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The Best Reward Debit Card
By The Net Analyst | September 14, 2008
I often mention using credit cards for their cash rebate programs and feature the ones that I personally have used on this website. Most people have found the information useful, but I have also received some comments about how badly some people have gotten screwed by credit card companies. I don’t want this to happen to anyone!
So… Don’t Get Screwed
Misuse of credit cards will obviously lead to financial demise and an easy line of credit is not for everyone. That is why I began searching for an an alternative to credit card rebate programs that will still help you to meet your savings goals without the risk of going into debt!
Try a Rebate Debit Card
The program detailed below will give you a rebate on your purchases and only involves using debit transactions. The program is available through Bank of America and can help you accumulate a few hundred extra dollars in savings on an annual basis. The program simply involves opening a free checking and a free savings account. The program is referred to as "Keep the Change ."
Here’s How It Works
- You buy a sandwich for $4.49.
- You round the transaction up to $5.00.
- $0.51 is automatically deposited into your savings account.
- Bank of America matches 5% of your $0.51 with $0.03.
- This goes for all of your daily expenditures.
- They will contribute up to $250 to your savings account annually.
Get a 5% Bonus on Savings
Not only does Bank of America help you save your own money, they give you a nice bonus of 5% at the end of the year! This is money that you won’t miss and will help you to live within your means. It could be used for a vacation or transferred to a high yield money market account (visit Bankrate to compare savings options). You can basically do whatever you want with the money you save and not worry about going into credit card debt!
A 100% Bonus for 3 Months
Another great part of this program is that Bank of America will match your "Keep the Change" savings at 100% for the first 3 months instead of at 5% to give you a head start. The only catch is that you will have to refrain from spending the money put into your savings account. It would be a good idea just to forget that it exists and let it accumulate (:
It’s Easy and Automatic
The best thing about "Keep the Change" is that it is automated like saving in a 401k. You don’t even have to think about it. The amount of change added into your savings account is also so small that it won’t be missed. Next you thing you know there is a few hundred dollars in the account! Tada! Just go to www.bankofamerica.com/ktc for more details. If credit cards are not your thing then this is a great way to save a few extra bucks!
Topics: Money & Finance |