Here's a 9-step guide to calculating your credit card interest - We Are The Mighty
MIGHTY MONEY

Here’s a 9-step guide to calculating your credit card interest

When it comes to credit cards, understanding your interest rate and how it works can be the difference between staying out of debt with an excellent credit score and falling behind in your payments and dipping to sub-par credit score ratings.

Your interest rate is the amount your credit card charges you to borrow money. If you pay your credit card balance in full and on time, you generally don’t need to worry much about your interest rate, which is expressed as an annual percentage rate (APR).

But if you’re carrying a balance on your credit card, you’ll notice you owe more over time, and that’s because of the interest rate. Credit cards are notorious for being one of the most expensive types of consumer debt, with an average interest rate of about 17%.


While in most cases you probably don’t need to calculate your credit card card interest rate — your statements should clearly reflect how much interest is owed on any unpaid balance and your APR should be clear on your statement and your bank’s website — you may want to get an idea of how much your balance is costing you on a day-to-day basis.

Here’s a 9-step guide to calculating your credit card interest

Here’s a quick cheat sheet to help you when it comes to calculating your own credit card interest rate.

1. Pull up your credit card information

Log on to your financial institution’s website or pull out your latest statement (if you haven’t switched to paperless billing yet, get on that!) to find the pertinent information you’ll need to calculate your credit card interest.

You’ll need to find:

  • your purchase APR
  • the number of days in your billing cycle

2. Get to know the terms

The way your credit card works boils down to a few different terms, two of which include annual percentage rate (APR) and, more generally, your interest rate.

Although APR stands for annual percentage rate, your credit card company uses this percentage number to determine the interest you’ll be charged each month when you don’t pay your credit card off in full and carry a balance.

Keep in mind that your credit card may have different types of APR, like a:

  • purchase APR (usually applied to the overall purchases you make with a card),
  • balance transfer APR (usually applied to any balances transferred from another credit card)
  • introductory APR (usually applied to purchases made during the promotional period after opening a new credit card)

3. Find your purchase APR

In order to calculate the interest you owe on any leftover balances on your credit card, you’ll need to find your purchase APR. If you can’t find this information readily, try calling your bank, or click on your card’s terms and conditions section.

Here’s a 9-step guide to calculating your credit card interest

4. Determine your average daily balance (or balance subject to interest)

This is the aggregate total of what you spent and either paid off and/or were refunded every day throughout your billing cycle, divided by the number of days in your billing cycle.

If you’ve always paid your purchases in full by the due date, you won’t have any interest payments to make and your average daily balance isn’t really a factor. However, if you plan to carry a balance, to calculate your average daily balance when you need to determine interest, log onto your bank account online and track the charges and credits that went through on each individual day, creating a rolling total as you move through the days of your billing cycle.

This will provide you with an aggregate total that you can then divide by the number of days in your billing cycle (which you’ll find in step five).

5. Get the number of days in your billing cycle

Different credit cards have different amounts of time between billing cycles. A typical credit card statement is paid out in 30-day billing cycles.

6. Divide your APR by 365

Since your APR is your annual interest rate, you’ll need to divide your APR by the number of days in the year to get your daily interest rate. So for example, an APR of 13.99% would become: 0.1399/365 = .00038 daily interest.

7. Multiply your daily rate by your average daily balance

Once you know what you’re charged daily for interest, you can multiply that number by your average daily balance to find the daily interest you’ll owe. So for example, if your leftover balance after paying your credit card is id=”listicle-2639175991″,000, you would get: .00038 x id=”listicle-2639175991″,000 = .38.

Here’s a 9-step guide to calculating your credit card interest

8. Multiply your daily interest rate by the number of days in your billing cycle

If you determined that you have a 30-day billing cycle, then the credit card interest you would owe on a balance for the 30-day cycle in this example would be: .38 x 30 days = .50 in interest.

9. Ask about your credit card’s grace period allowance

Some credit cards offer a grace period between when items are purchased and when they absolutely need to be paid off before accruing interest. Check in with your bank to learn if you have a grace period on your accounts and what the exact grace period is in order to better avoid paying interest.

Also read:

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

Designer of the F-15 & AH-64 is responsible for 30% rise in Dow this year

A single company, Boeing, has accounted for nearly 30% of the Dow Jones Industrial Average’s year-to-date gain of 11.5%, according to Bespoke Investment Group.

Boeing shares have soared 34% this year, contributing 812 points of the index’s 2,807-point gain so far this year. Without Boeing’s contribution, the index would be up about 8% YTD.


Here’s a 9-step guide to calculating your credit card interest

(Bespoke Investment Group)

The index’s outsized gain is driven by Boeing having the heaviest weighting, 11.4%, among the Dow’s 30 stocks. The Dow is a price-weighted index, meaning the company with the highest share price, Boeing, has the heaviest weighting. Boeing’s stock price is the highest in the index and the only one over 0.

Unlike the Dow, the SP 500 is weighted by market cap, meaning Microsoft has the heaviest weighting. By comparison, Boeing commands the 15th biggest weighting of SP 500 names.

Such effects cut both ways and a 10% move in Boeing’s stock would move the DJIA index by over 250 points. The second-highest contributor to the Dow is Goldman Sachs, responsible for about 8% of the YTD gain.

Boeing shares were trading near all-time highs thanks to strong fundamentals and solid earnings growth based on the planned launch and development of the 777X, the largest and most-efficient twin-engine plane.

On Jan. 30, 2019, Boeing reporting strong quarterly results, with annual revenues topping 0 billion for the first time. The company forecast full-year 2019 earnings of between .90 and .10 a share, well ahead of Wall Street expectations.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

Six things to consider with the new payroll tax deferral

More than a million service members had an increase in their September mid-month pay because of the payroll tax deferral program set forth by President Trump. The presidential memorandum directs employers to stop withholding payroll tax until the end of the year to “support working Americans during these challenging times.”

While most civilian companies have declined to implement this directive, the federal government has given service members and civilian employees who make less than $4,000 biweekly or less than $104,000 annually no way to opt-out.

So how does this affect you and your family?


Six things military families might want to consider with the new payroll tax deferral

You will see a boost in pay – but there’s a BIG catch.

For those who are eligible, pay will go up 6.2 percent, which is the amount of payroll tax that is normally paid on wages. This raise in pay will continue through December 31, 2020.

The potential pitfall will come in the new year, between January and April 2021, which is when the taxes that are currently being deferred are slated to be paid back, possibly by taking out twice the normal payroll tax amount each pay period.

The payback will come at a particularly bad time, since most families struggle in the first few months of the new year, while holiday spending bills come due and they wait for their tax refunds.

Do you invest in the TSP, an IRA, or a 529? You may get a nasty surprise in January

While I am a big proponent of automatic investing through payroll deduction or bank transfer since it allows you to “set it and forget it,” this is one instance where a good savings habit could potentially trip you up.

But service members (and their bank accounts!) may be in for a shock if they have their “usual” contributions to the TSP and other investments withdrawn from their pay in January and then have the additional payroll tax deducted as well.

The annual pay raise may offset some of the pain, but it’s not confirmed yet

The proposed defense authorization bill would give service members a 3 percent pay increase in 2021, so this could help ease the pain of paying back extra payroll taxes next year. However, the final bill has not yet been passed by Congress.

Adjusting withholding doesn’t help.

There has been some talk on the internet about adjusting withholding taxes to somehow make up for the payroll tax. This is not a great solution, since the two taxes are not the same. If you increase your withholding, that’s going toward your future income tax bill, not payroll taxes, so it won’t offset January’s tax payback.

If you overpay in withholding tax, you will have to wait until you file income taxes to recoup it.

Save the extra, and save yourself some pain next January

The easiest way to make sure that repaying the deferred payroll tax isn’t a painful experience is to set the extra money aside. The DFAS website says that military members can estimate their payroll tax by taking their monthly base pay and multiplying it by .062 and repeating that process for the four months that the tax is deferred, September through December.

This money can then be saved in a separate, yet easily accessible account. Unfortunately, interest rates are currently very low, so you won’t earn very much interest in such a short time, but at least the money will be available early next year, when it’s due to be repaid.

Getting out? You still have to pay it back

Retired pay is not affected, since it is not earned wages. If a service member leaves the military before the taxes are repaid, they are still on the hook for repayment. Failure to repay these taxes in a timely manner may result in penalties and interest fees.

While it’s possible that service members won’t be required to repay the deferred tax, it’s best not to count on that: it would take action by Congress in order to do that. But if you’ve set aside the funds already, and it turns out that the amount is forgiven, then you will be well on your way to establishing an emergency fund or adding to your existing savings.

DFAS has a dedicated page on the Social Security Payroll Tax deferral. If military families have more questions or concerns, they should contact their installation financial readiness personnel or Military OneSource.

For more savings strategies and inspiration, follow us on social media and visit militarysaves.org and take the Military Saves Pledge, the start of your own personal spending plan.


This article originally appeared on Military Families Magazine. Follow @MilFamiliesMag on Twitter.

MIGHTY MONEY

5 times to consider putting your savings in a CD for at least a year

Since interest rates are down compared to last year — and likely to remain unchanged or fall even further in 2020 — it’s a good time to be strategic about where you save money.

A certificate of deposit (CD) can offer good earning potential without any of the risk of a stock market investment or the variable interest rates of a high-yield savings account.

When you open a CD, you agree to lock your money up for a specific period of time — usually anywhere from three months to five years — in exchange for a fixed annual percentage yield (APY). You typically can’t access your cash until the CD’s maturity date without incurring a penalty, which makes it a good place to safely grow money that you need at a certain date and not before then. It can also help curb impulse spending.


Currently, the best CDs are offering between 2% and 2.25% APY for varying minimum deposits and terms between 12 months and five years. Generally, the longer the term length, the higher the rate. Any term shorter than a year probably isn’t worth it right now, since the rates are comparable to the best high-yield savings accounts.

You can’t add money to a CD after the initial funding period (usually between 10 and 14 days), so it’s not the right type of account for actively saving money. But if you already have cash set aside for a future purchase, a CD is worth considering. Here are five times to open a CD for your savings:

Here’s a 9-step guide to calculating your credit card interest

1. You’re waiting to buy a house

Saving for a down payment can take years. But just because you finally reach your savings goal doesn’t mean you have to buy a house right away. Maybe mortgage rates aren’t where you’d like them to be or you just haven’t found a place you love yet. If you’ve decided to wait at least a year to buy a house, a CD can keep your down payment safe and earning a consistent return in the meantime.

Here’s a 9-step guide to calculating your credit card interest

2. You’re planning a home renovation

If there’s a home improvement project on your to-do list next year, but you already have the cash, consider opening a CD to earmark the savings. As long as the renovation isn’t something that needs attention right away (think: a big leak or a damaged roof), then you can lock in a high interest rate now to earn more on your money while you iron out the details of the project — and actually find the time to do it.

Here’s a 9-step guide to calculating your credit card interest

3. You spend a lot during the holidays

The end-of-year holidays seem to get more expensive every year. Make it easier for your future self by setting aside a cash reserve now that you can use next year for shopping, booking travel, and buying gifts. Once your CD matures, you can use the cash to put toward your holiday purchases if the timing is right or replenish the fund you pulled from.

Here’s a 9-step guide to calculating your credit card interest

4. You have big travel plans

If you’re actively saving for a travel fund, a high-yield savings account is the way to go. But, if you’ve already reached your goal, or even part of it, and want to make sure the money stays safe until you’re ready to jet off, try a CD. You won’t be able to dip into the account for impulse spending and you’ll wind up with even more money than you started with thanks to above average interest rates.

Here’s a 9-step guide to calculating your credit card interest

5. You’re preparing for a move

Between packing supplies, movers, and buying new stuff, moving can run up a lengthy tab. But setting up a moving fund? That’s something many of us plan to do, but never quite get around to.

If you know you’ll be moving in the future, whether to a new state or just a new neighborhood, consider setting aside some extra cash in a CD so you can be sure there’s no scrambling for money when the time comes. It doesn’t need to be a ton of cash — some of the best CDs require to open — but you’ll need to add something to start earning a return.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

Articles

Vets First helped this former airman build her spiritual home

“It is neither your title nor your name that defines you, but what is written on your heart.”


Rene Locklear White has held many titles: lieutenant colonel; Air Force veteran; wife; mother; Native American religious leader.

But none of these things define her.

Serving as a space satellite surveillance officer, White says, “I spent 22 years in the Air Force. Proudly. Happily.”

That pride and that happiness are what define her more than anything.

With her husband, Chris “Comeswithclouds” White, White runs Sanctuary on the Trail, a Native American Christian church in the Blue Ridge Mountains of Virginia. The church has five key areas of focus this year, the Spirit Speaks Forum, arts and culture advancement, disaster relief, human rights advocacy, and veteran wellness.

The focus on veteran wellness doesn’t jut apply to spiritual wellness, but to physical wellness. Together, the Whites work with veterans to understand their benefits and to get wounded warrior care for themselves and their families.

Comeswithclouds built their house with his son, Jacob, and the home is a beautiful reflection of who they are.

“We can honor nature and be a part of it, all the time,” White said. “The house is built, but now we’re.. building the community,” Comeswithclouds noted.

Currently, the family hosts Ceremony at their home, inviting members and strangers alike to experience the land in its purest, untouched state. The way Native Americans thousands of years before them did.

For more information, visit Sanctuaryonthetrail.org.

MIGHTY MONEY

Tips for budgeting for the holidays

As the holidays get closer, many military families find themselves looking for ways to save money and budget appropriately for the upcoming gift-giving season. Random COVID-19 impulse buys, a downward spiraling economy, job loss, and purchases related to new homeschooling or virtual schooling curriculum are leaving many of us financially stressed in 2020. Check out these holiday budgeting tips that will help you start the new year off on the right financial footing.

Tips on budgeting for the holidays

So how do you try to save and budget for this holiday season when your finances may have taken unexpected hits because of the coronavirus pandemic? Financial expert and military spouse Lacey Langford from The Military Money Expert says there are three things you should evaluate when you start budgeting for the holidays: your current holiday savings, the total amount you want to spend for the holidays, and who is on your list. 

“Knowing how much you have to spend is the jumping-off point for your budget,” Langford said. “Then you can look at [ways to save] between now and Christmas.”

You will also want to examine how much you want to spend for the holidays. You can do this by looking at your current savings account balance. Subtract the amount you want to keep in savings as your emergency and investment amounts to find your total holiday shopping budget. Once you have that number, you can write down the people on your holiday shopping gift list, and assign each person an amount of money you would like to spend on them. “[When you] know who you’re buying for it makes it easy to firm up your spending budget,” says Langford. 

“Save money every month, starting in January. … Set up an automatic $100 transfer from your checking to your savings at the beginning of the month. By the time November rolls around, you’ll have $1,100 to holiday shop with,” Langford suggests. 

But don’t fret — if you aren’t that organized with your holiday budgeting this year, you can still do some things to help you save some cash for the next several weeks: 

  • Don’t procrastinate: Shop sales when you see them. You can even do this throughout the year.
  • Use apps like Qube Money that utilizes the popular envelope system or Tiller that helps you budget throughout the year.
  • Cancel your cable or streaming services.
  • Honey and Rakuten are two websites that offer cash back for purchases made on other sites — even Amazon, Wal-Mart, and Target participate

“Don’t forget to use your military benefits when shopping for the holidays,” Langford said. 

Shop My Exchange, ID.Me Shop, and GovX are all military-specific and provide discounts or lists of companies that give military discounts online. 

The military exchanges also offer a new layaway program as well. Layaway not only helps you pay for what you can manage in a certain timeframe but also allows you to stick to your monthly budget. There are several different options for layaway, from 30 days for clothing and handbags up to 120 days on fine jewelry. A deposit purchase of $25 and 15% of the item’s purchase price, plus service fees are required to put your items on layaway at any military exchange. You can find out more information by visiting the Exchange website

Even if your family is in a good place financially, you should start considering your holiday budget about 6-8 weeks using the funds you have saved away throughout the year. Budgeting is a great way to keep your family on track, make sure your nest eggs continue to thrive, and help your family prepare for the unexpected — like a worldwide pandemic. 

Want more money tips? Download our free 2020 Military Money Guide

This article originally appeared on Military Families Magazine. Follow @MilFamiliesMag on Twitter.

Articles

3 myths about the new military retirement system

Here’s a 9-step guide to calculating your credit card interest
Veronica Ballek, wife of Col. Michael Ballek, pins a retirement pin on her husband during his retirement ceremony at Mountain Home Air Force Base, Idaho, June 2, 2015. | US Air Force photo by Tech. Sgt. Samuel Morse


You’ve probably heard that currently serving military members and their families soon will have to choose whether to switch to the new military retirement system or stick with the old one.

But retirement options and savings choices can be confusing. How can troops know which to pick?

Also read: Pentagon considers lifetime access to Exchange system for vets

Military leaders want families who are thinking through the choice to be armed with as much information as possible, said Lt. Col. Steven Hanson, who heads the Army‘s compensation and entitlements office.

He discussed three military retirement myths at a recent Association of the United States Army conference.

Myth 1: You’ll be forced into the new military retirement system.

That’s false, Hanson said.

Everyone who joins the military after Jan. 1, 2018, will be a part of the new system whether they like it or not. But those who are currently serving at that time will have to make a choice: Keep the old system or opt into the new one.

“One of the big misconceptions about this is that people will be forced into the new system and that is simply not the case,” he said. “Nobody will be moved into the blended system unless they actively choose to do so.”‘

The current retirement program is based on a pension system. Under that plan, if a military member serves 20 years, is medically retired or is forced out and qualifies for early retirement, he’ll be able to walk away with a pension based off his rank at retirement.

But most troops don’t retire out of the military — they simply leave the service. And thanks to the way the current system is set up, that means they walk away empty-handed.

That’s a problem the new “blended” retirement system is designed to fix. Instead of retirement or nothing, it gives service members a savings that is closer to what’s used by employers in the civilian sector.

Under it, troops can contribute money to their Thrift Savings Plans (TSP), and the Defense Department will match it up to a certain percent, much like a 401(k) plan. Even if a service member opts to put nothing in his TSP, the DoD will still contribute an amount equal to one percent of his base pay to the account each month.

And service members who stay in long enough to become retirees will still get a version of the pension system in the new military retirement plan as well, although payments will be based on a lower amount than they are today.

Myth 2: It’s easy to tell which plan you should use.

False. While it would be nice to know if the new system is the right choice for you simply based on how many years you’ve been in, that’s not the case. Whether the new system is right for any given service member is going to be based on a whole slew of information specific to that person and his or her family, Hanson said.

“There’s no cookie-cutter answer. Every service member is going to have different circumstances,” he said. “Everyone should do what’s best for their personal circumstances.”

Myth 3: You’re going to have to figure out which plan is best for you on your own.

Mostly false. While the final choice ultimately will be up to each individual service member, the law that required the retirement plan change also requires the Defense Department to provide a lot of education about what the change means — and how service members can pick which plan is right for them.

“We need to make sure that they have the tools, the skills and the knowledge to make an informed decision,” Hanson said. “We are putting together a training and education plan to make sure service members understand the old system versus the new system so they can make an informed choice.”

MIGHTY MONEY

Pro-tip: Active Duty gets the AmEx Platinum for free

The Platinum Card from American Express has one of the highest annual fees of any consumer credit card — a staggering $550 each year, starting when your first billing statement hits. However, the card is easily worth that annual fee because you get more value than that back. For example, I got more than $2,000 of demonstrable value from the card my first year.

However, if you’re an active duty US military member, AmEx will actually waive the annual fee. As reported by US Navy veteran Richard Kerr for The Points Guy, service members must request the benefit by calling the number on the back of the card — it isn’t applied automatically. AmEx uses an automated program to confirm your service, and refunds the annual fee in the form of a statement credit.


This can be particularly useful for military members who find themselves traveling frequently, either as a part of their service or during leave periods — or for traveling spouses and children, who can be added as authorized users. But the card can be incredibly valuable even for non-service members who have to pay the whole fee. Here are some of the benefits that make that the case.

Airport lounge access

Airport lounges are exclusive areas where you can enjoy seats, an internet connection, food, drinks, and sometimes other amenities. Although lounges were traditionally reserved for first class and business class passengers, many are accessible to any traveler who holds either a lounge membership or certain credit cards — and the Platinum Card from American Express offers access to three different kinds of lounge.

Here’s a 9-step guide to calculating your credit card interest

The first type is AmEx’s own proprietary lounges, located at eight airports in the United States — and in Hong Kong — with three more US locations set to open in 2019. These chic venues offer an oasis in the middle of the main terminal’s chaos, featuring comfortable seating, complimentary cocktails and food created by award-winning mixologists and chefs, respectively, and other amenities. Access to these lounges is limited to holders of the AmEx Platinum or AmEx Centurion cards.

If you’re flying with Delta and carry a Platinum Card, you can also access any Delta Sky Club lounge. With more than 30 locations, Sky Clubs offer snacks, complimentary soft and alcoholic drinks (with more “premium” drinks available for purchase), fast Wi-Fi, and a place to unwind. Some locations also feature showers.

Finally, the Platinum Card comes with a Priority Pass membership. Priority Pass is a network of more than 1,200 airport lounges around the world. With the membership provided by your Platinum card, you and two guests can access any location (as long as there’s room) to enjoy free snacks, drinks, newspapers and magazines, showers, and more, all separate from the hustle and bustle of the main terminal. If you have an international version of the card, instead of the US version, be sure to double check the guest policy for your card’s Priority Pass benefit. Priority Pass also offers credits at some airport lounges and restaurants.

Membership Rewards points

The Platinum Card earns Membership Rewards points, which are the currency in AmEx’s loyalty program. Points can be exchanged for statement credits or cash back, used to book travel through the AmEx Travel website, or transferred to any of 17 airline and three hotel transfer partners (transferable points are among the most valuable).

The card earns a whopping 5x points on airfare purchased directly through the airline, as well as flights and prepaid hotels reserved through AmEx Travel. It earns one point for every dollar spent elsewhere.

The Platinum Card comes with a welcome offer of 60,000 Membership Rewards points after you spend ,000 on purchases in the first three months after account opening. The value of the points depends on how you use them, but by transferring them to airline frequent flyer programs, it can be possible to use those welcome points to fly round-trip to Europe, or even one-way in first class.

0 airline fee credit

Every calendar year, the Platinum Card offers a 0 credit toward incidental fees on one airline (that you can choose at the beginning of each year). While it doesn’t cover tickets, it applies to a wide variety of charges and fees, such as checked bags, change fees if you need to change your flight, in-flight food and drinks, fees for traveling with a pet, airport lounge day passes (if you don’t already have complimentary access), and sometimes even things like seat assignments and extra legroom upgrade fees.

Up to 0 in Uber credits

In March, 2017, American Express added this as a new perk to the Platinum Card. The credit works within the US, and is worth up to 0 per year, broken into monthly chunks; each month, you’ll get a credit added to your linked Uber account, with an extra for a total of each December.

Here’s a 9-step guide to calculating your credit card interest

(Stock Catalog photo)

If you travel on a regular basis or live anywhere near most cities, this is an easy perk to get value from. You can also put the credits toward UberEats orders.

In addition, your account will be upgraded to Uber VIP status. There aren’t a ton of perks with this, and it’s only available in certain cities, but with Uber VIP, you’ll only be connected to drivers rated 4.8 stars or higher. Uber also says that Uber VIP drivers have “high-quality cars.”

Shopping credit

This is a brand new benefit that AmEx added to the Platinum Card in July 2018. US card members can enroll to get up to 0 in statement credits each year in store or online at Saks Fifth Avenue. The credit is broken into two parts, with up to available every six months.

Although many things at Saks are quite pricey, there are plenty of items in the -100 range — and lower — that you can find by browsing the website. Sneakers that are on sale, things like Converse shoes, t-shirts, sweaters, or more. You can learn more about the benefit here.

Elite status at Starwood, Marriott, and Hilton hotels

Elite status at hotels can be incredibly valuable, often including free perks like daily breakfast, room upgrades, early check-in or late check-out, premium internet, lounge access, free nights, points-earning bonuses, and more. Usually, only the top frequent travelers earn status, but with the Platinum Card, you can earn it before you’ve stayed a single night.

The card comes with gold-level elite status at both Hilton and Starwood hotels. Because Starwood is owned by Marriott, the latter matches your status at Starwood. If you stay at hotels even a few nights a year, these benefits can be extremely valuable — especially considering how expensive hotel breakfasts can be.

Global Entry or TSA PreCheck

TSA PreCheck and Global Entry (which comes with PreCheck) are absolute musts for just about any traveler. Once you enroll, you can use special lanes to breeze through airport security — you won’t have to remove shoes and light coats, and you can leave your laptop in your bag. With Global Entry, you can use a fast lane when you return to the US from abroad, which makes clearing immigration and customs easy and quick. The programs cost -0, and American Express will provide a credit for that fee every four years (memberships are valid for five years).

Other card benefits

The Platinum Card from American Express comes with a few other benefits that help offset the annual fee.

AmEx also Platinum card members access to the AmEx Fine Hotels and Resorts program. When you book participating hotels through AmEx Travel (there are nearly 1,000 worldwide), you’ll enjoy valuable perks including room upgrades, free breakfast, late checkout, free Wi-Fi, and a unique amenity at each hotel, like a credit to use at on-property spas or restaurants.

An exclusive concierge service is available to Platinum cardmembers, too. While the services are complimentary, you’re responsible for paying for any services booked or purchases made on your behalf (don’t worry, the concierge will always ask for approval first). The service can come in helpful for things like getting tickets to shows or making reservations at exclusive restaurants.

Bottom line

The Platinum Card from American Express comes with a high annual fee of 0, but the value of the card’s annual benefits more than outweighs the fee. That’s especially true the first year, when you can earn welcome points.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. If you have questions or feedback, we’d love to hear from you. Email us at yourmoney@businessinsider.com.

Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.

This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.

MIGHTY MONEY

There is no one in NFL history more devoted to veterans than Jared Allen

During his 12-year NFL career, Jared Allen was a heavyweight defensive player, making his presence known on multiple teams, especially the Minnesota Vikings. It was as a Viking that Allen went on a trip that touched his heart and soul, touring with USO to visit servicemen and women deployed overseas. He even told the assembled troops as much.

That’s what led to Jared Allen’s Homes for Wounded Warriors (JAH4WW).


“It has been one of the best experiences of my life – something that I’ll never forget,” Allen said of his time visiting troops. “We, as players, probably get more out of it than you do as soldiers and Marines.” Even though his grandfather and younger brother were Marines, the experience changed Allen, inspiring him to create his own charity to support America’s wounded.

Even after he was traded to Chicago and later Carolina, Jared Allen’s Homes for Wounded Warriors carried on no matter where Allen was playing. Even though he’s listed as one of the 50 Greatest Minnesota Vikings of all time, the uniform he wore on the field wasn’t what defined him. If you ask the man himself, he’ll tell you what he does off the field is what matters most.

“Football is what I do, it’s not who I am. The things that we do today — to impact these lives, to change people’s lives — can last forever,” he told SB Nation. “We have a great responsibility to the community that supports us, and to our veterans who allow us to do what we do.”
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Former Vikings defensive end Jared Allen presents free Super Bowl LII tickets to eleven-year-old Tallon Kiminski, son of Minnesota Air National Guard member, Maj. Jodi Grayson.

(U.S. Air National Guard photos by Capt. Nathan T. Wallin)

When it comes to helping wounded veterans, Jared Allen is a godsend. On its website, the JAH4WW says, “Jared was moved by the commitment, dedication, and sacrifices that our soldiers make every day to protect our freedom. He wanted to say thank you to every soldier in the only way that Jared knows how. By embracing the conflict and making a positive life-changing difference in the lives of those who need it most, Jared and his JAH4WW will help make life for wounded vets just a little bit easier.”

Talk is big, but in practice, Jared Allen is much, much bigger than just words. Since its founding in 2009, his organization has helped raise funds to build or revamp homes for injured veterans of Iraq and Afghanistan, raised tens of thousands of dollars from corporations like Wal-Mart and Proctor Gamble to provide everyday household goods for veteran families in need, and on Veterans Day, you can always find the now-retired Allen doing something to help veterans in need.

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NFL player Larry Fitzgerald signs an autograph for troops from the Washington Army National Guard at Camp Ramadi, Iraq, along with Will Witherspoon from the St. Louis Rams, Jared Allen from the Minnesota Vikings, and Danny Clark from the New York Giants in 2009.

(U.S. Army photo by Staff Sgt. Emily Suhr)

“I knew I had to do something to serve our country,” Allen once said of the Jared Allen Homes for Wounded Warriors. “I feel the best way to do that is serve those who serve us.”

If you’re a veteran of the wars in Iraq or Afghanistan who is in need of housing or alterations to suit your disability, apply to Jared Allen Homes for Wounded Warriors on the organization’s website. Jared Allen is one guy you definitely want in your corner.

Humor

24 people to marry with better benefits than a US service member

Recently, the military healthcare system Tricare posted a photo on its Facebook page that had its fans in a frenzy.


People got pissed; they complained; they shared the post with harsh words; some even used “caps lock” in their comments. It was terrible.

What was so offensive about the post, you ask? If you hadn’t already seen it, it was a wedding photo with the comment “You had me at #TRICARE.” See below.

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Tricare recently posted what was supposed to be a humorous post to its Facebook page. Instead, it got a lot of backlash!

As someone who works online almost exclusively, I had to laugh at the post. In fact, I laughed a lot. I could understand why some people were upset (hello, pushing a negative stereotype on female military spouses), but mostly I couldn’t understand how the marketing department at Tricare saw the post and said “Oh hey, THIS post is an EXCELLENT idea!”

My first reaction when I saw it, honestly, was “I wonder how long whomever approved this post will have a job?” I post all kinds of crazy things on my own personal Facebook page, but I’ve been called into more than one come-to-Jesus meeting with a boss over a poorly planned social media post.

When that’s your job, you have to be aware of your audience.

And who is the audience for most of Tricare’s social media pages? Probably spouses who want to keep up with changes in Tricare benefits. So it’s no small wonder that a whole bunch of them were butthurt.

So I did what any responsible journalist in my position would do: I shared the flub on my personal Facebook page and asked for hilarious feedback. My friends did not disappoint.

The idea? If we were to marry someone for his benefits, couldn’t we have chosen someone with better perks?

The military benefits are great, don’t get me wrong. But what about if you married:

1. A mob boss

All the Italian food your heart desires and the destruction of your mortal enemies. (this is obviously my first choice)

2. Prince Harry

Crowns and gowns, you’d never have to work! (wait. maybe this is my first choice)

3. United State Senator or Representative

The best health care your tax dollars can buy. Plus no one’s allowed to hurt your feelings. (gag me now)

4. A doctor

All you can eat hospital food! (food? queue the fat dependa jokes, because I AM IN)

5. A dog breeder

Picks of the litter! (meh, I’m not really a puppy person. Don’t shoot me, I prefer a full-grown rescue)

6. Donald Trump

If you ever go bald or are in desperate need of a tanning bed, you’re already in the right place! (If you can stomach this, its an option for those of you under 25!)

7. Any president

Free food, vacations all over the world; top private schools for kids; secret service body guards; couple cabins in the woods; free airfare!! (Woah woah woah…. someone sign my husband up!)

8. A Masseuse

Happy massages for days. (Okay I’m really torn between this one and Prince Harry. Can we choose two?)

9. Bill Gates

When one door closes the windows are always open!! (I’m a Mac girl, so…)

10. A handyman

All the crap around the house might actually get done! (Except my daddy raised me to be able to DO all the crap around the house, so this isn’t an issue here.)

11. Cesar Milan (the dog whisperer)

Maybe he can make the kids behave! (Wait, I have to choose between behaving kids and Prince Harry? Adulting is hard.)

12. A plastic surgeon

Think this speaks for itself. (Meh, not really my cup of tea)

13. A Starbucks barista

I think this also speaks for itself. (Okay, so do you think Harry could make coffee AND be a mob boss AND be a masseuse? Someone with connections find this out for me?)

14. An airline Pilot

Get to travel for free or for little out-of-pocket when there are seats available. (I’m married to a pilot. I see how he drives, I DO NOT want to fly with him.)

15. A personal trainer and chef

Never have to cook again and always fit into your skinny jeans! (I already fit into my skinny jeans. I just buy them bigger now.)

16. A hotel manager

Free room and board with complimentary continental breakfast! (I do enjoy food…)

17. A mechanic

(Free oil changes?)

18. Matt Damon

He’s my fantasy celebrity boyfriend and I’m waiting for his proposal. (Obviously this wasn’t my suggestion. If it’s not obvious, I super like Prince Harry. Just saying.)

19. A farmer

Cheap help from laborers, tractors and back hoes to dig as many holes as I need to bury the bodies. Then, when the old man ain’t worth it anymore I just take him out to pasture on the back 40! (So maybe not husband material, but maybe as a side piece while I’m married to the mob boss? Questions need to be asked here.)

20. A coffee importer

I would always have the best coffee. Ooh or someone who owns a bookstore too! Unlimited coffee and books for life it can’t get any better than that. (Just out of curiosity, does anyone know if Prince Harry has a library? Asking for a friend.)

21. The owner of a winery

(Also need to find out how Harry feels about wine)

22. A civilian so you never have to sleep alone

…Or worry. (I know, too serious)

23. A Costco employee

I used to work at Aetna. Let me tell you — those folks get great insurance. Or they used to. Free glasses once a year for all members of the family. (It IS time for me to get new glasses.)

24. The heir to a million dollar business with really nice in laws

No wait.. better! Heir to an awesome chocolate company. (Note to self, find out how Prince Harry feels about wine and chocolate and masseuse school and libraries and…)

I just realized that Prince Harry is in the military as well, so maybe I just really appreciate a man in uniform and the benefits aren’t really even the icing on the cake.

Articles

Advocates rally to stop Senate plan to cut Basic Allowance for Housing

Military advocates are rallying to stop a proposal in the U.S. Senate to reduce military housing allowances.


The Senate Armed Services Committee’s version of the 2017 National Defense Authorization Act, which sets policy and spending targets for the fiscal year beginning Oct. 1, would curb the military’s Basic Allowance for Housing, or BAH, for new entrants beginning in 2018 by only covering what they actually pay in rent. It would also reduce the combined value of the benefit received by military couples or roommates.

“We’re not in favor of the language in there,” Michael Barron, deputy director of government relations at the Military Officers Association of America, an advocacy group based in Arlington, Virginia, told Military.com. “We’ve got some major concerns with it.”

The Senate panel led by Sen. John McCain, a Republican from Arizona, wants the monthly BAH — which varies by paygrade, dependent status and region in the U.S. — to be more like the Overseas Housing Allowance — which covers only housing expenses.

Section 604 of the Bill S.2943 is titled, “Reform of Basic Allowance for Housing.”

Beginning Jan. 1, 2018, the legislation would set the allowance for new entrants at “the actual monthly cost of housing” or an amount “based on the costs of adequate housing” for each military housing area, according to a copy of the legislation. It also states two or more service members occupying the same housing would split the allowance.

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Senate Armed Services Committee Chairman Sen. John McCain, R-Ariz., Ranking Member Sen. Jack Reed, D-R.I., and Sen. Jim Inhofe, R-Okla., listen as retired Gen. David Petraeus testifies at a hearing in Washington, Sept. 22, 2015.

It’s unclear whether the full chamber will approve the language when it votes on the defense authorization bill at a later date. Republican Sens. Lisa Murkowski of Alaska and Susan Collins of Maine have already introduced amendments to strike the provision. The House didn’t include similar language in its version of the bill and the Defense Department hasn’t requested the change.

In addition, Congress is already supporting a Pentagon plan to slow the growth of Basic Allowance for Housing over five years so service members on average pay 2 percent of their housing costs this year, 3 percent in 2017, 4 percent in 2018 and 5 percent in 2019 and thereafter. Troops won’t see a modification in the allowance until they change duty stations.

Senators argue the housing allowance has become “bloated and ripe for abuse” and note the change could save an estimated $200 million, according to an article by Leo Shane III, a reporter for the Military Times newspapers who first reported the proposal.

Barron said the allowance is part of regular military compensation designed to retain and recruit talented people into the military. He also noted in the 1990s troops paid roughly 15 percent of their housing allowance out of pocket and that lawmakers in Congress had “done a lot of work” over the past decade to reduce that expense.

“We really don’t think they should be trying to make these reductions for new entrants coming in. We just don’t think it’s the right thing to do,” he said.

“You’re already asking a service member to pay more for retirement savings,” he added, referring to the recent overhaul of the military retirement system that incorporated a 401(k)-style plan. “You’re asking them also now to pay more for housing.”

Articles

How life changed in one moment for this Marine


At age 18, Cpl. Andrew Richardson was serving in the Marine Corps in Iraq. His squad maintained a perimeter around a medical sanctuary where local civilians could get treatment. Doing so gave Richardson an overwhelming sense of satisfaction and value.

Returning to civilian life, Richardson struggled to find that same sense of value. For five years he floated from job to job, doing construction and working as a roadie and security guard, among other gigs.

Today, he enjoys a fulfilling career in the tech industry, working at Microsoft, and has discovered a passion for programming — all thanks to a chance encounter while tending bar and an intensive 18-week technical training and career-development program.

Curious? Check out the video to see Richardson’s story and then go learn more about Microsoft Software & Systems Academy.

MIGHTY MONEY

Deadline to transfer GI Bill benefits coming this July

Soldiers with over 16 years of service who want to transfer their Post-9/11 GI Bill to a dependent must do so before July 12, 2019, or risk losing the ability to transfer education benefits.

Last year, the Department of Defense implemented a new Post-9/11 GI Bill Transfer of Education Benefits, or TEB, eligibility requirement, which instituted a “six- to 16-year cutoff rule,” said Master Sgt. Gerardo T. Godinez, senior Army retention operations NCO with Army G-1.

Further, soldiers who want to transfer their education entitlement must have at least six years of service, he said. All soldiers must commit to an additional four years of service to transfer their GI Bill.


However, soldiers who are currently going through the medical evaluation board process cannot transfer GI Bill benefits until they are found fit for duty under the new DOD policy.

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(U.S. Army photo)


“For Purple Heart recipients, [all] these rules do not apply,” Godinez said.

Prior to the new policy, there were no restrictions on when a soldier could transfer their education benefits.

Since 2009, over 1 million soldiers have transferred their GI Bill benefits, Godinez said.

“To transfer their GI Bill, soldiers have to go into milConnect website, login with their common access card, then select the tab there that talks about the transfer education benefits,” Godinez said.

If a soldier needs additional help, they can visit their installation’s service and career, or education counselors. In July 2019, the new rules will be in effect and those soldiers with more than 16 years of service will not be eligible to transfer education benefits.

“Soldiers need to [review this benefit] to make an educated decision,” he said.

This article originally appeared on United States Army. Follow @USArmy on Twitter.

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