May 14, 2022
  • May 14, 2022

Empower Review | Ascension

By on January 10, 2022 0

The best benefits

Monitors expenses

Empower makes it easy to monitor all your expenses in one place. You can link all your bank accounts and credit cards to the application. After linking your account, you can use Empower to view your balance and recent transactions.

The app also allows you to adjust your budget, including setting limits for different spending categories. It will then notify you if you’re approaching your spending limit.

Suppose you intend to spend no more than $ 50 a week on meals. Empower will track your gastronomic purchases, and if you come close to $ 50, it will let you know. You can do this with any expense category that Empower wants to keep an eye on for you.

Offers a debit card

The Empower Card is a convenient payment option that works with this application. This is a debit card that you can use with your Empower account. There is no minimum balance required to receive the card. There are also no debit fees as any over-balance transactions are automatically declined.

If you intend to use the Empower app, it’s a good idea to get an Empower card as it provides additional benefits. You will be able to get cashback with special offers and get paid up to two days in advance.

LEARN MORE: What is a debit card?

There are several transaction limits for the Empower Card:

  • Daily ATM withdrawal limit: PLN 500
  • Daily purchase limit: $ 2,000
  • Daily transfer limit: $ 2,500 for starters, rising to $ 5,000 31 days after your first trade

Automatic savings

Saving money can be difficult, especially on a tight budget. Empower can be a huge help here with its AutoSave feature.

All you need to do is set a weekly savings target. Empower will research your income and expenses to see how much you can save. Once he understands this, he will transfer the money from your spending account to your Empower AutoSave account.

Up to 10% cashback

If you have an Empower card, you can get high cashback rates thanks to special offers. For example, there may be offers for 5% cash back on groceries or 8% back on gas. Empower aims to offer easy-to-use listings so you don’t get stuck with random offers from retailers you never visit.

It is worth noting that if your main goal is cash back, a cash back credit card would be a better choice. Most of these cards provide cashback for all purchases, not just category specific purchases. This allows you to earn significantly more cash than with Empower.

COMPARE BEST CHOICES: Best Cash Back Credit Cards

Up to $ 250 cash advance

For fast cash, Empower offers cash advances of up to $ 250 with same day delivery if you have an Empower checking account. There are no fees, interest, or credit checks, but you must meet certain requirements to qualify for a cash advance.

SEE MORE OPTIONS: How do I get a free cash advance without checking my creditworthiness?

Empower withdraws your deposit from your main checking account on the day it expects you to receive your next payout. If this date is incorrect or you wish to change it, please contact Empower to request a new payment date.

Free ATM withdrawals

The Empower Card offers free ATM withdrawals at over 37,000 ATMs in the United States. You can find free ATM locations in the app, so you shouldn’t have a problem with your free cash withdrawal.

What can be improved

$ 8 monthly fee

After the 14-day free trial period, Empower charges a monthly subscription fee of $ 8. That might not seem like much per month, but it still adds up to $ 96 a year.

Empower offers handy features including budgeting tools, banking services, and cashback for those $ 8 per month. However, most of these services are also available for free. Here are some examples:

Empower is a convenient option as it provides multiple services in one affordable package. But if you don’t need everything in one app, there are other options.

Low APR

If you have an Empower Card account or an AutoSave DDA account, you earn 0.01% APY on your Empower account balance. Several savings accounts offer significantly higher interest rates, including accounts that do not charge any monthly fees or have a minimum balance. Better keep your money in one of these accounts instead of Empower.

CHECK THE BEST CHOICES: The best online and high-performance savings accounts

Foreign transaction fee

The Empower card charges a 1% foreign transaction fee. This type of fee applies to transactions that go through a foreign bank or that are in a currency other than US dollars. This means that it will apply to purchases made while traveling abroad. It can also apply to online purchases from international retailers.

LEARN MORE: What are the fees for foreign transactions?

The 1% fee is not a big amount, especially as some cards charge 3%. But there are also cards without fees for foreign transactions, and it is worth getting one for trips outside the United States.

COMPARE OPTIONS: The best credit cards with no foreign transaction fees

No cash or check deposits

Empower Accounts currently do not accept cash or check deposits. While not being able to deposit cash is understandable, mobile check deposits are a common feature in banking applications.

Here are ways to fund your Empower account:

  • Direct deposit
  • Bank transfer
  • Mobile payment applications such as PayPal, Venmo, and Cash App

CHECK PAYMENT APPLICATIONS: The best payment apps