[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 :)

www.upromise.com

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




More information about the Parentsgroup-list mailing list