The Savingforcollege Investments Reward Credit Card is not a "529 college savings card" in the strict sense. Rather, the card's main distinguishing feature is that it allows earned rewards to be directed to any type of investment account – "a savings account, a mutual fund, a 529 college savings plan, or even a money market account". Presumably, rewards could be used for retirement savings or other non-college uses. Rewards are earned at the standard rate of 1% with no cap. There is no associated merchant network where additional rebates can be earned; however, the card is affiliated with Savingforcollege.com, an excellent source of information for all types of college savings plans.
| Basic Rebate: 1% of Eligible Purchases | Maximum Yearly Rebate: None |
| Other Rebates: None | Grace Period: 25 Days |
| Annual Fee: None | APR (Purchases): 7.9% |
| 529 Plans: Not Limited to 529 Plans | Minimum Rebate Transfer: $25 |
| Transfer Frequency: Monthly | Cash Withdrawals Permitted?: Yes |
| Can Others Direct Contributions?: Yes | Issuer: MBNA |
Summary: If you’re looking for a college savings 529 reward card, there are better options available. The additional investment flexibility is a nice feature, but there are other general “investment reward” cards against which the Savingforcollege credit card should be compared. This comparison extends beyond the scope of this site.
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