Giving Preschool Parents Credit When Saving for College
You are more likely to be thinking about your little one starting preschool or kindergarten than college, but thanks to two new credit cards released earlier this week, parents can get an early jump on saving for their child's future higher education without doing much more than shopping for groceries or filling their gas tank.
The Upromise World MasterCard credit card with Gas & Grocery Rewards and the Upromise World MasterCard credit card with Dining & Grocery Rewards, both issued by Bank of America, let consumers earn cash for college with every purchase. Rewards range from 1 to 25 percent of an item's purchase price. They money is directly deposited into a cardholder's Upromise account which can then be linked to a 529 plan. There is no limit on how much can be earned.
My husband and I have been Upromise fans for nearly eight years now and have accounts set up for both of our kids. The program is effortless and we've been able to save a substantial amount for our chiildren's future education without any effort. Obviously in these tough economic times, you do need to consider whether opening a credit card is a good idea for your family right now, but if you have a good credit rating and use the card responsibly, the Upromise program offers a host of benefits that will more than pay off in the long run.
How are you saving for your child's future education? Have you ever tried a program like Upromise or BabyMint?
More: 2009 Brings More Latitude to 529 College Savings Accounts | About Saving for College
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