Best Credit Cards with 0% APR periods

Finding a card with a  low interest rate can help you manage your balance each month and save money on charges. Below is a guide to 5 of the best Low interest credit cards available to U.S. customers.

Citi Diamond Preferred Card

Introductory Offer: 0% APR for 21 months on balance transfers; 0% APR for 12 months on purchases

APR Credit card rates: 17.99% - 28.74% (Variable) after the first 21 months welcome offer
Annual Fee: $0

The Citi Diamond Preferred Card is a great option for those looking to reduce existing debt or make a large purchase and pay it off over time. The card offers one of the longest 0% APR periods for balance transfers—21 months—which can provide significant relief if you’re trying to pay off high-interest debt. However, after the introductory period, the APR can be relatively high, so it’s important to aim to pay off your balance before this period ends. The card has no annual fee, making it a cost-effective choice for the long term.

U.S. Bank Visa Platinum Card

Introductory Offer: 0% APR for 20 billing cycles on purchases and balance transfers

APR Credit card rates: 18.99% - 28.99% (Variable)  after the introductory offer comes to an end
Annual Fee: $0

The U.S. Bank Visa Platinum Card offers a solid 20-billing cycle 0% APR introductory period on both purchases and balance transfers, making it another excellent choice for those who need time to pay off expenses without accruing interest. This card also comes with no annual fee, adding to its appeal as a low-cost option for managing debt.

Wells Fargo Reflect Card

Introductory Offer: 0% APR for up to 21 months on purchases and qualifying balance transfers

APR Credit card rates: 18.99% - 28.99% (Variable)
Annual Fee: $0

The Wells Fargo Reflect Card offers up to 21 months of 0% APR on both purchases and balance transfers, giving you a significant window to pay off debt or finance large purchases without interest. The card extends its 0% APR period for up to 21 months, depending on your payment history, which can be a helpful feature for those who need a bit more flexibility.

BankAmericard Credit Card

Introductory Offer: 0% APR for 21 billing cycles on purchases and balance transfers

APR Credit card rates: 17.99% - 27.99% (Variable)
Annual Fee: $0

The BankAmericard Credit Card is another excellent option for those seeking a long 0% APR period on both purchases and balance transfers. With 21 billing cycles at 0% APR, it provides ample time to pay off balances without interest charges. The card has no annual fee, making it a straightforward, low-cost option. Additionally, Bank of America customers might benefit from their Preferred Rewards program, which can offer additional benefits based on your banking relationship.

Discover it Cash Back

Introductory Offer: 0% APR for 15 months on purchases and balance transfers

APR Credit card rates: 17.24% - 28.24% (Variable)

Annual Fee: $0

The Discover it Cash Back card stands out for those who want a mix of low interest and rewards. It offers 0% APR for 15 months on purchases and balance transfers, and after that, a competitive ongoing APR. Additionally, this card offers 5% cash back in rotating categories each quarter (up to the quarterly maximum, then 1%), which can add significant value if you align your spending with these categories. The card also has no annual fee and offers a dollar-for-dollar match of all the cash back you've earned at the end of your first year.

How Long Can You Travel to the EU Without a Visa?

When planning a trip to the European Union (EU), it's essential to understand the visa requirements and travel restrictions, which can vary significantly depending on your nationality. For citizens of the UK and the US, specific rules govern how long they can stay in the EU without needing a visa. Here's a detailed guide for both British and American travellers.

Travel to the EU for UK Citizens

Since the United Kingdom left the EU in January 2020, UK citizens are no longer entitled to the freedom of movement that allowed them to live, work, and travel across EU member states without restriction. However, UK nationals can still travel to the EU without a visa for short stays, thanks to the visa-free travel arrangements that apply to many non-EU countries.

Schengen Area Rules: Most EU countries are part of the Schengen Area, a zone comprising 27 European countries that have abolished passports and other types of border control at their mutual borders. UK citizens can visit the Schengen Area for up to 90 days within a 180-day period without needing a visa. This 90-day limit applies to the entire Schengen Area, not each individual country. It’s important to note that the 90 days are cumulative, so multiple short trips can quickly add up to the 90-day limit.

Counting the 90 Days: The 90 days are calculated on a rolling basis. This means that each day you spend in the Schengen Area counts towards your total, and you must look back over the previous 180 days to determine how many of those days were spent in the zone. For example, if you spend 30 days in France, leave for a few weeks, and then return to Spain for another 30 days, you have used up 60 of your 90 days.

Consequences of Overstaying: Overstaying the 90-day limit can result in fines, deportation, or being banned from the Schengen Area for a certain period. Therefore, it's crucial to track your days carefully to avoid inadvertently breaking the rules.

Non-Schengen EU Countries: Some EU countries, like Ireland, are not part of the Schengen Area, and different rules apply. For example, UK citizens can visit Ireland without a visa for up to 90 days independently of their time spent in the Schengen Area. Always check the specific entry requirements for each country you plan to visit.

Working or Studying in the EU: If you plan to stay longer than 90 days, work, study, or live in the EU, you will need to apply for the appropriate visa or residence permit. The application process and requirements vary depending on the country.

Travel to the EU for US Citizens

Similar to UK citizens, US nationals can also travel to the Schengen Area without a visa for short stays, though the rules are slightly different.

Schengen Area Rules: US citizens are permitted to stay in the Schengen Area for up to 90 days within a 180-day period without needing a visa. This limit, like for UK travellers, applies to the entire Schengen Area. The 90-day rule is the same for all travellers, and it’s crucial to remember that the 90 days are cumulative across all Schengen countries.

ETIAS Requirement: Starting in 2024, US citizens will need to apply for an ETIAS (European Travel Information and Authorisation System) authorisation before traveling to the Schengen Area. This is not a visa but a travel authorisation, similar to the US ESTA. The ETIAS will be valid for three years and will allow for multiple entries into the Schengen Area as long as the 90-day rule is observed.

Counting the 90 Days: Like for UK travellers, the 90-day period for US citizens is calculated on a rolling basis. Therefore, keeping track of your travel dates is essential to avoid overstaying.

Consequences of Overstaying: If you overstay your 90 days in the Schengen Area, you could face penalties, including fines, deportation, or future entry bans.

Non-Schengen EU Countries: US citizens should also be aware that some EU countries are outside the Schengen Area, such as Bulgaria, Romania, Croatia, and Cyprus. Each of these countries has its own entry requirements and visa rules.

Working or Studying in the EU: For stays longer than 90 days, or if you intend to work or study, a visa or residence permit is required. The process and requirements will vary by country, so it’s important to research and apply well in advance of your trip.

Upcoming changes

For both UK and US citizens, traveling to the EU remains relatively straightforward for short stays of up to 90 days within any 180-day period. However, it is vital to understand and adhere to the rules of the Schengen Area to avoid any legal issues or penalties.

As of 2025 there will be additional requirements for anyone planning a trip to the EU including biometric checks to replace passport stamps. There will also be a visa waiver which will be necessary for any trip to the EU.

Kamala Harris outlines her economic plans

As the United States prepares for its next presidential election on November 5, 2024, Vice President Kamala Harris has recently unveiled a comprehensive economic plan aimed at reducing the cost of living for middle-class households. Harris’s plan, which echoes many of the priorities set forth by the Biden administration, focuses on alleviating the financial burdens of everyday Americans, with a particular emphasis on housing, healthcare, and taxation.

Housing Initiatives

Harris is placing priority on addressing the housing crisis and is committed to constructing 3 million new homes to meet growing demand, a move she believes is crucial for stabilising the market and making homeownership more accessible. This ambitious target is designed to alleviate the chronic undersupply that has driven up prices in many parts of the country.

To further assist homeowners, Harris is proposing the introduction of a first-time homebuyer tax credit. This initiative would provide financial support to new buyers, making the dream of homeownership attainable for more Americans.

Additionally, she has advocated for a $40 billion fund dedicated to the construction of affordable housing, ensuring that lower-income families are not left behind in the competitive housing market.

Harris’s plan also takes aim at corporate landlords and large investors who have increasingly dominated the rental market. She has called for a crackdown on companies that own significant numbers of apartments and use pricing algorithms to inflate rents. By limiting these practices, Harris aims to protect renters from exploitative pricing strategies. Moreover, she is advocating for legislation that would block large investors from purchasing homes solely to rent them out, a practice which has driven up home prices.

Healthcare

In the realm of healthcare, Harris is building on President Biden’s efforts to reduce the cost of prescription drugs, a key issue for many American families. Harris has pledged to extend the $35 per month cap on insulin prices—a measure currently available only to Medicare recipients—to the broader population. Additionally, she is proposing a $2,000 annual cap on out-of-pocket drug costs, which would offer significant financial relief to those burdened by high medication expenses.

Harris’s healthcare plan also includes an expansion of the child tax credit for newborns, increasing it to $6,000 per child.

This initiative is intended to provide additional support to families during the critical early years of a child’s life, helping to cover the rising costs of childcare and other essential needs.

Reducing costs

Kamala Harris has acknowledge the price increase of the cost of living, specifically on grocery shopping and has promised to ban price gouging across the country. Supermarkets increased their prices to stay afloat since the pandemic and have continued to increase prices, creating the term, 'Greedflation' which was common across the world. Whilst this sounds like great news for households, being able to bring down the cost of their food shops, economists are concerned. Reducing prices will encourage people to spend more and in turn will increase inflation as the demand for products grows.

Tax

On the tax front, Harris is advocating for reforms that would directly benefit workers. One of her key proposals is the elimination of taxation on tips, one of the few policies which align with her opposition, Donald Trump. By removing this tax, Harris aims to increase the take-home pay of workers in the service industry, many of whom rely on tips as a significant part of their income.

To fund her economic initiatives, Harris is proposing an increase in the corporate tax rate to 28%. This adjustment, she argues, is necessary to ensure that corporations contribute their fair share to the economy, particularly in light of the benefits they have reaped in recent years.

Harris’s economic plan will be a central theme of her campaign in the aim to reduce costs for households and to alleviate the pressure from the cost of living.

Do Olympic athletes get paid?

Competing at the Olympics takes years of hard work and determination to perform in their sport and compete against other world-class athletes for the chance of winning a medal. For many athletes this is all they require as motivation, however, do we think that Olympic Athletes deserve financial support compensation for their work?

Do all countries pay their athletes?

The UK, Norway, Iceland and Sweden do not pay their athletes for winning or participating in the Olympic games.

The Olympics began for amateur sportsman to compete with no financial reward or bonus on offer. Being an Olympic athlete did and still does bring respect and fame within the industry as well as publicly, especially with the popularity of social media.

Many countries do offer financial rewards in some form to their winning athletes, with the top 15 paying over $100,000 to those winning a Gold medal this year.

Hong Kong are at the top of the list offering over $768,000 for gold and $380,000 for winning Silver.

Singapore reward gold medallists almost 20 times more than the US according the NBC News with individual gold medallists earning $737,000.

The US Olympic and Paralympic committee pays their athletes $37,000 for winning gold, $22,500 for silver and $15,000 for bronze.

Other forms of reward

Malaysia and Bulgaria offer their financial rewards in an alternative way rather than a lump sum. They offer monthly allowances of $1000 for life for gold medallists.

New Zealand offer $40,000 annually until the next Olympic games commences for their gold winners.

Poland is celebrating 100 years since their first participation in the Olympic games this year and are offering an extra reward for their athletes. Forbes reports that Poland are already providing $82,000 for winner of gold, a painting from a talented Polish artist for every medallist, an investment grade diamond and a vacation voucher for 2 for winners of gold. This year they are also providing winners of gold a 2-bed apartment in Warsaw and athletes of team sports in first place will receive a 1-bed flat.

Governing bodies

It is down to each individual governing body for each sport to offer financial reward or not. This year World Athletics are offering gold medallists in track and field a financial reward. They have reportedly set aside $2.4 million for this reward for all winners. This is the first time an international governing body will be awarding prize money at the Olympics.

Other ways athletes make money

Sponsorship

Sponsorship is one way athletes make money aside from hoping for reward money. Athletes such as, Simone Biles will make millions each year from sponsorships alone.

Many athletes will apply for grants to cover the cost of their training and whilst they are at the Olympics, flights, accommodation and food is all paid for.

However, whilst athletes train for numerous hours a day to prepare for the Olympics, those who are less famous and receive no sponsorship deals to keep them going are known to struggle financially.

USA Today Sports reveals a 2020 study done by Global Athlete, which looked at almost 500 elite athletes across 48 countries found that 58% of athletes did not consider themselves financially stable. Most felt they did not receive the appropriate amount of financial support from the international Olympic Committee or National Federations.

So, unless athletes win at the Olympics they will be leaving without a medal and without any financial support for their training and hard work.

Do you think Olympic athletes should be paid?

In the past twenty years, we have experienced severe financial crises that put millions of households and businesses on the brink of bankruptcy. The Great Recession and the pandemic taught us that wealth could be depleted quickly.

Even those with multimillion-dollar businesses and high-paying jobs are no exception. So, as we become more aware of this harsh reality, we must see the importance of proper planning to multiply and protect our resources.

Although slower than expected, the global economy is regaining footing today. Inflation remains higher than pre-pandemic levels, which can still erode the value of every currency.

Yet, the elevated interest rates may counter its impact and even open new opportunities to earn on bank deposits. As such, it may be a great time to capitalize on our savings accounts.

High-yield savings accounts are more attractive today, given their higher-than-usual annual percentage yields (APY). These can be valuable in whatever economic condition, especially during interest rate hikes. Even better, they can cushion the impact of inflation so their value won’t be easily affected.

In this article, we will observe the current macroeconomic conditions in the US and the integral role of high-yield savings accounts in money building.

A Brief Overview of the US Macroeconomic Conditions

In the ten years following the GFC, inflation was kept within the 1-2% range. This was thanks to the prudent fiscal management of the government and policy tightening by the Fed. The latter was instrumental in stabilizing inflation amid the continued economic recovery and boom. In 2020, both rates dropped in response to the pandemic recession.

However, since 2022, interest rates have remained higher than pre-pandemic levels to combat inflation. This proved helpful, as it halved inflation in a year. It remains in the 3-4% range, approaching the 2% target band.

Meanwhile, interest rates are still above 5%, although the Fed maintains a rate hike pause to avoid a potential slowdown. In addition, it may delay its rate-cut plans amid some upticks in inflation.

Higher interest rates may be challenging for borrowers, lending institutions, and banks with high real estate loan exposure. This means higher borrowing costs, which may lead to defaults and delinquencies.

In 2023, household borrowings ballooned to $17.3T, mainly driven by mortgage and credit card loans.

In addition, higher interest rates may affect their liquidity and overall financial health.

Conversely, elevated interest rates can be advantageous for banks with high corporate loan exposure since these loans are more interest-sensitive.

The same goes for savers since higher interest rates mean higher interest on deposits, which means higher annual percentage yields (APYs). This can be subject to questions since higher inflation can erode the value of money in the long run. But those with higher yields can offset its blow. And if the Fed’s goal materializes, high-yield savings may immediately reap the benefits.

Why Choose High-Yield Savings Accounts

Opening a savings account may help build wealth. But a high-yield savings account may have more benefits than you think. It offers many things that a regular savings account doesn’t. Here are the reasons you should choose a high-yield savings account.

High APYs and Compounding Interest

Interest rates are elevated, so bank deposit yields are typically higher today. However, the impact is more evident in high-yield savings accounts.

Earning a high annual percentage yield (APY) remains the primary goal of opening this account.

Today, high-yield savings accounts have APYs ranging from 4.50% to 5.35% versus the national average savings account yielding 0.45%. So, if you open a high-yield savings account and put in $1,000, it will increase to $1,045-$1,054 after a year. After five years, it can reach $1,298.

Meanwhile, in a typical savings account, the value will only increase to $1,005. After five years, it will only be $1,014. A difference of $280, right? Note that this is only an example of simple interest. The difference will be more comprehensive for banks using compounding interests on deposits.

Luckily, many high-yield savings accounts bear compounding-interests. Some even compound semi-annually and quarterly. The value will increase as you deposit more money.

Easy Access to Money

High-yield savings accounts are also accessible, given their vast ATM networks. Aside from that, managing and accessing money is easier today due to the prevalence of online banking and digital-only banks. We can now open an online savings account in a few minutes and enjoy its perks.

We can also transact anytime and anywhere as needed. Even better, online banking allows faster transactions and cross-border payments, reflecting figures in real-time. Hence, online savings accounts are advantageous for businesses.

Rewards

High-savings accounts also provide more perks than traditional savings accounts. Many banks and financial institutions offer sign-up bonuses when you open an account. It is more common for accounts with lower-than-average APYs.

Meanwhile, other accounts are similar to credit cards, providing cashback and discounts for select merchants. So, you can earn and save more on top of high APYs.

How To Assess High-Yield Savings Accounts

Here are some ways to assess and choose the best high-yield savings account.

Compare APYs

Comparing APYs is one of the first steps in filtering the list of providers. Again, typical accounts have an APY of at least 4.5%. So, you can remove those with much lower APYs, say 2% and below.

You may still consider those with APYs that are lower than the average, provided that the perks can outperform the APY. Suppose you open a high-yield savings account with an APY of only 3%; your initial deposit of $1,000 will only be $1,030 at the end of the year.

But if it provides a sign-up bonus of $100, then you will have $1,130 after a year. The total amount will be much higher than an account with an APY of 5% but has no sign-up bonus.

In short, APYs and sign-up bonuses should be assessed simultaneously.

Look for rewards and bonuses

Bonuses and rewards can help you save more, which can benefit entrepreneurs. Suppose a business purchases inventory amounting to $10,000. Businesses can get a discount or cashback if the merchant is affiliated with the bank.

If it’s 2%, the company will only pay $9,800, saving them $200. If they replenish inventory monthly, the total amount saved for the year will be $2,400, or 24% of the total inventory value.

Know the minimum balance requirements

Checking the minimum balance is a must! It is common among high-yield savings accounts and may put you in a disadvantaged position. A certain amount will be deducted if your balance falls below the required minimum amount. If you fail to check it, your money will be depleted without you noticing it.

Choose the one that doesn’t impose minimum balance requirements. If it’s impossible, choose those with a minimum balance you can maintain.

Assess monthly fees

Some accounts do not have a minimum balance requirement. However, they may charge overdraft fees on top of monthly ones, which can overwhelm your savings. Others do not charge overdrafts, but their monthly payments are too high. So, be cautious.

Check the security and accessibility

After checking all the advantages, you must ensure your savings have enough protection. Check if the FDIC or NCUA insures your chosen bank. Otherwise, it would help to think twice before putting your money in it. FDIC-insured banks can pay or return your money if they go bankrupt or insolvent.

You must also check how accessible every bank on your list is. This is crucial when conducting business, especially for urgent orders and payments. Choose those with an extensive ATM network since they can be found anywhere. If not, choose the bank offering cashback if its ATM network capacity is limited.

Takeaways

Opening a high-yield savings account can be more advantageous than you expect. With its high APY and perks, you can build your wealth instantaneously. Even so, it is essential to note that a bank may not have all the qualities you seek. As such, you must weigh its rewards and drawbacks.

This year the Amazon Prime sale days will fall on the 16^th and 17^th of July. This is the 10^th year in a row for the Amazon Prime day and is a great way to save money on an item you have wanted, buy for birthdays or even get ahead and start your Christmas shopping.

There will be new deals released throughout the event so you can keep going back to search for that special item.

The deals are only available to Prime members so make sure you sign up in time.

The Vice president of Amazon Prime revealed that prime members saves over $2.5 billion during the 2023 prime day.

Members only invite

Members of Amazon prime will be sent invites to those extra deals, so request those invites so you don’t miss out.

The top invite only deals include 40% off Sony wireless headphones and up to 30% off Peloton products.

A sneak peak at what’s on offer

Back to school and college products such as 40% off on Amazon Basics school supplies as well as 40% off Amazon essentials crew necks, hoodies and joggers.

Keep a look out on these influencers pages as they will be dropping exclusive deals in the run up to the event.

The influencers include, Jess Sime, Millie Bobby Brown, Alix Earle, Jared McCain, Monet McMichael, Alyssa MacKay and Meredith Duxbury.

From July 8-15^th they will pick their favourite products and provide an early access deal.

Tips to prepare

Sign up for prime if you’re not already as this is the only way to shop the deals.

Amazon are helping you prepare and if you have an Alexa device then you can set up alerts for items in your basket when they go on sale.

Sign up for the invite only product page to be in for a chance as viewing only the top deals.

Employers added 223,000 new positions last month, pushing the jobless rate down from 3.6% in November to 3.5%, sparking hopes that the largest economy in the world will avoid a drastic economic downturn.

“Strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States,” the company said.

Cineworld is approximately $5 billion in debt and has struggled to recover from the Covid-19 lockdowns which saw the chain close its doors for several months. Analysts say that, while recent films such as the Top Gun, Thor, and James Bond releases have performed well, there haven’t been enough of these big titles to lure enough customers back to the big screen. 

On Friday, Cineworld shares dropped 60% amid increasing speculation that bankruptcy was likely. 

Cineworld has 750 sites in the UK and employs more than 28,000 people across 10 countries.

The cinema chain has warned of what its latest plans could mean for investors.

In a Monday statement, the company said: “Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees. As previously announced, any deleveraging transaction would, however, result in very significant dilution of existing equity interests in Cineworld.”

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Speaking to CNBC, Barkin said, “So we’re happy to see inflation start to move down [..] I’d like to see a period of sustained inflation under control, and until we do that I think we’re just going to have to continue to move rates into restrictive territory.”

According to the Bureau of Labor Statistics, headline consumer prices were flat in July while producer prices were down 0.5%.

However, this figure is just one month’s data, with CPI still up 8.5% on a year-over-year basis and the producer price index climbing 9.8%. Each of these figures is still notably over the Federal Reserve’s target of 2%, meaning the central bank must continue to push forward in order to meet this goal.

“You’d like to see inflation running at our target, which is 2% at the PCE, and I’d like to see it running at our target for a period of time,” Barkin commented.

Even as the pandemic has started to wind down slightly, reports found that more than 13.5 million, roughly one in five renters, were still not caught up with their rent as early as February 2021. This, and many other rental or property-related issues have been plaguing American households, even as rental prices in 47 states have increased by as much as 5% in the last year. 

While the property market has shown signs of cooling down, as the Federal Reserve aggressively hikes interest rates to combat soaring inflation, a new challenge is looming on the horizon which has now left millions concerned over their privacy and safety. 

As the rise of technology, software, and the Internet of Things (IoT) filter through every industry, real estate, and property management is no different in this regard. 

The technologies being used by corporate property owners and landlords are raising questions over the amount of data and information of tenants that are being shared or sold to third-party agents or bad actors. 

Seeing as many landlords or owners are now looking to modernise their rental units, utilising the capabilities technology and the internet has to offer, with products such as security monitors, facial recognition, augmented reality facility management, and smart entry systems, among others - tenants want to know how much of their data is being obtained and stored by their landlords. 

The gathering of personal information and data, in regards to property management and rental units, has been a long road of concern for many American households. Seeing as state and local laws regulate what information landlords are allowed to obtain, there’s been a discrepancy in terms of how much available data is being shared or sold to third parties. 

The rental rewards platform and proptech startup Bilt recently came under fire for its almost seemingly endless pit of personal information and data it has on millions of American renters. The startups' software and collaboration with major corporate landlords such as Equity Rental means that they have access to renters' personal information and addresses.

Privacy concerns are nothing new, and for renters, it’s becoming more and more alarming how much of their private records or information is in the hands of their landlords. 

It’s not at all possible to trace and find every server that has some dossier of your personal information. Regardless thereof, both tenants and landlords should consider some of the key real estate privacy risks they could encounter. 

Smart home technology and internet 

As already mentioned, technology and software, with the help of the internet is creating a new breed of homes and apartments across America. 

The rise of smart homes has been a long time coming, but it’s only more recently that landlords have been focused on implementing certain technological features in both old and new buildings to upgrade security and tenant features. 

While these features are making homes and rental properties more attractive for American renters, it now also comes with an increased risk of data and information exposure. 

Smart doorbells, automated thermostats, wifi-connected delivery and security systems, and even smart entry systems may contain some trace of renter data. From fingerprints to facial recognition, information such as this is being captured and stored in various servers unknown to tenants. 

Today, more than ever before it’s become important for landlords and owners to oblige state and local laws regulating the protection of tenant data when utilising IoT systems. States such as California and Oregon have in more recent times moved to implement specific security standards for IoT devices in smart homes. 

Even though these regulations exist within a minority of states, landlords should carefully review the type of security systems and devices they’re looking to use and indicate this to their tenants. Furthermore, landlords should consider vendor protocols and security measures to protect personal data and information in the event of a breach. 

Data Collection 

Applying for a rental could mean that a renter will need to give up a lot of their personal information for review by the landlord. 

Some of the most common information required are: 

• Current or any past addresses. 
• Social Security Number and Driver’s License Number. 
• Bank statements and proof of income.
• Expected occupancy.

While landlords may be obligated to request these personal documents, many times tenants feel unsafe or wary of having to simply offer up their private information to landlords. 

Recent changes in state privacy laws have meant that renters now have rights concerning the personal information they share with landlords, the right to access, correct, and delete or obtain portable copies. Seeing as much of this information is shared via the internet or online platforms, keeping track of all documents shared can be a tremendous challenge. 

To ensure data protection and privacy, landlords are urged to utilise systems and data collecting points that are centralised on a secure database, and keep these files under a digital lock and key. 

Applying for a rental, whether it’s through the internet or in person does come with an administrative burden, and it’s important that both parties, the landlord and tenant remain compliant with state and local laws, and ensure that data collection points are secure at all times. 

Tenant privacy notice 

Tenants will need to be informed by their landlords or building management company about the required personal information that is needed during the application process and throughout the rental period. 

Various state laws and amended regulations have now become more focused on protecting renters’ personal information, and ensuring that landlords communicate any form of the privacy notice. 

Landlords will need to notify tenants on:

• Clear notice on the personal information required
• The use cases of the documentation needed
• How it will be utilised throughout the rental period

For most cases, it’s also important that renters read through privacy notices during the screening period, and ensure they raise any concerns or questions they might have. In states such as California, corporate renters and property management groups will need to disclose the information they obtained from renters, for what purpose, and rights assigned to individuals or renters to exercise their privacy rights. 

It’s not just in California where landlords are now coming under question in regards to the information they collect from their renters. Some states, such as Colorado, Connecticut, Utah, and Virginia, among others, have changed and improved state privacy laws related to personal information. 

New York has also recently made changes to tenant privacy laws and looks to mitigate the sharing of tenants' data and information regardless of the point through which it has been collected. 

The Bottom Line 

Renters run an increased risk of exposure if not aware of the different points at which their personal information and data can be obtained. While smart technologies and systems have upgraded our homes, it’s also increased exposure to personal information. 

Landlords will need to take caution when implementing certain management systems to ensure they comply with state and local regulations. Above that, it’s advised they exercise due diligence when working with digital platforms and technologies to collect and store applicant information. 

Regardless of the position held, whether a tenant or a landlord, there are particulars required by each party to ensure a partisan agreement. More so, it’s important for tenants to have a clear understanding of their rights, and how they can be used to protect their personal information. 

The news comes not long after the Federal Reserve upped interest rates by three-quarters of a percentage point to a range of 2.25%-2.50% in a bid to curb growth and ease price pressures.

Despite the report, Federal Reserve Chair Jerome Powell thus far maintains the view that an economy that is adding hundreds of thousands of jobs per month is not experiencing a recession. Over the past months, Powell has vowed to take action against record-high inflation. 

"We do want to see demand running below potential for a sustained period to create slack and give inflation a chance to come down," Powell commented on Wednesday. 

"It's also worth noting that these rate hikes have been large and they've come quickly, and it’s likely that their full effect has not been felt by the economy. So there’s probably some additional tightening - significant additional tightening in the pipeline."

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