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If you need wheels for an upcoming vacay, chances are you’re searching for rental options and trying to understand why prices can fluctuate so much. Typically, car rental rates vary based on supply and demand, just like airline tickets and hotel rooms. Lower availability generally means higher rental car rates.

There are some obvious times when demand will be high, such as spring break in Florida. Much of the time, though, there’s no way to know when a car rental company has a surplus or not, so car rental rates can seem to vary with no rhyme or reason. But with a little shopper savvy, you can snag the cheapest rental car rates for your next getaway.

Why Are Car Rental Rates So High?

First, a quick glance back: During the COVID-19 pandemic, people scrambled for car rentals to escape the doldrums of lockdown. As a result of demand, car rental rates shot up, reaching record highs in July 2021. While weekly rental car rates have dipped since the summer of 2021, they’ve remained consistently higher than before the pandemic.

Since then, rental rates have stayed elevated, due to supply and demand, supply chain issues, high interest rates, and depreciation and maintenance issues, among other factors. One survey found that prices of car rentals increased 35% in 2024.

Factors That Influence Rental Car Rates

Beyond supply and demand there are other factors that play into the prices of weekly or monthly car rental rates. It’s important to be aware of them when budgeting for your next family vacation.

Factors that can affect car rental rates include:

•   Age of the driver. Car companies may have a surcharge for renters under 25.

•   Type of car. Luxury brands and larger cars can push prices higher.

•   Pickup location. Prices can vary between airport vs. in-town branches.

•   Day of the week. Your pickup and drop-off days can influence cost.

•   Length of the rental. Deals can be found for short- and long-term rentals if you know the rules of the (rental) road.

•   Extra fees and add-ons, including insurance, additional drivers, and perks like satellite radio.

11 Ways to Get the Best Car Rental Rates

Wondering how to get the best car rental rates? Whether you’re planning a quick weekend getaway or an epic cross-country road trip, here are some tips for scoring the lowest price.

1. Book Early

Booking in advance can help you snag a low price, which can be an incentive for planning ahead. Reserving your rental car three to six months in advance can be the ideal time frame for finding the lowest prices. So if you know, say, you are going to be doing some summer travel and are making hotel reservations, don’t forget to book your car too. Bonus: You’ll likely have your pick of vehicles, with compact sedans, minivans, and SUVs available.

2. Shop Around Online

Online searching can help unlock travel deals. The same holds true for car rentals. There are a lot of online travel agencies (OTAs), such as Kayak and Expedia, that can do the comparison-shopping for you. They review all kinds of sites to find you the lowest car rental rates, so you don’t have to click through to each individual company.

But remember, these are third-party vendors. If you need to change or cancel your reservation, it can be easier to do so directly through a car rental agency.

3. Check for Membership Discounts

Most rental car companies offer loyalty programs that are typically free to join. In the same way you earn credit card points for swiping your plastic, you can earn points for each booking that can be applied toward a free rental or vehicle upgrade in the future.

There are also warehouse club memberships, such as Costco, that provide discounts at major car rental companies, such as Avis, Alamo, Budget, and Enterprise. AAA works with Hertz, Dollar Car Rental, and Thrifty to bring down costs for members.

Many travel credit cards can help you earn points to spend on whatever you’d like — including car rentals.

Recommended: ​​A Guide to How Credit Card Travel Insurance Works

4. Use Your Own Insurance

Your personal car insurance typically covers a rental car with the same limits and deductibles — as long as your trip is for personal travel. If you’re on a business trip, you might need commercial coverage or your company might have a commercial auto policy that can cover the rental.

Most rental companies prefer for you to pay with a credit card for your car rental reservation. But what most people don’t know is that some travel credit cards will cover basic collision insurance on rentals, saving you up to $30 a day. Check with your credit card provider to fully understand the terms and conditions.

5. Rent for the Weekend

If your schedule and plans allow, time your trip for the weekend, when you can nab the lowest rental car rates for a getaway. Rental car companies cater to business travelers who tend to need cars Monday through Friday, making rates per day higher during the week.

6. Rent by the Week

What if you have a longer adventure in mind? Rental companies can offer deals if you rent a car for the whole week versus just a few days. (And if you are planning a major road trip or renting a car all summer for beach getaways, check with rental companies and see if monthly car rental rates are available at a discount.)

If you are planning on covering considerable ground, be sure and ask about weekly car rental rates with unlimited mileage. That way, you can take to the open road without worrying about the odometer.

7. Avoid Airport Pickup

Picking up your rental car at the airport is convenient when a flight is part of your travel plan, but doing so can come with a higher price tag. Airport rental locations may charge a “Customer Facility Charge,” which can add up to several dollars a day.

Plus, demand can be high at the airport, leading to higher prices or lack of available cars. Renting from a local branch in town can save you money. Just be sure to factor in the cost of the transportation from the airport.

8. Don’t Add Additional Drivers

Most rental car agreements charge extra to add an additional driver — up to $15 a day, depending on the location. Some companies will waive the additional driver fee for a spouse, as long as you have the same address on your driver’s licenses.

9. Refuel Yourself

Rental car companies typically require you to return your vehicle with the same fuel level you left with. If you leave with a full tank and come back half full, they’ll charge you a fueling fee. This can trigger an additional “ka-ching” to your bill.

You can opt for a prepay fuel option, but rental car companies tend to charge a lot more for their gas than the going rate. So if you’re not rushing to an early-morning flight, it’s likely worth making a pit stop at a gas station. (Hint: If you have a gas credit card, use it to help boost your rewards and savings.)

10. Skip the Extras

Opting out of the extras offered by car rental agencies can save some cash. Make a playlist instead of paying for satellite radio, bring your kid’s car seat if possible, or utilize your phone’s map apps vs. renting a GPS with the car to help navigate.

11. Opt for a Modest Car

This may sound obvious, but the larger and fancier the vehicle, the bigger the price. Selecting an economy vehicle can save you hundreds on a weekly rental, and you’ll spend less on gas.

Recommended: Breaking Down the Different Types of Credit Cards

How to Get the Most Out of Your Car Rental Rewards Program

A car rental rewards program can help you earn points toward free rentals, allow you expedited check-ins, free car upgrades, and more. Familiarize yourself with the benefits of your tier status, so you can take full advantage of the perks. Also be sure to stay on top of any reward point expiration dates.

Recommended: Guide to Choosing a Rewards Credit Card

Alternatives to Car Rentals

Another way to save money on car rentals is to not rent a car! Hey, when money is tight, it’s worth exploring all your options.

•   If you’re visiting a city, explore local mass transit and taxi/rideshares. Book a conveniently located hotel where you can walk or bike to everything.

•   Investigate the cost of rideshare services. Could you take an Uber to the resort you’re staying at and then use shuttles to get around?

•   Consider car-sharing services like Getaround, Zipcar and Turo that can allow you to use a car just when you need it. If you have a vacation planned and need wheels for only one or two excursions, that might save you money and keep you from blowing your entire travel fund.

The Takeaway

If you need a car when traveling, you can find good deals on car rentals by doing some comparison shopping, being flexible with your travel schedule, and maximizing any rewards programs, whether offered by a car rental agency or your credit card. Doing so can help you put your money toward what makes a vacation the most fun and memorable vs. watching it fly out the window.

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

Are car rentals per day or per mile?

Car rentals often quote a daily rate, but mileage can matter too. If you select a mileage cap, your car rental has mileage limits. If you hit the limit, you’ll be charged per extra mile, often at around $0.10 – $0.25 each.

What can be the hidden fees when renting a car?

You can learn about “hidden fees” by looking at the rental agreement and terms carefully. You can also request details from the car rental agency about whether charges will be assessed for returning a car with less than a full tank or after hours or for, say, renting a car seat.

How to calculate car rental rates?

In general, car rental rates are booked per 24-hour day. The pickup and dropoff times may allow a little wiggle room or not in terms of how you are charged (say, dropping the car off at noon when your rental had begun at 11am two days prior). Also, you need to consider extras, such as accessing satellite radio, insurance costs, or fees for returning the car to a different location than where you picked it up. To learn more, read the fine print or contact the car rental’s customer service.

Photo credit: iStock/GoodLifeStudio

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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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A joint credit card can impact each cardholder’s credit positively or negatively, depending on how the account is managed.

Opening a joint credit card with someone you trust — meaning a spouse, partner, trusted friend, or family member — can seem like a good idea, but it’s important to be aware that you’re both 100% financially responsible for paying off the balance on the card. Plus, you both share privileges of making changes to the account, earning rewards, and using the card much the way you would as a primary cardholder of a solo account.

Learn more about joint credit cards and their pros and cons.

What Are Joint Credit Cards?

Just as the name suggests, a joint credit card is one that permits two users to share a single credit line. In turn, as primary cardholders, each individual is able to make purchases on the card, as well as update and manage account information. Plus, they’re each 100% responsible for paying off the card balance.

When applying for such a card, both individuals’ credit scores, and credit histories are reviewed. So if you both have strong credit scores, it could boost your odds of getting approved for a credit card with higher credit limits and favorable rates, terms, and perks.

But what might happen when one of you has a lower credit score? In that case, it could potentially hurt the odds of your getting approved for a credit card. Or it might lead to your being offered less favorable rates, terms, and lower credit limits. However, it could benefit the person with the lower score, as they’re piggybacking off the co-applicant’s higher credit score.

How Do Joint Accounts Work for Credit Cards?

As mentioned, both people will need to apply for a credit card. This means that the credit card issuer will review your respective credit scores and profiles. You both are equally responsible for paying off the balance on the card, and you each also have full rights to manage and make changes to the account. Plus, you can each make credit card charges, swiping or tapping at will.

A common misconception is that if you share a joint credit card account, your credit histories and scores will be merged. Not at all: Credit scores will always be looked at on an individual basis. In other words, the credit card payments on joint accounts will be reported to the credit bureaus, and this will be reflected on each user’s credit history.

Recommended: Credit Card Network vs Issuer: What’s the Difference?

How to Manage a Joint Credit Card Account

How you manage a joint credit card account is largely up to you and the co-owner on the account. While you both have full privileges to the account and can make changes, do you want to touch base before making any changes? Do you want to establish a monthly spending limit? It can be wise to agree to how you will use the account and what guardrails you may want in place before applying.

As for payments, you have decisions to make about who pays the bill. For instance:

•   You might decide it’s best to have one co-owner make payments and have the other person pay them back.

•   You could alternate making payments. That is, one account holder pays the January bill; the other takes care of February, and so forth.

•   Another payment guideline could be that you tally who bought what during each billing cycle and have each person be responsible for their fair share.

Recommended: What Is a Credit Card Chargeback and How Does It Work?

Impact of a Joint Credit Card on Your Credit Score

Joint accounts can affect your credit score. Here are a few scenarios to consider:

•   As all credit card payments on a joint account are reported to the credit bureaus, if you stay on top of payments, a joint account can help establish your credit. They can also help build your credit history.

•   On the flip side, if you fall behind on payments or the account goes to collections, that can negatively impact your credit scores. Debt gone to collections will stay on your respective credit reports for seven years.

•   Another way joint credit cards can impact your credit is credit utilization. If you run up a high balance and are using close to your credit limit, then it could depress your score. But if you keep a low credit usage ratio, then it could help establish or build credit from scratch.

•   Opening any credit card can affect your credit card history, which is another factor that plays into your credit score as tracked by the three credit bureaus.

Open too many credit cards in a short time period, and that may not be a positive thing; it looks as if you are trying to quickly access a lot of credit. But if you open a joint account and stay in good standing, it can lengthen each of your credit histories, which can be good.

Joint Credit Card vs Authorized User vs Cosigner

You might’ve heard the terms “authorized user” and “cosigner” tossed around when considering credit cards. While they both imply a level of joint usage on a credit card, they actually mean very different things.

•   An authorized user is a person you add to your account. They can use the card to make purchases. However, you remain the account holder and are fully responsible for paying off the card. And as the account holder, you are the only person authorized to manage and make changes to the account.

Your credit card payments are also reported on the authorized user’s credit file. So if you stay on-time with your debt payoff, this could establish or build your authorized user’s credit score.

•   A cosigner is someone who agrees to share financial responsibility on a credit card account. If you have a low credit score or are building credit from scratch, a lender will take into consideration the cosigner’s credit. A cosigner’s strong credit could help you get approved for a credit card you might otherwise not be granted. Furthermore, should you fall behind on payments, the cosigner is financially responsible for your paying off the balance.

Benefits of Joint Credit Card Accounts

Here’s a look at some of the advantages of having a joint credit card account:

•   Can help you land better credit card offers. If you both have strong credit scores, then it could potentially improve the chances of getting credit cards with higher credit limits and better terms and rates.

Should one of you have a lower credit score, it might help that person get approved for a better credit card.

•   Shared financial responsibility. If both co-owners of the credit card account are responsible and do their share to pay off the balance, it can help you stay on top of payments.

•   Streamlines bills. Instead of having two separate credit cards, putting both people’s transactions on a single account could simplify payments. You have one fewer bill to manage.

•   Can help build credit history. If one applicant is starting from scratch in terms of building a credit history, a joint account can help them establish themselves if payments are made on time and the credit utilization is kept low.

Disadvantages of Joint Credit Card Accounts

Now, consider the potential downsides of a joint account:

•   Shared financial responsibility. This is one of those “could be a pro, could be a con” factors. Why’s that? Well, if one person is doing most of the spending, you’re both on the hook for making payments. This could potentially get complicated if one person isn’t pulling their weight, financially speaking.

•   Potential personal complications. Should your relationship change or you end up fighting over transactions and other financial matters, a joint credit card could wind up being a difficult thing. Also, having a shared account could lead to each of you scrutinizing one another’s spending habits, for better or for worse.

•   Confusion over who pays for what and when. Even if you set up some basic guidelines, you might find yourself in a quandary as to who pays for what. Or maybe one of you overspends and it becomes challenging to pay off the balance or even the minimum payment due. A joint credit card could become a source of stress or arguing in this way if you can’t develop a good, fair system for responsible usage and timely payments.

Factors to Consider Before You Open a Joint Account

Before making a decision on whether to open a joint credit card account, you’ll need to decide on how doing so can benefit both parties. It can be wise to work through the following points:

•   Can a joint credit card help boost the odds of getting a credit card with better rates, terms, and more attractive perks? How can it help build both people’s credit histories?

•   Another important consideration is the payment arrangement. Who is responsible for making the payments? Or will you set it on autopay and link it to one person’s account? Who will be responsible for going through each billing statement and figuring out which transaction belongs to which user?

•   If you’re sharing a joint account with someone, it might be a good idea to have a savings account that serves as a cash cushion. You could each contribute a small amount every week, so it’s there in case money gets tight and you need help covering a credit card bill.

Do You Trust the Joint Account Holder?

As a joint credit card can impact your credit and financial situation, you likely need to truly trust the other party involved. If you’re relying on the other person to make payments on your behalf, can you count on them to do so? Also, it’s important that both parties are in a financially sound place where they can cover their share of the bill.

You also want to feel reassured that the co-account holder isn’t the type to splurge and put an extravagant purchase on the card. For instance, if you usually put, say, $250 a month on your credit card, you will likely want to know how much the other person usually rings up, as well as if they ever go buying sprees.

Are There Other Options to Consider?

Understanding exactly how a joint credit card works, what your respective responsibilities are, and how it impacts your finances and credit is important.

If a joint credit card doesn’t seem like the right fit, you can look into alternatives. These include keeping separate credit cards and possibly, if one person is building their credit from scratch, using a secured credit card.

Or the individual with a stronger credit history could add the other as an authorized user on their credit card account, as described above.

Recommended: Understanding Purchase Interest Charges on Credit Cards

Tips for Removing a Partner From Your Accounts

Unlike an authorized user, where you can simply remove someone from your account, you usually can’t remove one co-owner on a joint credit card. Typically, you need to close the account entirely.

Either person has the power to close the account. However, both parties will be responsible for making payments until the balance goes to zero. So, you’ll likely want to have a discussion before doing so. When would be a good time to close the account, and how will you go about handling paying off the remaining balance? Communication is key to making sure that closing the account doesn’t become a difficult situation.

The Takeaway

Opening a joint credit card can impact your credit, both positively and negatively. Typically, both applicants’ credit histories will be reviewed when seeking one of these cards, and each party, if given this kind of access to credit, will have full use of the account and full responsibility for the balance. If handled well, this can help establish and build your credit. If handled poorly, it can negatively impact your credit.

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 do shared finances affect my credit rating?

Sharing your bank accounts and budgets doesn’t inherently impact your credit rating. But when you open a joint credit card account, it can impact your credit histories, credit history length, and credit usage. With both parties responsible for the balance, it’s wise to think carefully about this kind of account. Another option is to be an authorized user on someone’s account who makes on-time payments and keeps their credit usage low.

Do both users on a joint credit card have the same credit score?

While both users on a joint credit card can be affected by the payment history and credit usage on the joint account, credit histories are always on an individual basis.

In other words, there’s no such thing as a shared credit account, and many factors go into someone’s credit score. So having a joint credit card doesn’t merge your scores or mean you’ll have the exact same score.

Is it advisable to open a joint account with my friend?

While you can open a joint credit card account with a friend, whether it’s a good idea depends on your financial habits and the level of trust between you two. Can they be trusted not to overspend and to do their part in paying off any credit card balance? A lot of discussion will need to take place before making this decision.

Photo credit: iStock/Jelena Danilovic

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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A zero-waste lifestyle is based on the principle of reduce, reuse, and recycle. The goal is to buy only what you need and minimize the amount of waste you create. The more people who practice a zero-waste lifestyle, the less junk there should be winding up in landfill.

Being conscious about one’s impact on the environment is something that is becoming increasingly prevalent: 87% of Americans support recycling, according to a recent survey by The Harris Poll on behalf of Keep America Beautiful®, and this can be especially important to younger generations. Adopting a zero-waste lifestyle can often save you money in the long term, as you reduce and reuse rather than continually buying new or additional products.

Understanding the Zero-Waste Concept

At its core, the concept of a zero-waste lifestyle is minimizing or eliminating the amount of waste that you create. Some dimensions of this include:

•  Conserving resources

•  Avoiding burning products and packaging or discharging hazardous materials into the land, air or water

•  Optimizing reuse of items through repairing or repurposing them
Expanding recycling

•  Different people, communities and municipalities define zero-waste in different ways, so you will need to decide what a zero-waste home and lifestyle means for you and how to go zero-waste in your specific situation.

Aside from being an eco-friendly move, reducing the amount of waste you produce and reusing items instead of purchasing new ones can be one of the top tips for saving money. For instance, refurbishing cast-off dining chairs could save you hundreds of dollars vs. buying them new and also keeps them out of landfill.

Living a zero-waste life can actually be a way to help the planet and hold onto more of the money in your checking account.

Recommended: 50/30/20 Budget Calculator

Financial Benefits of Going Zero-Waste

Going zero-waste can have some positive effects on your checking and savings account, as noted above.

As an example, consider a situation where you need to buy a new pair of sneakers:

•  You could buy the cheapest pair of sneakers that cost $30 but will wear out and need to be replaced in one year, if not sooner. They’ll likely be tossed into landfill, along with many other inexpensive fast-fashion items.

•  If you buy a better-made pair of sneakers, they may cost $80 but last at least a few years. They’ll stay out of landfill for longer and cost less when you divide the price by years of use.

If you take a short-term perspective, buying the more inexpensive pair of sneakers is the better financial choice, since $30 is less than $80. But if you take a longer perspective, the better choice may very well be the more expensive shoes.

Or perhaps you buy a set of reusable glass and aluminum containers and then buy many staples (coffee, cereal, beans, pasta) in bulk at a lower price than the prepackaged variety. In this way, you are not only saving money, but reducing your usage of plastic and other forms of single-use packaging. These examples can give you the idea of some of the financial benefits of a zero-waste life. While it may not be among the usual types of budgeting methods, zero-waste living can help you save money.

Getting Started: Easy Zero-Waste Swaps

One important thing to consider if you’re considering starting a zero-waste life is that the best changes are often small and sustainable. Rather than selling your car and committing to walking or taking the bus forever, it’s better to take smaller steps, gradually reducing your waste over time. Here are a few ideas:

Kitchen and Grocery Shopping

One of the biggest generators of waste is food that gets tossed out. The USDA estimates that Americans waste between 30% to 40% of the total food supply each year. If you are trying to purchase groceries on a budget, you might be excited to potentially save 30% to 40% on your total grocery bill by only buying the food that you’re actually going to use.

If saving money on food is on your mind, you can move towards zero-waste status in the kitchen by taking a new approach to how you buy groceries. Planning out your meals and preparing them at home can help you cut down on the waste you produce. If you have a meal plan, you are less likely to buy ingredients that wind up sitting and going bad in the fridge.

Another strategy is considering the types of foods that you buy and the packaging that they come in. Buying more fruits, vegetables and other foods that are often sold without packaging can be a great way to cut down on the waste that you produce. So too can buying staples in bulk, using containers made of glass or aluminum vs. plastic.

Bathroom and Personal Care

Bathroom and personal care items are another area where you can move towards a zero-waste lifestyle. A few switches that you can consider making include:

•  Use a bamboo toothbrush vs. one with a plastic handle.

•  Use soap or shampoo bars rather than using bottled-in-plastic products.

•  Opt for biodegradable dental floss.

•  Switch to compostable toilet paper.

•  Try a stainless steel razor instead of a disposable razor.

Recommended: How to Manage Passive Income Streams

Reducing Waste in Home and Energy Consumption

Lowering your energy consumption not only is good for the environment, it can save you money. Since most utilities charge based on how much you use, lowering your consumption can help you lower your utility bills. Another way to reduce waste in the home is by recycling items for money.

Selling unneeded items can help repurpose them as well as add a little extra into their budget. You might also look into ideas for reducing energy usage in your home, whether that means installing smart thermostats or saving to switch to, say, a heat pump from your current system. (You might get a rebate or tax break on the latter, too.)

Going Zero-Waste on a Budget: Affordable Strategies

Here are three affordable strategies to help you live a zero-waste life on a budget:

•  Start with what you have: Focus on implementing DIY solutions, refinishing furniture vs. throwing it out.

•  Opt for second-hand: When you do need “new” items, think about what you might get from freecycle sites and places like Facebook Marketplace.

•  Reduce vs. remove at first: Embrace minimalism and lower consumption instead of trying to completely give up, say, every speck of plastic in your home. Going zero-waste is a process, and it can take patience.

•  Invest in eco-friendly solutions over time: Gradually replace disposable items with reusable ones one at a time as your budget allows. Swapping single-use plastic bottles for a reusable water bottle can be a simple first step.

As you work to become zero-waste and save money that way, you might want to take a closer look at what spending and saving trackers reveal about your habits. Many traditional and online banks offer these, or you could evaluate third-party options.

Long-Term Savings and Environmental Impact

There may be an initial expense triggered by moving toward a zero-waste lifestyle, such as buying a set of glass and aluminum refillable canisters for groceries. But these moves can save money in the long term. And if you decide to refinish a dining table vs. buying a new one, that too can require an initial investment in supplies but wind up being both planet-friendly and economical.

One of our best frugal living tips is to consider the total cost of ownership when making financial decisions. And even if you spend more money, it may be offset over time and also minimize your total environmental impact.

Recommended: Ways to Make Money From Home

The Takeaway

While the term zero-waste may mean different things to different people, the general idea involves minimizing or eliminating the amount of waste that you create. A zero-waste home is one that reduces consumption and maximizes items that are reused or recycled. What’s more, following the principles of a zero-waste living may save you money.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How do I handle zero-waste as a family with children?

One of the best strategies for having a zero-waste lifestyle with children is to include your kids in the planning process. Explaining the reasoning behind a zero-waste lifestyle and involving your kids in decisions can help them to get excited about the process. It can also be a good idea to focus on small, manageable changes at first rather than drastically altering your family’s lifestyle. Any steps that you’re able to take to reduce your waste may benefit your budget as well as the environment.

Can a zero-waste lifestyle work in urban areas?

It is possible to have a zero-waste lifestyle in an urban area, but it may take some creativity. City dwellers may have a busier lifestyle or space constraints, but they may also be able to take advantage of easier access to resources or community initiatives.

Are there any potential challenges in maintaining a zero-waste lifestyle?

Like just about everything worth doing, there are some potential challenges that come with living a zero-waste life.You may not have easy access to zero-waste resources like composting or recycling facilities. It may also be challenging to spend the additional time and effort to go zero-waste, and living a zero-waste life may come with higher initial expenses.

Photo credit: iStock/JulPo

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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

SOBNK-Q424-048

While checks are not as popular as they once were, there may still be times when you have one of those rectangular pieces of paper in hand and want to have cash instead. Perhaps your great aunt Sally sent you a birthday gift or you received a refund for an overpayment from a service provider via check. The question is, where can you cash it?

Unfortunately, you can’t cash a check at any bank. You’ll likely need to go to a branch of a bank where you have an account or to the bank that the check was drawn on. There are also other places where you can cash a check, including retailers and stand-alone check cashing services. Learn the full story so you can complete this process as efficiently as possible.

The Basics of Check Cashing

Cashing a check generally refers to taking a check to a bank or check-cashing service and receiving the full amount of money written on it in physical cash, allowing you to spend it right away. This differs from depositing a check into your checking account, then drawing upon the funds later.

One of the most common ways to cash a check is to visit a branch of a bank where you have an account. There, you can endorse the check (or sign it on the back) and present it to a teller, along with ID and/or your debit or ATM card. Once the banker has conducted the steps they need to complete, you will receive your cash.

However, there are other options for cashing a check. You might be able to cash a check at a bank where you are not an account holder, at a retailer, or at a check cashing service (though fees may be involved).

Cashing Checks at Your Own Bank

As noted above, one of the most convenient ways to cash a check is to go to a branch of your bank where you have an account, provided they have brick-and-mortar locations. There, a teller can help you exchange your check for the amount of money written on it with a few simple steps, such as endorsing it and showing your ID.

If you bank at an online bank, you might instead deposit the check into your account using mobile deposit. Once the check clears (which typically takes one to two days), you could then withdraw the funds from an ATM in your bank’s network.

Cashing Checks at Other Banks

While banks aren’t under any obligation to cash checks for people who do not hold accounts at their institution, they may do so as a courtesy.

You’ll generally have your best chance of success by going to the bank of the person or company that wrote you the check (the institution that is pre-printed on the check). This bank may be willing to cash the check even though you are a noncustomer, provided you can show a valid ID. However, they may charge a fee, which can range between $5 and $10 or 1% to 2% of the check amount. Some banks will waive the fee if the check is under $50.

Factors Affecting Check Cashing at Different Banks

Whether or not any bank will cash a check depends on a number of factors. Here are key things to keep in mind when trying to cash a check at a bank.

•   Account status: If you don’t have an account with the bank where you are trying to cash a check, your request may not be honored. You’ll have a better chance of getting the check cashed if you visit the check-writer’s bank.

•   Check amount: Not all bank branches keep enough cash on hand to be able to cash a large check without advance notice. If you are seeking to cash a large check, it’s wise to call the branch ahead of time and find out if the cash is available or if you need to make an appointment.

•   Date of the check: Checks are typically considered good (or able to be cashed) for anywhere from 60 to 180 days, depending on the bank. After that, you have what is known as a stale or stale-dated check, and banks may not cash it.

•   Type of check: A cashier’s check (which is guaranteed by the issuing bank) can generally be cashed at any bank, though some banks charge a fee to noncustomers. It’s generally harder to cash a personal check at a bank where neither you, nor the payer, have an account.

Alternatives to Cashing Checks at Banks

If visiting a bank isn’t an option or isn’t convenient, or you’re looking to cash a check without a bank account, you still have options. Here are some to consider.

•   Large retailers: You can cash certain types checks (including government and payroll checks) at Walmart and some other big-box retailers, typically for a fee. At Walmart, for example, you’ll pay $4 to cash a check up to $1,000; $8 for checks up to the $5,000.

•   Grocery store chains: Some grocery stores, including Publix and Kroger, also cash checks. There may be a fee — often between $4 and $7.50 — involved, as well as a limit on the amount that can be cashed. Depending on the store, they may or may not cash personal checks.

•   Your employer: Some employers will cash checks. Ask yours about their policies, limits, and any fees that might be assessed.

•   Check cashing services: These are storefronts where you can cash a check and leave with the face value, typically minus a fee (which may be a flat fee or anywhere from 1% to 10% of the check amount).

•   Signing the check over to someone else: As a work-around, you might sign the check over to another person (a trusted individual, such as a family member) and ask them to cash it for you. Before attempting this, it’s a good idea for the recipient to contact their bank and ask about their policies. Not all banks accept third-party checks.

Common Challenges When Cashing Checks

Unfortunately, not all instances of cashing a check will run smoothly. Here’s a look at some common reasons why a bank won’t cash your check.

•   You’re not a customer: A bank is not legally required to cash a check if neither you, nor the writer of the check, don’t have an account with that bank.

•   The payer has insufficient funds: Even if the check was written by someone with an account at that bank, the bank still may not cash the check if there is not enough money in the payer’s account to cover the check’s amount.

•   You don’t have a valid ID: To guard against bank fraud, a bank may refuse to cash a check if you are unable to provide proper proof of identity. Be sure to bring a valid (not expired) government-issued identification, such as a driver’s license or passport.

•   The check is too large: Smaller branches of national banks and credit unions may not have sufficient cash on hand to cash a large check. For example, if a bank only keeps $50,000 on hand per day, it may not be able to part with a significant portion of that in a single transaction.

•   The check is made out to a business name: If the check is written to a business name and you are cashing it with personal ID, the financial institution may not cash the check.

•   The check is too old: Some checks state that they will become void after a certain period of time. Once that window has passed, a bank typically won’t cash the check. Legally, a bank can refuse to cash any check that is older than six months.

Fees Associated with Check Cashing

If you are considering how much it might cost you to cash a check, here’s some useful intel about the fees you might be assessed:

Legal Considerations for Check Cashing

Many people may not give check cashing much thought since it’s such a basic transaction, but there are legal considerations at work. These can protect all parties involved and help prevent check fraud.

•   The person cashing a check must be the “payee” (the person to whom the check is made out), unless it’s been signed over, and that individual will usually have to present valid government-issued ID.

•   If a check looks as if it’s been tampered with in any way, such as writing that is scribbled over or cross-outs that aren’t initialed, this can also trigger a closer look and possibly delay or invalidate the check cashing.

•   When cashing or depositing a check over $10,000, banks are required to file a Currency Transaction Reports with the Financial Crimes Enforcement Network, which is part of the U.S. Department of the Treasury. This is a measure designed to prevent financial crimes such as money laundering. It’s routine and, as long as the check is legitimate, nothing to worry about.

Recommended: How to Deposit Cash at an ATM

The Takeaway

Checks can be cashed at many banks, including but not limited to one where you have an account. Other locations where you can cash a check include retailers, grocery stores, your employer, and check-cashing businesses. In some cases, there may be limits and fees involved, and it’s usually important that the check is made out to you, that you have proper identification, and that the check is not deemed stale.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Can I cash a check if I don’t have a bank account?

Yes, you can typically cash a check if you don’t have a bank account, but fees and limits may be involved. Possible locations where you can cash a check include Walmart and some other big-box retailers, grocery-store chains, your employer, and check-cashing businesses with physical locations.

What identification do I need to cash a check at a bank?

To cash a check at a bank, you usually need to present current government-issued photo ID. Examples include a passport or your driver’s license.

Is it possible to cash a post-dated check?

Yes, you may be able to cash a post-dated check (one written for a future date). A signed check is payable on demand unless the check-writer submitted a formal post-dating notice with the bank.

Photo credit: iStock/Anurak Tepkhamtai

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

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 every 31 calendar days.

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 the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, 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 the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit 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, Wise, 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 Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

SOBNK-Q424-046

Investing in rare coins involves buying and selling old, uncommon, scarce, historic, or otherwise notable coins in the hope that they will appreciate over time and can be sold for a profit.

Rare coins are a type of collectible, and as such are considered a type of alternative asset. Some alternative investments may offer potential returns or diversification (like most alternate assets, coin values don’t move in sync with traditional markets). But coins can be subject to fraud and forgery, as well as the whims of the market, and as such investing in coins is not without risk.

Understanding Rare Coin Investing

Rare coins are a type of collectible, meaning that investors might consider investing in rare coins as a form of alternative investments, which can also include other collectibles, such as vintage wines or antique books, or assets like commodities and real estate.

(Note that SoFi offers alternative investments including a number of different asset types, including real estate, commodities, private credit, hedge funds, and more. It does not offer rare coins, however.)

Alternative investments tend not to be correlated with traditional assets like stocks and bonds. Thus collecting and investing in coins can be a way to diversify your portfolio, but as with any new type of investment there can be a steep learning curve.

Prospective investors may not have a background in coin collecting or numismatics (a term that refers to the formal study of currency, but can apply to hobbyists), and thus may not know how to assess various types of currency.

While collectibles can have value, coins may not rank near the top of the list of the most valuable types of collectibles.

So, before investors get started in rare coin investing, it’s a good idea to learn the ins and outs of rare coins, and even dip into an alt investment guide to see where they stand in the greater ecosystem of alternative investments. At this time, SoFi does not offer rare coins or investment products focused on rare coins.

What Are Rare Coins?

Rare coins are what they sound like: Coins or currencies that are limited by mint location, nation of origin, year, condition, and other variables. Some collectible coins are unusually beautiful, or historically significant.

As an example, you could pick up a dime minted in 2023 in Philadelphia, which would be the opposite of a rare coin. In fact, more than 791 million dimes were minted in Philadelphia during 2023.

But if you were to stumble across a 1969 Lincoln penny minted in San Francisco which features a specific double-die error — that’s an extremely rare coin that might fetch as much as $25,000 at auction (assuming it was authentic).

Recommended: Why Invest in Alternative Assets?

A Brief History of Coin Collecting and Investing

People have been collecting and investing in coins, both common and rare, for thousands of years — perhaps for as long as there have been coins used as currency. In fact, Roman emperors were interested in coin collecting, as were the aristocracy during subsequent eras, and even some of the first U.S. presidents.

Owing to their design and relative rarity, the coins of antiquity were valued as something akin to works of art. But being small and portable, coins were easier to exchange and collect.

While collecting coins was reserved for those with the wealth to obtain exotic coins in the first place, coin collecting as a hobby became more widespread as coins became more common as a basic currency. For example, in the 17th and 18th centuries, when the study of coins and currency became more formalized, the growing base of knowledge also fueled collectors’ interest.

Then, as the minting process became more automated, and the use of various metal alloys made coin manufacturing cheaper in the 19th and 20th centuries, coin collecting continued to gain popularity. Trade shows and organizations emerged, and the first international convention for coin collectors was held in Detroit, in 1962.

Today, the advent of the internet has supported online forums for discussion and networking. In addition, alternative platforms for buying, selling and trading coins have emerged.

Sophisticated collectors may also become de facto investors hoping to see a profit from their collections. However, as with most types of alternative investments, especially collectibles, there are risks involved in coin collecting, owing to the rise of forgeries, fraud, and various scams. In addition, the market for a type of coin may wax and wane, taking a collector’s coin values with it.

💡 Quick Tip: All investments come with some degree of risk — and some are riskier than others. Before investing online, decide on your investment goals and how much risk you want to take.

How to Get Started in Rare Coin Investing

For enterprising investors curious about rare coin investing, some initial research is paramount. That includes learning about the different types of rare coins, how to evaluate them, and more. But for someone who wanted to start a simple collection or portfolio of coins, they could always start with commonly used U.S. currency, which is relatively easy to verify and obtain. U.S. coins also have a long and storied history.

However, if you want to start adding rare or high-end coins to your portfolio, one way to do so is to consider buying coin sets. There are hundreds of such sets from all over the world, and from different time periods.

Once you start learning about the different types of coins that comprise sets, you should be able to build up your knowledge and pursue other rare coins. But again, this all depends on an investor’s resources and risk tolerance.

Rare coins are relatively high-risk investments, and there’s no guarantee that there’ll be a return when investors look to sell.

Types of Rare Coins

As discussed, there are many types of rare coins. As a collector or investor, you may want to narrow your focus to a specific subset of coins. Some examples:

•   Ancient coins: Ancient coins date back hundreds or even thousands of years. They may be made from gold, silver, copper, or other metals. They may be sourced from ancient empires such as the Greeks or Romans, and since they’re quite rare, they tend to be valuable.

•   Rare U.S. coins: The U.S. has minted a lot of coins over the past 250 years, and some are exceedingly rare, making them valuable. These coins may be valuable because they date from specific periods of U.S. history (e.g. the Civil War), have errors, or just have limited mintage.

•   International coins: International coins, as a category, can include any coins sourced from around the world. These coins may be valuable due to low mintage, composition, or history, similar to U.S. coins.

•   Error coins: Coins with mintage errors can also be valuable. Minting errors may vary, and include double dies (duplicate images), missing markings, strike errors (the design is off-center), and more.

•   Bullion: Bullion coins are typically valuable for their composition, and don’t usually have an assigned dollar value. That is, a bullion coin might be one ounce of silver, and is valuable for its silver content. That said, bullion coins can also be minted or designed in rare or unusual ways, and some collectors may enjoy tracking them down as a way of investing in precious metals.

Evaluating Rare Coins

Evaluating rare coins can be difficult, and in many cases, it may be a good idea to take a rare coin to a numismatist or specialist. But in a general sense, investors can do some basic research and look into a coin’s history and origin, its design and features, and its weight and dimensions. There are numerous guides available for this exact purpose.

Would-be coin investors should also bear in mind that there are many fakes on the market. A coin may not actually be of its purported origin or metal composition (a “gold” coin may actually be gold-plated copper, for example). It may be incorrectly graded, too, and be in worse condition than it appears.

This is one of the reasons that investing in coins is rife with risk, and why it may be a good idea to speak with a specialist.

Buying and Selling Rare Coins

Buying and selling rare coins is fairly simple. There are coin and precious metal retail stores all over the world, and you can shop at those stores to find and select the rare coins you want.

There are also large and popular online retailers – an internet search will bring up many names — that you can use to make a purchase, or a sale.

The key, of course, is to try and make sure you’re not being taken advantage of or falling for a scam. So, read reviews, do some research on retailers, and frequent a dealer or retailer that you trust.

Market Trends and Price Factors

Forecasting or even wrapping your head around the market for rare coins can be difficult. But overall, it’s a nearly $10 billion market worldwide, one that’s expected to grow to nearly $20 billion by 2030. The market itself is often driven by passionate collectors and investors, and not economic or external forces like the stock market (though economic and geopolitical factors can have an effect, of course).

For example, the value of precious metals like gold and silver are often in flux. This would likely impact the value of certain coins. But other factors can come into play, like an archeological discovery or historical analysis that alters the perception of a powerful figure or era.

In other words, as with many types of assets it can be difficult to mark what, exactly, is going to increase or decrease the value of a specific coin, other than simple supply and demand. It’s a complex market, and one that will likely require some time and experience to get a handle on for investors.

Risks and Challenges

For investors, perhaps the biggest challenge or risk involved in investing in rare coins is that you may not know exactly what you’re looking at or investing in — especially if you’re inexperienced with coin collecting. You could pay too high of a premium on a coin, for instance, or misunderstand something related to mintage or strike errors. There are a lot of details you need to know, and it can be difficult to take everything into consideration.

Further, investors should be aware of the risks associated with generating returns. Coins don’t accrue value like stocks do, and it’s not easy to tell how much a coin can be worth. You also may need to find a buyer once you’re ready to sell — it’s not as liquid a market as the stock market.

Tax Implications of Rare Coin Investing

Since coins are a form of alternative investment — and collectibles, more specifically — a tax liability is generated once an investor sells it. If you realize a capital gain on that sale — that is, you sell it for more than you paid for it – then you owe capital gains tax, either short-term or long-term, depending on how long you owned it.

But because coins are collectible, a long-term capital gain from the sale of coins can be taxed as high as 28%, plus a potential 3.8% net investment income tax, depending on your adjusted gross income (AGI).

This is why it’s important to keep track of your purchases and sales, so that you can make an accurate tax record for the IRS. Note, too, that depending on where you live, you may not need to pay sales tax when you buy coins — that’s up to the states. As always, it may be best to consult with a tax professional if you have questions.

The Takeaway

Investing in rare coins can be a way to add alternative investments to your portfolio, but it’s an area that has risks. Investors will need to research what they’re buying and selling — which may require some experience in the market — and keep track of their investments to ensure they’re paying a proper amount in taxes.

Investing and collecting coins isn’t for everyone, but It may be a potentially fun and interesting way to add diversification to your portfolio.

Ready to expand your portfolio's growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi's easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it's important to consider your portfolio goals and risk tolerance to determine if they're right for you.

FAQ

What factors determine the value of a rare coin?

Several variables can determine a coin’s value, including its age, mintage, mint location, potential minting errors, the coin’s metal composition, as well as its beauty or historical rarity, and more.

How do you authenticate rare coins before investing?

To authenticate rare coins, it may be best to rely on the expertise of a professional numismatist. Otherwise, you’ll be doing a lot of research on your own to validate dates, origins, mintage, and more.

Is it better to invest in graded or ungraded rare coins?

It may be a good idea to invest in graded rare coins, so that you know what, exactly, you’re investing in.

Photo credit: iStock/Jitalia17