As if the pandemic didn’t take us enough, there are companies out there that are taking advantage of you right now that takes full advantage of you. Some in really big ways, and most of which you had absolutely no idea about, pulled the wool over your eyes.
But you are not a fool! Now that you know you are ready to fight back. Here are the worst companies that are practically stealing your money – and what you can do to save it.
1. Your credit card company: stop paying them
If you don’t cash out your credit card balance in full, you can face some insane Interest. Like almost 30% of your balance every month. What your credit card company charges, you should be a criminal.
But unfortunately not, and you agreed to it when you signed up for your credit card. But you know better now! So – 1. Never spend too much money on your credit card again, and 2. Pay off the rest of your credit card debt immediately.
If you don’t have the cash you need, a low-interest personal loan can help you with that (and save you money in the long run). We recommend using a website like AmOne.
If you owe your credit card company $ 50,000 or less, AmOne compares you to a low-interest loan that can be used to pay back every single one of your balances.
The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will be out of debt The much faster. Plus: No credit card payments this month.
AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.
It takes two minutes to see if you qualify for up to $ 50,000 online. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
2. Your auto insurance: cancel it
Car insurance rates are among the lowest ever. And you probably wouldn’t know that if you weren’t looking for new insurance last year.
Which means that your auto insurance will let you automatically pay you every month without ever telling you that you could pay them a lot less (and why should they?).
What you should be doing is buying in your options every six months or so – this could save you serious money. But let’s be real. It probably isn’t the first thing you think about when you wake up. This need not be.
A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your zip code and age and it will show you your options.
Insure.com saved an average of $ 489 per year.
Yup. That could be $ 500 in your pocket just to take a few minutes to consider your options.
3. Your credit monitoring service
Are you paying a company to see your credit report? You might because you know the importance of having good creditworthiness in order to buy a car, get a mortgage, or even start a business.
But if you’re trying to get your credit back in order – or if it’s on the right track and you want to improve it – you’re no longer paying someone to watch it for you. You can get the same help from a free website like Credit Sesame.
Within two minutes, you’ll have access to your credit history, all debtor accounts, and a handful of personalized tips to improve your credit score. You can even spot bugs that are holding you back (every fifth report has one).
Atlanta-based James Cooper used Credit Sesame to add nearly 300 points to his credit rating in six months. *** “You showed me the pros and cons – how to puncture the me and cross the T,” he said.
Getting your free credit score will take less than two minutes.
4. Your Investments: Receive up to $ 200 in bonus shares
If you have investments, you likely have a broker – someone who will manage your investments and offer advice. If you’ve worked with them for years, you may not even realize that you are losing a small portion of your investment with every trade. These fees can be a percentage of each transaction or a flat fee. Either way, it’s a rip off.
And if you feel like you don’t have enough money to invest and you definitely can’t afford the fees, you are not alone. But guess what? You really don’t need that much – and you can even get free shares (worth up to $ 200!) If you know where to look.
Whether you have $ 5, $ 100, or $ 800 left, Robinhood is your investment.
Yes, you’ve probably heard of Robinhood. Both beginners and professionals love it because it has no commission fees and you can buy and sell stocks for free – with no limits. Plus, it’s super easy to use.
What is the best? When you download the app and top up your account (it doesn’t take more than a few minutes), Robinhood will put some of the free shares in your account. It’s random, however, so stocks can be valued between $ 2.50 and $ 200 – a nice boost to help you build your investments.
5. Your bank account: See if you can get more money
Yes. The place you trust to keep your money safe and growing gets rich by kidding you. First, with all of the crazy fees they charge. Then by making tons of interest on your money – but only 0.05% (on average).
When you’re tired of being scammed, find an account that won’t charge you ridiculous fees and you will earn a lot more interest on your savings – it is your money after all.
With a debit card called Aspiration, you can earn up to 5% cashback every time you swipe the card and up to 16 times the average interest on the money in your account. Plus, you never pay a monthly maintenance fee.
To see how much you could make, enter your email address here, link your bank account, and add at least $ 10 to your account. And don’t worry. Your money is FDIC insured and under military encryption. This is nerd talk for “that’s perfectly safe”.
Kari Faber works for The Penny Hoarder.
*** As with Cooper, 60% of Credit Sesame members see an increase in their credit score. 50% see an increase of at least 10 points and 20% see an increase of at least 50 points after 180 days.
Credit Sesame does not guarantee any of these results, and some may even see a decline in their creditworthiness. Any improvement in score is the result of many factors including paying bills on time, keeping your balance low, avoiding unnecessary inquiries, proper financial planning, and developing better credit habits.