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Southwest Performance Business Credit Card Review 2022

Southwest Performance Business Credit Card Review 2022

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.Subscribe to the Select Newsletter!Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.Southwest Rapid Rewards Performance Business credit card reviewSouthwest® Rapid Rewards® Performance Business Credit Card

  • RewardsEarn 4X points on Southwest® purchases; 3X points on Rapid Rewards® hotel and car partners; 2X points on rideshare; 2X points on social media and search engine advertising, internet, cable, and phone services; 1X points on all other purchases
  • Welcome bonusEarn 80,000 points after you spend $5,000 on purchases within the first 3 months of account opening.
  • Annual fee$199 applied to first billing statement
  • Intro APR
  • Regular APR15.99% to 22.99% variable
  • Balance transfer fee
  • Foreign transaction fees
  • Credit needed

Welcome bonusThe Southwest® Rapid Rewards® Performance Business Credit Card offers a lucrative 80,000-point welcome bonus after spending $5,000 on purchases within the first three months of account opening. Note that you won’t be able to receive the welcome bonus if you already have this business card or if you’ve previously received a welcome bonus for the same card within the last 24 months, even if you’re no longer a cardholder.If you’re able to meet the minimum-spending requirement, you’ll have an impressive number of Southwest Rapid Rewards points to start out with. Since they’re generally valued at 1.3 cents per point, you’ll end up with roughly $1,100 in value within the first few months of card membership, reflecting a 22% return on your spend once you hit that mark.As you continue to spend more with the card and rack up Rapid Rewards points, you’ll be well on your way to earning the highly-coveted Southwest Companion Pass, a level of status that serves as a buy-one-get-one ticket for you and your chosen traveling companion — you’ll only have to pay taxes and fees for their flight once you reach the threshold of 125,000 qualifying points or 100 qualifying one-way Southwest flights in a calendar year, making it an extremely valuable perk. Plus, there’s no limit on how often you can use the Companion Pass as long as it’s active.Benefits and perksThe Southwest® Rapid Rewards® Performance Business Credit Card offers cardholders access to a variety of benefits and features. By making the most of these perks, its $199 annual fee becomes much easier to justify.Cardholders receive the following benefits:

  • 9,000 bonus points for each account anniversary
  • Four Upgraded Boardings per year (based on availability)
  • Up to 365 in-flight WiFi credits per year when flying with Southwest Airlines
  • A $100 credit every four years to put toward TSA PreCheck or Global Entry enrollment
  • The chance to earn 1,500 Tier Qualifying Points toward A-List elite status for every $10,000 you spend
  • A $500 fee credit each anniversary year when you transfer Rapid Rewards points to another member
  • The ability to add authorized users for no additional fee
  • Lost luggage reimbursement, baggage delay insurance and travel accident insurance
  • Travel and emergency assistance and roadside dispatch services
  • Auto rental collision damage waivers on car rentals booked with the card
  • Extended warranty protection and purchase protection
  • No foreign transaction fees when you use your business card abroad
  • $0 delivery fees on restaurant orders above $12 (or groceries over $25), reduced service fees and $10 off your next order when you use the card and activate your complimentary year of DoorDash membership by Dec. 31, 2024.

Earning points for spendingWhen you spend on the card, you’ll earn: 

  • 4X Rapid Rewards points per dollar spent on purchases made with Southwest Airlines
  • 3X Rapid Rewards points per dollar spent with Rapid Rewards hotel and car rental partners
  • 2X Rapid Rewards points per dollar spent on social media and search engine advertising, as well as internet, cable, and phone services
  • 2X Rapid Rewards points per dollar spent on transit and commuting, including ride-sharing services
  • 1X Rapid Rewards point per dollar spent on all other eligible purchases

Select calculated how many points the average American can earn in a year when using their Southwest® Rapid Rewards® Performance Business Credit Card. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126.The budget includes six main categories: groceries ($5,174), gas ($2,218), dining out ($3,675), travel ($2,244), utilities ($4,862) and general purchases ($3,953). Here’s what the average consumer would earn by using this card:

  • Groceries: 5,174 Southwest Rapid Rewards points
  • Gas: 2,218 Southwest Rapid Rewards points
  • Dining out: 3,675 Southwest Rapid Rewards points
  • Travel: 8,976 Southwest Rapid Rewards points (assuming all travel dollars are spent with Southwest Airlines).
  • Utilities: 4,862 Southwest Rapid Rewards points
  • General purchases: 3,953 Southwest Rapid Rewards points

With all spending considered, you would end up earning 28,858 Southwest Rapid Rewards points within the first year — if you were to include the 80,000-point welcome bonus, this type of spending would yield 108,858 Rapid Rewards points. Over a five year period, cardholders could potentially earn 224,290 Southwest Rapid Rewards points, although the total amount would depend more on an individual or business’ annual spending habits.How to earn and redeem Southwest Rapid Rewards pointsEarning Southwest Rapid Rewards pointsThere are two main avenues when it comes to earning Southwest Rapid Rewards points: fly with the carrier or spend with one of Southwest Airlines’ co-branded credit cards. Depending on your status and which Southwest credit card you’re using, you’ll earn a different amount of points per flight. By also paying for daily purchases with your card, you’ll see those points accumulate pretty quickly.Cardholders can also earn more points as they fly, though the amount varies by which fare is booked:

  • If you book a ‘Wanna Get Away’ ticket, you’ll earn 6X points per dollar on the base fare
  • If you book an ‘Anytime’ ticket, you’ll earn 10X points per dollar on the base fare
  • If you book a ‘Business Select’ ticket, you’ll earn 12X points per dollar on the base fare

Note that the base fare is the price of the ticket alone, without any additional taxes or fees.Another way to earn Rapid Rewards points is by using credit cards that offer transferable points as a perk. Travel rewards cards like the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® let cardholders earn Chase Ultimate Rewards® points, which can be transferred at a 1:1 ratio to Southwest Airlines, one of its travel partners. Should you decide to fly with another airline like British Airways or United Airlines, Ultimate Rewards points can be transferred to their loyalty programs as well.If you believe a Southwest Rapid Rewards credit card is the best solution for your travel needs but aren’t 100% sold on the Performance Business Credit Card, here are some other co-branded cards to consider:PersonalBusinessRedeeming Southwest Rapid Rewards pointsOnce you’ve earned enough points for a free flight, the redemption process is simple. All you need to do is visit the Southwest Airlines website and log into your Rapid Rewards account. You can then begin searching for flights — just remember to click the “points” button rather than “dollars” before you submit.While the most valuable use by far of Rapid Rewards points is cashing them in for free flights, you can also choose to redeem them for car rentals, hotels, gift cards or other merchandise. Because the overall value of your points will be reduced, it’s best to use your hard-earned points for free flights, which offer the biggest bang for your buck.Rates and feesCard comparisonThe Southwest® Rapid Rewards® Performance Business Credit Card is a solid choice for small business owners looking to save on future Southwest flight costs. But is it the best card for you?Select analyzed two other business travel credit cards to see how they match up with the Southwest Performance Business card.Southwest Rapid Rewards® Performance Business Credit Card vs. Delta SkyMiles® Platinum Business American Express CardThe Delta SkyMiles® Platinum Business American Express Card is a fine airline card geared toward small business owners who enjoy flying with Delta. To get you started, the card comes with a lucrative welcome offer, which ends April 13, 2022, letting you earn 100,000 bonus miles after spending $4,000 within the first three months of account opening.The Delta SkyMiles Platinum Business card comes with an array of benefits, including a status boost to help you get closer to Delta elite status, as well as priority boarding, a yearly Companion Certificate, 20% in in-flight savings, a $100 credit toward TSA PreCheck or Global Entry and travel insurance coverage, among other perks, like no foreign transaction fees.As you spend on the card, you’ll earn 3X miles per dollar spent with Delta and directly with hotels, 1.5X miles per dollar spent on purchases over $5,000 (up to 50,000 miles per year) and 1X miles per dollar spent on all other purchases.If you’re trying to decide between the two cards, keep a few factors in mind. First of all, Delta has a much larger flight network featuring many international destinations while Southwest Airlines is primarily a domestic airline, though it does currently fly to 14 destinations in 10 countries outside the U.S. Also, if you know where you’ll be flying most, compare Delta and Southwest flights to those destinations to see which airline has more frequent and direct options from your home airport.Another thing to consider is how often you fly with someone else, as it may be worth going for the Southwest Companion Pass if this is something that happens a lot and you’re looking to continue that trend. Lastly, are you married to luxury benefits such as priority boarding and discounted lounge access when it comes to your flight experience? If the answer is yes, the Delta Platinum Business card may be the better option of the two.Delta SkyMiles® Platinum Business American Express Card On the American Express secure site

  • RewardsEarn 3X miles on every dollar spent on eligible purchases made directly with Delta and on every eligible dollar spent on purchases made directly with hotels. Earn 1.5X miles per dollar on single eligible purchases of $5,000 or more (that’s an extra half mile per dollar), up to 50,000 additional miles per year. 1X mile on every eligible dollar spent on other purchases.
  • Welcome bonusLimited Time Offer: Earn 100,000 bonus miles after spending $4,000 in purchases on your new card in your first 3 months of card membership. Offer ends 4/13/2022.
  • Annual fee
  • Intro APR
  • Regular APR15.99% – 24.99% variable on purchases
  • Balance transfer fee
  • Foreign transaction fees
  • Credit needed

Southwest Rapid Rewards® Performance Business Credit Card vs. United ClubSM Business CardThe United Club Business Card is a suitable option for business owners who prefer flying with United Airlines. Once approved, you’ll be able to earn the 100,000- mile welcome bonus after spending $10,000 within the first three months of opening your account.The card offers terrific benefits for United frequent flyers, including access to United Airlines airline lounges, free first and second checked bags, premier access travel services such as priority boarding and check-in, travel insurance and Avis President’s club status, among other perks. There are also no foreign transaction fees to worry about if you’re using your card outside the U.S.When it comes to earning valuable United MileagePlus miles, the spending categories are quite simple — 2X miles per dollar spent on United purchases and 1.5X miles per dollar spent elsewhere.There is one big difference between these two cards: The United Club Business Card carries a hefty $450 annual fee, while the Southwest Performance Business Credit Card’s is just $199. If you’re considering both cards, think hard about which annual fee you’re willing to stomach and be honest about whether or not you’ll be able to use benefits such as airline lounges and priority boarding enough to justify it. Most importantly, before you select a new credit card, make sure your current budget is solid enough to absorb the new expenses.United Club℠ Business CardInformation about the United Club℠ Business Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards2 miles per $1 spent on United purchases and 1.5 miles per $1 spent on all other purchases
  • Welcome bonus100,000 bonus miles after you make $10,000 in purchases within the first 3 months of account opening
  • Annual fee
  • Intro APR
  • Regular APR16.49% to 23.49% variable
  • Balance transfer fee
  • Foreign transaction fees
  • Credit needed

Who the Southwest Rapid Rewards Performance Business Credit Card is best forThe Southwest® Rapid Rewards® Performance Business Credit Card is a great option for business owners who want to save money on flight costs, have a few perks when flying Southwest and potentially earn the Southwest Companion Pass, which over time would allow them to save even more.The Performance Business Card comes with a handful of helpful travel benefits and is a great fit for frequent flyers focusing on value over luxury. Flying with the budget airline doesn’t mean you’ll be sacrificing quality either, as Southwest is consistently ranked one of the best airlines to fly with in terms of customer service.Bottom lineCatch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.For rates and fees of the Delta SkyMiles® Platinum Business American Express Card, click here.*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. .

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How BoB is building up its wealth management business

How BoB is building up its wealth management business

For nationalized banks, wealth management has not traditionally been in focus. Following the trail blazed by the State Bank of India (SBI), India’s second-largest government-owned lender Bank of Baroda (BoB) is making a major foray into wealth management.

Over the past year, Virendra Somwanshi, an ex Citi and ex -Motilal Oswal private banker, has been working with McKinsey as a consulting partner to lay out the blueprint for ‘Baroda Radiance’, the bank’s premium banking offering. This product seeks to leverage the bank’s large captive client base and wide distribution. The bank has already onboarded 300 relationship managers as lateral hires from the banking industry.

Initially, BoB had outsourced its wealth management to Fisdom, a fintech company, but is now keen to build an in-house wealth management business with an ‘in-house fintech’ division.

BoB has 15 crore accounts out of which approximately 8.5 crore are Jan Dhan accounts. From this universe, Somwanshi regards customers with total relationship value (TRV) above ₹30 lakh as his target user base – which works out to around 250,000 customers – for whom the Bank has designed an enhanced value proposition. The bank’s wealth management offering has investments assets under management of ₹28,000 crore and is expecting to reach around ₹1,000 crore in life insurance premium in this financial year. Somwanshi hopes to exponentially grow this customer base.

Of these 250,000 accounts, roughly 50% are based in India’s top 30 cities. For customers located outside the top 30 cities, BoB has set up a virtual relationship management centre – staffed with virtual RMs that will service the wealth management and banking requirements of its affluent customers in a completely digital manner.

BoB has traditionally had a higher concentration in Gujarat, Uttar Pradesh, and Rajasthan, but with the merger of Dena and Vijaya Bank with itself, it now also has a higher presence in the South. To cater to non-resident Indians (NRIs), Somwanshi has a team of relationship managers including the virtual RMs as well. “We offer NRI customers free airport pick-up service when they return to India. It is a small gesture, but it shows that we care. We are also looking at providing NRIs products in GIFT City IFSC where there are certain tax benefits,” Somwanshi added. BoB’s mobile banking platform, called ‘bob World’ will shortly reach the two-crore customer mark, and this will also help grow the wealth management business virtually.

BoB is in the initial stages but if it succeeds, Somwanshi’s initiatives in wealth management can set up a model for other PSUs to follow.

Yet, there is a risk. Traditionally, nationalized banks have a larger presence in small towns where financial sophistication and financial literacy levels are lower. There is the risk of relationship managers mis-selling financial products, particularly insurance to financially vulnerable people.

Somwanshi says there are robust internal checks and balances to stop this such as an investment counsellor accompanying an RM for any portfolio management service (PMS) discussion, certification, and profiling of customers. However, the bank will have to keep a watchful eye on this experiment.

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How to choose the best seat on a plane

How to choose the best seat on a plane

What used to be a simple part of purchasing an airline ticket has become a hot mess in recent years. Should you pay for more legroom? Should you pay at all? Do you have to select a seat in order to get on the plane? These are legitimate questions, and airlines do little to help answer them during checkout.
Here we offer simple, straightforward guidance for how to choose airlines seats, or how to skip seat selection altogether. Airlines have different rules and costs associated with seat selection yet all share many similarities. Mastering this basic yet important aspect of flying can make your trip more comfortable and save you a surprising amount of money. The big exception here is Southwest Airlines,
LUV,
+0.65%
which doesn’t follow the industry’s seat selection conventions.4 steps to selecting seats on planesStep 1: Pick an airline with lower seat selection fees Let’s take a step back: Yes, many airlines now charge a fee to select seats ahead of time. This is a relatively new reality in the travel world and isn’t consistent from airline to airline or even trip to trip. Therefore, it’s good to know which airlines are saddling customers with sky-high fees and which are keeping them modest, or skipping them altogether.

We determined these seat selection fees by looking across several fares and averaging the cost of choosing a window seat near the front of the plane and choosing a middle seat near the back.

  • Airlines like American Airlines,
    AAL,
    +2.92%
    Spirit Airlines
    SAVE,
    +3.41%
    and Frontier Airlines
    ULCC,
    +2.34%
    charged high fees for both window seats near the front of the plane and middle seats near the back.

  • Delta Air Lines
    DAL,
    +2.47%
    and United Airlines
    UAL,
    +3.30%
    only charged for the nicer seats.

  • Alaska Airlines
    ALK,
    +1.47%
    and Hawaiian Airlines charged nothing at all.

So you can save yourself some hassle by choosing an airline with more reasonable rules and fees. You don’t want to end up on the fifth checkout screen and realize that you owe $40 extra for your seat. Also see: American Airlines to resume in-flight alcohol sales in AprilStep 2: Skip seat selection if you have to pay Here’s the tricky underside of seat selection fees: You usually don’t have to pay them, but airlines really want you to. This gets especially confusing with basic economy fares, which differ from airline to airline and often don’t include free seat selection. But no matter what, you should skip seat selection altogether if the airline is trying to make you pay. Here’s an example. When trying to book a United basic economy fare, you might see that every available seat carries a charge, even the really lousy ones in the back.

You might think you have to shell out $14 extra on this flight, but not so: You can skip the seat selection process altogether and save that money. Does skipping seat selection mean you might not get a seat at all? Emphatically, no. You will likely get assigned a seat during check-in (though you should still skip it if the airline tries to tack on a fee) or, at the very least, at the gate. Again: You don’t have to select a seat in order to get a seat. You just might get stuck with a suboptimal one if you choose to skip it. It is important to note that if you’re traveling with others, there is no guarantee that your seats will be assigned together if you choose to forgo paying for seat selection, so you’ll need to factor that inconvenience into your decision.Step 3: Weigh the pros and cons of paying to upgrade your seat Most airlines now offer three categories of economy fares:

  • Basic economy. These fares are highly restrictive and usually don’t include free seat selection.

  • Economy (sometimes called “main cabin”). These are the normal economy fares.

  • Premium economy (every airline has its own name). Premium economy fares often include perks like extra legroom and a free drink.

Some airlines even offer a fourth category:

  • Economy preferred (or similar). These are usually economy seats with preferential placement, such as near the front of the plane and on the aisles and windows.

When you purchase one of these fares, your airline will probably ask whether you want to upgrade. Sometimes this will be an interstitial screen during checkout, such as this section from Delta:

More often, this choice will be baked into the seat selection screen. For example, if you select a Comfort+ (premium economy) seat on Delta, you’ll see the cost of upgrading to this seat along with some of the perks.

Feeling some decision fatigue yet? Don’t worry, here are some simple rules to follow:

  • If you are not 100% confident in your plans, upgrade from basic economy to main cabin for better change/cancellation policies.

  • If you must have a window or aisle seat, upgrade from basic economy to economy or economy preferred.

  • If you must have more legroom, upgrade from main cabin (or main cabin preferred) to premium economy.

  • When in doubt, don’t upgrade. These fees might seem small, but they can add up in a hurry, especially on round-trip flights.

Keep in mind that airlines have different names for these different upgrade options. Read: ‘At $4.39 a gallon for gas, it was going to cost me more to drive there and back — than it is to stay at the hotel’: Americans rethink spring travel plansStep 4: Check to make sure your seat selection is OK Assuming you have selected a seat and not chosen to skip it in step 2, you’ll want to make sure it’s a decent, comfortable option. This is especially important for long international flights where the difference between a cramped seat by the bathroom and a bulkhead seat with extra legroom can be a big one. Some airlines include information about the seats during the seat selection process, but remember that they are trying to upsell you on an upgrade, so take this with a grain of salt. Instead, consult a third-party website like SeatGuru. SeatGuru includes detailed information about each seat in most major airlines’ fleets. It has a color-coded map that lets you easily spot the best and worst seats onboard. The easiest way to find your aircraft is to use the search tool on SeatGuru’s homepage. Fair warning: SeatGuru is not the most user-friendly site. It’s still so much better than all the competition that it remains the go-to resource for fleet-specific seat info. You might like: How to get a travel rewards card if you’re just building creditKey takeaways Don’t be overwhelmed by the process of learning how to pick flight seats. Airlines have made it that way on purpose in order to sell their more “premium” seating options. Understanding these basics can save you lots of money. When in doubt, keep it simple. Skip seat selection altogether if the airline is asking you to pay, knowing that you’ll still get assigned a seat before takeoff. And don’t upgrade your seat unless you absolutely must. Seating is just one of the ways that airlines have turned purchasing air travel into a gamut of add-on fees. Keeping your total cost down requires a bit of know-how and navigation, but is well worth the effort. More From NerdWallet Sam Kemmis writes for NerdWallet. Email: [email protected]. Twitter: @samsambutdif.

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Rising gas prices? Here’s what you can do to save money

Rising gas prices? Here’s what you can do to save money

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.In the past few weeks, Americans have experienced higher prices when filling up their tank at the gas station. While gas prices reached a record-high of $4.33 per gallon a few weeks ago, the national average price still remains elevated at $4.24 per gallon, according to AAA. In states like California, the average price of a gallon of gas is even higher, at nearly $6. So why are gas prices skyrocketing? There are two important factors causing the spike in gas prices: The war in Ukraine and the decline in oil production during the pandemic.Shortly after Russia invaded Ukraine in February, the Biden administration imposed sanctions on Russian oil in March, shutting down imports of oil, natural gas and coal from the country. Even though Russian oil only represents a small portion of the U.S.’s gas imports, the conflict in Ukraine and the U.S’s decision to ban Russian oil led to a spike in gas prices in the global market. The U.S. imports around 8% of its oil from Russia, according to analysis conducted by NBC News.Furthermore, during the pandemic, oil suppliers decreased production to meet reduced demand for gas. However, as lockdowns eased and people started traveling more, demand for gasoline surged, and oil companies couldn’t keep up with increased demand which drove global gas prices up.Though gas prices peaked on March 11, consumers may still be feeling the impact of gas prices on their wallet. Below, Select looks at few ways that consumers can save money on gas.Subscribe to the Select Newsletter!Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.How to save money on gasUse a gas rewards credit cardYou might consider using a credit card to finance your gas expenses at the pump. Cards that offer big rewards on gas typically allow you to earn up to 5x points or 5% cash back on gas purchases. Select ranked the PenFed Platinum Rewards Visa Signature® Card as the best gas reward credit card. The PenFed Platinum Rewards card offers 5X points on gas purchases at the pump and electrical vehicle charging stations and has no annual fee. In order to be a cardholder, you must be a member of the PenFed Credit Union which requires a $5 initial deposit. PenFed Platinum Rewards Visa Signature® Card

  • Rewards5X points on gas purchases at the pump and electrical vehicle charging stations, 3X points on supermarket purchases, 1X point on all other purchases
  • Welcome bonus15,000 points when you spend $1,500 in the first 3 months from account opening
  • Annual fee
  • Promo APR0% promotional balance transfer rate for 12 months on transfers made from now until March 31, 2022.*
  • Regular APR13.49% to 17.99% variable on purchases; 17.99% non-variable on balance transfers
  • Balance transfer fee
  • Foreign transaction fee
  • Credit needed

*After the promotional balance transfer period, the APR for the unpaid balance and any new balance transfers will be 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.The Citi Custom Cash℠ Card is another good choice for people who anticipate spending a lot on their gas purchases. Cardholders don’t have to worry about manually activating spending categories. Instead, Citi will automatically determine your highest spending category (including gas) for the billing cycle and apply 5% cash back on up to $500 worth of purchases in that category. If you’re a big spender on gas, you could earn up to $25 back per billing cycle.Citi Custom Cash℠ Card

  • Rewards5% cash back on purchases in top eligible spend category each billing cycle, up to the first $500 spent (then 1%); unlimited 1% cash back on all other purchases
  • Welcome bonusEarn $200 cash back after spending $750 on purchases in the first 3 months of account opening. The bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
  • Annual fee
  • Intro APR0% APR on balance transfers and purchases for first 15 months
  • Regular APR
  • Balance transfer fee5% of each balance transfer ($5 minimum)
  • Foreign transaction fee
  • Credit needed

If you’re looking for a card that doesn’t require credit union membership, you could opt for the Blue Cash Preferred® Card from American Express which offers 3% cash back at U.S. gas stations and a $300 statement credit after you spend $3,000 in purchases within the first 6 months. The Blue Cash Preferred has a slightly lower rewards rate than the PenFed Platinum but consumers will get high rewards rates on other categories: 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%) and 3% cash back on transit including taxis/rideshare, parking, tolls, trains, buses and more. The Blue Cash Preferred has a $0 introductory annual fee for the first year, then $95. (See rates and fees)Blue Cash Preferred® Card from American ExpressOn the American Express secure site

  • Rewards6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations, 3% cash back on transit including taxis/rideshare, parking, tolls, trains, buses and more and 1% cash back on other purchases. Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • Welcome bonusEarn a $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
  • Annual fee$0 introductory annual fee for the first year, then $95
  • Intro APR0% for 12 months on purchases from the date of account opening; N/A for balance transfers
  • Regular APR
  • Balance transfer fee
  • Foreign transaction fee
  • Credit needed

The PNC Cash Rewards® Visa® is a good option for cardholders looking for a card without an annual fee. The PNC Cash Rewards card offers 4% cash back at gas stations, 3% cash back on dining, and 2% cash back at grocery stores, for the first $8,000 in combined purchases in these categories per year.PNC Cash Rewards® Visa®Information about the PNC Cash Rewards® Visa® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards4% cash back at gas stations, 3% cash back on dining, and 2% cash back at grocery stores, for the first $8,000 in combined purchases in these categories annually, 1% cash back on all other purchases
  • Welcome bonus$100 bonus after you make $1,000 or more in purchases during the first 3 billing cycles following account opening
  • Annual fee
  • Intro APR0% for the first 12 billing cycles on balance transfers
  • Regular APR14.49% to 24.49% variable
  • Balance transfer fee3%, $5 minimum, within the first 90 days from account opening, then 4%, $5 minimum
  • Foreign transaction fee
  • Credit needed

Use an app to find the cheapest gas and discountsApps like Gas Buddy and AAA (both are available in the Apple App Store and the Google Play Store) can help you hunt down the cheapest gas prices near you. With Gas Buddy, the app uses your location and shows you the price of a gallon of gas at stations in your vicinity. However, you shouldn’t bother traveling too far for cheaper gas as the cost of driving there could erase any of the money you would be saving.Gas buddy also offers the Pay with GasBuddy Card, a rewards card that offers cardholders up to $0.25 off per gallon. Pay with GasBuddy is not a credit card, does not require a credit check and is free to join.Get Upside has an app that will help you find the cheapest gas stations in addition to offering extra discounts on gas. Get Upside is a rebate app, so users fill up their gas tank, paying with their credit or debit card, and then upload the receipt to the app in order to earn cash-back.Join a gas loyalty programIf you find yourself visiting a specific gas station chain frequently, you might want to join a gas loyalty program to earn rewards on your regular fill-ups. Companies like BP, Shell and ExxonMobil all offer their own rewards programs.BPme by BP is free to join and users get $0.05 off of every gallon of gas they purchase from a BP gas station within the first month of membership. Afterwards if users spend a minimum of $100 a month at BP they’ll continue to receive $0.05 off per gallon. Users can then redeem their points for things like gift cards, bottles of wine or theme park attractions.ExxonMobil Rewards+ is also free to join. Users receive $0.03 back for every gallon of gas they purchase at ExxonMobil gas stations and are then able to redeem their points for future gas purchases at ExxonMobil gas stations.Don’t use premium gasIf you’ve been opting for premium gasoline over regular gas even though your car doesn’t technically need it, you may be needlessly spending extra money. Premium gas has a higher octane level than regular gas.Your car’s manual should specify whether your car requires premium gas or whether it’s optional. If you’re using lower octane gas on a car that requires premium gas, the car’s engine may function more poorly than if you had used higher octane gas. However, if your car doesn’t require premium gas, you likely won’t get any added benefits.”The noticeable difference [between premium and regular gas] is the price. If regular gas is recommended for your vehicle, that’s all you need. Opting for premium [gas] when your car doesn’t require it will only cost you money and doesn’t improve fuel economy,” says Andrew Gross, Public Relations Manager at AAA.Don’t drive too fast or be an aggressive driverWhen you’re driving on the highway you might consider slowing down, as driving above 50 mph may reduce fuel efficiency. According to a 2013 U.S. government study, you can assume that for every 5 mph you drive above 50 mph, you’re paying an extra $0.30 per gallon of gas than you would if you were driving at 50 mph. Of course while driving at slower speeds can save you money, it may increase the length of your trip so consider how much longer you’ll spend driving if you’re cruising at 50 mph versus the speed limit on the highway. Additionally, speeding up quickly and braking suddenly can reduce fuel efficiency. Using cruise control can help improve fuel efficiency.”The harder your engine works, the more gas it’s going to take. Rapid acceleration and high-speed driving make your engine work harder, and therefore, it sucks up more gasoline,” says Jack Gillis, executive director of the Consumer Federation of America.Bottom lineWhile it’s unclear how long high gas prices will stick around but getting a gas rewards credit card, enrolling in a gas loyalty program, hunting down cheap gas and making tweaks to how you drive could all help you save dollars when filling up your tank.Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.For rates and fees of the Blue Cash Preferred® Card, click here.Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. .

نوشته‌شده در

An agent to separate the wheat from chaff

An agent to separate the wheat from chaff

The trading framework we have in place today is the outcome of efforts made by all market participants, including the regulator, the exchanges, the intermediaries, the support machinery of demat services, custodial services, banking services —the entire ecosystem. The evolution of this framework begins with one of the last laws to be passed by Parliament before Independence, the Capital Issues Control Act, which was enacted on 18 April 1947. It was about who would be in charge of capital in a socialist India: the government, through the Controller of Capital Issues (CCI).

Today’s Securities and Exchange Board of India (Sebi) was initially set up in 1988 under an administrative arrangement. It was given statutory powers with the enactment of the Sebi Act, 1992. Capital Issues (Control) Act was repealed and the Office of CCI abolished. Control over price and premium of shares was removed; companies were now free to raise funds from securities markets after filing a letter of offer with Sebi. Sebi introduced regulations for primary and secondary market intermediaries and played a pivotal role in the development of our capital market systems, including formation of the National Stock Exchange (NSE).

In the 1990s, the Indian capital market was fragmented, with the presence of multiple stock exchanges throughout the country. A few big players including BSE and Delhi Stock Exchange had a major chunk of the country’s total trade volume. The nature of the trades was regional, with long procedures, lack of transparency and mismanagement of clients’ money. Trades in other parts were coordinated through regional brokers. Regional stock exchanges traded in stocks of local companies. Investors, who wanted stocks from BSE or Calcutta Stock Exchange had to pay in advance. However, this was also the time of liberalization and new-age economic reforms in India. The then Union government knew that attracting foreign investment was not possible in such an environment. On the recommendations of the Pherwani committee, the ministry of finance decided that there should be a nationwide electronic exchange.

The first NSE office was started at Mahindra House, Worli, Mumbai, in a room that was previously used as a canteen. NSE was the first stock exchange in the world to use VSAT for communication and connectivity. This technology resulted in middlemen losing their importance and led to cost reduction from percentage points to basis points. Today, we have zero-brokerage or near-zero brokerage trades through online brokerages, thanks to technology and system improvements.

The new exchange opened the doors for many who worked under big brokers. They could now be a member of the exchange and start their own business. In a way, NSE gave birth to a fresh ecosystem. The absence of opaque trades changed the fundamentals of trading systems, processes and costs. Many who had knowledge of the trade started investment consultancies. In the last three decades, India saw the rise of many brokerages and consultancies which communicated stock fundamentals to every nook and corner of the country. NSE was one of the first demutualized exchange in the world and the first in India. Before demutualization, exchanges were owned and operated by brokerages which resulted in conflict of interest. NSE segregated ownership, trading rights and management, eliminating conflict issues. The exchange offered membership for all, with basic eligibility criteria.

Today, NSE is the leading exchange in the country, with the lion’s share of the equity cash segment, almost the entire share of equity futures and options, and the major share of currency futures and options. Its cash market daily average turnover was ₹2,805 crore in 2001; this increased to ₹69,645 crore in 2021. In equity derivatives, the daily average turnover has increased manifold over the same period. Today NSE is the world’s largest derivatives exchange by the number of contracts traded and fourth-largest in cash equity by number of trades. By value of transactions though, it is a different story in the global picture.

Net-net, we keep on advising you, to stay away from the noise and focus on your financial goals. Similarly, the robustness of the ecosystem of our capital market is intact, with a meticulous regulator watching over; don’t mind the noise.

Joydeep Sen is a corporate trainer and author.

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