Annual fees for a credit card are common and can be worthwhile if you get something in return. Those with good credit (generally defined as FICO scores of 690 or higher) can expect rich rewards or perks in return for this fee, while those with poor credit (scores below 630) may gain access to a line of credit they can use otherwise would not be entitled to.

Monthly credit card fees, on the other hand, have long been a rarity, not to mention a red flag, especially with readily available “fee harvester” bad credit cards. That is, until recently.

Several startup financial technology companies, also known as fintechs, and at least one smaller traditional bank now offer products with monthly fees. In some cases, the cards have hard-to-find features and the fee is marketed as a benefit, charged instead of interest or a hefty deposit.

But a nominal monthly fee is still essentially an annual fee no matter how you split it up. “Three dollars and thirty-three cents spread out over 12 months might not sound like a lot of money to people, but it can actually send you reeling when you’re withdrawing other things from your checking account that you might not have booked for,” says Deborah Davis, Accredited Financial Advisor at Gryphon Fiscal Fitness.

And unlike interest — which is avoidable if you don’t have a balance — you still have to pay that monthly fee, which is easy to forget if you’re not actively using the card. Plus, unlike a refundable security deposit, you don’t get those monthly fees back.

These products can still be worth a spot in your wallet and potentially save you money depending on how you use them. In the long run, however, you should weigh all the costs and benefits of these cards.

Monthly fees in exchange for unique features

crash barriers

Several credit cards that have opted for a monthly fee structure promise features you won’t find on traditional credit cards. Aside from the fact that there is no down payment or even an interest rate, many do not bother with a credit check.

Based in San Francisco, TomoCredit has a credit card that meets the above criteria. It is not possible to keep a balance from month to month, so there is no APR. And when you apply, there is no rigorous check of your creditworthiness; TomoCredit has proprietary technology that takes into account several other data points, such as: B. Your income and account balance.

No annual fee was announced when the card launched in early 2021, but a monthly fee of $2.99 ​​(nearly $36 per year) was added starting in May 2023. There is currently a waiting list for applications.

“Compared to other loans [repair] “For all the products available on the market, Tomo’s monthly fee is very affordable,” said Kristy Kim, CEO and co-founder of TomoCredit, in an email. “We already ran a sample user test and got positive feedback.”

nerd tip Monthly fees can be controversial when added on as an afterthought, especially for cards aimed at new creditors or those with imperfect credit ratings. Complaints abounded in May and June 2023 when credit card fintech Petal announced that some current holders of previously fee-free products would start paying a monthly fee.

assets as collateral

The company Pesto launched a secured credit card in May 2023 that allows applicants to use eligible assets like jewelry or watches as deposit instead of cash. The value of the asset determines the credit limit of the card. The card charges holders $3.33 per month ($39.96 per year).

For those unable to muster up a lump sum to deposit on a traditional, secured credit card — or who can’t afford to tie that money up for a long time — Pesto’s card can often provide access to credit a much lower interest rate than a pawn loan. But with an effective annual fee of almost $40, there are cheaper options for bad credit, some even earning bonuses.

And like Tomo’s credit card, Pesto’s card doesn’t currently have an upgrade path to a better product from the company if you’re up for it.

fees instead of interest

Even traditional credit card players might be excited about this trend. TD Bank introduced a credit card in May 2023 that requires a monthly membership fee of up to $20 instead of interest.

“You don’t have to worry about your credit card debt compounding with this card: It’s a monthly fixed fee, not a variable equation,” said Jennifer Garrett, director of product development and loyalty, credit cards and unsecured lending at TD Bank , in an email.

Such a product could indeed appeal to those who crave predictability and know they have a big tally ahead of them month-to-month. However, if your balance is small, such a monthly fee could cost you more than a traditional interest rate. Remember that you owe this fee every month even if you never use the card.

Determine if a monthly fee is worth it

The monthly fee trend seems to be accelerating. New players like the “Possible Card”, which is slowly being released to the public as an unsecured credit card for those with bad credit, continue to be launched with features that may or may not be worth the monthly cost depending on your circumstances and credit history .

If you have good credit, there are a variety of credit card options available to you. You can avoid cards with monthly fees.

If you have bad credit, you may be more willing to accept a monthly fee if you avoid a credit check or interest rate. But still, it might be possible to find cheaper options.

For example, saving for a cash deposit on a secured credit card with no annual fee can offer more value and flexibility. Some of these products come with rewards or give you some freedom with your collateral: they may require you to deposit only part of your credit line, pay the deposit in installments, or even set your own deposit/credit limit if that is the case You agree to open and link a bank account.

Depending on the issuer, it may even be possible to eventually upgrade to a better (and unsecured) credit card in that issuer’s portfolio and get your deposit back.

Not so with monthly fees.

The article Annual fees? Several new credit cards are opting for monthly credit cards, which originally appeared on NerdWallet.

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Double digit declines from peak in San Francisco Bay Area, Seattle, San Diego, Phoenix, Las Vegas.

By Wolf Richter for WOLF STREET.

View of Housing Bubble 2 in the San Francisco Bay Area:

This time it’s not an unemployment crisis that’s hitting the housing market. The job market is still tight with high pay rises – although the tech and social media sectors have started to shake. But it is mortgage rates that have returned to normal pre-QE levels of 6% to 7%, while CPI inflation is hovering around the same range. And they’re colliding with home prices, which have skyrocketed under the Fed’s quantitative easing and interest rate suppression.

And so home prices continued to fall, according to the S&P CoreLogic Case-Shiller Home Price Index for “January” — which is a three-month moving average of home sales publicly recorded in November, December and January, reflecting deals primarily made from October through December.

On a monthly basis, today’s Case-Shiller index of single-family home prices fell in 19 of the 20 metros it covers. Miami was the only exception, where the index was essentially flat. The 10 biggest dips by month occurred in:

1. Las Vegas: -1.4%
2. San Francisco Bay Area: -1.3%
3. Seattle: -1.4%
4. Phoenix: -1.2%
5. Dallas: -0.9%
6. Denver: -0.9%
7. Chicago: -0.5%
8. Portland: -0.7%
9. Tampa: -0.7%
10. Washington DC: -0.7%

Prices have fallen the most from their respective highs (from May to July 2022) in these metros:

• San Francisco Bay Area: -17.1%
• Seattle: -16.3%
• San Diego: -11.5%
• Phoenix: -10.5%
• Las Vegas: -10.1%
• Denver: -9.5%
• Portland: -8.6%
• Dallas: -8.5%
• Los Angeles: -8.3%
• Boston: -5.7%

Cheaper year-on-year now in four of the 20 subways:

• San Francisco Bay Area: -7.6%
• Seattle: -5.1%
• San Diego: -1.4%
• Portland: -0.5%

Down faster than up is a rare event in real estate markets, but it’s happening in the San Francisco Bay Area, where prices have fallen faster in the eight months since the peak than in the eight months before the peak. The Seattle and Las Vegas subways came close (percentages from and to the top):

• San Francisco Bay Area, May peak: -17.1%; +15.7%.
• Seattle, May peak: -16.3%; +19.7%.
• Las Vegas, July peak: -10.2%; +11.6%.

Methodology. The Case-Shiller Index uses the “sales pair” method and compares sales in the current month to sales of the same homes earlier. Price changes are weighted according to how long ago pre-sales were, and adjustments are made for DIY and other factors (Methodology). This “selling pair” method makes the Case-Shiller Index a more reliable indicator than median price indices, but it lags months behind.

San Francisco Bay The housing market is being impacted not only by mortgage rates but also by the stock market — particularly by IPOs and SPACs, which have largely collapsed, and by the tech and social media giants now laying off high-paying workers. But these home prices released today are based on completed sales in January and earlier, so the recent fireworks are still not reflected. That’s coming.

The Case-Shiller Index for “San Francisco” covers five counties in the nine-county San Francisco Bay Area: San Francisco, part of Silicon Valley, part of the East Bay, and part of the North Bay.

• Month to month: -1.3%.
• From the peak in May: -17.1%.
• YoY: -7.6%.
• Lowest reading since May 2021.

Seattle Subway:

• Month to month: -1.4%.
• From the peak in May: -16.3%.
• YoY: -5.1%.
• Lowest reading since September 2021.

San Diego Subway:

• Month by month: -0.4%.
• From the peak in May: -11.5%.
• YoY: -1.4%.
• Lowest reading since January 2022.

Metro Phoenix:

• Month to month: -1.2%.
• From June peak: -10.5%.
• Year over year: flat
• Lowest reading since January 2022.

Las Vegas Subway:

• Month to month: -1.4%.
• From July peak: -10.1%.
• YoY: +0.4%
• Lowest reading since January 2022

Denver Subway:

• Month to month: -0.9%.
• From the peak in May: -9.5%.
• Year-on-year: +1.0%.
• Lowest reading since January 2022.

Portland Subway:

• Month to month: -0.7%.
• From the peak in May: -8.6%.
• YoY: -0.5%.
• Lowest reading since December 2021.

Dallas Subway:

• Month to month: -0.9%.
• From June peak: -8.5%.
• Year over year: +5.0%

Los Angeles Subway:

• Month by month: -0.2%.
• From the peak in May: -8.3%.
• YoY: +0.9%.
• Lowest reading since January 2022.

Boston subway:

• Month by month: -0.3%.
• From June peak: -5.7%.
• YoY: +4.2%

Washington DC Subway:

• Month to month: -0.7%.
• From June peak: -5.0%.
• YoY: +2.4%

Tampa Subway:

• Month to month: -0.7%.
• From peak in July: -4.7%
• Year over year: +10.5%

Miami Subway:

• Month-to-month: basically unchanged (less than +0.1%).
• From peak in July: -2.6%
• YoY: +13.8%

New York subway:

• Month by month: -0.4%.
• From July peak: -2.3%
• YoY: +5.2%

For the Miami Metro, the Case-Shiller Index had a value of 399 points in January and December. The Case-Shiller indices were set at 100 for 2000. So, despite the recent drop, Miami home prices are still up 299% since 2000. This makes Miami the No. 1 in the most glorious real estate bubble in terms of price increases since 2000. Miami moved up to No. 1 because its prices have fallen less than prices in Los Angeles and San Diego, the former No. 1 at different times.

The New York Metro Index score of 270 indicates that housing price inflation has been 172% since 2000, and as crazy as that is, it ends this list of the most glorious real estate bubbles.

In the remaining six markets in the Case-Shiller Index, home prices have risen far less since 2000 and therefore do not qualify for this list. But in all of them, prices have been falling for months. Today’s Case-Shiller Index declines: Chicago (-0.5%), Charlotte (-0.3%), Minneapolis (-0.9%), Atlanta (-0.3%), Detroit (-0 .6%) and Cleveland (-0.6%). ).

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Prices run to $27,000 per month for a two bedroom unit on Coterie Cathedral Hill in Van Ness and O’Farrell.

Studios start at $8,000 per month.

The 208-unit complex includes amenities such as Michelin-starred meals, which residents can enjoy 24-hours a day in the restaurant or in their room.

There are also health facilities, a fitness center, heated pools, a movie theater, a hair salon, and more.

WATCH: Inside a $27 million San Francisco mansion

Copyright © 2022 KGO-TV. All rights reserved.

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The Mayor of San Francisco, London Breed, is proposing that the city introduce the first universal basic income program for transgender people as part of their budget for the next two fiscal years. Up to 150 attendees would receive $ 1,000 per month as part of the guaranteed income pilot for up to a year.

The program would cost $ 2 million over two years and be carried out in collaboration with the office of gay treasurer and tax collector José Cisneros. The selection of a community organization to coordinate with the city’s various transgender groups in recruiting and selecting applicants for the program will be the Mayor’s Office for Housing and Community Development under the direction of Gay Director Eric. D. Shaw.

“We will build on our guaranteed income pilot by adding a new program to pay members of our transgender community,” said Breed, who announced the program on June 1 to coincide with the start of Pride Month.

It is just one of the myriad LGBTQ-oriented programs included in their Budget Balanced Proposal for the budget years 2021-2022 and 2022-2023. The mayor released her budget on Tuesday June 1st at a ceremony at the newly renovated Willie “Woo Woo” Wong Playground in the city’s Chinatown.

Another new program that Breed is targeting for $ 900,000 in the next fiscal year, which begins July 1, is to launch an LGBTQ senior telemental health program and expand senior digital access services. It is expected to provide services for up to 500 LGBTQ seniors while providing mental health resources for those who have become increasingly isolated, depressed, and anxious due to the COVID-19 pandemic.

Clair Farley, a transgender woman who is mayor and executive director of the city’s transgender initiatives office, told the Bay Area reporter that the idea for the universal basic income program came from her office’s transgender advisory board. The city hopes to start the program this October.

“We have been working over the past year to develop visions of how we can create more stability in the community, especially in the face of the aftermath of the pandemic, and how we can build a stronger safety net and foundation for the community,” Farley said. “The idea of ​​universal income was born to ensure people had access to food and shelter, as well as all basic health and mental health needs.”

Transgender people, who have been hardest hit by the COVID pandemic, will be prioritized for the program, with black and Latin American transgender women being a special priority, as well as people who may need assistance navigating benefits and financial literacy, said Farley.

“There will be a comprehensive program in partnership with the Treasurer’s Office to provide financial education and coaching,” she said.

Cisneros told the BAR his office was “proud” to be part of the pilot program.

“We work a lot with the mayor and project leaders to distribute the funds,” he said. “I believe these Basic Income Pilots are vital to learning how we can help people with financial difficulties get support and thrive.”

Applicants who are segregated from other available benefits for various reasons will also be preferred, Farley added.

“This pilot is a good opportunity to build more self-sufficiency and economic mobility if someone wants to go back to school or may not have access to other benefits due to immigration status or discrimination in the workforce,” she said.

As for the new telemedicine program for LGBTQ seniors, the city’s Department of Disability and Aging and Services will launch the call for proposals from community groups to manage. The idea came from a senior LGBT task force that convened again last year to help the city meet the needs of LGBTQ seniors during the health crisis, Farley said.

“The mayor really wanted to give our seniors a priority in recovery and consider how we can build stronger crisis support systems in the future and also make sure we fill those gaps,” she said.

According to the mayor’s office, Breed’s budget is set to respond to the city’s most pressing needs at $ 13.1 billion for FY 2021-22 and $ 12.8 billion for FY 2022-23 as they move along To recover from the COVID-19 pandemic, pandemic is advancing while maintaining long-term financial sustainability. Requesting cuts in the city departments was avoided as a projected deficit did not materialize due to the surprising strength of the economy despite the health crisis.

“San Francisco has demonstrated our values ​​and resilience over the past year, and I have no doubt that we will return even stronger from COVID-19,” said Breed. “As we move out of the pandemic, this budget will ensure our recovery is fair and that we provide solutions to key issues affecting our city. We are making significant investments to reduce homelessness, expand mental health support, and support the general public. ”Ensuring safety and addressing the social inequalities exposed by this pandemic, while making responsible choices that preserve our budget reserves we can continue to provide critical urban services and support to our vulnerable residents no matter what lies ahead.

It includes $ 1.8 million to continue the city’s Trans Home SF program, which provides rent subsidies and transitional housing for transgender people, Farley noted, as well as funding a program that supports LGBTQ people who are entering for the first time Buy your own home. The $ 2.2 million reinvested by the city police in violence prevention programs and re-entry efforts for former incarcerated black trans women will be retained in the mayor’s draft budget.

Farley said her office is still awaiting news from various city authorities about what LGBTQ-specific programs they have proposed for funding over the next two years. And she noted that the mayor’s budget proposals for arts grants, emergency housing, rent repayment assistance, family and youth programs, and small business investments will benefit the LGBTQ community as well.

“We’ll be getting details on certain line items in the next week or so,” she said.

By the end of June, the Budget and Appropriations Committee of the Board of Supervisors will hold public hearings on the budget and make recommendations to the full board. In July, managers will vote on the budget and then send it back to Breed for approval, usually by August 1st.

Web Extra: For more queer political news, visit http://www.ebar.com Monday morning for Political Notes, the notebook’s online companion. The column returns Monday, June 7th.

Stay up to date with the latest LGBTQ political news by following the Political Notebook on Twitter @ http://twitter.com/politicalnotes

Do you have a tip about LGBTQ politics? Call Matthew S. Bajko at (415) 829-8836 or email m.bajko@ebar.com

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Individuals detained in San Francisco prisons are provided with basic toiletries, but can also use funds sent by family members to purchase additional items from the commissioner. About a third of the prison population receives no outside assistance, according to the San Francisco Sheriff’s Department.

A $ 10 monthly allowance doesn’t seem like much, but those funds can actually make a world of difference, said Paul Briley, a policy officer with the Legal Department for Prisoners with Children.

“While I was imprisoned, I had no one to put money in my books,” he said. “From what I’ve heard from people, this would mean the world to them. They have no support, they are lonely. You could buy good deodorant. I heard a person say they could buy slippers in the shower. “

The program was funded by the Financial Justice Project, an organization the city launched in 2016 to help reduce the impact of fees and fines on low-income residents and color communities. It builds on previous efforts in San Francisco to ease the financial burden on people in custody.

In July 2020, San Francisco regulators passed the People Over Profits Ordinance, which banned city jails from charging excessive charges for phone calls, police articles, and other services. The legislation made phone calls in prisons free and cut the price of commissioner’s articles by an average of 43%.

And while this was an important change, Briley said, buying things from the commissioner didn’t help people who still lacked the money. This inequality was particularly evident during the pandemic when many detainees were unable to purchase essential toiletries, leading proponents to push for the allowance.

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