topic Re: What happened to the CC that rounded up and put $ into Savings in Credit Cards

What happened to the CC that rounded up and put $ into Savings

Anonymous — Mon, 09 Feb 2009 19:29:03 GMT

Anyone know what happened to that credit card that was advertising that they rounded up to the nearest dollar and put the money in savings. Example: spend $23.65, 35 cents goes into savings account and total charge was $24.

I don't remember the card name but any help would be appreciated.

Do they do this for a lot of cards or just this particular advertistment. I am new to CC. Thanks

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Mon, 09 Feb 2009 19:31:10 GMT

I think you are thinking of BOA - "Keep the Change" which is a debit card - you can google. I considered using it but reward CC's are better unless you are spending small amounts like $5.02 - not worth the hassle IMO

Re: What happened to the CC that rounded up and put $ into Savings

oracles — Mon, 09 Feb 2009 19:38:34 GMT

I agree with creditcard

This is the keep the change debit card from bofa and if you can obtain a rewards card, it would be better.

Keep the change, it is still your money only transferring it to another account.

In a rewards card, they are giving you free money.

HTH

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Mon, 09 Feb 2009 22:29:01 GMT

I agree rewards cards are better, but for some people, this "keep the change" program is they only way for them to get savings. Also, BofA matches some of the savings and there's some kind of bonus program as well.

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Tue, 10 Feb 2009 12:43:10 GMT

I've had the B of A "keep the change" (or whatever) checking account for over a year and "saved" up the massive amount of $1.23 since inception. I did however earn $0.01 in interest a few months back. As other posters have stated: use your rewards cards to accumulate some REAL cash... then put THAT into savings, if you like.

Re: What happened to the CC that rounded up and put $ into Savings

granny031350 — Tue, 10 Feb 2009 13:02:20 GMT

I have Keep the Change and I LOVE IT!!!!!!!!!!!!! It will be 1 year old in May and I have saved over 100.00 so far. If you are a big debit card user like I am then you will save a lot. My daughter has saved over 200.00 so far. She uses her debit card even more than I do.

At anniversary date, B of A will match 100 percent of the first 60 days of use, then 5 percent thereafter.

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Tue, 10 Feb 2009 13:27:38 GMT

Kudos on the $100 saved! The difference is... that was YOUR money to begin with. Use a rewards card and you get THEIR money. If you're diciplined enough, go through your credit card purchases the first of the month and round them up to an even dollar and write yourself a check to your savings account. You'll have the best of both worlds. Me? I like my money. I -love- THEIR money. Gimmie! Gimmie! Gimmie!

Re: What happened to the CC that rounded up and put $ into Savings

granny031350 — Tue, 10 Feb 2009 16:16:45 GMT

well when you don't qualify for those high end rewards cards, the keep the change works just fine

Re: What happened to the CC that rounded up and put $ into Savings

Scamp — Tue, 10 Feb 2009 19:50:30 GMT

granny031350 wrote:
well when you don't qualify for those high end rewards cards, the keep the change works just fine

I'm with granny on this one.

I had Keep the Change and also loved it - more than the rewards cards I also have.

Everybody's different, and what works best for or appeals to one person won't work best or appeal to the next person.

To each his own - I loved KtC because I was looking for a painless, automatic way to funnel away extra savings. I'm too impatient to make the most of rewards cards, and though I've made great strides in handling credit in the last few years, I still am uncomfortable using cc's for everyday expenses to earn rewards. I still use my VISA checkcard to make most everyday purchases, and I often had funneled away a decent sum at the end of each cycle.

I was really disappointed when BofA kept slapping holds on my paychecks (my employer couldn't/wouldn't do direct deposit) even months later. I finally gave up on them and went back to my original bank, but I greatly miss that auto-save feature!!

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Tue, 10 Feb 2009 23:30:58 GMT

For those of you who prefer a debit card over a credit card, would there be an advantage to you to use a rewards checking account instead of BofA's Keep The Change program ? Once you make at least ten to twelve debit transactions during a statement cycle, the rewards checking accounts typically earn between 4% and 6%.

A sample of the rewards checking accounts that are out there:

Addison Ave Dividend Rewards Checking
http://dividendrewardschecking.com/

Coastal Credit Union Go Green Checking
http://www.coastal24.com/personal/checking/go-green-checking.html

Lake Michigan Max Checking
https://www.lmcu.org/max-checking/default.aspx

Redneck Bank
http://www.redneckbank.com/

high yield checking accounts by state:
http://www.highyieldcheckingdeals.com/

Message Edited by MojaveMoon on 02-10-2009 03:30 PM

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Tue, 10 Feb 2009 23:39:06 GMT

or a high interest rate checking account (2.5% to 3.0%)

Alliant high rate checking account
http://www.alliantcreditunion.org/depositsinvestments/checking/

Century Bank Direct
https://www.centurybankdirect.com/onlinechecking.html

Clear Sky Accounts
http://www.clearskyaccounts.com/

Salem Five Direct
http://salemfivedirect.com/

Re: What happened to the CC that rounded up and put $ into Savings

Anonymous — Wed, 11 Feb 2009 04:35:17 GMT

Even though most of my banking is at one place, I did open a rewards checking account at a Credit union for 5.09%, have to use the debit card 12 times a month, online banking, direct deposit or auto debit or online billpay, and online statements.

This year it's gone down to 4.09%, but that's still the best interest rate around, and after I do the 12 debit transactions it's a savings acount for me.

I could never do keep the change because there are littleally months where I need every penny I've set aside for spending.