Clark Biweekly 4 22 24

Author

Anthony Hazzard
April 22, 2024

Clark loves rewards credit cards but it comes with a warning. Find out more later on in this email.

💵 Today’s Top Stories
Book flights online

This browser extension makes using airline miles and points simpler and faster. Here’s how it works and why we like it. Read more.

Insurance

The 10 largest auto insurers raised rates by more than 10% in 2023(!). But these five companies were the worst offenders. Read more.

Cell Phone

People who switch cell phone carriers often make this costly financial mistake, Clark says. Hint: Timing is everything here. Read more.

Spam email inbox

A loyal Clark podcast listener makes sure to report all her spam or scam emails. Is she helping or just spinning her wheels? Read more.

Municipal

Bonds got beat up even when the stock market was struggling post-COVID. But they’re still important long-term, Clark explains. This type can give you a great tax benefit. Read more.

💳️ Clark Warns Millions of Americans Against Using Rewards Credit Cards

Team Clark covers rewards credit cards year-round. And Clark prefers that you use credit cards to pay for almost everything considering the cash back as well as the consumer protections.

But there’s a major caveat to that. If you’re someone who runs a credit card balance, you need to ignore this category of credit cards. It’s a deceiving trap for you. (By the way, that represents about half of all Americans.)

“Why is that something that I would be upset about? Because reward cards tend to carry the highest interest rates of any credit cards,” Clark says.

“[The rewards are] fool’s gold because of what you’re paying in interest every month for the card. Forget the rewards if you’re not paying balances.”

Instead, Clark says, get a credit card from a local credit union. You’re almost sure to save big on interest.

“If you’re paying twice the interest, you’re not getting anywhere [with rewards cards]. You’re going backwards,” Clark says. “Don’t make the bank rich.”

🏠️ Today’s Current Mortgage Rates

According to Freddie Mac, 30-year mortgage rates are 7.10% and 15-year rates are 6.39% as of April 18, 2024. The following chart shows the 30-year mortgage rate trend over the last year.

Mortgage Rates
📊 Stat of the Day

💸 67: Average number of hours that married American couples work each week. It’s a number that has stayed remarkably consistent since the 1880s. Although women are making up a higher percentage of those hours these days.

💰️ Deal Alert: Today’s Top Deals
Plant
Home Depot
🎙️ Podcast

It’s time for "Clark Stinks!" Christa reads the latest "Clark Stinks!" submissions and Clark responds. Also, in some jobs, Fridays have become slightly less productive than other workdays. Clark explains why it’s not a bad thing!

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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