How to choose the right credit card for you

Money

Written by:

 

Choosing a credit card is an important financial decision, but knowing what you want and what you’re likely to qualify for can make it easier. While many people want to know what the top credit card is, how you go about choosing the right credit card for you will depend on what kind of credit card you need. For example, you might be looking for a card that offers cash back rewards, while someone else will prefer one that features travel rewards. And you’ll also likely want to look for a card that fits your credit profile. If you don’t have excellent credit, your priority may be to find a card that you’re likely to be approved for.But given that everyone is different, within each category some choices may be better for you than others. Let’s take a closer look.

How we chose the top credit cards

To find the top credit cards, we first divided the market into nine groups:

  • Top rewards credit cards
  • Balance transfer credit cards
  • 0% Intro APR credit cards
  • No annual fee credit cards
  • Secured cards
  • Fair credit cards
  • Cash back credit cards
  • Travel credit cards
  • Small business credit cards

We then looked at the selection of cards that best fit each category that are issued by over a dozen major card issuers and credit unions. (However, we only included cards that are offered to all applicants, which leaves out products offered by credit unions that not everyone can join.) Be aware that credit card terms and offers can change; our assessments are based on information that was current as of August 12, 2021.Then we looked at the most salient factors for each category. For example, the top balance transfer credit card needs to have the longest promotional financing period, while the top travel credit card needs to offer the most valuable travel rewards. Read on for more details—and the top cards.

______________________

SPONSORED: Find a Qualified Financial Advisor

1. Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.

2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals get started now.

______________________

 

 

 

Top rewards credit cards

There are many types of rewards credit cards, including ones that offer cash back and others that provide travel rewards. The cards we ranked as top rewards cards offer the most valuable rewards. The most important factor in our ranking is ongoing rewards for spending, followed by the initial new account bonus. After that, we considered each card’s annual fee as well as benefits offered. The card’s APR and promotional financing wasn’t important in our determinations, as these cards are best used by those who avoid interest charges by paying their balance in full.

If you want travel rewards: Chase Sapphire Preferred

This is a fantastic card for new and experienced award travel enthusiasts. New applicants earn 100,000 points after spending $4,000 on new purchases within three months of account opening. This card also offers 5x points on all travel purchased through Chase, 3x points on dining, on select streaming services, and on online grocery purchases. You earn 2x points for travel purchases and one point per dollar spent elsewhere. Other benefits include a $50 annual credit toward hotels booked through Chase, and an anniversary bonus of 10% of the points earned each year through spending. There’s a $95 annual fee for this card.

If you want cash back rewards: Wells Fargo Active Cash

Wells Fargo recently released this card, which quickly became one of the top cash back cards available. New applicants earn $200 in cash back after spending $1,000 on purchases within three months of account opening. An additional bonus: you get up to $600 of cell phone protection against damage or theft, subject to a $25 deductible, when you pay your monthly cell phone bill with your Wells Fargo Active Cash card. You simply earn unlimited 2% cash back on all purchases, and there’s no annual fee for this card.

Top balance transfer credit cards

When you have a significant outstanding credit card balance, then opening a new account with a 0% APR balance transfer offer can be an easy and inexpensive way to pay it off. As we were selecting the top balance transfer credit cards, we considered the duration of the interest free financing period to be the most important factor. Next, we looked at other features, such as cash back rewards. The balance transfer fee on most cards now is the same at 3%, and all of the cards with the most competitive balance transfer offers have no annual fee, so neither factor was among our criteria.

If you want the longest available promotional financing periodUS Bank Visa Platinum

This card offers an industry-leading 20 months of 0% APR financing on balance transfers, with a 3% balance transfer fee. You also receive 20 months of interest-free financing on new purchases. But while there’s no annual fee for this card, there are no rewards offered either.

If you want a great balance transfer offer and cash back: Citi Double Cash

This card is not just one of the top balance transfer cards, it’s also an extremely competitive cash back card as well. New applicants receive 18 months of 0% APR financing on balance transfers, with a 3% balance transfer fee. At the same time, it offers a high rate of cash back on all purchases, with no limits. You earn 1% cash back at the time of purchase and another 1% back when you pay for your purchases, for a total of up to 2% cash back. There’s no annual fee for this card.

Top 0% Intro APR Credit Cards

As with balance transfer credit cards, the top cards in this category will have longer introductory financing periods. It wasn’t necessary to consider annual fees, as all of the top cards in this category don’t have any. And since some cardholders will also want to earn rewards as well, we selected a top card with that option.

If you want the longest available promotional financing period: US Bank Visa Platinum

Just as its balance transfer offer is the longest currently available from a major card issuer, so is this card’s introductory purchase APR—20 months of 0% APR financing on new purchases. You also receive 20 months of interest-free financing on balance transfers, with a 3% balance transfer fee. There’s no annual fee for this card, but there are no rewards either.

If you want a 0% APR Card with cash back rewards: Chase Freedom Unlimited

The Chase Freedom Unlimited offers new applicants 15 months of 0% APR financing on new purchases, plus the same on balance transfers. But this card is also a strong cash back card, offering 5% cash back on travel purchased through Chase, 3% on dining including takeout and drugstores, and 1.5% on all other purchases. You also receive a $200 bonus after you spend $500 on purchases in the first three months after opening the account, as well as 5% cash back on grocery store purchases on up to $12,000 spent in the first year. There’s no annual fee for this card.

Top no annual fee credit cards

There are still many credit cards from all of the major banks and credit unions that have no annual fee. And like other credit cards, these no-fee cards come with a variety of strengths that make them best suited for different uses. Once we excluded cards with an annual fee, we looked at the remaining cards from major issuers that had other outstanding features including 0% APR financing, were available to people who have poor credit, and offered the chance to earn travel rewards.

If you want a no annual fee card for 0% APR Financing: US Bank Visa Platinum

It shouldn’t come as a big surprise that a card that sits at the top of balance transfer and 0% introductory APR markets is one of the top cards with no annual fee. That’s because it offers 20 months of 0% APR financing on new purchases and balance transfers, which could be a valuable offer if these are helpful features for you. If you take advantage of a 0% APR promotional financing offer, avoiding new debt will make it much easier to pay off your existing balance before the promotional offer expires.

If you have poor credit and want to rebuild it: Capital One Platinum Secured Credit Card

There are millions of Americans with poor credit, and this card offers them an easy way to begin rebuilding it. All you have to do is make an initial, refundable deposit of $49, $99, or $200 (depending on your creditworthiness) and you’ll receive a $200 line of credit. If you pay your bills on time, you’ll be automatically considered for a higher line of credit in as little as six months. But otherwise, this card works just like any other credit card. You’ll receive a monthly statement and you must make a monthly payment. Unlike some secured cards, there’s no annual fee.

If you want to earn travel rewards: Bank of America Travel Rewards

This card offers new applicants 25,000 online bonus points, with $250 in travel rewards, after they make at least $1,000 in new purchases within 90 days of opening the account. You also earn 1.5 points for each dollar spent on all purchases. The card even comes with 12 months of 0% APR financing on new purchases, too. In addition to having no annual fee, it has no foreign transaction fees either.

Top secured cards

Secured credit cards are great for those who have bad credit and are looking to use a new card to help rebuild their credit history. Secured cards work just like regular, unsecured credit cards except that they require you to make a refundable deposit before you can open an account. We looked at the top secured cards, with a preference for those that have no annual fee. We also considered whether the secured cards have a low minimum deposit and/or offered rewards for spending.

If you want a low refundable deposit: Capital One Platinum Secured Credit Card

With most secured cards, the amount of your deposit always becomes your credit limit. But with the Capital One Platinum Secured Credit Card, some cardholders will receive a $200 credit limit with only a $49 or $99 refundable deposit. Depending on your creditworthiness, you might have to make the full $200 deposit, but you will automatically be considered for a higher credit limit after six months. There’s no annual fee for this card.

If you want to earn rewards with a secured card: Bank of America Customized Cash Rewards Secured Credit Card

It used to be that you couldn’t earn rewards from a secured card, but now there are several that offer cash back. The secured card with the most generous cash back rewards is the Bank of America® Customized Cash Rewards Secured Credit Card. Just like the unsecured version, It offers 3% cash back in the category of your choice, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You also earn 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases. This card requires a $300 minimum deposit, and has no annual fee.

Top fair credit cards

People with fair credit likely either have a limited credit history or have had significant credit problems, but still have better credit than those with bad credit. The problem for people in this category is that they won’t qualify for cards that require good or excellent credit, but they can still be approved for cards with more generous terms than those meant for applicants with bad credit. To choose the top cards in this category, we looked for issuers that are specifically marketing their cards to those who have credit between poor and good. We then looked for cards that offer compelling features such as cash back rewards and the ability to be approved without an established credit history.

If you have fair credit and want to earn rewards: Capital One QuicksilverOne Rewards

Here’s a card that you can get with fair credit but that still offers strong rewards. You earn 1.5% cash back on all purchases, with no limits. And although it has a $39 annual fee, there are no foreign transaction fees imposed on charges processed outside of the United States.

If you have a limited credit history: Petal 1

Petal is an innovative card issuer that judges new applicants by factors beyond your credit score, such as your banking history. Its Petal 1 card features a credit limit of $500 to $5,000 and even earns 2% to 10% cash back at select merchants. But best of all, there’s no annual fee for this card.

Top cash back credit cards

There are several kinds of cash back credit cards, but the two most popular are flat rate cards that offer the most cash back on all purchases, and cards that feature bonus categories while only earning 1% on charges that don’t qualify for a bonus. When we were selecting the top cash back credit cards, the most important factor was the rate of cash back offered, followed by how few additional limits or restrictions applied. The next most important factors to consider were the card’s annual fee and any new account bonus offered. As with other reward credit cards, the APR isn’t considered as these cards aren’t suited for those who intend to carry a balance.

If you want a cash back credit card that earns a flat rate of cash back on all purchases:  Wells Fargo Active Cash

Those who want to use one card that offers an excellent rate of cash back on all purchases with no limits will appreciate the new Active Cash card from Wells Fargo. It features unlimited 2% cash back on all purchases, with no gimmicks. New applicants also earn $200 in cash back after spending $1,000 on purchases within three months of account opening, and there’s no annual fee for this card. Plus you get up to $600 of cell phone protection against damage or theft, subject to a $25 deductible, when you pay your monthly cell phone bill with your Wells Fargo Active Cash card.

If you want a cash back credit card that offers large amounts of cash back on purchases from bonus categories: American Express Blue Cash Preferred Card

At a time when many Americans are spending more than ever at supermarkets and on entertainment streaming services, this card offers a phenomenal 6% cash back on these purchases (limited to $6,000 per year in US supermarket spending, then 1%). It also offers a strong 3% cash back on gas and on transit purchases including taxis, rideshare, parking, tolls, trains, buses, and more. All of these opportunities to earn cash back are well worth this card’s $95 annual fee, which is waived the first year.

Top travel credit cards

When choosing a top travel rewards credit card, you can go in several directions. One option is a card that offers rewards with your favorite airline or hotel program. Another is to earn rewards that are transferable to multiple airline or hotel programs. To select the top travel credit cards, we looked primarily at the value of the rewards earned from spending and how easy it is to redeem those rewards. Next, we looked at the initial new account bonus offered, followed by any unique benefits featured. We also considered the annual fee, but it’s not one of the most important factors since most travel rewards cards will have an annual fee.

If you want to earn rewards that can be transferred to airline and hotel programs: Chase Sapphire Preferred

This card is a leader among those that offer flexible rewards that can be transferred to airline miles or hotel points. New applicants earn 100,000 points after spending $4,000 on new purchases within three months of opening the account. This card also features 5x points on all travel purchased through Chase, 3x points on dining, on select streaming services, and on online grocery purchases. You earn 2x points for travel purchases and one point per dollar spent elsewhere. Other benefits include a $50 annual credit toward hotels booked through Chase and an anniversary bonus of 10% of the points earned each year through spending.

 

Points can be transferred to airline or hotel partners or redeemed for travel reservations booked through Chase. This card even offers a range of valuable travel insurance and purchase protection policies. There’s a $95 annual fee for this card.

If you want to earn rewards and Elite Status on a Discount Carrier: Frontier airlines world Mastercard from Barclays

There are a lot of airline credit cards, but this one stands out. First, it offers new applicants 50,000 bonus miles after spending just $500 on purchases within 90 days of account opening. It also offers 5x miles on Frontier Airlines purchases and 3x miles at restaurants. But unlike any other airline credit card, you can earn one qualifying mile towards elite status for every dollar spent on all purchases. This allows you to easily earn elite status and avoid many of the ancillary fees that can be drawbacks when flying ultra-low cost carriers like Frontier. And although it has a $79 annual fee, that’s waived the first year and you can earn a $100 flight voucher each cardmember year after spending just $2,500 on purchases.

Top small business credit cards

With the right credit cards, small business owners can organize their spending while earning valuable rewards. Thankfully, most major credit card issuers offer cards that are specifically designed for business use. When selecting the top small business credit cards, we looked at many of the same features that are valued in a consumer card. We considered the value of the rewards earned for spending, the initial new account bonus, and the annual fee.

If you want flexible reward points: Chase Ink Business Preferred

This card offers new applicants a massive 100,000 point bonus after spending $15,000 within three months of account opening. It also features 3x points on up to $150,000 each year spent on combined purchases of shipping, online advertising, travel, and internet, cable, and phone services. Points are earned in Chase’s Ultimate Rewards program and can be transferred to airline or hotel partners or redeemed for travel reservations booked through Chase. There’s a $95 annual fee for this card.

If you want to earn cash back from your business purchases: Capital One Spark 2% Cash

Small business owners who prefer cash back to travel rewards may prefer the Spark 2% Cash card from Capital One. New applicants earn a $500 cash bonus after spending $4,500 on purchases within three months of account opening. They also earn a flat rate of 2% cash back on all purchases, with no limits. There’s a $95 annual fee for this card that’s waived the first year.

The takeaway

When you’re choosing a credit card, there are a lot of features to choose among. Taking the time to figure out what’s most important to you (as well as what you’re eligible for) can help you narrow the field. And knowing what’s top in each of our rankings can give you options to aim for as you apply. Just remember that your needs may change, so it may be a good idea to review what’s available every so often and make sure that your card is still tops for you.

Learn More:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

Lantern by SoFi:

This Lantern website is owned by SoFi Lending Corp., a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license number 6054612; NMLS number 1121636.

 (www.nmlsconsumeraccess.org)

All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each provider’s discretion. There is no guarantee you will be approved or qualify for the advertised rates, fees, or terms presented. The actual terms you may receive depends on the things like benefits requested, your credit score, usage, history and other factors.

 

*Check your rate: To check the rates and terms you qualify for, Lantern conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender(s) you choose will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

 

All loan terms, including interest rate, and Annual Percentage Rate (APR), and monthly payments shown on this website are from lenders and are estimates based upon the limited information you provided and are for information purposes only. Estimated APR includes all applicable fees as required under the Truth in Lending Act. The actual loan terms you receive, including APR, will depend on the lender you select, their underwriting criteria, and your personal financial factors. The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern. Please review each lender’s Terms and Conditions for additional details.

 

Personal Loan:

SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and DisclosuresTerms of Service, and Privacy Policy.

 

Student Loan Refinance:

SoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Even Financial Corp. (“Even”). If you submit a loan inquiry, SoFi will deliver your information to Even, and Even will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lender’s receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Even, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Even’s Licenses and DisclosuresTerms of Service, and Privacy Policy.

 

Student loan refinance loans offered through Lantern are private loans and do not have the debt forgiveness or repayment options that the federal loan program offers, or that may become available, including Income Based Repayment or Income Contingent Repayment or Pay as you Earn (PAYE).

 

Notice: Recent legislative changes have suspended all federal student loan payments and waived interest charges on federally held loans until 01/31/22. Please carefully consider these changes before refinancing federally held loans, as in doing so you will no longer qualify for these changes or other future benefits applicable to federally held loans.

 

Auto Loan Refinance:

Automobile refinancing loan information presented on this Lantern website is from Caribou. Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including: you must meet the lender’s credit standards, the loan amount must be at least $10,000, and the vehicle is no more than 10 years old with odometer reading of no more than 125,000 miles. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness. Additional terms and conditions may apply and all terms may vary by your state of residence.

 

Secured Lending Disclosure:

Terms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.

 

Life Insurance:

Information about insurance is provided on Lantern by SoFi Life Insurance Agency, LLC.

More from MediaFeed:

4 tips for paying off a large credit card bill

 

 

You know which three little words no one wants to hear? Credit card debt. It can go from zero to thousands with one quick swipe or build at a slow creep — a nice dinner here, a trip to the mall there, a gas fill-up to get you through until payday — and before you know it, you could be staring at a credit card balance that’s a lot higher than you thought it was.

For Alicia Hintz, the debt creep started in 2016 with a large and unexpected loss of income — the day before she and her husband were to leave on their honeymoon (thanks, universe).

Prior to that, they’d been toying with the idea of selling their Minneapolis home and moving closer to family in Wisconsin. The income reduction sealed the deal. But their house needed some work to be market-ready. The total bill was more than their savings, and their income wasn’t enough to pay in cash, so to the plastic they went.

For them the improvements were worth the investment — in that they sold their house for more than they paid for it, but almost every penny of it went toward fees, commissions, closing costs and other expenses.

Alicia’s financial journey is likely to resonate with the 41.2% of American households that carry an average of about $9,300 in credit card debt, according to data reported by the Federal Reserve for Outstanding Revolving Debt. The statistics are sobering to be sure, but here’s a spoiler alert — thanks to some smart planning and a lot of stick-to-it-iveness, Alicia’s story ends on a high note.

Related: Are you bad with money? How to know & what to do

 

Damir Khabirov / istockphoto

 

Fast forward a few months and Alicia and her husband live in Wisconsin but on a much-reduced budget. In fact, it would be six more months before they were able to get their finances back up and running — that’s a lot of time for savings to shrink and debt to grow.

 

DepositPhotos.com

 

To try and combat the loss of income, Alicia opened a 0% interest (also known as a deferred interest) credit card with plans to pay it off within the year. “Before I opened that card, I had always paid off my credit card balance each month in full,” she said in a written interview with SoFi.

But, as is life, things didn’t go as planned. “The first month I didn’t pay off my full balance made me panic,” said Hintz. And on top of day-to-day financial challenges, the couple was invited to a destination wedding in the summer of 2017. In order to get the discounted room rate, they had to pay upfront for the flight and resort close to $5,000.

“That extra money added to our credit card debt was a steep mountain to climb,” Hintz said. “After we had to pay that, I knew it would be years to get everything paid off.”

A 0% interest promotional period on a new credit card can last as long as 18 billing cycles, which could be a long enough time to make a large dent in the card’s principal balance.

But once the promo period expires, the interest rate can climb to as much as 27% (or higher). A credit card interest calculator can give you an idea of how much that rate will affect your total balance, and it’s important to consider whether you can achieve your payoff goal before the rate rises.

 

 

Deposit Photos

 

Tackling a large credit card bill isn’t likely to be easy, so an important part of the process could be a hard look at what putting extra money toward credit card bills means for the rest of your budget.

One way to approach a solid debt-payoff plan is to begin with an organized budget. You can start by taking a look at the big picture, including all of your monthly expenses as they currently stand, all of your income and all of your debt.

Your next step might be to focus on your spending. You may see obvious areas where you can cut back, or see if you can get creative to come up with some extra cash flow each month.

“We definitely tried to eat out less and cut back on shopping for clothes,” Hintz said. “But it seemed like every month there were more unexpected expenses that needed to be put on the credit card.”

From there, you can start to focus on a plan that makes credit card payments as equally important as the electric bill. And while you may not be able to pay more than the minimum on all your cards, it’s important to ensure that you pay at least that much if you want to avoid accumulating additional debt.

That’s because, while paying only the minimum can lead to compounded interest rates and larger overall balance over time, skipping payments can also lead to higher penalty interest rates, late payment fees and can even affect your credit.

 

 

DepositPhotos.com

 

The snowball and avalanche debt repayment strategies take slightly different approaches to pay down debt, and both involve maintaining the minimum payment on all but one card.

The debt snowball method focuses on the debt with the lowest balance first, regardless of interest rate, putting extra toward that payment each month until it’s paid off.

Then, that entire monthly payment is added to the next payment — on top of the minimum you were already paying. Rinse and repeat with the next card, and it’s easy to see how this method can quickly get the (snow)ball rolling.

The debt avalanche is based on the same philosophy but targets the highest-interest payment first. Getting out from under the highest debt can save a lot of money in the long run, and just like the snowball method, applying that entire payment to the next-highest-interest debt can lead to quick results.

The third snow-related strategy, the debt snowflake, emphasizes putting every extra scrap of cash toward debt repayment. This method played an active role in Alicia’s debt-elimination strategy. “If you have extra money to throw at your loans, even $20, that can still make a difference in your overall amount owed,” she said.

 

SeaHorseTwo / istockphoto

 

As Hintz’s credit card utilization went up, her credit score went down. She decided to research her options and was ultimately approved for a credit card consolidation loan at a considerably lower interest rate than her credit cards, which along with making extra payments, helped save her money in the long run.

Now facing one personal loan payment vs. multiple credit card bills, Hintz anticipated being able to pay down the debt sooner than the three-year term she selected. And once again, life happened.

Over the course of those years, her husband took a new job, and they both changed cars, bought a house and had a baby. They also went to two more destination weddings. This time, though, the extra expenses didn’t derail the plan.

“The loan was paid off within two years,” she said, thanks in part to a conservative budget and using an annual work bonus as a snowflake to make a dent in the balance.

 

 

istockphoto/demaerre

 

One of the biggest things to remember, Hintz said, is that debt elimination doesn’t happen overnight. “Paying off debt is hard work,” she said. “Take it one month at a time. Some months are easier on your wallet, and others are not — looking at you, December!”

She suggested using the time you’re working to pay off debt to develop good budgeting and spending habits so that your post-debt finances are about saving, not spending.

And another tip from Hintz? Celebrate even the little victories. “When I paid off half my  loan, I celebrated by taking a nice long bath,” she said.

When they reached zero balance, she and her husband went out for ice cream. “You can celebrate by going to the park with your kids, reading an extra chapter in a book, or finding a new series to watch,” she said. “Always celebrate your loan payoffs, no matter how small!”

Learn more:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Member Testimonials: The savings and experiences of members herein may not be representative of the experiences of all members. Savings are not guaranteed and will vary based on your unique situation and other factors.
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Business Oversight under the California Financing Law, license # 6054612; NMLS # 1121636. For additional product-specific legal and licensing information, see SoFi.com/legal.
SoFi Invest
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA/SIPC  . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.

 

Sushiman/istockphoto

 

Featured Image Credit: DepositPhotos.com.

AlertMe