![]() The checks phased out for individuals earning $99,000 or more. The first round of stimulus checks was authorized under the $2 trillion stimulus package known as Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020.Ī one-time check of $1,200 was sent out to eligible individuals with a gross adjusted income of up to $75,000 which was reduced by $5 for every $100 increased from $75,000. Technically, the payments are an advance tax credit and the money received is not taxable. government in response to the COVID-19 pandemic-induced economic hardships. The money was sent out either sent via direct deposit into the bank account or in the mail as a check or prepaid debit card to eligible individuals whether working, unable to work, unemployed, or retired.Īmericans have received three rounds of "recovery rebates" or "economic impact" payments as described by the IRS between March 2020 and March 2021 from the U.S. Earning below the threshold Income set by the Internal Revenue Service (IRS).Non-tax filers who receive federal benefits (Social Security retirement or disability benefits, Supplemental Security Income (SSI), or Veterans Affairs benefits). ![]() Individuals with a Social Security Number.These payments were part of a $152 billion economic stimulus package enacted to stave off the recession. For example, during the 2008 global financial crisis, an individual taxpayer was eligible for a $600 tax rebate ($1,200 for a married couple) who belonged to low and middle-class households. The United States government has used stimulus checks on several occasions. The stimulus checks comprise - handing over of cash via direct subsidies, loans, or tax incentives to individuals, companies, industries impacted by the economic crisis. If you're interested in using this chance to get a head start on debt payoff, learn about our picks for best balance transfer cards with no fees.Stimulus packages are a form of fiscal policy that includes government spending and taxation policies to keep the economy running during an economic downturn. ![]() Keep in mind that balance transfer cards typically require a credit score of at least 670 (subject to approval), and you may not be able to transfer all your debt depending on the credit limit you receive and the terms of the offer. The amount you save on interest often makes up for the cost. ![]() After that, the fee will be 5% of each transfer (minimum $5). This card does come with an introductory balance transfer fee of 3% or $5, whichever is greater for transfers completed within the first 4 months of account opening. If you've been recently laid off or had a reduction in working hours, or your worried about job security, it might be best to hold onto your check for a rainy day.īut if you have a good credit score, and you haven't applied for a new card or credit product lately, you could consider opening a balance transfer credit card with 0% APR so you can pay your debt off quickly without the high interest charges.īalance transfer credit cards offer no interest for up to 20 months, but you'll need a good credit score to get the best offer.įor example, with the Citi Simplicity® Card, you can get an introductory period of 21 months of no interest from date of first transfer to help rapidly reduce your balance (after, 18.74% - 29.49% variable APR balance transfers must be completed within four months of account opening). Before you apply your stimulus check toward debt payoff, evaluate your job situation.
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