Seeking knowledge of 529 plans
Dec 4, 2006 | 12:50 am
#16
Join Date: Feb 2006
Posts: 1,123
Well, if you look at the OP's message, it says he wants to set up this scheme to take advantage of his in-law's charges, not his own. IE, the question doesn't ask for help on a primary plan, it merely asks if there are cards that do better than 2% for his existing plan at Fidelity.
Dec 4, 2006 | 5:36 am
#17
Suspended
Join Date: Jan 2006
Location: Alabama / Georgia
Programs: DL, HHonors, AA, US, Aloha Pass, BA, CO, HawaiianMiles, Chairman, Centurion, AXP, MR, MHC Gold
Posts: 3,467
I have yet to find a credit card plan that I would use over DL AX. I have also yet to find a 529 that I personally feel is a better way of doing things than my own investment accounts with UBS. So my sole purpose in even having a 529 is for the purpose of having the in-laws who would not otherwise fund an investment account but are willing to use a credit card that funds the account through purchases.
Dec 4, 2006 | 8:59 am
#18
Join Date: Nov 2000
Location: New York City, United States.
Posts: 2,736
Ah drbond thanks for the clarification.
It surprised to that it would be a primary criteria for you, as you seem too sophisticated.
But, now a understand a gift for your kids is a gracious gift and you need do it Granny's way.
It surprises me that Fidelity would charge a vig.
(It's hard enough to attract assets to manage)
I do know that Univesities as non profits are allowed and do charge 'extra' for large tutition payments.
Are for profits companies allowed in the US to charge Extra??
(most get around this by offering a cash discount, rather than calling it a credit card surcharge.)
But cmon, Fidelity does not give a cash discount , they charge a credit card surcharge.
This is an outdated, I guess seldom enforced rpovision but it is still in the merchant account agreement.
It surprised to that it would be a primary criteria for you, as you seem too sophisticated.
But, now a understand a gift for your kids is a gracious gift and you need do it Granny's way.
It surprises me that Fidelity would charge a vig.
(It's hard enough to attract assets to manage)
I do know that Univesities as non profits are allowed and do charge 'extra' for large tutition payments.
Are for profits companies allowed in the US to charge Extra??
(most get around this by offering a cash discount, rather than calling it a credit card surcharge.)
But cmon, Fidelity does not give a cash discount , they charge a credit card surcharge.
This is an outdated, I guess seldom enforced rpovision but it is still in the merchant account agreement.
Aug 14, 2011 | 6:37 am
#20
Join Date: Sep 2010
Location: Bella Vista, AR
Posts: 28
Sorry to resurrect an old thread but wanted to chime in..
I LOVE my uPromise account. We put every penny we spend on it (and pay it off monthly) and do all of our shopping online via their turbosaver website. For example, Southwest Airlines had a deal this week for 10% back to uPromise plus another 2% if I used the uPromise credit card. So we bought tickets for our Florida vacation (which we would have bought anyway) and ended up with about $100 going into my son's 529 plan. Nice!
By doing this we routinely accumulate a few thousand dollars per year in his college fund buying things we would have bought regardless!
I LOVE my uPromise account. We put every penny we spend on it (and pay it off monthly) and do all of our shopping online via their turbosaver website. For example, Southwest Airlines had a deal this week for 10% back to uPromise plus another 2% if I used the uPromise credit card. So we bought tickets for our Florida vacation (which we would have bought anyway) and ended up with about $100 going into my son's 529 plan. Nice!
By doing this we routinely accumulate a few thousand dollars per year in his college fund buying things we would have bought regardless!