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Best of, Personal Loans

Best Options for Covering the Cost of Adoption

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.


Updated November 03, 2017
You probably can’t put a price on the value of your child, but for couples who wish to adopt, the entire process can be quite costly. According to, it can cost anywhere from $0 to $1000 to adopt a child from a county foster program and anywhere from $10,000 to $25,000 to adopt a newborn through a non-profit agency.

Also, adoption attorneys for newborns general run anywhere from $20,000 to $30,000. The adoption process may vary from state-to-state but if you go through a private agency, costs usually include agency fees, legal expenses, hospital documentation and retrieval of medical records, and disruption rates just to name a few.

If you feel that you are ready to start or grow your family through adoption but don’t have the funds to cover all the fees and expenses, you may consider an adoption loan.

What is an Adoption Loan?

An adoption loan is basically a personal loan that you can take out to use for adoption-related costs. There are many personal loans on the market so you shouldn’t limit your options as long as the loans you are considering are low-interest, have no or low fees, and flexible repayment terms.

If you search online for the term ‘adoption loans’ you may find a few offers, but it’s best to search for personal loans to broaden your search at first and help you locate the best loan option for you. We will feature some of the best personal loans to use for adoption below to help you get started.

What to Watch Out For

Before you choose a loan for adoption costs, there are a few things you need to watch out for. Consider a realistic amount of how much you need. You may be able to cover some of the costs on your own but some lenders who offer personal loans for adoption might encourage you to take out more than you need.

When taking out a loan, only you know how much you truly need so it’s important to research the process thoroughly and formulate a realistic amount of expenses you can’t cover from your savings.

Another thing to watch out for is how some lenders may prey on couples’ vulnerability and eagerness to adopt with this loan. Companies who send out messages like “your child’s life is worth any costs” should be examined with caution.

Heartfelt promotional messages, catchphrases, and unrealistic promises should not be an effective way to market a loan to a consumer. When you take out a personal loan, you should always look at how affordable it will be. Is the interest rate low? Is there an origination fee or any hidden fees? How short or long are the terms? Is there a prepayment penalty?

Ask yourself all of these questions and make sure you are positive about the answers and comfortable with them before you take out a loan. Like with any loan, you’ll ideally want something low interest, with no fees and no prepayment penalties.

Be wary of lenders promising affordable loans for people with bad credit as this is almost never possible. In order to secure a low interest rate for your loan, you need to have good credit.

Affordable Adoption Loan Requirements

Lightstream allows you to borrow anywhere from $5,000 to $100,000 with fixed APRs that range from 5.99% (with autopay) to 16.19%. Terms range from 24-84 months and the shorter your term is, the lower your rate may be. However, the lowest rates are reserved for borrowers with excellent credit. There is no origination fee and the minimum credit score you need to apply is 680. There will be a hard pull of your credit report upon applying.

America’s Christian Credit Union specializes in adoption loans and lend up to $50,000 which should be more than enough to cover adoption expenses. APR rates start at 5.99% but can range from 8.90% to 10.90% for most borrowers. Borrowers have up to 84 months to pay back their loan and the loan is good for domestic and international adoptions. This lender also offers home equity loans with no closing costs or annual fees to use for adoption costs which includes a quarterly adjustable HELOC with a current starting APR of 3.5% and an annual adjustable HELOC with a current starting APR of 4%.

SoFi is a popular lender offering a variety of personal loans at competitive rate and terms. Borrowers can receive anywhere from $5,000 to $100,000 with fixed APRs ranging from 5.49% to 14.24% and variable APRs ranging from 5.29% to 11.44% as long as borrowers sign up with auto pay. Terms go all the way up to 7 years and there are no fees or minimum credit score required as long as your accounts are all in good standing.



on SoFi’s secure website

Upstart offers quick and easy approvals for loans up to $50,000 with APR rates ranging from 9.56% – 29.99%. Borrowers need at least a minimum credit score of 640 to qualify. Loan terms are 3 and 5 years and there is no early repayment fee. There is however, an origination fee of 3.655%-8% to keep in mind.

Other option for adoption: Grants

Before you look into loan options, you should to see if you qualify for any grants to help fund the costs of adoption. An adoption grant can help provide you with partial funding throughout the adoption process to ease the financial burden.

There are quite a few adoption grants available, but most have specific criteria. For example, in order to qualify for a specific grant, you may need to adopt through a licensed agency or adopt within the country.

National Adoption Foundation – This organization has very few strict requirements and even considers single adults who wish to adopt. The program has no exclusions as to race, ethnicity, gender, age, sexual orientation and income and awards grants ranging from $500 to $2000 depending on the needs of the family and the circumstances surrounding the adoption.– This organization has awarded $920,000 in adopting grants since 2007. They award grants to needing couples, singles, and LGBT applicants who are U.S. citizens and wish to adopt. Recipients can use the funds for private, agency, or domestic adoption and award amounts range from $500 to $15,000. The organization awards grants in February, June, and October each year.

A Child Waits Foundation – If you are adopting internationally and your annual household income falls below $120,000, you may qualify for an adoption grant from this agency as long as you are a U.S. or Canadian citizen. Applicants can apply for a grant no sooner than 3-4 months prior to when their family makes their final adoption trip. There is a $20 application fee and grant amounts equal up to $5,000.

If you need funding to help you adopt a child, its best to consider all your options and try to obtain a grant along with a low interest loan to help cover the rest of your financial needs. You can compare more personal loan options for adoption all in one chart with our comparison tool.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at

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Building Credit

How to Get Approved for a Credit Card After Bankruptcy

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.


While filing for bankruptcy can discharge your debt burden or provide you with a more manageable repayment plan allowing you to start fresh, it can have serious negative effects on your credit score. The better your credit, the worse the damage could be, according to myFICO:

“Someone that had spotless credit and a very high FICO score could expect a huge drop in their score. On the other hand, someone with many negative items already listed on their credit report might only see a modest drop in their score.”
Understandably, some lenders are hesitant to approve borrowers who have filed for bankruptcy in the past. And it can take 7 to 10 years for that bad mark to disappear from your credit history.

But there is life after bankruptcy, even if your credit score has suffered.

In this post, we’ll explain a few options you have if you filed for bankruptcy but still want to get approved for a new credit card.

Set realistic expectations

When you’re ready to take on new credit after a bankruptcy, your credit score will be more fragile than ever. It’s not exactly the best time to apply for a bunch of different cards and hit your credit file with a bunch of hard inquiries.

The good news is that you can do your homework ahead of time and avoid applying for cards that are bound to deny you. All credit card issuers have their own policies and protocol they follow when it comes to considering applicants who have filed for bankruptcy in the past.

Some banks and credit card issuers clearly state on their website that they will not approve applicants who filed for bankruptcy and have not yet received a formal discharge, meaning it is still unresolved or not finalized.

In other cases, you can tell you probably won’t qualify if the credit card details state that you need excellent credit to qualify. A bankruptcy will bring your credit score down or you may have even had low credit before you filed if you were missing payments and struggling to pay your debt off for some time beforehand.

Therefore, it’s clear that you won’t qualify for credit cards that offer low interest rates and competitive rewards.

Make sure your delinquent accounts are scrubbed from your credit report

One of the first things you want to do before you consider applying for a credit card is to check your credit report with all three credit bureaus. You should do this to make sure your delinquent accounts are discharged from the bankruptcy as well as to clear up any inaccuracies.

If you still have delinquent accounts open, there’s a slim chance you’ll qualify for a new credit card since your score will just continue to go down. Once your bankruptcy is finalized, you’ll have a chance to start rebuilding your credit.

You can get a free copy of your full credit report annually at

Rebuild your credit with a secured card

If you’ve recently filed for bankruptcy and you’re not even close to the 7- or 10-year mark, you may want to consider trying a secured credit card instead of an unsecured credit card. A secured credit card works just like a traditional unsecured credit card only you need to put down a cash collateral deposit that becomes your credit limit.

Secured credit cards are a great option if you need to rebuild bad credit, and if you use your card wisely, you can establish some positive credit history post-bankruptcy, which will help you qualify for unsecured cards in the future.

With secured credit cards and other credit cards for those with bad credit, you’ll want to watch out for the fees, which are likely to be higher.

Below are some options to consider for secured credit cards post-bankruptcy.

Recommended Secured Cards

Capital One Secured MasterCard

This card is for people with limited or bad credit. It has no annual fee and a variable interest rate of 24.99%. There is a required security deposit of $49, $99, or $200 depending on your creditworthiness, and you’ll receive an initial credit limit of $200.

After five months of making your monthly payments on time, you’ll have access to a higher credit line without having to put up another deposit. Card users will also be able to have unlimited access to their credit score and tools to help monitor their credit with Capital One’s free CreditWise service.

First Progress Platinum Secured MasterCard

The First Progress Platinum secured card is for people with bad or no credit. This card has an annual fee of $44 and a variable 11.99% APR. You must deposit at least $200, but you can deposit at much as $2,000 and your cash deposit will determine your starting credit limit.

The minimum interest charge for this card is $1.50, and there’s a late payment fee of up to $38 if you fail to make at least your minimum monthly payment on time.

Discover it® Secured Card – No Annual Fee

The Discover it® Secured Card has no annual fee, has a variable 23.99% APR, and requires only a minimum security deposit of $200. You can also still qualify for this card if you’ve filed for Chapter 7 bankruptcy in the past.

Discover also mentions on their website that this card is geared toward people who are new to credit or looking to rebuild their credit. They determine eligibility based on the information you provide on the application, your credit report, and other information they may have about your creditworthiness.

If you don’t happen to be approved, they provide you with the score they obtained, which credit reporting agency it was obtained from, and the reasons why they couldn’t approve your application.

This card allows you to earn 2% at restaurants and gas stations (up to $1,000 of spending each quarter) and unlimited 1% on everything else. Discover also matches the cash back you earn during the first year only. You can redeem rewards at any time.

In addition, cardholders receive their free FICO score and can qualify for a higher credit limit after seven months. Most secured credit cards don’t offer rewards, but this one does.

Final word

While at first it may be more difficult to get a new credit card after filing for bankruptcy, it’s not impossible.

Before anything, you need to make sure you’re ready to use a new credit card properly. Make sure your finances are in order and you have a handle on any existing debt you owe especially if you have a payment plan set up as a result of filing for Chapter 13 bankruptcy.

Also, make sure you can control your spending and can afford to make credit card payments each month. Then, check your full report and start by comparing options for secured credit cards that will allow you to rebuild your credit.

Watch out for fees like monthly maintenance fees, annual fees, and high interest rates to make sure you’re not losing any money as well.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at

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Balance Transfer, Building Credit, Credit Cards

How to Do a Balance Transfer with Citi

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Here's the Right Way to Use a Student Credit Card

A balance transfer can be a great way to consolidate debt and reduce your interest rate. Citi credit cards offer some of the best options for balance transfers. If you’re looking for a balance transfer card that has low fees and a long 0% introductory APR, you might want to consider the Citi Diamond Preferred.

The Citi Diamond Preferred card currently has a 0% intro balance transfer offer good for 21 months. There is no annual fee; however, Citi will charge $5 or 3% of the total amount transferred to the card, whichever is greater. The card does offer some perks. Citi cardholders can access their FICO score for free and have access to the Citi Easy Deals portal, which provides discounted shopping items for everything from clothing and accessories to household goods. In this guide, we’ll explain exactly how to apply for a balance transfer with the Citi Diamond Preferred credit card. Although Citi offers balance transfers on other Citi cards, this is one of the best offers out there at this time.

If you have a Citi card and want to complete a balance transfer, keep reading and we will explain the process step by step.

How to Apply for a Balance Transfer with Citi

With the Citi Diamond Preferred card, you can apply for a balance transfer by phone or online. If approved, you can opt to receive a balance transfer check easily and quickly by phone or online. A balance transfer check is similar to a regular check only it’s issued by the bank (Citi in this case) and used to withdraw cash from your credit line.

With the check, you’ll need to send the money directly to the company that has the debt you’d like to pay off. With the Citi Diamond Preferred card, you can even set up direct deposit for your balance transfer so the funds will go directly into your account if you are trying to pay off a credit card online.

What You Need

To get started, you’ll need the account number and amount(s) you wish to transfer from your current credit card.

The account you are transferring is considered the “transfer from” account, while the Citi credit card will be the “transfer to” account.

If you choose to have the money deposited directly into your account, you’ll also need your bank account and routing number. With direct deposit, the funds can be deposited into your account within 1 to 2 business days. Checks are received within 10 business days.

Keep in mind that you cannot transfer the balance from other accounts issued by Citibank or its affiliates.

Completing a Balance Transfer Online

Like many other banks, Citi allows you to complete a balance transfer conveniently online. Once you receive your card and sign up for online banking, you’ll be able to complete a balance transfer online. Here are the steps you’ll need to take.

  1. Log in to your account. On the main dashboard, you should see an account summary and a link to view a balance transfer offer. Click on “View Offer.”
  1. Next, you’ll be taken to a balance transfer request page where you can review the offer and accept it by clicking “Select Offer.”
  1. Now, you’ll need to enter the transfer information, such as the amount you need to transfer, the account number, and the creditor. At this stage, you can pay up to four creditors at once under the same offer if you wish ($100 minimum amount per transfer).

If you’d like to receive a check transfer, you can also choose if you’d prefer direct deposit or a check by mail. After you’ve finished filling out all the required fields and read the terms and conditions, move to the next step.

  1. Next, you’ll be taken to a summary page where you can verify that all the information you entered was accurate. If everything looks OK, look over the terms and conditions once more and check the box at the bottom, then press the green “Submit” button.
  1. Once you click “Submit,” your balance transfer request will be complete, and you’ll be taken to a confirmation page that you can print for your records.

If you sent a payment to your creditor electronically, keep in mind that it will be received in 2-4 business days. If a balance transfer check was sent, your creditor should receive it in 7-10 business days.

Completing a Balance Transfer by Phone

If you prefer to request a balance transfer by phone, you can call the number on the back of your card and speak to a customer service representative, who can help submit the balance transfer request on your behalf.

To complete your balance transfer request over the phone, you’ll need:

Name the account is held in
Type of card/account
Card/account number
Amount to be transferred
Name of issuing organization

Balance Transfer Best Practices

Remember to keep these things in mind before you do a balance transfer:

  • Make sure you request a balance transfer within 60 days of receiving your new credit card or receiving an offer.
  • Check to make sure the terms of the balance transfer match the offer you received.
  • Keep making payments on your credit card debt even after submitting a balance transfer request. If the request takes a few days to process and your credit card bill is due, you don’t want to be stuck with a late fee for not paying on time.
  • If your sole goal of setting up a balance transfer is to pay off existing credit card debt, you may want to avoid receiving a check or direct deposit payment as you could be tempted to use the money you receive on something else instead of paying off the creditor.
  • Read the fine print carefully before you make purchases on your Citi card. Some introductory 0% balance transfer offers do not apply to purchases. In that case, you would be charged the regular APR.
  • Make sure you pay your bill on time or you may lose your balance transfer offer.
Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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Credit Cards

6 Credit Card Perks You Should Know About

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Earning rewards is probably one of the most talked about benefits of using a credit card aside from being able to use it to increase your credit score.

While earning points and cash back that you can redeem for travel, gift cards, and other rewards is nice, that’s not the only benefit involved with choosing to use a credit card.

In many cases, a credit card can actually be safer than cash or a debit card or even provide you with additional savings. Here are six credit card perks you should know about if you want to make the most out of using your credit card(s).

Purchase Protection

If you need to purchase something valuable, you might want to do it on a credit card if the card offers purchase protection. Most credit cards offer purchase protection for items that are lost, damaged, or stolen as long as you paid for the item with the credit card.

Each credit card has different policies and may reimburse you up to different amounts. For example, American Express credit card holders can file a claim to report any theft, accidental damage, or loss of a product they purchased with their card within the past 90 days, and they can be reimbursed for the amount paid for the item up to $10,000. Terms and conditions apply.

Price Protection 

With credit card price protection benefits, you could receive a refund if the price drops on an item you purchased with your card. This can happen a lot around the holidays, so it’s a good benefit to have.

With most credit cards, there is a time limit to take advantage of price protection, which is usually anywhere from 30 to 90 days after you make the initial purchase. That being said, you won’t get price protection for an item you purchased last year that suddenly went on sale the other day.

With price protection, you can save quite a bit if you purchase a big item like an appliance or a TV on your credit card and the price suddenly drops. That’s why it’s best to hold onto your receipts for at least 30-90 days depending on your credit card’s price protection terms.

Extended Warranty 

An extended warranty offered by your credit card company can be very similar to a manufacturer’s warranty in that it can add up to a year of additional coverage for certain purchases.

With some purchases, getting an extended warranty is definitely worth it even if it costs a little extra money. However, if your credit card offers an extended warranty, you may not need to purchase one on your own.


Credit Monitoring 

Monitoring your credit is very important because it can help you know where you stand and help you avoid situations like identity theft. Monitoring your credit is a good habit to adopt so you can track your score and see how your spending and payment activity affects it.

Instead of having to pay a monthly fee to have your credit monitored by a third-party service, you can see if your credit card issuer provides this service as a courtesy to cardholders.

Select Citi credit cards also provide you with your FICO score for free.

Rental Car Insurance

If you’re traveling and need a rental car, most credit cards offer free rental car insurance coverage as long as you pay for the rental car with your card.

The rental car insurance provided by your credit card can include coverage for collision damage or theft, but there may be some limitations to the coverage so don’t assume certain things are covered like the loss of items during a collision or personal injuries.

Some credit cards with rental insurance options may not even cover cars that aren’t standard, like large trucks or luxury car rentals, so it’s important to thoroughly read your credit cards terms if you’re thinking of taking advantage of this feature.

Airport Lounge Access 

Why pay to access an airline’s lounge when many credit cards provide you with this option for free?

Airport lounges are a great amenity to check out when you’re traveling or have a long layover. They tend to offer exclusive amenities including Wi-Fi, desks, comfortable seating, personal assistance, arrival recovery, and more.

The Citi Prestige card and the American Express Platinum card are just two credit cards that include free airport lounge access.

Final Word

It pays to read the fine print when reviewing your credit card terms because you could learn more about additional free benefits you can take advantage of.

Carefully review the card agreement details for any new or existing credit cards you have. You may not need benefits like rental car insurance or purchase protection all the time, but when you do, you’ll know how to access them for free with your credit card.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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How to Redeem Cash Back with Citi

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Citi is well known for offering quality credit cards with great balance transfer offers, but the Citi Double Cash card, in particular, is a strong contender for cash back rewards.

The Citi Double Cash card has no annual fee and offers unlimited 1% cash back on purchases plus an additional 1% cash back as you pay for those purchases.

This card also has a variable interest rate of 14.24% to 24.24% and a balance transfer APR of 0% for 18 months.

Even though Citi doesn’t have the highest cash back rate, the fact that you can earn unlimited cash back sets this card apart from others.

In this post, we’ll touch on:

  • How to earn and track cash back rewards with your Citi Double Cash card
  • Navigating through Citi’s online portal to access cash back rewards
  • How to redeem cash back rewards

How to Access Cash Back with Citi

To access your cash back rewards with your Citi Double Cash card, you’ll need to log in to your account by visiting You’ll see a screen similar to the one below. Then, you can log in with your credentials.

screen shot of Citi homepage

Next, you’ll see the main dashboard and all your card information. You’ll also see your cash back balance off to the right.

I have two Citi credit cards so I scrolled down to show my Citi Double Cash card along with where you can expect to see your cash back amount.

screen shot of Citi account dashboard

How to Redeem Cash Back

If you have a cash back balance that you’d like to redeem, you’ll want to click on the button that says “View/Redeem Cash Rewards.”

Once you click that button, you’ll be taken to a page that shows you an entire summary of your cash back earnings per billing statement.

Your cash back earnings will be split up between cash back earned from purchases and cash back earned from payments.

I just signed up for the Citi Double Cash card and have yet to make my first purchase so my cash back amount is currently $0, but when you have a balance, you’ll click the green button that says “Redeem” to move forward with redemption options.

Screen shot Citi redeem cash back

Next, you’ll be taken to a page with different redemption prompts to choose from. You need a balance of at least $25 in cash back before you can successful redeem your earnings.

Citi cash back buttons

As you can see, there are four different ways to redeem cash back with your Citi Double Cash card, and here is an explanation of each of them.

Gift Card

If you choose to redeem your cash back for a gift card, you must click the gift card option, then you’ll be directed to Citi’s gift card marketplace where you can choose from retail, restaurant, entertainment, and electronic gift cards.

Screen shot of Citi gift card redemption

Gift cards are worth $25, $50, and $100, and once you select one, Citi will mail it to you.

Statement Credit

You can also opt to use your cash back earnings as a statement credit to lower the current balance you owe on your Citi Double Cash card. Your statement credit will post to your account within 2-3 business days and will appear on your next statement after it is posted.

It’s also important to realize that Citi does not count a statement credit as a payment even though it will reduce your current balance. You must still make at least your minimum monthly payment by the due date if you want to avoid getting charged a late fee.

Direct Deposit

You can redeem cash back by transferring it directly to your bank account whether it’s a Citi account or not. In order to use this redemption option, you must have either linked your Citi checking or savings account OR have paid a Citi credit card bill at least two times from a non-Citi checking account.

Once you’ve done either of these things, all you need to do is enter in the amount you wish to deposit along with your account information when you redeem cash back via this option. The direct deposit will post to your account within 1-2 business days in most cases.


The final option you have to redeem your cash back is to do so by paper check. Just make sure Citi has the correct address on file for you, then allow 7-10 business days for the check to arrive in the mail.

Final Word

The Citi Double Cash card has one of the easiest online cash back redemption processes, along with plenty of options to accommodate your preferences.

Keep in mind that payments based on balance transfers, interest, fees, and cash advances won’t earn 1%, but you will earn cash back on all other purchases plus additional cash back when you make at least your minimum monthly payment on time.

The Citi Double Cash card is unique in that it rewards you for paying your monthly credit card bill on time, which is a good habit to adopt.

While there is a minimum cash back balance required in order to redeem your rewards, you can track your progress regularly by logging into Citi’s online portal.


Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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Credit Cards, Featured, News

3 Ways to Get a Credit Limit Increase

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

In many cases, a credit limit increase can sound like a good idea. If you start out with a credit limit of $2,000, for example, it’s good to know that your limit can increase in the future so you can have more buying power and find it easier to maintain a low utilization rate.

Sometimes, increasing your credit limit will not always be in your best interest because it can tempt you to overspend. In that case, it’s also easy to drive up your utilization rate, which is how much you are spending versus how much available credit you have. If your utilization rate gets higher than 20%-30%, it can begin to hurt your credit score.

What’s worse, by overspending and not paying your credit card balance off in full each month, you can get into debt.

If you’d like to secure a credit limit increase for a credit card and you know that you’ll have a good sense of self-control over your spending, there are quite a few ways to obtain a credit limit increase.

In this article, we’ll go over your different options when it comes to obtaining a credit limit increase and what you might want as an alternative.

How to Ask for a Credit Limit Increase on Your Current Card

One of the most common ways to obtain a credit limit increase is to simply ask for one. Most credit card companies and banks allow you to request a credit limit increase online or you can do it by phone.

We’ve gone through the process of requesting a credit limit increase with various banks in detail, including Wells Fargo, Capital One, Discover, Barclaycard, American Express, and more, if you need specific instructions regarding the process.

When requesting a credit limit increase, it’s important to make sure you meet the criteria to be considered. Some banks have certain requirements and like to see your account paid off and in good standing, a good credit score, and recent spending activity on your end.

If you haven’t been consistent about paying your credit card bill on time, that may work against you when you decide to request a higher credit limit.

On the other hand, if you’ve been managing your card well and paying your bill on time and would like more buying power, you may want to consider requesting a credit limit increase just to see what the end result will be.

Sit and Wait (Automatic)

Some credit card companies will offer you a credit limit increase automatically so you won’t need to do anything on your end.

If you’ve been spending on your card regularly, paying your bill on time, and keeping your utilization rate low, you may receive an offer to increase your credit limit automatically.

In this case, you can either accept or deny the offer. In most cases, accepting the offer will be your best bet if you like the credit card and use it from time to time. Even if you don’t use the card often, having a higher limit will only help lower your utilization rate as long as your spending doesn’t increase significantly.

Consider a New Card

If you’re on the fence about getting a credit limit increase, you can always consider signing up for a new credit card instead. Adding a new credit card to your wallet can increase the number of accounts you have, which can be a positive move for your credit if you only have a low number of accounts total.

Some new credit cards also have great sign-up bonuses so you can take advantage of more cash back offers, an extended 0% APR rate, balance transfers, etc., and these are benefits you might not be able to receive if you only increase the limit on your existing credit card.

To find out if you’ll be approved for a new credit card without hurting your score, you can get pre-qualified, which typically allows banks to peek at your creditworthiness via a soft inquiry. Getting pre-qualified for a credit card can reduce your risk of getting denied, and it’s pretty simple. Find out how to do it here.

Also, another reason why you might opt to just get a new credit card instead of considering a credit limit increase is if you don’t like or use your current card often. If you have an annual fee, a high-interest rate, and little reward opportunities with your existing card, it won’t make much sense to increase your limit and buying power.

Instead, signing up for a new and better credit card can be more beneficial and help you save money, especially if it has no annual fee.

Get a Personal Loan

If you are thinking about a credit limit increase because you need the extra money but don’t want to obtain a hard credit inquiry, a personal loan is an alternative option.

There are quite a few internet-only personal loan companies that allow you to see if you are pre-approved for a loan without involving a hard credit inquiry. Personal loans also tend to have lower interest rates than credit cards, so if your main intention is to borrow money to cover an expense, this may be a better option.

To see if you qualify for a loan, you can start shopping at LendingTree (which owns MagnifyMoney). You just need to fill out one application, and dozens of lenders will compete your business. The best part: the lenders use a soft pull, which means your credit will not be negatively impacted.

What to Do If You Get Denied

If you request a credit limit increase and get denied, you’ll usually receive a response explaining why you didn’t get approved. Once you know why you didn’t get approved, you can take the necessary steps to fix the issues outlined and request an increase again if you wish.

Be mindful that some banks will let you request a credit limit increase at any time, while others may require that you wait a few weeks or months before putting in a request again.

While waiting it out and correcting the issues that contributed to you getting denied should fix the issue, you can also try either of the alternative options mentioned above as well if you didn’t get approved for a credit limit increase the first time around.

Benefits of Requesting a Credit Limit Increase

Obtaining a credit limit increase can be a smart move and provide you with benefits like increasing your credit limit and having more buying power in the event that you need to use your card for a large expense or emergency. With a higher limit, you are less likely to max out your card.

A credit limit increase will also make it easier for you to keep your utilization rate low and preferably below 20%. The process may also be easier than applying for a brand new credit card, especially if you receive credit limit increase offers automatically.

Drawbacks of Requesting a Credit Limit Increase

Increasing your credit limit isn’t always the best option for everyone, so it’s only fair to go over some of the possible drawbacks of making this decision.

In some cases, you’ll receive an extra credit inquiry, which could be a hard credit inquiry when you request a credit limit increase. Increasing your limit can also increase the risk of overspending and getting into debt.

There’s also no guarantee that you’ll get approved for a credit limit increase, so your request can get rejected. Also, if you have a card with a high-interest rate and an annual fee, you might be better off signing up for a better credit card.

Final Word

Requesting a credit limit increase can seem like a good idea on the surface, but it’s not the best solution for everyone. You must determine your needs, current situation, and intentions before going through with your decision.

If you decide to move forward with obtaining a credit card limit increase, be sure to pay your credit card balance off in full each month and keep your overall utilization rate at 20% or lower.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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Credit Cards, Reviews

MasterCard Black Card Review: Is the $495 Annual Fee Worth It?

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

The MasterCard Black Card is an industry-leading luxury credit card offering an array of rewards and benefits to cardholders, but it comes at a price to the tune of a $495 annual fee.

While luxury credit cards are certainly not a necessity, they can offer a number of perks for individuals with high credit scores, a solid credit history, and the ability to manage credit responsibly.

In this review, we’ll go over the features of the MasterCard Black Card, including the pros and cons, fees, and fine print, along with some more affordable credit card alternatives if you’re looking to get the most bang for your buck.

Overview of the MasterCard Black Card

The MasterCard Black Card has a state-of-the-art patented design and construction with its stainless-steel front and carbon back. The card also has the latest chip technology (like many other credit cards on the market) to increase user security.

The card has a 15.49% variable APR and offers cardholder perks in categories like travel, cash back, gifts, unique experiences, and concierge services.


The MasterCard Black Card is a luxury card geared toward people who do a lot of traveling. Cardholders receive a $100 annual air travel credit, which can be used toward flight-related purchases, including airline tickets, baggage fees, and upgrades.

The card also provides users with complimentary Priority Pass Select membership, which offers access to over 900 airport lounges in more than 450 cities worldwide.

A Global Entry and TSA Pre? credit of $100 is also provided for card users who wish to enjoy expedited arrival into the U.S. from international destinations.

Other travel perks available with this card include:

  • Airport “meet-and-greet” services
  • Global luggage delivery (send your luggage ahead of time to almost any destination worldwide)
  • Personal chauffeur service
  • Car rental
  • Charter services
  • Cruise privileges
  • No foreign transaction fees
  • Travel accident insurance
  • 2x rewards points when redeemed for airfare

Cash back

Card users earn 1 point for every dollar spent. You can redeem your points as a statement credit or by depositing it into a U.S. checking or savings account. The redemption rate is 1.5%. For example, you can redeem 5,000 points for $75 statement credit or cash back.


Purchase luxury gifts from well-known brand names. Use your rewards points to purchase home items, electronics, sporting goods, and more.

Unique experiences

The MasterCard Black Card allows cardholders access to MasterCard’s Priceless program, which allows luxury card members to enjoy curated, invitation-only, once-in-a-lifetime experiences. These unique experiences are available worldwide and include anything from sitting courtside to meet-and-greets with top experts or obtaining exclusive access to a tournament.

Concierge services

Card users can take full advantage of an elite group of consultants who offer local and global concierge services 24/7, whether you are looking to plan a trip, find the perfect gift, or maximize your rewards points.

Fine Print and Fees

While it’s no secret the MasterCard Black Card comes with a hefty annual fee of $495, you may not know adding an authorized user to your card will cost an extra $195 each year.

While there is no foreign transaction fee or penalty APR, there is a late fee of up to $37 if you don’t make your minimum payment on time and a minimum interest charge of 50 cents.

For cash advances, the APR is 25.74%.

If you redeem rewards points for travel, all bookings are final and nonrefundable. A fee of $35 will apply if you need to make modifications to your original booking.

If you redeem points for cash back and deposit it into a checking or savings account, it takes an average of 3-4 days for the deposit to come through, and there’s a daily limit of $500.

How to Earn Redeem Points

Card users earn 1 point for every dollar they spend on purchases.

You can redeem your points for travel (airfare, hotel, and car rentals), cash back direct deposit to a U.S. checking or savings account, statement credit, gift cards, or merchandise.

  • Airfare redemptions start at 50 points for $1.
  • Cash back direct deposit into a U.S. checking or savings account and cash back statement credit redemptions start at 67 points for $1.
  • Hotel stays and car rental redemptions start at 100 points for $1.

Your points are redeemed at a rate of 2% when redeeming for airfare. For example, 50,000 points will provide you with $1,000 in airfare redemptions.

To redeem your points, you must go to and log in to your account, or call the customer service number on the back of the card.

Pros and Cons

Pro: Variety of travel-related rewards.

Con: High annual fee and additional annual fee if you add an authorized user.

Pro: No limit to the total points you can earn as long as your account is open and in good standing.

Con: Can’t transfer points to other programs.

Pro: 24-hour concierge service.

Con: No introductory sign-on bonus to earn extra rewards points.

Other Options

While the MasterCard Black Card has its perks for users who do a lot of traveling, there are some more affordable credit card options on the market that provide even better rewards so you can get more bang for your buck.

The MasterCard Black Card had an introductory sign-on bonus when the card was first released, which practically paid for the annual membership within the first year. However, this promotion has since ended making it hard to justify paying a $495 fee every 12 months.

Cards offering double or triple rewards points for specific expense categories and providing introductory sign-on bonuses are a great option if you are looking to maximize your rewards, especially for travel.

Here are some great alternatives to the MasterCard Black Card.

Barclaycard Arrival Plus® World Elite Mastercard®

The Barclaycard Arrival Plus® World Elite Mastercard® is another great travel card that is more affordable than the MasterCard Black Card but still provides competitive rewards. Cardholders can enjoy 40,000 bonus miles (which converts to a $400 travel credit) after spending $3,000 on purchases during the first 90 days after signing up.

Card users also earn 2x miles on all purchases and 5% miles back every time they redeem rewards. There are no foreign transaction fees, and miles don’t expire as long as the account is open and in good standing. The $89 annual fee for this card is waived during the first year.

Capital One® Venture® Rewards Credit Card

The Venture card from Capital One is an affordable option for people who wish to earn travel rewards without having to pay a high annual fee. The $95 annual fee for this card is waived during the first year.

The sign-up bonus for this card allows you to earn 50,000 bonus miles (equal to $500 in travel credit) after you spend $3,000 on purchases within the first three months.

Cardholders also earn 2x miles per every dollar spent on purchases, every day. This card has added features and benefits like fraud coverage, travel protection and upgrades, and price protection. You can book travel for any airline, stay at any hotel, avoid blackout dates, and miles never expire.

Final Word

Luxury cards like the MasterCard Black Card come at a high cost that may not even justify the use of the card, which can leave consumers feeling underwhelmed.

Being able to carry around a stainless-steel card that is only available to the “elite” sounds nice, but it’s important to make sure you’re getting the most bang for your buck.

Do you really need someone to greet you at the airport and chauffeur you around town?

Probably not, but you may need a $400 travel credit so you can fly out to see your family for the holidays.

While the MasterCard Black Card offers plenty of variety in terms of travel rewards, it focuses on the quantity of options as opposed to quality. The $100 annual airline credit is minimal when compared to other cards like the Barclaycard Arrival Plus® World Elite Mastercard®, which offers a generous sign-on bonus along with opportunities to earn double miles.

The $495 fee associated with this card seems astronomical when you compare it to other cards that offer similar or even better benefits and won’t cost you as much each year.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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AccountNow Gold Visa Prepaid Debit Card Review: High Fees Make This Card a Last Resort

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

accountnow prepaid debit

AccountNow is marketed as a prepaid debit card that is safer than cash, easy to load and use, and an alternative to a traditional checking account. But a MagnifyMoney review finds AccountNow’s Gold Visa Prepaid Card carries fees that may make it too prohibitively expensive for most people to use.

The fees associated with this card make it a risky bet for cash-strapped consumers looking for a checking account alternative. While it’s free to signup and activate the card, the monthly maintenance fee ($9.95/month) alone adds up to $119.40 per year. The card has also received quite a few complaints from cardholders with the Better Business Bureau, which raises a red flag.

In this review, we’ll go over the features of the AccountNow prepaid debit card, including the pros and cons. We’ll also get to the bottom of the fee structure and expose any hidden fees this card may have.

Why you should use prepaid debit cards

If you’re worried about overspending or you have a poor history with traditional bank accounts, prepaid debit cards can be an ideal alternative. Prepaid debit cards work similar to bank-issued cards because you can deposit and withdraw money and use the card to make purchases.

However, since you can only spend what you have loaded onto the card, it eliminates the risk of overdrafts and spending more than you can afford.

It’s important to know that not all prepaid debit cards are created equally. There are dozens of options to choose from and some cards carry fees that can quickly become expensive.

Overview of the AccountNow Gold Visa Prepaid Card

With the AccountNow Gold Visa Prepaid Card, you can add money to your card through a variety of different methods, shop everywhere and access thousands of different ATMs, send money and pay bills, and earn discounts and rewards.


While the AccountNow Gold Visa Prepaid Card may help you avoid overdraft fees that traditional banks have, there are many different fees to consider before signing up. These fees include:

  • Monthly service charge of $9.95
  • ATM withdrawal fees
    • U.S. ATM withdrawals – $2.50 per transaction
    • Non-U.S. ATM withdrawals – $4.95 per transaction
  • Teller cash withdrawal – 3% of amount withdrawn
  • Balance inquiry at ATMs – $1.50
  • Reload at retail locations – up to $4.95 (varies by retailer)
  • Automated Clearing House (ACH) debit fee (charged each time funds are withdrawn from your card account using your account and routing number) – $2.50 per transaction
  • Monthly paper statements – $1 per statement
  • Additional debit card – $10
  • Expedited shipping of replacement card – $25
  • Expedited Bill Pay service – $9.95 (whenever you request to have your funds delivered 1-4 business days faster using the Bill Pay service)
  • Foreign currency conversion – 3% of total transaction amount

According to AccountNow’s listing with the Better Business Bureau, they have hundreds of customer complaints, and many of them are complaints about the fees associated with this prepaid card.

Most customers complained that AccountNow didn’t disclose any of their fees when they signed up and the fees were very inconvenient. Imagine needing to withdraw cash from an ATM or wanting to expedite their Bill Pay service and being faced with an extra fee.

A quality prepaid debit card shouldn’t cost you much money each month.

Direct Deposit

While AccountNow states you can get your paycheck up to two days earlier when you sign up for direct deposit, that is not a guarantee.

How soon you receive your paycheck depends on your employer’s payment processing system and how soon they notify the bank of direct deposit paychecks. Prepaid card holders with AccountNow do receive account and routing numbers to set up direct deposit with an employer, but you will have to verify with your specific employer to make sure you can set up direct deposit. Speaking with them directly may also give you a better idea about how soon you’ll receive your funds.

Options to Load Money onto Your Card

Direct Deposit

Direct deposit is free to set up, and you can get paid up to two days faster (depending on your employer’s payroll process and timing). When you sign up for direct deposit, you may also qualify for a $15 bonus.

Use a Loading Network

You can also add cash by using a cash load network like Green Dot’s MoneyPak and Reload at the Register, Western Union, Visa ReadyLink, or MoneyGram. You can find many of these loading networks at locations like Walmart, 7-Eleven, CVS, Kmart, Walgreens, UPS, and more.

With any of these methods, your money will be available within 30 minutes. However, it’s important to keep in mind some stores may charge a small fee to load your card with one of these networks.

Using MoneyGram may be the most affordable option because most stores that offer MoneyGram only charge $3.95 to load your card.

Deposit a Check

If you have a government, payroll, or personal check, you can deposit it for free from your smartphone by using the Ingo Money App. When you use the app to deposit a check, funds are available immediately for a small fee or within 10 days for free.

Making Purchases and Withdrawing Money

You can use your AccountNow Gold Visa Prepaid Card to make purchases anywhere Visa cards are accepted. You can use your card to shop online, reserve rental cars, pay for travel, and more.

AccountNow has a Visa Zero Liability policy. As long as you carry this card, it protects you from unauthorized purchases that can occur as a result of identity theft.

When it comes to withdrawing cash from your card, you can select any ATM, but you may be subject to a fee.

To reduce ATM fees, AccountNow suggests visiting surcharge-free ATMs, or you can request cash back when making purchases at the store.

Options to Send Money and Pay Bills

Paying bills is easy with the AccountNow Gold Visa Prepaid Card because cardholders can simply log on to their bill company’s online portal and enter their card number to pay bills online, or they can use the AccountNow Bill Pay feature to plan ahead and create a list of monthly bills and the due dates so they can be automatically paid each month.

Discounts and Rewards

If you set up direct deposit, you can get $15 credited to your account. In order to qualify for this offer, within six months after being approved for your AccountNow prepaid card, you must have at least $500 deposited into your account via direct deposit for two consecutive months.

AccountNow also has a refer-a-friend program where you can earn $20 and your friend can earn $10 when they sign up for an account using your referral code and add at least $10 to their card within 60 days of applying and signing up.

How to Get Approved

To open an account for a prepaid debit card with AccountNow, you need to be at least 18 years old. You can go to their website to sign up online or call the company at 866-925-2036 to sign up by phone.

The application process is free, and you need the following information: your name, phone number, email, address, mailing address (not a P.O. box), and Social Security number.

AccountNow also states on their website there is a 100% approval rate (subject to verification), and there are no credit checks or activation fees.

How to Access Your Account

Once you open an account and receive your prepaid Visa card, you can go to the Customer Center to view your account balance, transaction details, and user information.

You can also get information about your account on your cell phone via SMS alerts. Carrier message and data rates may apply, but you can set up automatic notifications to receive text messages any time money is deposited into your account.

Fine Print

The terms of this card come with quite a bit of fine print, and you’ll want to review all of it before opening an account.


Applying for and activating your card is free. It takes 5-7 days for your card to arrive after you sign up. There is no minimum balance requirement, but there is a monthly fee of $9.95, which is high compared to other leading prepaid cards. AccountNow also provides free monthly statements, but charges $1 for paper statements.

Loading Money onto Your Card and Making Withdrawals

The maximum daily limit is $10,000 for direct deposit and $1,500 for cash loads. Third-party money transfer services used to load funds to your card may have their own daily, weekly, or monthly limits on the frequency or amount of cash you can load.

AccountNow encourages cardholders to view their specific cardholder agreement for specific details.

There is a daily limit on how much you can withdraw from your card as well. AccountNow says these limits may vary and recommends cardholders refer to their specific cardholder agreement for more details.

Transaction fees and usage limits can also change without prior notice, except as required by law.

Using Bill Pay

Cardholders can make payments to anyone in the U.S and U.S. territories. However, AccountNow discourages people from making the following payments:

  • Tax payments to the Internal Revenue Service or any state or other government agency
  • Court-ordered payments, such as alimony or child support
  • Payments to insurance companies

Fees may apply for expedited requests.

If you are setting up automatic Bill Pay, you can choose from the following options:

  • Weekly
  • Every other week (payment will be made 14 days apart)
  • Twice a month (your first payment will be the same day every month, with the second payment 15 days later)
  • Monthly
  • Every two months
  • Every three months
  • Every six months

Pros and Cons

Pro: 100% approval rate and no credit check as long as you can verify your identity.

Con: Monthly fee of $9.95.

Pro: No minimum balance requirement, but if you don’t at least have enough money in your account to cover the monthly fee, it will go negative.

Con: Low ATM withdrawal limits.

Pro: Using the card is safer than cash because your purchases are protected.

Con: Expedited fees to pay bills faster or clear deposited checks quicker can be inconvenient and costly.

Pro: Ability to set up direct deposit and receive a $15 bonus.

Con: ATM fees are unavoidable unless you get cash back or find a surcharge-free ATM.

Pro: Automatic Bill Pay.

Con: Many different fees to consider that can add up, such as calling customer service or checking your balance.

Pro: Referral bonuses for signing up friends.

Con: Daily limit for direct deposit and cash deposits.

Other Prepaid Card Options

Given the pros and cons of the AccountNow Gold Visa Prepaid Card, their high fees overshadow most of the benefits leaving much to be desired in terms of a good prepaid card. Below are two alternative options with much lower fees.

Kaiku Visa Prepaid Card

Kaiku is a prepaid Visa card that allows you to load money onto your card easily and even transfer funds from PayPal and Amazon. The Kaiku card has a $3 monthly maintenance fee that is waived as long as you load at least $750 onto the card each month.

There are also no ATM fees when using this card as long as you use in-network Allpoint ATMs.

American Express Serve

American Express has three different Visa prepaid cards, including a cashback card that provides cardholders with unlimited 1% cash back for every dollar spent in-store and online.

American Express Serve’s basic card provides free early direct deposit, free online bill pay, and free ATM withdrawals at over 24,000 MoneyPass ATMs, along with helpful tools to help you manage your money.

While the American Express Serve cashback card has a $5.95 monthly fee, the basic American Express Serve prepaid card has a $1 monthly fee that is waived as long as you set up direct deposit for at least $500 every month.

Final Word

The AccountNow Gold Visa Prepaid Card seems like a last resort option for people who don’t qualify for a regular checking account at a traditional bank and want to control their spending.

If you want to deposit money for a large purchase or withdraw cash from the ATM, you may not like encountering some of their daily deposit or withdrawal fees either.

Overall, the fact that cardholders can pay their bills easily on time, set up direct deposit, earn small rewards, and use their prepaid card just like a bank debit card to make purchases at their favorite stores and online can make this card look attractive.

However, there are much better prepaid cards on the market with lower fees and less limitations even if you have a poor banking history.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at


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Trulioo Review: The Global Identity Verification Company Helping Businesses Fight Fraud

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Trulioo Review

Having the proper level of online security in place to guard against fraud is something your customers expect of you. In the digital space, trust and security are very important to your customers, but it’s also important for you to verify customers’ identity to keep your business safe.

Trulioo is a global identification verification company that provides advanced identification verification analytics and helps businesses prevent the risk of fraud and comply with cross-border anti-money laundering (AML) and know your customer (KYC) rules.

Trulioo’s service offers comprehensive identity intelligence data from more than 100 trusted sources all over the world, and the company has the ability to verify over 4 billion people in more than 60 countries.

In this review, we’ll go over the features of Trulioo’s solutions, along with how their service works and how it stacks up against other identity verification companies in the industry.

Overview of Trulioo’s Service

Trulioo’s main goal is to help their clients build a framework of trust and security online. They focus on trust, privacy, and inclusion. There are three main solutions Trulioo provides, which are highlighted below.

Identity Verification – Trulioo’s identity verification solution is called GlobalGateway, an international electronic identity verification product designed to meet anti-money laundering (AML) and know your customer (KYC) rules and compliance requirements. GlobalGateway minimizes the risk of online fraud with its identity and age verification features, and it has flexible integration options.

Data Exchange – Trulioo’s Data Exchange solution allows their customers to safely select data partners and clients who are interested in providing access to consumer data for electronic identification verification (eIDV).

Customers can search through the database to see which potential partners are verified or not verified and earn new revenue by monetizing their data through hundreds of global customers.

AML Watchlist Services – The AML (anti-money laundering) watchlist is a list of individuals who are suspected (or convicted) of various financial crimes and restricted from doing business in certain countries. These lists originate from government sources, international regulators, and law enforcement agencies.

Trulioo’s comprehensive global AML watchlist allows financial service providers and financial institutions to meet compliance rules with real-time watchlist checks against known or suspected entities and individuals that are associated with risky activities like money laundering, terrorism, financial fraud, arms proliferation, drug trafficking, or politically exposed persons (PEPs).

How Trulioo Works

Trulioo uses quality sources, including government, credit, utility, and telco, to fuel the data for their solutions. They work with leading data source providers to ensure the integrity of their service.

Companies interested in trying out Trulioo’s solutions can request a demo at any time. There are two main ways to use Trulioo’s service.

Online Portal – Trulioo has an online portal for their GlobalGateway product that allows customers to easily verify people from the customer’s own web browser. The portal provides instant identity and address verification in more than 60 countries, and customers can access information from up to 200 data sources around the world.

The portal also provides automated watchlist checking and won’t take up any space on your computer since there is no software to be installed.

Open APIs – An API, or application program interface, is a set of routines, protocols, and tools for building a software application. This allows Trulioo customers to implement the GlobalGateway platform into their own online environment.

How Much Trulioo Costs

Trulioo offers free 7-day trials for their services with limited access so customers can give their software a try before committing to making a purchase. They also allow you to book a demo directly from their website.

There are three levels of pricing for the GlobalGateway product:

National – $19 per month

International – $79 per month

Enterprise – Contact Trulioo for pricing

Transparency Levels

Trulioo openly shares a lot of information about their products right on their website, including their prices, with the exception of their enterprise level monthly subscription. In-depth brochures, product videos, reference papers, and more can also be easily accessed from their website.

They invite companies to reach out to them with questions, comments, or concerns and have support teams available 24/7 in many countries.

For additional information, Trulioo has a helpful FAQ page with information about their products, how they collect data, and more.

Alternative Identity Verification Services

Identity verification services like Trulioo create a safe and secure environment for businesses and their customers. Here are two other companies that offer similar solutions and products to Trulioo.


Jumio offers digital identity verification services to businesses so they can complete transactions safely and securely. They service a wide variety of industries, including finance, retail, travel, and gaming, and authenticate identification credentials issued by more than 130 countries.


Veridu provides identity verification solutions to prevent fraud and solve all issues faced by e-commerce companies like verified onboarding, verified transactions, and verified activity. Veridu has free demos available on their site so potential users can test their services and view what it looks like from a customer’s perspective.

Final Word

Trulioo offers a comprehensive identification service that solves online identity verification challenges and fraud risks that businesses face. Trulioo uses real and reliable data sources, and their GlobalGateway product is easy to implement.


Unlike other identification verification companies, Trulioo openly offers a free trial on their site along with pricing information for their services so potential customers can test out their product and obtain a realistic idea of how it will fit into their budget.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at

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Earning Cashback

How to Redeem Cashback with Capital One

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

How to Redeem Cashback with Capital One

Capital One offers a credit card option for everyone, whether you’re a student, consumer looking to earn rewards, or a business owner. If you’re looking for a flexible cashback card with no annual fee, the Capital One Quicksilver card is an excellent choice because the card allows you to receive cashback on everything you purchase.

In this post, we’ll touch on:

  • How to earn and track cashback rewards with your Quicksilver card
  • Navigating through the Capital One online portal to access cashback rewards
  • How to redeem cashback rewards

Since you can earn cashback on every purchase you make, it’s very easy to rack up cashback rewards with the Capital One Quicksilver card. Cardholders receive 1.5% cashback, which isn’t the highest rate on the market, but it’s unlimited and there are no quarterly, rotating categories you need to sign up for. The only way you’ll ever lose rewards is if your account is closed. 

How to Access Cashback with Capital One Quicksilver

To access your cashback rewards, you’ll log in to your account by going to You’ll see a screen like the one below, where you can click ‘Sign In’ in the US Credit Cards column in the Credit Cards category.


After you log in to your account, you’ll be taken to the main dashboard. If you have more than one Capital One credit card, you’ll need to look at the account that says “Quicksilver” or “QuicksilverOne,” which will display a preview of your cashback rewards amount. 

Earned rewards are usually visible online within 10 days, but may take up to two statement cycles to post to your account.


The amount you have in cashback is clickable and will take you to the My Rewards page that shows more details about earning and receiving cashback. 

How to Redeem Cashback Rewards

You can view all your options to redeem your cashback rewards on the My Rewards page. Cardholders can set up automatic redemption preferences for their cashback or request it manually.


If you use your card every day and regularly earn cashback, you might find it convenient to set up an automatic redemption option, and you can even set up your account to redeem cashback when you reach a certain threshold like a $25 or $50 in cashback.

Setting Up Automatic Redemption for Cashback Rewards

Step 1: To set up automatic redemption for your cashback, click on “Set Auto Rewards Preferences” at the bottom of the My Rewards page (as seen in the screenshot above). 

Step 2: After you click on it, a pop-up window will appear, and you’ll need to click the green “Let’s Get Started” button to set your preferences. capone4

Step 3: Next you’ll choose where you’d like your rewards to go. You can choose from a credit to your account or a check by mail.


Step 4: Now you’ll choose when you want your cashback rewards to be redeemed. Since the amount of cashback you receive depends on the amount of purchases you make and how often you use your Quicksilver credit card, it might be tricky to pinpoint when you’d like to redeem cashback rewards, but you can always change your preference later.


If you prefer to redeem your cashback when it reaches a certain amount, you can choose between the following thresholds: $25, $50, $100, and $200.

If you choose to have it redeemed by date, you can choose your month, and you’ll receive whatever cashback you earned on the fifth of every month.

Capital One Quicksilver cardholders who don’t want to set up automatic redemption preferences for their cashback rewards can redeem cashback easily by doing it manually from the My Rewards page after signing in to their online account.

Plus, there are more options available when you choose to redeem your rewards manually.

Redeeming Your Rewards for Cash


If you’d like to redeem your cashback for cash, you can choose between getting an account credit, receiving a check in the mail, or applying your rewards to purchases you’ve made with your Quicksilver card.

If you are carrying a balance, the option to redeem cashback for purchases may come in handy by helping you pay down your balance and avoid some interest charges.

Gift Cards


There are more than 80 gift cards you can receive for retailers, restaurants, online stores, and more when you redeem your cashback rewards. Some gift cards are only available in certain amounts, so if you only have $10 in cashback, for example, you’ll be able to get an Amazon gift card but you won’t have enough to get an Applebee’s gift card. 



If you want to donate your cashback, you can start that process by clicking on the “Donate Now” button on the My Rewards page dashboard.

Clicking on that button will direct you to, where you can search for charities and nonprofits and redeem your cashback so you can donate it to a cause you support. 

Transfer Rewards to Another Account


You may be able to transfer your cashback rewards if you have another Capital One account. Rewards transfers are only permitted between certain Capital One accounts, so you’ll need to check eligibility by typing in the account number and your last name to see if this option is available to you.

If you are able to transfer your rewards to another Capital One account, it’s free to do, and you can transfer your rewards to friends’ or family members’ accounts so you can redeem them faster.

This is a great option if you are planning a trip with family or friends and want to use credit card rewards to supplement the travel costs.

The rewards you transfer don’t expire. 

Final Word

Earning cashback with a Capital One Quicksilver card is as easy as making a purchase. When it comes to redeeming your rewards, the process is also simple and you have plenty of redemption options.

Cardholders who use their card regularly should set up automatic rewards redemption preferences for added convenience. The simplified process of redeeming rewards along with the various options available and the fact that rewards never expire (as long as your account is in good standing) make it easy for cardholders to enjoy the benefits of earning and redeeming cashback.

Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at