Exceed Your Partner’s Valentine’s Day Expectation

Valentine’s Day is the most romantic day of the year, and many people spend it pampering their loved ones. They normally buy flowers and gifts, go out to eat, and maybe even book a spa day. Luckily, Onyx Private is a one-stop shop that can help you plan out all of the above (and more) with our 24/7 Lifestyle Concierge service. 

To start, what really is Valentine’s Day without a bouquet of flowers? When you sign up for Onyx Premium Plan, you can receive a free bouquet of flowers to send directly to your partner’s doorstep. And just when you think you are stressing to find your partner a gift, Onyx makes it easy by providing a Valentine’s Day Gift Guide with our curation of thoughtful gifts. Read more for more memorable gifts to consider getting your Valentine. 

Finding a great dining place could be worrisome and stressful because Valentine’s Day is almost here, and reservations are starting to fill up fast. However, you can easily check in with the Onyx Concierge to let us help you book a nice table with priority access. Read more about the most romantic dinner areas in every state. 

And if you want to really impress your better half, the fun doesn’t have to stop there – Onyx Private Concierge can even plan a full getaway itinerary for you and your partner if you want to make the holiday even more magical by bringing it throughout the week. Our Concierge for our Premium Members is completely free of charge to use, so you can enjoy it all of the time! Moreover, while having fun spending an eventful day with your loved one, you can get 1-10% Cashback from dining, shopping, or anything you use your Onyx card with. Onyx Private even has Special Offers integrated into it, which has many additional Cashback offers that go straight into your account within no time.  

Holidays should be spent less time stressing, and more time loving, especially on Valentine’s Day. Onyx Private wants to make sure you and your significant other are well taken care of, with our many benefits. 

How Not to be a Broke Millennial

As a young adult and student, having a credit card may be challenging and risky. First, most students, especially international ones, don’t have any credit history, so it is more difficult to get a new credit card. Secondly, controlling your expenses using a credit card can be challenging, and you can end up piling up card balances that could hurt your credit score along the way. Some of the main advantages of having a debit card are that they don’t charge any interest because you aren’t borrowing money, it’s your own money. Additionally, you typically spend less when using a debit card because you are more conscious about your money and budget. Having a budget and keeping track of your spending and savings can help encourage a healthy financial future. There is a lot of credit card debt that lies in the hands of young adults, and it has increased since the pandemic. 

Many people are drawn to credit cards nowadays because they offer travel points or other rewards. However, Onyx offers many rewards for their membership. Imagine receiving 1-10% cash back on all purchases, free Priority Pass lounge access, and a discount on a Lifetime Gym membership, all from your debit card. With Onyx, you can get all of that and more! As a student or young adult who is traveling and always on the go, this membership is an amazing choice.

Not only having a debit card is beneficial, but investing at a young age is very important. You don’t want to look back when you’re older and regret not investing in the stock market or anything that could have grown your money into a larger amount. There is not a single wealthy person out there who does not recommend investing. Investing is a powerful way to put your money to work and build wealth. Even if you start with a small amount of money to invest, it still is better than nothing. Onyx offers SPIC insured investment accounts with personalized Robo-advisor portfolios, direct indexing with tax-loss harvesting, and no management fee. By using computer algorithms, Robo-advisors build you a portfolio and manage your assets based on your goals and risk tolerance, which is perfect for beginners. There is no minimum amount to invest; you can set recurrent contributions as low as $25/month and easily withdraw your money in case of any need.

Having control of your financial life and investing early is key for a balanced healthy financial life. Young adults should start controlling and planning their finances as soon as possible. You can easily budget your money better by using a debit card and limiting the amount of purchases you make on things you don’t need. Investing is essential in reaching financial freedom, as it can beat inflation due to the power of compounding interest. Using these practices of wealth management can help you build wealth and retire early when you develop smart money habits. 

Check out the Broke Millennial Book Series for more investing and money tips.

Obtaining Premium Credit Cards as an International Student: Challenges and Solutions

International students often face difficulties when it comes to obtaining credit cards because many credit card companies require applicants to have a U.S. credit history and a Social Security number, which can be difficult for international students to establish. This is especially true for premium credit cards such as the Chase Sapphire Reserve and American Express Platinum.

One of the main challenges for international students is the lack of a U.S. credit history, which can make it difficult for them to get approved for a credit card. Without this history, international students may be seen as a higher risk to the credit card company and may be denied a credit card as a result.

Another challenge for international students is the requirement of a Social Security number. Many credit card companies require applicants to have a Social Security number in order to apply for a credit card, but international students may not have one, as they are not eligible to receive one unless they are working in the U.S. This can make it difficult for international students to apply for a credit card, as they may not have the necessary documentation to do so.

Despite these challenges, there are options available for international students who are looking to obtain a credit card. Some credit card companies offer student credit cards, which are specifically designed for students who may not have a U.S. credit history. However, these cards often have lower credit limits, high interest rates, and poor rewards and member benefits.

Onyx Private offers an interesting alternative for international students. Onyx does not require any credit history or a Social Security number, and only requires a valid U.S. address to open an account. Onyx Private is a premium checking account with a metal debit card that provides similar rewards and member benefits as premium travel credit cards. By upgrading to an Onyx Private account, international students can receive a metal debit card with credit card rewards and exclusive benefits, as well as access to a 24/7 lifestyle concierge service.

Join Onyx now and upgrade your savings and spending with our premium membership. Enjoy 24/7 white-glove concierge service, exclusive member benefits, 3% APY on checking accounts, and 1-10% cashback on all your debit card purchases.

What Is Private Banking?

What is Private banking?

Private banking consists of the personalized financial services and products offered to high-net-worth clients by a retail bank or other financial institution. These services are provided under one roof and include investing and portfolio management, tax services, insurance, and trust and estate planning. Private banking caters to the unique needs of HNWIs by providing them with customized solutions that help them grow and preserve their wealth. Private bankers work closely with their clients to understand their goals and objectives, and then provide them with the best possible financial solution to meet their needs. Private bankers also provide ongoing support and advice to their clients to help them navigate through the ever-changing world of finance.
It offers personalized attention to day-topping needs, increased limits, and better rewards in addition to many other investment and planning services tailored just for them. Think of private banking as a personalized banking and investment solution for building wealth. Private banking includes all the everyday financial services you would expect from a bank, but with one significant difference. Private bankers are assigned to handle your every need and ensure everything goes smoothly in this personalized approach! Private banking is the perfect option for those who want a more premium and personalized financial approach.

How do I find a Private bank? 

Most private banks only accept clients with at least $1 million to invest. You still face high fees even for those with $1 million to invest with a private bank or an independent financial advisor. At that level, most financial advisors will charge 1%-1.5% of assets under management fees, with your financial advisor spending 80% of his time getting new clients vs. helping manage your wealth.

Not to mention that unless you have over $10M in assets, most private banks won’t care as much for you, although they might still take you as a client. Therefore, you will not get the same priority and personalized service as someone with $10M+ in assets. More sophisticated strategies and alternative investments require large minimums of investment. All of the above makes it hard for the sub $10M accounts to have a true personalized banking and wealth experience. The $1M account will be left with a cookie-cutter investment and banking strategy you would have probably just done yourself via some Robo-advisory or buying a passive index fund. 

Other Private Banking Alternatives 

Incumbent Private Client Alternatives

However, there are cheaper options, such as The Chase Private Client, which charges a $35 monthly fee, but that fee can be waived with an average daily balance of $150,000 across your Chase accounts. The problem with Chase Private is that it still only offers 0.01% of interest APY yield on that $150,000 you will have sitting there. The experience is also relatively poor digitally, and the whole experience is still branch-centric. Its Robo-Advisory and wealth management services are pretty cookie-cutter without tax-loss harvesting and fees above 0.35 basis points on investable assets. Private banks today are expensive, outdated, high-friction, and complex, especially for those with less than $10M in assets.

Digital Alternatives 

Wealthfront / Betterment are great options if you want low-fee do-it-yourself cash management and a Robo-advisory solution. However, Wealthfront and Betterment do not offer a personalized approach to your investment strategy. It is less premium or personalized than a traditional private bank or financial advisor. You will have to trust their algorithm without a financial advisor to guide you and provide personalized banking and wealth support. 

Onyx Private is a hybrid between a traditional high-touch and white-glove private bank and a do-it-yourself digital Robo-advisory. Onyx is a modern private bank for the new generation. Onyx wants to unlock access to financial services that are only accessible to the ultra-rich. Imagine having $200,000 in wealth and being able to operate it just like the ultra-wealthy with over $10M; this is what Onyx is on a mission to accomplish. Onyx offers a unified and fully digital premium banking and wealth management experience with a white-glove 24/7 concierge service. By sometime next year, we hope to launch a fully digital yet human financial advisor membership plan at a fraction of the price of private banks, all inside your app with no minimums and access to a variety of personalized alternative assets and estate/tax/financial planning services. 

Until we start offering financial planning and a complete financial advisor, Onyx today is an excellent alternative for Chase Private Client. Our membership fees vary between $25 to $60 / month when billed annually; however, we provide a lot more bang for the buck. Onyx Private membership offers over $2,000 / year of benefits, so the fee pays for itself. Onyx provides a 3% high yield APY (compared to 0.01% Chase Private), and our investment fees are free for the first $50k investments. Then we charge 0.20% basis points (compared to 0.35%+ for Chase). In addition, we offer tax-loss harvesting and fractional direct indexing, which can add 1-2% per year of your investment gains, something that Chase only does with high minimums. 

Check out a detailed comparison here.

If you are interested in learning more about Onyx Private sign-up here and get 20% discount when you use code BLG020.