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Claim Your $125 From Equifax Before it’s Too Late

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Credit-reporting agency Equifax has been ordered to pay consumers hundreds of millions of dollars as part of a settlement for a 2017 data breach. At minimum, impacted consumers are eligible for a $125 payment, and some can claim as much as $20,000.

Here’s all you need to know to determine if you’re eligible to claim a piece of that gargantuan pie.

What’s the Bigger Story with the Equifax Data Breach?

In September 2017, a data breach exposed relevant information for nearly 150 million consumers. It’s one of the largest data breaches in the Information Age so far.

The data exposed includes:

  • Names
  • Social Security number
  • Driver’s license information
  • Birthdates
  • Addresses
  • Credit card numbers

As the result of a class-action lawsuit, Equifax agreed to a $700 million settlement, which includes up to $425 million in a “consumer restitution fund” to compensate those who data the hackers stole, and to compensate those who took action to protect themselves from identity theft in the wake of the data breach.

How Do I Claim My Equifax Refund?

First, check this website to see if your information was part of the breach.

You’ll get one of two messages.

If your data was not compromised in the hack, you’ll see:

  • Based on the information you provided, our records indicate that your personal information was not impacted by this incident.

If your data was compromised, you’ll see:

  • Based on the information you provided, our records indicate your personal information was impacted by this incident.

What If My Data Wasn’t Compromised?

If you see the first message, you’re not eligible for reimbursement, unless you can somehow prove that you paid for services to deal with fraud or ID theft or another alleged misuse of your credit information “fairly traceable to the data breach.”

If so, then keep reading.

What If My Data Was Compromised?

At the very minimum, you can claim reimbursement for $125, or up to 10 years of free credit-monitoring services. The $125, however, is theoretical at best. Equifax has not aside enough money to give $125 to everyone impacted by the data breach. If you apply for cash reimbursement, you will receive a small, small fraction of $125 – probably no more than a couple bucks, at most.

As such, it’s wiser to apply for the credit monitoring, since that offers real value you would others have to pay for.

Several credit cards offer credit monitoring in some form. For instance, Capital One offers “credit alerts” that automatically let you know when a new inquiry or a new account is opened in your name, allowing you to catch potentially fraudulent activity before it can impact your life.

Other credit card companies with various levels of credit monitoring include American Express and BarclayCard.
If you happen to have a card that already has credit monitoring of some sort, then maybe it makes sense to apply for the cash, even though you’ll probably get less than the cost of a McDonald’s happy meal.

How to File a Claim.

The claims-filing process is simple. It’s just a few questions and it will take you less than five minutes.

You will need to certify that you have credit monitoring now and that it will remain in place for at least the next six months. That’s easy enough to do through a site like Credit Karma. Conversely, many credit cards and some savings accounts – such as Capital One 360 – already include some form of credit monitoring.

You can claim the money in the form of a check, a pre-paid card or free credit monitoring from the three major credit bureaus.

Beyond the basic $125, you can claim an additional cash payment of up to $500 – $25 per hour for up to 20 hours – for time spent on dealing with fraud or ID theft or another alleged misuse of your credit information “fairly traceable to the data breach.”

You can claim the first 10 hours by describing the actions taken and certifying that the actions you describe are truthful.

Beyond 10 hours, you must provide documentation of fraud, ID theft, or other alleged misuse of your personal data. That documentation can include items such as a letter from the IRS or a bank indicating suspicion or knowledge that your information was compromised. A police report will work as well.

You can also claim reimbursement for financial losses, up to $20,000. This can include:

  • Losses from unauthorized charges to your financial accounts.
  • The cost of freezing/unfreezing your credit.
  • The cost of credit-monitoring services.
  • Fees paid to accounts or attorneys to deal with this issue.
  • Fees for notaries, shipping, postage, mileage, phone and the like for dealing with this issue.

You will, of course, need to document your losses and costs in this case.

How Much Money Will I Really Receive?

This is impossible to say.

There are 147 million potential people who could file claims against that $425 million consumer restitution fund. If everyone who’s eligible files a claim, then that’s a whopping $3 per person, basically.

Of course, not everyone will apply. So, how much any one person receives will depend entirely on how many people file claims, and how much money they each claim.

What Is the Deadline?

The deadline for filing a claim is Jan 20, 2020.

When Will I Receive the Money I am Owed?

The first compensation checks will not be issued until Jan. 23, 2020.

The Wrap Up

Most consumer class-action lawsuit settlements typically provide little of value to consumers – often a few cents or maybe a coupon (though the law firms make out like bandits).

This Equifax settlement is one of the rare instances where real money is, potentially, available. So, go ahead and check your eligibility and file a claim if you’re on the list. The process takes just a few minutes and, if nothing else, you might just get a check for $125 early next year.

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BJ’s Perks Credit Cards – Why You Should Think Twice Before Click “Apply”

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Let’s be blunt about this: the BJ’s Wholesale Club credit cards look like they’d be a pretty good option, particularly if you’re a regular shopper at one of the company’s warehouse stores. 

But the reality is that BJ’s two credit cards aren’t really worth the application effort. So, right here we can answer the primary question: Is a BJ’s credit card good for me?

The short answer is no.

The longer answer is maybe, but leaning heavily towards no.

Here’s why…

What You Need to Know About BJ’s Credit Cards: Benefits and Features

First, you need to be a resident of one of 17 states for a BJ’s credit card to make sense – basically every state on the Atlantic Seaboard from Florida to Maine, plus Ohio. Don’t live there, then there’s no point in reading beyond this period.

If you do live in one of the 17 states, then you can apply for one of two BJ’s credit cards: 

  • BJ’s Perks Plus 
  • BJ’s Perks Elite

Neither card imposes an annual fee, but they both require that you pay a membership fee to access BJ’s Wholesale Club stores. The basic Perks Plus card charges a $55 membership fee, while the Perks Elite card charges $110.

For that $55 difference, the Perks Elite card offers 5% cash-back on most in-Club and BJs.com purchases. The Perks Plus offers 3% cash back. 

That’s the only difference between the two cards. Otherwise, they both offer:

  • 2% cashback on dining and gas purchases away from BJ’s
  • $0.10 cashback on each gallon of gas bought at BJ’s;
  • 1% cashback on everything else.

This effectively means that in Year One you need to spend $2,500 at BJ’s (a bit more than $200 a month) for that extra $55 fee to make any sense financially.

If you’re not spending that kind of money at BJ’s, then the Perks Elite is pointless.

The Biggest Flaw with the BJ’s Credit Cards

Even if you are spending that kind of money at BJ’s, the cards come with what I consider a nonstarter. The cashback is not real cash – it’s a voucher you can only use at BJ’s. 

You can redeem vouchers in $10 increments, and they expire after six months, so you can’t forget you have them. And the earnings themselves expire after 36 months from the day you earned them.

In practice, the vouchers are cash-adjacent in that, if you’re a loyal BJ’s customer, you’ll be able to use those vouchers for your regular purchases.

But I don’t want a cash-back rewards program limiting how I can use my money. I might want to use a rewards program as a way to forcibly save for a vacation – to help pay for airfare or hotel or whatever. 

With vouchers that limit me to BJ’s purchases, the card, and the rewards program, to me, become all but useless.

And though this is but a minor point, BJ’s offers no cash-back signup bonus, which are commonplace these days with far better cash-back credit cards you can apply for. 

What Credit Score Do I Need to Apply for A BJ’s Credit Card?

Regardless of which BJ’s credit card you apply for, at a minimum you will need “good” credit, so basically a score north of 670 or so.

If you have a credit score below that, then you should be looking at the Capital One Platinum credit card.

As I routinely note, the Capital One Platinum card is one of the absolute best for subpar credit.

It imposes no annual fee and it offers an automatic credit-limit increase in six, consecutive on-time payments. 

The on-time payments and the credit-limit increase will bump up your credit score because of the way scores are calculated.

You won’t get any miles or cash-back or signup bonuses with Capital One Platinum, but in a situation where you’re trying to build or repair your credit, perks are not what you need.

What Credit Cards are Better Than BJ’s Credit Cards?

Cards with fixed rewards on all purchases are also competitive. The Citi Double Cash® Card gives 2% cash back on all purchases with an unlimited 1% cash back when you buy, plus another 1% cash back as you pay for those purchases. There’s no need to look out for rotating rewards categories, you simply spend, pay off and earn 2% back, all with no annual fee. If you can’t pay off the card balance in full each month, you will still earn cash back as long as you pay at least the minimum due on time.




Another good option from Citi is the Citi Rewards+® Card that offers 2X ThankYou® Points for purchases at supermarkets and gas stations for the first $6,000 per year. Once you reach the limit, you will continue earning 1X points, plus you will always earn 1X points on all other purchases. The welcome offer is 20,000 bonus points, and you will need to spend $1,500 in purchases within the first 3 months to qualify for it.

The card also has a unique round-up feature – all points will be rounded up to the nearest 10 points on every purchase. This benefit is especially great for those who make small purchases.

The best overall, no-fee card to compete against either of the BJ’s credit cards is Capital One SavorOne.

You’re going to get 3% cash back on dining and entertainment, popular streaming services and at grocery stores, and 1% everywhere else. The cash you earn is real cash that you can use for whatever.

You’ll also get a one-time $200 cash-back signup bonus after you spend $500 within the first three months from account opening. That same $500 in spending with a BJ’s credit card is worth, at most, between $15 and $25.

Equally good is the Bank of America Customized Cash Rewards credit card.

This no-annual-fee card gives you 3% cash back in the category of your choice (like online shopping, gas, dining, travel, drug stores, or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%; and 1% cash back on everything else.

You’ll also pick up $200 in a cash-back signup bonus after spending $1,000. With the BJ’s card, that will get you, at most, $50.

And, as with the better cash-back cards, this is real cash you spend however you like.

 And cards such as Chase Freedom Flex℠ will give you 5% each quarter on up to $1,500 in rotating categories which often overlap the kind of spending one would do inside a BJ’s Wholesale Club. The categories so far this year have included gas stations, drug stores, grocery stores, and home-improvement stores.

Additionally, you earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants and on drugstore purchases, and you get 1% on everything else. The cashback never expires as long as your account is open, and you can redeem any amount. And you’re picking up $200 in cashback signup bonus after spending $500 in the first three months.

The Wrap up: Should I Apply for a BJ’s Credit Card?

I don’t see any compelling reason you would.

You can find credit cards with equally appealing cash-back offers on the things the typical BJ’s Wholesale Club pedals. 

And best of all … all of them give you real cashback, either as credit applied to your monthly credit card balance or as a direct deposit into your bank account.

In the final analysis, a BJ’s credit card only makes sense if you are a heavy user of BJ’s Wholesale Clubs, and you don’t mind getting vouchers that you can only use at a BJ’s outlet (assuming you don’t forget you have the voucher).

But if you’re only an occasional BJ’s shopper, or you want to use a cash-back program to drop money into your savings account or to accumulate money you can apply to a big purchase such as a vacation, then a BJ’s card is absolutely not a credit card you should apply for.

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