Indexfundfan\’s blog (new URL is Indextown.com)

March 27, 2006

Fidelity 529 college rewards credit card

Filed under: Finance — indexfundfan @ 10:16 pm


I received the Fidelity 529 college rewards credit card earlier this month. I think for parents setting up a 529 College Plan, this credit card offers a fantastic deal and it is one of the rare credit cards that gives you 2% back on practically anything you charge to the card. In addition, it also offers you online Bill Payment service which lets you pay many merchants including even your mortgage or electric bill, companies that traditionally do not accept credit cards. Although for these payments no reward points are earned, you can still benefit by enjoying the additional float on the money that you otherwise would have to pay earlier.

I just hope that MBNA would not pull the plug on this card after the recent merger with Bank of America.

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2 Comments »

  1. Smart choice. The Fidelity/MBNA 529 card is superior to the Upromise and and other competing 529 cards.

    Comment by Tim — July 16, 2006 @ 6:08 pm

  2. Hi Tim, I learnt something new today from your site — I was not even aware there are so many other 529 reward cards!

    One thing to note about the Fidelity 529 account is that the funds expenses are only reasonable and not the absolute lowest, so I only contribute the minimum of $50 a month just to have the account opened for the credit card. I do my serious college savings using the Ohio College Advantage plan. The Ohio plan costs me only an overall of 0.41% in expense ratio for the options I am interested in. The similar Fidelity plan would have cost me over 1%.

    Comment by indexfundfan — July 16, 2006 @ 10:55 pm


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