[Parentsgroup-list] credit card reward points for 529 college savings plan--scam?

Christine Dianne Wenc wenc at fas.harvard.edu
Fri Jun 30 15:54:03 EDT 2006

A question for all those wise in domestic finances:

I'm passing this along because I know that many people on this list use
credit cards as backup, and this is a way to reassure yourself that you're
not throwing EVERY last cent of it down some 16% APR sinkhole, even though
that's exactly what the bloodsuckers WANT you to think.

Has anybody used the 'upromise' rewards program?  They put about 1-3% of
credit card purchases into a
529 college savings account for your kids. Is it worth it, after the
Vanguard account
fees etc.?  I expect there are free 529 savings accounts out there that
would make more sense for most people.  And, I bet you'd have to put a lot
on your credit cards to make it
worthwhile, which is exactly what many of us are trying NOT to do,
but...Hey, Sen. Bill Bradley recommends it!  (Though I
am suspicious of anything sponsored by Citibank, Exxon and Coke :)


any opinions? You'd also be signing up for an incredible junk mail
increase too. (though you can 'opt out' of some of it).

--Christine, who managed to get one frequent flier ticket out of 6 years
of grad student book purchases on her airline credit card, and figures
that after 10 years her son's upromise account would have about 400 bucks
in it

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