This product sucks. I used my Credit card back in 2007 to pay for school and apparently it was done a as a cash advance without my knowledge. I have been paying Cash Advance Interest in my Whole account since then. Shame Shame on you Fidelity Investments 529 College Reward Card....... I guess I am a Stupid Consumer because I never questioned this Cash Advance Charge Interest since 2007. Now they are saying because I have been paying them since 2007, I acknowledged it as Cash Advance. I have been paying this stupid card because I know I know I have a responsibility to pay my debt, not because I acknowledge I Cash Advance without my Authorization. So my question to you is, if I STOP paying YOU, I acknowledge I don't own you jack since I have paid over 3 times the money I BORROWED.....
When we had our kids a few years ago and started 529s for them, someone suggested this credit card and it was the best decision we have made (with relation to credit cards). We have had in the past cash back cards and airline miles cards, and at the time, those made sense for us. But for any parent who is trying to save for their kids' college, this is the best card. We have put an average of $1000/year into college funds for the kids, all for using this card. Besides the advantages of saving for college, this card has an incredible fraud protection department. We have had several calls over the years asking whether or not we had made a particular purchase. Every time, it was a fraudulent charge, and the credit card company caught it before it even showed up in the online system. There have been 1-2 times when I was denied at a point of service because of this fraud protection (I had charged at 3 grocery stores in a row), but I think it is worth the occasional inconvenience to have such service. I also like the online service that allows me to have temporary card numbers to use when shopping online. All I have to do is log in to the website and request a "safe number" for online use. I can set the limit and duration of availability. It is a great idea and I don't know why all companies don't use it!
If you have aspirations for having your kids go to college, but do not think scholarships are in the wings, then this is the card for you. The custeomr service is fantastic and the transfer to a 529 plan is automatic.
Let's face it. When it comes to trying to save $100k - $200k to send each of my two kids through college, I need all the help I can get. Gregory is 11 and Yasmine is six, so I've got some time.........but still. I was thrilled when I discovered Fidelity's 529 College Rewards Card a few years ago. The card gives you 2% back on all of your purchases and automatically deposits that money in a Fidelity 529 account that you've established for your child. While 2% may not sound like much initially, it does add up, month after month, year after year. We've put away thousands for our kids this way. Admittedly, we have the advantage of owning a gift store, and we purchase all of our merchandise, and everything else we need, on these cards. This is a great tool for small business owners! We have a card for each child's account and use one at home and one at the business. If one or more of your relatives wants to join in the savings plan they can sign up for a Rewards card and have it linked to your kids' Fidelity 529 account. Those financial experts say one of the keys to good investing is contributing on a regular basis. This is a great way to ensure that that happens....even if you're not a small business owner! And when you make some huge charge that makes you cringe, you can have the solace that a small portion of that is going into your savings! As my Dad used to say, "The more you spend the more you save." In this case, it's really true.