• No annual fee • Automatically get back 2% of your credit card purchases in a Fidelity 529 Plan3 • No yearly contribution maximum • Family and friends can also carry cards linked to your account
You can also w/d these funds directly like UPromise ?
jeffmac82
New Member
posted: Jan. 31, 2003 @ 2:16p
super sweet! I can pay my tuition with it, then get 2% back....suckers!!! Thank god it is a mastercard, my school does not except visas. This can be set up to automatically deduct from your banking account, right?
thedealdude
Tired Member
posted: Jan. 31, 2003 @ 2:21p
Can you use 529 accounts for grad school, like law school?
dealdude - yes, i use my 529 for lawschool. Even if you are on scholarship you can use it towards living expenses while at school.
jeffmac82
New Member
posted: Jan. 31, 2003 @ 2:42p
Can you use it to pay back school loans? (stafford loan) I'm a second year right now....it would be great if I could use the money to pay back my loans after I'm done (hey, does anyone have any good ideas for majors, I'm open for suggestions! lol)
JeffMac
Ahdono
Member
posted: Jan. 31, 2003 @ 3:03p
oooooooo. I so want to sign up for this. This sounds great but then I noticed it's by MBNA. I've had terrible experiences with their customer service dept.
cak144
Senior Member
posted: Jan. 31, 2003 @ 3:13p
Are there any fees associated with the Fidelity 529 plans?
I like mbna (though I've never had to call CS so no experience in that) because they have the unique credit card number thing that you can set a price limit and expiration date. Plus, they show the pending transactions almost immediately including who the transaction was with and for how much. Thanks for the info about the card, it definitely sounds like something I'd be interested in (though too bad I just graduated or I could have gotten 2% on a lot of dough.. doh)
jcrash
Senior Member
posted: Jan. 31, 2003 @ 3:28p
So if you register this card with uPromise you can double dip at places like staples, etc?
Sweetness.
dutt
Senior Member
posted: Jan. 31, 2003 @ 3:37p
I called, 2% reward is just an introduction rate
thedealdude
Tired Member
posted: Jan. 31, 2003 @ 3:38p
I already double dip with upromise/staples because of AMEX Business gets 2% cash back at Staples. same thing with Mobil/Exxon (2% cash back + per gallon cash back at Upromise)
mrastudent
Senior Member
posted: Jan. 31, 2003 @ 3:42p
529 plans are moderately hot right now because the economy is in the crapper. However, if you invested in this plan (The California ScholarShare plan) 2 years ago you have lost money! GERRR I hate 529s!
thedealdude
Tired Member
posted: Jan. 31, 2003 @ 3:43p
Also terms state a minimium of 50 dollars have to be accumulated before transfer happens. So that means you have to spend $2,500 before you start seeing any transfer. Not great, but not that bad either..
profweb
Member
posted: Jan. 31, 2003 @ 3:52p
This is great! I've got a freshman in college and a sophomore in HS. I can charge his college tuition, room, board, etc. and get 2% contributed to her 529 plan. The Fidelity U.Fund (New Hampshire) has a conservative portfolio (no equities) that's perfect for short-term investments. I'm definitely in and linking this through Upromise for the extra $$.
jeffmac82
New Member
posted: Jan. 31, 2003 @ 4:24p
You can be the "participant" as well as the "beneficiary", correct? Can you only use the proceeds to pay tuition? How do you withdraw the money?
<< 529 plans are moderately hot right now because the economy is in the crapper. However, if you invested in this plan (The California ScholarShare plan) 2 years ago you have lost money! GERRR I hate 529s! >>
I've always wonder about that. From day one, I have been asking how do you account for losses in these plans. The earnings are tax free, but the losses also appear to be not write-offable! So when you lose, you lose the money and even lose the ability to deduct the loss on your taxes.
Big winner for the goverment!
Does anyone really know how to deduct the losses? No one every seems to be able to address that issue.
From what I read on the website the introductory rate is the 0%APR, not the 2% into the Fidelity account. I couldn't find anything in the small print which stated that the 2% was introductory.
I called yesterday, the CSR said the 2% was fixed. I also asked him about the Preferred card (if you don't qualify for the Platinum). He said it was the same, just with a lower credit line. Take it for what it's worth, but I believe him since it doens't look like there are other benefits (extended warranty, travel insurance, etc). I applied and the message said they will snail mail me within 30 days.
Actually the CSR I talked to told me that there was Extended Warranty (up to 1 additional year) on the Fidelity 529 card.
spamkilla
Member
posted: Feb. 4, 2003 @ 12:47p
Ryland said:
<< Actually the CSR I talked to told me that there was Extended Warranty (up to 1 additional year) on the Fidelity 529 card. >>
You are right. I didn't read it too closely. "**Certain restrictions apply to these and other benefits as described in the benefits brochures sent soon after your account is opened. Preferred card benefits differ from Platinum Plus benefits."
Personally, I was just concerned that if I didn't qualify for the Platinum, I wouldn't get the 2%.
gleep22
Member
posted: Feb. 4, 2003 @ 2:59p
This is great, thanks for the deal. I've currently got a 529 Plan through Fidelity for my son. It's been doing awesome lately.
<< From day one, I have been asking how do you account for losses in these plans. The earnings are tax free, but the losses also appear to be not write-offable! So when you lose, you lose the money and even lose the ability to deduct the loss on your taxes.
Does anyone really know how to deduct the losses? No one every seems to be able to address that issue. >>
You cannot deduct losses. Just like you cannot deduct losses from IRA's or 401k's
bellwilliam
Senior Member
posted: Mar. 13, 2003 @ 11:19p
I have a question on this card:
if I and my wife both get a card individually. can we fund the money to the same 529 account, or do we have to each open our 529 account, and fund them individually.
<< You cannot deduct losses. Just like you cannot deduct losses from IRA's or 401k's >>
That's what they say, but the difference is this ... 401K & Regular IRAs are funded with pre-tax contributions, so loses should not be deductable. But, 529 are funded with after-tax money, so loses should be deductable. Just like a regular investment.
if I and my wife both get a card individually. can we fund the money to the same 529 account, or do we have to each open our 529 account, and fund them individually. >>
They both could feed into ONE 529 account, but you could setup TWO accounts. Your choice.
WalStMonkey
Senior Member - 1K
posted: Mar. 14, 2003 @ 9:14a
"But, 529 are funded with after-tax money, so loses should be deductable. Just like a regular investment.
I am in college now and I don't need to save for college. Are there any good 'Saving' type card that invest your money in a fund that is not 'college savings' related. Like a credit card that inversts in a mutual fund?
<< I am in college now and I don't need to save for college. Are there any good 'Saving' type card that invest your money in a fund that is not 'college savings' related. Like a credit card that inversts in a mutual fund? >>
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