Latest news with #ChaseSapphire
Business Insider
3 days ago
- Business
- Business Insider
3 ways to avoid getting burned by exchange rates and fees when traveling overseas this summer
If you earn your paycheck in US dollars, it's a tough time to be traveling abroad. As foreign investors turn away from US assets amid President Trump's trade war and a growing national debt, the value of the US dollar relative to other currencies is down by around 10% since Inauguration Day to its lowest level since early 2022. But if you're not careful, your effective exchange rates can spiral higher. Chris Kawashima, the director of Charles Schwab's Financial Planning division, recently shared three ways to save money on your next trip when it comes to foreign exchange rates and transactions. First, be aware of foreign transaction fees associated with your credit or debit card, Kawashima said. Many credit card companies will charge up to a 3% fee. On top of that, the bank behind your credit card company may also charge a similar fee. Some common credit cards with no foreign transaction fees include the Chase Sapphire Preferred Card, Citi Strata Premier Card, and Capital One Venture Rewards Credit Card. Card readers will also sometimes offer you the option to pay in the local currency or in USD. In those cases, pay in the local currency, Kawashima said, because the exchange rates are usually poor and will leave you paying a higher price in the end. "Many travelers are enticed by the convenience and familiarity of receiving bills—at restaurants, for instance—in U.S. dollars," Kawashima said in the post earlier this month. "But this new trend, called dynamic currency conversion, can come with an unfavorable exchange rate, transaction fees, or both." A good way to avoid fees altogether is to pay in cash. But getting hold of foreign cash without paying a hefty price can also be challenging for two reasons: exchange fees and unfair exchange rates. To avoid steep fees, perhaps minimize how many times you're getting cash out. You may also want to get the cash before you leave at your bank or credit union, which usually offer some of the best exchange rates available, Kawashima said. "It's best to check ahead, however, to confirm that they have the foreign currency in hand as well as to check on the conversion rate," Kawashima said. "Once you arrive at your destination, you might be able to get a decent exchange rate at your hotel as well."
Yahoo
6 days ago
- Business
- Yahoo
American Express hints at a big upgrade to its Platinum card, designed to lure a lucrative and fast-growing segment of customers
Amex CEO Steve Squeri wants more high-spending Millennials and Gen Z-ers to join his company's upper echelon ranks. And he's starting to give hints of just how exactly he plans to lure more of them to the fold, announcing on June 16 that the company will implement a big upgrade late this summer, or in the early fall to its Platinum card. The company says this will be its biggest investment ever in a card program. 'We'll see two areas of investments,' adds Howard Grosfield, Group President for U.S. Consumer Services. 'We'll double down on all the things our cardmembers love now. And we'll be adding lots of exciting new brands.' Amex has positioned the Platinum card as the most expensive in its class at $695 a year (Chase Sapphire at a comparable level costs $550.) But as Grosfield points out, the Millennials and Gen Z crowd believe they're reaping value well beyond the annual price of entry. The proof: The groups covering the mid-20s to mid-40s age spectrum now comprise 75% of Amex's new accounts acquired on its two premium cards, Platinum and Gold, for 2024, up from 60% in 2019. Gen Z consumer card members grew 40% in Q1 2025 versus Q1 2024, yet the credit record for the two demographics proved better than the industry average. Last quarter alone, Millennial and Gen Z accounted for total 35% U.S. consumer spend. The fast-rising numbers signing on at $695 helped increase net card fee revenue last year by 18%. These youthful troops, says Amex, are proving extremely loyal. The company doesn't disclose quit rates by category, but avows that its all-in retention figure stands at 98%. The strategy dates back to 2021, when three years into the job, Squeri reckoned that the financial services giant's best path to growth lay in attracting a far younger generation of shoppers than the affluent boomers that had traditionally formed his enterprise's—and the industry's—main target. Squeri took aim at Millennials, now 29 to 44, and Gen Z'ers, today's twenty-somethings, and narrowed his sweet-spot for Platinum to the high-income layer boasting excellent credit records. Prior to that refresh, the Platinum benefits focused on travel, chiefly offering deals on the likes of hotel stays, airfares, and access to airport lounges. As the COVID lockdown lifted, Squeri and his team reckoned that the Millennial and Gen Z elite would be craving fresh adventures. So Amex greatly broadened its offerings to cover the breadth of their athletic, treat-seeking lifestyles by adding perks in entertainment, wellness and upscale shopping. Amex also recognized that this cohort comprising everything from lawyers, to investment bankers, to software engineers and rising executives didn't pay like their parents. These were digital natives who often didn't even carry cash, and charged virtually everything on their cards. They were earning more points toward more goodies than any other generations, and getting hooked. Plus, they relished apps that by tapping a few clicks, could bring them a seat in the hottest new restaurants that were always 'booked,' or arrange a tennis lesson on red clay courts during business trip to Paris. The carrot that attracted the younger generation: a new array of perks covering all territories of their leisure lives. They added a digital entertainment benefit award of $240 a year towards subscriptions for such providers as the Wall Street Journal, The New York Times, Disney+, ESPN+ and Hulu. Amex tapped the Millennial and Gen Z yen for Uber by awarding $200 a year for rides on the service, and cardholders garner $300 each towards memberships at Equinox and SoulCycle. As for shopping, Platinum bridges luxe to daily staples, furnishing a $100 credit at Saks Fifth Avenue and Walmart+ membership offering discounts on fuel and in-home pickups for returns. The travel services are trending more more and more to the one-on-one and bespoke: AMEX's crew of 7,000 personal travel consultants can plan your itinerary for holidays in Croatia or book you at a rock concert at Wembley. AMEX also hit an ace by making a major foray into restaurant reservations. Its first move came in 2018, the year Squeri advanced to CEO, via the acquisition of Resy; its app guarantees Platinum holders bookings at super-popular eateries where it would normally take days or weeks to get a table. Today, Resi partners with 20,000 restaurants in thirty countries, and last year bought Tock, another big player that added 7,000 culinary partners, including for the first time, wineries from Napa to the Loire Valley. 'We're the only credit card operator with our own restaurant reservations platform,' says Amex's Grosfield. 'We unlock access to the world's most sought-after tables.' This story was originally featured on Sign in to access your portfolio
Yahoo
06-06-2025
- Business
- Yahoo
How to destroy a metal credit card
Whether your credit card has expired or you've decided to cancel to avoid paying an annual fee, you need to know the proper way to get rid of it. You don't want that credit card information (even if outdated) falling into the wrong hands. The best practice is to destroy that old card. But what if you have one of those fancy travel credit cards, the type that's made out of metal? A standard paper shredder won't get the job done. Thankfully, you've got a few options that are nearly as effortless for destroying metal credit credit cards are becoming more ubiquitous. Some of the best credit cards on the market, such as the Chase Sapphire Preferred® Card and The Platinum Card® from American Express, are garbed in shiny armor impervious to the likes of a common pair of scissors. You don't need a circular saw or an induction furnace to dispose of your metal credit cards. Here are a few easy ways to do it. Issuers know that destroying a metal credit card isn't as straightforward as plastic credit cards. When your metal card expires, you'll likely receive a prepaid envelope with your new credit card. Just insert your old or expired card into the envelope and drop it in the mail. If you're canceling your credit card, you probably won't receive a prepaid envelope, but you can still call the phone number on the back of your card to request one. Note that there's always a risk of fraud when mailing any sensitive information, including an old credit card. Replacement cards can arrive before your old card expires, which means someone could steal your old card in the mail and use it fraudulently. This could also damage your credit score if it goes unnoticed and increases your credit utilization or causes you to miss you have a rewards credit card that's issued by a bank with physical branches, you can swing by and drop it off at a nearby location: Chase locations (metal cards include the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®) Capital One locations (metal cards include Capital One Venture Rewards Credit Card, Capital One Savor Cash Rewards Credit Card, and Capital One Venture X Rewards Credit Card) Citi locations (metal cards include Citi® / AAdvantage® Executive World Elite Mastercard®) In many cases, the bank will take necessary measures to safely dispose of your card with no further action required from you. Note that American Express (Amex) doesn't have physical banking locations, but you can send metal Amex cards, such as The Platinum Card from American Express and American Express® Gold Card, back to American Express for proper you'd rather handle the matter yourself, you can quite easily slice through a metal credit card with a pair of metal shears, such as tin snips or steel-cutting pliers. You can find these at hardware or home improvement stores. Just remember that a simple halving of your credit card isn't good enough; you should make ribbons out of it, deliberately cutting through the EMV chip and the metal stripe multiple times. For further protection, sprinkle the metal confetti into multiple trash bags. Beyond dulling scissors and jamming paper shredders, there's one absolute "do not" when unloading your metal credit card. Throwing away your inactive credit card without any effort to prevent fraud is tempting the universe. Again, it's not likely that something may happen, but who knows? When you're mailed a new credit card to replace an expired one, your credit card account number stays the same — only the expiration date and security code change. In other words, someone experienced in identity theft could pick up your active card number. Of course, you can always choose to keep your old card. If you're not worried about the real estate it occupies in your home, there's no harm in storing your metal credit card somewhere about destroying metal credit cards These are typically the three safest ways to dispose of a metal credit card: Return to issuer: Many credit card companies provide ways to send them your old metal cards, so they can dispose of them safely and securely. Visit a branch: You can visit one of your card issuer's local branches to have them destroy your metal card. Use a DIY method: You can dispose of the card yourself if you have tin snips or another tool that can effectively destroy your metal card's magnetic stripe and EMV chip, as well as all identifiable information. If you've requested a replacement card, Capital One will send you a return envelope with prepaid postage to return your old metal credit card. Capital One will then dispose of it for you. Strong magnets could affect the magnetic strip on your credit card, damaging it or making it not function properly. However, most credit card companies issue cards with EMV chips as well, which aren't affected by magnets. You typically have to apply for metal credit cards, but you may be able to request one as a replacement in certain situations. For example, your card issuer may now offer a credit card you have in a metal format, but yours is still plastic, so you can request a replacement as an existing cardholder to receive the new metal version. If your old metal credit card is worn and close to becoming unusable, you might also want to request a new can destroy old plastic credit cards by cutting them into small pieces with scissors, using cross-cut shredders, or destroying magnetic strips and EMV chips with any number of other various tools, such as hammers and magnets. You can destroy metal credit cards by sending them back to your credit card company, dropping them off at a local branch, or using tools like tin strips or heavy-duty metal shredders. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Yahoo
15-05-2025
- Business
- Yahoo
Want the 100,000-point Chase Sapphire Preferred bonus? Make sure you meet these requirements first. (expired)
The current Chase Sapphire Preferred® Card welcome bonus is among the best the card has ever offered. For a limited time, you can earn 100,000 Chase Ultimate Rewards points — worth as much as $1,250 toward future travel — after spending $5,000 within the first three months of account opening. But before enjoying those big rewards, every new cardholder must meet some eligibility requirements. We checked the fine print to help you figure out whether you qualify. Read more: All about the limited-time 100,000-point Chase Sapphire Preferred offerYou must get approved for the card and spend $5,000 within the first three months to earn the limited-time Chase Sapphire Preferred welcome bonus. However, you could be ineligible if you meet either of these criteria: You currently have aChase Sapphire credit card You're a previous Chase Sapphire cardholder who received a new cardmember bonus within the last 48 months The good news is that you're not automatically excluded if you've had a Chase Sapphire Preferred Card or earned a Chase Sapphire bonus in the past. Here's more info about the limitations: Chase only allows cardholders to own one Chase Sapphire card at a time. You cannot have multiples of the Chase Sapphire Preferred or Chase Sapphire Reserve®, and you cannot hold both cards simultaneously. If you do have a Chase Sapphire card and apply for a new Chase Sapphire Preferred Card to get the limited-time bonus, your application won't be approved. Asking for a product change won't suffice either. If you currently have a Sapphire Reserve card, you may be eligible to switch to the Sapphire Preferred, but that swap won't qualify for the 100,000-point bonus. Related: Best rewards credit cards The 48-month rule applies whether you currently have a Chase Sapphire card or did in the past. You can check your past statements to find out exactly how long ago you earned a welcome bonus with Chase. For example, I opened a Chase Sapphire Preferred and earned the 100,000-point bonus the last time it was offered in 2021. I didn't apply for the card until June, and the bonus was awarded on my August statement. Because that was less than 48 months ago, I'm not currently eligible — and wouldn't be eligible to earn a new Chase Sapphire bonus until August 2025. Remember, you can only earn a Chase Sapphire welcome bonus if you haven't earned another new cardmember bonus from either the Chase Sapphire Preferred or Chase Sapphire Reserve within the past 48 months. That means 48 months since you received the bonus, which could be weeks or months after you actually applied for the card, depending on when you meet the spending requirement. Related: The best credit card sign-up bonuses To have the opportunity to earn the 100,000-point welcome offer, you'll first have to get approved as a Chase Sapphire Preferred cardholder. This travel rewards card generally requires a solid credit history, and you're most likely to get approved if you have a good-to-excellent credit score. But for Chase card applications, you should also watch out for the issuer's unofficial (yet broadly discussed) 5/24 rule. This guideline prevents you from opening a new Chase credit card account if you have opened five or more new credit cards within the past 24 months. That includes credit cards from any issuer, not just Chase. Even if you would otherwise qualify for the Chase Sapphire Preferred, you'll likely get denied if you've surpassed the 5/24 threshold. Related: How to apply for a credit card Couples and families can benefit from combining points from different Chase accounts within the same household. This can be a good option if you don't qualify for the Chase Sapphire Preferred bonus but a loved one is interested in the card. Say, for example, you already have a Chase Sapphire Reserve account you opened a year ago — making you ineligible for the limited-time Chase Sapphire Preferred Card offer. But your spouse does not have a Chase Sapphire account and is eligible. They could open a Chase Sapphire Preferred Card and earn the 100,000-point bonus. As members of the same household, you can combine your points under the same account when you're ready to redeem for future travel — just call the number on the back of your card to request the transfer between accounts and confirm you have the same home address (you can only share points with one designated person). Before your other household member applies, you should make sure the card makes sense for their overall spending and budget. If they don't get enough value to justify the ongoing annual fee, for example, or can't afford to pay off balances before accruing interest, this tactic could cost more in the long run than the benefits are worth. This embedded content is not available in your region. This article was edited by Alicia Hahn. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Yahoo
15-05-2025
- Business
- Yahoo
Last call: Get 100,000 points with a new Chase Sapphire Preferred Card welcome offer
The Chase Sapphire Preferred® Card's 100,000-point welcome bonus is coming to an end: The limited-time offer will expire at 9 a.m. EST on May 15, 2025. The current 100k offer is one of the Sapphire Preferred card's best-ever welcome bonuses. After you apply, you will need to spend $5,000 on your new card within the first three months of account opening to earn it. In exchange, you can unlock as much as $1,250 toward future travel. The Chase Sapphire Preferred is one of our favorite travel credit cards, and it's even more valuable with this welcome offer. If you've been considering a new rewards card for an upcoming vacation, now is a great time to compare how your spending and travel habits match up with the Sapphire the past few weeks, we've analyzed all the details you need to know about the Chase Sapphire Preferred's 100k bonus offer. Below, find our tips for deciding if this offer is right for you and making sure you qualify. And, of course, how to maximize your bonus points for the greatest redemption value. 100,000-point welcome bonus for new Chase Sapphire Preferred cardmembers How to use the Chase Sapphire Preferred 100,000-point bonus Who is eligible for the Chase Sapphire Preferred 100,000-point bonus? Learn more about the long-term value of your new Chase Sapphire Preferred Card: Is the Chase Sapphire Preferred Card worth it? The best benefits of the Chase Sapphire Preferred Card Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
