As if the pandemic did not take away enough, there are companies that are using right now that take full advantage of you. Some in a really big way, and most of you had no idea your eyes were playing tricks on you.
But you are not stupid! Now that you know, you are ready to fight back. These are the worst companies that are practically stealing your money and what you can do to save it.
1. Your credit card company: stop paying them
When you do not pay off your credit card balance in full, you may be subject to some mad Interest rates. Like, almost 30% of your balance each month. What your credit card company is charging you should be a crime.
But unfortunately it is not and you agreed to it when you signed up for your credit card. But now you know better! So: 1. Never overspend on your credit card again and again and 2. Pay off the rest of your credit card debt immediately.
If you don’t have the cash on hand, a low-interest personal loan can help you do just that (and save you money in the long run). We recommend using a website like AmOne.
If you owe your credit card companies $ 50,000 or less, AmOne will match you with a low-interest loan that you can use to pay off each of your balances.
The benefit? You will have an invoice left to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will get out of debt. what Too much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why, after 20 years in business, it still has an A + rating from the Better Business Bureau.
It takes two minutes to see if you qualify for up to $ 50,000 online. You need to give AmOne a real phone number to qualify, but don’t worry, they won’t spam you with phone calls.
2. Your car insurance company: cancel
Auto insurance rates are among the lowest in history. And you probably wouldn’t know unless you looked for new insurance last year.
Which means that your car insurance company has allowed you to automatically pay every month without even telling you that you could be paying them a lot less (and why would they?).
What you should do is buy your options every six months or so, which could save you a lot of money. However, let’s face it. It’s probably not the first thing you think of when you wake up. But it does not have to be like that.
A website called Insure.com makes it easy to compare auto insurance prices. All you have to do is enter your zip code and age, and it will show you your options.
With Insure.com, people have saved an average of $ 489 a year.
Yes. That could be $ 500 back in your pocket just for taking a few minutes to look at your options.
3. Your credit monitoring service
Are you paying a business to monitor your credit report? It could be, because you know how important a good credit score is to buying a car, taking out a mortgage, or even starting a business.
But if you’re looking to get your credit score back on track, or even if you’re on the right track and want to raise it, stop paying someone to check it for you. You can get the same help from a free website, like Credit Sesame.
In two minutes, you’ll have access to your credit score, any accounts that are in debt, and a handful of personalized tips to improve your score. You will even be able to catch any errors that stop you (one in five reports has one).
James Cooper of Atlanta used Credit Sesame to raise his credit score by nearly 300 points in six months. *** “They showed me the ins and outs: how to put dots on I’s and cross T’s,” he said.
Getting your free credit score takes less than two minutes.
4. Your Investments – Get up to $ 200 in free shares
If you have investments, you probably have a broker, someone who manages your investments and offers advice. If you have worked with them for years, you may not even notice that you are losing a small part of your investments with each trade. These fees can be a percentage of each transaction or a fixed fee. Either way, it is a scam.
And if you feel like you don’t have enough money to start investing and you definitely can’t afford the fees, you are not alone. But guess that? You don’t really need that much, and you can even get free shares (worth up to $ 200!) If you know where to look.
Whether you have $ 5, $ 100, or $ 800 to spare, you can start investing with Robinhood.
Yes, you’ve probably heard of Robinhood. Both beginners and investing professionals love it because it does not charge fees and you can buy and sell stocks for free, with no limits. In addition, it is very easy to use.
What is the best? When you download the app and fund your account (it doesn’t take more than a few minutes), Robinhood deposits a portion of the free shares into your account. However, it is random, so the shares could be worth between $ 2.50 and $ 200, a good boost to help you build your investments.
5. Your bank account: see if you can get more money
Yes. The place you trust to keep your money safe and growing is to get rich by scamming it. First, with all those crazy fees they charge. Then generating tons of interest on your money, but only giving you .05% (on average).
So if you’re sick of being scammed, find an account that doesn’t charge you ridiculous fees Y earn much more interest on your savings; after all, it is your money.
A debit card called Aspiration allows you to earn up to 5% cash back each time you swipe the card and up to 16 times the average interest on the money in your account. Plus, you will never pay a monthly account maintenance fee.
To see how much you can earn, enter your email address here, link your bank account, and add at least $ 10 to your account. And do not worry. Your money is insured by the FDIC and under military grade encryption. That’s nerdy talk for “this is totally safe.”
Kari Faber is a staff writer for The Penny Hoarder.
*** Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10 point increase and 20% see at least a 50 point increase after 180 days.
Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any improvement in score is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, proper financial planning, and developing better credit habits.