Funding a 529 plan with CC?
 

Has anyone found a state 529 college savings plan that will allow credit card payments? I was just about to enroll in a program when I thought "why not try and get some miles with this". Monthly debits from a mileage earning credit card would be ideal. The B of A debit card may work but I would prefer to get 1 mile=$1 of course!

Here you go:

http://www.flyertalk.com/forum/Forum1/HTML/007235.html

I just emailed [email protected] to see if I can fund the account with $55,000.00 charge to my credit card. I also asked if future deposits can be made by credit card.

Check the other thread. It is listed on their website. I believe that it is initial deposit only, but there is nothing stopping you from opening a new CollegeSure CD every year or every time that you wish to make a contribution.

thanks for the heads up!

<<Thank you for your e-mail and for your interest in the AZ 529 Plan. Since College Savings Bank absorbs all the cost associated with a credit card transaction we do limit credit card deposits to the intial deposit. We do not have an agreement with American Express and can only accept Visa or Mastercard.

We will accept an initial deposit of $55,000 on your Visa card. >>

Be careful with your monthly/annual limits on credit card mileage earning.

Thanks for the info. Does anyone know of other state plans that take credit cards? I am not pleased with the Arizona plan's limitations and high fees.

I beleive that credit cards are accepted only in connection with CollegeSure CDs from the College Savings Bank (available only through AZ and MT). There are no fees associated with the CDs. You may wish to peruse the message board at www.savingforcollege.com for other options.

[This message has been edited by cactuspete (edited 11-13-2002).]

i thought this topic deserves a bump up...also i will update on my progress. i used a bank of america america west visa card to fund three accounts for my children. since my total charges were in the hundreds of thousand dollars and well over my small credit line i prepaid the credit card account at a local bank of america. A few calls with visa security department and after security id measures they allowed all three charges to go through. This wasa purchase transaction and since i have a visa platinum card their is no millage earning limit. The college savings bank 529 plan is a fdic insured investment and earns tax free and is disbursed tax free and has a 3% minimum earnings! This is a safe smart investment if you have young children. The more i studied this investment the more I liked it and decided to do much larger deposits than my orginal plan. fyi you only get FDIC coverage up to $100,000.00