Get a College Savings Rewards Card Today - Think about Your Child's Future

February 22, 2008

Rewards credit cards are a great way to save on your expenses. Rewards credit card holders can get free hotel stays, free airfare, free gas, discounts, and other numerous bonuses. The majority of credit consumers with good or excellent credit score strive to get a rewards plastic with the most beneficial features and terms in order to save on regular spendings for some more specific needs.

Children's education is one of the most acute matters of parents' concern. Investing money in their kids' education is sure to pay dividends later on. But how to save enough money for college tuition without stinting yourself in everything? Some of the parents open a separate bank account as their child is born, and start to deposit money in the bank. Others try to make some savings. But some card owners apply for the so-called college savings rewards cards, contributing to a 529 plan.

Such credit card deals are really a smart choice for parents. Unfortunately, the range of those college fund plastics is not that wide. But in view of the fact that all of these offers serve to the same purpose - providing your child with education and successful future - the variety of credit cards of the kind is not so important. But still, credit card companies offer several plastics with such an option. So, let's figure out what are those and how they work.

In fact, a rewards card that allows you to contribute to your child's future education, actually work just like any other cash back card deal. To get benefits from this plastic you are to pay off your monthly balance in full. As a rule these cards grant generous rewards if you fulfill your repayment obligations. But generally, such plastics have rewards restrictions, so, looking for a college rewards card, do some research work on which deals offer you more rebates.

Remember that most of the 529 rewards cards are tied to a 529 college savings plan. So, if you have not made up your mind what saving plan to choose for your kid's education yet, you can check the plans offered by different credit card companies and pick the one you find the most appropriate for you.

Compare Two Most Favorable College Savings Card Offers

Citi Upromise MasterCard is one of the college savings plastics. It offers 2% rebate on gasoline, a really lavish rebate of 10% at thousands eligible drug and grocery stores, and 1% rebate on all other purchases. Besides, it is a no annual fee card. And that is important. Think how much money you can save on fee over 18 years. Moreover, when you apply for this card, you can open a college savings account.

With Fidelity 529 College Rewards Card by MBNA you will get a 1.5% cash rebate on your net retail card purchases. The rewards you earn are transferred directly to your college savings plan. You can accumulate up to $ 1,500 annual rebate. This offer also comes with no annual fee. That is a very favorable rewards credit card deal as well. But the problem is that this college savings rewards plastic is available in a few states, such as Arizona, New Hampshire, Delaware, and Massachusetts.

Though rewards credit cards have a bit higher rates, and college fund rewards cards are no exception, applying for such a card today, you can feel safe about your child's tomorrow.