Good program for those looking to SAVE MONEY!!
Written: May 04 '01
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Pros: Savings Bonds accumulate for a rainy day; flat 1% return rate; bonds come automatically(no forms)
Cons: Series I bonds not available; no special programs to get higher return rate
The Bottom Line: Great card for people who charge often, pay off their balance monthly, and are looking to SAVE MONEY for the future (for anything, not just education).
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| jimr1998's Full Review: Edvance(r) Platinum MasterCard (Fleet Bank) |
Granted 1% isn't a huge amount and Series EE Savings Bonds don't have a stellar rate of return, but... charge a lot and have bonds accumulate over the years and it's easy to wind-up with a few thousand dollars when you least expect it. Savings Bonds earn interest in a tax advantageous way for up to 30 years. They're a solid investment. Period. More people ought to be buying them outright as a means to diversify and not just take them as freebies from a credit card program.
Sure, it's easy to get a 1% cash return elsewhere and even some better returns depending on your spending habits, but the different here is... you're almost guaranteed to SAVE these bonds for the future. Chances are you'll use your cash back check to put gas in your car.
Also, this is a FLAT 1% rate of return. It only gets redeemed in increments of $2500, but keep in mind that many of the other cards offer tiered rates and expire them at the end of each year.
People need to do the math before they sign-up for any type of cash rewards card, this one no exception. For me it works out much better than Discover. This one combined with a few gas cards and an auto card, I'm netting about $1000 a year for the conveniance of using my Credit Cards.
Recommended:
Yes
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Epinions.com ID:
jimr1998
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Reviews written: 5
Trusted by: 0 members
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