A Credit Card Deal to Save Money for College - a Solution for Major Parents' Concern
Children are our future. Children are the highest value in our lives. But these precious creatures come way expensive to parents. Let alone all those diapers, baby food, clothing, health and entertainments, education - a crucial point in a child's upbringing - cost a fortune today.
Needless to say that higher education is an integral part of personality formation and some sort of guarantee for children to become a successful person in life and make it to the top of career ladder. However, far not everyone can appreciate the virtues of higher education. It still remains a privilege for majority of people.
But still most parents make great efforts to give their kids a chance to go to college. Some of them just put away money for this purpose; others open a studies-targeted account. But there are other more profitable and easy ways to make tuition savings you might not be aware of.
A 529 College Savings Plan is one of the best existing incentive programs to collect money for your child's education. This program is tax-free, which in itself is already a great benefit. This plan was created to support families that save money for their children's future tuition fees. Its participants open an account, invest after-tax money into it and get earnings exempted from taxes.
You are asking yourself "What a savings program has to do with credit cards?" There is a connection. There are credit cards rewards programs designed specifically for educational savings. 529 rebate credit card or college savings credit card are exactly this type of cards.
This card is a typical rewards credit card with a cash back analogue program. You make everyday purchases and get assured incentive returns. But these means are transferred straight to your savings account. Like any credit card deal 529 rebate card has its highs and lows.
One of the most significant merits of this savings account is the above-mentioned income tax-free feature. The maximum contribution limit is pretty high, so you can invest pretty large sums of money. You can use the money you have saved to pay tuition fees, room, books, and other supplies.
The main shortcoming of this savings plan is high fees accrued to your account.
If you have no problems with your credit history and you are a responsible credit card holder, feel free to apply for a Citibank Upromise Platinum MasterCard that you will find at Credit-Cards-Guru.com. It comes with rebates on all purchases, no annual fee and 0% Intro APR on balance transfer. Such cards' peculiarity is the more you spend on this card - the more you can invest into your savings account.
But once you get this type of card, be careful with your monthly balance payments and pay them in full on time. Otherwise, you will be charged sky-high interest rate. You also risk leaving your account unfunded and even getting into a credit card debt.
So, if you are concerned about giving your child higher education, consider applying for one of the 529 rebate credit cards. And the earlier you decide to become a participant of the college savings program - the more confident you would feel about the future of your children.
Lauren 05:36 AM, October 15, 2007
I consider the college savings program a helpful thing in organizing our children's future.
Stephen 11:41 PM, October 23, 2007
I have a 7-year old child and I always think about his future. I'm eager to provide him with everything he deserves. I will take your article into consideration.
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