Author: Digital Dan

Here is a typical query from clients who have gotten school loans: Is it possible to get help paying off or having my federal student debts forgiven? The answer is yes. This article will expound on $10,000 Student debt forgiveness Program.

The recent policy for forgiving $10,000 in US Student Loan debt

To handle the financial consequences of the epidemic, the Biden-Harris administration provides targeted debt relief. The Education Department will offer debt cancellation for Pell Grant recipients whose loans are held by it of until $20,000 and for non-Pell Grant recipients of until $10,000.

The basics of the policy and who are the intended demographics for forgiveness

If an individual borrower’s income is less than $125,000 ($250,000 for married couples), they are eligible for the relief. This measure will not help high-income individuals or households (those in the top five percent of incomes). The student loan repayment moratorium will be pushed one final time through 31st December, this year to ensure a smooth transition to repayment and avoid unneeded defaults. The anticipated return of payment to debtors is in January the following year.

The policy will Improve the manageability of the student loan system for both present and future students by:

• halving the monthly payment for student loan debt. The Education sector is proposing a repayment schedule that shields the low -income students from being required to make any payments at all and caps monthly payments for bachelor loans at 5percent of total of a debtor’s take home pay. This translates into a reduction of more than $1,000 in the average yearly loan payment for both present and prospective borrowers.

• suggesting a rule that gives proper credit toward loan forgiveness to students who have worked for charitable organizations, the military, or local, state, or federal governments, we can fix the faulty Public Service Loan Forgiveness (PSLF) program.

• bringing down the price of college and holding institutions accountable when they raise fees.

steps necessary for forgiveness of student loan debt

1.Make sure you meet the income requirements.
Borrowers who earn less than $125,000 annually, married couples, or household heads who make less than $200,000 will only be eligible for relief.

2. Make sure your debts are eligible
   Because the vast majority of borrowers, fall under the William D. Ford Federal Direct Loan Program, they will all be qualified for the forgiveness. This group contains all Direct federal student loans, including subsidized and unsubsidized, and Direct Stafford Loans. Parent Plus and Graduate debts are also eligible for the assistance under the Direct program.

3. Assemble records

The number of students seeking loans to stabilize their education has been increasing, especially across the United States. For instance, according to the National Center for Education Statistics, around 30% and 40% of undergraduate students seek federal loans across the United States each year.

It is not guaranteed that the number of those students seeking loans for higher education will decline, but it will increase anonymously in the future. For example, according to the NCES report, the percentage of graduates who had acquired federal loans for their education was around 75% in 2021, which is 5% more than in 2020.

Such expectations are posed by high demand and rights to acquire education. However, receiving higher education in the United States is merely costly, and indeed, most students, like those from disadvantaged families with an unstable financial background, find it difficult to finance their education. Due to such reasons, students apply for loans to facilitate their learning by paying tuition fees, accommodations, and other personal upkeep.

Although students benefit much from these federal loans, most of them face difficulties when the repayment period reaches. For instance, those who won’t get stable jobs after graduation have little to make repayment arrangements.

As well, the graduates from less disadvantaged families have little chance to pay the loan at the right time. Repaying education loans is not as easy as they always accrue to large amounts by the time the higher education process ends.

Many students complete their loans, entering into default and increasing the debt of federal loans for education across the nation. For example, according to the Students Loans Debts Statistics 2022 report, the current student loan debt is more than $1.7 trillion.

Most students desire higher education loans for their learning process to become smooth. However, there is fear of the consequences of repaying. As a result, so far, students are opting into Student Loan Forgiveness Options to be in a safe position if they are in a dilemma of failing to pay.

List the options available to forgive US student loans
Most people wonder if the federal government could ignore their student loans. Absolutely, student loans are forgivable under certain circumstances.

Here are some available options for forgivable US student loans.

1. Public service loan forgiveness
   This option is available for direct loans for those employed by not-for-profit organizations or the government. If you work in this category, you might be eligible for loan forgiveness under the Public service loan forgiveness. This program forgives the remaining balance of direct loans after 120 qualifying monthly installments under a qualifying repayment plan while working full-time for qualified employers.
   
2. Teacher loan forgiveness
   The teacher loan forgiveness option is available for FFEL program loans and direct loans. The choice is available for those teaching full-time for over five years and in a low-income educational agency, secondary or elementary school. Individuals meeting these requirements might be eligible for a student loan forgiveness of up to $17,000 or their FFEL or direct program loans.
   
3. Income-driven repayment plans
   Income-driven repayment plan option is for those that repay their loans under a repayment plan based on their income. After making a particular number of payments over some time, any remaining balance is forgiven.
   
4. Military service
   If you join the military service, you will likely receive special benefits for your student loans from the United States defense and education departments. These benefits are acknowledgments for your services to the country. The benefits include caps on interest rates under The Servicemembers Civil Relief Act and the department of defense American armed forces.
   
5. AmeriCorps
   Americorps is an award given to partoco0atns who complete a term of national service in an approved AmeriCorps program. If you complete your nation’s service successfully, you will be eligible to receive this Segal AmeriCorps award which can be used to repay qualified student loans.
   
   Conclusion
   If you leave college with huge debts, there is a high chance that your loan can be forgiven, called, or discharged in some situations. When you’ve been given loan forgiveness, you are not required to pay your loan in full or some amount. If you want to know more about loan forgiveness and if you are eligible, the above information about forgivable options will help you.

Are you looking to earn money online seated on your couch? Online surveys can be an excellent source of additional income. Most companies use surveys to collect information about their product and services. With numerous paid survey websites, finding legit and high-paying ones can be daunting. Here we list down the top ten paid survey websites.

1. Swagbucks
   This survey company is among the largest and most reliable survey sites. Swagbucks has massive popularity with over 20 million members and over $764 million paid in cash rewards. The usual tasks include taking surveys, playing video games, and watching videos where you are rewarded points that can be redeemed for cash.
   
   Each survey earns between 40 to 200 Swagbucks, converting to 40 cents and $2. Swagbucks boasts of plenty of positive reviews, with most people praising its decent pay.
   
2. LifePoints
   This survey company also allows taking surveys for virtual points (LPs). These points can then be redeemed for e-gift cards and PayPal cash back. Over the last year, the company claims to have paid more than $22 million. With over 5 million members globally, LifePoints is legit and popular.
   
   550 points equals $5, and a 15-minute survey can earn around 100 points, so you could earn $4 in an hour. The pay for each survey varies on urgency and length.
   
3. Toluna Influencers
   Toluna allows you to select survey topics. Through the site, you can share your ideas and opinions with market leaders such as Coca-Cola and Amazon. It’s a legitimate and popular global paid survey website.
   
   There are a good number of surveys with most paying between 2000 and 6000 points. You can redeem these points for PayPal or gift cards. $1 is approximately 3000 points.
   
4. Survey Junkie
   Survey Junkie is a well-designed paid survey platform with a community of millions of people globally. This popular survey site is easy to use and pays decently utilizing a point system.
   
   Each survey pays an average of 100 points which can be redeemed for cash on PayPal or e-gifts. For 500 points, you get paid $5.
   
5. Branded Surveys
   This global online survey community provides a high volume of paid surveys. It’s among the world’s leading market research communities.
   
   With its easy-to-use interface, you can complete plenty of surveys whose pay ranges from 50 to 500 points, with 100 points worth $1. Money is paid through gift cards or cash via PayPal or Branded Pay.
   
6. InboxDollars
   A popular paid survey website, through InboxDollars, it is easy to make money by taking surveys. You can also get paid to read emails or play games. InboxDollars is an award-winning company that has paid over $80 Million in cash rewards.
   
   Surveys pay between $0.50 to $5.00 and can take 3 minutes to complete. Some surveys pay handsomely, more than $10
   
7. Opinion Outpost
   Opinion Outpost has over 2 million global members. With plenty of paid online surveys, the website pays out over $390,000 monthly.
   
   Surveys pay 50 points, and some can reward 250 points. 100points is worth $1, and the money can be redeemed through Amazon, App Store, iTunes, and Paypal.
   
8. MyPoints
   Earn points by completing surveys through this reputable website. You receive a $10 joining bonus. MyPoints surveys pay around 100 points which equates to $0.6. The rewards can be redeemed using gift cards or Paypal.
   
9. I-Say (IPSOS)
   I-Say is a well-trusted paid survey website that connects you to IPSOS market research. They usually send out survey invites via email.
   
   Each survey pays out in points which is usually about $1. You can redeem the money through e-gifts, VISA, or PayPal. You’ll have to wait 96 hours upon registration to make your first withdrawal.
   
10. PrizeRebel
    PrizeRebel has over 2 million users worldwide. This online survey website provides surveys that pay, on average, 20 points for a 10-minute survey. 100 points are worth $1.
    
    It has paid more than $2.5 million in gift cards and through PayPal.

What Are Surveys?
A survey is a method of data collection where you complete a list of questions asking you to provide your honest feedback. Also called paid surveys, companies use them to collect quantitative data about their products, and services.

The feedback gathered from members is commonly used to improve current and upcoming products and services. Surveys are usually conducted by mail, phone, or via the internet, but the most popular form of surveys today are online surveys or paid surveys.

How Do Survey Sites for Cash Work?
Well, it’s really easy. Simply sign up for a free account. The survey site will require you to provide your details which they will use to match your profile with surveys. When new surveys that match your profile are available, you’ll receive emails or notifications on your phone.

Now, answer the questions and share your honest opinion on a variety of topics. For each survey you complete, the site will reward you with points or cash. In the case of points, you can convert them to gift cards, PayPal payments, and other rewards. However, to cash out, you must reach the minimum threshold.

Can You Make Money From Surveys for Cash?
Yes, you can make money from surveys for cash. In fact, companies are willing to pay you anywhere from a few bucks to $1,000 or more per month. This depends on the number of surveys you qualify for in a month and the survey sites you join.

For example, OneOpinion rewards you points – 500 or 1,000 per survey. They then convert the points to actual rewards which means you can make anywhere between $1 to $5 per hour completing surveys.

Swagbucks is another survey site that pays anywhere between $0.50 to $5 or more per hour. Once you achieve the threshold, redeem your rewards from hundreds of options available, including gift cards.

Are Surveys for Cash Real?
Yes, some of the survey sites available online are legit, while others are scams. The legit survey sites offer compensation in the form of reward points or cash. The top five legit survey sites you can find online include:

Swagbucks

Inboxdollars

Toluna

i-Say

MyPoints and many more

Some of the sites offer lots of opportunities for surveys, while others offer fewer surveys. To make money, you need to complete lots of surveys and sign up on multiple survey sites.

While advancements in futures trading have intensified in the 21st century, this financial industry sector has a diverse and rich history. The history of the futures markets in the US centers on how people continuously tried to enhance the efficiency of the commercial sector. Read on to learn more!

A Quick Look into How Commodity Futures Markets Began in the US
By the 1840s, telegraph and railroad lines connected Chicago to the East, transforming the city into an economic hub.

The invention of the McCormick reaper during the same period led to an increase in wheat yield. Farmers from the Midwest traveled to Chicago to market their wheat to brokers, who distributed it nationwide.

Framers transported their wheat to Chicago, hoping to sell it for a profit. The city had limited grain warehouses and no standardized grain sorting or weighing processes. Therefore, the farmer was frequently at the mercy of their broker.

However, in 1848, the Chicago Board of Trade (CBOT) was established, where farmers and brokers could meet to exchange cash for prompt commodity delivery, also known as a forward contract. Their initial forward contract was corn. By 1865, the board had developed a standardized process for futures contracts.

Over the years, the CBOT changed its title before settling on Chicago Mercantile Exchange (CME) in 1919. The CME acquired NYMEX Holdings, Inc., the majority owner of the New York Mercantile Exchange and Commodity Exchange, in 2008, solidifying its position as the world’s biggest futures exchange.

How Commodity Futures Evolved into What They Are Today?
As we recognize them today, the futures contracts evolved as cultivators (sellers) and traders (buyers) started to pledge to forthcoming grain-for-cash dealings.

For example, the cultivator and the trader would negotiate a price for the delivery of 10,000 bushels of grain at the end of the month.

Such agreements benefited both parties. The farmer was aware of the price they would receive for their wheat, and the buyer was aware of their expenses. Moreover, the parties could sometimes exchange a formal contract and a modest sum of money as a ‘guarantee’ to honor their agreement.

These contracts became popular and were even utilized as security for bank loans. Additionally, they started shifting hands prior to the date of delivery. If the trader decided he did not desire the wheat, he could sell the contract to another buyer. Alternatively, the farmer who does not wish to provide his wheat could transfer their responsibility to another farmer.

The price would fluctuate based on wheat market conditions. If terrible weather occurred, those who had agreed to sell wheat would have more value contracts since the supply would be reduced. Similarly, if the crop harvest was more than anticipated, the seller’s contract will be worth less.

Before long, wheat contracts were being traded by individuals who had no interest in ever purchasing or selling wheat. These individuals were speculators whose goal was to make money by purchasing low and selling high or selling high and purchasing low.

The emergence of adjustable exchange rates and increased inflation popularized the futures markets further. As global economic uncertainty increased, more individuals would try to hedge their stakes in futures trading. As a result, financial futures markets began diversifying to include more futures options besides agricultural commodities.

What Are the Major Commodity Future Markets?
As with other global markets, commodity futures’ open interest and volumes shift in response to economic, political, and natural occurrences, such as the weather. A Midwestern famine, for instance, could yield agricultural futures with strong trends, drawing investment from other futures markets.

Volatility rises and declines steadily over long periods because commodity trends emerge gradually and can continue for years or even decades, as opposed to weeks or months.

As of the close of trading on August 2nd 2022, listed below are the top commodity futures:
· Crude oil futures
· Corn futures
· Natural gas
· Soybeans
· Gold

What Exactly Is a Futures Contract?
Futures contracts are agreements between two parties to acquire and sell a specific item in a fixed quantity and at a pre-agreed price at a specific date in the future.

Payment and delivery of this asset take place on the ‘delivery date,’ which is highlighted in the contract. The individual who invests in the futures contract is referred to as holding a long position, whereas the seller has a short position. In short, one can use futures contracts to protect against risk or speculate on price movements.

These futures contracts are kept on an established stock exchange. The exchange mediates and facilitates communication between the buyer and seller. However, the exchange requires both parties to fund a margin account initially as a condition of entering a contract.

Considering futures prices are likely to fluctuate daily, price variations are adjusted daily using the margin. If the margin gets depleted, the contracting party must deposit additional funds into the account, also known as tagging to market. Therefore, only the current market price is utilized to calculate the difference on the contract delivery date as all other variations are already settled.

The inherent asset in your futures contract can be one or more of the following:
· Commodities (domestic and international) such as Gold, Wheat, Silver, Sugar, Corn, Cotton, Crude Oil, Palm Oil
· Currencies
· Bonds; US treasury bonds
· Equities; indices
· Interest rates; kibor

What Are the Best Futures Trading Platforms?
What constitutes a fantastic broker for futures trading? Essentially, they must provide reasonable futures fees. Second, they should provide access to numerous exchanges, such as CME, NYMEX, CBOT, and more.

Another important consideration is an excellent desktop platform that facilitates easy technical analysis. Additionally, brokers should have good general service quality and scores, such as little-to-no withdrawal fees, high safety ratings, and excellent customer service.

Here are some of the most recognized futures trading platforms worldwide:
· TD Ameritrade
· Charles Schwab
· Interactive Brokers
· TradeStation
· Tradovate
· Discount Trading
· NinjaTrader
· Tickmill
· Generic Trade
· Optimus Futures

Conclusion
Futures trading in the US dates back to the 19th century, when merchants exchanged advance contracts.

These merchants all desired the same thing: to lock in a set price now and avoid uncertainty tomorrow. On the other hand, futures contracts attempted to purchase at a low set price today, hoping that future prices would rise.

With time, the futures market expanded to incorporate more futures markets and options that dominate today’s exchanges.

While futures trading is now available worldwide, the US remains the focal point, thanks to heavy trading on the US bond and wheat market.

Companies allow shareholders to run the business through stock investment.
The term ” stock ” symbolizes the investor percentage ownership of the company. An investor can own or owe a company, and they influence the decisions made by the management.

The trade market is a platform where investors can buy or sell shares in publicly traded companies. Trading with commodities is attributed to the middle ages, but the stock market began in the 16th century.

This is the history of the stock markets, major global stock markets, indexes, and some competitive trading platforms

How Stock Markets Began In the US and Have Evolved Into What They Are Today
The stock markets as we know them had humble beginnings in Western Europe in the 1600s. Stock markets appeared in New York in the 1700s. A group of merchants created the Buttonwood Tree Agreement, which was dedicated to buying and selling stock and bonds. Eventually, this agreement transformed into the New York Stock Exchange.

Later in 1790, the Philadelphia Exchange was created. This stock exchange spurs the financial institutions’ growth, which is attributed to the country’s expansion in the west.

The Dow Jones Industrial Average had 12 industrial components. The stock markets became a strong pillar during the industrial revolution, making it easy for investors to buy and sell stocks in the competitive industrial sector.

The American economy was rapidly growing during the industrial period, mainly agricultural and manufacturing, leading to economic growth. The early S&P 500 was created in 1923, and this company was tracking 90 stocks and giving reports on the best and poorly performing stocks.

The speculators made bets on the stock markets, leading to the stock market price inflation and the stock market crash in 1929. The stock crash came after the decade-long roaring of the 1920s.

Stock trading for National Association of Security Dealers Association Quotations (NASDAQ) was created in 1971 and became a competitive stock exchange.

More investors opted for NASDAQ instead of the New York Stock Exchange platform. The stock market continued to flourish, and corporate buyouts and portfolios led to Black Monday due to the increased investment, which led to higher prices.

The stock market crash of 2008 might have occurred due to the boom and bust in the housing market and the proliferation of mortgage-backed securities in the financial sector. However, the stock market has recovered from this crash.

It remains a viable investment, especially if investors take their time to learn the market and use the market predictions to their advantage.

The Major Stock Markets Globally
The New York Stock Exchange is an outstanding stock market in the US, and it took centuries to be what it is today. It began in the 1800s, and by 1903 it opened stock certificates in the underground vaults where the investors would keep their certificates.

There are many stock markets globally that trade domestic and international stocks. Some of these stock markets include London and Tokyo Stock exchanges. You will find other stock exchange markets in China, India, Canada, Germany, and South Korea.

Major Indexes That Are Traded At the NYSE and NASDAQ
The market indexes are the indicators of global and country-specific economies, and there are approximately 5,000 indexes in the US alone. The indexes are constructed differently but can be applied to capitalization and sector segregation. S&P 500, Dow Jones Industrial Average, NASDAQ Composite, and Wilshire 500 are the major indexes in the US.

Some of the Larger Trading Platforms
You would want to know the largest platforms used on NYSE and NASDAQ as it makes it possible to build wealth in the stock market. The accounts on NYSE and NASDAQ allow investors to access the stocks, bonds, ETFs, and mutual funds to build their investment portfolios which contribute to financial elevation.

Fidelity is among the best performing platforms which have low or no fees on most securities and brokerage services. It has different wealth management options, allowing an investor to gain financial stability. It offers a robo-advisor option for simple investment strategies and has more than 200 investment centers in the US and more globally.

Unfortunately, the platform might have high fees on managed options and broker-assisted trades, does not support direct cryptocurrency trades, and the account verification might take days.

Betterment is a hands-off investor platform with edge-cutting technology and qualified financial advisors. The platform offers 0.25 per year on the investment balance and 0.40 per year for unlimited phone interaction and premium advice for balances above $100,000. It might be an ideal trading platform if you wish to transact large stocks as it offers the best financial advice.

Unfortunately, it offers limited portfolios and ETFs and has a high minimum balance requirement for personalized financial advice.

TD Ameritrade is an ideal web platform with zero fee stock, ETF, and options trades and allows users to trade in Forex and Bitcoin futures contracts. You can use advanced analytics to gain stock and tracking tools to improve your trading experience.

Unfortunately, it has a high commission on the no-load mutual funds, does not offer fractional shares, and the platform might be difficult to navigate for beginners.

E-trade is the best trading website for beginners and is suitable for mobile app trading on the go. It offers customized stock screening and third-party research with managed portfolios at a low fee. Unfortunately, it has a 19.9% fee for mutual funds on the no-transaction fee. The automated investment accounts need a $500 minimum to open and have high margin rates relative to the competition.

You might consider Schwab, which is best for ETF trades, Weibull for mobile stocks, Vanguard for the best low-cost funds, Robin Hood, Cash App, Sofia, Merrill Edge, Interactive brokers, Ally Invest, Tasty works, TradeStation, and Cobra Trading. The goal is to find the best trading platform and software to improve your investment and lead to better financial growth.

Conclusion
You can invest in a company through the stock market, which is the building block for global economies. Although the concept originated in the 1600s, it still applies to the current economy.

The stock market might have experienced a boom in the 1800s and the 1900s, and the Great Depression of the 1900s and the market crash in 2008 are some of the learning curves in the stock market.

You should find a trusted stock market trading platform to gain from your investment.

A college education is not cheap, especially if you are not sponsored. When it comes to student loans, nothing is guaranteed. However, you are good if you know how and why you should combine student loans. While the application process is long and tedious, the fine print is confusing. Therefore, understanding the benefits and drawbacks of consolidating student loans is vital. If all the money you borrowed was federal loans, applying for a direct consolidation loan is the best option. However, if all or some of the student loans were from private lenders, consider using a refinancing program to get easier repayment options.

Subsidized and Unsubsidized Loans
Subsidized loans do not accrue any interest if the student is in school or deferred, while unsubsidized student loans are for undergraduate and graduate students and are not based on financial aid. Before applying for a student loan, thorough research is required to make the right decision. While there are benefits of consolidating student loans, there are some drawbacks, especially if you have already started making payments toward the income-driven repayment loan forgiveness.

Pros of Direct Loan Consolidation

Fixed interest rate
If you have several student loans, there is a high possibility you have different interest rates. However, when you consolidate the loans, you have one fixed interest rate. The fixed interest rate is the average of all the interest rates rounded up to 1/8th of 1 percent.

Multiple repayment plans
With a consolidated student loan program, the borrower can choose a repayment plan that suits their needs. Some options available include standard, extended, graduated and income based.

Lower payments
With extended repayment plans, the loan term is extended from 10 years to 15 or 20 years. An extended loan repayment period lowers the monthly repayments. Borrowers can get reduced interest rates reducing monthly payments.

One payment
When you consolidate all your federal loans, they will be serviced by one lending institution; hence, you need to make only one monthly payment. One monthly payment saves time and energy, especially if you send payments through the mail.

Protecting credit
Failing or missing to make monthly payments negatively affects your credit score. It is easy to forget to make monthly payments if you have several loans. However, if you are required to make only one monthly payment, you can protect your credit score.

Reliability
Typically, there is no minimum amount to qualify for a Direct Consolidation Loan, and no maximum amount of loan cannot be consolidated.

Avoid default
Consolidating student loans helps the borrower change the loan terms and lower interest rates and monthly payments. Therefore, if you are struggling to make monthly payments, combining student loans helps you avoid failing or missing to make agreed payments.

Cons of Student Loan Consolidation

Pay more in interest
Extending the loan terms translates to paying more interest in the long run. Paying a student loan faster saves time and money.

Losing some benefits
Borrowers lose some benefits when they combine their student loans. For example, consolidating student loans means it will take longer to qualify if you made payments to Public Service Loan Forgiveness.

Losing lender benefits
Some lenders have good terms and conditions, like reducing the interest rates if you meet certain repayment conditions. When you combine the loans, you lose such benefits.

There is no private loan consolidation
If you applied for student loans from a private institution or lender, you can’t apply for the Federal Consolidation loan program. Sometimes, private lenders allow student loan consolidation, but their interest rates are very high.

Combined interest rates
The new interest rate is determined by the average interest rates of the loan amount you owe with an additional 0.125%. If some of the loans have a higher interest rate, your average interest rate will be higher too.

Conclusion

If you have missed monthly payments because you are paying several lenders with different repayment terms and dates, refinancing or consolidating the loans is the best option. Making a single payment each month is more manageable than paying several lenders. However, read the Terms and Conditions of the loans you owe before consolidating your loans.

I’m sure you have at least one financial card. The two common ones, credit and charge cards, typically look identical; however, the two are different monetary instruments. Both offering convenience and protection, charge cards usually require you to settle the debt within the month. An in-depth look at the key benefits of each will inform your decision on which is better.

Benefits of Credit Cards

Rewards: Most credit cards offer rewards such as cash backs, reward points, gift cards, or travel allowances. Cards usually offer 1% rebates, with some offering as much as 5% cash back on certain purchases. You can leverage these bonuses for grocery shopping, restaurants, or flights. Find a card that matches your spending habits to earn the most valuable rewards.

Fraud Protection: Credit cards offer protection against authorized purchases made through the card. It requires you to promptly report the fraudulent use to the credit card company for hasty resolution. Some companies, including Visa and Mastercard, offer a $0 fraud liability guarantee.

Credit Score: Every credit card use generates a credit report, information crucial to your credit score. It allows you to build a high credit score to enjoy lower interest rates, more negotiation power, and approval for higher credit limits.

Making on-time payments is one way for a positive credit score. Also, responsible credit card use reflects your image positively to credit bureaus.

Universal Acceptance: Credit cards offer the best method for purchases if you travel to foreign countries. Even within the country, credit cards have 99% acceptability. A credit card will make it easy for you to book a flight, rent a room and pay for a car. Most merchants prefer it since it offers them the benefit of security. For instance, they can easily charge for damages.

Insurance: Travel insurance, product warranty and rental car insurance are some benefits of credit cards. Depending on the credit card company, you can benefit from an additional warranty from what the manufacturer offers and enjoy refunds for defective or stolen items.

Benefits of Charge Cards

No interest: Yes! You read that right; charge cards offer zero interest, unlike credit cards. However, the caveat is you should pay the debt fully within the month. Failure to clear the card balance can attract late, poor credit score, and risk of suspension or closure. Charge cards require you to have built-in discipline.

No Spending Limit: Charge cards lack spending limits which allow you to make large purchases. For big spenders, this benefit can be enticing. However, this does not mean unlimited purchasing power. The charge card company frequently reevaluates your limit using factors like payment history and credit score. Conversely, credit cards offer limits that cannot be changed regularly.

Rewards: Similar to credit cards, charge cards offer bonuses, including cash backs, travel mileage and gift cards. So, pick one that matches your spending habits.

Better Credit Score: The process of calculating the credit score is more favorable to credit cards. Since charge cards have no spending limit, they do not utilize the credit utilization ratio. The credit utilization ratio usually measures the amount you borrow compared to the credit limit. Still, you should confirm this with the charge card issuer.

Fraud Protection: Charge cards also offer security against fraudulent use of the card.

Take Away

Both credit cards and charge cards offer comparable benefits. It is wise to review the pros and requirements of each before deciding on what to take.

Can you use the terms credit cards, charge cards, and debit cards interchangeably? Or, are there some key differences between each that everyone should know about. Thankfully, the answers to these and other related questions can be found online.

So, let’s get started by discussing their similarities and their differences.

Similarities in all 3 Cards

First off, all 3 of these cards can be used to pay for things that the cardholder wants to buy. They are all a form of tender that people use every day to purchase items in physical brick and-mortar stores and online. These cards are used in place of paying cash. There is also a limit on the amount that can be used. Therefore, every individual needs to know the amount that they can spend without being declined.

Differences that Make Each Card Distinct

Just like there are similarities, there are differences, too. And here is what makes each card distinct.

Debit Cards

There is a pre-set limit on debit cards that the cardholder cannot go over. These limits are based on the amount of money that back-ups each debit card. For instance, most debit cards are issued with a specific amount loaded on them. Here are a few examples of the different types

Banks issue debit cards to their account holders, and they can be used to obtain cash without writing a check.

Some employers issue 3rd party debit cards to their employees instead of issuing out paper checks for their payroll.

Retail stores issue debit cards in the form of gift cards.

The primary differences between a debit card and credit/charge cards are as follows:

The cardholder can only use the amount of cash that is placed on the card. Unlike the credit card and charge card, the money used is not a loan nor does it accrue interest.

Debit cards can be disposed of when no money is left on the card. Or, the cardholder could load another pre-set limit.

No credit checks are required for a debit card. Anyone can obtain a debit card.

Credit Cards

Similar to debit cards, most credit cards have a pre-set limit. These limits, however, are based on a specific line of credit that the credit company (i.e. Visa, Mastercard, Discover) approves (i.e. $300, $500, $10,000). Essentially, it is a loan that must be paid back.

Banks issue credit cards to anyone who applies, and they can also be used to obtain cash or pay for different things (i.e. bills, gas, food and etc.)

Credit companies like Visa, Mastercard, and Discover issue their own credit cards.

Accrues a certain amount of interest

Payments on the card are due monthly – minimum amounts due or can be paid in full

Charge Cards

Unlike debit/credit cards, no preset limits are a requirement. Charge cards are often issued by businesses their own employees (i.e. for travel expenses and etc.). For example, it is essentially a loan that must be paid by a business.

Payment terms are not as flexible as credit cards

Must be paid in full on a monthly basis

Best charge cards do not have a preset limit

No interest to accrue

As you can see, all 3 cards have both similarities and differences. Therefore, it is important that you understand the terms and conditions of each. Particularly, as it relates to preset limits, accrued interest, and the amounts that must be paid back each month.

An online survey is a form of data collection where a set of questions are sent to the target audience to gather vital information. For convenience, the target audience receives the online surveys through various mediums, such as email, social media, or embedded websites. Over the years, researchers and numerous organizations/companies have leaned towards online surveys because they can send them from a computer while their target audience can access them using smartphones or computers at their convenient time.

Organizations rely on online surveys to get insights, information, and feedback on various things, including upcoming products or services, enhancing current features, or changes in marketing strategies. Organizations rely on the data collected and analyzed from online surveys to make critical decisions.

How to Make Money Taking Online Surveys

Online surveys can be an easy and fun way to save money or pay bills. You can supplement your income by taking online surveys for cash. However, how and when you do it is up to you. While it might seem simple, it is crucial to understand that online surveys vary in length, format, topic, etc. Therefore, take some time to understand the type of survey you are taking to avoid wasting a lot of time, giving the wrong answers, or failing to complete it. After all, we all want a side hassle we can enjoy doing.

What You Should Know Before Taking an Online Survey

Without a doubt, people get paid to complete online surveys. However, this does not mean that all online surveys are legit! You should be on the lookout to avoid being scammed. Before you get started, here are some things you should know:

• Never pay to take an online survey – this might seem obvious, but some people actually pay to take a survey and then expect to get paid! Paying to take a survey is a red flag, and you should run.
• Patience is key – getting paid for online surveys might take longer. Most legitimate online surveys require you to build points and get compensated. Ergo, be patient and complete numerous surveys to get paid. Depending on the organization and the survey type, you may wait for days, weeks, or even months to get paid.
• Right field – choosing a field you are comfortable with is crucial because it motivates you to work harder and enjoy peace of mind.

The money you can earn from online surveys varies depending on factors like the survey length, field, organization sending the survey, etc. Typically, expect to earn approximately $2 per survey, although some surveys pay as much as $50. Remember, getting referrals from close friends and researching online can help avoid online survey scams.