A money market account is like having a savings account with the flexibility of a checking account.

And it almost always offers higher-than-usual interest rates (as an annual percentage yield) than savings and checking accounts.

The downside is that with a money market account, you only get six transactions (transfers or withdrawals) per month, or per account cycle of at least four weeks. This is because of Regulation D, a federal law that limits transfers and withdrawals from money market accounts. A transaction could mean writing a check, moving money from one account to another, or using a debit card to make a purchase.

If you go beyond the transaction limit, you may get hit with a fee. For example, US Bank charges $15 each time you go over the limit of six.

Because of the higher interest rates you get along with access to cash, keeping your money in a money market account may be beneficial when you’re saving for things like …

• An emergency fund
• A tax payment
• A vacation

Read on to learn more about money market accounts.

Pros of a money market account

1. You’ll earn higher interest on your money

Money market accounts tend to have higher interest rates than checking or savings accounts. The national average rate for money market accounts with deposits smaller than $100,000 was 0.06% in mid-March 2021, according to the Federal Reserve. But rates can be even higher if you choose to open a money market account at an online bank. For example, Ally Bank offers 0.50% and Brio Direct offered 0.60% on their money market accounts as of March 2021.

2. Money market accounts are insured

Just like a savings account, the funds in your money market are insured as long as you’re doing business with a bank that’s insured by the FDIC or a credit union insured by the NCUA. Each account type is insured for up to $250,000 per depositor, each insured financial institution. That means that if the bank or credit union goes under, you’ll get your money back up to the insured amount.

3. You can write a few checks here and there

Money market accounts, like checking accounts, allow you to write checks. But unlike checking accounts, money market accounts limit you to only six transactions a month — transferring money from one account to another, debit purchases, bill pay and checks all count as transactions. And just a note: Don’t confuse a money market account with a money market fund, which is a low-risk investment fund that is not covered by the FDIC.

Cons of a money market account

1. You have to maintain a minimum balance

The first downside is that you might not have enough cash to open a money market account since some banks require a large initial deposit to open one or to earn the interest you’d like. Beyond the opening-deposit requirements, you may also need to maintain a certain balance in the account at all times in order to earn the best interest or avoid fees.

Basically, if you’re actively working on other financial goals that make it hard to gather up all that money, a money market account may not be for you.

2. You get dinged with fees for dipping below the minimum balance

Once you get together enough for a minimum balance, you have to make sure your money market account stays above that threshold. If you dip below a minimum balance requirement, you may get hit with a maintenance fee that pretty much cancels out the higher interest. 

3. You only get six transactions each month or account cycle

Transactions can include certain types of withdrawals, transfers between accounts, debit purchases and check payments. Anything beyond the six and you may face a penalty. For example, Ally Bank charges $10 for each additional transaction and US Bank charges $15.

If you think you’ll need to use your money market account more as a checking account than savings, do some research on high-interest checking accounts.

Bottom line: Does a money market account make sense for you?

It all boils down to being able to access your money (in case of emergency or other infrequent need) and competitive interest rates. You may want to consider opening a money market account if you can relate to the following:

• You keep high balances in your checking account
• You write few checks or make few debits each month
• You don’t want to commit to other types of savings accounts that lock up your money for a certain amount of time, like CDs or IRAs

Remember that because of the transaction limits, a money market account probably isn’t the right choice if it’s for regular monthly expenses.

If you do want to open a money market account, do your research and find one with a competitive interest rate. Might as well make the most of the money that’s sitting there!

If you fly through Houston’s George Bush Intercontinental Airport often, there are two Priority Pass™ lounges you should know about.

One is the KLM Crown Lounge and the other is the Air France Lounge, both located in Terminal D.

Fortunately, if you hold a premium travel credit card, it might come equipped with complimentary Priority Pass™ Select membership, which gives you access to Priority Pass™ lounges once you enroll.

Having lounge access can be like unlocking an airport oasis, away from the chaos. In my own travel experience, Priority Pass™ lounges have offered ample outlets to charge my electronics, strong Wi-Fi, comfortable seats, snacks and sometimes small finger foods, empty bathrooms and, yes, even wine.

Read on to find out how you can take advantage of Priority Pass™ lounge access the next time your flight takes you through this Houston airport. 

Things you should know about the Priority Pass™ lounges at Houston’s IAH

Both the KLM Crown Lounge and Air France Lounge are located in Terminal D, where you can find …

• Free Wi-Fi
• TV
• Comfortable seating
• Complimentary drinks, refreshments
• Newspapers and magazines
• And sometimes food (like small sandwiches, salad, fresh fruit)

Just keep in mind that even though you have a membership, it doesn’t necessarily mean you’ll get in. If the lounge is too crowded, you may get turned away.

KLM Crown Lounge

• Hours of Operation: 6 a.m. to 9 p.m. daily
• Location: Terminal D, near Gate D8
• Stay: Three hours max.

Use the KLM Crown Lounge to kick up your heels and unwind before you board. Kids are welcome but must be accompanied by an adult. Plus kids 2 years and under are admitted free.

The KLM Crown Lounge is well-equipped. Features include …

• Wi-Fi
• TV
• Newspapers/magazines
• Refreshments
• Alcoholic beverages
• Telephone (for local calls)

While opinions differ when it comes to which Priority Pass™ lounge is better at George Bush Intercontinental Airport, Jan S., founder of TheLuxuryTravelExpert.com, explains, “I prefer the KLM Lounge because of better food offerings and a nicer decor.”

Air France Lounge

• Hours of Operation: 12 to 5 p.m. daily, closed Dec. 25
• Location: Terminal D, near Gate D12
• Stay: Three hours max.

The Air France Lounge and has two sections: one that has snacks and beverages, and another larger area with a TV and chairs.

But there are no private bathrooms, and travelers have noted that the Air France Lounge is very small. The hours of operation are also limited, so if you’re traveling outside of the hours of noon to 5 p.m., you won’t have access. And if you are around during that window, keep in mind that access may be restricted due to space constraints. Like the KLM Crown Lounge, children 2 years and under are admitted free.

Lounge features include …

• Wi-Fi
• Newspapers/magazines
• TV
• Refreshments
• Alcoholic beverages
• Telephone (for local calls)

How to get Priority Pass™ Lounge access

If your premium travel credit card offers complimentary access to Priority Pass™ lounges, it’s probably through Priority Pass™ Select membership. Although you might think you have instant access, you typically have to enroll in Priority Pass™ Select separately before you can get into a lounge. Check out your card’s benefits guide or contact your card issuer to find out how to enroll.

After you enroll, depending on your issuer’s program, you may receive a Priority Pass™ membership card in the mail. You need to present this card, or a digital membership card, to the front desk of the lounge before you can enter. If you didn’t get a physical card, you can download the app for a digital version of the card (which you will be able to use immediately at lounges that accept the digital card, though be aware that not all do).

If you don’t have a travel credit card that offers Priority Pass™ Select, you can purchase the membership on your own through the Priority Pass™ website.

Buying a membership through Priority Pass™

There are the three membership tiers offered on the Priority Pass™ website.

Standard

• Annual fee: $99
• Member visit fee: $32 per visit
• Guest visit fee: $32 per visit, per guest

Standard Plus

• Annual fee: $299
• Member visit fee: 10 visits included, $32 per visit after
• Guest visit fee: $32 per visit, per guest

Prestige

• Annual Fee: $429
• Member visit fee: Unlimited free visits
• Guest visit fee: $32 per visit, per guest

The annual Priority Pass™ membership fee is generally less than the annual fee of a premium credit card, but not by much. But some cards also come with additional perks related to the Priority Pass™, such as offering free access for up to two guests.

If you have a lot of upcoming flights, a travel credit card could provide more value than purchasing a Priority Pass™ membership on its own. Some of the best travel credit cards have other perks such as robust sign-up bonuses, travel protection, and flight perks like free checked bags and priority boarding. And many also come with rewards-earning potential.

Check out this detailed list of our top credit card recommendations to find cards that offer airport lounge access.

Bottom line

Whether you have a Priority Pass™ Select membership through your credit card or are thinking of buying a membership on your own, having lounge access could be an invaluable perk when you’re traveling.

However you gain entry to Priority Pass™ lounges, the next time you’re walking through Terminal D at Houston’s George Bush Intercontinental Airport, you can try strolling into the KLM Crown Lounge or Air France Lounge for a little rest and refreshment before your flight.

Recently, I received a letter from Capital One alerting me that my card’s credit limit — the total amount I’m allowed to spend on my credit card — had been lowered from $15,000 to $10,000. My first reaction was, “But I have good credit!”

My credit limit is a factor in determining my credit card utilization, which refers to how much of my available credit I’m using at a given time.

Most experts recommend keeping your credit card utilization below 30%. Lower credit utilization rates can suggest to creditors that you can use credit responsibly, so a low credit utilization rate may mean higher credit scores.

Given that my credit limit had gone down and I had an existing balance on my credit card, I knew that my credit card utilization would be higher — and that this would likely have a negative impact on my credit.

• Why had my credit limit been reduced?
• Was it bad to keep my credit card utilization so low?
• 3 steps to take if your credit limit is lowered

Why had my credit limit been reduced?

In my case, “low usage” triggered the decrease. My letter from Capital One was titled “Important Change to Your Account” and read: “We noticed that you have not been using a significant portion of the credit line on your account,” adding, “to better fit your usage, we have changed your credit limit from $15,000 to $10,000.”

Despite the fact that I had been a customer for almost a decade, never missed a payment and have excellent credit, my card issuer decreased my credit limit.

As I later learned, these things don’t necessarily matter. A bank or credit card issuer can generally lower (or increase) your credit limit at any time as long as the credit card agreement allows.

Low usage isn’t the only reason a lender could decrease your credit card limit. You might find yourself in a similar situation to mine if …

• You have missing or late payments.
• Your overall credit card utilization is high (the amount can vary but often above 30%).
• Your credit scores are now lower for other reasons.
• There have been large changes in your spending behavior recently.

One thing a card issuer can’t do is lower your credit limit and then immediately slap you with an over-the-limit fee or penalty rate if you happen to exceed the new lower limit. Issuers must give you at least 45 days from receiving notice of the lower limit to charge you any such fees.

If you have any questions about how your particular credit card issuer handles credit limits, brush up on your card’s terms and conditions. Your issuer’s exact rights to change your credit limit are typically outlined in the fine print.

Was it bad to keep my credit card utilization so low?

I admit it: I hardly touched that credit card in the past five years.

It doesn’t have an annual fee, so I kept it open to maintain my 10% overall credit utilization rate.

I also refused to close my card because I’ve had the account open for almost a decade. Closing the card would likely negatively affect the length of my credit history — another factor used to determine my credit scores.

I called Capital One’s customer service to get more information and the rep confirmed it was due to the “low usage” credit line.

In hindsight, I probably shouldn’t have neglected my credit card so much these past five years. There’s a balance between low utilization and no utilization, and credit card companies may not look favorably on the latter.

While credit-scoring models often favor positive use of credit cards, no use isn’t necessarily responsible use — as it likely won’t register as financial activity and won’t be reported to the bureaus as an indication of how you use credit. And if you never use a card, you may risk getting your credit limit lowered or having the account closed, which could have a negative impact on your credit.

3 steps to take if your credit limit is lowered

In my case, it wasn’t a huge deal that the card issuer lowered my credit limit because I have a handful of other credit cards with high credit limits and my overall debt is very low.

But not everyone is in this boat.

If you’re struggling with credit card debt, try to avoid maxing out your credit card — ideally you won’t even get near the lower credit limit. Instead, consider paying off the card as quickly as possible so that you can lower your credit utilization.

Here are some steps you can take if your credit limit has dropped.

1. Call your credit card company and ask for an explanation

Call your credit card issuer’s customer service department and ask why your credit limit was decreased. Then, ask if it can increase your credit limit to the original credit limit amount.

In my case, I was told that I would need to apply for a larger line of credit if I wanted it back up to the original limit of $15,000. The customer service rep assured me that this increased limit request would result in a soft credit inquiry and could be done completely online.

2. Check your credit scores and credit reports

A credit score drop can result from a number of events, including a hard inquiry, a derogatory mark or a missed payment. Credit card utilization is one piece of the puzzle, but it’s by no means the whole puzzle.

Keep that in mind when you check your credit scores for any changes. You’ll also want to check your credit reports to make sure they’re error-free, as they contain key details on your credit accounts.

Each year, you can receive three free credit reports — one from each of the three major consumer credit bureaus (Equifax, Experian and TransUnion) from AnnualCreditReport.com.

Of course, you can always check your VantageScore 3.0 credit scores from TransUnion and Equifax for free on Credit Karma.

3. Use your card strategically for small purchases

My card issuer decreased my credit limit because I simply wasn’t using the card, so I linked it to a few recurring subscriptions (Audible and Netflix) to make sure the account stays active. You don’t want to run the risk of having your credit limit lowered or account closed if it’s going to negatively affect your credit.

Even though those subscriptions only charge a small amount each month, my rationale is that it’s better to have some activity than none at all.

I also added the card to my Apple Wallet so that I can occasionally use it for other purchases. The plan is to pay it all off each month on time and in full, so that I don’t accrue any interest or rack up unnecessary debt.

Next steps

Getting your credit limit lowered is something that may be out of your control, but if it happens, take the right steps and be vigilant about checking your credit.

Make sure nothing out of the ordinary has happened to your finances that might have caused the drop in your credit limit. Check your credit reports for errors. Then, if interested, call your credit card company and ask about steps you can take to increase it again.

Also, remember to keep up good credit habits, such as paying your bills on time and taking steps to pay off your existing debts. You probably won’t see the results you want overnight, but you may qualify for a higher credit limit in the future.

The Total Rewards® Visa® Credit Card is no longer available. For other options, check out our list of the best hotel credit cards with no annual fee.

If you’re a member of the Caesars Entertainment Total Rewards® program and are looking for ways to boost your rewards both in and out of the casino, the Total Rewards® Visa® Credit Card is worth considering.

Even if you don’t have plans to visit Las Vegas in the near future, there are almost 40 participating resorts and casinos in the U.S. and Canada where the Total Rewards® Visa® Credit Card could help offset your stay. This includes Harrah’s, Caesars and Horseshoe locations.

1. The rundown: Everything we like about the Total Rewards® Visa® Credit Card
2. Heads up: What you should consider before applying for the Total Rewards® Visa® Credit Card
3. Do the math: How to get the most out of the Total Rewards® Visa® Credit Card
4. Bottom line: Is the Total Rewards® Visa® Credit Card right for you?

The rundown: Everything we like about the Total Rewards® Visa® Credit Card

The Total Rewards® Visa® Credit Card earns you reward credits that you can use to comp your hotel, food and entertainment purchases at participating Total Rewards locations. With your everyday spending, you’ll earn reward credits that you can put toward your next trip to a Total Rewards location, and you’ll get an extra boost on your earnings when you spend inside Total Rewards resorts and casinos.

Here’s a breakdown of the rewards you can earn.

• 5 reward credits for every $1 spent inside Total Rewards resorts and casinos and on tickets purchased through TR Live Events
• 2 reward credits for every $1 spent on gas, groceries and airline purchases
• 1 reward credit for every $1 spent on everything else

There’s also a chance to rack up the reward credits with a sign-up bonus. You can earn 10,000 reward credits after you use the Total Rewards® Visa® Credit Card outside of a Total Rewards resort or casino and spend $750 within the first 90 days of being approved for the card.

Heads up: What you should consider before applying for the Total Rewards® Visa® Credit Card

Currently, Total Rewards casino and resort locations are found in only 13 states, plus one location in Ontario, Canada. To really maximize your reward credits earning potential, you’ll need to spend in Total Rewards locations. If you don’t live close to one or aren’t planning a trip, it may not make sense for you to get this card.

On top of that, your rewards can expire unless you earn one reward credit at least once every six months.

Also, the variable APR for purchases can range from 15.24% to 24.24%. Pay off the full balance of the card by the due date each month to avoid paying interest charges. 

Do the math: How to get the most out of the Total Rewards® Visa® Credit Card

A major perk of the Total Rewards® Visa® Credit Card is the opportunity to boost your Total Rewards membership status.

The Total Rewards® program has four tiers, determined by the tier credits you earn each year.

• Gold: 0+ tier credits
• Platinum: 5,000+ tier credits
• Diamond: 15,000+ tier credits
• Seven Stars®: 150,000+ tier credits

Tier credits are different from rewards credits and are earned when you gamble, shop, eat and stay at participating Total Rewards locations. Each tier comes with more perks.

If you have Gold status, you can really maximize the Total Rewards® Visa® Credit Card by making your first purchase in the first 90 days of approval. This will get you upgraded to Platinum. Here’s what you’ll enjoy with Platinum status.

• A complimentary stay at Atlantis, Paradise Island in the Bahamas
• A 15% discount at participating spas and gift shops within casinos
• Preferred pricing at participating Total Rewards restaurants
• Exclusive presale access for certain shows
• Complimentary valet and self-parking at various Total Rewards destinations, including Las Vegas and Atlantic City

You’ll keep your Platinum status for the rest of the year that you upgraded for it. To keep up your Platinum status for the following year, you’ll need to spend $5,000 at Total Rewards locations in the current calendar year to qualify.

If you’re already a Platinum, Diamond or Seven Stars® member, the Total Rewards® Visa® Credit Card is a little less enticing. You’ll receive a one-time buffet pass when you make your first purchase with your new card in the first 90 days of approval.

Total Rewards members of any status can benefit from another one of the card’s perks, though: Spend $10,000 in a calendar year and you’ll qualify for the VIP Access Pass. That’ll get you VIP line access to restaurants, taxis, clubs, pools and more across Total Rewards Las Vegas locations.

Bottom line: Is the Total Rewards® Visa® Credit Card right for you?

If you’re a Total Rewards member and can maximize your spending in the 5x category, it could be worth it for you to get the Total Rewards® Visa® Credit Card. But if you don’t find yourself at a Total Rewards location that often, it may not be worth applying for.