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Q: Is the Fear and Greed Index a good indicator?

It can be a 'good' indicator in the sense that it can be helpful when used in conjunction with other indicators to make investing decisions. That said, it shouldn’t be the only indicator investors use, and isn’t necessarily going to be accurate in helping determine what the market will do next.

Mar

2023

How to Use the Fear and Greed Index To Your Advantage

Guide to the Fear and Greed Index

By Inyoung Hwang | Growing Wealth, invest, Investing | Comments Off

What Is the Fear and Greed Index?

The Fear and Greed Index is a tool developed by CNN (yes, the news network) to help gauge what factors are driving the stock market at a given time.

If you’ve ever taken a look at how the market is doing on a given day and wondered just what the heck is going on, the Fear and Greed Index may be helpful in deciphering the overall mood of the markets, and what’s behind it.

CNN’s Fear and Greed Index attempts to track the overriding emotions driving the stock market at any given time — a dynamic that typically toggles between fear and greed.

The Index is based on the premise that fear and greed are the two primary emotional states that influence investment behavior, with investors selling shares of stocks when they’re scared (fear), or buying them when they sense the potential for profit (greed).

CNN explains the Index as a tool to measure market movements and determine whether stocks are priced fairly or accurately, with the logic that fear drives prices down, and greed drives them up, or is used as a signal of when to sell stocks.

There are specific technical indicators used to calculate the Fear and Greed Index (FGI), and strategies that investors can use to inform their investment decisions based on the Index.

Understanding the Fear and Greed Index

The Fear and Greed Index uses a scale of 0 to 100. The higher the reading, the greedier investors are, with 50 signaling that investors are neutral. In other words, 100 signifies maximum greediness, and 0 signifies maximum fear.

To give some historical context, on Sept. 17, 2008, during the height of the financial crisis, the Fear and Greed Index logged a low of 12. On March 12, 2020, as the pandemic recession set in, the FGI hit a low of 2 that year.

Seven different types of stock indicators are used to calculate the Fear and Greed Index.

CNN tracks how much each indicator has veered from its average versus how much it normally veers. Then each indicator is given equal weighting when it comes to the final reading. Here are the seven inputs.

1. Market Momentum: The S&P 500 versus its 125-day moving average. Looking at this equity benchmark relative to its own history can measure how the index’s 500 companies are being valued.

2. Stock Price Strength: The number of stocks hitting 52-week highs and lows on the New York Stock Exchange, the largest of the world’s many stock exchanges. Share prices of public companies can signal whether they’re getting overvalued or undervalued.

3. Stock Price Breadth: The volume of shares trading in stocks on the rise versus those declining. Market breadth can be used to gauge how widespread bullish or bearish sentiment is.

4. Put and Call Options: The ratio of bullish call options trades versus bearish put options trades. Options give investors the right but not the obligation to buy or sell an asset. Therefore, more trades of calls over puts could indicate investors are feeling optimistic about snapping up shares in the future.

5. Junk Bond Demand: The spread between yields on investment-grade bonds and junk bonds or high-yield bonds. Bond prices move in the opposite direction of yields. So when yields of higher-quality investment-grade bonds are climbing relative to yields on junkier debt, investors are seeking riskier assets.

6. Market Volatility: The Cboe Volatility Index, also known as VIX, is designed to track investor expectations for volatility 30 days out. Rising expectations for stock market turbulence could be an indicator of fear.

7. Safe Haven Demand: The difference in returns from stocks versus Treasuries. How much investors are favoring riskier markets like equities versus relatively safe investments or assets, like U.S. government bonds, can indicate sentiment.

The Fear and Greed Index page on the CNN website breaks down how each indicator is faring at any given time. For instance, whether each measure is showing Extreme Fear, Fear, Neutral, Greed, or Extreme Greed among investors.

“Stock Price Strength” might be showing Extreme Greed even as “Safe Haven Demand” is signaling Extreme Fear.

Tracking the Fear and Greed Index Over Time

The Fear and Greed Index is updated often — CNN says that each component, and the overall Index, are recalculated as soon as new data becomes available and can be implemented.

Looking back over the past several years, the Index has tracked market sentiment with at least some degree of accuracy. For example, prior to the COVID-19 pandemic, the market was seeing a bull run and hitting record levels — the Index, in late 2017, was nearing 100, a signifier that the market was driven by greed at that time.

Conversely, the Index dipped into “fear” territory (below 20) during the fall of 2016, when uncertainty was on the rise due to the U.S. presidential election at that time. Note, too, that midterm elections can also affect market performance.

How Does the Fear and Greed Index Fare Against History?

As mentioned, the Index does appear to capture investor sentiment with some degree of accuracy. The past few years — which have been rife with uncertainty due to the pandemic — showed pockets of fear. For example, the Index showed “extreme fear” among investors in early 2020. That was right when the pandemic hit U.S. shores, and absolutely devastated the markets.

However, over the course of 2020, and near the end of the year, the Index was scoring at around 90, as the Federal Reserve stepped in and large-scale stimulus programs were implemented to prop up the economy.

Interestingly, the Index then dipped down into the “fear” realm in late 2020, likely due to uncertainty surrounding the outcome of the U.S. presidential election. It likewise saw a fast swing toward “greed” in the subsequent aftermath.

Again, these largely mirror what was happening in the markets at large, and economic sentiment.

How Does the Fear and Greed Index Fare Against Other Indicators?

While the Fear and Greed Index does fold several indicators into its overall calculations, it is more of an emotional barometer than anything. While many financial professionals would likely urge investors to set their emotions aside when making investing decisions, it isn’t always easy — and as such, investors can be unpredictable.

That unpredictability can have an effect on the markets as investors may panic and engage in sell-offs, or conversely start buying stocks and other investments. Ultimately, it’s really hard to predict what people and institutions are going to do, barring some obvious motivating factor.

With that in mind, there are other market sentiment indicators out there, including the American Association of Individual Investors (AAII) Sentiment Survey, the Commitment of Traders report published by the CFTC (one of several agencies governing financial institutions), and even the U.S. Dollar Index (DXY), which can be used to measure safe haven demand. They’re all a bit different, but attempt to capture more or less the same thing, often with similar results.

For instance, while the Fear and Greed Index showed a state of fear in mid-March, the AAII Sentiment Survey likewise showed a majority of investors with a “bearish” sentiment as well during the same time frame.

And, of course, there are a number of other economic indicators that you can use to inform your investing decisions, such as GDP readings, unemployment figures, etc.

Dos and Don’ts of Using the Fear and Greed Index

Why is the Fear and Greed Index useful? The same reason that any sort of measurement or gauge has value. In this case, measuring sentiment can help you determine which move you want to make next as an investor, and help you ride investing trends to potentially bigger returns.

Are you being too greedy? Too fearful? Is now the time to think about herd mentality?

Also generally, some investors often try to be contrarian, so when markets appear frothy and the rest of the herd appears to be overvaluing assets, investors try to sell, and vice versa.

💡 Recommended: Should I Pull My Money Out of the Stock Market?

Dos

Use the Index to realize that investing can be emotional, but it shouldn’t be.

You can also use it to determine when to enter the market. Let’s say, for instance, you’ve been monitoring a stock that becomes further undervalued as investor fear rises, that could be a good time to buy the stock.

Don’ts

Don’t only rely on the Fear and Greed Index or other investor sentiment measures as the sole factor in making investment decisions. Fundamentals — like how much the economy is growing, or how quickly companies in your portfolio are growing revenue and earnings (which will be apparent during earnings season) — are important.

For instance, the FGI may be signaling extreme greed at some point, with all seven metrics indicating a rising market. However, this extreme bullishness may be warranted if the economy is firing on all cylinders, allowing companies to hire and consumers to buy up goods.

💡 Recommended: Using Fundamental Analysis on Stocks

What Is the Crypto Fear and Greed Index?

While CNN publishes and maintains the traditional Fear and Greed Index, there are other websites that publish a similar index for the cryptocurrency markets.

The Crypto Fear and Greed Index operates in much the same way as CNN’s Index, but instead, focuses on sentiment within the crypto markets. The Crypto Fear and Greed Index is published and maintained by Alternative.me.

The Takeaway

The Fear and Greed Index is one of many gauges that tracks investor sentiment, and CNN’s Index focuses on seven specific indicators to measure whether the market is feeling “greedy” or “fearful.” While it’s only one indicator, in recent years, it has served as a somewhat accurate barometer of the markets, particularly regarding major events like elections and the pandemic.

But, as with anything, investors shouldn’t rely solely on the Fear and Greed Index to make decisions, though it can be used as one of many tools at their disposal. As always, it’s best to check with a financial professional if you have questions.

Ready to buy and sell stocks, ETFs, or fractional shares on your own? Online trading with SoFi Invest offers an Active Investing platform, where investors can make their own decisions on how they want to build their portfolios.

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Is the Fear and Greed Index a good indicator?

It can be a “good” indicator in the sense that it can be helpful when used in conjunction with other indicators to make investing decisions. That said, it shouldn’t be the only indicator investors use, and isn’t necessarily going to be accurate in helping determine what the market will do next.

Where can you find the Fear and Greed Index?

The Fear and Greed Index is published and maintained by CNN, and can be found on CNN’s website.

When does it make sense to buy, based on the Fear and Greed Index?

While you shouldn’t make investing decisions solely based on the Fear and Greed Index’s readings, generally speaking, the market is bullish when the Index produces a higher number (greed), and is bearish when numbers are lower (fear).

Photo credit: iStock/guvendemir

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Oct

2022

Getting a High-Limit Credit Card: How It Works

By Dan Miller | Credit, credit card | Comments Off

Having a high credit limit can be a good idea for a variety of reasons. First of all, if your credit limit is too low, it may make it hard to use your card for your regular monthly expenses. Having a high credit limit can positively impact your credit score as well. You’ll just make sure that having a credit card with a high limit doesn’t influence you to spend more than your budget allows.

Before you move forward with securing a high-limit credit card, you’ll want to know your options for how to get a high-limit credit card. If you’re worried about securing the highest credit card limit possible, there are a couple factors you’ll want to take into account, too.

What Is a High-Limit Credit Card?

For reference, the average credit card limit for Americans was $30,365 in 2020, according to data from the credit bureau Experian. So if you have a credit card with a limit above that average, you may consider that to be a high-limit credit card.

In general, however, there isn’t a specific dollar amount that makes a credit card a “high-limit” credit card. What’s considered a high credit card spending limit for some people may not be a high limit for others with a different financial situation. Keep in mind that higher credit limits generally require excellent credit to qualify for, meaning a score of 800 and up.

How Can a Higher Credit Limit Help You?

There are two ways that having a credit card with a higher credit limit can help your financial situation.

First, increasing your credit card limit can make it easier to manage your monthly finances. If your credit limit is at or below the amount of your average monthly expenses, you may find it difficult to manage your budget without having to make additional credit card payments.

Second, having a higher credit limit will decrease your credit utilization rate, which can have a positive impact on your credit score. Your credit utilization rate looks at how much of your available credit you’re using, and the less you’re using, the better it is for your credit score. If you increase your credit limit but don’t add to your current balances, you’ll end up using a lower percentage of your available limit.

Factors to Consider

There are a couple factors you’ll want to consider before attempting to get a high-limit credit card.

The Timing

First, make sure that the timing is right for you and your specific financial situation. Your credit card limit is determined by the financial information you provide on your credit card application, especially your income. If you’re in a situation where your income is about to increase (either due to an upcoming bonus, a change in job, or something else), you may want to wait until after your income increases before trying to get a high-limit credit card.

Your Credit Report

Credit card issuers also look at your credit report when choosing whether to issue you a credit card and how much of a credit line to extend. Make sure that you check your credit report before applying and ensure that there are no errors or discrepancies. If there are any errors, you can contact the credit bureaus to have them fixed.

Options for Getting a High-Limit Credit Card

If you think you’re well-positioned to ask for an increase, here are your potential options for how to get a credit card with a high limit — or at least a higher limit than what you currently have.

Contact Your Card Issuer

If you already have a credit card that you enjoy using and want to keep, you can try to contact your card issuer to request a higher limit. You may be able to do so by calling the number listed on the back of your credit card or sending a message online. Explain the credit limit you’re looking for and why you feel that it’s justified.

This approach may be a good idea if your financial situation has improved since you opened the card. This could be due to an increase in income, a new job, or paying down other debt.

Look Out for Automatic Increases

Many card issuers will regularly review the accounts of their cardholders. In some cases, they’ll automatically and proactively increase your credit limit if you’ve been using your credit card responsibly. This is especially common for cards with lower initial limits and cards designed for those with a less robust credit history.

If your issuer has not already increased your credit limit, you can contact them and ask for a higher limit.

Apply for a New Card

Another option is applying for a new card. If you’re not happy with your current credit card or if your current card issuer will not increase your credit limit, getting a new credit card can be another option.

Before applying, make sure that you have checked your credit report for any inaccuracies and paid down outstanding debt if possible. That will help improve your odds of getting a higher credit limit.

How High Should Your Credit Limit Be?

There is not a set amount for how high your credit limit should be. Instead, it depends on your specific financial situation.

Aim for a credit limit that is at least twice the average amount you spend on your credit card each month. That will help keep your credit utilization percentage low. And remember that the absolute best thing you can do to help your credit score is to pay your statement off in full, each and every month.

Recommended: What is the Average Credit Card Limit

Choosing the Best High-Limit Credit Card

Many premium and luxury credit cards will offer relatively high credit limits, especially if you have a high credit score and a high income. So instead of looking for the credit card that gives you the absolute highest limit, you might instead consider the overall perks and benefits of each different card. When evaluating different cards, some things to look out for include:

• Rewards: Take a look at whether a credit card offers rewards and if so, in what form. Perhaps you’d prefer to earn cash-back rewards for the simplicity over credit card points. From there, compare to see which card offers a more generous rewards rate and has better redemption options.

• Annual fees: You’ll also want to look at whether a card charges an annual rate. If it does, do the math to see if the rewards you’ll earn can offset this cost.

• Customer service: If you were ever to have an issue with your credit card, it’s important to have a reliable customer support team to turn to. When weighing which card to get, take into account the reputation of their customer support and general customer satisfaction.

• Luxury or travel perks: Beyond rewards, many credit cards also offer an array of other benefits. This can include rental car insurance, travel insurance, discounts for Global Entry or TSA PreCheck, airport lounge access, hotel stays, and more.

• Sign-up bonuses: A generous welcome bonus can also help you decide between two otherwise comparable cards. Some credit cards offer bonus cash-back rewards or points when cardholders spend a certain amount within a specific period of time after opening the card.

Recommended: What is a Charge Card

Alternatives to High-Limit Credit Cards

If you’re not able to qualify for a high-limit credit card or simply aren’t sure it’s the right route for you, there are other options to explore instead.

Recommended: How to Avoid Interest On a Credit Card

Home Equity Loan or Home Equity Line of Credit

Depending on what you’re using your credit card for and why you want a high credit limit, you might consider a home equity loan or home equity line of credit (HELOC). Both a home equity loan and a HELOC allow you to capture some of the equity in your home. You can then use that money for other expenses.

Business Line of Credit

If you have a business that’s looking for extra flexibility with accounts receivable and ongoing payments, you might consider a business line of credit. While there are business credit cards that offer high limits, you might be better off with an actual business line of credit. Business lines of credit often base their credit limits based on the monthly or annual gross or net income of the business.

Personal Loan

Another option to consider might be a personal loan, especially if you have good credit and/or a relatively high income. Qualifying for a personal loan can give you money upfront in exchange for regular monthly payments. You can then use that money for whatever projects or expenses make sense for your situation.

Recommended: When Are Credit Card Payments Due

The Takeaway

There can be advantages to having a high-limit credit card, like added flexibility in managing your monthly finances as well as the possibility of improving your credit score. Just make sure that you remain focused and diligent in paying off your statement in full, each and every month. You don’t want a higher credit limit on your credit card to encourage you to spend more.

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

Can you get an unlimited credit limit?

Unless you are ultra-wealthy or have a very special relationship with your credit card issuer, you’re unlikely to get a credit card with no limit at all. There are, however, some credit cards (like the American Express Platinum card) that have no preset credit card spending limit. That means that instead of a standard credit limit, your limit is flexible and may go up and down as your spending habits change.

Should I get a credit card with a higher limit?

Before deciding to get a credit card with a higher limit, you should ask yourself why you want to increase your limit. Is it to better manage your monthly finances? Are you trying to lower your credit card utilization? These can both be good reasons to increase your credit limit. But if you’re just trying to increase it to use as a status symbol or “just because,” you may want to think twice before doing it.

What is the highest credit card limit?

There isn’t a definitive and published answer for the highest possible credit limit. Credit limits are issued to individuals and businesses based on their credit history and income. It’s not unreasonable to think that there are credit cards with a six- or even seven-figure limit. As a data point, the average credit card limit for Americans was $30,365 in 2020.

How can I get a higher credit limit?

The best way to see if you qualify for a higher credit limit is to contact your issuer. You can call the number on the back of your card or reach out via your online account. If you’ve been regularly using your card and paying your bill in full, your issuer may agree to increase your limit. If your income or other financial situation has changed, that’s another reason to contact your issuer and see if you can get a higher credit limit.

Photo credit: iStock/Prostock-Studio

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.

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 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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Jul

2022

Credit Card Miles vs. Cash Back: Guide to Choosing Between Cash Back and Travel Rewards

By Austin Kilham | Credit, Family Finances, money | Comments Off

Credit cards often offer rewards to incentivize you to apply for a credit card and use it. Cash back cards and miles cards are two common types of rewards cards. The former gives you cash rewards, while the latter offers miles or points that you can use toward a purchase.

Both types of rewards can end up being quite valuable for cardholders. But how do you decide whether you want to earn miles vs. cash back? Here’s a look at cash back vs. travel rewards cards to help you decide which is right for you.

What Are Points and Miles Credit Cards?

Points and miles credit cards are technically two types of rewards cards, a broader category within what a credit card is. Points cards give you points that you can redeem for things like travel, merchandise, or cash back to reward you for your spending. Generally, a point is worth about $0.01, though that varies by card and, in some cases, what you choose to use your points for. For example, you might earn more points for travel than you do when you redeem your points for gift cards.

Miles cards usually offer airline miles associated with an airline’s frequent flyer program. You can earn them by using a credit card that’s co-branded with a specific airline, or a card that’s a more general travel card. With co-branded cards, you can redeem miles with that airline or their partner airlines. Cards that aren’t co-branded may allow you to use your miles with various airlines.

As with points, airline miles are typically worth about $0.01, though the value of each mile might differ depending on when you book your travel and what type of seat you purchase.

Pros and Cons of Points and Miles Credit Cards

Before signing up for a miles or points card, it’s important to consider the advantages and disadvantages.

On the one hand, points and miles cards both offer travel-related perks, though miles cards may only offer travel through specific airlines. Cards may also come with bonuses to help incentivize you to apply for a credit card.

However, miles and points cards may charge a hefty annual fee that helps the credit card company offset the cost of providing the rewards program. With co-branded cards, you typically cannot transfer miles to other airlines. Additionally, the value of your miles may vary according to a variety of factors, such as the date you choose to travel or the seat you want to sit in.

Recommended: What is a Charge Card

Pros of Points and Miles Credit Cards	Cons of Points and Miles Credit Cards
Reduce the cost of travel.	Can’t transfer miles to another airline loyalty program.
Provide travel-related perks.	Value of points and miles may vary.
May come with a sign-up bonus.	Points and miles cards may charge large annual fees.

What Are Cash Back Credit Cards?

Cash back credit cards offer you cash as a reward for making purchases with the card. For example, your card might offer you up to 3% cash back on all purchases, which means that for every $100 you spend, you’ll receive $2. Cash back cards usually let you redeem your rewards for cash via statement credit, bank transfer, or check.

Cash back cards can be flat-rate cards, meaning you’ll earn a fixed percentage on every purchase. Or, they worked based on a tiered system. For example, some cards will offer you higher rewards for certain purchases, like travel, groceries, or gas. In some cases, cards may have rotating rewards categories that change every few months.

Related: Enjoying Credit Card Bonuses

Pros and Cons of Cash Back Credit Cards

When you consider a cash back card, again consider potential disadvantages in addition to benefits.
On the plus side, cash back cards typically don’t come with steep annual fees. You can redeem your rewards for cash that you can use for any purpose, and the amount you earn is fixed — the value or your reward doesn’t vary by date or other factors as it might with a miles card.

On the other hand, the amount of cash you can earn may be limited, and these cards may not offer many other perks. Cash back cards also typically don’t come with credit card sign-up bonuses that are as big as those offered by miles and points cards, marking another difference between cash back vs. miles cards.

Pros of Cash Back Credit Cards	Cons of Cash Back Credit Cards
Usually have no annual fees.	May offer lower sign-up bonuses.
Rewards can be redeemed for cash.	Cash back cards may offer fewer perks.
The value of your reward is fixed.	The amount you can earn may be limited.

Similarities Between Cash Back and Points and Miles Credit Cards

Both cash back and points or miles cards offer you rewards based on your spending, and they may offer higher rewards for spending in certain categories. Be aware that some rewards have expiration dates, as well.

Rewards cards often carry higher-than-average interest rates. As a result, you’ll want to make sure that you will be able to pay off your credit card bill on-time and in full when you use your card, given how credit cards work when it comes to interest.

Recommended: What is the Average Credit Card Limit

Differences Between Cash Back and Points and Miles Credit Cards

The main difference between a cash back credit card vs. miles and points card is how you redeem your rewards. With cash back cards, you received a percentage of your spending, sometimes limited to a maximum amount. You earn points and miles in a similar way. However, their value may change and you may be limited in where you can redeem them.

If you have a co-branded miles card for example, you may only be able to use your miles with that airline. Cards that aren’t co-branded may offer you the chance to redeem points and miles with a variety of companies, such as airlines and hotel brands.

Similarities Between Cash Back and Points and Miles Credit Cards	Differences Between Cash Back and Points and Miles Credit Cards
Offer rewards based on spending.	Cash back card rewards are redeemed for cash.
May offer greater rewards for spending in certain categories.	Points and miles allow you to redeem rewards toward purchases.
Typically has a higher interest rate.	Points and miles cards may limit where you can redeem your rewards.

Recommended: How to Avoid Interest On a Credit Card

Is It Better to Get Cash Back or Miles?

Whether or not you choose a cash back card vs. a miles or points card will depend on how much you travel. Travel cards tend to offer better value when you redeem points and miles for travel-related rewards. So if you’re a big traveler, one of these cards may be right for you. However, if you’re more of a homebody, a cash back rewards program may be a better fit.

Other Credit Card Rewards

Cash back or travel rewards isn’t your only choice. There are a variety of other credit card rewards programs you may encounter.

Gas Rewards

Gas cards are typically co-branded with certain gas vendors. Users usually earn points and discounts only on gas purchases. In general, gas cards have relatively high rates of return and don’t charge an annual fee.

Retail Credit Cards

Credit cards that are co-branded with major retail outlets will often offer discounts at that outlet. Rewards might be applied at the point of sale or as regular statement credits.

The Takeaway

Understanding how credit cards allow you to redeem rewards — and how useful those rewards are — is key to deciding which card is right for you. If you’re a world traveler, a miles card might fit the bill. And if you don’t fly frequently, you may be better served by earning cash back on purchases you make in your day-to-day life.

Shop around for the credit card that best suits your needs. A credit card from SoFi offers 2% unlimited cash back rewards and charges no foreign transaction fee. Cardholders earn 1% cash back rewards when redeemed for a statement credit.1

FAQ

What is the difference between cash back and miles?

Cash back cards allow you to earn back a percentage of the purchases you make. Miles cards allow you to earn miles based on the purchases you make, which you often must use toward airline travel.

Is cash back really worth it?

Cash back rewards can allow you to earn some money back from your everyday spending. However, you’ll want to make sure you can pay off your balance in full each month, as rewards cards that offer cash back tend to have higher interest rates than non-rewards credit cards.

Can you convert miles to cash?

Some cards allow you to convert miles to cash, but users will get the most value from redeeming miles for travel. You can find out whether your card allows you to convert miles to cash by calling your credit card issuer. Find their number on the back of your credit card.

Do cash back or credit card miles have higher interest rates?

Both cash back and travel rewards credit cards tend to have higher interest rates as they’re types of rewards credit cards. In general, rewards credit cards usually have higher interest rates than no-frills cards that don’t offer rewards.

Photo credit: iStock/franckreporter

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.

¹See Rewards Details at SoFi.com/card/rewards.

Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, Student Loan Refinance, or toward SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. For more details, please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.

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May

2022

Guide to Jumbo Certificates of Deposit (CD)

By Laurel Tincher | Growing Wealth, Investing, money | Comments Off

A jumbo certificate of deposit (CD) is a type of savings account that has a higher minimum required initial deposit amount than a regular CD. Jumbo CDs generally require a deposit of $100,000, and they pay a higher interest rate to account owners in return for this higher initial deposit.

Certificates of deposit are savings accounts where the account owner gives up access to their funds for a specified period of time, and earns interest in return for locking up their money. The interest rate may be fixed or variable depending on the particular CD. At the end of the term, known as the maturity date, the account owner receives their initial deposit plus the earned interest.

Is a jumbo CD right for you? Here’s what you need to know about how jumbo certificates of deposit work, and the pros and cons of this type of account.

What Is a Jumbo Certificate of Deposit?

You’re probably familiar with the traditional certificate of deposit, or CD. These accounts are similar to savings accounts, but they pay higher interest rates in exchange for certain restrictions. Generally, most CDs have a maturity date between three months and five years. Since CDs require that funds are unavailable to the account owner during the term, they pay higher rates than other types of savings and interest-bearing checking accounts.

Unlike a regular CD, jumbo CDs generally require investors to deposit at least $100,000 when they first open their account. There are some jumbo CDs that have lower entry requirements of, say, $50,000; these are typically offered by credit unions and smaller banks.

Investors looking to open a smaller CD account are generally better off opening a regular CD. The rates can be just as good as a jumbo CD, but without the steep initial deposit requirements.

Regular vs Jumbo CD

Here’s what you need to know about the similarities and differences between investing in ordinary CDs and jumbo CDs.

Similarities

• What is a certificate of deposit vs. a savings account? Regular and jumbo CDs are savings-like accounts that require investors to lock up their funds for a specified period of time in exchange for a higher rate of interest than a traditional savings account.

• Both types of accounts can be set up for shorter and longer terms, typically from three months to five years.

• If an investor needs their money before the CD’s term is complete, they will likely pay a penalty on the early withdrawal.

Differences

• Jumbo CDs have higher entry requirements than regular CDs. Regular CDs typically have an initial minimum deposit requirement of less than $5,000, and some have no requirement at all. Jumbo CDs typically require a $100,000 deposit.

• Jumbo CDs typically have somewhat higher interest rates than regular CDs. However, some regular CDs have equal or better rates than jumbo CDs. Usually large banks have some of the best CD interest rates.

• Ordinary CDs are insured by the FDIC up to $250,000, as are jumbo CDs — but any amount in a jumbo CD above $250,000 is not FDIC-insured and subject to risk of loss.

• Regular CDs tend to be more attractive to retail investors; jumbo CDs are geared toward large institutional investors.

Ordinary CDs vs Jumbo CDs

Similarities	Differences
Investors deposit funds for a fixed period in exchange for a higher interest rate than a traditional savings account.	Jumbo CDs require a $100,000 minimum deposit vs. $5,000 or less for a CD.
CD terms are typically three months to five years, but can vary.	Jumbo CDs generally have somewhat higher interest rates.
Early withdrawals from any CD typically trigger a penalty.	Both types of CD are FDIC-insured up to $250,000, but amounts in a jumbo CD above that aren’t covered.
	Regular CDs are geared toward retail investors; jumbo CDs to institutional investors.

Advantages of Jumbo CDs

Jumbo CDs offer several advantages for investors looking to buy into a safe savings account with a fixed rate of return.

Steady Rate of Interest

Because jumbo CDs earn a steady interest rate over a fixed period of time and are fairly safe investments (i.e. your money is FDIC-insured up to $250,000), they can be a good way to save up for a longer-term financial goal, such as buying a home or saving for a wedding.

Higher Interest Rate Than Traditional CDs

Jumbo CDs tend to pay higher interest rates than regular CDs and savings accounts. National averages show that annual percentage yields for jumbo CDs tend to be about one-hundredth of a percentage point larger than regular CD yields, which isn’t much — but can add up over time.

Steady Interest Can Partly Offset Market Risk

By holding some funds in a jumbo CD that earns a steady rate, it’s possible to offset the potential volatility in other parts of your investment portfolio. Also, although interest rates may not be super high, the compound interest on the large amounts invested in a jumbo CD can add significantly to investors’ earnings (see example below).

Insured up to $250,000 per Account

The FDIC or the NCUA insure CD accounts for up to $250,000, making jumbo CDs one of the safest types of investments.

Those who want to deposit more than $250,000 might consider opening a joint CD account that allows $250,000 per account owner, or they can open different CD accounts with multiple banks. Jumbo CDs are popular with retirees who don’t want to put all their money into the stock market. On the downside, jumbo CDs tend to earn lower returns over time than stocks.

Disadvantages of Jumbo CDs

Although there are several reasons jumbo CDs can be good investments, they also come with some downsides. The biggest buyers of jumbo CDs are institutional investors looking for safe investments with fixed returns. Sometimes these institutional investors put money into a CD that they plan to invest somewhere else but they want to earn interest on it while they wait for that next investment. Retail investors typically look for CDs with lower entry requirements.

Lower Return Than Many Other Fixed-Rate Investments

Jumbo CDs are safe fixed-rate investments, but they have high minimum balance requirements and pay out lower interest rates than other types of fixed-rate investments like bonds.

Interest Rate Risk

Investors face the potential risk of interest rates going up after they buy a CD. If this happens they may miss out on the opportunity to earn those higher rates.

May Not Keep Up With Inflation

Jumbo CDs pay higher interest rates than traditional savings accounts, but the rate of these CDs may not be that high and therefore they may not keep up with the pace of inflation. The cost of living may rise more quickly than the return provided by the CD.

It may help investors to buy into jumbo CDs with longer terms, since those pay out higher interest rates — but the tradeoff there is that your money is locked up for an even longer period.

Recommended: How to Protect Money Against Inflation

Early Withdrawals Will Trigger a Penalty

When an investor puts money into a jumbo CD, they cannot access those funds until the maturity date. If they do want to access the funds they will have to pay an early withdrawal penalty. Each bank has different penalties for early withdrawal, but there are also no-penalty CDs available, so it’s important for investors to consider their individual situation and look into their options to avoid paying fees.

Reinvestment Rate Risk

If interest rates go down during the term of the jumbo CD, then the investor might struggle to find a new investment that provides a similar rate when their jumbo CD reaches its maturity date.

Jumbo CD Example

Interest rates for jumbo CDs are always changing and they can be different in different regions, but below are two examples of how a jumbo CD might be structured:

• An investor buys a $100,000 jumbo CD from Bank A. It has a nine-month term and pays 1.5% interest. When the investor withdraws the funds at the maturity date, they’ll receive $101,122.90.

• Another investor buys a $200,000 jumbo CD from Bank B, with an 18-month term and 2.00% interest. At the maturity date, the investor will get $206,029.90.

The Takeaway

Jumbo CDs are savings accounts with high minimum deposit requirements — typically $100,000 — that pay higher interest rates than regular CDs. These are popular with large institutional investors such as banks and corporations. While they are similar to regular CDs in some ways — your money is unavailable until the maturity date; early withdrawals can trigger a penalty — jumbo CDs may come with more risks. For example, only the first $250,000 of your money is insured. And by locking up your money at one fixed rate, you may lose out if interest rates rise.

If you’re ready to open a savings account, one easy way is through SoFi’s mobile banking app. You can sign up for an account right from your phone and pay zero account fees — and if you qualify and use direct deposit, you can earn a competitive APY. Open your Checking and Savings today.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is the range of jumbo CD rates?

Jumbo CD rates are between 0.40% and 2.1% as of April 25, 2022. The highest rates often depend on the length of the term.

How much money is in a jumbo CD?

Jumbo CDs typically require a minimum deposit of $100,000.

Are jumbo CDs negotiable?

Jumbo CDs are usually negotiable, meaning they can be sold on a secondary market.

Photo credit: iStock/Andrii Yalanskyi

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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. 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 (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer 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 Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with 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 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 a Direct Deposit or $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 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 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 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 Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with 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.

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.

SOBK0322032

May

2022

All You Need to Know About a Foreign Currency Certificate of Deposit

By Laurel Tincher | Budgeting & Goals, Growing Wealth, money | Comments Off

A foreign currency certificate of deposit (CD) is similar to an ordinary CD in that an investor can lock up funds for a period of time and earn a set interest rate. But with a foreign CD, the money is converted into another currency for the duration of the term; the funds earn interest in that currency, and the money is converted back to dollars at the maturity date.

Foreign currency CDs sometimes offer much higher returns than other types of CDs. However, they do come with some potential downsides and these CDs can be affected by volatility in the currency markets.

Here’s what you need to know about how foreign currency CDs work, their pros and cons, and how to start investing in them.

How Foreign Currency CDs Work

There are a number of ways to invest in foreign currency. How does a foreign currency CD work? An investor deposits their U.S. dollars in the CD account for a specified period of time known as the term (typically three months to five years). The dollars are then exchanged for a foreign currency or basket of currencies, and the money earns interest in that currency.

At the end of the term the total is converted back to U.S. dollars, and the investor receives their principal plus the interest — similar to an ordinary certificate of deposit.

Typically CD interest rates are somewhat higher than traditional interest-bearing savings or checking accounts, to compensate for the fact that the investor’s money is inaccessible for the term — and foreign currency CDs tend to have higher rates owing to the higher risk.

The longer the term of a foreign currency CD, the higher interest rate the investor earns.

Foreign currency CDs can be a way for investors to hedge against the risk of the U.S. dollar depreciating in value.

How You Can Make Money With Foreign Currency CDs

Returns earned on foreign currency CDs depend on the current interest rates in the country of the chosen currency. Every country has different interest rates, some of which are much higher than the U.S. rates. By investing in another country one may be able to earn those higher rates.

If the currency exchange rates work in the investor’s favor, the value of the CD could also increase – and they could see a higher return in addition to the interest gained.

How You Can Lose Money With Foreign Currency CDs

Although there is an opportunity to earn high interest rates on foreign currency CDs, this type of CD is risky. Other types of CDs are known to be safe investments, so it’s important to understand the difference.

Currency markets have high volatility and are unpredictable, so the exchange rate between the U.S. dollar and the chosen currency may fluctuate a lot between the beginning and end of the CD term. If a foreign currency loses value compared to the U.S. dollar, an investor will lose money at the end of the term, and the interest gained may not be more than the loss. However, if a foreign currency rises in value compared to the U.S. dollar, investors will earn an even higher return than the interest alone.

The intricacies of currency markets are one reason why foreign currency CDs aren’t recommended for retail investors who don’t have the tools or experience to anticipate what might happen to any particular currency.

One catch to be aware of is that the countries that have the highest interest rates tend to have the most volatile currencies. So it can be tempting to invest to earn those higher rates, but there is a higher risk of loss as well.

How Risky Are Foreign Currency CDs?

Foreign currency CDs are fairly risky investments because currency markets can be quite volatile. For this reason, these CDs tend to be used by institutional investors more so than retail investors.

Investing in currencies requires an in-depth understanding of many different factors that can affect their values. Institutional investors often buy into foreign currency CDs if they know they have an upcoming payment to make in that currency. They can exchange the money and earn interest on it until it becomes time to make the payment.

How to Protect Your Investment

There are a few key ways to protect investments in foreign currency CDs.

Temper Currency Risk

One of the greatest risks in investing in foreign currency CDs is that global currencies can fluctuate a lot in a short amount of time. It can be tempting to buy into currencies that have the highest interest rates, but those are the most volatile and risky.

Instead, it’s better to choose stable currencies with lower interest rates, or invest in a basket of foreign currencies. It’s also recommended to only put a small amount of money into foreign currency CDs for portfolio diversification and exposure to foreign markets.

Look for FDIC Protection

The FDIC insures CDs up to $250,000, but this only applies to CDs opened with U.S. banks. Although an investor can buy into a CD from a foreign bank, it won’t be insured and will come with higher risk, so it’s best to look for foreign currency CDs backed by U.S. banks.

Another important fact to keep in mind is that FDIC won’t protect against currency fluctuations for foreign currency CDs.

Be Aware of Fees and Charges

All types of CDs tend to have early withdrawal fees, although there are some no penalty CDs. Foreign currency CDs also have conversion fees that are sometimes included in the price of the CD. Be sure to inquire about the cost of any foreign currency CD.

How to Open a Foreign Currency CD

Most U.S. banks don’t offer foreign currency CDs, so investors interested in buying into them will need to do some research to find them. Banks that do offer foreign currency CDs tend to offer multiple foreign currency choices. Some also offer CDs that have a group of foreign currencies in them to provide investors with broader exposure.

Investors can open foreign currency CDs with overseas banks, but they are not FDIC insured so they come with greater risks.

Banks offering foreign currency CDs sometimes require a certain minimum deposit amount, and there may be fees associated with currency exchange.

Other Ways to Invest in Foreign Currency

In additional foreign currency CDs, there are other ways investors can gain exposure to foreign currencies:

• Mutual funds

• Exchange-traded funds (ETFs) and leveraged ETFs

Investing in mutual funds and ETFs is just as easy as investing in stocks, and more CDs are becoming available to retail investors, so these are simple ways to buy into foreign currency markets. Forex trading is more complicated.

The Takeaway

Foreign currency certificates of deposit are one way investors can gain exposure to foreign markets. Although this type of CD can earn a higher interest rate than traditional CDs, they also come with a higher degree of risk. Global currency markets are complex and difficult to predict — often volatile — with the potential for higher returns but also steep losses for foreign currency CD holders. This type of savings option is recommended only for more experienced investors.

If you’re looking to open a checking or savings account, you might want to consider SoFi’s mobile banking app: an easy all-in-one account. You can open a Checking and Savings on your laptop or phone. There are no account fees, and if you use direct deposit you can earn a competitive APY. The online platform lets you set personal savings goals, and you can see all your financial information in one simple dashboard.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Are foreign CDs FDIC insured?

If a foreign CD is purchased through a U.S. bank it will be FDIC insured, but if it is purchased through a foreign bank it is not.

Which US banks offer foreign currency accounts?

The most well known bank offering foreign currency CDs is TIAA bank, formerly known as Everbank.

Can US banks hold foreign currency?

Yes, U.S. banks can hold foreign currency.

Photo credit: iStock/Drazen_
SOBK0322033

Guide to the Fear and Greed Index

What Is the Fear and Greed Index?

Understanding the Fear and Greed Index

Tracking the Fear and Greed Index Over Time

How Does the Fear and Greed Index Fare Against History?

How Does the Fear and Greed Index Fare Against Other Indicators?

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Dos and Don’ts of Using the Fear and Greed Index

Dos

Don’ts

What Is the Crypto Fear and Greed Index?

The Takeaway

FAQ

Is the Fear and Greed Index a good indicator?

Where can you find the Fear and Greed Index?

When does it make sense to buy, based on the Fear and Greed Index?

Getting a High-Limit Credit Card: How It Works

What Is a High-Limit Credit Card?

How Can a Higher Credit Limit Help You?

Factors to Consider

The Timing

Your Credit Report

Options for Getting a High-Limit Credit Card

Contact Your Card Issuer

Look Out for Automatic Increases

Apply for a New Card

How High Should Your Credit Limit Be?

Choosing the Best High-Limit Credit Card

Alternatives to High-Limit Credit Cards

Home Equity Loan or Home Equity Line of Credit

Business Line of Credit

Personal Loan

The Takeaway

FAQ

Can you get an unlimited credit limit?

Should I get a credit card with a higher limit?

What is the highest credit card limit?

How can I get a higher credit limit?

Credit Card Miles vs. Cash Back: Guide to Choosing Between Cash Back and Travel Rewards

What Are Points and Miles Credit Cards?

Pros and Cons of Points and Miles Credit Cards

What Are Cash Back Credit Cards?

Pros and Cons of Cash Back Credit Cards

Similarities Between Cash Back and Points and Miles Credit Cards

Differences Between Cash Back and Points and Miles Credit Cards

Is It Better to Get Cash Back or Miles?

Other Credit Card Rewards

Gas Rewards

Retail Credit Cards

The Takeaway

FAQ

What is the difference between cash back and miles?

Is cash back really worth it?

Can you convert miles to cash?

Do cash back or credit card miles have higher interest rates?

Guide to Jumbo Certificates of Deposit (CD)

What Is a Jumbo Certificate of Deposit?

Regular vs Jumbo CD

Similarities

Differences

Advantages of Jumbo CDs

Steady Rate of Interest

Higher Interest Rate Than Traditional CDs

Steady Interest Can Partly Offset Market Risk

Insured up to $250,000 per Account

Disadvantages of Jumbo CDs

Lower Return Than Many Other Fixed-Rate Investments

Interest Rate Risk

May Not Keep Up With Inflation

Early Withdrawals Will Trigger a Penalty

Reinvestment Rate Risk

Jumbo CD Example

The Takeaway

FAQ

What is the range of jumbo CD rates?

How much money is in a jumbo CD?

Are jumbo CDs negotiable?

All You Need to Know About a Foreign Currency Certificate of Deposit

How Foreign Currency CDs Work

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