How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

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Replied by FrankN on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

529 would be able to be used for a trade school or post education. Each state has its own rules. Generally if its not used for tuition expenses, you will face penalties drawing it out of the 529.
2 years 5 months ago #1

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Replied by FrugalFran on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

What happens to 529 money if your kid doesn't go to college? I think we're going to see more and more people looking at a trade and college isn't for everyone anyway, so can that money be taken out and used for other things if they decide not to go?
2 years 6 months ago #2

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Replied by Breakinger on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

Tishbel wrote: It sounds really good, especially if you are the kind of person who spends any money you save. If I could get the cashback immediately, I'd rather do that since there are no strings attached and my kids could use the fund for whatever they needed. It just takes more discipline to remember to put the cash away, while this card does it automatically which makes it so much easier.


That's a great idea, Tishbel. Just take the cashback and put that away for my daughter's car. So, are you saying that you can automatically have it deposited into your bank account or savings account this way?
2 years 6 months ago #3

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Replied by Tishbel on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

It sounds really good, especially if you are the kind of person who spends any money you save. If I could get the cashback immediately, I'd rather do that since there are no strings attached and my kids could use the fund for whatever they needed. It just takes more discipline to remember to put the cash away, while this card does it automatically which makes it so much easier.
2 years 6 months ago #4

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Replied by FrankN on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

and I am not as familiar with 529s, but can you use those funds for any college institution in the US?
2 years 7 months ago #5

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Replied by MidSouthGal on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

From what I understand, it needs to be towards a college fund so I don't think you will be able to apply it towards a car.
2 years 8 months ago #6

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Replied by FrankN on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

I really like that idea as well. Once I have kids I definitely plan on using that.
2 years 8 months ago #7

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Replied by Breakinger on topic How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend

This does sound really great. Is this savings geared towards a college fund or can it be for anything that you want it to be? Right now my daughter is trying to save up for a car so this would be really helpful if it can be used for that.
2 years 8 months ago #8

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How Fidelity Rewards Visa Signature Card Saves For Your Kid While You Spend was created by MidSouthGal

Have you heard about the Fidelity Rewards Visa Signature Card?
You open a 529 account in your state, then link it to Fidelity. They give you a $100 sign-up bonus and then with every purchase you make they give you 2% back to deposit into your 529 account. I think it sounds fabulous.
2 years 8 months ago #9

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