Turning Credit Cards into a Savings Mechanism

credit cardsIf you carry a balance on your credit cards, you might want to look into PenFed’s Promise Visa or CapitalOne’s Platinum Prestige card. The PenFed’s Promise Visa has a one-time joining fee of $20 and charges annual percentage rates between 7% to 9%. CapitalOne’s Platinum Prestige card has no fees and an annual-percentage rate of around 12%.

If you have not yet paid off your mortgage, the Wells Fargo Home Rebate card lets your rewards dollars automatically go toward paying off the principal balance on your home mortgage. Wow! What an innovation.

What about retirement? Any credit card innovations there? The Edward Jones Personal Card or Fidelity’s Retirement Rewards Card allow your rewards dollars to be directly deposited into an IRA, a Roth IRA or 529 college-savings plan. If you want seamless retirement savings help, this is perfect. So you can pay off your mortgage or put cash into retirement when you start using these credit cards. If the nation adopts a national sales tax, which will increase the average purchase price of anything you buy, the savings will be even more.


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