchrony High Yield Savings account.

Best Bank Account for Adult Entrepreneurs.

Citizens Bank Clearly Better Business Checking. It’s important to separate your business finances from your personal life. If you develop a business, or you start earning money from your hobby in a serious way, you’ll want a business checking account. Make your business official with the state and federal governments, then open this account.

There are no maintenance fees and no minimum balance requirement, so it’s perfect for your side hustle. The bank offers 200 free check transactions, which should be sufficient for most small businesses. Open a Clearly Better Business Checking account.

If you have a bank account, which account do you have?

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Tara Falcone, the founder of ReisUP, was forced to adult at the age of 13 due to difficult circumstances when growing up.

Once in a while, we present Adulting.tv LIVE! Subscribe on YouTube to hear about future events, and share your questions about or suggestions for our next discussions!

Show Notes

Today, Tara Falcone from ReisUp joins Harlan and Miranda. Some of us delay adulting as much as possible while some of us have been forced to be responsible at an age when our friends were busy being young.

Find out why Tara had to start adulting at age 13 and how supporting herself financially changed her life.

Tara Falcone, CFP® is a CERTIFIED FINANCIAL PLANNER™, former Wall Street analyst, and Founder of ReisUP LLC. ReisUP is an early-stage financial services company dedicated to increasing investing education and access for everyday investors. Her mission is to empower people to “rise up” and play a more active role in achieving their financial goals.

Watch the video, recorded live, above, or listen to just the audio using the player below. Don’t forget to subscribe to the podcast!

Hosted byHarlan L. Landes and Miranda Marquit
Produced byadulting.tv
Edited and mixed byHarlan L. Landes
Music bybensound.com

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Want better health? You may have to get off your lazy ass. The good news is that you might not have to get off it for very long.

I hate exercise.

I literally have to trick myself into it by being active in ways I don’t associate with exercise.

Unfortunately, it’s not always effective. I can’t make it to the pool each day. I don’t always make time for a bike ride. Getting to the mountains for a hike isn’t always feasible.

In a world where the research says, “Get at least 150 minutes of moderate aerobic activity or 75 minutes of vigorous aerobic activity a week, or a combination of moderate and vigorous activity,” it can feel like a serious endeavor to live healthy.

Generally, in order to make it work, the experts recommend spreading the workouts over a period of days. Exercise every day (or at least 30 minutes a day, five days a week), and you reap the benefits.

But what if you could stave off early death and a host of problems by exercising only two days a week?

Nice!

Thanks to science, you might be off the hook. At least for some of the time.

Health benefits from exercising one or two days a week

What if you don’t want to try to exercise each day?

Sure, you can break it up into 10 minutes sessions each day to feel better about the whole thing. But what if you don’t even want to do that?

But what if you don’t even want to do that?

According to a recent study published in the Journal of the American Medical Association (JAMA), it’s possible to get solid health benefits from cramming it all in on the weekend.

Here’s what one of the study’s authors, Associate Professor Emmanuel Stamatakis, said about the results:

It is very encouraging news that being physically active on just one or two occasions per week is associated with a lower risk of death, even among people who do some activity but don’t quite meet recommended exercise levels.

That’s right. Even if you don’t get up to that 150 minutes of moderate (or 75 minutes of vigorous) exercise, even just going for it one or two days a week can help reduce some of the health risks that come with a sedentary lifestyle.

Adopt the weekend warrior exercise lifestyle.

This takes the concept of minimum exercise to the next level. And it also makes it easier to follow the “trick yourself” method of exercise.

Think about it: I don’t have to try to exercise every day. If I just take half a Saturday, my son and I can ride bikes to the Greenbelt and then go for an exploratory walk. It’s perfect. That’s a nice combo of vigorous and moderate exercise.

And it does the job.

As a bonus, I get to enjoy quality time parenting my child and making good memories.

This is really easy during months when the weather is is pretty good. Yardwork. Picnics in the park. Hiking. Biking. Family basketball games in the driveway. Tennis. A day playing in the municipal pool.

It’s harder for me during winter because I’m not into skiing and snowshoeing. But a Sunday afternoon sledding with my son and his friends or a couple hours building a snow fort does the trick.

Hell, when my cousins come over to play Rock Band, I can get a couple hours of “moderate” activity just by jumping around like an idiot in the family room, pretending I can actually sing.

If you have a free Saturday or Sunday each week (or one other day during the week), you can engage in the minimum exercise you need to not die too early in one fell swoop.

Get some benefits with even more minimum exercise.

Is the prospect of giving up half a weekend day to exercise just as horrifying as exercising 30 minutes a day?

There are indications that the absolute minimum exercise you can do is a 10-minute walk each day. This is especially true if your life is mostly sedentary.

Going for a walk can be a good way to boost your cardiovascular health. If you can manage 10 minutes a day, it’s an upgrade. You won’t see the same results of doing 30 minutes a day (or powering through the weekend), but you can still see positive results that reduce the chance of dying horribly and dying early.

Plus, a side bonus of going for a 10-minute walk each day is that it can help you feel instantly better about life.

Just finding 10 minutes in your day to go for a walk can mean better emotional and mental health, as well as better physical health.

Don’t forget about your eating habits.

Of course, just doing the absolute minimum exercise alone isn’t going to save you from heart disease, diabetes, and any number of ailments.

If you’re serious about your health, you might also need to address your eating habits.

When you don’t up your exercise, you need to change what goes in, if you want to avoid some of the worst of the debilitating illnesses related to your daily habits.

That might mean switching to healthier foods, eating less crap, and generally paying attention to these things. When you make that move, you are more likely to get away with doing as little exercise as possible.

At one point, I managed to lose five pounds just be eating better. No extra exercise needed. Score!

Healthier habits = better quality of life.

In general, better health habits mean a better quality of life. Despite my hatred of exercise for the sake of exercise, I know that physical activity will help me feel better in the long run.

When I make sure to exercise every day (even if it’s only a 10-minute walk or a few minutes of yoga in the morning), limit the junk I eat, and get enough sleep, I feel better.

I make better decisions. I feel more energetic. I’m less grumpy with my son (and other people in my life). I get more done.

So, even if you only do the minimum exercise, make the effort to change things up with your other habits.

Baby steps toward a healthier overall lifestyle can have positive consequences, even if you never become a health nut.

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If you can handle a credit card like an adult, you might as well maximize the benefits! These best credit cards offer bonuses and other perks.

Handling your finances like an adult includes knowing how to deal with credit cards. We all make mistakes sometimes. For me, it was taking a cash advance from a credit card when I hit my personal rock bottom. I felt like I didn’t have any other choice.

But years later, I’ve turned the tables on the credit card industry and now use credit cards to earn cash back and collect points for free travel, which I do often.

Here are my picks for the best credit cards across the different types of credit card offers that are available today. Note: all credit card deals are only worthwhile if you pay your balance off in full each month, like a proper adult. If you have to pay interest or a late payment fee, forget about maximizing credit card offers. Focus on getting your finances in shape first.

Best credit card bonus (for the not-so-typical adult).

Chase Sapphire Reserve 50,000 Bonus Points. Unfortunately, Chase has ended its 100,000 bonus points offer that was available when applying from within a Chase branch. What Chase offers now is the reduced bonus point offer of 50,000 points, for which you can still apply online. That’s still pretty substantial. There’s a $450 annual fee for this card, not waived the first year, but you will receive a reimbursement of up to $300 for certain travel expenses like checked-bag fees.

The rest of the benefits may be worth the $150 difference between the reimbursement maximum and the fee. You’ll need to spend $4,000 on the card within the first three months to receive the bonus. Get the 50,000 bonus points and you’re straight fire.

Best cash back credit card offer (for adults who like money).

Blue Cash Everyday Card from American Express. The keys to a good cash back card are avoiding the annual fee, eliminating any hassle to retrieving the cash you earn, and finding a cash-back rate that’s above the average offer. 1% cash back is easy to find, but Blue Cash Everyday beats that with 3% cash back on groceries (limited), 2% at gas stations, 10% on restaurants for the first six months (limited), and 1% on everything else.

If you apply by May 3, you can earn 10% cash back on restaurants, up to $200, for the first six months, plus a $150 bonus after you spend $500 in the first three months.

Best travel rewards credit card offer (for adults who have places to be).

BankAmericard Travel Rewards Credit Card. If you’re looking for a travel rewards credit card, you should expect to find features that make travel easy. The biggest benefit, especially for the world traveler, is having no foreign transaction fee. Bank of America’s offer makes that happen, and does not charge an annual fee, either.

You earn 1.5 points for every dollar you spend, unlimited, and those points are redeemed for a statement credit that covers flights, hotels, vacation packages, cruises, rental cars, or baggage fees. There’s no need to convert points to miles or points with a specific airline or hotel chain. Because you use the card normally to pay for your travel expenses, there are no black-out dates.

Right now, this card is offering 20,000 bonus points which can be used to book airfare or hotel stays without restrictions.

Best balance transfer credit card (for adults who need to simplify).

Chase Slate. If there’s one thing you want from a credit card you wish to use to transfer a balance, it’s the lack of a fee. If there’s another thing you want, it’s a low interest rate so you can pay off that balance transfer without any extra costs. Chase Slate has the perfect offer. For the first 60 days, you can transfer balances from your other cards for free, and you’ll have 15 months to pay off that balance without paying a cent in interest (0% APR) as long as you pay at least the minimum due each month.

This is the perfect opportunity to consolidate your balances across several cards and create one manageable, monthly payment. But pay the balance in full within the introductory period and don’t add to the balance with purchases!

Best credit card offer for students (for adults who are trying to adult).

Citi ThankYou Preferred for College Students. I got my first credit card in college. I signed up and got a free tee-shirt. You get more when you are approved for Citi’s card for college students, probably the credit card offer with the most chill. There’s 2,500 bonus points available for those who sign up, and you have to spend only $500 in the first three months to qualify.

The purpose of a student card is to help you build credit, so don’t expect too many frills besides the basic rewards and introductory 0% APR for 7 months.

Best small business credit card (for adults who think they’re important).

Business Gold Rewards Card from American Express. This is the standard, and if you’re building your business beyond yourself, this is a great choice. Watch out for the $175 annual fee (waived for the first year) with the AmEx Business Gold Rewards Card. But, there’s currently a 50,000 bonus points offer, requiring only $5,000 in purchases over the first three months.

This is a charge card, not a credit card, so you pay your bill in full every month.

Best credit card for building credit (for adults who are just starting to adult).

Discover it Secured Credit Card. Building credit can be difficult if you didn’t have certain advantages growing up, like parents who had their own solid credit and a desire to ensure you were starting your adult life with good credit. Without those benefits, creating a solid financial future for yourself and your family will have more obstacles.

Secured credit cards help establish credit, which allows you to qualify for better mortgage rates (or a mortgage at all) when the time comes, better interest rates for other loans, better prices on insurance, and even better apartments. While you’ll be approved for the Discover it Secured Credit Card without a credit history, this is more than just a basic card. You earn cash back on every purchase (limited) and receive your FICO credit score for free.

What’s in your wallet?

Tell us what kind of card (or cards) you have. And what’s the best feature or you? Cash back, travel rewards, or something else?

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