Credit Cards that round up

[rob62521]

Lately, there have been many T.V. commercials saying this credit card will help you save by rounding up to the nearest dollar and for the first few months will match your savings. I guess I'm doubtful that this is a good way to save, but wonder what others think.

[Ima saver]

If I read that correctly, I think the first year is free, but the second year, you have to pay an annual fee. i may be wrong. Someone needs to put up a link, so we can check out the fine print. I think I do better with the card that pays me back 1% of all that I spend.

[sweeps]

Are you referring to the Bank of America check card?

[Ima saver]

Well that is certainly one of them. However, the change they deposit only pays interest of .005% You would do much better to round the change up yourself and put it in a savings account paying 4-5% interest.

[Diolla]

I do it already, I pay cash then stick the change in my pocket and at the end of the day throw it in my 'change jar'. Once a month or so I take it into the bank and deposit it into savings. However those people in the commercials must spend alot more money than I do cause I don't think I have ever had more than $50 or so.

[PrincessPerky]

Yeah BOA wants us to enroll with out card, but we can't see getting less than half a percent!

They do match on purchases and we make almost all of ours on it, but we would then have the hassle of moving it to a real account. with real interest.

[Ima saver]

I do that with all my change too, except for pennies, I use them. I throw it all in a jar daily and take it to the bank and deposit it into my challenge account!

[jodi]

I got a BOA card when I had to get a new local bank - I liked that they matched it for the first three months, but when all was said and done, I probably would have been better off going with a card that had a $50 bonus. I guess I thought I spent more than I actually did! But I tried to make the most of it by always charging a penny more when I bought gas (i.e. $20.01) - then I figured they were matching my $.99 every time I filled up!
Now that the match is over, I still have the card because I have been quite pleased with the bank otherwise - and it is very close to my work, so it is convenient for me to bank there. I don't keep much money in my savings account there, so I don't worry about the low interest. Our higher balance acct. is at HSBC.

[rob62521]

I think the change jar sounds like a better idea than these credit cards. Thanks for responding!