Charge It -- and Save

Saving money can be tough, so new credit cards are helping us do it while we spend.

By Patricia Curtis
From Reader's Digest
Advertisement
 
Charge it and save.
New credit card programs help you save money every time you make a purchase.
Image
If you're just making purchases that you'd make anyway, this will build some savings in the process.
With Bank of America's Keep the Change program, every time you use your debit card, the price is rounded up to the nearest dollar and your change is put in a savings account. Example: You charge a $2.25 cup of coffee, your card gets charged $3, and 75 cents goes to your savings. Repeat daily, and you'll save nearly $300 by year's end. Bonus: For the first three months, the bank will match your savings; after that, it's 5% a year.

Use the American Express One card, and 1% of your eligible purchases will be deposited into a savings account with a competitive interest rate.

So is this a good idea? If you use the card smartly. "These programs enable you to save when you otherwise might not," says Greg McBride of Bankrate.com. "If you're just making purchases that you'd make anyway, this will build some savings in the process."
From Reader's Digest - January 2006
 
Must Read Should Everyone Read This? Yes! I vote for this story
Share Your Comments
Post a Comment
 
Remaining Character Count:
 
See All Comments

Advertisement
 
Related Links

Advertisement

Digg

Popular stories from the source site rd.com sorted by diggs
Powered by Digg's Users