Financial Services Industry
Industry: Email Alert RSS FeedCredit cards Charge your savings bonds to a credit card to earn a valuable bonus - Brief Article
Kiplinger's Personal Finance Magazine, May, 2001 by Joan Goldwasser
Go into debt to buy savings bonds? It sounds like heresy, but there's method to this madness. If you buy bonds with a credit card at the government's Web site, you can rack up any perks your card offers. For example, charging $25,000 worth of bonds on a MilesOne Platinum MasterCard from Capital One can get you a round-trip ticket to anywhere in the contiguous U.S. That's on top of the current 5.54% yield on EE bonds or 6.49% yield on I bonds.
Unfortunately, the Bureau of the Public Debt (www.savingsbonds.gov) limits each transaction to $1,000. But you can make multiple purchases. Web purchases are considered merchandise transactions, so they qualify for perks offered by Visa, MasterCard and Discover. (You can't use American Express.)
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Low-interest premium cards Best if you carry a balance
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(c) FEE
Pulaski Bank & Trust (G) 7.99% 7.99%/none $50
USAA Savings Bank (G,P) 9.50 9.50/none 45
Simmons First National (P) 9.95 9.95/none 50
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Pulaski Bank & Trust (G) $20/$20 800-980-2265
USAA Savings Bank (G,P) 20/none 800-922-9092
Simmons First National (P) 20/none 800-636-5151
No-fee premium cards Best if you usually pay the balance each month
RECENT CASH-ADVANCE GRACE
ISSUER RATE(*) RATE/FEE(c) PERIOD
Security First Network (G) 9.90% 9.90%/2% 25 days
Wachovia (G) 9.90 19.99/4 20 days
Capital One Bank (G,P) 9.90 19.80/2.5 25 days
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Security First Network (G) $15/$10 800-736-2321
Wachovia (G) 29/29 800-842-3262
Capital One Bank (G,P) 25/25 800-548-4593
No-fee premium cards Best if you usually pay the balance each month
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(c) FEE
Amex Cash Rebate (P) 18.49% 21.49%/3% none
Fleet Cash Rebate (P) 14.99 19.80/4 none
First USA GE Select (P) 15.90 19.99/3 none
REBATE TELEPHONE
ISSUER TERMS NUMBER
Amex Cash Rebate (P) up to 2% 800-467-8462
Fleet Cash Rebate (P) up to 2% 800-394-0472
First USA GE Select (P) up to 3% 877-533-9656
(*) As of March 9; rates are adjustable, often tied to the
prime rate.
(C) Cash advances often have no grace period;
additional fees may be charged.
(G) gold card
(P) platinum card
SOURCE FOR LOAN RATES AND CREDIT CARDS: Bankrate.com, N, Palm
Beach, Fla.
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