How Much Does a Firefighter Make a Year

Firefighters make an average of $56,310 per year nationwide. However, firefighter compensation varies by location and position, so salaries can climb up to well over six figures for more leadership positions. As a result, firefighting can provide competitive annual pay for those who want to do the rewarding work of rescuing others during emergencies.

Read on to learn more about the income, responsibilities, and pros and cons of pursuing a career as a firefighter.

What Are Firefighters

Firefighters are trained professionals who respond to fires, rescue situations, hazardous material spills, and medical emergencies. Their primary responsibility is to protect life, property, and the environment from the adverse effects of human-made and natural fires.

These dedicated professionals navigate unpredictable circumstances with selflessness. The job can be dangerous but also a very rewarding career. A few details to note:

•   Firefighters are typically employed by city, county, state, and federal governments.

•   Because fires and other emergencies are dangerous, these professionals put their lives on the line every day.

•   The job is demanding because shifts can last 24 hours. Firefighters usually work full-time.

Additionally, firefighters typically have emergency medical technician (EMT) certifications because they respond to health crises. For instance, local fire departments provide critical assistance for people trapped under debris from a storm. Likewise, they often transport the injured to hospitals and health facilities. For this reason, most firefighters can drive and operate ambulances as well as fire trucks.


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Examples of Firefighter Job Responsibilities

Here are the essential duties of firefighters, most of which relate to helping individuals and communities during emergencies:

1.    Fire suppression: As the name implies, a firefighter’s definitive job is extinguishing fires. This includes house fires and wildfires. Firefighters use various tools and equipment, such as water hoses, fire extinguishers, and specialized vehicles, to control and put out fires.

2.    Rescue operations: Firefighters are trained in various rescue techniques to save people from dangerous situations, including trapped individuals in buildings, vehicles, or natural disasters.

3.    Emergency medical response: Many firefighters are emergency medical technicians (EMTs) or paramedics. This training allows them to provide prehospital medical care, including administering first aid and stabilizing patients until they are transported to a hospital.

4.    Hazardous materials response: Firefighters are usually the first on the scene of accidents involving hazardous chemicals and materials. For instance, if a tanker truck crashes, firefighters use specialized equipment to contain and mitigate the effects of the spill.

5.    Public education and prevention: A part of firefighters’ public service is engaging in community outreach and educational efforts for fire safety and best practices for emergency response. They also provide tours of fire departments to residents.

6.    Equipment maintenance: Firefighters rely on their gear and equipment to perform their jobs, and disasters can occur at any time. As a result, maintaining and cleaning their equipment, including fire engines, tools, and personal protective gear, is vital.

How Much Do Starting Firefighters Make a Year?

An entry-level firefighter’s salary varies depending on location, with the lowest 10% of positions starting at $29,150 on average. While the starting pay is lower than other jobs, firefighters can increase their salaries by getting promoted to leadership positions or specializing in a certain aspect of the job.

For instance, a firefighter officer leads teams of firefighters and can earn an annual salary of $161,372. Likewise, professionals who provide paramedical training for firefighters can earn $120,828 per year. So, yes, it is possible to earn a $100,000 salary or more as a firefighter.

Remember, changing locations can also help increase firefighters’ compensation. For instance, firefighters in North Carolina earn an average salary of $36,660, while positions in New Jersey have an average pay of $77,740. (Of course, the local cost of living may rise along with the pay.)

What is the Average Salary for a Firefighter?

The U.S. Bureau of Labor Statistics database shows that the average firefighter salary is $56,310 annually vs. hourly pay. Here’s a breakdown of the average firefighter salary by state, listed alphabetically:

State

Average Annual Pay

Alabama $42,600
Alaska $54,730
Arizona $47,850
Arkansas $36,470
California $78,350
Colorado $67,340
Connecticut $67,560
Delaware $45,680
Florida $56,560
Georgia $40,010
Hawaii $72,880
Idaho $39,820
Illinois $68,030
Indiana $55,420
Iowa $45,360
Kansas $40,560
Kentucky $32,980
Louisiana $32,320
Maine $42,830
Maryland $60,560
Massachusetts $66,640
Michigan $64,200
Minnesota $49,880
Mississippi $33,790
Missouri $55,380
Montana $51,730
Nebraska $60,990
Nevada $61,150
New Hampshire $50,150
New Jersey $77,740
New Mexico $40,530
New York $73,520
North Carolina $36,660
North Dakota $51,490
Ohio $52,290
Oklahoma $52,770
Oregon $65,880
Pennsylvania $61,290
Rhode Island $60,360
South Carolina $39,580
South Dakota $49,750
Tennessee $42,080
Texas $53,630
Utah $44,650
Vermont $46,920
Virginia $54,180
Washington $76,930
West Virginia $37,110
Wisconsin $43,980
Wyoming $44,420
Source: US Bureau of Labor Statistics, ZipRecruiter



💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Firefighter Job Considerations for Pay & Benefits

As a firefighter, you can expect to make $56,310 on average, which is a few thousand dollars less than the average salary in the U.S., which is currently $59,540. Additionally, numerous benefits come with the job to enhance your financial well-being and quality of life.

For example:

•   Full-time firefighters receive health and dental insurance, disability coverage, paid time off, tax-advantaged retirement plans, and pensions.

•   Union firefighters can receive their pay and benefits through a contract, locking in their compensation package.

•   Firefighters can qualify for exclusive financial aid and scholarships for higher education. For instance, The Maryland State Firemen’s Association gives scholarships to students getting degrees in fire science or medical emergency services. This could help students who might otherwise be entering a career without a college degree.

•   Firefighters can enjoy the satisfaction of knowing they helped their neighbors at the end of the day. From pulling children out of burning buildings to assisting the injured, a firefighter’s duty centers on safeguarding life. As a result, the profession is personally meaningful and fulfilling. (It’s worth noting, though, that given the human interaction involved, it may not be the best career for an introvert.)

Pros and Cons of Firefighter Salary

Being a firefighter means enjoying the perks of the job while making the best of the drawbacks. Here’s a comparison of the two:

Pros

First, the upsides of pursuing this career:

•   Helping others: Firefighters experience a deep sense of purpose by directly contributing to the safety and wellbeing of their communities. The opportunity to protect individuals and families is a significant motivator for individuals drawn to this profession. Additionally, their willingness to put themselves in harm’s way to save others can garner appreciation and gratitude.

•   Straightforward qualifications: Becoming a firefighter typically requires a high school diploma or GED, passing a physical fitness test, and being at least 18 years old. The position’s accessibility allows individuals from diverse educational backgrounds to pursue a career in firefighting without requiring extensive academic qualifications.

Furthermore, firefighters interested in more education can acquire extensive education (including EMT training) and scholarships for higher education to advance their positions.

•   Competitive pay and benefits: While entry-level firefighting positions might offer low initial pay, more experienced firefighters earn a competitive salary vs. the national average. Considering the accessible entry-level requirements, the job has good pay and benefits without extensive education. Likewise, full-time firefighters receive comprehensive benefits packages, including health insurance, retirement plans, and other perks. While it’s likely not the highest paying job in your area, it reliably puts food on the table.

•   Tight work bonds: Firefighters work closely as a team and forge strong bonds with their colleagues. The nature of emergency response requires cooperation and communication, creating a sense of camaraderie among team members. Additionally, firefighters often face challenging situations together, leading to shared experiences that strengthen their professional and personal relationships.

•   Federal loan forgiveness: Firefighters may qualify for Public Service Loan Forgiveness under specific criteria. The PSLF Program is designed to assist public service providers, including firefighters, in repaying their federal student loan debt.

Cons

Next, consider the potential downsides of becoming a firefighter:

•   Safety risk: Firefighters face inherent risks associated with entering burning buildings, handling hazardous materials, and engaging in rescue operations. Long-term exposure to smoke and chemicals is also dangerous. These physical hazards can lead to injuries, health complications, or loss of life.

•   Challenging work schedule: Firefighters often work in shifts, which can include 24-hour shifts and working overnight. For this reason, firefighters typically work over 50 hours per week instead of a typical 9-5 job. Combined with the challenging situations firefighters tackle, the job might not be a fit for those who want a low-stress job or folks that want to work from home sometimes.

•   Few to no traditional weekends or holidays off: Firefighters frequently work on weekends and holidays because emergencies happen regardless of the time of year. This can impact personal and family life, as firefighters won’t have the same days off as those working in more traditional Monday-to-Friday roles.

The Takeaway

Across America, the median salary for how much a firefighter makes a year is $56,310, though the earning potential can rise into the six figures. Firefighters play a crucial role in safeguarding people, property, and the environment from the adverse effects of fires and emergencies. Responding to a wide range of incidents, from fire suppression to rescue operations and medical emergencies, firefighters are dedicated professionals who undergo extensive training to serve their communities effectively. However, the job is a challenging one, with inherent health and wellbeing risks, as well as possibly long hours and considerable stress.

FAQ

Can you make 100k a year as a firefighter?

While the national median salary for a firefighter is $56,310, making $100k a year in the profession is achievable. For instance, the positions of fire lieutenant, captain, and chief all have the potential to pay six figures.

Do people like being a firefighter?

Firefighting can be a fulfilling, meaningful career because the job is about helping others in emergencies and dire circumstances. However, it can be mentally and emotionally taxing because of the intensity of the work. Therefore, whether you like being a firefighter will depend on your job preferences and outlook.

Is it hard to get hired as a firefighter?

The path to becoming a firefighter involves getting your high school diploma or GED, passing a written exam, physical, and in-person interview. Therefore, while the educational barriers are low, getting hired as a firefighter can require discipline and commitment.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Guide to Bank Cash Withdrawal Limits

Banks typically restrict how much cash you can withdraw from your account in a single day. In part, this is a security measure designed to keep criminals from wiping out your account. It also helps protect the bank’s cash reserves. 

How much you can withdraw at one time from the bank can range anywhere from $300 to $20,000, depending on the institution and how you’re making the withdrawal (such as at an ATM versus a teller or using your debit card at the point-of-sale). 

If you need to access a large amount of cash quickly, it’s important to understand your bank’s withdrawal limits. Here’s how they break down. 

Do All Banks Have Daily Withdrawal Limits?

Most banks have withdrawal limits, but each institution sets its own rules as to how much they will allow you to take out of your bank account at any one time. 

Withdrawal limits also vary by type of transaction. For example, withdrawal limits at ATMs are generally lower than in-person withdrawal limits seeing a teller. Debit card transactions are also usually capped at a certain dollar amount per day. These ceilings are typically higher than ATM withdrawal limits but lower than teller withdrawal limits.

In some cases, you may be able to increase how much cash you can withdraw from a bank in one day. If you’re going on a vacation or business trip that requires withdrawing more daily cash than your bank’s ATM limit, for example, it can be worth asking your bank to make a temporary increase. If you have a type of job that requires large daily cash withdrawals, you might ask your bank if they would be willing to make a permanent increase. 

The willingness of a bank to increase your cash withdrawal limit typically depends on several factors, including:

•   The length of time you’ve been a customer

•   Your banking history 

•   The size of the increase you’re requesting 

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Bank Secrecy Act

In an effort to combat money laundering, tax evasion, and other financial crimes, the federal government introduced the Bank Secrecy Act in 1970 and adjusted it with the Patriot Act in 2002. The Act generally requires all financial institutions to track and report cash transactions that exceed $10,000 in one business day. 

As a result, if you withdraw (or deposit) more than that $10,000 in cash in a single day, the bank may report your transaction to the internal revenue service (IRS). This doesn’t mean you’ll get into trouble with the law. However, the transaction may be part of the government’s records.

Why Do Banks Have Withdrawal Limits?

Financial institutions maintain withdrawal limits for two main reasons. One is so they can monitor and control liquidity. Banks typically don’t keep much cash in reserve at any given time, nor do ATMs. By establishing a cash withdrawal limit, banks can limit how much cash they need to give out at any given time and avoid depleting their reserves. 

The other primary reason for withdrawal limits is to protect account holders from fraud. If a criminal were to gain access to your account details (or your debit card and PIN) and attempt to fraudulently pull money out of your checking account, they would be capped to a certain amount. Thus, withdrawal limits serve as a security feature that safeguards your money.

ATM Withdrawal Limits

Banks typically cap the amount of cash you can withdraw from ATMs in one day. These limits can range anywhere from $300 to $1,000. This is usually a cumulative daily limit. In other words, if your cash withdrawal limit is $500, you can’t hop from ATM to ATM, taking out $500 each time. Once you withdraw $500 from one ATM, you’ve hit your withdrawal limit for the day.

In addition to bank ATM limits, individual ATMs might have their own limits on cash withdrawals. If a particular ATM has a $600 withdrawal limit and your bank has a $1,000 limit, you can only get $600 from that ATM. However, you can then visit another ATM to get another $400.

Recommended: Cardless ATM Withdrawal: What It Is and How It Works 

Debit Withdrawal Limits

Even though a debit card purchase is an electronic payment (and doesn’t impact the amount of cash a bank has on hand), it does pose the same security risks as an ATM withdrawal. As a result, banks typically limit the amount you can purchase using your debit card in a single day. This limit is usually higher than the ATM withdrawal limit (but lower than in-person withdrawal limits). For example, banks commonly limit point-of-sale debit transactions to $5,000 daily.

While you may not normally come up against your debit card spending limit, it’s something to consider if you make a large purchase (such as plane tickets or a piece of furniture) and still have other debit card transactions to make on the same day. In that case, you might risk having your debit card declined.

Also keep in mind that getting cash back when you make a debit card purchase typically counts toward your point-of-sale limit, not your cash ATM limit for the day. This is one way you may be able to get around your ATM cash withdrawal limit.

Teller Withdrawal Limits

Banks and credit unions also have limits on how much cash you can withdraw from your account per day when you visit a branch in person. Since you can prove your identity when you withdraw funds in person (lessening security risks) and branches hold more cash than ATMs, teller withdrawal limits tend to be higher than ATM and debit card limits. Many banks, for example, will allow you to withdraw up to $20,000 in cash bills from a teller per day. 

Checking and Savings Withdrawal Limits

Since checking accounts are designed for everyday money management, there is no restriction on the number of withdrawals you can make per statement period. That’s not necessarily the case with savings accounts, however.

In the past, the Federal Reserve (a.k.a, “the Fed”) limited the number of withdrawals and transfers you could make from a savings account to six per month. The rule, called Regulation (or Reg) D, was designed to help ensure banks had sufficient reserves on hand and encourage people to use their savings account to save, rather than spend. 

While the Fed lifted this restriction in 2020 in response to the coronavirus pandemic, many banks and credit unions have continued to enforce the rule. If you exceed your bank’s savings account transaction limit, you will typically get hit with a fee. Doing this repeatedly, however, can lead to closure of your account. 

The Takeaway

Banks and credit unions generally limit the amount of cash you can take out of your account in one day. Rules vary by bank, but limits are typically lowest for ATM withdrawals (ranging from $300 to $1,000), somewhat higher for debit card transactions (commonly around $5,000), and highest for in-person withdrawals at a teller (often up to $20,000). Banks apply withdrawal limits to protect your money from theft and maintain their cash reserves. 

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FAQ

How much cash can I withdraw from a bank?

How much cash you can withdraw from a bank in one day can range anywhere from $300 to $20,000. The cap will depend on your bank’s policies, as well as how you are withdrawing the money. Daily withdrawal limits are typically lowest at ATMs (ranging from $300 to $1,000). They tend to be somewhat higher for debit card transactions (commonly around $5,000) and highest for in-person withdrawals at a teller (which can be as high as $20,000).

How do I withdraw large amounts of cash from my bank?

To take out a large sum of cash, your best bet is to visit a branch and make the withdrawal through a teller. Often, banks will let you withdraw up to $20,000 per day in person (where they can confirm your identity). Daily withdrawal limits at ATMs tend to be much lower, generally ranging from $300 to $1,000. 

How much cash can you withdraw without reporting it to the IRS?

You can generally withdraw up to $10,000 from your account within a 24-hour period without the bank or credit union reporting the transaction to the internal revenue service (IRS). 


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: miniseries/iStock

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SoFi members with Eligible Direct Deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below).

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi members with Eligible Direct Deposit are eligible for other SoFi Plus benefits.

As an alternative to Direct Deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Eligible Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving an Eligible Direct Deposit or receipt of $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Eligible Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Eligible Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Eligible Direct Deposit or Qualifying Deposits until SoFi Bank recognizes Eligible Direct Deposit activity or receives $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Eligible Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Eligible Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Members without either Eligible Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, or who do not enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days, will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
 

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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How Long Does It Take to Get a Credit Card?

How Long Does It Take to Get a Credit Card?

It can take between mere minutes and 30 days to be approved for a credit card, and then up to two weeks for it to arrive in the mail. If you want to shorten the timeline and get access to credit ASAP, there are moves that can help you out.

Read on for tips on expediting the process and best practices for using your new card once you get it.

How Long Does It Take to Get a Credit Card Approval?

Usually, many creditors have an instant approval process if you apply for a credit card online. If you meet the issuer’s approval criteria, you may qualify right away. However, if your requirements are on the borderline, the creditor may have someone review your application by hand, which can take a week or so to complete. This is also the case if you submit your application over the phone or through the mail.

Additionally, even if you meet the requirements, approval could take longer due to security protections. If your credit is frozen, for example, a creditor won’t be able to gather all of your credit information. Therefore, you’ll have to remove the freeze before moving forward with the approval process.

Recommended: Why Credit Cards Get Declined: Reasons and Solutions

How Long Does It Take to Receive Your Card?

Once approved, it can take anywhere between five business days and two calendar weeks to receive your credit card in the mail. Some creditors may allow you to speed up the process free of charge. Others may charge a fee to do so.

If your card is lost or stolen en route or once it arrives, it may take anywhere from three to 14 business days for a new one to get sent out. Like with a new credit card, your creditor might be willing to expedite the process for free or if you pay a service fee.

Meanwhile, what if you’re in the situation of having a credit card that’s nearing its credit card expiration date? You can expect to get a replacement card anywhere from one to two months before it expires. If you haven’t received a new card and your card is about to expire, you should contact your credit issuer.

Recommended: How to Get a Credit Card for the First Time

Getting Your Credit Card Faster

If you’re not satisfied with the standard timeframe for how long it takes for a credit card to arrive, there are ways you can expedite the process.

Preapproval

Creditors often send preapproved credit card offers to consumers who meet their approval criteria. If you don’t receive a preapproval offer in the mail, you also can typically apply online through the creditor’s website. You’ll need to answer a few questions and provide some personal information, and then the creditor will offer preapproval if you qualify.

Credit card companies run soft credit inquiries to determine your qualification status, which will not impact your credit. Preapproval isn’t the final approval, but it still can indicate that you have a good chance of getting approved.

If you choose to move forward after preapproval, you must submit a formal application. At this point, the credit card company will do a hard inquiry, which can temporarily impact your credit.

Instant Approval

Similar to a preapproval, credit card issuers offer instant approvals. With an instance approval, the creditor will run a preliminary check on your credit to see if you meet their approval requirements. If you have a higher credit score, it’s more likely you will qualify instantly.

Credit card companies usually look at your creditworthiness (your history of on-time payments, credit cards usage, etc.), your income, and whether you’re old enough to get a credit card. You’ll be instantly approved for a card if you meet the approval requirements.

Expedited Shipping

Another solution if you’re wondering how fast you can get a credit card is to request expedited shipping. While some companies offer expedited shipping free of charge, others may charge a fee to get your card faster. Again, check with the credit card company to make sure you understand their rules and guidelines around expedited shipping.

Applying for an Instant Use Card

Some credit card companies and retailers offer instant use credit cards. This means that you may apply and be able to use your credit card immediately after approval. You don’t need the credit card in hand to do so.

For example, if you apply for a retail credit card in the store, they may let you use it right there and then. Or, if you apply for an Apple card, you can typically add it to a digital wallet like Google Pay or Apple Wallet for instant use.

You can usually use instant credit cards for your online shopping transactions. However, some co-branded cards may have restrictions on where you can make purchases. Otherwise, these cards are similar to what a credit card is typically.

What to Do If the Card Does Not Arrive Within the Expected Timeframe

If you never received your credit card, call your credit card company right away. You may be able to go to a bank branch to resolve the issue if you applied for a credit card through your local bank.

Credit card companies may allow you to request a temporary credit card until your permanent credit card arrives.

Using Your New Credit Card

Now that you have your new credit card in hand, it’s smart to make sure you know the best practices for using it and fully understand how credit cards work. While using it irresponsibly could impact your credit score and overall financial situation, responsible credit use can help you boost your credit score and leverage perks.

Here are some tips for getting the most out of your credit card:

•   Make timely payments. Your payment history is one factor that credit bureaus use to determine your credit score. Making late payments may ding your credit and cost you a late payment fee. Setting up automatic payments is one of the easiest ways to ensure you make timely monthly payments and avoid penalties.

•   Keep your balance low. Another factor that credit bureaus use to calculate your credit score is your credit utilization ratio. This is the percentage of your credit available you’re using at any given time. Aim to keep your credit utilization ratio below 30% (ideally at or under 10%) to avoid any impacts to your credit score.

•   Pay more than the minimum monthly payment. Only making the minimum monthly payment on your credit card may cause you to carry a balance into the next month, in which case you’ll incur interest. If you continue this cycle, it can make it hard to repay your total outstanding balance due to interest adding up. This is why it’s important to pay off your balance in full when you can.

•   Only use your card when it’s within your budget. Using your credit card for purchases like gas and groceries can help you build credit (as long as you can pay it off). However, using it for large items or impulse buys may lead you to rack up a lot of debt, which could be hard to dig out of. When using your card, make sure it’s within your budget to pay off your purchases.

The Takeaway

Getting a credit card can be a great way to build credit and earn rewards on purchases. Approval can take minutes or up to 30 days, and it can take anywhere from five to 14 days to receive your card. If you need to make a large purchase immediately, you may be able to request expedited shipping when you’re approved for a credit card, so you receive it sooner. You might alternatively apply for an instant use credit card, which could enable you to make charges to the credit card right away.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

How many days does it typically take to get a credit card?

The application and approval process can take minutes or up to a month: It can take anywhere from five business days to two calendar weeks to receive your card. If you apply through the mail or over the phone, it can take longer for your card to arrive.

Can I use my credit card before it arrives?

If you get approved for an instant use card, you can usually use it immediately. However, some restrictions may apply depending on the card you choose.

What is the earliest I can get a credit card?

Some companies offer expedited shipping, which can help you get your credit card within two business days. Keep in mind that you may have to pay a fee for expedited shipping depending on the card issuer.

Why was my credit card delayed?

If you’re on the borderline for meeting approval requirements, such as for income or credit score, it can take longer to receive a decision on your credit card application and thus to receive the card. It can also take longer to get your credit card if you mailed in your application as opposed to filling it out online.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/everydayplus

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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How Does Gap Insurance Work If Your Car is Totaled?

How Gap Insurance Works When Your Car Is Totaled

Gap insurance is additional coverage drivers can purchase to pay off their auto loan after their primary coverage pays out for a totaled or stolen vehicle. Gap insurance is beneficial when a car’s depreciated value isn’t as high as the loan balance.

Gap coverage can be helpful and cost effective, but it isn’t always worth it. We’ll discuss how gap insurance works, pros and cons, and what it doesn’t cover.

What Is Gap Insurance?

Not everyone is familiar with gap insurance, since this car insurance term is only relevant to buyers of brand-new cars. It refers to coverage from an insurance agency or car dealership that will pay your outstanding loan or lease balance when your car is totaled or stolen and you owe more than the car’s value.

Your insurance policy or lender might describe gap insurance as loan/lease gap coverage. Gap coverage is accessible only to the original owner of a new car or the leaseholder of a new vehicle. Although it is not required, many car owners who conduct personal insurance planning believe it’s worth the minimal extra cost.

Recommended: How to Save on Car Maintenance Costs

Who Needs Gap Coverage?

A new vehicle will depreciate 40% in five years on average. Some cars depreciate more than others, with luxury vehicles and SUVs taking the biggest hit. As a result, during your first five years of car ownership, your car’s value can plummet while your loan balance remains well above your vehicle’s worth.

How much car insurance you need is often based on your comfort level and financial situation. Gap insurance, however, is particularly advantageous if you make a minimal down payment, since your loan amount will be higher. A car loan can take five years or more to pay off. The timeframe of the loan increases the chances of losing the car to an accident or theft, leaving you with an insurance payout based on massive depreciation.

Leasing a car presents a similar problem. Your insurance will cover only the car’s depreciated value. In case of loss, gap insurance can cover any additional amount you owe on the lease. Some lenders may require that drivers purchase gap insurance to obtain financing.

How Does Gap Insurance Work?

How car insurance works isn’t always intuitive. Let’s say you buy a new car for $35,000. You pay $5,000 down and take out a loan for the remaining $30,000. A few years later your car is stolen, and you file an insurance claim. Your car is worth $20,000, but you still owe $25,000 on the car loan. After your policy’s $500 deductible, your insurance pays out $19,500.

At this point, you still owe your lender $5,500 for the auto loan. This is where gap insurance comes in. The policy pays your lender the remaining amount due, and the debt is gone.

How Gap Insurance Works After a Car Is Totaled

In another example, an accident totals your car. A vehicle is “totaled” when needed repairs cost more than the vehicle is worth. Your insurance company provides a payout for the car’s current value.

As in the case of theft, your insurance will send a payout minus the deductible (learn about the types of deductibles in insurance). But you’re still on the hook for the remainder of your car loan. Gap coverage relieves you of that responsibility, potentially saving you thousands.

Recommended: How Much Does Insurance Go Up After An Accident?

Pros and Cons of Gap Insurance

Gap insurance offers a number of benefits:

•   Coverage to satisfy your auto loan in full in the event of theft or totaling the vehicle.

•   Inexpensive pricing when purchased from most insurance companies.

•   Protects you if you can only afford a small down payment on a new vehicle.

•   Especially helpful with cars that rapidly depreciate.

However, gap insurance also has several drawbacks:

•   Unusable if you don’t total your vehicle or lose it to theft.

•   Increases your insurance premium.

•   Less helpful if you put down a significant amount on your purchase, shrinking your loan amount.

•   Doesn’t make as much sense if you rarely drive.

How to Choose the Right Gap Insurance

Most car dealerships sell gap insurance, but you’ll pay far less if your car insurance company adds gap coverage to your policy. Your gap insurance and comprehensive coverage usually will come from the same company. You can’t split the policies between two companies.

Before purchasing comprehensive coverage for a new vehicle, ask the insurance company if it provides gap insurance. Some companies, like Geico and Farmers, don’t offer it.

Gap coverage from an insurance company costs about $60 annually. At a car dealership, you can pay up to $600 for a similar policy. Although you can add that cost to your auto loan, you’ll increase the interest you’ll pay. Plus, you may not have the option to cancel your gap insurance later if you don’t need it.

The company you choose and the level of coverage you need will affect the price of your gap insurance.

When to Cancel Your Gap Coverage

Once you pay off your auto loan, there’s no reason to keep your gap coverage, as you won’t owe your lender anything if you total your car. However, if you’re still midway through paying off your loan, canceling gap coverage might still make sense.

For example, we’ll assume you have $5,000 remaining on your loan. You look up your car’s estimated value on Kelley Blue Book and discover that your car is worth about $4,500. It may make sense to drop your gap insurance and risk the minor $500 financial hit if the car is totaled or stolen.

Selling or exchanging your car is another reason to cancel your gap insurance. It’s wise to make sure your insurance covers your car until the day you sell it. Otherwise, an accident could cost you thousands.

If you do cancel your gap coverage, you may qualify for a partial refund. For instance, when you pay off your loan early and the gap coverage was included in the loan, you can possibly request a refund of any prepaid premiums.

What Gap Insurance Doesn’t Cover

Gap insurance can be a tremendous help in certain situations, but there are expenses that the policy won’t cover:

•   Your comprehensive policy deductible

•   Down payment for a vehicle

•   Extended warranties

•   Late payments and related fees on your auto loan or lease

•   Security deposits

•   Lease penalties

•   Carry-over amounts from prior loans or leases

•   Credit insurance charges for your auto loan

How to Save Money on Gap Insurance

​​Gap insurance policies are usually affordable when purchased from a traditional or online insurance company. But you can offset the extra cost by following these steps:

•   Shop around. Remember, your comprehensive, collision, and gap coverage usually come from the same company, but not all insurance companies offer gap coverage. Ask about gap coverage availability and pricing before picking a policy.

•   Look into discounts. You may be eligible for reduced rates if your projected mileage is low or you have a safe driving record. Learn more about how to lower your car insurance.

•   Sign up for voluntary tracking. Your insurance company may offer a lower rate if you allow them to install a tracking device in your car. You’ll have extra incentive to drive sensibly if you’re saving money.

•   Pay annually or biannually. Monthly payments for auto insurance often cost slightly more. If you can cover the annual bill up front, you’ll reduce the total amount paid.

Is It Worth Getting Gap Coverage?

Because gap coverage is typically inexpensive, it’s often worth purchasing for a new vehicle. For a few dollars a month, it can save you potentially thousands in the event of a bad accident or theft. Plus, if you’re new to the road, purchasing gap coverage is one of the crucial insurance tips for first time drivers.

However, the lower your loan balance, the less valuable gap coverage becomes. Over the years, the gap between your loan balance and car’s value can close, and gap coverage will be of little value.

The Takeaway

Anyone purchasing or leasing a brand-new car will likely find gap coverage worthwhile, especially if you paid a low down payment. New vehicles depreciate rapidly in the first few years of ownership, potentially leaving the owner with a loan balance that’s higher than the vehicle is worth after an accident or theft. Yet auto insurance pays out only the vehicle’s market value. With an average monthly cost of a few dollars, gap coverage can save drivers thousands. You can cancel gap coverage when you no longer need it.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

Does gap insurance give you money?

Gap insurance pays off your car loan after your main coverage pays you the actual value of your totaled or stolen vehicle. That’s important because depreciation can result in a loan balance that’s higher than the vehicle’s value.

Do you need car gap insurance if you have full coverage?

Full auto coverage will pay out your car’s actual market value. However, since your loan balance may be higher than your car’s value, especially in your first few years of ownership, gap insurance is extremely useful in addition to full coverage.

How long does it take to get a gap insurance refund?

After canceling gap coverage, your insurance company will send you a prorated refund in four to six weeks.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



Photo credit: iStock/ollo

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Should You Hire an MBA Application Consultant?

Getting into a top tier MBA program can be competitive. The top 10 programs have an average acceptance rate of less than 18%. But the elite of the elite accept even fewer applicants. The acceptance rate at Stanford Graduate School of Business, one of the most challenging schools to get into, is just 6.9%.

With such low acceptance rates, any boost to an application can be advantageous to an MBA (or “B School”) candidate. To elevate an MBA application, some candidates choose to seek the assistance of an MBA Application Consultant.

MBA Application Consultants help candidates fine-tune their application with the hopes of improving their chances of acceptance. If you’re considering applying for a top MBA school, here’s helpful information about the value an MBA Application Consultant could bring to the admission process.

What Is an MBA Application Consultant?

Since getting into an elite school can be a monumental task, some candidates may need additional support. An MBA Admissions Consultant, also known as a B School Consultant, can offer candidates an advantage in the demanding world of the MBA admissions process. These consultants tend to be highly skilled communicators and have extensive knowledge about the MBA admissions process.

MBA Application Consultants provide services including program selection, essay brainstorming, essay review, resume review, interview preparation, and more.

Candidates can choose to work with MBA Application Consultants on an hourly basis or select a package approach to navigate the entire application process.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Benefits of Working with a MBA Consultants

There are certain circumstances where an MBA applicant may benefit from working with an application consultant. Most of the benefits surround highlighting the work that schools want to see and bringing the applicant’s personality to life.

A good MBA Admissions Consultant will go above and beyond suggesting and reviewing an application — they will help the applicant understand what they bring to the table.

In addition to helping an applicant brainstorm essay content, here are a few other ways they can add value to the application process.

Expressing Authenticity and Vulnerability in Application

When writing a strong essay, general recommendations suggest expressing authenticity through humor or vulnerability to let your personality shine through. Colleges, even business schools, often look to an applicant’s essay to get a deeper sense of who they are, what they value most, and any actions they’ve taken towards their beliefs.

While it’s unlikely you can get into an MBA program based on a stand-out essay alone, a strong piece of writing will be another valuable piece of your total application.

If writing is not your strong suit, an MBA Admission Advisor could help you overcome this hurdle and help schools see your personality.

Editing Short-Answer Essays

Currently, the MBA application trend is gearing toward more of a short essay format with restrictive word limits. For example, Columbia Business School has a 500 word limit on essays.

To help applicants meet these essay requirements, MBA Admissions Consultants can effectively edit down their writings. Many MBA candidates do not have college experience or training in advanced expository writing or editing. With this in mind, they may need the help of an admission consultant with advanced editing skills to meet the restrictive word count.

Addressing Communication Challenges

Those who haven’t taken a lot of coursework in writing, such as STEM (science, technical, engineering, or mathematics) students, may benefit from essay assistance. While STEM professionals may have higher GMAT scores, they may struggle to write a strong essay.

These challenges might be intensified for international applicants who have low English competency. Working with a consultant can help this group of candidates steer clear of any essay defects that could potentially disqualify them.

Recommended: Tips on How to Pay for MBA School

How Much Do MBA Admission Consultants Cost?

Cost is a significant consideration when deciding whether or not to hire an MBA Admission Advisor. One-on-one MBA application coaching can run around $195 per hour. For a three-school full package deal, you might pay as much as $16,000.

Although these costs can seem astronomical, you may want to consider the potential pay-off: The average starting salary for MBA graduates was $115,000 in 2022 (that’s 53% higher than the average starting salary for people who only have a bachelor’s degree).

Recommended: Finding & Applying to Scholarships for Grad School

Should You Consider Hiring an MBA Admission Consultant?

Here are several examples of groups of applicants that might benefit the most from an application consultants guidance.

•   For applicants who want to apply at one of the most popular business schools, like the University of Pennsylvania’s Wharton School or the Harvard Business School, a consultant’s help may be valuable. Even if an applicant has a 3.9 GPA, a 750 GMAT score, and five years of experience working at one of the schools’ prestigious employers, such as McKinsey, competition can still be intense.

•   Candidates who want to enroll at one of the top MBA programs such as Carnegie Mellon University’s Tepper School of Business or the Kelley School of Business at Indiana University, the aid of a consultant is useful.

•   Candidates that have communication challenges but want to apply to a top 25 school, may need the assistance of a consultant. A consultant can help with their essay and interview performance.

For MBA candidates who only need useful resources and information to put together a concrete application for a top 50 school, a consultant might not be worth the cost. Some candidates might do just as well on their own or using an online application consulting platform (such as ApplicantLab ), which can cost considerably less.

On the other hand, candidates who want guidance, support, and help with their skills set may get value working with an MBA Admissions consultant.

Selecting the Right MBA Admissions Consultant

Before comparing different MBA Application Consultants, it’s a good idea to first develop an idea of your needs and likelihood of acceptance. Maybe you need to focus on strategy and essay writing. In this case, you might want to make those areas the top priority when searching for a consultant.

When considering consultants, it’s important to have a clear understanding of the services they offer. For example, if a professional offers to write an essay for you, you may want to steer clear, since this isn’t an offering a consultant should provide. If the consultant is a member of an association, such as the Association of International Graduate Admissions Consultants (AIGAC), it shows that the consultant must uphold a professional standard.

It can also be wise to ask friends, family, and colleagues for referrals when beginning a search. They may have some experience working with an MBA Admissions Advisor or relevant firms.


💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.

Financing Your MBA Program

Regardless of whether you decide to work with an MBA Application Consultant or not, you may need some help paying for your business education expenses. Some business schools offer generous fellowship awards, which are similar to scholarships, since this is money that doesn’t need to be repaid. Other MBA funding options include: federal and state grants, private scholarships, federal loans, and private MBA student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.


Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


About the author

Ashley Kilroy

Ashley Kilroy

Ashley Kilroy is a seasoned personal finance writer with 15 years of experience simplifying complex concepts for individuals seeking financial security. Her expertise has shined through in well-known publications like Rolling Stone, Forbes, SmartAsset, and Money Talks News. Read full bio.



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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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