Paribus Review: Is It Worth It?

paribus review

It seems there is an app for everything these days, especially for saving money. One in particular, called Paribus, will get you a refund when something you purchased was found cheaper. The goal is to help you gain money when prices change or drop. But, does it really work? Is Paribus worth it? I decided to do a Paribus review to find out.

My Paribus Review

What is Paribus?

Paribus was created and developed by two Harvard graduates, Eric Glyman and Karim Atiyeh, who used to use their skills to help Fortune 500 companies, according to their website. They now use their talents and knowledge in technology and business to help the everyday consumer, like you, save money.

Many retailers promise a price match credit when the cost of an item drops after you’ve purchased it. The problem is that they won’t just offer it to you; you have to work for it. So, Paribus does the work for you. They find these reductions and trace them back to your purchases when you sign up, helping you score some savings where you did not think they existed. The app works to find these price changes on a variety of merchandise, from clothes to groceries. Impressive, no?

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What Are the Benefits of a Costco Visa Credit Card?

the benefits of a costco visa credit card

The benefits of a Costco Visa credit card may be too good to pass up.

This month, I decided to test the waters and sign up for a Costco membership. It is not often that I necessarily need groceries in bulk, being that I live in a household of two; however, having the ability to purchase other household items in bulk (like toiletries and cleaning supplies) along with other miscellaneous items, attracts me.

Among the advantages of their store discounts is the Costco Visa credit card, which was briefly discussed with me upon my signing up. In the moment, I did not have time to learn more, but I was provided with just enough information to want to dig. Actually, it was when the representative at Costco mentioned to me that she was able to rent a car for her recent trip at just $12 a day that my interest had been piqued. So, this week, I began to look into the benefits of a Costco Visa credit card.

About the Costco Visa Card

Costco always offered its own exclusive credit card to members, but previously it was with American Express. In June, the warehouse chain and AmEx broke up after sixteen years together, though, causing a bit of an initial upset among members. One would imagine with any big switch issues would arise, and this was certainly the case for Costco and its newly co-branded card with Cita. In fact, it took a little over two months for some customers’ problems to be resolved. This did, unfortunately, result in cancellations as well.

Despite this, Costco continues to push forward, providing even better benefits for members than they had with AmEx.

Benefits of a Costco Visa Credit Card

I discovered that their partnership with AmEx gave cardholding members a 3% cash back on gas purchases of up to $4,000 annually, 2% percent on restaurants and travel, and 1% cash back on other purchases as well as roadside assistance. However, the benefits of a Costco Visa credit card include:

  • Costco cash rewards everywhere Visa is accepted
  • No annual fee with a Costco membership
  • A 2% cash back on all purchases both in-store and through Costco.com
  • A 0% intro APR on purchases for the first seven months; then, the APR bumps up to 15.74%
  • An improved cash back percentage of 4% on gas purchases of up to $7,000 annually, and 3% on restaurant and travel purchases
  • Still 1% cash back rewards on all other purchases

Another perk is that you could even use this as a business credit card, still earning the same rewards. With every, perk, though, comes terms and conditions. Not to mention, it does also double as your Costco membership ID. And, I am all about versatile products.

Details to Keep in Mind

In order to know what fees I would be up against, I found Citi’s disclosures. In addition to the 15.74% APR after seven months, which actually varies based on the prime rate, there is a 22.49% APR rate for cash advances with either a $10 or 5% fee for the transaction, depending on which is higher. And, if there are any late payments, I would not only be subject to a $37 fee but also a 29.99% penalty APR, depending on creditworthiness. (Luckily, my credit is great.)

I would also want to be careful to make sure that my Costco Visa card was not charged with my annual membership fees since I do not feel I would want that.

 Worth Considering

If I keep my Costco membership, it may be worth considering their Visa card. The benefits of a Costco credit card are enticing. Although, I have found that other options may actually lead to more cash back on purchases like gas and travel, thanks to Consumer Reports Credit Card Comparison Tool.  While Costco’s credit card claims to have more cash back rewards than any other card, I will have to take some time to consider where cash back rewards may work best for me along with comparing the APR rates and fees.

Do you have a Costco credit card? What do you think of its benefits? 

Photo credit: frankieleon

How to Transfer Money from a Credit Card to a Bank Account

how to transfer money from a credit card to a bank account

It might surprise you to learn that it is possible to actually to move funds from a credit card to your bank. Different companies permit this in different ways, though, and it typically does not come without some extra fees and interest rates. However, there may be times when doing so is necessary. For today’s article, I decided to find out how to transfer money from a credit card to a bank account.

Where to start

First, you’ll want to see if your credit card holder permits this type of transaction. Some actually do, but not without fees. Not to mention, your bank may also have its own transferring charges.

For instance, Western Union allows you to fulfill such a transaction by logging into your WU account. When you’ve entered the amount you wish to move along with the account information, you will receive an email confirmation of the act. The cost to transfer from your Western Union card is $15 and will take three days to complete.

western union credit card transfer

Again, this does not include any additional charges from your bank. A company like Western Union appears to provide periodic promotional codes to offset this cost. Make sure to still read all the terms and conditions prior to completing the transaction, which may look similar to Western Union’s.

How to transfer money from a credit card to a bank account (alternatives)

If your credit card company does not offer money transfers directly to your bank or if the fees are too high to deem worthy of doing, there are other options, such as the following:

  • Cash Advance. A cash advance may be requested that could then be deposited into your bank account. If your credit card provider offers cash advances to its users they do typically also allow cash transfers. However, the interest rates and charges may prove to be more expensive than other routes.
  • ATM Withdrawal. Another option for you may be to directly take out cash from your card through an ATM then deposit the money into your desired account. Take notice, though, the interest rates on such a transaction may still be much higher if not the same, depending on your terms and conditions, so proceed with caution.
  • Checks from the Credit Card Company. In a Quora forum, a few individuals in the finance industry mentioned using checks from the credit card company, which allows you to take money out from your credit line and use it as a form of payment. This form of payment does include a bank deposit. Some companies have equally high fees for usage of these checks, others may actually make it so you save money by doing so. So, it all depends on who you use for your credit.
  • Loan from the Credit Card Company. In the same forum, retrieving a loan from the credit card issuer was also described as an option. The money may be put directly into your account or you may be issued checks. You would then pay this money back monthly as you normally would. This alternative seems as though it should only be considered if you are needing a larger amount of funds and are capable of repaying monthly. Remember, interest rates from credit card companies tend to be higher than most.
  • Personal Line of Credit. Bryan Hanley, a self-described financier, said in the responses of the forum that a personal line of credit would be, in his opinion, the best option as it allows you to convert credit to cash. A personal line of credit is essentially a loan used as a credit card. See an example of how one works through Wells Fargo’s service.
  • MoneyGram. I  found MoneyGram online during my research. They are a money transfer and payment services company that makes it easy to send money to a bank account. Unfortunately, there may be limitations with MoneyGram, such as not being compatible with certain banks. But, you can send money globally through them, which is a plus. Additionally, you could sign up for money transfer credit cards instead, which you can learn more about here.

Keep in Mind

Your bank may limit the amount you are able to transfer at a time. You may also only have a certain amount you can take out of your card balance each month as well. This is another factor you will want to inquire about prior to moving forward with the transaction. It is also important to mention that each company may have different fees for different options to transfer money. Plus, regardless if you take cash out from your card or transfer money, remember that it is still borrowed money. Therefore, interest rates may still apply in addition to the transfer fees. You’ll still want to make sure you are paying off your monthly card balance to maintain your credit score.

Finding out how to transfer money from a credit card to a bank account can be tedious, but I recommend starting out with a simple call to a representative from your card’s company. Don’t be afraid to ask as many questions as necessary like what to expect in fees and special terms that may apply.

Have you ever transferred money from your credit card to a bank account? How did it work out for you?