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I’m more excited than ever to tell you 5 Surprising Ways Inbox Dollars has Benefited me Financially, and some of these may be pretty surprising! Read on to find out more!
I started using Inbox Dollars regularly around June of last year, along with many other survey sites. I was recovering from a financial disaster and am still in the process of recovering. It was probably about 3 or 4 years ago that I found myself in a ton of debt and pregnant with my daughter. How I got into that situation was that I had not paid my bills, because I was just too overwhelmed by misfortune that I had kind of given up trying to be financially responsible, and was only 24 anyway so I suppose I did not think it was that finances were all that important.
Once I decided I was definitely having my daughter by myself as a single mom, I worked tirelessly to pay off all my debt on a minimum wage salary and I did it. I’m officially debt free, but my credit was a whole different story. What they really need to tell be telling kids in school is how difficult it is to recover from bad credit and financial immaturity, IMO.
** This is why I am very discerning when I recommend financial products, services, and banks. I only recommend products that I really think can help.
About one year ago I was faced with the situation that the only way to improve my credit would be to take a secured credit card with a bank. Because my score was so poor and I was so young with little credit history, it seemed to be my only option. To me, this was just the bleakest situation. I did not want to put what little money I had away into a secured credit card with a large bank.
There are two reasons I felt this way, the first is that unless you have a very good credit score, even a traditional bank will likely give you a high APR the credit cards they offer you, and second, you are straddling yourself to your low credit score. If you can either wait for all the negatives to fall off or find offers from smaller banks, then grow your credit score, you will then be in a situation later on in life to receive the awesome APR offers and loans, but applying and getting credit when you’re in a credit dump, could have longer-term effects than simply waiting for anything bad to age off your score.
Fast forward to this year and I’m ready to tell you 4 Surprising Ways that Inbox Dollars has benefitted my financial situation.
1. I was able to find unsecured credit card offers for people with bad credit. Even when I am in a bad situation, I really do not like to have to compromise on what I truly want. I wanted to improve my credit with an unsecured line of credit. The interesting thing about some of these credit cards, is that they actually are a good deal *** When you are in need of improving your credit score*** I am not saying they do not have annual fees, and initial cost and a high APR, but unlike some of the popular secured cards on the market which may not allow you to increase your credit limit EVER, some of the ones featured in the inbox dollars offers do have the option to allow you to ask for a credit limit increase. This is an important feature to me. Another thing I like about these cards is that they do help you improve your credit score by reporting your use each month. I got the Total Visa and the First Access Visa Card. Basically, it was not until I really started paying attention to my offers that I found what I was personally looking for. Now my credit score has risen over 100 pts! By paying on time and usually in full every month for a year, I was able to bring up my score over a hundred points!
2. After about 3 months of paying my secured cards, I opened a Secured Visa Card from a smaller bank, because I knew I would be approved and wasn’t risking a hard pull. The secured visa card that I got was the First Progress Visa Card. It’s from Synovus Bank, which is a smaller bank in Georgia. There are mixed reviews about this card, but as I said I did not want to get a secured card from a traditional bank. One reason and I don’t know if this is accurate, but I want to wait to open larger accounts with higher starting limits at the larger banks, so I am waiting until my score improves to apply for nonsecured cards at larger banks, which I am hoping will help me secure lower interest rates in the future. I personally like my First Progress Card, but if you need access to your funds fast, this may not be the card for you, as there is a TEN day waiting period if you pay over the phone before you can access your funds. Plus they charge $10 to pay over the phone. Personally, I am willing to pay fees for convenience purposes for myself, and I do not like paying fees for things like monthly maintenance when I don’t feel like I am receiving personalized services etc from the banks. So I don’t mind this charge, and I am glad to have this card and am looking to get unsecured credit lines from Synovus in the future, like the Synovus Travel Rewards Credit Card which offers “5x points on up to $5,000 annually in net spend for travel purchases, including hotel, airlines, car rental, and vacation package, 3x points on up to $3,000 in net spend quarterly for purchases in a Dynamic Earn Category of your choice, and 1x points on all eligible purchases, with no limit on the points you can earn” More about the First Progress Visa: They say that you can pay online via bill pay and there is not a hold on your funds, but I never pay this way, so I don’t have experience. If you decide to use this card, for the purposes that I did, to receive a secured card from a smaller bank, I highly recommend this card, as you can deposit an amount you choose, and they quickly report it to the credit bureaus. They are offering a $100 dollar statement credit for referring new members, which should cover some of the high APR costs and payment costs you’ve made to your account.
3. Another surprising thing I have found just today on Inbox Dollars is a savings account that offers 5% APY! This is the same rate as CD accounts at some banks! How did I find this offer? I decided to take advantage of two of Inbox Dollars offers and earn an extra $2 for completing 2 offers. This was a special promotion that they are running right now. I chose the NetSpend Visa and the Rush Card offers. I had been hesitant to sign up for these offers before, because of a bad experience with the GreenDot prepaid card, which left a sour taste in my mouth on all prepaid cards. But I wanted to increase my earnings to over $40 by the end of June, which I have done (Yeay! I completed my goal today!!), so I thought what the heck- just do it. Well, after I signed up for my NetSpend account I went to the website to find out what the dealio is. Apparently, once you complete direct deposit totaling over $500 in a month, you are automatically in their premium client services, which includes a savings account that gives you 5%APY on all your money over $1,000 that you keep daily in their savings account. All money $1,000 and less kept in your savings account earns you 4.9%APY. WHAT?? that is awesome. Especially since my main goal right now is savings!! and to earn that type of savings, simply by direct depositing into my bank account is, well AWESOME!
4. When researching Inboxdollars, I read an article that basically said, you do not need to try to log on every day to benefit from using Inboxdollars, the recommendation from the article I read, said to just let the emails amass throughout the week, then check them once a week and in a year you will earn (I can’t remember the exact number) ~$14 if you ONLY check your emails. This was probably the best advice I’ve gotten on how to take advantage of the site. Actually this advice, surprisingly, has increased my earnings this go around. I’ll be getting over $40 dollars this time I cash out, and it has just basically been something I do not think about too much. So, in the past year, I will have earned over $70 dollars with Inboxdollars, not bad for me considering how little I am actively participating in income-producing activities on the site. I look my Inboxdollars earnings like I’m earning interest in a savings account. The Paid Emails basically are my earned interest on my daily emails. And I rarely actually check them through my email account, I usually check them on the inboxdollars website.
5. I’ve found some really good deals through the site on entertainment, food and other services. I found out about a couple of great services I enjoy using, like SundanceNow. Also, I’ve found other ways to increase my income each month with different websites per recommendations from Inboxdollars. I love that it recommends services that actually save me money or increase my current income.
Basically, a lot of people talk about how it is a way to increase your income, but for me, inbox dollars has done more than that, it has helped me be able to bounce back from some seriously difficult life situations and help me gain more financial freedom. Thinking of the emails as savings day in and day out has helped me constantly every day to think about savings. It’s almost become my own an email accountability partner, reminding me to set daily earnings goals, and helping me every day reinforce in my mind the importance of savings, and generating passive income. If you’re on the fence about signing up or maybe you have quit using this survey site, I really encourage you to try inboxdollars or give it another look, because it is actually helpful.
If you are suffering from bad credit and think that you could benefit from professional credit repair services, you can receive a FREE credit repair consultation from CreditFirm. They provide industry-leading credit repair services which could change your entire financial situation.