We may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. We might not cover every available offer. Our relationship with advertisers might impact how an offer is presented on our site but our editorial selection of products is made independently.Terms apply to American Express benefits and offers. Enrollment might be required for select American Express benefits and offers. Visit americanexpress.com to learn more. We calculate a typical annual reward for each card, assuming $36,000 spent annually and less any annual fee. Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer.

With gas station prices nearing historic highs and supermarket prices racing to do the same, the inflation we're dealing with today can make sticking to a budget difficult.

The best thing you can do as a consumer is get creative about how you spend, whether that's being more intentional about the frugal habits you choose to use or making sure you're getting the most value out of each purchase you make.

One of my favorite tricks for combatting rising prices is leveraging cash back credit cards. While I use travel rewards cards for all my travel spending, I've found that simple cash back is the easiest way to keep rising everyday prices at bay.

It took some time at the outset to research my different options and decide which credit card mix made the most sense for my spending. But now, all I have to do is make sure I'm swiping the right card at checkout to pocket an extra $315 per year on average.

The gas station and supermarket credit cards I use

As a personal finance writer, I'm all about maximizing rewards. I've got a credit card for just about every spending category, and a catch-all card that earns 2% across the board for any purchases that don't earn better rewards on any other card.

For gas stations and U.S. supermarkets, I use the American Express Blue Cash Preferred and the Costco Anywhere Visa Card. The Amex earns 6% at U.S. supermarkets and 3% at gas stations. It also comes with up to $120 per year in streaming statement credits (distributed as up to $10 monthly credits) that I use to get a Hulu and Disney+ streaming bundle almost for free after the credit. My Costco card earns 5% at gas stations and 2% on anything else I buy from the warehouse club.

Both cards come with more perks and rewards, but those are the primary ones I use.

The Amex also comes with a $95 annual fee(see rates and fees). The Costco card has no fee, but you do need to have an active Costco membership, which costs $65 per year (or more if you spring for the executive membership).

Still, with how much I earn in cash-back every year and the other savings I enjoy as a Costco member, I more than make up for those fees. It's important, however, to review your credit card mix regularly and make sure you're still getting enough value out of any card that carries an annual fee.

How I earn $315 per year with these credit cards

Like many households with a Costco membership, the warehouse club is where I get the bulk of my staples such as flour, meat, frozen veggies and household supplies such as toilet paper and laundry detergent.

It's also the only place I buy fuel because I live a few minutes away from a Costco Business Center, where gas prices are consistently 10 to 20 cents cheaper than neighboring stations.

Whenever I'm shopping at Costco, I swipe my Costco card to get the 5% back on gas or 2% on everything I buy in store. For all my other staples — such as fresh produce, spices and anything else that's not available at Costco or not available in a quantity I can reasonably use quickly enough — I swipe my Amex card.

It's as simple as that. Just by being a little more intentional about which credit card I pull out at the cash register, I earned $315 last year. It was an almost even split of a little more than $150 in cash back from each card. That doesn't include the additional up to $120 in streaming credits I get on the Amex card.

Credit cards can also help with organizing your finances

An unintended benefit of having multiple credit cards for everyday spending is that it makes it easy to see at a glance how much I've spent on different categories of my budget. I only use my Amex and Costco credit cards for fuel and supermarkets. I know whatever the combined balance of those two cards is reflects the total amount I've spent so far on those two things.

For my two-person household, I typically try to keep our gas station and supermarket budget under $800 per month. That's roughly $200 per week.

Each week, I can just glance at the current balance on my Amex and Costco cards and see if I'm on track. If our expenses went above $200 last week, I know this week I'll be looking through the pantry to plan a menu that requires as few new ingredients as possible.

The key to any credit card strategy is avoiding interest

While credit cards can be powerful financial tools, they also carry some of the highest interest rates of any debt instrument you can get. For any of these cash back perks to matter, it's extremely important that you avoid spending more than you can afford to pay off in full at the end of the month.

That's why I have that $800 limit in place and why I check the balance weekly to see how well I'm sticking to it.

If you struggle with impulse buying or get overwhelmed when reviewing your finances, a credit card can be more risk than it's worth. A single month of paying interest might be enough to offset any rewards you would earn for an entire year. Make sure you have a plan and budget in place before you try to leverage a credit card rewards program.

Related content

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Citigroup (C) stock is higher in Wednesday's session after the banking giant beat top- and bottom-line expectations for its fourth quarter and announced a new $20 billion share repurchase program.

In the quarter ending December 31, Citigroup said its revenue increased 12.3% year over year to $19.6 billion, driven by growth across all of its business units. Its earnings per share (EPS) rose 59.5% from the year-ago period to $1.34.

"2024 was a critical year, and our results show our strategy is delivering as intended and driving stronger performance in our businesses," said Citigroup CEO Jane Fraser in a statement. "We delivered expenses within our guidance, improved our efficiency ratio, and concluded a significant reorganization of our firm."

The results beat analysts' expectations. Wall Street was anticipating revenue of $19.5 billion and earnings of $1.22 per share, according to CNBC.

Brian Mulberry, client portfolio manager at Zacks Investment Management, also highlights Citigroup's 35% jump in investment banking revenues, which confirm the trend of more investment banking activity at the end of 2024.

"This shows that Jane Fraser is making positive strides in turning around the balance sheet, particularly flipping what was a net loss of $1.84 billion last year to net profit of $2.86 billion this year," he says. "There are still challenges for C to address but this is a strong indication that Citi is back on track."

Why Citigroup's new stock buyback program matters

Citigroup also announced that its board of directors authorized a multi-year $20 billion share repurchase program – equivalent to roughly 7% of its current market cap – which will begin in the first quarter of 2025.

Stock buybacks are another way for corporations to boost value for shareholders. As Kiplinger contributor Mark Hake explains in his piece on "What Is a Stock Buyback," a company "that buys back its shares will produce a higher stock price because as its shares count falls, it forces the price higher."

Hake goes on to explain "that effect produces more value for shareholders, as they pay no taxes on this unrealized gain (until they sell shares)."

Is Citigroup stock a buy, sell or hold?

Citigroup has turned in a stellar performance on the price charts over the past 12 months, up 48% on a total return (price change plus dividends) basis vs the S&P 500's 24% gain. And Wall Street is bullish on the member of the Berkshire Hathaway equity portfolio.

According to S&P Global Market Intelligence, the average analyst target price for Citigroup stock is $84.64, representing implied upside of nearly 10% to current levels. Additionally, the consensus recommendation is a Buy.

Financial services firm CFRA Research is one of those with a Buy rating on the financial stock, along with an $83 price target.

"Citi is executing on its strategy, and we like how the bank is positioned for growth across institutional markets," wrote CFRA Research analyst Kenneth Leon in a January 8 note to clients. "C has a leading franchise in corporate treasury services, technology platforms, and expanded global wealth. We think the bank is doing a good job delivering transparency and consistency in its operating results."

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Citigroup (C) stock is down more than 2% in early trading Friday despite beating top- and bottom-line expectations for its second quarter.

In the quarter ended June 30, Citigroup’s revenue increased 3.6% year-over-year to $20.1 billion, which it said was driven by growth across all businesses, particularly in Banking, U.S. Personal Banking and Markets. Its earnings per share (EPS) increased 14.3% to $1.52 from the year-ago period.

“Our results show the progress we are making in executing our strategy and the benefit of our diversified business model,” Citigroup CEO Jane Fraser said in a statement. “We achieved positive operating leverage with revenue up 4% and a 2% decline in expenses.”

Citigroup Q2 earnings

The results beat analysts’ expectations. Wall Street was anticipating revenue of $20.07 billion and earnings of $1.39 per share, according to CNBC.

Citigroup reiterated that it will be increasing its dividend by 6% in the third quarter, which it first announced on June 28 after the Federal Reserve stress test process.

“The recent stress rests again showcased the strength of our balance sheet,” Fraser said. “Our CET1 ratio now stands at 13.6% and we are increasing our dividend by 6%.”

“We will continue to execute our transformation and our strategy so we can meet our medium-term targets and continue to further improve our returns over time,” Fraser concluded.

Citigroup also plans to repurchase $1 billion of shares in the current quarter after repurchasing $500 million in the first quarter and none in the second quarter.

JP Morgan Chase (JPM) and Wells Fargo (WFC) reported earnings this morning as well, as the earnings calendar for this season heats up. 

JP Morgan reported revenue of $51 billion and earnings of $4.40 per share, topping expectations of revenue of $49.9 billion and earnings of $4.19 per share. Wells Fargo also topped estimates, with revenue of $20.7 billion and EPS of $1.33, versus expectations of revenue of $20.3 billion and earnings of $1.29 per share.

Is Citigroup stock a buy, sell or hold?

Wall Street is bullish on Warren Buffett holding. According to S&P Global Market Intelligence, the average analyst target price for Citigroup stock is $69.69, representing implied upside of more than 9% to current levels. Additionally, the consensus recommendation is a Buy.

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Citi is "deeply sorry" for its discrimination against Armenian Americans, CEO Jane Fraser said today, December 6, during testimony before a Senate Banking Committee hearing.

On November 8, the Consumer Financial Protection Bureau (CFPB) fined Citi $25.9 million for targeting Armenian Americans who applied for certain credit cards from 2015 through 2021. The bank agreed to pay $1.4 million of the fine to the victims of the discrimination to settle the case and the remaining $24.5 million to CFPB’s victims relief fund and to stop the discrimination, taking measures to ensure compliance going forward.

"We are deeply sorry and apologize to the Armenian American community that we recently fell short of our fair lending expectations with respect to certain credit card applications," Fraser said in her opening remarks to the committee. "We found a small number of employees were not following Citi policy and have taken action to make things right and prevent any recurrence."

The Banking Committee called Fraser, along with seven other banking and financial services executives, to testify during its annual oversight of Wall Street firms hearing.

According to CFPB's charges, Citi specifically singled out applicants whom it suspected were of Armenian descent based on their surnames. The bank targeted applicants with names ending in “-ian” and “-yan,” including those living in or around Glendale, California, which is home to about 15% of the Armenian-American population, the CFPB said.

Workers told to keep quiet about the practices

Citi also lied about why it denied the applicants and told employees not to discuss the discriminatory practices in writing or on recorded phone lines, CFPB said.

“Citi believed that Armenian Americans were prone to engage in criminal fraud,” CFPB Director Rohit Chopra said in a November 8 statement. “Citi often rejected these applicants outright. When Citi did not, the bank subjected those who may be of Armenian descent to additional scrutiny.”

Groups including the Consumer Federation of America (CFA) praised the action against Citi.

“It’s an open-and-shut example of intentional discrimination,” Adam Rust, CFA Financial Services director said in a November 13 statement. “Through a coordinated plan, Citi singled out a group of applicants for additional scrutiny based solely on their national origin and without any business justification. Financial institutions that exclude groups from getting credit solely because of their national origin by applying blunt-fisted, de-risking approaches should take note of this order."

Federal agencies are continuing a crackdown on banking operations. In recent months, for example, the CFPB has fined consumer finance company Tempoe, sued installment lending conglomerate Heights Finance Holding, reached settlements with credit repair firms Lexington Law and CreditRepair.com, and brought charges against Freedom Mortgage for illegal kickbacks.

If you have a problem with a financial product or service, the CFPB encourages you to visit its website to file a complaint. The consumer watchdog group said it sends more than 20,000 complaints about financial products and services each week to companies for responses and that most companies respond within 15 days.

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It looked like the market's luck was going to run out Friday as fourth-quarter earnings season kicked off. Stocks opened deep in negative territory after several big banks reported Q4 results. However, the major benchmarks reversed course thanks to a solid reading on consumer sentiment, extending their daily win streaks. 

JPMorgan Chase (JPM, +2.5%) was one of several companies that got the ball rolling this morning. The financial firm reported fourth-quarter earnings of $3.57 per share, up 7.2% year-over-year as rising interest rates boosted core lending income. Revenue, meanwhile, was 18% higher in the final three months of 2022 to $34.55 billion. 

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Bank of America (BAC, +2.2%) delivered impressive results, too, with Q4 earnings per share (EPS) and revenue higher on a year-over-year basis. On the other hand, Citigroup (C, +1.7%) and Wells Fargo (WFC, +3.3%) saw sharp declines in quarterly profit due in part to the banks setting aside more cash to cover potential losses on loans – news that likely exacerbated investors' concerns of a possible recession in 2023. 

This last point may have been what sent stocks sharply lower at the open, but then a solid reading on consumer sentiment helped markets change direction mid-morning. Specifically, the University of Michigan's preliminary consumer sentiment index rose to 64.6 in January from December's final reading of 59.7. Additionally, consumers' expectations on where inflation will be in the next 12 months fell to 4% in January from 4.4% in December, the fourth straight monthly decline. 

"Inflation expectations are well-anchored and improving as pricing pressures are weakening across many sectors," says Jeffrey Roach, chief economist at LPL Financial. "The Fed will likely hike by 0.25% at the upcoming meeting later this month. We shouldn't be surprised if the Fed starts talking about pausing in the near future."

The Dow Jones Industrial Average (+0.3% to 34,302) and the S&P 500 (+0.4% at 3,999) finished higher for a fourth straight day, while the Nasdaq Composite (+0.7% at 11,079) brought its daily win streak to six.

What to Expect This Earnings Season

Earnings season really picks up next week, with more big banks set to report. For the final three months of 2022, estimated earnings for the S&P 500 are expected to decline 3.9%. If this is the actual decline for the quarter, "it will mark the first time the index has reported a year-over-year decline in earnings since Q3 2020," says John Butters, senior earnings analyst at FactSet. 

At this point in Q4 earnings season, 67 S&P 500 companies have issued negative earnings per share guidance, vs. 34 that have given positive EPS forecasts, Butters adds. 

Revenue growth is also expected to have slowed in Q4. According to Butters, revenue growth is expected to be 3.9%, which will mark the slowest pace of growth since Q4 2020. Utility stocks are forecast to post the biggest year-over-year decline in revenues, while industrials and energy stocks are projected to report the biggest annual increases in revenue. Kinder Morgan (KMI) is one of a few energy companies on next week's earnings calendar. Streaming giant Netflix (NFLX) and digital financial firm Ally Financial (ALLY) also highlight the slate.

We may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our site but our editorial selection of products is made independently. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. We calculate a typical annual reward for each card, assuming $36,000 spent annually and less any annual fee. Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer.

Cash back credit cards reward with perks on everyday purchases. If you need help narrowing down the options, you're in luck: We've done the homework and highlighted below our top picks in five categories, from cards that offer a healthy rate of cash back on all your spending to those that provide outstanding rewards on travel, gas, groceries and more.

Fees, bonuses and other terms can change at any time, so before you apply for a card, check the current terms with the issuer. And keep in mind that you should pay off your balance in full each month. Otherwise, interest charges will counteract the rewards you earn.

Know what kind of cash back card you want? Jump to these sections to see our top three picks in each category. Also, we listed credit cards in alphabetical order for each category.

• Flat-rate Cash Back
• Rotating Categories
• For Savers
• For Groceries
• For Fuel (Gas and EV Charging)

Best Flat-Rate Cash Back Cards

Citi Double Cash® Credit Card

Farmers Insurance Federal Credit Union Crystal Visa

Wells Fargo Active Cash® Card

Best Cards for Cash Back in Rotating Categories

Earn top rewards in categories that may change each month or quarter. These cards are a good fit for people who can keep track of and plan their charges in categories like online shopping, streaming, and travel.

Chase Freedom Flex

Discover it® Cash Back Credit Card

U.S. Bank Shopper Cash Rewards™ Visa Signature® Card

Best Cash Back Credit Cards for Savers

You get the best value with these cards if you stash rewards in a bank or investment account. We excluded cards that require large deposits in accounts that do not have competitive interest rates.

Bank of America Premium Rewards Visa

Fidelity Rewards Signature® Visa

SoFi Unlimited 2% Credit Card

Best Cash Back Cards for Groceries

These cards offer ample cash back on purchases at grocery stores.

Blue Cash Preferred® Card from American Express

American Express® Gold Card

Citi Custom Cash Mastercard

Best Cash Back Cards for Gas and EV Charging

If you drive an electric vehicle, see our article on getting cash back on your credit card for charging an EV. We can also point you to credit cards that cover rental car insurance.

Citi Custom Cash Mastercard

Costco Anywhere Visa by Citi

Sam’s Club® Mastercard®

Pros of cash back cards:

• Cash back cards are easy to understand and use. When it comes to simplicity and clarity, cash back cards are second to none among rewards cards. Cash back is expressed as a percentage of the amount you spend, so you know the exact value of your rewards. With travel rewards cards and other cards that provide points or airline miles for each dollar you spend, the value per point or mile may vary depending on which redemption you choose.
• They put cash in your pocket. Cash back is hard to beat if you want extra money to spend. You can often redeem cash-back rewards for a bank-account deposit, check or statement credit that reduces your credit card account balance. Or, as with some of our best cash back cards for savers, you may even be able to put the cash back in an investment account.
• You get good rewards for everyday spending. With a cash back card, you could get a healthy flat rate of about 2% back on everything you buy, or earn as much as 5% or 6% back on staples such as gas and groceries. Travel rewards cards tend to offer the highest rates on purchases of flights, hotels, dining out and other spending that usually falls into the non-essential category. Some banking cards will give you additional cash back (usually less than one percentage point) if you have a savings or investment account with the bank.

Cons of cash back cards:

• They don't always offer the highest payback. If you prefer to get the maximum possible value out of the rewards you earn with a credit card, a cash back card may not be for you. With travel rewards cards, sometimes you can earn outstanding rewards rates by putting in some legwork. With a card that pays out airline miles, for example, you may squeeze out extra value by combing through flight schedules to find the best redemption rates.
• Sign-up bonuses are smaller. Travel rewards cards are known for offering hefty initial bonuses to draw in customers. Premium travel card Chase Sapphire Reserve, for example, recently provided 60,000 bonus points — worth $900 in travel redemptions — to new cardholders who spent at least $4,000 on the card in the first three months. Many cash back cards offer initial bonuses, but their values typically aren't as high overall.
• Interest rates are high and variable. As with other rewards cards, the annual percentage rate on a cash back card is usually stiff. Average card rates run close to 20%, and some cards charge maximum rates closer to 30%. Plus, most cards have a variable interest rate tied to an index — often the prime rate. When the Federal Reserve raises short-term interest rates, the APR on your credit card increases, too.

How to Pick the Best Cash Back Card for You

There's no single cash back credit card that's best for everyone, so it's important to shop around and compare several factors to determine which is the right one for you:

• Rewards rates: If you don't want to keep track of different rewards rates, consider a flat-rate rewards card. If you want to maximize rewards on certain purchases, find a tiered or rotating rewards card with rewards categories that align with your spending.
• Welcome bonus: Consider the amount of each card's cash bonus, as well as the minimum spending requirement you need to meet to earn it. Only get a card if you can afford to meet that spending threshold without overspending.
• Redemption options: While cash back credit cards tend to offer more straightforward redemption options compared to travel cards, your redemption options can still vary. For example, some cards may only offer statement credits, while others may offer direct deposit, paper checks, gift cards, travel, online shopping and more.
• APR promotion terms: If you're after a 0% APR promotion, look at the length of each card's promotion and which transactions are included — purchases, balance transfers or both. If you want to do a balance transfer, look at each card's balance transfer fee.
• Other card benefits: Depending on your lifestyle, you may want to take advantage of other card benefits. For example, some cards may offer credits or complimentary subscriptions with popular retailers, travel and shopping protections and more.
• Annual fee: While most cash back credit cards don't charge an annual fee, there are some that do. If a card does charge an annual fee, look at the rewards program and other benefits to determine whether you can get enough value to make up for the yearly charge.

Take your time to research several options to determine the right fit for you. In some cases, it could make sense to use more than one cash back credit card to take advantage of the different bonus rewards categories and benefits.

As an independent publication dedicated to helping you make the most of your money, the article above is our view of the best deals and is not the opinion of any entity mentioned such as a card issuer, hotel, airline etc. Similarly, the content has not been reviewed or endorsed by any of those entities.

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Rates checked as of October 31, 2023.

This article only highlights our picks for the best balance transfer credit cards. We may get compensation if you visit partner links on our site. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our website. However, our selection of products is made independently of our relationship with advertisers.

If you have high-rate credit card debt, consider refinancing it with a balance transfer credit card. Especially as interest rates tick up, carrying a balance on a credit card becomes more burdensome. Average annual percentage rates on credit cards run from about 15% to 20%, and some cards have rates of nearly 30%.

While you may be tempted by cash back or other offers made by rewards credit cards, it is better to stay focused on paying off your debt first.

With a balance transfer card, you can take advantage of a 0% APR interest rate for as long as the first 21 months. That could shave hundreds or even thousands of dollars from your interest payments, enough to offset the balance transfer fee of 3% to 5% and save you money.

But to make the most of a balance transfer — and to make your investment in that transfer fee pay off — you need to pay off the debt before the 0% window expires. After the 0% period ends, the APR on the remaining balance typically jumps into the double digits.

We’ve rounded up the best credit cards for balance transfers. All of them feature extended 0% introductory windows, and they charge reasonable balance-transfer fees of 3%. (With some cards, you must promptly make the balance transfer after opening the card to capture the 0% rate or the 3% fee — otherwise, you pay a higher APR or fee.) If you’re looking for a great rewards credit card instead, see our guides to the best cash back credit cards and the best travel rewards credit cards.

We select balance transfer cards with 0% introductory windows and balance-transfer fees of 3%. (With some cards, you must promptly make the balance transfer after opening the card to capture the 0% rate or the 3% fee–otherwise, you pay a higher APR or fee.) Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer.

0% APR for 21 Months

• Interest rate: 0% for 21 billing cycles on purchases and balance transfers, then 18.74% to 29.74% variable APR.
• Balance transfer fee: 3% ($5 minimum).
• Annual fee: None.
• Penalty APR: None.
• Late payment fee: Up to $41.
• Perks: This card offers up to $600 reimbursement if your cell phone is stolen or damaged and you use the card to pay your wireless bill; the deductible is $25, and you get up to two claims paid per 12 months.

• Interest rate: Balance transfer 0% introductory APR for 21 months from date of first transfer when transfers are completed within 4 months from date of account opening. After that, your APR will be 19.24% to 29.99%, based on your creditworthiness. For purchases, 0% introductory APR for 12 months from date of account opening. After that, your APR will be 19.24% to 29.99%, based on your creditworthiness.
• Balance transfer fee: 3% ($5 minimum); after four months of opening the account, it is 5% with a $5 minimum.
• Annual fee: None.
• Penalty APR: If you make a late payment during the introductory period you may lose the 0% interest rate.
• Late payment fee: Up to $41.
• Perks: Rather than offer cash back or other rewards, this card focuses on giving you a long balance transfer period for a 3% fee.

18 Months 0% APR

• Interest rate: Balance transfers: 0% intro APR only on Balance Transfers for 18 months; after that, the variable APR will be 19.24% to 29.24% variable, based on your creditworthiness. The ongoing variable APR for purchases is 19.24% to 29.24%. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
• Balance transfer fee: 3% ($5 minimum) within the first 4 months of account opening, then 5% ($5 minimum).
• Annual fee: None
• Penalty APR: Up to 29.99% if you pay your bill late.
• Credit rating: Solid cash back cards usually require a good to excellent credit rating; Citi recently announced that it will also approve qualified applicants with "fair" credit ratings for this card.
• Late payment fee: Up to $41; returned payments may also be charged up to this amount.
• Perks: total 2% cash back on every purchase — 1% at the time of purchase and 1% when you pay for those purchases.
  

• Interest rate: 0% Intro APR for 18 months from account opening on purchases and balance transfers; variable APR of 20.49% to 29.24% on balance transfers and purchases after the introductory period ends.
• Annual fee: None.
• Penalty APR: Up to 29.99% if you fail to make the minimum payment on time or make a payment that is returned unpaid to Chase.
• Late payment fee: Up to $40.
• Perks: If you pay your bill on time and spend $500 in the first six months, Chase automatically reviews whether you are eligible for a higher credit limit. If you make purchases of at least $1,000 in an account anniversary year and make all payments on time, you may get a 2% reduction of the standard APR for purchases and balance transfers (your APR cannot be lower than the prime rate plus 9.74%).
• Additional perks: Cardholders enjoy three free months of membership with DashPass — which provides reduced fees on orders from delivery service DoorDash — and 50% off DashPass for the following nine months. Activate your DashPass membership by December 31, 2024 to be eligible. . Chase credit cards also offer excellent rental car insurance.
• Member FDIC

• Interest rate: 0% for 18 months on purchases and balance transfers, as long as the transfer is made within 60 days of opening your account. After 18 months, you pay the standard variable rate — recently, it was 16.24% to 26.24%.
• Balance transfer fee: 3% of the amount transferred ($10 minimum).
• Annual fee: None.
• Penalty APR: None; paying late won't automatically raise your interest rate (APR).
• Late payment fee: Up to $40.
• Perks: Free FICO score.

How Do Balance Transfers Work?

A balance transfer is a credit card feature that allows you to move debt from one credit card account to another. While most credit cards allow you to request a balance transfer at any time, some offer introductory 0% APR promotions to make it worth your while.

These promotions typically last between 12 and 21 months and often come with an upfront fee of 3% to 5% of your transferred balance. Once the transfer has been completed, the fee will be tacked onto the balance on the new card.

Then, you can pay down the debt interest-free until the promotional period expires, at which point any remaining balance will be subject to the card's regular balance transfer APR.

Balance transfer credit cards offer 0% APR balance transfer promotions to new cardholders. But in many cases, credit card issuers may also offer low or 0% APR promotions to existing customers.

Keep in mind, though, that you typically can't transfer a balance from one card to another if they're issued by the same bank. Also, unless your card also has a 0% APR promotion on purchases, your card issuer will typically start charging interest on those transactions immediately instead of giving you a grace period — that is, until you pay off your balance transfer debt.

In addition to credit card debt, some card issuers may also allow you to use a balance transfer to pay off medical bills, auto loans and more.

How to Perform a Balance Transfer

Depending on your situation and needs, you can complete a balance transfer in a few different ways.

When you apply for a new credit card

If you're applying for a credit card, you may be able to request the transfer during the application process. If this is the case, you can provide the account number and the amount you want to transfer for each debt — in some cases, the card issuer may limit how many accounts you can pay off at once.

Then, complete the rest of the application. If you're approved, the card issuer will process the request.

Through your online account

Sometimes, credit card issuers offer balance transfer promotions to existing customers, which you can activate through your online account. Log in to your account, select the card you want to use, then search for current promotions.

Then, provide the required information, such as an account number and amount, to complete the request. If your card issuer approves your transfer, it'll handle the payment to your other card or loan.

Use a balance transfer check

From time to time, card issuers will send out balance transfer checks to customers in the mail — some may even allow you to request a check through your online account. You can use the check to pay off your desired balance or even address it to yourself and deposit the funds into your checking account, then make an online payment.

With this option, you don't need to provide your account numbers to your card issuer.

Call your card issuer

If you prefer personal service, call the number on the back of your credit card or your card issuer's main customer service line to request a transfer over the phone. Be sure to have your account numbers on hand and the amount you want to pay off.

How Long Does a Balance Transfer Take?

There's no hard-and-fast rule for how long a balance transfer will take — the timeline can vary for each credit card company. In general, though, it can take anywhere from a few days to several weeks.

Here's what you can expect from the top credit card companies:

• American Express: Typically five to seven days, but it can take up to six weeks in certain circumstances
• Bank of America: Typically two to 14 days
• Barclays: Up to four weeks
• Capital One: Typically three to 14 days
• Chase: Up to 21 days
• Discover: Typically four days, but newly opened cards take 14 days before a balance transfer will begin processing
• U.S. Bank: Up to 14 days
• Wells Fargo: Up to 14 days

Pros and Cons of a Balance Transfer

A balance transfer may help you save money and simplify your debt situation, but there's no guarantee you'll get what you need, and there are other potential roadblocks you'll encounter during the process.

Pros

• You can save hundreds on interest: Depending on how much debt you're transferring and the original interest rate, you could save hundreds of dollars in interest charges by using a 0% APR promotion.
• It consolidates multiple balances into one: Using a balance transfer credit card to pay off multiple balances can help simplify your debt payoff plan, making it easier to keep track of your monthly payments and progress.
• You may benefit from other card features: Some balance transfer credit cards also offer welcome bonuses, 0% APR promotions on purchases, ongoing rewards and other valuable features you can enjoy.

Cons

• There are no guarantees: If you're applying for a new credit card, there's no assurance that the card's credit limit will be high enough to cover your full debt balance. You'll also typically need good credit to get approved — according to FICO, that's a credit score of 670 or higher — and even then, other factors may get in the way of approval.
• It could damage your credit temporarily: If you transfer balances from multiple credit cards to a single account, it could cause your credit utilization ratio — the percentage of your available credit that you're using at a given time — to spike, damaging your credit until you pay down the balance.
• It's not without costs: You'll usually have to pay a balance transfer fee, which can be hundreds of dollars, depending on how much debt you're transferring. Additionally, if you're not diligent with your payoff plan or you have too much debt to pay off, you may end up paying interest on at least some of the balance after the introductory period expires.

Is a Balance Transfer Right for Me?

A balance transfer isn't the right move for everyone, so it's important to understand your situation and goals to determine whether to use one. Here are some situations where it might make sense to request a balance transfer:

• You have a lot of high-interest credit card debt.
• You expect to be able to pay off the debt within a year or two.
• You have great credit (if you plan to apply for a new card).
• You have your spending under control and aren't in danger of racking up more debt after you make the transfer.

Alternatively, you may want to think twice about using a balance transfer to pay off debt if:

• You don't have a lot of credit card debt.
• You could pay off the debt in a handful of months.
• Your credit is in less-than-stellar shape (if you're applying for a new card).
• You're not planning to pay off most or all of the debt within the promotional period.

Remember, a balance transfer doesn't fix the behavior that got you into debt in the first place. If emergency expenses blindsided you and you didn't have enough savings to cover them, try to focus on building your emergency fund. If you've racked up debt with overspending, consider taking a break from credit cards until you can get your spending habits under control, so you can avoid repeating the process.

As an independent publication dedicated to helping you make the most of your money, the article above is our view of the best deals and is not the opinion of any entity mentioned such as a card issuer, hotel, airline etc. Similarly, the content has not been reviewed or endorsed by any of those entities.

Stocks closed lower Friday, with the Dow Jones Industrial Average falling 1.3% to 29,634, the S&P 500 Index shedding 2.4% to 3,583, and the Nasdaq Composite surrendering 3.1% to 10,321.

Today's decline had the major market indexes paring the gains earned in Thursday's whipsaw session, and secured weekly losses for the Nasdaq (-3.1%) and S&P 500 (-1.5%). The Dow, on the other hand, finished with a weekly advance of 1.2%.

Stocks started the day higher, but turned south after the University of Michigan consumer sentiment index edged up to 59.8 in October from September's reading of 58.6 – continuing its rise off the all-time low reading near 50.0 from June.

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"Consumer sentiment rose in early October as views of current conditions improved," says Tim Quinlan, senior economist at Wells Fargo Securities. "Inflation expectations continue to be the key component of this release, and though both short- and long-term expectations rose, importantly long-term expectations remain at a level the Fed will still consider well-anchored."

Time to Buy Bank Stocks?

Bank earnings were another area of focus for investors today. Major financial firms JPMorgan Chase (JPM, +1.7%), Citigroup (C, +0.7%) and Wells Fargo (WFC, +1.9%) headlined this morning's earnings calendar – marking the start of what's expected to be a dreary earnings season. 

Results from three of the country's largest banks largely beat expectations, and the stocks responded in kind.

Additionally, JPMorgan CEO Jamie Dimon "made several comments regarding the bank's ability to manage capital expressing confidence that any negative impacts in the macro environment, risk-weighted asset levels, or AOCI can be easily handled by the current capital levels and earnings power of the company," says David Wagner, portfolio manager at Aptus Capital Advisors. "We saw the underwriting standards were not really loosened earlier so no 'tightening' is needed or being performed at this time, which is a great component of this high-quality bank."

As for Citigroup, "a lower cost of capital and net investment income is the microcosm for the beat in our opinion," Wagner adds.

Given this strength on and off the charts, many investors may be wondering if it's time to buy beaten-down bank stocks? Here, we take a look at what analysts are saying about JPM, C and WFC.

U.S. stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could lead to an economic recession, while investors digested the early stages of earnings season.

In what has been a volatile week for stocks, equities opened higher before reversing course after data from he University of Michigan showed consumer sentiment improved in October but inflation expectations worsened as gas prices moved higher. Retail sales data also indicated resilience among consumers.

"You get that University of Michigan data to say that maybe we are going to see those inflation expectations rising, and the Fed really wants to front-run inflation expectations, they understand monetary policy doesn’t operate mechanically, it operates more psychologically through expectations, so they want to make sure those expectations stay firmly planted around 2% to 2.5%," said Brian Jacobsen, senior investment strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.

The data came a day after a reading on consumer prices showed inflation remains stubbornly high.

The Dow Jones Industrial Average fell 398.96 points, or 1.33%, to 29,639.76, the S&P 500 lost 80.64 points, or 2.20%, to 3,589.27 and the Nasdaq Composite dropped 288.66 points, or 2.71%, to 10,360.49.

Corporate earnings season started to pick up steam, helping lift banks, up 0.16%, to be among the few bright spots on the session after quarterly results from JPMorgan Chase & Co, which gained 2.12%, Citigroup Inc, up 0.76%, and Wells Fargo & Co, which rose 2.65%.

"The message I got from them is things are looking pretty good from an economic perspective despite the challenges but they increased loan-loss reserves just in anticipation that you are going to see some more slowing," said Jacobsen.

UnitedHealth gained 0.71% as one of the few Dow components to move higher on the session after the health insurer posted better-than-expected quarterly results while raising its annual forecast.

Analysts now expect third-quarter profits for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data.

The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines.

Kroger Co dropped 8.01% after the supermarket chain said it would buy smaller rival Albertsons Companies Inc in a $24.6 billion deal.

Tesla Inc slumped 6.18% following media reports that the electric vehicle maker has put on hold plans to launch battery cell production at its plant outside Berlin due to technical issues.

Investors also monitored UK politics after British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil.

Declining issues outnumbered advancing ones on the NYSE by a 4.18-to-1 ratio; on Nasdaq, a 2.91-to-1 ratio favored decliners.

The S&P 500 posted 5 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 56 new highs and 171 new lows.

(Reuters Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

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If better-than-expected quarterly results from three of the nation's biggest financial firms are any indication, there might be bargains lurking among bank stocks.

JPMorgan Chase (JPM, $112.92), Wells Fargo (WFC, $43.89) and Citigroup (C, $43.55) marked the unofficial opening of the third-quarter earnings season on Friday, and they did so on an upbeat note. 

Indeed, all three big banks exceeded Wall Street's earnings per share estimates, and by wide margins at that.

Shares in the three lenders rose sharply on the news, even as the broader market sold off. True, the market pretty much always overreacts – both to the upside and downside – in the immediate aftermath of a news event such as earnings.

But the buoyancy exhibited by JPM, WFC and C after their respective earnings reports might just mean that bank stocks have been beaten down beyond reason heading into what is widely expected to be a brutal third-quarter earnings season. 

JPM's Bottom Line Beats the Street

JPM, a component of the Dow Jones Industrial Average and nation's biggest bank by assets, reported a less-than-feared 17% drop in third-quarter profit on Friday, as a jump in interest income cushioned a blow from higher loan loss provisions and a slump in dealmaking due to a worsening economic outlook.

Typically, rising interest rates are good for banks because they can charge consumers more, but the broader risk of an economic slowdown and higher cost of borrowing could cloud the economic outlook and hurt future earnings.

Chief Executive Jamie Dimon said in a statement that American consumers continue to spend and businesses remain healthy.

However, he added there were "significant headwinds immediately in front of us," noting stubbornly high inflation leading to higher global interest rates, the uncertain impacts of quantitative tightening, the war in Ukraine and the fragile state of oil supply and prices.

"While we are hoping for the best, we always remain vigilant and are prepared for bad outcomes."

For the quarter, JPMorgan's profit fell to $9.74 billion, or $3.12 per share. Revenue rose 10% to $32.72 billion, helped by a 22% increase in revenue from fixed income trading.

The bank's adjusted profit was $3.36 per share, well above analysts' average estimate of $2.88, according to Refinitiv data.

Credit Suisse analyst Susan Roth Katzke said "simply put, JPMorgan delivered a solid set of results, from top to bottom."

Citigroup and Wells Fargo Also Join the Beat Parade

Citigroup, the nation's third-largest lender by assets, reported net profit of $3.5 billion, or $1.63 per share, in the three months ended Sept. 30. Analysts on average had expected a profit of $1.42 per share. 

True, the bank reported a 25% year-over-year drop in third-quarter profit, hurt by having to set aside more funds to cover soured loans from a potential economic downturn and a slump in investment banking business. However, signs abound that Citigroup's turnaround efforts are beginning to bear fruit. 

Meanwhile, analysts were also too pessimistic about Wells Fargo. The nation's fourth-largest bank reported a 31% decline in third-quarter profit, hurt by costs related to a fake accounts scandal and higher loan-loss reserves.

Yet, like its fellow bank stocks, WFC beat estimates. On an adjusted basis, the lender earned $1.30 per share, or far more than the Street's forecast for $1.09 per share.

Of these three bank stocks, only WFC is beating the broader market so far this year. Shares in Wells Fargo were off almost 12% for the year-to-date through Oct. 13. JPM and C were down 31% and 29%, respectively, over that span, while the S&P 500 was off 23%.

Meanwhile, Buy Calls Abound on the Street

Anytime a stock sells off that hard, bulls can usually point to valuation as a reason to be constructive on a name. Happily for bulls, these banks' quarterly reports make such arguments even more convincing. 

And not for nothing, but industry analysts were already collectively optimistic about these three bank stocks at their current levels.

JPM carried a consensus recommendation of Buy heading into its third-quarter earnings report, albeit with somewhat mixed conviction. Of the 26 analysts issuing opinions on the stock tracked by S&P Global Market Intelligence, 10 rated it at Strong Buy, six said Buy, nine had it at Hold and one called it a Strong Sell. 

Citigroup also scored a consensus Buy recommendation, with seven Strong Buy calls, two Buys, 14 Holds and one Strong Sell. 

WFC, meanwhile, sported a consensus recommendation of Buy with high conviction. Of the 26 analysts issuing opinions on the stock tracked by S&P Global Market Intelligence, 12 called it a Strong Buy, nine said Buy and five called it a Hold. 

And make no mistake, we're already seeing some analyst upgrades on these bank stocks roll in. CFRA Research upgraded WFC to Hold from Sell on Friday thanks to the bank's third-quarter results. 

The Bottom Line

If there was a sliver of a silver lining to be found heading into what is forecast to be the worst earnings season since the height of the COVID-19 pandemic, it was this: Analysts' estimates were so low that companies should be able to trip over them.

If nothing else, results from JPM, C and WFC accomplished exactly that – at least as far as bank stocks are concerned.

Reuters reporters Mehnaz Yasmin, Lananh Nguyen, Niket Nishant and Noor Zainab Hussain contributed to this article.

Stocks made a valiant rebound attempt on Friday, spurred by a sign that consumers haven't thrown in the towel.

The Commerce Department this morning said retail sales rose 1% month-over-month in June. While most of the increase was a result of higher gas and food prices, Wall Street was still pleased that the figure marked an improvement over May's modest decline and came in above economists' consensus estimate for an increase of 0.9%.

"Spending was broad based and not just boosted by more money spent on gasoline," says Jeffrey Roach, chief economist for independent broker-dealer LPL Financial.

"Given this report, the U.S. might actually post positive growth figures for Q2 and avoid two consecutive quarters of negative growth," Roach adds. "The Fed could try to use this data to support a larger-than-expected hike later this month. Right now, the Fed is focused on the data and if the consumer is stable enough, the Fed could indeed implement a large hike without breaking the economy."

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In other economic news, the University of Michigan's preliminary consumer sentiment survey for July rose to 51.1 from June's all-time-low reading of 50.0, while industrial production contracted 0.2% in June, its first month-over-month decline this year.

Financials (+3.4%) led the charge, as positive earnings reactions for Citigroup (C, +13.12%) and Wells Fargo (WFC, +6.2%) sparked a broad rally in bank stocks.

At the close, the Dow Jones Industrial Average (+2.2% at 31,288), S&P 500 Index (+1.9 at 3,863) and Nasdaq Composite (+1.8% at 11,452) were all higher. However, on a weekly basis, all three major benchmarks ended lower.

Other news in the stock market today:

• The small-cap Russell 2000 soared 2.2% to 1,744.
• U.S. crude futures rose 1.9% to settle at $97.59 per barrel.
• Gold futures gave back 0.1% to finish at $1,703.60 an ounce.
• Bitcoin continued to bounce, gaining 2.6% to $21,138.36. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
• UnitedHealth Group (UNH) was the best Dow Jones stock today, jumping 5.4% after earnings. In the second quarter, UNH reported earnings of $5.57 per share on revenue of $80.3 billion, beating analysts' consensus estimates for earnings of $5.20 per share on $79.7 billion in sales. "Encouragingly, UNH's medical care ratio edged down 50 basis points quarter-over-quarter to 81.5% as COVID-19 activity moderated and should support improved profitability over time," says CFRA Research analyst David Holt, who maintained a Strong Buy rating on the stock. "We think UNH enters the second half in a position of strength, with momentum in its shift to value-based care, especially with further integration of pharmacy-related services. UNH's capital positioning also remained strong in Q2, at $6.9B (1.3x net income), leaving ample flexibility to add physicians in Optum Health and maintain attractive shareholder returns via dividends and repurchases."
• Pinterest (PINS) spiked 16.2% after a report in The Wall Street Journal indicated Elliott Management has built a more than 9% in the firm. The activist investor has had plenty of exposure to social media companies, having previously held positions in Twitter (TWTR) and eBay (EBAY).
• Speaking of Twitter, the stock jumped 3.2% ahead of an appearance on next week's earnings calendar.

How to Choose a Mutual Fund

"Are we there yet?" That's the question many may be asking themselves right now following a first half in which inflation, the Fed tightening cycle and the stock market have taken us on a wild ride, say Carl Kaufman, Bradley Kane and Craig Manchuck, managers of the Osterweis Strategic Income Fund (OSTIX).

"Understandably, investors are anxiously awaiting better news – some tangible evidence we have 'arrived' at the bottom of whatever this is," they say. "The stakes are high, as the specter of recession looms over the economy while we try to figure out where we are, but sadly, the answers are not a simple yes or no."

Investors looking to find calm in the uncertainty might want to give the wheel to skilled, seasoned managers. There is no shortage of mutual funds to choose from, including Kiplinger's favorite low-cost offerings to fill just about every portfolio need. And while sifting through the onslaught of options available is one of the hardest parts of choosing a mutual fund, there are several steps to take to see what works best for you. Read on as we show you the best way to narrow the field.

It was a "good news is bad news" trading session Friday. Rather than cheer a better-than-expected May jobs report, investors pondered how the encouraging numbers would affect the Federal Reserve's path forward.

The Labor Department reported that May nonfarm payrolls grew by 390,000, which was much better than the 318,000 expected. It wasn't a perfect report – unemployment of 3.6% was above estimates of 3.5%, while average hourly earnings growth of 0.3% was below expectations for 0.4% – but it still fanned fears that America's central bank would need to keep up its hawkish bent for longer, meaning that stiff 50-basis-point interest-rate hikes could continue past the Fed's summer meetings.

"The May employment report perfectly describes the current state of the economy. It is likely still expanding and jobs are still plentiful, but companies are facing elevated compensation costs as consumers grapple with inflation amid a tight labor market," says Shawn Snyder, Head of Investment Strategy at Citi U.S. Wealth Management. "However, the strength of the report is a double-edged sword for investors because a resilient economy will likely make the Fed confident that it can tighten monetary policy further."

Meanwhile, Rick Rieder, BlackRock's chief investment officer of global fixed income, sees a potential shift in May's report.

"The persistent headlines of major companies freezing hiring, or reducing staff are clearly indicative of a major change in forward business growth expectations," he says. "This is a watershed moment for the trajectory of payrolls and now directly places the spotlight on how deep this turn will be."

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Speaking of reducing staff, Tesla (TSLA, -9.2%) shares bombed after CEO Elon Musk said in an email Friday that he planned to cut 10% of the electric vehicle (EV) maker's roughly 100,000 jobs, citing a "super bad feeling" about the American economy. President Joe Biden, asked about Musk's take, countered by listing other automakers who were ramping up investments. "Well, let me tell you, while Elon Musk is talking about that, Ford (F, -2.8%) is increasing their investment overwhelmingly," he said, adding that Stellantis (STLA, -3.6%, formerly Chrysler) was also pouring more money into EVs.

Also dragging the market lower was Amazon.com (AMZN, -2.5%), which snapped a six-day, 20%-plus win streak – its best such run since early 2015.

The broader indexes spent Friday retching up much of yesterday's gains. The Nasdaq Composite retreated 2.5% to 12,012, the S&P 500 finished down 1.6% to 4,108 and the Dow Jones Industrial Average dropped by 1.1% to 32,899.

Other news in the stock market today:

• The small-cap Russell 2000 was off by 0.8% to 1,883.
• U.S. crude futures jumped 1.7% to settle at $118.87 per barrel.
• Gold futures fell 1.1% to finish at $1,850.20 an ounce.
• Bitcoin joined in Friday's downturn, declining 2.4% to $29,539.64. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
• American Airlines (AAL) slumped 7.1% after the company updated guidance for several second-quarter metrics. While AAL said it expects revenue to be 11% to 13% higher than where it was in Q2 2019 – up from previous guidance of a 6% to 8% increase – it believes available seat miles in the second quarter, a measure of passenger carrying capacity, will be down 7% to 8% on a two-year basis, wider than its prior outlook for a decline of 6% to 8%. The air carrier also raised its average fuel cost estimate to a per-gallon range of $3.92 to $3.97 from $3.59 to $3.64. AAL dragged several other airline stocks lower today too, with Delta Air Lines (DAL, -3.6%), Spirit Airlines (SAVE, -1.8%) and United Airlines (UAL, -2.9%) among those losing ground.
• CrowdStrike Holdings (CRWD) reported first-quarter adjusted earnings of 31 cents per share on revenue of $487.8 million, beating analysts' estimates for earnings of 23 cents per share and sales of $465.1 million. The cybersecurity firm also posted annual recurring revenue of $1.9 billion and free cash flow of $158 million – up 61% and 34% year-over-year, respectively. "Like its larger cybersecurity peers, CRWD argues that industry fundamentals are as strong as they've ever been," says UBS Global Research analyst Roger Boyd (Buy). "In addition, we see a market leading position, high degree of revenue visibility, strong balance sheet and cash flow generation as attributes that can help CRWD succeed in the current macro environment." Nonetheless, shares slid 6.9% today.

Weather Worries by Setting It and Forgetting It

The worry about 2022's slump is that you can't chalk it up to any one or two things – these losses truly are a team effort.

"Rising inflation, supply chain woes, labor market troubles, dwindling consumer spending, and the general downcast sentiment in the economy are having a combined negative impact," says Kunal Sawhney, CEO of Australian research firm Kalkine Group. Though he adds that unease over runaway inflation is "almost contagious" and that investors "are also increasingly concerned that Fed's monetary tightening could trigger a recession."

As we've mentioned over the past couple of months, one of your best lines of defense is to position your portfolio to combat inflation. Stocks with exceptional pricing power, as well as investments that are either insulated or benefit from inflation, might be able to help investors ward off at least some continued stock-market losses.

But another tack to take is to evaluate the market's best long-term, dividend-paying investments, buy them on the dip, slap on an eye mask and noise-canceling headphones, and let compounding do its thing until you retire – or, if you're already in retirement, let the dividend checks help finance your post-career life.

OK, we jest: You shouldn't check out completely, but the point still stands that steady high-yield stocks like these 20 names can provide significant peace of mind when the market hits scary patches of turbulence.

Kyle Woodley was long AMZN as of this writing.

One trading session after the S&P 500 narrowly escaped bear-market territory, U.S. equity bulls went on the offensive in a day of robust and widespread gains.

A few single-stock headlines did some of the driving Monday. JPMorgan Chase (JPM, +6.2%), for instance, rocketed higher after CEO Jamie Dimon said "there's a very good chance" that his bank would hit a key performance target (17% return on tangible common equity) in 2022, and possibly exceed it in 2023. The announcement, a reversal of more dire guidance earlier this year, sent the sector, including Citigroup (C, +6.11%), Bank of America (BAC, +5.9%) and Wells Fargo (WFC, +5.2%), higher too.

Also Monday, shares of VMware (VMW, +24.8%) popped amid a Bloomberg report that semiconductor firm Broadcom (AVGO, -3.1%) was in talks to acquire the $40 billion virtualization and cloud computing firm.

While little information about a potential deal was available, Stifel analyst Brad Reback says "We believe it makes sense on many fronts as a Broadcom-controlled VMware will likely be much more profitable, less dependent on top-line growth and have less pressure to accelerate its ongoing shift to a (software-as-a-service) model."

The Dow Jones Industrial Average climbed 2.0% to 31,880, while the Nasdaq Composite was up 1.6% to 11,535. And all 11 of the S&P 500's sectors finished in the green, pushing the index 1.9% higher to 3,973 to give it some distance away from bear-market territory.

Some of the day's upward momentum might have been simply good old-fashioned dip-buying now that equity valuations have cooled off significantly from earlier-year levels. "Remember when stocks looked expensive on valuation?" say BofA Securities researchers. "The forward P/E ratio of the S&P 500 is now 16.5x, down from the high of 21.4x."

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But investors might want to stay cautious, given a number of previous head fakes from the market. Michael Reinking, senior market strategist at the New York Stock Exchange, said it would be important for the S&P 500 to, among other things, close above Friday’s high, which it did.

"One thing that I will highlight that is different about today's rally than the last few attempts is that while the strength is broad-based, the leadership is coming from financials, and not just the beaten-up long duration/tech stocks that have led to the downside."

Other news in the stock market today:

• The small-cap Russell 2000 was 1.1% better to 1,792.
• U.S. crude oil futures eked out a marginal gain to end at $110.29 per barrel.
• Gold futures rose 0.3% to settle at $1,847.80 an ounce, marking a third straight win.
• Bitcoin recovered to above the $30,000 level over the weekend, but shed all of those gains Monday afternoon, hitting $29,058.38, off 0.7% from Friday afternoon's prices. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
• Autodesk (ADSK) shed 4.1% after Deutsche Bank analyst Bhavin Shah downgraded the AutoCAD software developer to Hold from Buy. This comes ahead of ADSK's fiscal first-quarter earnings report, set to be released after Thursday's close, with Shah noting that recent conversations with platinum partners indicate mixed quarterly results. The analyst also points to the potential for downside revisions to fiscal-year estimates due to slowing adoption of multi-year contracts, as well as forex and Russia-related headwinds.
• Starbucks (SBUX) became the latest company to announce it is completely exiting operations in Russia, joining the likes of McDonald's (MCD) and Exxon Mobil (XOM). The coffee chain was one of many companies that pulled out of Russia when the country invaded Ukraine earlier this year. Starbucks has been in the Russian market for 15 years and has 130 locations throughout the country that account for less than 1% of its annual revenue. CFRA Research analyst Catherine Seifert maintained a Hold rating on SBUX in the wake of the news. "SBUX said it plans to pay associates in Russia their salaries for the next six months and provide assistance as they 'transition to new opportunities outside of Starbucks,'" the analyst says. "Weighing still-decent sales trends with an expected margin contraction in 2022, we view the shares as fairly valued versus peers, but worth holding."

Get the Best of Both Worlds. Get GARP.

Until the light at the end of the tunnel is identified as the sun, and not an oncoming train, investors would be wise to be especially discriminating when considering any new positions. Value stocks continue to be a popular choice among the analyst community, for instance, as Wall Street continues to severely punish gaudily priced stocks at the faintest whiff of trouble.

Wells Fargo Investment Institute strategist Chris Haverland and analyst Austin Pickle suggest looking at more than just price, however.

"We believe multiples may continue to decline in the near term as investors price in the increasing likelihood of a recession," they say. "In this environment, we favor focusing on reasonably priced, high-quality U.S. companies with consistent revenue and earnings growth."

Investors looking for this blend of value and growth are looking for "GARP": growth at a reasonable price. By focusing on both traits, investors can improve their chances of avoiding both stocks at high risk of a valuation-related tumble, as well as companies that are merely cheap because their prospects are lacking. Read on as we explore seven great GARP stocks that fall into this happy middle ground.

Stocks fell across the board at the holiday-shortened trading week's conclusion as mixed bank earnings and cloudy economic data dampened bulls' enthusiasm.

The Commerce Department on Thursday reported that while retail sales did indeed grow for the third consecutive month, inflation clearly took a bite. March's retail sales were up 0.5% month-over-month, a slowdown from February's upwardly revised 0.8% growth and lower than expectations for 0.6% expansion.

"There's no doubt rising energy and gas prices are starting to take a toll on household budgets," says Peter Essele, head of portfolio management for Commonwealth Financial Network. "March's report could be an early sign that consumers are starting to put away their wallets as prices for many goods soar across the board."

Also Thursday, the Labor Department said initial jobless claims for the week ending April 9 climbed a bit from the prior week, to 185,000 from 167,000 (revised), which was well more than the 170,000 expected.

Meanwhile, the first-quarter earnings season continued its debut with a mixed slate of reports from the nation's largest financial-sector firms.

Wells Fargo (WFC, -4.5%) stumbled hard as a decline in mortgage lending caused its Q1 revenues to come up short of Wall Street's mark; profits were better than expected but still were off 21% year-over-year.

Morgan Stanley's (MS, +0.8%) earnings were off 8%, but the stock was slightly in the green as a blowout quarter for its trading desks fueled easy top- and bottom-line beats. Similar success in Goldman Sachs (GS, -0.1%) and Citigroup's (C, +1.6%) trading divisions helped them easily hurdle earnings expectations, though both suffered 40%-plus declines in profits.

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And super-regional bank U.S. Bancorp (USB, +4.2%) was one of the sector's top performers after besting Q1 estimates, though here too, earnings were off from year-ago levels.

"This looks like a case where the banks underpromised and overdelivered as a way of putting lipstick on a very unattractive quarter," says Anthony Denier, CEO of trading platform Webull. "Overall earnings were terrible, but because they led analysts to believe their earnings would be worse, investors were happy."

Even Twitter (TWTR, -1.7%) managed to fall despite explosive M&A news. Just more than a week after it was reported that Tesla (TSLA, -3.7%) CEO Elon Musk had built up a 9%-plus stake in the social media platform, a new filing revealed that Musk is trying to buy Twitter outright for $54.20 per share.

The Nasdaq Composite took the worst brunt, off 2.1% to 13,351, good for a 2.6% weekly decline. The S&P 500 (-1.2% to 4,392) was down 2.2% for the week, and the Dow Jones Industrial Average's modest 0.3% dip to 34,451 cemented a 0.8% weekly loss.

And a quick reminder: Tomorrow (Good Friday) is a stock market holiday.

Other news in the stock market today:

• The small-cap Russell 2000 shed another 1% to 2,004, putting the index ahead by 0.5% for the week.
• U.S. crude oil futures jumped 2.6% to finish at $106.95 per barrel.
• Gold futures snapped their five-day winning streak, slipping 0.5% to settle at $1,974.90 an ounce.
• Bitcoin dropped back below the $40,000 mark, declining 3.1% to $39,782.41. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.
• Susquehanna Financial Group analyst Mehdi Hosseini downgraded Seagate Technology (STX, -3.2%) to Negative (Sell), saying quarterly cloud spending may peak in the second half of this year. This will likely be followed by relatively weaker spend trends into 2023, the analyst adds. While some of this is already priced, Hosseini argues "the extent of deceleration in cloud capex spend by year-end 2022 and into 2023, and its impact, is still not dialed into expectations and certainly not in the current consensus.. The analyst also downgraded fellow tech stock Western Digital (WDC, -3.2%), to Neutral (Hold).
• Nike (NKE) was the best Dow Jones stock today, gaining 4.7% after UBS Global Research analyst Jay Sole (Buy) said he was "very bullish" on the blue chip. "Nike will be a long-term outperformer, in our view," Sole says. "The company's investments in product innovation, supply chain speed, and digital are unlocking what is likely a multiyear period of above average growth. We forecast a 16% four-year earnings per share compound annual growth rate."

How Do You Fight Off Rising Prices? With Pricing Power!

Earlier this week, consumer and producer price reports alike showed that U.S. inflation is still in a full-blown sprint. That has Wall Street strategists continuing to look for stocks that can stave off inflation.

UBS's analyst team has just taken a look into pricing power, a company's ability to raise prices without significantly reducing demand.

"With inflation pressures surging, pricing power relative to cost exposures will be a key theme and source of alpha for global equity markets," says UBS's team. "Historically, when the U.S. two-year inflation breakeven has been above 2.5%, companies with strong pricing power have outperformed their weak counterparts by nearly 14% on average over the next 12 months."

UBS goes on to highlight a number of U.S. and international stocks that boast strong pricing power – as well as some names that come up short and could struggle as long as inflation remains hot. Read on as we explain more about this tactic for tackling inflation and look at UBS's winners and losers.

One of the primary reasons companies undergo stock buybacks is because it can have a salubrious effect on the shares that remain outstanding. Mathematically, this is true. 

A simple example will illustrate the point. If a company has 1 million shares outstanding, earns $2 per share and trades at $30 per share, it has a price-to-earnings (P/E) ratio of 15, i.e., $2 per share times 15 equals $30. But what happens if this company buys half of its shares back? Its earnings per share will become $4. If the market continues to value the company at 15 times earnings, the stock price should trade up to about $60, a big jump. 

Here, we look at some of the most aggressive buyers of their own shares. For instance, Marathon Petroleum (MPC) has bought back about 29% of its shares over the last four quarters according to FactSet. Steel Dynamics (STLD) has bought back about 11%, small by comparison, but still a big number. 

If you remain in a stock where buybacks are high, it's important to assess the overall health of the company, since a decline in earnings will ultimately take the shares down. Also important is to look at the stock buybacks relative to the cash the company is generating from operations.  

Large buybacks relative to cash flow can spell trouble if a company's fortunes change, but even absent trouble, it can also bring the buyback program to a halt. In that case, an investor is simply left with a company that must succeed on its merits and not its metrics. As a result, investors should not buy a stock because of buybacks, but fundamentally superior stocks that buy their own shares aggressively have the wind at their backs. 

Below, we take a closer look at six companies actively involved in stock buybacks.

Data is as of March 29. Dividend yields are calculated by annualizing the most recent payout and dividing by the share price. 

• Market value: $53.4 billion
• Dividend yield: N/A

Internet and cable provider Charter Communications (CHTR, $349.71) has been reducing its share count since 2016, when it reached a high of 270 million shares. This was also the year Charter purchased Time Warner Cable and Bright House Networks for $67 billion.  

Since then, Charter has whittled its share count which now sits at about 153 million shares.  According to the latest 10K filing, the company can purchase about $400 million under its  current authorization, which, at today's prices, could be another 1.2 million shares. 

Merger-related costs took the punch out of 2017 earnings, but since 2016, Charter has grown total earnings at 6.2% annually. Owing to the reduction in share count over the past six years, earnings per share have increased almost twice as quickly, at 12% average annually. 

The communication services stock has responded in kind, rising from about $175 to today's $350, a neat double. All of this was a bit more compelling in the summer of 2021, however, when CHTR shares reached a peak of more than $800. Still, a double is a double. 

Buying the buybacks is a strategy that works when you are in the stock for a long time, which begs the question of whether or not Charter is a good long-term hold. This may be more questionable. First, the cable and internet businesses are wracked by fierce competition and rapid technological change. Who knows what's next? Second, sales, earnings and margin growth, while positive, have been tepid at Charter.

The last item that merits a close eye at Charter is the amount of shares bought back in 2022 as a percentage of cash from operations. CHTR operations generated about $15 billion in cash last year, and the company bought back $10.2 billion in stock, a high ratio by some yardsticks.  

With capital expenditures at $9 billion, that means Charter is funding stock buybacks with debt. The company already has more than $97 billion in debt. With interest rates rising across the board, refinancing debt, if not less likely, is definitely more expensive and this could bring the buyback game to an end at CHTR.  

• Market value: $19.0 billion
• Dividend yield: 1.5%

The share count at Steel Dynamics (STLD, $110.04), which makes a variety of steel products, reached a high in 2016 at around 244 million shares. At the end of last year, the figure was approximately 175 million, a reduction of 28%.  

Since that time, earnings per share have grown at about 56% per year on average. Total earnings, i.e., profits before dividing by the number of shares outstanding, grew 47%, indicating that share repurchases drove earnings per share by about nine percentage points each year. 

If you have held onto STLD during this time, you have been richly rewarded, with shares rising from about $18 to the current $113. Shorter term, shares might be choppier. Spending that accompanied the recovery from COVID is abating. Further, 50% of revenues are construction-related, which is interest-rate sensitive, and would be susceptible to a recession, should one occur. And finally, the fortunes of STLD are tied to steel prices which it cannot control.

For now, however, steel prices are a benefit. Using rebar as a proxy for the market at large, prices bottomed out in November of last year at about $3,500 a ton, but have since risen 20% to the current price of roughly $4,200.  

A recession is in the offing, but against this possibility are a construction boom as China reopens and a generation shift in energy infrastructure for green, as well as traditional, power sources. When you look at a wind farm stretching off to the horizon, think steel.

Steel Dynamics is a well-managed company. Since 2016, It has acquired mills, built others and added additional capacity. While earnings and the return on equity have been lumpy during this period, overall, the trajectory is upward, and at intervals spectacularly so. 

Slated for 2024 is a biocarbon facility that will provide some of its mills with a renewable alternative to fossil fuel carbon. In 2025, a $2.5 billion aluminum mill is slated to come on line.

Finally, STLD offers a modest dividend, around 1.5% but has grown it on average about 17% annually since 2016.  

• Market value: $12.9 billion
• Dividend yield: 1.1%

Homebuilding is the kind of business that could easily, and perhaps justifiably give an investor the willies these days. Inflation is driving up the cost of materials, mortgage rates have been on the rise and there's the threat of a looming recession. And though this is the recession that never arrives, its looming prospect is making homebuyers twitchy. 

However, if investors only bought stocks under ideal conditions, they might never buy anything. 

The case for PulteGroup (PHM, $57.15) is the inexorable demand for new homes, a strong balance sheet, a strong market position backed with skilled management and a commitment to buying its shares back that has sent earnings per share soaring.

Pulte has been reducing its share count since 2012. Over the last five years starting in 2017, shares have shrunk from 287 million to about 226 million, a reduction of 21%. During this time, earnings per share have soared, growing from $2.24 in 2017 to last year's $11.01, or 37.5% average annually. Total earnings, i.e., not earnings per share, have grown at about 30% average annually, indicating that stock buybacks have seven and a half percentage points to earnings per share each year.

With such a stellar contribution to earnings per share, the wise investor might ask if PHM's financial performance can support continued buybacks. Maybe.

Pulte bought $1.1 billion of its own shares in 2022, but cash flow from operations was just $668 million. It didn't take out debt to fund these purchases, but largely drew down its cash on hand. In 2021, cash from operations was greater than share repurchases. The change was driven by a big spike in homes in inventory, almost doubling in 2022 to $2.3 billion and hoovering up a lot of PHM's cash in the process.  

The company authorized a fresh $1 billion for share repurchases about a year ago, and has about $383 million in dry powder. Earnings are expected to dip in 2023, so there may be a pause, but since Pulte has been reducing its share count every year for more than a decade, it may be the pause that refreshes.  

• Market value: $114.5 billion
• Dividend yield: 2.2%

In an inflationary environment, consumer spending typically takes a hit and Lowe's (LOW, $191.94), a home improvement retailer, has been hurt by this trend. Unsurprisingly, in its fourth-quarter results, the company reported a drop of 1.5% in its comparable sales versus year-ago figures. Earnings per share also fell to $1.58 for the quarter from $1.78 of the previous year. 

But while the short term looks uncertain for LOW, the stock merits long-term consideration due to its strong commitment to return excess capital to its shareholders. The company has been consistently reducing its share count every year, managing to decrease the number of shares by almost half, from 1.24 billion in 2011 to 670 million in 2021. In 2022, the company bought back 71 million more shares for a total of $14.1 billion. The Dividend Aristocrat also paid its shareholders $2.4 billion in dividends for the year.

Lowe's impressive cash flow generation, thanks to a strong gross margin of 33.2% and an admirable operating margin of 10.5% in 2022, sets the stage for continued stock buybacks. 

That said, the company's buyback activity has been aggressive relative to cash. For the nine months ended Oct. 28, year-to-date stock repurchases were $12.1 billion, while cash flow from operations was $8.1 billion. Lowe's investment-grade rating enables it to raise debt capital relatively easily, and it did during the first nine months of the year to the tune of $9.7 billion, which, de facto, financed some of the repurchases. This can continue, but cannot go on forever. 

While the company's 2023 outlook is muted, LOW remains confident in the medium- and long-term outlook for the discretionary sector, with plans of strengthening its Total Home strategy to establish itself as a one-stop shop for both DIY and Pro customers in the U.S.

The company's decision to divest out of its Canadian retail business, which was finalized last quarter, also indicates that Lowe's is ready to cut underperforming areas and focus on segments of its business with more growth potential.

LOW is now trading about 10% below its value a year ago. For investors who are looking for a stable company that provides a steady stream of passive income, the stock is worth considering.

• Market value: $44.1 billion
• Dividend yield: N/A

AutoZone (AZO, $2,395.37) has been aggressive with its stock buybacks for decades now, making shares very attractive, especially for long-term investors. In fact, the company's share count has gone down to less than a third of what it was 15 years ago – from 66 million shares in 2007 to just 19 million in 2022. It seems as if AZO management is taking the company private drip by drip. 

Fueling its share buyback program is AutoZone's healthy cash flow, maintaining its operating margin above 20% in the past decade, and growing its profit consistently over the same period.

Further, in the current environment where prices of new cars in the U.S. are going through the roof, and with higher interest rates, more consumers are deciding to hang onto their current wheels, even if it's a clunker. 

This is good news for automotive parts and accessories retailers like AutoZone, which saw 5.3% growth in same-store sales last quarter, and an increase of 6.9% in operating profit. In fact, AutoZone's same-store sales growth consistently beats growth in total auto parts sold at retail. 

Nevertheless, the same forces that help buoy AZO's profits could be a double-edged sword. That is, higher fuel costs and smaller wallets may tamp down driving altogether or cause consumers to seek other transportation alternatives altogether. Electric vehicles (EVs), while not immune to the auto parts business, require less maintenance, and for now, are too intimidating for most do-it-yourselfers.

AZO has been a consistent long-term buyer of its stock, but recently, it has been an aggressive buyer too. For instance, in 2020, share repurchases of about $930 million were about a third of cash flow from operations. In 2021, share repurchases were almost equal to cash flow from operations, and in 2022, the $4.44 billion in stock buybacks were $1.2 billion more than cash from operations. This is good for earnings per share, but levers up the company through the issuance of more debt. 

Mixing and stirring, this could mean that AZO eases back on share repurchases. After all, the debt needed to finance share repurchases in excess of cash from operations is going to be more expensive due to interest rate increases and may stay that way due to generally hawkish Fed policies. 

• Market value: $60.3 billion
• Dividend yield: 2.2%

Marathon Petroleum (MPC, $133.94), a crude oil refiner based in Ohio, has slowly but surely been repurchasing its own stock – from a high of 680 million shares in 2018, the company's share count now stands at 442 million. The share count reduction has driven an increase in earnings per share, albeit a lumpy one, but what's really driving MPC earnings are energy prices – making the stock worthy of consideration for investors to buy.

Longer term, stock buybacks will exert their influence, and Marathon is an enthusiastic buyer of its own shares, making nearly $12 billion of purchases during 2022. This was below cash provided from operations, which was $16.3 billion. In 2020, Marathon didn't purchase any stock, and in 2021 it bought nearly $5 billion, suggesting that its appetite may be tied to energy prices. 

Looking at short-term trends, the energy stock has benefited from the geopolitical uncertainties and sanctions imposed against Russia, one of the biggest oil and gas producers in the world. In fact, MPC almost doubled its net income in the most recent fiscal year, from $9.7 billion in 2021 to $14.5 billion in 2022.

With the reopening of China and easing travel restrictions due to COVID, as well as the continued unpredictability of the Russia-Ukraine war, things are looking good for MPC in the medium term. 

Additionally, crude oil prices are expected to firm up soon due to rising demand in spring as the weather improves. Gasoline inventories in the U.S. are currently at the lowest level in 10 years, so refiner stocks like MPC remain very attractive. Marathon is currently trading about 58% higher than its value a year ago.

Still, with the Fed still hiking interest rates, the looming threat of a recession could dampen demand. Regardless, the energy patch remains the oasis for the foreseeable future, and with MPC's strong fundamentals and prospects for the future, the stock is worth considering now. As they say, strike while the iron is hot.  

While there is ample supply of dividend stocks to be found on Wall Street, finding high-quality ones whose payouts are secure can be a little more tricky.

What's more, following years of big gains in the equity markets, stock prices for many of the best dividend payers is in the clouds.

The S&P 500, for instance, currently trades at a relatively rich forward price-to-earnings (P/E) ratio of 19.5, according to Yardeni Research – even after markets posted one of their worst months in years in January.

As a result of market multiples that have stayed elevated, experts are predicting S&P 500 Index returns will be far more modest in 2022. According to FactSet, the consensus forecast among analysts targets S&P 500 returns of roughly 10% this year. This is certainly respectable compared to the average annual performance for this index, but well below the sizzling 27% return delivered by S&P 500 stocks last year.

And income investors who seek outsized returns in 2022 face an uphill battle due to a much lower-than-usual S&P 500 dividend yield. Dividends traditionally account for significant portions of stock market returns. But at present, the S&P 500 yield is meager, at roughly 1.3%. This is the lowest level since 2000, and a far cry from the 3%-5% yields consistently delivered by S&P 500 stocks prior to the 1990s.

Beating the consensus estimate for market returns this year will require a combination of 1) high-quality stocks priced at a discount to the market and 2) offering exceptional dividend strength and yields.

With that in mind, here are seven discounted dividend stocks offering outsized yields. To curate this list, we looked for stocks that are currently valued well below their five-year average forward price-to-earnings ratios and/or their sector peers, as well as those offering dividend yields higher than the S&P 500 Index.

Data is as of Feb. 7. Dividend yields are calculated by annualizing the most recent payout and dividing by the share price. Historic valuations are based on the average five-year P/E ratio as determined by earnings. Stocks are listed in reverse order of valuation.

• Market value: $131.7 billion
• Dividend yield: 3.1%
• Forward price-to-earnings (P/E) ratio: 8.6
• Discount to historic valuation: -18.9%

Citigroup (C, $66.36) ranks as the third largest U.S. bank. After being fined $400 million in late 2020 for weak governance and internal controls, the financial firm changed its leadership last year while also announcing a major business overhaul to improve returns. Citi is exiting retail banking in India and 12 other countries where it lacks scale and focusing instead on wealth management in four key markets – Singapore, Hong Kong, London and Dubai.

Citigroup is reportedly close to selling its Taiwan consumer banking unit to a Singapore company for $2 billion and has already shed retail banking operations in Indonesia, Thailand, Malaysia and Vietnam. In addition, the bank plans to sell its consumer banking franchise in Mexico. Completion of the restructuring is targeted by 2023.

According to management, once the business overhaul is completed, Citigroup anticipates freeing up $7 billion of capital, which can be returned to investors or reallocated to its higher-return businesses.

In the fourth quarter, Citigroup's revenues rose 1% on a year-over-year basis. Earnings per share (EPS), on the other hand, declined 26% mainly due higher costs and the impact of $1.2 billion of write-offs related to business sales. Excluding these charges, EPS improved 4%, thanks in part to a 4% reduction in shares outstanding.

Even with these lackluster top-line results, Evercore analyst Glenn Schorr doesn't envision much downside to C stock from current levels as the turnaround plan continues to be executed.

C is one of the cheaper dividend stocks around, trading at 8.3 times forward earnings – a 21% discount to its five-year average P/E ratio. Citi also trades at just 0.7 times book value, a 43% discount to its fellow financial stocks and nearly 20% below its historic book value multiple. Plus, C's robust 3.2% dividend yield appears safe given payout ranges around 20%.

• Market value: $4.7 billion
• Dividend yield: 3.2%
• Forward P/E ratio: 9.2
• Discount to historic valuation: -23.9%

Oil and gas producer Civitas Resources (CIVI, $55.17) was formed last November through the combination of three firms – Bonanza Creek, Extraction Oil and Gas and Crestone Peak Resources. The new entity develops and produces crude oil, natural gas and natural gas liquids in Colorado's Denver-Julesburg Basin, where it operates approximately 500,000 acres and produces roughly 160,000 barrels per day.

Civitas Resources is the largest pure-play energy producer in this prolific basin and recently became the state's first carbon neutral oil and gas producer by purchasing enough carbon credits to fully offset its carbon emissions.

While the company's primary focus is improving economic returns and cash flow rather than growth, Civitas Resources delivered strong September quarter adjusted earnings of $1.79 per share – beating consensus analyst estimates by 22 cents per share – and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) per share of $3.74. These results underscore the exceptional safety of CIVI's dividend; payout stands at just 15% of adjusted EPS and 12% of cash flow.

The company expects to maintain broadly flat 2022 production while investing 50% of cash flow in new drilling. This will leave the remaining 50% for dividend growth, acquisitions and other value creation strategies. Civitas Resources is supported by a fortress-like balance sheet showing a 0.3x ratio of debt-to-EBITDA. The company is committed to maintaining this ratio below 0.5x.

In addition to exceptional financial strength, CIVI's competitive advantages include the lowest overhead costs per barrel of its peer group, an advantage likely further enhanced by yet unrealized synergies and economies of scale as the integration is completed.

What makes CIVI one of the best discounted dividend stocks?

The company hiked its dividend 32% (relative to pre-transaction levels) in the December quarter and shares offer the highest base dividend in its peer group. Going forward, the company also plans to return 50% of free cash flow after the base dividend to investors via variable dividends.

CIVI is valued at 9.2 times forward earnings – a roughly 30% discount to its fellow energy stocks. Shares earn a Buy rating from all six of the Wall Street analysts following it. Bulls like it because of its solid balance sheet and cash flow generation, as well as its commitment to returning half of free cash flow (FCF) to investors via dividends.

• Market value: $124.1 billion
• Dividend yield: 9.3%
• Forward P/E ratio: 5.5
• Discount to historic valuation: -38.0%

Rio Tinto Group (RIO, $76.64) is one of the world's largest mining companies and a global leader in iron ore, aluminum and copper production. At present, RIO is benefitting from surging metal prices that have resulted from a recovery in industrial demand, stepped-up infrastructure spending and new green energy initiatives. Demand-driven price gains have more than offset modest production declines resulting from COVID-19 staffing challenges.

The company's first-half 2021 earnings more than doubled, easily beating consensus analyst estimates. RIO also hiked its dividend 142.5% to $3.76 per share and treated investors to a $1.85 per share special dividend in 2021.

Rio Tinto Group hopes to reduce cyclicality and make its business more attractive to investors by decarbonizing its global footprint, investing in "green" steelmaking and ramping up production of metals like lithium needed for IT and clean energy projects.

For example, the company is acquiring the Rincon lithium mine in Argentina and had planned to invest $2.4 billion in a Serbian lithium mine. The Serbian mine has hit roadblocks from environmental groups, but Rio Tinto says it remains committed to this project, which would position the company as Europe's largest lithium supplier for at least the next 15 years.

Other potential investment risks come from the company's high exposure to China, which accounts for nearly 60% of Rio Tinto's revenues. In addition, Rio Tinto Group is being targeted by activist investor Pentwater Capital for its corporate governance practices.

RIO shares are down roughly 20% from their mid-2021 peak near $95, resulting in one of the more attractively valued dividend stocks. RIO is trading at just 5.5 times forward earnings, which is a 40% discount to the company's five-year historic forward P/E.

Dividends have grown five years in a row, but payout is somewhat high at 74% of adjusted EPS. Still, the company has more cash than debt, at $16.9 billion and $13.5 billion, respectively.

Morgan Stanley analyst Alain Gabriel upgraded RIO to Overweight from Equalweight (the equivalents of Buy and Hold, respectively) in December. He thinks the negative news is fully priced into the stock and sees upside tied to China's improving economic outlook.

• Market value: $27.0 billion
• Dividend yield: 1.6%
• Forward P/E ratio: 5.8
• Discount to historic valuation: -42.6%

Homebuilder Lennar (LEN, $92.03) is a top three builder in each of its 33 largest U.S. markets. The company's operations are geographically diverse with some areas of concentration that include Florida (29% of homes), Texas (16%) and California (14%). In the past six years, Lennar has doubled its number of delivered homes from 27,500 in 2016 to nearly 60,000 in 2021. Plus, the company's new home orders have consistently outpaced deliveries over that same time frame.

A robust housing market bodes well for Lennar's near-term growth. UBS analyst John Lovallo sees housing demand continuing to rise this spring. The analyst initiated coverage on the stock in late January with a Buy rating and a $145 price target, representing implied upside of 57.6% to current levels.

Lennar is distinguishing itself from competitors with technology. The company is partnering with ICON on the world's largest neighborhood of 3-D printed homes. It also teamed up with Veev to construct houses from a panelized technology that can complete builds four times faster than conventional methods.

Lennar achieved the highest sales, earnings, home orders and deliveries in its history during fiscal 2021. Sales rose 21%, EPS grew 82% and deliveries increased 13%. Management expects to deliver approximately 67,000 new homes in fiscal 2022. Analysts, meanwhile, estimate 2022 earnings of $15.93 per share (+11.6% year-over-year) rising to $17.08 per share in fiscal 2023.

Signaling its confidence, Lennar hiked its dividend 50% in January to a new annual rate of $1.50 per share. Lennar has a 32-year track record of consecutive dividend payments and tripled its quarterly payout in 2020. There's plenty of room for future dividend growth too, with payout at a low 9% of EPS.

When it comes to dividend stocks, this one is cheap. At present, LEN shares trade at 5.8 times forward earnings, which is a 39% discount to the stock's five-year average.

• Market value: $7.7 billion
• Dividend yield: 1.6%
• Forward P/E ratio: 5.5
• Discount to historic valuation: -68.5%

Olin (OLN, $48.89) manufactures chemicals for industrial and agricultural applications such as chlorine and caustic soda, vinyls and epoxies. The company is the world leader in producing epoxies and chlor-alkali and the North American leader in bleach and acids. In addition, Olin's Winchester business is the world's top producer of small caliber ammunition used by law enforcement, the military and recreational shooters.

The company plans to boost profits by exiting or downsizing low-margin businesses and focusing on growth areas like epoxies, which are used to build electric vehicles, wind turbines, ships and containers and in infrastructure projects. Another growth area is Winchester, which benefits from 14 million new recreational shooters added in 2020 and 2021.

Olin generated record September quarter earnings from its epoxy and Winchester business segments and posted nine-month EPS totaling $6.07 – swinging to a profit from last year's $5.94 per-share loss. Consensus analyst estimates project 2021 EPS at $9.02, which would be an 11.1% improvement from the year prior.

The company has a 32-year track record of paying dividends, but has held the dividend rate steady for more than 20 years. That could change given the current 1.6% yield on OLN shares that is less than half of the stock's five-year average 3.4% yield.

Payout is ultra-safe at 10% of earnings and the company's balance sheet is solid, showing net debt at just 1 times EBITDA. Olin hopes to increase returns via a recently initiated $1 billion share repurchase. The company has also launched a cash tender offer to redeem $350 million of 9.5% senior notes due 2025.

Investors looking for discount dividend stocks should take a closer look at OLN. Shares are valued at just a 5.5 times forward P/E multiple, which is a nearly 69% discount to the stock's five-year average.

Analysts are certainly bullish on OLN. The stock has Buy or Strong Buy ratings from 11 of the 15 Wall Street analysts tracking it. The pros appreciate the company's efforts to ramp up pricing power in a market where demand exceeds supply.

• Market value: $1.5 billion
• Dividend yield: 6.2%
• Forward P/E multiple: 4.9
• Discount to historic valuation: -69.0%

America's largest retailer of recreational vehicles (RVs), Camping World Holdings (CWH, $33.22) has grown both organically and via acquisitions from a pure-play RV dealership 10 years ago to a vertically integrated, one-stop shop for new and used RV sales and rentals, repair and servicing, warranties, financing and affiliated campground facilities. A related business, Good Sam Services, provides roadside assistance and member discounts on campsite rentals and fuel purchases.

RV demand is at an all-time high, according to Camping World CEO Marcus Lemonis, and this helped CWH achieve record sales and trailing 12-month adjusted EBITDA in the September quarter. Sales rose 14% year-over-year and adjusted EBITDA grew 33% in the three-month period.

CWH also increased full-year adjusted EBITDA guidance to $915 million to $930 million from earlier projections of $840 million to $860 million. Consensus analyst estimates target EPS at $6.53 for fiscal 2021, +78.4% YoY.

The future outlook for RV sales remains bright too. According to the RV Industry Association, 72 million Americans are planning an RV trip in 2022, up from 61 million last year. Additionally, economic research firm ITR Economics recently increased its forecast for RV shipments to over 600,000 units in 2022.

Camping World Holdings doubled its annual dividend last August and maintains a modest 30% payout. The company has been paying quarterly dividends since 2017 and frequently pays special dividends. Dividend yield is generous at 6.2%, especially considering the many payments of special dividends.

What's more, this is another one of the dividend stocks that appears bargain-priced at current levels. CWH is trading at a 4.9 times forward earnings, which is a nearly 70% discount to its five-year average.

High short interest in the stock is a potential investor concern as is the company's relatively high financial leverage. However, CWH's ratio of free cash flow-to-debt is rising, which may set the stage for aggressive deleveraging.

• Market value: $18.5 billion
• Dividend yield: 3.2%
• Forward P/E ratio: 4.1
• Discount to sector peers: -80.3%*

Viatris (VTRS, $15.26) was formed in late 2020 after Pfizer's (PFE) spunoff Upjohn business combined with generic drugmaker Mylan. Viatris owns a portfolio of generic drugs, biosimilars and various off-patent branded drugs that include Lipitor, Viagra and EpiPen. The company is implementing a two-phase growth plan focused initially on deleveraging, synergies and dividend growth (2021-23) and, longer term, transitioning to pipeline expansion and acquisitions.

Viatris hit the ground running, generating impressive growth for its branded products during the first nine months of 2021. The company is also on track to deliver $690 million of new product revenues in 2021 from new drugs, and generic versions of Eylea and Botox could help fuel longer-term growth too.

Viatris is a cash-flow machine, expected to generate $2.5 billion of free cash flow in 2021. The company has used its cash to pay down $1.9 billion of debt through the end of September, as well as raise its dividend. The greatly improved balance sheet showed $965 million in free cash flow and $1.9 billion of remaining long-term debt in the September quarter. Growth in future FCF will be fueled by operating synergies from combining the two businesses projected to total $1.0 billion by 2023.

Viatris increased its full-year 2021 guidance for revenues, adjusted EBITDA and free cash flow in November.

The company was reportedly in discussions in early December to merge its Mylan biosimilar business with India's Biocon Biologics and spin off the newly formed entity in a $10 billion initial public offer (IPO). In addition to potential plans to boost shareholder returns via a spinoff, Viatris hiked its dividend 9% in January. At the new rate, VTRS shares yield 3.2% with a meager 9% payout.

This dividend stock is deeply discounted, trading at just 4.1 times forward earnings. It's also valued at a low 4.6 times forward price-to-cash flow.

Evercore ISI analyst Umer Raffat questions the timing of a spinoff, but thinks Viatris could boost the value of its biosimilar business by merging with Biocon. Raffat has an Outperform rating on VTRS stock.

* VTRS's valuation compared to its sector peers

If you have a credit card from Chase or Citi, you may be able to borrow against the unused portion of your credit line in the form of a loan. Both issuers are touting the loans to select customers as a quick and easy way to get cash—say, for an unexpected expense or home project.

The primary appeal is convenience. You don’t have to apply for a separate loan or undergo a credit check, and loan payments are rolled in with your regular payment so that you have one bill each month. With the Citi Flex Loan, you can spread out payments for a term of up to 60 months. My Chase Loan, which Chase plans to launch late this year, will have a term of up to 24 months.

For both plans, the interest rate is fixed. Most credit cards have a variable rate, so taking the loan provides more predictability for a big purchase than charging it to your card. But variable card rates will fall further if the Federal Reserve continues to lower the federal funds rate; following September’s decrease of one-fourth of a percentage point, Kiplinger expects another quarter-point cut in late October.

Shop around. The issuer will likely offer you a loan rate that’s lower than your card rate (recent average card rate: 17.14%), but you may find an even better deal elsewhere. (Neither issuer was willing to provide a range of rates charged for the loans, but several Citi cardholders we spoke with said they had received offers ranging from 9.99% to 16.99%.)

If you switch to a card that offers a 0% rate for the first several months you have the account, you’ll fare better as long as you pay off the balance before the no-interest window closes. The Wells Fargo Platinum Visa and U.S. Bank Visa Platinum cards both recently charged zero interest on purchases for the first 18 months.

If you prefer a personal loan, review offers from lenders at lendingtree.com and supermoney.com. Lightstream, a division of SunTrust Bank, recently offered rates as low as 3.99% on personal loans. As you compare loans, check for origination fees and prepayment penalties.

Bank stocks and other financial equities are back in the spotlight again with the dawn of another earnings season. And any wind in their sails is sure to be felt by bank ETFs.

The financial sector helps kick off each quarter’s run of earnings reports, starting with majors such as JPMorgan Chase (JPM) and Citigroup (C), then followed by regional banks, insurers and stock brokers. Robust economic activity means more business for banks – more mortgages, auto loans and business loans, as well as spending via personal credit – and that should show up in their quarterly reports.

Another bullish driver: The Federal Reserve has raised the fed funds rate three times in 2018 alone – which in turn is helping lift interest rates – to help keep America’s economy from heating up too much. That is a good problem to have, especially if you hold bank stocks and funds. Rising rates help banks by improving their net interest margin (the spread between what banks pay out in interest on deposits and what they earn in interest from mortgages and other loans). It’s no guarantee – higher rates can also dissuade consumers from taking out loans – but broadly, rising rates are viewed as bullish for banks and other financial stocks.

These seven bank ETFs provide varying ways to gain exposure to any continued growth in the financial sector.

Data is as of Oct. 11, 2018. Click on ticker-symbol links in each slide for current share prices and more. Yields represent the trailing 12-month yield, which is a standard measure for equity funds.

• Market value: $29.9 billion
• Dividend yield: 1.7%
• Expenses: 0.13%, or $13 annually on $10,000 invested

The Financial Select Sector SPDR Fund (XLF, $26.40) is far and away the largest financial ETF by assets under management, at $29.9 billion – more than triple the next-closest fund, the Vanguard Financials ETF (VFH). It also is a member of the Kip ETF 20, Kiplinger’s list of 20 high-quality exchange-traded funds.

It’s also one of the most diversified ways to invest in the financial sector, though that means XLF is not a pure play on American bank stocks.

Pure-play banks make up just 44% of this fund, with the lion’s share coming from the Big Four banks – JPMorgan, Citigroup, Bank of America (BAC) and Wells Fargo (WFC), and their combined 33% weight. But while JPMorgan is a massive overweight at 11% of assets, it’s not the biggest – that title goes to Warren Buffett’s Berkshire Hathaway (BRK.B, 12.8%), making up nearly all of XLF’s “Diversified Financial Services” allocation.

The rest of the fund is invested across capital markets and consumer finance companies, but also includes a 17% holding in insurers such as Chubb (CB) and MetLife (MET). Insurers obviously are a different business than traditional banks, but still benefit as rates rise by investing their money into higher-yielding bonds.

• Market value: $1.6 billion
• Dividend yield: 1.4%
• Expenses: 0.43%

The iShares U.S. Financial Services ETF (IYG, $126.20) has a slightly narrower mandate than the XLF. It targets commercial banks, asset managers and even credit card companies, but eschews other financial industries – most notably, insurance.

The Big Four play a similarly large role at nearly 35% of the fund, and pure-play banks make up more than half of all assets. But you also get access to the likes of Visa (V) and Mastercard (MA), which are obvious beneficiaries of a roaring economy, as Americans swipe, swipe, swipe their way through more purchases. Credit card companies also have growth appeal as Americans increasingly walk away from cash – a trend that is benefiting from increased adoption of online and mobile transactions.

IYG also invests in companies such as Goldman Sachs (GS) and Morgan Stanley (MS), which lend to corporate clients much like regular banks, but also provide services such as investment management, as well as equity and debt underwriting. That provides a little additional protection against bank-specific downturns.

• Market value: $849.2 million
• Dividend yield: 1.9%
• Expenses: 0.35%

If you are looking for more dedicated bank exposure, the PowerShares KBW Bank Portfolio (KBWB, $52.25) is more your speed. It is one of just a handful of ETFs that provide access specifically to American mega-banks and big regionals.

The KBWB holds just 24 stocks, including the “Big Four.” And as one would expect in such a concentrated portfolio, those larger companies make up a significant portion of the fund – about 33% of the fund’s assets.

However, KBWB’s modified market-cap weighting system ensures that larger regionals – which are a mere fraction of mega-banks’ size – still carry significant heft. For instance, Citigroup, which has a market capitalization of $177 billion, is the top weight at 8.4%, but North Carolina-headquartered BB&T Corp. (BBT) is a 4% weight despite its relatively modest $37 billion market cap. This helps reduce single-stock risk to a small degree.

• Market value: $4.7 billion
• Dividend yield: 1.7%
• Expenses: 0.35%

More growth-minded investors might want to think smaller about their bank-stock exposure.

Regional banks benefit from many of the same drivers as larger financials, such as rising interest rates helping to bolster net interest margin. However, there’s also potential in the form of mergers and acquisitions. The commercial banking space has been shrinking for more than a decade, from 7,870 banks in 2002 to 5,102 in 2016. The financial crisis of 2007-09 shook out some weaker hands, but the number of FDIC-insured commercial banks in the U.S. has been falling even as the industry has recovered. Some of that consolidation has come as larger regional banks swallow up smaller players.

That shines a positive light on funds such as the SPDR S&P Regional Banking ETF (KRE, $57.21), which holds more than 100 regional banks, mostly in the mid- and small-rap ranges.

This is a riskier area, naturally. Regional banks’ health can ebb and flow with the health of their respective regional economies. But you can mitigate some of that risk by holding a geographically diverse fund such as the KRE. This fund also tamps down risk with its equal-weighting methodology, which levels out all holdings upon each rebalancing, ensuring no single stock’s failure can deep-six the entire fund.

• Market value: $362.2 million
• Dividend yield: 1.3%
• Expenses: 0.6%

Investors who want to take the regional theme even farther – especially trying to exploit the potential for share-price spikes thanks to acquisitions – may consider the First Trust Nasdaq ABA Community Bank Index (QABA, $51.40), which invests in smaller regional and community banks.

This First Trust bank ETF holds roughly 170 stocks. To give you an idea about size, understand that the median market cap for the aforementioned SPDR S&P Regional Banking ETF sits at $5.3 billion, while the average QABA constituent is a mere $2.3 billion. And while just 28% of KRE’s portfolio is dedicated to small- and micro-cap stocks, more than 60% of QABA’s assets are invested in these smaller companies. That is largely because QABA’s benchmark index automatically excludes the 50 largest banks or thrifts (including holding companies) based on asset size.

QABA is market-cap weighted, but there are no serious overweights in the portfolio. East West Bancorp (EWBC) – the parent of independent commercial bank East West Bank, which operates out of California – is the top weight at 3.3%. And despite its focus on small caps, QABA boasts a smaller standard deviation (a volatility measure) than KBE and KRE over the past three years.

• Market value: $369.0 million
• Dividend yield: 1.7%
• Expenses: 0.4%

The Invesco S&P Equal Weight Financials ETF (RYF, $41.03) provides wide financial-sector exposure, but with a twist that conservative investors should like.

The RYF holds the same group of 67 securities as the aforementioned XLF; however, it equally weights the portfolio at every rebalancing, throwing market capitalization out the window. That’s how you get top holdings such as annuity and life insurance provider Brighthouse Financial (BHF), which is the smallest holding in the XLF. That doesn’t mean BHF is swelling its chest at anyone; the stock occupies a mere 1.64% of the fund, while the smallest top-10 holding, CBOE Global Markets (CBOE), makes up 1.55%. This is balance personified.

This weighting system greatly eliminates the risk of a sudden collapse in, say, Berkshire or JPMorgan, but it does skew the industry allocations significantly. Namely, insurance (33.6%) and capital markets (30.5%) are the biggest hitters in the fund. Banks are relegated to just more than a quarter of assets.

That makes the RYF a so-so way to express your bullishness on banks … but a strong way for the risk-averse to go long the American financial sector.

• Market value: $32.0 million
• Dividend yield: 1.2%
• Expenses: 0.6%

Finally, the Invesco DWA Financial Momentum ETF (PFI, $32.05) is a way to essentially double down on winners in the U.S. financial sector.

The PFI currently is made up of roughly 50 stocks from a financial-sector index that are selected for their high “relative strength,” or “momentum.” Invesco defines momentum as the “the tendency of an investment to exhibit persistence in its relative performance.” Another way of putting it is that PFI highly values stocks that have done well recently, believing that those stocks are the likeliest to continue performing well.

At each rebalancing, this ETF chooses at least 30 financial stocks with the highest momentum scores, though the number clearly varies. At the moment, this results in a 35% weighting in banks - not particularly heavy, but the biggest allocation, ahead of insurance (22%) and capital markets (21%). Top holdings include Mastercard, JPMorgan Chase and ratings agency Moody’s (MCO). While this strategy would seem to benefit the fund most during extremely bullish periods, PFI actually shines most when the chips are down. The ETF lost 27.2% in 2018 versus the XLF’s 55% in 2008, and just 4.6% in 2011 versus 17.2% for XLF.

Rewards points and cash back aren’t the only benefits of paying with plastic. Card issuers offer extras that range from extended warranties on items you purchase with a card to free museum admission to travel insurance. Even if you’re familiar with your cards’ benefits, now is a good time to review them because several issuers are altering their perks. Here are 14 little-known benefits your credit card may offer.

At one time, only premium travel credit cards with annual fees in the hundreds of dollars refunded the application fee for TSA PreCheck ($85 for five years) or Global Entry ($100 for five years) when you charged the fee to the card. But now the PenFed Pathfinder Rewards card, which charges no annual fee, also refunds the fee for one of the two services that let you zip through airport security.

Other cards with relatively reasonable annual fees offer the perk, too, including the Capital One Venture card ($95 annual fee, waived the first year). Our favorite premium travel card, the Chase Sapphire Reserve ($450 annual fee), also reimburses the charge. Typically, credit cards that refund the PreCheck or Global Entry fee will do so every four or five years.

Through a benefit known as purchase protection, several card issuers will repair, replace or reimburse you for items you charge to your card if they are damaged or stolen within a certain time—typically 90 or 120 days—after purchase. American Express has extended its window from 90 to 120 days for cardholders in most states to make a claim, with maximum coverage of $1,000 to $10,000 per item, depending on the card. (Indiana and New York residents continue to have 90 days.) The Chase Freedom and Chase Sapphire Preferred cards also have a 120-day claim period and will replace, repair or reimburse up to $500 per item.

If you use a credit card to buy an item that later goes on sale, your card might refund the difference. For example, Citi cardholders who register purchases they make with their cards will receive the difference in price if Citi finds the same item for less within 60 days of purchase. Typically, however, you must watch for sales yourself. Discover, for example, will refund the difference up to $500 if you find a lower price within 90 days.

But some card issuers are cutting back on this benefit—usually called price protection—as they contend with third-party apps that streamline the claims process for customers. Chase is dropping price protection from its cards, for example, and Citi is lowering the refund limit per item from $500 to $200 and cutting the yearly cap on total reimbursement from $2,500 to $1,000.

If a retailer won’t accept a return, some cards will reimburse you for the cost of an item purchased with your card. Typically, you can get a refund within 90 days of a purchase. American Express and Citi cards (except the Citi Costco Anywhere Visa card) reimburse up to $300 per item (although select Citi cards offer a higher refund). Certain items, such as jewelry, perishables and tickets, are often not covered.

Return protection is another feature on which some card issuers are scaling back. Chase is dropping return protection from all of its cards except the Chase Sapphire Reserve, which offers up to $500 per item, and Discover has removed the feature from all of its cards. (Discover also cut purchase protection, extended warranties and other benefits.) Citi’s return protection no longer covers firearms, ammunition, tires, jewelry, furniture and appliances.

You may be able to get presale or preferred tickets and access to professional sporting events, concerts, shows and other happenings thanks to your credit card’s benefits. Holders of Citi credit and debit cards, for example, get such perks through Citi Private Pass. Private Pass also includes offers for events such as private wine tastings and discounts at food festivals and select restaurants.

Holders of eligible Visa Signature cards can use concierge services to get assistance making restaurant reservations, booking trips, and buying sports and entertainment tickets. And if you have one of Chase’s Sapphire credit cards, you can attend private dining events at restaurants around the country and get special access and packages for such events as the Sundance Film Festival and the PGA Championship.

Replacing a damaged or stolen cell phone could cost you hundreds of dollars. Some credit card issuers will cover the cost of a new phone, as long as you use the card to pay your cell phone bills. Lost phones usually aren’t covered.

With any Wells Fargo consumer credit card, as well as the Barclays Uber Visa, you’re eligible for up to $600 per claim, or a maximum of $1,200 per year (with a limit of two claims annually with Uber Visa), minus a $25 deductible. The Chase Ink Business Preferred card provides coverage of $600 per claim for you and any employees listed on your cell phone bill, with a $100 deductible (the total yearly coverage limit is $1,800 and three claims).

As data breaches become more numerous, some card issuers have added identity theft assistance to their benefits. If you have a Citi credit card and become an ID theft victim—even if the theft isn’t related to your Citi card—Citi will help you review and monitor your credit report with TransUnion, advise you on completing forms such as police reports, and assist you in contacting any other creditors. Similarly, Mastercard helps cardholders obtain free credit reports and replace stolen credit and debit cards.

Mastercard holders can also sign up to have the company look out for indications that their personal information is for sale to crooks on the internet. If you have a Discover card, you can sign up for free monitoring of the dark web for your Social Security number and get alerts if a new account appears on your Experian credit report. Capital One’s CreditWise tool — which you can use even if you’re not a Capital One customer — monitors your Experian and TransUnion credit reports and alerts you if your Social Security number appears on a new credit application or if your SSN or e-mail address pops up on the dark web.

Bank of America and Merrill Lynch cardholders can get free admission to more than 200 museums, science centers, botanical gardens and other venues in more than 120 cities on the first weekend of each month. Participating institutions include New York’s Metropolitan Museum of Art, Chicago’s Shedd Aquarium, the Newseum in Washington, D.C., and the Portland (Oregon) Children’s Museum.

American Express cardholders, as well as those with Mastercard World and World Elite cards, get a free membership to ShopRunner (the standard annual fee is $79). The service offers free two-day shipping and free returns with more than 100 retailers.

Most major credit cards offer secondary rental-car insurance, picking up costs that aren’t covered by your personal auto insurance policy if your rental is wrecked or stolen. Declining the collision damage waiver offered at the rental-car counter could save you $9 to $30 a day. (But note that your credit card or personal auto policy may not fully cover charges for “diminished value” or “loss of use.”)

Because coverage varies, even among cards within the same network, you should call your credit card issuer before you rent the car. In general, you must use the credit card to book the rental, and you must decline the collision damage waiver when you rent the car.

A few cards, including Chase Sapphire Preferred and Chase Sapphire Reserve, offer primary insurance, which allows you to use the card’s benefit without first tapping your personal auto insurance policy. Filing a claim with your insurer can cause your premiums to increase, so relying on primary credit card coverage instead could save you big bucks.

Airline-branded credit cards may offer a free checked bag for flights purchased with the card. For example, if you use a Gold, Platinum or Reserve Delta SkyMiles credit card to purchase tickets, the baggage fee is waived on the first checked bag for you and up to eight traveling companions.

Some other cards refund airline incidental fees, which may include charges for checked baggage as well as in-flight food and drinks and other services. The PenFed Pathfinder Rewards card, for instance, has no annual fee and refunds up to $100 in incidental fees a year.

If you encounter a snafu while traveling, your card may refund you for expenses related to the incident if you booked the trip with the card. Travel accident insurance offers financial assistance to you or your beneficiaries — similar to a life insurance policy — if you or someone in your party dies or is dismembered on a trip. Trip cancellation, interruption or delay coverage may provide a refund of airfare or hotel expenses if you miss a trip because of illness or severe weather or reimbursement of lodging and meal expenses if your flight is delayed. Or your card may come with insurance for lost, damaged or delayed luggage.

Chase Sapphire Preferred and Chase Sapphire Reserve have some of the best benefits. Both offer up to $10,000 per trip in cancellation and interruption insurance; up to $500 in expenses related to a delayed trip; up to $3,000 per passenger in lost luggage reimbursement; and up to $100 reimbursed a day for five days for essentials in delayed baggage (such as toiletries and clothes). Plus, Reserve provides up to $1 million in travel accident insurance ($500,000 with Preferred), up to $100,000 in evacuation coverage for injury or illness, and up to $2,500 for emergency medical or dental expenses.

When traveling overseas, buying local currency from exchange bureaus can be particularly costly because of high fees and unfavorable exchange rates. Get a better deal by paying for goods and services on your trip with your credit card instead of cash. You’ll get a better exchange rate, and you can avoid fees entirely by using a card that doesn’t ding you with foreign-transaction fees. Capital One, Discover, HSBC and Pentagon Federal Credit Union charge no foreign-transaction fees on their credit cards. Other issuers waive the fee on some of their travel rewards cards.

Before you pay a merchant to extend the warranty of a product you buy, check to see whether your credit card offers additional coverage free. Most major card issuers offer this benefit and extend the warranty by one year. Notably, Citi credit cards extend the warranty by two years. American Express extends the warranty by two years on items with manufacturer warranties of two to five years. Amex will match the length of the warranty if it’s less than two years. (An exception: Indiana residents continue to get just one year of extended coverage for original warranties of one to five years, or a match of warranties of less than one year.)

American Express, Bank of America, Barclays, Citibank, Pentagon Federal Credit Union and Wells Fargo, among others, provide cardholders free FICO credit scores. Discover lets you check your Experian FICO score free, whether you have one of its cards or not.

USAA offers free Experian VantageScore credit score updates to its members. Capital One CreditWise and Chase Credit Journey provide a free VantageScore and credit report monitoring to both customers and noncustomers. (Both tools monitor your TransUnion report; CreditWise tracks your Experian report, too.)

What is a value stock, really? “I know it when I see it,” says Robert Waid, who heads up the index business at investment consulting firm Wilshire Associates. “It’s like the difference between pornography and art.”

All kidding aside, Waid admits that determining what constitutes a bargain stock—and its counterpart, a growth stock—is complicated. In simplest terms, a value stock is one that is cheap in relation to such basic measures of corporate performance as earnings, sales, book value and cash flow. Examples of what are commonly viewed as value stocks are Citicorp (C), ExxonMobil (XOM)and JPMorgan Chase (JPM). Growth companies, by contrast, boast rapidly expanding profits and revenues, and their stocks typically command high valuations. Think Amazon.com (AMZN) and Facebook (FB).

Several firms, including Wilshire and S&P Dow Jones Indices, maintain indexes that divide the stock market into growth and value segments. They do so by ranking stocks on a variety of factors, such as profit and sales growth, price-earnings ratios, and so on. Financial and energy stocks tend to fall in the value camp; technology and health care land in the growth group./p>

But there’s plenty of room for interpretation. Are Alphabet (GOOGL) (the former Google) and Microsoft (MSFT) growth stocks or value stocks? Apparently, they are both. Dodge & Cox Stock (DODGX), a classic value fund, and Harbor Capital Appreciation (HACAX), which focuses on fast growers, own both stocks.

As once-small firms turn into behemoths, growth companies often turn into value stocks. That was certainly the case with such former technology luminaries as Cisco Systems, EMC and Intel. And that may be happening today with Apple (AAPL) and biotech giant Gilead Sciences (GILD). At its June 30 close of $96, Apple was selling for 11 times estimated year-ahead earnings, and Gilead, at $83, was trading for a seemingly absurd 7 times forecast profits. The overall U.S. stock market sells for 17 times estimated earnings. And although earnings growth at both companies has stalled, index sponsors for the most part still consider both firms to be growth stocks.

You should resolve this year to make your credit cards work for you. That is, if you’re responsible with credit and pay your balance in full each month, you should be using cards that earn you cash back on purchases or points for travel.

This good news is that 2015 is an especially opportune time to get a rewards card if you don’t already have one. That’s because card issuers are offering bigger sign-up bonuses (more rewards points) for new accounts, increasing the value of rewards and making rewards easier to redeem, says Matthew Goldman, the CEO and co-founder of Wallaby Financial, which helps consumers get the most out of their credit cards. Competition among card issuers for new credit accounts is the driving force behind the improvement in rewards programs, he says.

We asked Goldman and several other credit card experts to pick the most rewarding new credit cards. All of these rewards cards were introduced over the past year and are notable for the value they provide cardholders. If you already have a rewards card or two and plan to apply for more this year, the free Wallaby mobile app can help you figure out which card to use for each purchase to maximize rewards. If you’re interested in a travel rewards card, in particular, MileCards.com’s CardFinder tool can help you figure out which card is best for you based on your spending habits and where you want to travel.

Best for cash back

Citi Double Cash. Most of the card experts we spoke with said this was the best new rewards card. You receive 1% cash back on all purchases, and an additional 1% once you have paid your balance. Until this card was launched, only Fidelity American Express offered double cash back on everything with no annual fee, says Nick Clements, co-founder of consumer finance education site MagnifyMoney.com. The interest rate, after a 0% introductory rate expires, is 12.99% to 22.99%.

Best for travel rewards

Amex EveryDay Preferred. Amex EveryDay Preferred has a $95 annual fee, but Brian Karimzad, director of MileCards.com and co-founder of MagnifyMoney.com, says it’s one of the strongest-earning cards on the market offering three points for every dollar spent on groceries; two points on gas purchases; and one point on all other purchases. Plus, you'll get an extra 50% worth of points when you use the card 30 or more times in a billing period. So a family spending $2,000 a month could net more than 50,000 points a year, he says, and that's without introductory offers. If you don't want to pay an annual fee, opt instead for the Amex Everyday card. The rewards points are less generous but you won't be locked in to paying the $95 fee every year. Amex Everyday is the first no-annual-fee card that earns points that can be transferred to airline miles programs one for one, Karimzad says. The interest rate on both cards is between 12.99% and 21.99% after the 0% introductory rate expires.

Wells Fargo Propel World American Express. This card is a top pick from LowCards.com CEO Bill Hardekopf and NerdWallet because it provides a rewards rate of 3% on ticket purchases made with any airline, 2% on hotel bookings and 1% on other purchases. Cardholders also are reimbursed up to $100 a year to cover incidental travel charges. There's no foreign currency conversion fee. The drawback is the card’s hefty annual fee: $175 (which is waived the first year). The interest rate is 13.99% to 21.99% after a 0% introductory rate.

Barclaycard Arrival Plus World Elite MasterCard. This card is not new, but it got a major facelift in 2014 that made it one of the most flexible, high-earning, consumer-friendly travel cards on the market, according to NerdWallet. It’s also a CardHub pick for best rewards card. The Barclaycard Arrival Plus card now has an extra layer of security with a newly added EMV chip with PIN capabilities. And cardholders have a longer window to redeem their travel miles (two miles per $1 spent) and an expanded list of redemption options, which include campgrounds, timeshares and more. There are no foreign transaction fees, and the $89 annual fee is waived the first year. The interest rate is 14.99% to 18.99% after an introductory rate of 0%.

Best for hotel rewards

Orbitz Rewards Visa. Both Hardekopf and NerdWallet like this card offering from discount travel site Orbitz. You receive what NerdWallet calls a “mind-boggling” 10% back in "Orbucks" when you book eligible hotels on the Orbitz mobile app, or 8% on desktop. Orbucks can be used toward hotel bookings on Orbitz. You also get 6% back in Orbucks on all flights and 2% back in Orbucks on all other purchases. You also receive a $50 statement credit when you spend $200 in the first 90 days of becoming a cardholder. There is no annual fee, and the interest rate is 15.98% to 24.99%.

Best for airline rewards

Virgin America Visa Signature. If you live in or near a city serviced by Virgin America airlines, Goldman and Karimzad recommend the new Virgin America Visa. You can earn three points for every $1 spent with Virgin America and one point on all other purchases. And Goldman says Virgin America makes it easy to redeem flights with points, which don’t expire and aren't subject to blackout dates. Plus, it has the lowest annual fee ($49) of any card that offers a free checked bag and offers a $150 discount on a companion airfare each year, Karimzad says. The interest rate is between 15.98% and 24.99%.

After representing the U.S. stock market for more than a century, the Dow Jones industrial average isn't going away. Perhaps it should. Despite the occasional injection of new blood (Cisco Systems and Travelers replaced General Motors and Citigroup, respectively, this year), the 30 Dow stocks still contain too many remnants from a bygone industrialized economy.

Still, its member companies are influential and widely held. In this slide show, you'll find our take on the 16 we think are worth buying (Prices are as of September 24. Click on the stock symbols for updated prices). Navigation begins to the right.

Symbol: MMM

Price (as of September 24): $74.10

Our Rating: BUY

The time to buy 3M was back in March, when the stock traded for a ridiculous $41 -- ridiculous because 3M is one of the most dependable U.S. manufacturing businesses ever, and buying it for ten times estimated 2009 earnings was a slam-dunk. Although 3M reported a 16% decline in second-quarter earnings, it raised its forecast for 2009. Now the stock is merely a good long-term buy.

Symbol: AA

Price: $13.51

Our Rating: BUY

Shares of the aluminum producer are just where you want them to be when buying into a highly cyclical business -- off 71% from their peak and close to rock bottom. But patience is required. Gains will come as the economy recovers. Analysts expect a $1.01-a-share loss this year before black ink arrives in 2010.

Symbol: T

Price: $27.03

Our Rating: BUY

Thanks in part to its exclusive iPhone deal, AT&T's wireless business is doing well, even as the wired-phone business continues its inevitable decline. Although we worry about cutthroat competition and the threat of tougher government regulation, the $1.64 dividend looks safe and very attractive. The stock yields 6.3%.

Symbol: CVX

Price: $70.71

Our Rating: BUY

The California-based oil company offers financial strength, a generous, $2.72 dividend (resulting in a 3.9% yield at the current price) and a number of promising oil-and-gas exploration projects around the globe that have recently come on line, or soon will. Chevron shares are more closely tied to oil-price movements than those of ExxonMobil, but they're also cheaper.

Symbol: KO

Price: $52.34

Our Rating: BUY

Consumers may be struggling, but people the world over can still scrounge some change for a Coke and other soft drinks peddled by Coca-Cola. Its second-quarter results showed that volumes (basically bottles sold) rose 4%. But the big news was that volume soared 33% in India and climbed 14% in China. Earnings should rise modestly this year, more impressively next.

Symbol: DIS

Price: $27.97

Our Rating: BUY

Theme-park revenues dropped 9% in Disney's third fiscal quarter, but parking yourself on the couch and watching sports is a recession-proof pastime. With ESPN channels booming (more than 70% of Disney's operating profits come from its media networks), the company is weathering the recession just fine. The price-earnings ratio of 15, based on estimated year-ahead profits, is well below historical levels.

Symbol: XOM

Price: $68.93

Our Rating: BUY

Whether oil prices are rising or falling, the well-managed, Texas-based oil giant is one of the safest ways to invest in energy. It has the size and skill to remain at the front of the pack. Its share-buyback program may be running out of steam. But the $1.68 dividend, which results in a 2.4% yield at the current share price, is safe and is raised regularly.

Symbol: HPQ

Price: $46.87

Our Rating: BUY

A weak job market and a steep decline in business spending have wounded the PC and printer maker. Fortunately, chief executive Mark Hurd is one of the best cost-cutters in the business. Last year's acquisition of EDS will boost HP's profile in information-technology services, which tend to be more stable than hardware.

Symbol: IBM

Price: $120.94

Our Rating: BUY

Any technology company that's been around since 1911 is doing something right. IBM, building on its powerful brand and strong customer relationships, has shifted its focus in recent years from hardware to software and services, which produce annuity-like revenue streams and carry higher profit margins. Abundant free cash flow allows Big Blue to boost dividends and shrink the share count each year.

Symbol: JNJ

Price: $60.72

Our Rating: BUY

Venerable J&J resembles a diversified health-care mutual fund, with its strong positions in prescription drugs, medical devices, over-the-counter medications and other consumer products. With half of revenues coming from abroad, J&J is also geographically balanced. J&J, one of only six nonfinancial firms with a triple-A bond rating, generates copious amounts of cash and yields 3.3%.

Symbol: JPM

Price: $44.37

Our Rating: BUY

JPMorgan suffered some scratches during the financial crisis but, unlike most other money-center banks, emerged largely unscathed under the leadership of CEO Jamie Dimon. The easy money has been made in the stock, which has surged 181% since March. But the bank is well-capitalized and will continue to pick up market share in lending and investment banking.

Symbol: MCD

Price: $56.12

Our Rating: BUY

Good news: Sales at stores open at least a year rose 4.8% in the second quarter from the year-earlier period. Plus, McCafe coffee drinks continue to scald Starbucks, and consumers are trading down to Mickey D's bargain prices. Bad news: Earnings were nicked 9 cents a share because of a stronger dollar. Good news wins. Profits could climb 10% next year.

Symbol: MSFT

Price: $25.94

Our Rating: BUY

For the fiscal year that ended in June, Microsoft reported declining revenues for the first time in its history. It's too early to say whether the search alliance with Yahoo will yield results in the fierce competition with Google. But the upcoming launch of Windows 7, Office 2010 and new server software should help energize sales and profits.

Symbol: PFE

Price: $16.44

Our Rating: BUY

Revenue growth has been anemic for years, and Pfizer faces the expiration in 2011 of its U.S. patent on Lipitor, which accounts for a quarter of sales and profits. That expiration is concentrating the mind: Pfizer has 100 drugs in the research pipeline and is spending $68 billion to buy Wyeth. And the stock, which yields 4% and trades at eight times earnings, is cheap.

Symbol: UTX

Price: $62.34

Our Rating: BUY

The Hartford, Conn., conglomerate makes everything from elevators to helicopters. Two steady sources of business -- military orders and ongoing maintenance work -- keep profits stable during tough times. We like its diversified businesses, $58-billion backlog of orders, 2.5% dividend yield and reasonable share price.

Symbol: WMT

Price: $50.70

Our Rating: BUY

The world's largest retailer hasn't missed a beat during the recession -- in fact, its low, low prices have made it a prime beneficiary of consumers' newfound frugality. The lion's share of Wal-Mart's growth will come from abroad. Analysts look for earnings to rise 4% this year and 9% the next.

Who saw the financial meltdown of 2008 coming? Why the bears, of course. Kiplinger's Personal Finance went back to see which investors, analysts and academics made the right predictions about the market and economy in 2008 and asked each for their 2009 outlook. Although some, like Jeremy Grantham, see hope for 2009, these Cassandras remain a dour bunch. As for us, we expect that the recession will end in mid-2009 and that stocks could gain 5% to 8% for the year (see Outlook 2009).

NOURIEL ROUBINI, chairman of RGE Monitor and professor at New York University

WHAT HE SAID: There is going to be a recession next year ... The bursting of the housing bubble -- we have not seen it yet -- is going to lead to broader systemic banking problems. It is going to start with the subprime lenders ... and then it is going to be transmitted to other banks and financial institutions all over the country. -- September 7, 2006, speech to the International Monetary Fund

HIS PREDICTION FOR 2009: I expect that the recession will be very severe and that it won't be over before the end of 2009. And even though we might technically be out of recession in 2010, annual growth could be just 1.0% to 1.5% for several years if the credit crunch remains severe. I think there is a further 15% to 20% downside risk for global and U.S. stocks, and a further 15% to 20% downside risk for commodity prices. So 2009 will be a year of recession and deflation.

PETER SCHIFF, president of Euro Pacific Capital

WHAT HE SAID: This is going to be an enormous credit crunch. The party is over for the United States ... [Subprime] is not a tiny [problem], and it's not just subprime -- it's the entire mortgage market. -- August 18, 2007, Fox News

HIS PREDICTION FOR 2009: The dollar is going to resume its fall, leading to a resurgence in the bull market in commodities. That will pierce the bubble in the bond market, causing interest rates to go up. So we're going to be in a depressionary environment, but with rising prices and rising interest rates. Our economy will be a mess for years and years to come.

MEREDITH WHITNEY, analyst at Oppenheimer & Co.

WHAT SHE SAID: We believe that over the near term, Citigroup will need to raise over $30 billion in capital through either asset sales, a dividend cut, a capital raise or a combination thereof. We believe such a catalyst will pressure the stock significantly lower. -- October 31, 2007, research note [Citigroup announced a 41% dividend cut on January 15.]

HER PREDICTION FOR 2009: We believe we are now entering a new era in the financial landscape that will be characterized by expanded forced consumer deleveraging, with a pronounced downshift in consumer spending ... Specific to the credit-card industry, we believe that well over $2 trillion of lines [of credit] will be pulled over the next 18 months. -- November 30, 2008, research note

DAVID TICE, chief equity strategist for bear markets, Federated Investors, and former manager of what is now called Federated Prudent Bear fund

WHAT HE SAID: Corporate profits, household incomes, asset prices and economic performance have all evolved to the point of acute dependency on ongoing leveraged speculation and rampant credit inflation ... Mortgage finance is tightening, with negative portents for inflated housing prices, the overleveraged consumer, scores of exposed debt instruments and financial institutions, and the highly maladjusted U.S. bubble economy. -- March 2007, letter to shareholders

HIS PREDICTION FOR 2009: The dollar will decline, and it's very possible that inflation will pick up. The S&P 500 index could easily fall to 450 or so [it closed December 19 at 887.88]. This will be a longer-term decline -- you'll see fits and starts and significant rallies, which will be selling opportunities. But it's likely going to take four to five to ten years. Investors should be selling equities and conserving cash. I think gold represents a phenomenal opportunity right now.

JEREMY GRANTHAM, chairman of Grantham, Mayo, Van Otterloo & Co.

WHAT HE SAID: In five years, I expect that at least one major 'bank' (broadly defined) will have failed ... I have often been bearish about the U.S. equity markets in the last 12 years ... but I think it is fair to say that my language has almost never been this dire. The feeling I have today is that of watching a very slow-motion train wreck. -- July 2007, quarterly letter

HIS PREDICTION FOR 2009: I think there's a two-to-one chance that the market will go to new lows in 2009. A further 25% to 30% drop is probable. But that will be setting up the basis for a multiyear rally, in which the market could double, triple or quadruple. [If you invest in stocks today], you have a reasonable chance of making 7.25% [a year], plus inflation, over the next seven years.

ROBERT SHILLER, professor at Yale University

WHAT HE SAID: The home-price bubble feels like the stock-market mania in the fall of 1999, just before the stock bubble burst in early 2000, with all the hype, herd investing and absolute confidence in the inevitability of continuing price appreciation. -- June 20, 2005, Barron's

HIS PREDICTION FOR 2009: The present situation has many similarities to the Great Depression. The Great Depression was a self-fulfilling prophecy-there was no reason for it other than that people were getting worried, and right now everyone's worried about what bad times we're in. We do have better monetary policy and a government that's clearer on its fiscal policy, so I'm hopeful. [Fed Chairman] Ben Bernanke claims he can stop deflation. Bernanke will be tested.

BOB RODRIGUEZ & TOM ATTEBERRY, chief executive officer and partner, respectively, First Pacific Advisors

WHAT THEY SAID: Fear of a general contagion from the subprime fallout has worried the financial markets and especially the housing sector. So far, the general belief is that it will be contained ... We are not so sure ... [The financial-service sector's] profitability is at risk ... The common thread that is flowing through the housing market, private equity, hedge funds and other aggressive forms of investing is the absence of fear. They are all using elevated levels of financial leverage ... there will be a high price to be paid for excess. -- March 31, 2007, market commentary

THEIR PREDICTION FOR 2009: Projections of economic growth have been far too optimistic. This is a multiple-year problem. The problem lies in the fact that the primary driver of economic activity has been the consumer, and this person needs to rehabilitate his balance sheet. Corporate earnings in 2009 will be lower than people expect, and margins will decline. The upturn won't come until 2010, and when it does, it will look very sluggish and lethargic.

MARK KIESEL, portfolio manager at Pimco

WHAT HE SAID: I believe the U.S. housing market is set to cool given the current level of prices and fundamental trends. Recent price gains have likely come primarily from rising speculation and "creative financing" because affordability is declining and inventories are rising ... With a softening housing market, we should expect tighter lending standards, a moderation in the willingness to take risk, a slowdown in the pace of asset price appreciation, less-liquid markets, and rising volatility in financial markets. -- June 2006, market commentary [Home prices peaked in July 2006, according to the S&P/Case-Shiller 20-city home price index.]

HIS PREDICTION FOR 2009: The consumer went through a 20-year leveraging-up period. Now we're going through the Great Unwind, and that takes time. We'll probably stay in a recession until the second half of 2009, but even as we come out, it won't feel good. This will be an extended period of subpar growth. Credit is the blood that flows through the patient, and the patient has had a heart attack. It's too soon to buy stocks and too soon to buy a house. It won't be time to buy until the credit markets have healed.