What is net metering and how does it work what is net metering in solar energy what is net income what is net force what is title 42 what is rsv what is my ip what is normal blood pressure

What Is Net Metering and How Does It Work?

What Is Net Metering and How Does It Work?

If you're interested in setting up solar panels at your home, you've likely run into a number of new concepts when it comes to how utilities handle the electricity you'll generate. Perhaps you've run into the term "net metering" otherwise known as "net energy metering" or NEM, a concept unique to commercial and residential areas that generate their own electricity. 

With solar panels, you can generate enough energy to provide electricity to your home and, sometimes, more than you can use or store. When that happens, you can sell that excess electricity to the utility company to distribute elsewhere along the power grid. That process is known as net metering.

How does net metering work?

In states that offer net metering (check here to see if your state qualifies), you can sell your excess solar energy back to your utility company in exchange for credits that offset the cost of your energy usage. You may generate excess solar power when it is clear and sunny out, but see less energy than is necessary to power your home when it is cloudy or rainy. By selling your excess energy back to the utility grid, you'll be able to use the credit to cover the cost for any electricity you need to use. You end up paying only for the "net" energy, or the difference between how much you sold and actually used.

The types of net metering

There are three different models of net metering, and which one is available to you may depend on your state and your utility provider.

Net metering

Net metering is the most common arrangement, and works by selling any surplus power generated by your solar panels to the utility operator in exchange for credits, which offset any electricity you may need to use from the grid. The credit is applied at the retail rate, which means the rate that you pay for electricity. Only one meter is required to track this, though your meter may need to be upgraded when you go solar.

Buy all/sell all

The buy all/sell all model works by selling 100% of the energy that your solar panels generate to the utility company. It is sold at wholesale price, which is cheaper for the purchases. In exchange, you get 100% of your home's energy from the utility company, which you pay the retail rate to use. This requires two separate meters, and you will pay the difference -- if any -- between the amount generated and the amount consumed. It's important to note that under this model, you do not directly consume any of the energy your solar panels generate.

Net billing

Much like net metering, the net billing model allows you to use the electricity generated by your solar panels and sell the excess to the utility company at retail price. Unlike the net metering model, though, you cannot bank credits for future billing cycles. This arrangement is more common for commercial situations than residential ones. 

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Advertiser Disclosure : CNET's corporate partner, SaveOnEnergy, can help you find the right energy fit for your home. The SaveOnEnergy marketplace helps you search, compare, sign up and save on the right energy fit for your home — all for free. If you're interested in solar, answer a few questions to get an exact price quote from our solar advisors. 

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What to consider when it comes to net metering types

In some cases you won't have a choice when it comes to the type of net energy metering arrangement, as utility companies may only offer one option. However, if you can choose, you'll want to keep in mind a couple things.

Net metering is the most common option for a reason: it's the simplest to understand. You get credits for energy sold and those credits are at retail price, meaning they are paid at the same rate that you pay for your electricity. That makes the math simple.

However, that doesn't mean it's the best deal available to you. If you're in a situation where you expect to generate a lot of electricity -- a region where it is sunny most of the time and there isn't much rain or cloud cover to interfere with your panels -- a buy all/sell all option may work better. While you'll be selling at a wholesale rate, meaning it is a lower rate for you since you are acting as a provider, you'll also be selling much more than you otherwise would. All of your solar power generation will be monetized, as opposed to just the excess.

You should also keep in mind other fees associated with net metering. For instance, you may have to pay a connection fee. This is a monthly expense that you pay for connecting to the utility company's grid. It typically isn't much, between $10-20 per month, but it is an expense to keep in mind.

No matter what arrangement ends up working best for you, net energy metering a great way to get the most out of your solar panels. Not only does it allow you to power your own house or pay for your full electricity use, but it also allows you to monetize your energy generation and let others make use of it.

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American express everyday card vs blue cash blue cash everyday card from american express blue cash everyday card blue cash everyday card amex blue cash everyday card offer blue cash everyday foreign transaction fee blue cashew forum

Blue Cash Everyday Card from American Express: Gas, Groceries and Online Shopping

Blue Cash Everyday Card from American Express: Gas, Groceries and Online Shopping

The Blue Cash Everyday® Card from American Express is a great card for everyday spending, thanks to its reward categories and lack of an annual fee (see rates and fees). And it's flexible -- you can also take advantage of its introductory APR on purchases or balance transfers to finance a large purchase or consolidate your debt.

The rewards particularly shine when it comes to U.S. supermarkets, U.S. gas stations and now U.S. online retail purchases -- big parts of many budgets. Read on to learn more about what's included in the rewards categories, how to redeem rewards and take advantage of this card's other benefits.

In this article

Intro Offer Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.

APR16.24% - 27.24% Variable

Intro Purchase APR0% on purchases for 15 months

Recommended Credit Excellent, Good

Reward Rates

• 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
• New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
• 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
• 1% Cash Back on other purchases.

Annual Fee$0

Intro Balance Transfer APR0% on balance transfers for 15 months

Balance Transfer APR16.24% - 27.24% Variable

Balance Transfer Fee Either $5 or 3% of the amount of each transfer, whichever is greater.

Late Payment Fee Up to $40

Foreign Transaction Fees 2.7% of each transaction after conversion to US dollars.

Penalty APR 29.99% Variable

• 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
• New! 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
• 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
• 1% Cash Back on other purchases.

Earning rewards

With the Blue Cash Everyday Card, you'll earn 3% cash back on up to $6,000 in spending per year (then 1%) in each of these categories:

• U.S. supermarkets
• U.S. gas stations
  
• U.S. online retail purchases

This means that if you spend $5,000 in a year at U.S. gas stations, you'd earn $150 in cash back for that year. But if you spent $7,000, you'd earn $190. Compared to other cash-back credit cards, especially those with no annual fee, this is a pretty good spread of rewards categories at strong rewards rates. 

Note that U.S. supermarkets do not include superstores (Target, Walmart), convenience stores, warehouse clubs or meal-kit delivery services. And superstores, supermarkets and warehouse clubs that sell gasoline don't count as gas stations. Online retailers like Target.com and Amazon.com do count for U.S. online retail purchases, though.

Other purchases earn 1% rewards rates, and cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.

Welcome offer

The spending threshold to earn the welcome offer is a bit high -- especially when compared to the size of the offer. You have to spend $2,000 on your card within the first six months of membership to earn a $200 statement credit. Six months is longer than most cards give you to earn a welcome offer, and it will take eight to 12 weeks after achieving the spending threshold for the statement credit to post to your account. If you're looking strictly for welcome offer value in a credit card, you may be better off reviewing our picks for the best welcome bonus credit cards.

Introductory APR

With the Blue Cash Everyday, you'll get 0% introductory APR on purchases and balance transfers for 15 months from the date of account opening. After that, the variable APR will be 16.24% to 27.24%. These features can enable you to finance a large purchase or consolidate your debt with minimal complications. This card also comes with a Buy Now, Pay Later by Plan It® that lets cardholders finance qualifying purchases with a fixed monthly fee of up to 1.33% (see rates and fees), rather than interest. 

As part of the introductory offer, you'll get $0 intro Plan It® fees on any payment plans opened within the first 15 months of account ownership. Plans created after that will have a monthly plan fee of up to 1.33% of each purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors. 

Note that the use of one of these features may impact your access to the other, per American Express.

Comparable cards

Blue Cash Preferred® Card from American Express

If you want better rewards rates and don't mind an annual fee, the Blue Cash Preferred® Card from American Express is the annual-fee version of the Blue Cash Everyday. There is a $95 annual fee to keep your Blue Cash Preferred account open. However, the benefits you get in return may be worth exploring, particularly if you have a hefty grocery budget. Your grocery cash-back rates double with this card -- at 6% on up to $6,000 in purchases per year at U.S. supermarkets, then 1% (terms apply). There are also a few additional rewards categories with this card. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit

Check out more details in our full review of the Blue Cash Preferred Card.

Wells Fargo Active Cash® Card

The Wells Fargo Active Cash® Card is an excellent no-annual-fee substitute for the Blue Cash Everyday. It offers a 2% flat cash rewards rate on purchases, period. While you won't earn as much on groceries, you can make up for it with the boost on other purchases. The welcome bonus nets you a comparable $200 in cash rewards, but you only have to spend half as much to earn it -- $1,000 in purchases within the first three months of account opening. The Active Cash offers an introductory 0% APR on purchases and qualifying balance transfers for 15 months from account opening (then 17.24%, 22.24%, or 27.24% variable APR), the same time frame on purchases and balance transfers as the Blue Cash Everyday offer.

For more details, check out our full review of the Wells Fargo Active Cash Card.

FAQs

How do cash-back credit cards work?

Cash-back credit cards offer cardholders rewards on their spending in the form of statement credits or cash. A statement credit is a reduction in the amount due to the credit card company on your monthly bill. Note that rewards are not always available the month you earn them -- they are usually applied to your balance by credit card issuers after one or two billing cycles.

The redemption process for cash-back credit cards is either automatic or very simple. Some cards automatically apply cash rewards to your statement balance each month. Others require you to log in and redeem available rewards points for statement credits. Most points don't expire, but you will lose them if you close the account before redeeming them. 

How do you choose the right grocery credit card?

Deciding which grocery credit card is right for you will depend largely on your shopping habits. Keep in mind that most major credit card companies do not consider wholesale clubs and big-box stores like Walmart and Target to be grocery stores, so your purchases there might not qualify for the same rewards. Before applying for a grocery credit card, you'll want to closely read the fine print to make sure that your needs will be met depending on where you shop.

One last thing to keep in mind: Don't fall for credit cards just because of a welcome bonus offer. While the immediate cash back can be appealing, it is typically a one-time or short-lived reward. Groceries are purchases that you need to make every month. You're better off focusing on maximizing these rewards over time rather than going for the up-front bonus.

What is a gas credit card?

A gas credit card is one that rewards cardholders for spending at gas stations. Most gas credit cards aren't offered by gas stations themselves. Instead, other credit card issuers offer bonus rewards on gas purchases, among others. The best gas credit cards offer up to 5% back on gas purchases, but most offer 2% to 3%.

Our approach

We review the cards that are in the highest demand and offer the best benefits. We scour the fine print so there aren't any surprises when you open an account. We find the key factors that make a card stand out and compare them with other top cards. That way, readers can opt for a different card with similar features if our pick isn't right for them. Our reviews are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.

For rates and fees of the Blue Cash Everyday Card from American Express, click here.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Apple pay ios 16 accept apple pay on iphone open apple pay on iphone apple pay setup iphone how to use iphone for apple pay apple pay on iphone apple pay on iphone when will apple release ios 16 apple iphone ios 16 when is the ios 16 coming out ios 16 security ios 16

iOS 16's New Apple Pay Option Lets iPhone Users Buy Now and Pay Later: How It Works

iOS 16's New Apple Pay Option Lets iPhone Users Buy Now and Pay Later: How It Works

This story is part of WWDC 2022, CNET's complete coverage from and about Apple's annual developers conference.

What's happening

Apple has announced a new free financing feature in Apple Wallet that lets you pay for purchases over time for free.

Why it matters

As inflation continues to impact households, "buy now, pay later" services have become a popular payment option, and Apple's entry will likely become a major player.

What's next

Apple Pay Later will launch with the release of iOS 16, expected in September 2022.

The upcoming release of iOS 16 for iPhone will make Apple one of the bigger players in the "buy now, pay later" space. BNPL services let you spread the cost of your purchases into multiple payments made over a relatively short period of time, usually for no fees or interest. Apple announced the launch of its own service, Apple Pay Later, at last week's Worldwide Developers Conference

Apple Pay is a part of Apple Wallet, the iPhone's digital wallet app that also provides Apple Card and Apple Cash. Apple Pay allows you to store debit and credit cards and make purchases online or at businesses; Apple Card is a credit account issued by MasterCard and Goldman Sachs that works like a standard digital credit card; and Apple Cash enables peer-to-peer payments.

Apple's foray into free financing with Apple Pay Later comes at a time when many retailers are accepting payments from BNPL apps such as Affirm, Klarna and Afterpay. Most of these apps provide similar short-term interest-free payment plans, while others also provide longer installment plans with variable interest rates.

We'll share everything there is to know about Apple Pay Later in this piece, including how it will work, where it will be accepted and when it will be available. Apple unveiled Pay Later and iOS 16 alongside new versions of its MacBook and iPad. Here's everything Apple announced at WWDC. 

How does Apple Pay Later work?

Apple Pay Later lets you break the cost of purchases into four equal payments that are spread over six weeks. The first payment is due when you make your purchase, and the remaining payments are due every two weeks after that.

Once Apple Pay Later is released, you'll have two options when completing a purchase: Pay in Full and Pay Later. Selecting the latter option will bring up a payment schedule displaying the amount of each of the four payments and when they will be due.

According to Corey Fugman, senior director for Wallet and Apple Pay, who spoke about Wallet during the WWDC keynote address, Apple Pay Later will be available "anywhere that Apple Pay is accepted, in apps or online," indicating that the service may not be available for purchases made in physical stores.

Stores and merchants won't have to implement any changes in order to accept payments through Apple Pay Later. Transactions will occur as they did before -- the only difference will lie in how back-end payments are made.

MasterCard Installments, the credit card company's white-label BNPL service, will provide the merchant payments for Apple Pay Later. Apple and its banking partner Goldman Sachs began plans for Apple Pay Later in July last year, according to Bloomberg.

When can I use Apple Pay Later on my iPhone?

Apple Pay Later will be included with iOS 16, the next planned update of Apple's operating system for iPhone. The beta version of iOS 16 is already available for developers who have an account. In the WWDC keynote, Apple indicated that the first public beta version of iOS 16 will be released sometime in July.

Apple has traditionally released its newest operating systems to the public at the same time as its latest phones, as it did with iPhone 13 and iOS 15 in September last year. The iPhone 14 is expected to come out in September this year, and it's likely that iOS 16 will also be released at or near the same time. 

How is Apple Pay Later different from Apple Card Monthly Installments?

Apple Card Monthly Installments is an Apple program that lets you finance the purchase of certain Apple products when using the Apple Card credit card. The length of the 0% APR period for these purchases depends on the product. Installment plans range from six months to two years.

Apple Pay Later isn't restricted to Apple products, nor does it require the use of the Apple Card. With Apple Pay Later, you'll be able to finance purchases using a debit card, Apple specified, as long as it's connected to Apple Wallet. Also, the interest-free installment period for Apple Pay Later -- six weeks -- is much shorter than the payment plans offered by Apple Card Monthly Installments.

What else is new in Apple Wallet for iPhone?

Another new feature in Apple Wallet announced at WWDC is Apple Pay Order Tracking, which adds the ability for merchants to provide detailed receipts and delivery statuses for purchased products to customers via Apple Wallet. 

Apple also announced expanded support in Apple Wallet for driver's licenses and identification cards. Following IDs from Colorado and Arizona, Apple Wallet expects to add support for 11 more states in the near future.

These driver's licenses can be used at select Transportation Security Agency checkpoints. They can also be shared with other apps that require identification, such as alcohol purchases through Uber Eats.

Apple Wallet is also adding support for sharing keys for locations such as hotels, offices or automobiles. New features will let users share keys with friends or associates using email, text messaging or other messaging apps.

Like Apple Pay Later, the Apple Pay Order Tracking, driver's license and key-sharing features will be made available to the public with the full release of iOS 16, expected in September 2022.

What other online services let you buy now and pay later?

Some existing online payment systems provide "buy now, pay later" short-term financing similar to what Apple Pay Later is offering. PayPal's Pay in 4 program works very much like Apple Pay Later, except that purchases are limited to between $300 and $1,500.

BNPL app Sezzle also uses a system of four payments over six weeks, but permits users to reschedule one payment for up to two weeks later at no cost and postpone further payments for an additional fee.

Other BNPL apps such as Affirm and Klarna offer interest-free installment plans for short periods, or longer installment plans that add a variable interest rate. 

For more coverage of WWDC, learn about the upcoming MacOS Ventura, new fitness and workout features for the Apple Watch and all of the new features announced for Apple Maps.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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How to Use a Crypto Debit Card to Make Purchases

How to Use a Crypto Debit Card to Make Purchases

When you buy cryptocurrency -- whether it's ethereum, bitcoin or another digital coin -- it generally lives in a wallet. It sits idle there unless you transfer it to another account, spend it on NFTs (or other items purchasable via crypto) or convert it into government-issued currency, such as US dollars, and withdraw it to deposit it into your bank account.

However, with the growing interest in cryptocurrency in the last few years, hundreds of millions of people have crypto that they may want to spend but don't know how to. That's where crypto debit cards come in. They let you use the cryptocurrency in your digital wallet on purchases at grocery stores, gas stations and other retail outlets.

If you own cryptocurrency and want to spend it in the real world, here's what you need to know about getting your hands on a crypto debit card.

What is a crypto debit card?

A crypto debit card is much like your regular debit card, but instead of being connected to your bank account, it's tied to a digital wallet that contains your cryptocurrency. With each transaction, the cryptocurrency you own is automatically converted into whatever government-issued currency the retailer accepts, such as the US dollar, to complete the purchase.

What are the pros and cons of using crypto debit cards?

Although crypto debit cards help you spend your cryptocurrency to make purchases, keep a few things in mind before applying for one.

Pros of a crypto debit card:

• It's easier to spend the cryptocurrency in your wallet.
• Some cards come with cash-back rewards.
• You can store and use traditional currencies, such as the dollar, to make purchases.

Cons of a crypto debit card:

• You might have to pay transaction, withdrawal or exchange fees or a monthly flat fee.
• You'll owe capital gains taxes on every transaction.
• Cards can be limited to certain regions, restricting where you can use the card.

How do I get a crypto card?

If you're set on getting a crypto debit card, you must first create an account with a cryptocurrency exchange or a digital wallet and then either transfer cryptocurrency into your account or purchase it. 

Know that there are waitlists to get a card. Once you meet the setup requirements, including verifying your identity, you can apply for the card. It can then take weeks or even months to arrive, depending on the size of the list.

Which crypto debit cards should I consider?

Choosing a cryptocurrency exchange or wallet depends on several factors, such as the type of cryptocurrency you own or cash-back rewards. Here are a few of the biggest ones:

• Coinbase, one of the largest crypto exchanges in the US, offers the Coinbase Card, a Visa debit card that lets you use your crypto assets to make purchases in person and online. This card is currently available to select US customers. 
• Crypto.com, another cryptocurrency exchange, has a variety of debit card options offering different crypto rewards -- depending on how much you're willing to pay. 

Two other crypto debit cards to consider are the Binance Visa Card and the recently announced Robinhood Cash Card. 

If you're interested in earning crypto rewards, you can also explore crypto credit cards, which allow you to earn rewards back on everyday purchases in the form of cryptocurrency.

Can I use my debit card from a major bank with crypto?

Right now, debit cards from Bank of America, Chase, Citibank and Wells Fargo, for example, don't handle cryptocurrency. You can, however, use your crypto debit card at one of their ATMs, but expect to pay fees if you do.

New to cryptocurrency? Here's an explainer on buying and selling bitcoin, as well as a guide on how to keep your cryptocurrency and money safe.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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How to Pick Your First Credit Card to Start Building Credit

How to Pick Your First Credit Card to Start Building Credit

Applying for your first credit card can involve a considerable learning curve. With hundreds of card options, lots of jargon and navigating the complexity of the US credit system, there's a lot to learn at once. And once you understand it, it can seem counterintuitive. For example, how are you supposed to build credit to get a credit card if nobody will issue you a card without credit history? It can be dizzying, to say the least.

Still, there are many reasons to want a credit card, chief among them is the ability to build credit history and improve your credit score. Your credit score, a three digit-number that represents your creditworthiness, can affect everything from whether you are approved for an apartment, your interest rates for auto loans and a mortgage and how many financial options you will have in the future.

Below, we review everything you need to know before applying for a credit card: the basics of how credit cards work, how to pick the right card for you, how to apply and how to use your card to build credit.

Read more: Best Debit Cards for College Students

The basics: How credit cards work

First, credit cards are not free money, sadly. What they are is a financial tool that, when used responsibly, lets you space out payments for purchases, build credit history and, in some cases, earn rewards like cash-back or airline miles. But credit cards can be extremely easy to misuse if you accidentally charge more than you can afford to pay back by the end of your billing statement. And if you miss payments, you risk crashing your credit and racking up interest charges.

The best way to avoid these pitfalls is to understand how credit cards work. Credit card issuers, typically a bank or credit union, will lend you a certain amount of money called credit, which you agree to repay. Payment processing networks, like Mastercard or Visa, act as the middleman and help facilitate payments and benefits.

Every card has a credit limit, which is the highest amount of money you can borrow in total. Your credit limit is usually determined by your credit score, income and the credit card issuer. So if you're applying for your first card and don't have a long credit history, you will probably be given a lower credit limit. Once you show responsible card use (paying balances on time and/or in full), you can request a credit limit increase.

At the end of the billing cycle -- which usually lasts about a month -- the credit card company will send you a bill that lists all your purchases made with the card. You can pay either the minimum payment that's due or pay off the bill in full. While paying the minimum payment will keep your account in good standing, the remaining unpaid balance will carry over to the next month, and you'll likely start accruing interest charges on any unpaid balance. Every card has its own annual percentage rate (APR), which is the total amount of interest and fees it charges on unpaid balances.

If you miss the payment due date, you may incur late fees, adding even more dollars to your debt. It's in your best interest to avoid this scenario by only charging what you can afford and paying your bill in full each month. Fees and interest charges can add up quickly and prevent you from paying off your debt as quickly.

How to pick the right credit card

With hundreds of credit cards available, picking the right credit card for you will depend on your current financial status, your future financial goals and your lifestyle. Many credit cards come with rewards like welcome bonuses, cash-back offers, discounts on certain purchases and travel points or airline miles. Cards with rewards typically come along with annual fees -- a yearly expense you pay to own the card -- though some do not.

The right card for you depends on your financial situation and goals. If you're just starting out, building credit with a student or secured credit card -- one that requires a security deposit that acts as your credit limit -- can help you build credit. If you're looking to earn rewards, look for a card with the most relevant perks for your spending habits and an annual fee you can recoup from your rewards. 

Some credit card companies will solicit you directly or allow you to see if you are preapproved for a card. Since card companies run a hard check on your credit when you apply for a card, a move that can temporarily cause your credit score to dip, preapproval lets you see if you're likely to be approved before you apply. Preapproval doesn't guarantee you'll be approved -- it just means the credit card company thinks you're a good applicant for a particular card.

For those currently in school, there are specific credit cards made for students. These cards usually have a smaller credit limit, and may have a scaled-down combination of benefits and fees compared to traditional credit cards. Student cards usually have relaxed credit requirements, since many students don't have a significant credit history, thus making it easier to get approved.

A secured card is another option for those with no or low credit, looking to boost their credit score. Secured credit cards require a security deposit that acts as your credit limit. It is also a form of collateral, ensuring that the card balance will be paid even if you miss payments.

How to apply for your first credit card

Once you determine which card is best for you, you can begin the application process. While every credit card company has its own application, you will probably be asked to provide similar personal and financial information, like your name, age, employer, annual income and housing payment. With this information, the credit card issuer will run a credit check on you to decide if you fit the criteria for card approval.

After you apply, you will either be approved and granted a card or denied. CNET outlines steps to take to figure out why you're denied for a credit card in the worst case scenario.

How to build credit with your card

Your credit score reflects how good or bad you are at managing debt. It shows lenders your creditworthiness, or how much risk is involved when lending you money. Your credit score is determined by a few factors, including your payment history, amount of debt owed, the length of credit history, how much new credit you've taken on, and your credit utilization ratio, which we'll explain below.

Here are some common blunders to avoid to keep your credit score healthy: 

• Not paying your minimum payment on time. In addition to being penalized with late fees and interest charges, late payments reported to credit bureaus indicate to future lenders that you are an unreliable borrower. Over time, consistently paying on time will build a strong credit history that will boost your score, making you eligible for better credit cards and interest rates.
• Using too much of your credit limit. Using more than 30% of your total credit line can affect your credit score negatively. This percentage is called your credit utilization ratio. So if your credit limit is $1,000, you would want to keep all your credit card purchases under $300 as a best practice. Using more of your credit lines indicates to lenders that you are a risky borrower.
• Closing credit card accounts. While it may seem reasonable to close an account for a card you don't use, it can actually lower your total available credit, lowering your credit utilization ratio and shorten your length of credit history. Depending on your situation, it may be better to keep the card open and use it occasionally. But, there are ways to cancel a credit card without destroying your credit.

Best picks for your first credit card

Intro Offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

APR14.49% - 23.49% Variable

Intro Purchase APR0% for 6 months

Recommended Credit Fair/New to Credit

Reward Rates

• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
• Earn 1% unlimited cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR10.99% for 6 months

Balance Transfer APR14.49% - 23.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
• Earn 1% unlimited cash back on all other purchases – automatically.

Our Take

The Discover it® Student Cash Back* card offers the best rewards spread of student credit cards. You'll earn the 1% flat rate on all purchases, but you can also earn 5% cash back with the bonus quarterly rotating category, on up to $1,500 in combined spending per quarter (then 1%). From now through September, the bonus category includes restaurants and PayPal purchases. For October through December, it includes Amazon.com purchases and purchases made through digital wallet apps. You do have to manually activate these bonus categories through your account to earn this higher rate, though.

We also like that this card offers an Unlimited Cashback Match welcome bonus -- Discover will match your cash back earned for your whole first year, essentially doubling your cash back at the end of your first year.

For more details, see our full review of the Discover it Student Cash Back.

Intro Offer N/A

APR15.24% - 29.24% (Variable)

Intro Purchase APRN/A

Recommended Credit Limited/Fair/Good/Excellent

Reward Rates

• Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
• 1% cash back on eligible purchases right away.

Annual Fee$0

Foreign Transaction Fees $0

• Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
• 1% cash back on eligible purchases right away.

Our Take

The Petal 2 Visa Credit Card, issued by WebBank, is designed for applicants of various credit types -- whether it's fair, excellent or you're just getting started. It offers a credit line between $300 and $10,000 and 1% back on all eligible purchases. 

To incentivize good credit-building behavior, your cash-back rate can increase to up to 1.5% on eligible purchases after 12 on-time monthly payments. There are no annual fees, security deposits, late fees or foreign transaction fees, making this a flexible option for anyone's first credit card.

Intro Offer N/A

APR26.99% (Variable)

Intro Purchase APRN/A

Recommended Credit Average, Fair, Limited

Reward RatesN/A

Annual Fee$0

Intro Balance Transfer APRN/A

Balance Transfer APR26.99% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Our Take

The Capital One Platinum Credit Card doesn't offer many perks, but it could be a good backup option for your first credit card if you don't want to put down a security deposit and aren't a student. This card is designed for people with fair, average or limited credit -- typically a credit score between 580 and 669. Though you won't earn rewards or a welcome bonus, you can build up your credit score with responsible use and there are no foreign transaction fees -- meaning you can use it abroad without facing additional costs.

For more details, check out our full review of the Capital One Platinum Credit Card.

Intro Offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

APR24.49% Variable

Intro Purchase APRN/A

Recommended Credit New/Rebuilding Credit

Reward Rates

• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
• Earn unlimited 1% cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR10.99% for 6 months

Balance Transfer APR24.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
• Earn unlimited 1% cash back on all other purchases – automatically.

Our Take

All secured credit cards require a security deposit -- but not all of them enable you to earn rewards on your purchases. With a credit limit range of $200 to $2,500, you can earn 2% cash back at gas stations and restaurants with the Discover it® Secured Credit Card*, on up to a combined $1,000 in spending per calendar quarter (then 1%). You'll earn 1% cash back on other purchases, and you'll still get the Unlimited Cashback Match as with the other Discover credit cards. This card will also let you see if you're preapproved before you apply if you so choose.

For more information, see our full review of the Discover it Secured Credit Card.

Intro Offer Limited Time Offer: Earn $100 when you spend $100 in the first three months

APR16.49% - 26.49% (Variable)

Intro Purchase APRN/A

Recommended Credit Average, Fair, Limited

Reward Rates

• Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
• Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
• Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
• Earn 1% on all other purchases.

Annual Fee$0

Intro Balance Transfer APRN/A

Balance Transfer APR16.49% - 26.49% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

• Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
• Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
• Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
• Earn 1% on all other purchases.

Our Take

If you eat a lot of takeout or go to restaurants often, the Capital One SavorOne Student Cash Rewards Credit Card can maximize cash back on your meals and entertainment. You may be able to get preapproved for this credit card to test the waters, though as a student credit card, it has more relaxed credit requirements than its traditional counterparts.

You'll earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Target and Walmart). Entertainment covers movie theaters, sports promoters (professional and semiprofessional live events), amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls and bowling alleys. Streaming services include Netflix, Hulu and Disney+. For other purchases, you'll earn a standard 1% cash back.

*All information about the Discover it Student Cash Back and the Discover it Secured Credit Card has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

---

Source

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How to Pick Your First Credit Card to Start Building Credit

How to Pick Your First Credit Card to Start Building Credit

Applying for your first credit card can involve a considerable learning curve. With hundreds of card options, lots of jargon and navigating the complexity of the US credit system, there's a lot to learn at once. And once you understand it, it can seem counterintuitive. For example, how are you supposed to build credit to get a credit card if nobody will issue you a card without credit history? It can be dizzying, to say the least.

Still, there are many reasons to want a credit card, chief among them is the ability to build credit history and improve your credit score. Your credit score, a three digit-number that represents your creditworthiness, can affect everything from whether you are approved for an apartment, your interest rates for auto loans and a mortgage and how many financial options you will have in the future.

Below, we review everything you need to know before applying for a credit card: the basics of how credit cards work, how to pick the right card for you, how to apply and how to use your card to build credit.

Read more: Best Debit Cards for College Students

The basics: How credit cards work

First, credit cards are not free money, sadly. What they are is a financial tool that, when used responsibly, lets you space out payments for purchases, build credit history and, in some cases, earn rewards like cash-back or airline miles. But credit cards can be extremely easy to misuse if you accidentally charge more than you can afford to pay back by the end of your billing statement. And if you miss payments, you risk crashing your credit and racking up interest charges.

The best way to avoid these pitfalls is to understand how credit cards work. Credit card issuers, typically a bank or credit union, will lend you a certain amount of money called credit, which you agree to repay. Payment processing networks, like Mastercard or Visa, act as the middleman and help facilitate payments and benefits.

Every card has a credit limit, which is the highest amount of money you can borrow in total. Your credit limit is usually determined by your credit score, income and the credit card issuer. So if you're applying for your first card and don't have a long credit history, you will probably be given a lower credit limit. Once you show responsible card use (paying balances on time and/or in full), you can request a credit limit increase.

At the end of the billing cycle -- which usually lasts about a month -- the credit card company will send you a bill that lists all your purchases made with the card. You can pay either the minimum payment that's due or pay off the bill in full. While paying the minimum payment will keep your account in good standing, the remaining unpaid balance will carry over to the next month, and you'll likely start accruing interest charges on any unpaid balance. Every card has its own annual percentage rate (APR), which is the total amount of interest and fees it charges on unpaid balances.

If you miss the payment due date, you may incur late fees, adding even more dollars to your debt. It's in your best interest to avoid this scenario by only charging what you can afford and paying your bill in full each month. Fees and interest charges can add up quickly and prevent you from paying off your debt as quickly.

How to pick the right credit card

With hundreds of credit cards available, picking the right credit card for you will depend on your current financial status, your future financial goals and your lifestyle. Many credit cards come with rewards like welcome bonuses, cash-back offers, discounts on certain purchases and travel points or airline miles. Cards with rewards typically come along with annual fees -- a yearly expense you pay to own the card -- though some do not.

The right card for you depends on your financial situation and goals. If you're just starting out, building credit with a student or secured credit card -- one that requires a security deposit that acts as your credit limit -- can help you build credit. If you're looking to earn rewards, look for a card with the most relevant perks for your spending habits and an annual fee you can recoup from your rewards. 

Some credit card companies will solicit you directly or allow you to see if you are preapproved for a card. Since card companies run a hard check on your credit when you apply for a card, a move that can temporarily cause your credit score to dip, preapproval lets you see if you're likely to be approved before you apply. Preapproval doesn't guarantee you'll be approved -- it just means the credit card company thinks you're a good applicant for a particular card.

For those currently in school, there are specific credit cards made for students. These cards usually have a smaller credit limit, and may have a scaled-down combination of benefits and fees compared to traditional credit cards. Student cards usually have relaxed credit requirements, since many students don't have a significant credit history, thus making it easier to get approved.

A secured card is another option for those with no or low credit, looking to boost their credit score. Secured credit cards require a security deposit that acts as your credit limit. It is also a form of collateral, ensuring that the card balance will be paid even if you miss payments.

How to apply for your first credit card

Once you determine which card is best for you, you can begin the application process. While every credit card company has its own application, you will probably be asked to provide similar personal and financial information, like your name, age, employer, annual income and housing payment. With this information, the credit card issuer will run a credit check on you to decide if you fit the criteria for card approval.

After you apply, you will either be approved and granted a card or denied. CNET outlines steps to take to figure out why you're denied for a credit card in the worst case scenario.

How to build credit with your card

Your credit score reflects how good or bad you are at managing debt. It shows lenders your creditworthiness, or how much risk is involved when lending you money. Your credit score is determined by a few factors, including your payment history, amount of debt owed, the length of credit history, how much new credit you've taken on, and your credit utilization ratio, which we'll explain below.

Here are some common blunders to avoid to keep your credit score healthy: 

• Not paying your minimum payment on time. In addition to being penalized with late fees and interest charges, late payments reported to credit bureaus indicate to future lenders that you are an unreliable borrower. Over time, consistently paying on time will build a strong credit history that will boost your score, making you eligible for better credit cards and interest rates.
• Using too much of your credit limit. Using more than 30% of your total credit line can affect your credit score negatively. This percentage is called your credit utilization ratio. So if your credit limit is $1,000, you would want to keep all your credit card purchases under $300 as a best practice. Using more of your credit lines indicates to lenders that you are a risky borrower.
• Closing credit card accounts. While it may seem reasonable to close an account for a card you don't use, it can actually lower your total available credit, lowering your credit utilization ratio and shorten your length of credit history. Depending on your situation, it may be better to keep the card open and use it occasionally. But, there are ways to cancel a credit card without destroying your credit.

Best picks for your first credit card

Intro Offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

APR14.49% - 23.49% Variable

Intro Purchase APR0% for 6 months

Recommended Credit Fair/New to Credit

Reward Rates

• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
• Earn 1% unlimited cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR10.99% for 6 months

Balance Transfer APR14.49% - 23.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
• Earn 1% unlimited cash back on all other purchases – automatically.

Our Take

The Discover it® Student Cash Back* card offers the best rewards spread of student credit cards. You'll earn the 1% flat rate on all purchases, but you can also earn 5% cash back with the bonus quarterly rotating category, on up to $1,500 in combined spending per quarter (then 1%). From now through September, the bonus category includes restaurants and PayPal purchases. For October through December, it includes Amazon.com purchases and purchases made through digital wallet apps. You do have to manually activate these bonus categories through your account to earn this higher rate, though.

We also like that this card offers an Unlimited Cashback Match welcome bonus -- Discover will match your cash back earned for your whole first year, essentially doubling your cash back at the end of your first year.

For more details, see our full review of the Discover it Student Cash Back.

Intro Offer N/A

APR15.24% - 29.24% (Variable)

Intro Purchase APRN/A

Recommended Credit Limited/Fair/Good/Excellent

Reward Rates

• Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
• 1% cash back on eligible purchases right away.

Annual Fee$0

Foreign Transaction Fees $0

• Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
• 1% cash back on eligible purchases right away.

Our Take

The Petal 2 Visa Credit Card, issued by WebBank, is designed for applicants of various credit types -- whether it's fair, excellent or you're just getting started. It offers a credit line between $300 and $10,000 and 1% back on all eligible purchases. 

To incentivize good credit-building behavior, your cash-back rate can increase to up to 1.5% on eligible purchases after 12 on-time monthly payments. There are no annual fees, security deposits, late fees or foreign transaction fees, making this a flexible option for anyone's first credit card.

Intro Offer N/A

APR26.99% (Variable)

Intro Purchase APRN/A

Recommended Credit Average, Fair, Limited

Reward RatesN/A

Annual Fee$0

Intro Balance Transfer APRN/A

Balance Transfer APR26.99% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

Our Take

The Capital One Platinum Credit Card doesn't offer many perks, but it could be a good backup option for your first credit card if you don't want to put down a security deposit and aren't a student. This card is designed for people with fair, average or limited credit -- typically a credit score between 580 and 669. Though you won't earn rewards or a welcome bonus, you can build up your credit score with responsible use and there are no foreign transaction fees -- meaning you can use it abroad without facing additional costs.

For more details, check out our full review of the Capital One Platinum Credit Card.

Intro Offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

APR24.49% Variable

Intro Purchase APRN/A

Recommended Credit New/Rebuilding Credit

Reward Rates

• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
• Earn unlimited 1% cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR10.99% for 6 months

Balance Transfer APR24.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
• Earn unlimited 1% cash back on all other purchases – automatically.

Our Take

All secured credit cards require a security deposit -- but not all of them enable you to earn rewards on your purchases. With a credit limit range of $200 to $2,500, you can earn 2% cash back at gas stations and restaurants with the Discover it® Secured Credit Card*, on up to a combined $1,000 in spending per calendar quarter (then 1%). You'll earn 1% cash back on other purchases, and you'll still get the Unlimited Cashback Match as with the other Discover credit cards. This card will also let you see if you're preapproved before you apply if you so choose.

For more information, see our full review of the Discover it Secured Credit Card.

Intro Offer Limited Time Offer: Earn $100 when you spend $100 in the first three months

APR16.49% - 26.49% (Variable)

Intro Purchase APRN/A

Recommended Credit Average, Fair, Limited

Reward Rates

• Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
• Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
• Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
• Earn 1% on all other purchases.

Annual Fee$0

Intro Balance Transfer APRN/A

Balance Transfer APR16.49% - 26.49% (Variable)

Balance Transfer Fee $0 at this Transfer APR

Late Payment Fee Up to $40

Foreign Transaction Fees None

Penalty APR None

• Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
• Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
• Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
• Earn 1% on all other purchases.

Our Take

If you eat a lot of takeout or go to restaurants often, the Capital One SavorOne Student Cash Rewards Credit Card can maximize cash back on your meals and entertainment. You may be able to get preapproved for this credit card to test the waters, though as a student credit card, it has more relaxed credit requirements than its traditional counterparts.

You'll earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Target and Walmart). Entertainment covers movie theaters, sports promoters (professional and semiprofessional live events), amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls and bowling alleys. Streaming services include Netflix, Hulu and Disney+. For other purchases, you'll earn a standard 1% cash back.

*All information about the Discover it Student Cash Back and the Discover it Secured Credit Card has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

---

Source

Tags:

• How To Pick Your First Credit Card
• How To Pick Your First Tattoo
• How To Pick Your First Dance Song
• How To Pick Your First Motorcycle
• How To Pick Your Own Phone Number
• How To Pick Your Second Husband First Movie
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