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Yahoo
18-07-2025
- Business
- Yahoo
How much can a secured credit card raise your score?
A secured credit card is a powerful tool for anyone on a credit-building journey. These cards can be easier to qualify for than other types of credit cards, but they're just as useful for building credit. You can use a secured card as a first step toward establishing great credit — whether you have no credit history or you've made mistakes in the past that left you with bad credit — so you can qualify for more rewarding credit cards, important loans, and lower interest rates in the future. Here's how to get started:What is a secured credit card? A secured credit card requires a refundable security deposit to open. You'll often need a security deposit of at least $200, though the exact amount depends on your card, the issuer, and the terms of your approval. In most cases, that security deposit will act as your line of credit; the amount you pay will be the maximum credit limit you can spend on your card. You might think of it like a debit card, since you can only spend up to the amount that you deposit. If you want a higher limit, you can choose to pay a higher deposit, usually up to a maximum. Because of the security deposit, secured credit cards can be easier to qualify for than unsecured cards. They often charge no annual fees but may have fewer benefits and higher interest rates than traditional credit cards. Once you're approved and open your secured card, you can use it just like any other credit card. Over time, your issuer may offer to refund your deposit and upgrade you to an unsecured credit to increase your credit score with a secured credit card When you apply for a secured credit card, it's important to make sure the issuer regularly reports to all three of the major credit bureaus: Equifax, Experian, and TransUnion. This is how you'll increase your credit score — as long as you're using your card are some of the most important actions you can take to make sure you're increasing your score as much as possible with a secured card: Pay on time: Payment history is the most important factor in your FICO credit score, so a great credit score depends on a strong history of positive monthly payments. That means you should pay at least the minimum on your credit card bill by the deadline each month. Keep your credit utilization rate low: The ratio of how much credit you're using compared to your overall available credit is another influential factor in your credit score. The lower your credit utilization ratio, the better — which can be tough with a secured card that has a low credit limit. Keep an eye on how much you're spending and aim to keep it 30% or less than your overall line of credit. If, for example, your credit limit is $500, you'd want to spend under $150 each month to keep your credit utilization low. Pay off your balances: Carrying a debt balance doesn't necessarily keep you from having good credit, but it can impact your score by increasing your utilization. More importantly, it will cost you a lot of money in interest charges over time. Pay your card balance in full by the due date each month to help keep your utilization low and avoid debt. Another important factor in your credit score is the overall age of your accounts. A longer credit history is better for your score, so it'll grow over time as you continue to use your secured card with these good credit habits in much can a secured card raise your score? How much your new secured card will impact your score depends on how you use it. Building credit takes time, so you'll see the results of making on-time monthly payments and keeping a low credit utilization with your secured card over several months. It may not be instant, but good habits will help your score rise over time. On the other hand, if you have other loans or credit card accounts already on your credit report with missed or late payments, that could negatively affect your score, and reduce any positive impact from your secured card. You can see for yourself how much your secured card is helping to raise your score by regularly checking your credit score and credit report. You'll be able to track your progress over time. Plus, you can keep an eye on your credit report to make sure it's accurate — and quickly take care of any errors that could affect your secured credit cards These are some of our favorite secured credit cards for building credit today: Capital One Quicksilver Secured Cash Rewards Credit Card Why we like it: The Capital One Quicksilver Secured card is a great way to build credit while also earning rewards on spending. The flat 1.5% cash back means you can save money on every purchase you make, no matter the category. There's a $200 minimum security deposit which acts as your credit line, but in as little as six months you can be considered for a higher credit limit without another deposit. As you use your Quicksilver Secured card over time, you can also qualify to upgrade to the unsecured Quicksilver card and get your deposit One Platinum Secured Credit Card Why we like it: You won't earn any rewards with a Capital One Platinum Secured card, but it does have some perks that set it apart from many other secured credit cards. The primary benefit is a potentially low security deposit. When you're approved, you'll be assigned either a $45, $99, or $200 security deposit to open your account with a $200 credit line. You can choose to deposit more for a higher credit limit, and by practicing good credit habits over time, you can qualify to upgrade to an unsecured card and get your full deposit of America® Customized Cash Rewards Secured Card Why we like it: The Bank of America Customized Cash Rewards Secured Card is another option with cash back on your spending — though you'll need to be a bit more proactive to maximize the rewards you earn with bonus categories. Each quarter, earn 3% cash back in your choice category and 2% back at grocery stores and wholesale clubs, up to a combined $2,500 spent across both the 3% and 2% categories. You can change your 3% choice category once per calendar month or keep it the same. This card also has a minimum $200 security deposit which will act as your credit line, but Bank of America periodically reviews your account to determine if you're eligible to get it returned. Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
Yahoo
10-07-2025
- Automotive
- Yahoo
RXO Offers Factoring and LoadPay to Carriers Through Expanded Relationship with Triumph
DALLAS and CHARLOTTE, N.C., July 10, 2025 (GLOBE NEWSWIRE) -- RXO (NYSE: RXO), a leading provider of asset-light transportation solutions, and Triumph (Nasdaq: TFIN), a financial and technology company focused on payments, factoring, intelligence and banking solutions for the transportation industry, today announced the expansion of their relationship to deliver new financial tools and services to carriers. RXO has launched RXO Extra | Factoring, a Triumph-powered offering that includes Factoring as a Service™ and LoadPay™, Triumph's digital banking solution for carriers. The services provide carriers, even those that don't haul for RXO, with access to seamless factoring and fast, reliable payments, including same-day payments, on approved invoices. They are available 24 hours a day, seven days a week, including weekends and holidays. 'Our expanded relationship with Triumph is enabling us to provide carriers with even more ways to improve their efficiency and profitability,' said Lou Amo, president of RXO's truck brokerage business. 'RXO Extra | Factoring allows carriers to get paid by RXO and other freight providers more quickly and easily.' Factoring as a Service (FaaS) is a white-labeled solution powered by the Triumph Network that enables brokers to offer branded factoring and payment services directly to carriers. It combines Triumph's funding and technology infrastructure to help brokers improve carrier cash flow and strengthen relationships. LoadPay is Triumph's purpose-built digital bank account for carriers, allowing payments to be received in minutes on approved invoices. RXO currently uses Triumph's audit and payment capabilities. RXO Extra | Factoring is part of RXO Extra™, a loyalty program and discount marketplace for carriers. By hauling loads through RXO Connect®, carriers rise through loyalty tiers to earn more savings and bonuses on loads. In addition, through industry partnerships, RXO Extra offers carriers discounts on fuel, maintenance and tires, retail, and more. 'RXO continues to demonstrate its commitment to the carrier community by delivering tools that simplify operations and improve cash flow,' said Aaron P. Graft, founder and chief executive officer of Triumph Financial. 'We're proud to expand our work with RXO and help carriers across their network transact confidently.' Carriers can learn more about RXO Extra | Factoring by visiting About Triumph Triumph (Nasdaq: TFIN) is a financial and technology company focused on payments, factoring, intelligence and banking to modernize and simplify freight transactions. Headquartered in Dallas, Texas, its portfolio of brands includes Triumph, TBK Bank and LoadPay. About RXO RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. About LoadPay LoadPay is a modern digital banking solution built for the freight industry. Designed to help carriers better manage their cash flow, LoadPay offers fast and flexible access to funds, along with tools specifically tailored to meet the demands of transportation businesses. LoadPay is a product of TBK Bank, SSB d/b/a Triumph, a financial and technology company focused on modernizing and simplifying freight transactions. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made, and Triumph Financial undertakes no duty to update the information. Source: Triumph Triumph Investor ContactLuke Wyse, lwyse@ Triumph Media ContactAmanda Tavackoli, atavackoli@ RXO Media ContactNina Reinhardt, RXO Investor ContactKevin Sterling, in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
24-06-2025
- Business
- Reuters
China issues guidelines on financial support for boosting consumption
BEIJING, June 24 (Reuters) - China on Wednesday released guidelines aimed at using financial tools to boost consumption, with pledges to support employment and raise household incomes as part of broader efforts to spur domestic demand. The guidelines, drafted jointly by six government departments and released by the central bank, said China will support eligible companies across the consumer industry chain to raise funds through stock market listing and other channels. The country will also encourage the issuance of consumer-focused exchange-traded funds, and support eligible projects in issuing Real Estate Investment Trusts (REITs) in the infrastructure sector, the guidelines showed.
Finextra
20-06-2025
- Business
- Finextra
Open Banking Won't Work Without Trust. Here's How We Enable That.: By Mathieu Altwegg
Open banking isn't just a regulatory shift - it's a generational opportunity. For the UK, one of the most digitally connected economies in the world, it offers a pathway to make managing money simpler, smarter, and more rewarding. It holds the promise for consumers to move money instantly, access better financial tools, switch providers effortlessly, and view their entire financial lives in real time. That future is no longer theoretical - it's here and now is the time for it to scale, but only with the right catalyst. From in-game purchases to managing cross-border transfers, Open Banking is already enabling faster, more flexible money movement. For the consumer, convenience is king. In 2023 alone, 70% of all UK online purchases were made via mobile phones, while over 90% of in-store transactions used contactless. The shift in consumer behaviour is clear: people expect seamless, secure, and intuitive ways to pay – if they trust it they will use it. Yet adoption in the UK remains uneven. Many consumers are still hesitant to embrace open banking as a way to pay - often due to concerns around protection, limited awareness, and inconsistent user experiences. The underlying technology is strong, but trust has yet to catch up. And trust isn't built overnight - it's earned through consistent focus, sustained investment, and a relentless commitment to putting customers first. It goes beyond fraud prevention; it's also about how issues are handled when things go wrong. If a consumer makes a payment to a business and doesn't receive the goods or services, they need the reassurance that they'll be reimbursed. The same goes for merchants – while cost savings and speed are attractive, many have proved reluctant to embrace pay by bank without the systems in place to smoothly handle disputes. Why would they risk turning a hard-won customer into a net cost if something goes wrong? These are the kinds of safeguards that will turn curiosity into confidence, and that's the gap we need to close. Simplicity and Control will Drive Trust and Uptake At its heart, open banking is about giving people more choice. Whether it's streamlining loan applications, enabling one-click checkout, or bringing together multiple accounts into a single, real-time view - open banking empowers consumers to manage their finances on their own terms. Recurring payments are a clear example. Today, Direct Debit dominates but brings friction: delays due to failed payments, manual work to match payments and records, and user visibility. Variable Recurring Payments (VRPs), enabled by open banking, offer a compelling alternative: real-time availability of funds, enhanced transparency, and greater user control. That translates into fewer payment failures and more predictable cash flow for businesses and consumers alike. But it is account-to-account (A2A) payments backed by a trusted provider with additional protections and features that will cement open banking as a go-to mechanism. Open banking unlocks powerful consumer features: tracking subscriptions and bills in one place, setting limits, and stopping unwanted charges. These convenient experiences will build trust, but consumers are both savvy and cautious; aware that risk still exists. They will need the presence of a trusted independent player in the payment process who can provide them protection. Collaboration Is the Key to Change The opportunity is enormous. Innovate Finance estimates that growing the UK's fintech ecosystem - where open banking is foundational - could unlock £328 billion in value over the next five years. But realising that value requires collaboration and consensus. No single organisation can do this alone. It will take coordinated efforts across banks, fintechs, payment providers, and policymakers to deliver consumer-friendly infrastructure that connects easily and works across providers. That's why we support collaborative A2A solutions that are open, secure, and built to scale - because a rising tide lifts all boats. Businesses Needs to Be Part of the Open Banking Story While the consumer opportunity is front of mind, the potential for business-to-business payments is just as transformational. Open banking can modernise how companies - from SMEs to large enterprises - manage cash flow, settle invoices, and access working capital. We should be pushing the boundaries of what's possible, not just for consumers, but for all users of the financial system. A UK Leadership Opportunity The UK has a proven track record of leading in payments innovation - from contactless adoption to the rise of challenger banks and embedded finance. The next leadership opportunity lies in scaling open banking, not just by improving the technology behind the scenes, but by embedding usability and trust across the ecosystem. The policy landscape is moving in the right direction. In her 2024 Mansion House speech, Chancellor Rachel Reeves reaffirmed the government's support for the development of open banking - signalling alignment between regulators and industry. For all these reasons, we're working with partners across the financial ecosystem to unlock the full potential of open banking. We've developed open-access A2A capabilities that support both consumer and business use cases - offering trusted, secure rails that complement card and other payment options. But we're not here to go it alone. We want to work with industry and policymakers to ensure that open banking delivers on its promise - for everyone.
Yahoo
16-06-2025
- Business
- Yahoo
9 bank accounts with built-in budgeting tools to help track your personal finances
Built-in budgeting tools help automatically track and categorize spending without needing separate budgeting apps. Ally Bank's 'buckets' feature allows both spending categorization and savings goal tracking within one platform. Capital One's Eno virtual assistant can identify recurring charges and subscription fees to help eliminate unnecessary expenses. Most major banks now offer some form of automated expense tracking, making budgeting more accessible than ever. Technology is becoming more integrated into daily life, and mobile banking apps are proof of that. Your bank's app may offer advanced personal finance hubs, providing insights into spending habits, tracking savings progress, and even creating budgets automatically. Unlike older systems of manually tracking expenses, innovative budgeting tools can automatically categorize your spending and offer real-time updates. Here are the best bank accounts offering the most advanced built-in budgeting tools to help you take control of your personal finances. Pros User-friendly bucket system makes tracking intuitive Combines spending tracking with savings goal management Automatic categorization reduces manual entry Suggestions help identify additional saving opportunities Cons Limited physical branch access Bucket customization could be more robust No advanced investment tracking integration Who it's best for: Savers who want to organize finances into specific categories and goals while earning competitive rates on both checking and savings accounts. Ally Bank, renowned for its prowess in online banking, takes personal finance to the next level with tools that track your spending and saving. The bank calls these tools 'buckets,' which are essentially customizable categories that help you organize your money by purpose. For spending buckets, which come with Ally's checking account, you can create categories such as 'groceries' or 'entertainment,' and the bank's app will automatically categorize expenses as they come in. You can also assign certain businesses to each type of bucket to make tracking more accurate. With an Ally Savings account, customers can set up savings buckets to set and track savings goals, set up recurring transfers, and get suggestions on areas to save more Excellent visual representation of spending patterns Easy-to-understand charts highlight budget variances Combines digital tools with extensive branch network Comprehensive mobile app functionality Cons May require maintaining higher balances to avoid fees Less advanced than some online-only competitors Limited automation compared to newer fintech options Who it's best for: Users who value branch access alongside digital budgeting tools and prefer visual chart-based budget tracking. With both a large physical and digital presence, Bank of America offers easy accessibility, and its budgeting tools make it straightforward to track your personal finances. The bank's mobile app breaks down your spending into interactive charts, highlighting spending trends and areas where you might be under or over budget. The platform shows your total spending for the month, broken down into incoming and outgoing cash flows with customizable budget categories, making it easy to see exactly where your money is going each Advanced virtual assistant provides real-time insights Excellent at identifying hidden recurring charges Helps eliminate unnecessary subscription costs Text-based queries make budgeting convenient Cons Limited savings goal tracking features Fewer visual budgeting components Virtual assistant requires learning curve for some users Who it's best for: Tech-savvy users who want to identify and eliminate unnecessary recurring expenses while getting instant budget updates via text or app. Capital One has been at the forefront of financial innovation, and its automated budgeting tools are proof of that. The tools available with its 360 Checking account allow customers to effortlessly monitor their spending through automatic tracking and categorizing of expenses. With Eno — the bank's built-in virtual assistant — you can simply ask for a list of your recent transactions or an update on your savings progress through the app or by text message. Another unique feature is Eno's ability to identify recurring charges, such as subscription fees you might not have been aware of, and alert you when these fees increase or when free trials are about to Comprehensive budgeting tools in one convenient tab Clear visual breakdown of spending habits Works with any Chase checking account or credit card Extensive branch network for support Cons May require Chase products to access full features Less automated categorization than some competitors Limited integration with external accounts Who it's best for: Chase customers who want holistic budgeting tools with visual insights and prefer having everything in one banking relationship. Chase's mobile app comes with an entire tab dedicated to your budget. On this tab, users can set their budget category limits, track expenses, and get a visual breakdown of their spending from month to month. With Snapshot, users get insights into their spending trends and patterns. Chase's built-in budgeting tools come with any of its checking accounts or a Chase credit card, making it accessible to most Chase customers who want to better track their financial Strong budgeting tools for a digital-first platform Helpful spending alerts without transaction blocking User-friendly category customization No traditional banking fees structure Cons Not a traditional bank (may limit some services) Fewer physical locations for support Less comprehensive than full-service banks Who it's best for: Users seeking alternative banking with robust budgeting features who don't need extensive traditional banking services. While Current might not be a traditional bank, its powerful budgeting tools make it a strong candidate for those interested in alternative banking options. In the Current app, users can access a tab called Insights, which offers expense tracking and customizable budgeting categories. Users can assign a goal amount for each category or choose a suggested amount from the tool. When they're close to the limit for a particular spending category, users get a mobile alert, though the transaction won't be declined. Pros Spend Analysis for expense categorization Spend Setter for budget limits Huntington Heads Up alert system Look Ahead Calendar for upcoming payments Cons May be overwhelming for simple budgeting needs Regional bank with limited geographic coverage Multiple tools may require learning curve Who it's best for: Users who want budgeting tools with predictive features and don't mind managing multiple integrated systems. With one of Huntington Bank's checking accounts, customers get numerous in-app budgeting tools. Spend Analysis organizes expenses into preset categories, while Spend Setter allows customers to set spending limits for budget categories. Huntington Heads Up sends alert-style updates on category spending. The standout feature is Look Ahead Calendar, which shows upcoming payments and bill due dates in a visually appealing calendar format, taking predictive financial planning beyond basic Comprehensive view including external accounts Desktop and mobile access Personalized spending reduction suggestions Good memo and tracking features Cons Regional availability may be limited Interface may feel less modern than competitors Fewer advanced automation features Who it's best for: Users who want to consolidate all financial accounts into one budgeting dashboard and prefer traditional banking with digital enhancements. Regions Bank offers a suite of budgeting tools through My GreenInsights, accessible on both mobile app and desktop. Beyond basic expense tracking, the platform allows customers to add memos to transactions, set spending targets, and receive suggestions for reducing expenses. The ability to link external accounts provides a comprehensive view of finances, making it easier to manage budgets across multiple Holistic financial view across all account types Strong integration of banking and investment products Comprehensive external account linking Modern, user-friendly interface Cons Limited physical presence for support May be overwhelming for users wanting simple budgeting Focus on higher-income users Who it's best for: Users with multiple financial products who want a comprehensive dashboard covering banking, investing, and loan management in one place. SoFi offers budgeting insights that integrate data from numerous linked accounts, including checking accounts, savings, credit cards, student loans, and mortgages. You can link external accounts for a complete financial overview each month. SoFi's budgeting tools include expense tracking, spending charts, and alerts for upcoming bills, making it particularly valuable for users with diverse financial Comprehensive budgeting package with multiple tools Excellent visual analysis and reporting Automatic expense tracking and categorization Large branch network for support Cons May require Wells Fargo relationship for full access Some tools may feel dated compared to fintech competitors Past customer service issues may concern some users Who it's best for: Users who want budgeting tools from an established bank with extensive branch access and don't mind working within one banking ecosystem. Wells Fargo brings several budgeting tools together in a package called My Money Map. These tools include spending reports, personalized budget creation, spending goals, and savings goal monitoring. When you create a budget, the tool automatically tracks and categorizes expenses while providing visual analysis through bar graphs that highlight how actual spending compares to budget budgeting tools have made personal finance management more accessible than ever. These automated systems can enhance your ability to track and control spending without requiring separate apps or manual entry. When choosing a bank account with budgeting tools, consider your specific needs: Do you prefer visual charts, goal-based savings buckets, or comprehensive account integration? Also factor in other important considerations like fees, branch access and overall banking services. The key to successful budgeting is consistency, so choose tools you'll actually use. Having everything integrated into your bank's app makes it more likely you'll stick with your budgeting routine and achieve your financial goals. Ready to start budgeting more effectively? What are some savings accounts with buckets? Ally Bank is the most well-known provider of savings 'buckets,' allowing you to divide your savings into different goals like 'vacation fund' or 'emergency savings.' Capital One offers a similar feature called 'Goals' with its 360 Performance Savings account. Some credit unions also offer comparable goal-based savings features, though they may use different terminology. How do you set up a bank account for budgeting? To set up a bank account for budgeting, first choose a bank with built-in budgeting tools that match your needs. After opening your account, download the mobile app and explore the budgeting features. Set up automatic categorization for your expenses, create spending categories that align with your lifestyle, and establish budget limits for each category. Link any external accounts if the platform supports it, and set up alerts to notify you when you're approaching spending limits. How many bank accounts should I have for budgeting? Most financial experts recommend having at least two accounts: one checking account for daily expenses and one savings account for goals and emergencies. However, some budgeters benefit from additional accounts like a separate 'bills' checking account or multiple savings accounts for different goals. Banks like Ally make this easier with their bucket system, allowing you to organize money within fewer actual accounts. The key is finding a system you can manage consistently without making banking overly complicated.
