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Deal of the Month: World of Hyatt Credit Card

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It’s been a crazy couple of years in the travel world, and much of what’s happened has been bad for travelers. But if you’re starting to travel again, now is a great time to quickly earn one of the most coveted elite status levels in the hotel industry, top-tier Globalist status with the World of Hyatt program. Chase is currently offering new applicants double tier-qualifying night credits through the end of 2021, when they open a new World of Hyatt credit card account.

How this deal works

When you’re approved for a new World of Hyatt credit card between August 16, 2021 and September 30, 2021, you will receive two World of Hyatt tier-qualifying night credits for each qualifying night you stay between August 16, 2021 until December 31, 2021. This offer only applies to nights paid directly to the hotel, which doesn’t include reservations booked through third-parties. Also, you won’t receive double night-stay credits on award night stays booked with World of Hyatt points.

In 2021, Hyatt has reduced the qualifications for its elite status program by half, so that entry-level Discover status requires five tier-qualifying nights, mid-level Explorist requires 15, and top-level Globalist only requires 30 nights.

You also earn five tier-qualifying nights just from having the World of Hyatt card and another two tier-qualifying nights for every $5,000 spent on the card. Therefore, opening a new account with the World of Hyatt card and spending just 13 nights at Hyatt this year will earn you 26 tier-qualifying nights. Add in the five tier-qualifying nights that you receive just from having this card, and you’ll have enough to reach the 30 tier-qualifying nights necessary to earn Globalist status through February of 2023.

This card also offers you 30,000 bonus points after you spend $3,000 on purchases with in the first three months from account opening. You also earn up to 30,000 more bonus Points by earning 2x points per dollar spent in the first six months from account opening on purchases that normally earn one point per dollar, on up to $15,000 spent. You can even earn a free night stay certificate when you spend $15,000 with your card each year. So if you spent the full $15,000, you’d earn not just a free night certificate, but six tier-qualifying nights. So now, you’d only need 10 paid tier-qualifying nights stays to reach Globalist status.

Why Globalist status is so valuable

Hyatt showers their Globalist members with some extremely valuable benefits. For example, last weekend I stayed at the Grand Hyatt in Vail Colorado, using my points to pay for a room that normally costs about $500. But since I am a Globalist, I was upgraded to a room that would normally cost about $1,000. I also had the $40 resort fee and the $45 valet parking fee waived. And since Globalists enjoy free breakfasts, our party of four got to order anything off the menu, racking up a tab of nearly $100. Yet our final bill for our entire hotel stay was $0.

Other key benefits of Globalist status include priority check-in, a 4pm late checkout and a dedicated concierge that will help you in booking reservations and making requests to individual properties.

Bottom line

You can save a lot of money, and get excellent service when you’re a top-tier elite with a hotel program. And while that normally requires spending dozens of nights on the road throughout the year, this new promotion with the World of Hyatt credit card can easily shrink that requirement to just 13 or fewer nights this year. If you’re looking to quickly stop paying for things like resort fees, parking fees and even breakfast charges, then this is the way to go.

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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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