What you need to know about the Wells Fargo Reflect® Card

The Wells Fargo Reflect® Card may be a good option if you’re looking to transfer a balance.

Who this card is good for

The Wells Fargo Reflect® Card may not seem like it offers much ongoing value but could be a good fit if your focus is handling debt. But if you don’t need as much time, you could consider another card that offers rewards — even if it has a shorter 0% APR offer.

With outstanding federal student loan debt hitting an incredible $1.59 trillion in the second quarter of 2024, it’s no wonder people may be searching for debt relief.

For people currently paying off student loan balances, there are ways to get legitimate student loan relief, where you may be able to get your student loan payments lowered or have your debt forgiven. But if you’re looking into legitimate ways to get relief, you may come across some student forgiveness scams. So it’s a good idea to know how to recognize real relief options from predatory scammers.

We’ve researched the most common student loan scams to help you determine whether a relief program is legit. Keep reading to learn about some of the most common types of student loan forgiveness scams and red flags to watch out for.

• How common are student loan forgiveness scams?
• 5 red flags that can help you spot student loan forgiveness scams
• How to report a student loan forgiveness scam
• Next steps: Finding legitimate student loan relief resources

How common are student loan forgiveness scams?

There are legitimate resources to help you get relief on your student loan debt. But the Consumer Financial Protection Bureau is warning people to be on the lookout for scammers, and the Federal Trade Commission has already started cracking down some of these fraudulent companies.    

You can learn more about other types of student loan debt relief.

5 red flags that can help you spot student loan forgiveness scams

Student loan forgiveness scams take all shapes and forms these days. Here are five red flags to watch out for if you aren’t sure whether a student loan forgiveness program is legit.

• Asks for an upfront fee — Your student loan servicer offers free assistance, so if a student loan debt relief company asks you to pay upfront fees, it’s more than likely a scam. Debt relief companies that ask for cash upfront are also breaking the law, so be sure to avoid giving out your bank account information or credit card number over the phone.
• Promises immediate loan forgiveness — Since debt relief companies can’t negotiate directly with your creditors, be on the lookout for offers to have your loan instantly forgiven or your debt canceled.
• Wants to talk directly to your loan servicer — Scammers will often insist that you sign a power of attorney or third-party authorization in order to be able to talk to your loan servicer, make decisions or pay the loan servicer on your behalf. It’s almost never a good idea to let another company stand between you and your loan servicer for student debt relief.
• Requests your personal information — If a debt relief company asks for your Federal Student Aid ID or password, it’s most likely a scam. The Department of Education or your loan servicer will never ask you for this type of information, so be wary of any company that does.
• Claims to be affiliated with the federal government — Student loan scams often try to look official by using language, logos and even websites that look similar to legitimate government resources. Pay extra attention to companies with “national” or “federal” in their name or any other details that make them seem as if they’re affiliated with a government agency.

How to report a student loan forgiveness scam

When comparing different student loan forgiveness options, it might not always be easy to spot student loan debt relief scams. But if you’re unsure whether a company is legit, you can always contact the U.S. Department of Education to find out if the company is on its list of trusted student loan service partners.

If you think you’ve been contacted by a scammer, the CFPB encourages you to report the company to the Federal Trade Commission’s Complaint Assistant.

Next steps: Finding legitimate student loan relief resources

If you need assistance with your student loans, help may be available. You may even be able to get it for free if you look in the right places. Start by talking to your loan servicer to see what options may be available, such as loan deferment and forbearance.    

If you’re not sure who your loan servicer is, you can find out by logging into your Federal Student Aid account or calling the Federal Student Aid Information Center at 1-800-433-3243. If you have a private student loan, contact your lender to see what relief options are available.

Implemented over 40 years ago to protect consumers transferring funds electronically, the Electronic Fund Transfer Act is still relevant today.

Today’s consumer relies on the ability to transfer money electronically. We want the ability to make purchases quickly. But living in an electronic age also presents problems for consumers. How do you know your transactions are safe?

The Electronic Fund Transfer Act was put in place at a time when electronic fund transfers were just starting. The EFTA helps keep consumers informed by requiring financial institutions to clearly spell out the amount charged to their accounts for electronic fund transfers, as well as other important information. It can also help with potentially costly issues, like billing errors.

You might hear it referred to as Regulation E, but they’re slightly different: Regulation E provides the framework to enforce the EFTA and is written into the U.S. Code of Federal Regulations.

Let’s take a look at what makes this law so important for today’s consumer.

What is the Electronic Fund Transfer Act?

The Electronic Fund Transfer Act is a federal law created in 1978. It came at a time when ATMs were becoming popular and consumers were turning to electronic banking. To help protect consumers as new technologies appeared, Congress passed the EFTA.

Electronic fund transfers include …

• ATMs
• Automatic clearinghouse (or ACH) systems
• Point-of-sale transactions for debit cards
• Remittances
• Transfers or payments initiated through a telephone

The EFTA has been amended multiple times to adapt to new technology and offerings. For example, rules regarding overdraft fees for ATM and one-time debit card transactions were included in 2009. More recently, rules restricting fees and expiration dates on gift cards were added.

In 2010, EFTA rulemaking authority shifted from the Federal Reserve to the Consumer Financial Protection Bureau. And the CFPB did its part in evolving regulations, adding more protections for consumers, including around digital wallets.

What consumer protections do the Electronic Fund Transfer Act and Regulation E offer?

The EFTA helps consumers in a lot of different ways. Here are four ways the Electronic Fund Transfer Act could help you.

Disclosures

Financial institutions involved in electronic fund transfers are required to disclose important information to consumers before such transactions. This often includes providing information in either hard copy or downloadable form for consumers to reference.

If you’ve withdrawn money from an ATM, you may have seen an ATM fee notice on the machine. Any financial institution that charges ATM fees must disclose this information at the time of the transaction.

When it comes to debit cards, any person issued one must be informed of any fees or other regulations by the issuer. Credit card owners get similar protections in terms of disclosures through the Credit CARD Act of 2009, an amendment to the Truth in Lending Act.

Financial institutions also can’t issue you a debit card without your consent.

Here is some other information that financial institutions are required to disclose.

• Telephone number and address for reporting a lost or stolen card
• Liability of consumers for unauthorized electronic fund transfers
• Their business days
• Types of electronic fund transfers and limitations on frequency or dollar amount
• A summary of the consumer’s right to receipts and periodic statements
• A summary of the consumer’s right to stop payment of a preauthorized electronic fund transfer and how to place a stop payment order
• A summary of the financial institution’s liability to the consumer
• Situations when your account information may be shared with third parties

It’s important that financial institutions provide any and all disclosures before doing business. And it’s good practice to save any documentation you receive so that you have all this information at hand.

Unauthorized transactions

The EFTA also offers protections if your debit card is lost or stolen. Your liability will depend on when you first report the card missing or the fraudulent transaction.

If you report a lost or stolen debit card within two business days, you are only liable up to $50 for unauthorized electronic fund transfers. After two business days, but within 60 days, you’re liable for as much as $500 of fraudulent transactions.

It’s important to report a lost or stolen debit (or credit) card as soon as you notice it’s missing. This will help limit possible unauthorized activity on your card.

Source: Office of the Comptroller of the Currency

Correcting transaction errors

Another protection for consumers is the ability to resolve transaction errors. Possible errors can include unauthorized electronic fund transfers and receiving the incorrect amount of funds during an ATM transaction.

If the financial institution made an error, you have the right to challenge it. Here are some other rules the company has to follow around transaction issues.

• Companies can take no more than 10 business days to investigate the issue, and they have to report back to you no more than three days after that.
• If an investigation ends in your favor, the company has to correct the error within one business day of completing the investigation.

Identity check

Financial institutions are required to confirm a consumer’s identity before proceeding with issuing a new ATM card. This helps protect against identity theft and unauthorized fund transfers. Even if an identity thief were to get through security measures, the financial institution bears the burden of proof that the electronic fund transfer was authorized.

Next steps

It’s important for consumers to know their rights. Take time to familiarize yourself with all of the regulations covered within the Electronic Fund Transfer Act. Any time you open a new account, make sure you receive proper notification from the financial institution. You may not need the info at that time, but it’s important to be aware of any agreement you’re entering. And while you’re at it, why not take time to read our guide on how to help protect yourself from identity theft.

This offer is no longer available on our site: Capital One Spark Cash Select for Good Credit

Updated October 8, 2024

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Kevin Payne

Pros

• Simple cash back earnings
• No annual fee
• Intro purchase APR

Cons

• Limited bonus rewards categories

What you need to know about the Capital One Spark Cash Select for Good Credit

The Capital One Spark Cash Select for Good Credit offers a simple cash back rewards program that many business owners could love. Here’s what you need to know about the card.

1.5% cash back on purchases

With the Capital One Spark Cash Select for Good Credit, purchases earn 1.5% cash back. You’ll also get 5% back on hotels and car rentals purchased through Capital One Travel. With a decent earning rate of 1.5%, there’s no need to worry too much about specific spending categories. Businesses can earn cash back on all net purchases made using their Capital One card.

Cash back rewards add up quickly with the Capital One Spark Cash Select for Good Credit. If your business spends $6,000 in credit card purchases monthly, you’ll earn back $90 per month, which adds up to $1,080 cash back annually. You can invest those rewards back into your company.

There’s no limit on how much you can earn with Capital One Spark Cash Select for Good Credit. Plus, as long as your account is open, your rewards never expire.

Note that cash advances and balance transfers don’t earn any rewards.

Redeeming your rewards is simple with Capital One. Redemptions come in the form of a statement credit or check. Business owners even have the option to set automatic redemption preferences.

No annual fee

Earning rewards is great, but earning them without paying for the privilege is even better. The Capital One Spark Cash Select for Good Credit charges no annual fee. So there’s no need to sacrifice your rewards to pay off a fee every year.

Intro purchase APR offer

Businesses that are planning upgrades to equipment or that have large upcoming expenses could take advantage of Capital One’s intro purchase APR offer. There’s an introductory 0% APR on purchases for the first 12 months from account opening. After that, the purchase APR jumps to a variable 21.24% – 29.24%.

It’s important to note that any purchases not paid off by the end of the intro period will incur the regular APR. Not paying off your card balance could cancel out the benefit of any cash back you might earn through purchases made.

Other things you should know

The Capital One Spark Cash Select for Good Credit has some additional features your business may want to consider before you decide whether to apply.

• No foreign transaction fees — Travel abroad without any worries about these extra charges for purchases.
• Capital One small business benefits — Capital One Spark Business cards allow you to track company spending with year-end summaries, purchase records and more. Business owners can also pick their monthly due date and view details on every purchase transaction.
• Free employee cards — Earn even more cash back by providing employees with free employee credit cards to use for business purchases.
• Credit — Good credit is required to qualify for this card. Be sure you understand business credit scores, your personal credit scores and where you and your business stand before applying.

Who this card is good for

The Capital One Spark Cash Select for Good Credit could be a perfect fit for small businesses with diverse spending habits. With 1.5% cash back on all purchases, this card has a simple rewards program that means you don’t have to worry about juggling cards to maximize rewards.

The card also offers extra travel perks, like roadside assistance. Rewards redemption is fairly easy though — cash back comes in the form of a statement credit or check, and you can even set up automatic redemption.

If your business spends a lot in categories like office supplies, dining or gas, consider a business credit card that earns higher rewards in dedicated categories that make sense for your spending.

Not sure if this is the card for you? Consider these alternatives.

If the Capital One Spark Cash Select for Good Credit isn’t right for you, here are some options that may be a better fit.

• Ink Business Preferred® Credit Card: This Chase business card is perfect for companies that travel or spend money on online advertising.
• American Express® Business Gold Card: Businesses with big spending on everyday business expenses can maximize rewards earning with this Amex card.
• Capital One Spark 1% Classic: Small-businesses owners building their credit may qualify for this card, which lets them work on their credit while earning rewards.

Updated October 14, 2024

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Kevin Payne

Pros

• Lengthy introductory offer on balance transfers
• No late fees or penalty APR
• No annual fee

Cons

• Relatively high balance transfer fees
• Different timelines for introductory purchases and balance transfer APRs
• Doesn’t earn rewards

What you should know about the Citi Simplicity® Card

The Citi Simplicity® Card may be a good option for people looking for a balance transfer card with a long introductory 0% APR offer. With nearly two years to pay off your balance transfer, this card can help you whittle down existing credit card debt without accumulating more interest.

Plus, the card has no annual fee, late fee or penalty APR charges. But you should expect to pay balance transfer fees.

If you’re considering the Citi Simplicity® Card, here are a few things to keep in mind.

Long 0% APR balance transfer period

You’ll get an introductory 0% APR on balance transfers for 21 months from the date of your first balance transfer. This is one of the longest balance transfer offers on the market. But note that if you want to take advantage of it, you’ll have to complete any balance transfers within four months of opening your account.

Expect to pay a balance transfer fee: Intro fee 3% of each transfer ($5 minimum) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 minimum). And once the introductory period ends, the card has a 18.49% - 29.24% variable APR on balance transfers.

Want to see how much you might be able to save with a balance transfer? Take a look at our balance transfer calculator.

Intro balance transfer and purchase offers have different timelines

You’ll also get 0% APR on all purchases for the first 12 months after you open your account. Once the introductory period ends, there’s a 18.49% - 29.24% variable APR on purchases.

Since the balance transfer introductory offer and the purchase introductory offer each have different timelines, you’ll want to keep close track of both balances.

Heads up: If you don’t pay your purchase balance off in full after the intro period is up, you could end up paying interest not only on new purchases after the 12 months are over, but also on any remaining amount from your balance transfer. Learn more about the risks associated with balance transfers.

It doesn’t earn rewards

The Citi Simplicity® Card is a bare-bones card that doesn’t offer any type of rewards program. So if you’re looking for a card for balance transfers that can also help you earn cash back, points or miles, this isn’t the card for you.

It also doesn’t come with any other extra perks or benefits.

What else you need to know about Citi Simplicity® Card

If you’re still not sure about the Citi Simplicity® Card, here are some other card features that may factor into your decision.

• No ability to prequalify — There isn’t an option to prequalify for this card, so when you submit your application, expect a hard credit inquiry.
• Potentially low credit limit — Depending on your credit, you may only qualify for a limit of $500.
• Foreign transaction fees — If you’re planning to use this card while traveling abroad, you’ll be hit with a 3% fee on all international transactions.

Who this card is good for

The Citi Simplicity® Card is best for people looking for long 0% intro balance transfer offers to help pay down their credit card debt. With one of the longest intro APR offers around, this Citi card provides a little extra breathing room to pay off your balance without racking up extra interest charges.

But if you plan to also take advantage of the card’s intro 0% purchase APR offer, make sure to pay close attention to your monthly statements and pay off your purchase balance in full each month after the intro period is up.

Not sure this is the card for you? Consider these alternatives.

• Citi Double Cash® Card: This card is good for people who want to pay down existing credit card debt while still earning flat-rate cash back rewards.
• Wells Fargo Reflect® Card: This card may be a good fit for people looking for a lengthy intro APR on both balance transfers and new purchases.

The Southwest Airlines Rapid Rewards® program is Southwest’s loyalty program that offers rewards for flights, hotel stays, dining and more.

With unlimited rewards seats and no blackout dates, Rapid Rewards members can redeem points for flights across the U.S., Mexico, Central America and the Caribbean. Or they can be traded in for things like hotel stays, car rentals and gift cards.

Points never expire. Plus, if you’re part of Southwest’s A-List you could have access to perks like priority boarding and same-day standby, all while earning points towards the Southwest Companion Pass.

How to earn Southwest Airlines Rapid Rewards points

The best way to earn Southwest Airlines Rapid Rewards points is with a Southwest Airlines credit card. You can rack up points quickly using one of the Southwest Rapid Rewards credit cards.

• Southwest Rapid Rewards® Plus Credit Card
• Southwest Rapid Rewards® Premier Credit Card
• Southwest Rapid Rewards® Priority Credit Card

Southwest Rapid Rewards® Plus Credit Card: Best for budget travelers looking to save on fees

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Southwest Rapid Rewards® Plus Credit Card

Southwest Rapid Rewards® Plus Credit Card

3.8 out of 5

25 reviews

From cardholders in the last year

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The Southwest Rapid Rewards® Plus Credit Card is the airline’s entry-level card and has the lowest annual fee of the Southwest cards at $69. It comes with a $400 statement credit and a sign-up bonus of 40,000 bonus points that you’ll earn if you spend at least $3,000 on purchases in the first 4 months after account opening.

You’ll get two points for every $1 spent on Southwest purchases. Plus, you’ll earn two points per $1 spent in select categories, including transit, commuting and rideshare along with internet, cable, phone services and some streaming services. All other purchases earn one point for every $1 spent.

Other card perks include 3,000 bonus anniversary points each year, 25% back on in-flight purchases and two free EarlyBird Check-Ins® annually. Plus, the points you earn will count toward earning Southwest’s Companion Pass.

Read Southwest Rapid Rewards® Plus Credit Card reviews to learn more.

Southwest Rapid Rewards® Premier Credit Card: Best for getting to A-List status

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Southwest Rapid Rewards® Premier Credit Card

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The Southwest Rapid Rewards® Premier Credit Card has an annual fee of $99. It comes with a $400 statement credit and a sign-up bonus of 40,000 points, which you can earn by spending at least $3,000 on purchases within the first 4 months of account opening.

With this card, you’ll earn three points per $1 spent on Southwest purchases. Plus, you’ll get two points per $1 spent on purchases at participating Rapid Rewards hotel and car partners and on select transit and commuting expenses, like rideshares. You’ll also earn two points per $1 spent on internet, cable, phone service and select streaming purchases. All other purchases earn one point for every $1 spent.

And if you’re trying to qualify for A-List elite status, there’s good news: You’ll earn 1,500 tier-qualifying points for every $5,000 you spend with the card annually. And there’s no limit on the amount of TQPs you can earn.

You’ll also get 6,000 anniversary points every year, plus extras like two EarlyBird Check-Ins® each year and 25% back on purchases made in flight.

Learn more about the Southwest Rapid Rewards® Premier Credit Card.

Southwest Rapid Rewards® Priority Credit Card: Best for upgrades

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Southwest Rapid Rewards® Priority Credit Card

Southwest Rapid Rewards® Priority Credit Card

3.3 out of 5

13 reviews

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The Southwest Rapid Rewards® Priority Credit Card is Southwest’s most valuable card, but it also comes with a $149 annual fee. It offers a $400 statement credit and a sign-up bonus of 40,000 bonus points when you spend at least $3,000 on purchases in the first 4 months after account opening.

With this card, you can earn a $75 Southwest travel credit every year. Plus, you’ll get four upgraded boardings every year and 25% back on in-flight purchases. And you get 7,500 bonus points on your anniversary.

You’ll earn three points per $1 spent on Southwest purchases, along with two points per $1 spent on transit and internet, cable, and phone services and some streaming services. You’ll also earn two points per $1 spent on purchases at participating Rapid Rewards hotel and car partners. All other purchases will earn you one point per $1 spent.

All of the points you earn count toward Southwest’s Companion Pass — plus, you can get to A-List status faster by earning 1,500 tier-qualifying points for every $5,000 spent annually.

Learn more about the Southwest Rapid Rewards® Priority Credit Card.

How to redeem Southwest Airlines Rapid Rewards points

On average, Southwest Airlines Rapid Rewards points are worth 1.35 cents apiece, according to Credit Karma’s valuation. Of course, point values depend on how you choose to redeem your points, as some redemptions hold more value than others.

Here are some of the best ways to redeem Southwest Rapid Rewards points.

1. Book Southwest Airlines award flights

The best use of points is to redeem them for Southwest flights. Southwest Airlines award flights are tied to the cash price of flights, not an award chart, so how many points you need depends on the ticket cost.

Points can be used to book flights to over 100 domestic and international destinations.

2. Use rewards with partners

The airline doesn’t offer flights to Europe, Asia and other popular international destinations. But through the Southwest More Rewards program you can redeem your points to book international flights on other airlines.

3. Redeem points for hotels, dining and shopping

Have points you don’t want or need to use for flights? Points can be used for hotel stays and rental cars, along with other experiences for card members. You can also cash in your points when you shop at select retailers or use them to buy gift cards.