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Future Trust Mastercard?

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  1. #1
    punky
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    Future Trust Mastercard?

    Have any of you applied for the Future Trust Mastercard? I did because I thought forced saving for college is the best thing!!

    I applied for it at Motherhood Maternity and apparently you can get it at most maternity, children stores.

    From what I understand...Basically everytime you use the card a percentage of the sale is saved for a college education (1-5%). You can use the proceeds toward any college. (Might be just American Universities Lindey, I am not sure.) You get a statement every month that outlines how much you have saved.

    The lady at the store said over 18 years the average savings is about $20,000. So, I thought what could be better? I'd rather save for college tuition than earn money back on my Gasoline credit card or airline miles....

    Do any of you know anything about this card? Have you applied for it? I just want to make sure it's not something that sounds too good to be true!!

    www.futuretrust.com for more information





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  3. #2
    Lindey
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    what a fantastic idea, they dont (yet) do anything like that over here, but the government have just, or are just about to start a CTF childrens trust fund, they will give every child born after 1 sept 2002 £250 that the parents can add to whenever they wish, or not . hopefully it will give some parents the incentive to save for thier children if they havent already thought of doing so. we actually already started our own for our kids when they were born for money that was given to us for them and rather buy them more toys they didnt need we paid it into thier account, and we have a standing order that goes out into thier accounts every month, matthew has nearly £3000 already (he will be 8 in march) .
    Linda


  4. #3
    AtoZduo
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    What a great idea! thanks for the link I am going to check it out.
    Anything that can help!
    Thanks!

    Andrea
    Ava & Zachary- 7-19-05

    Proud to be an AHM


  5. #4
    lotus
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    I think this is a good idea in general, but there are credit cards out there that offer better rewards than 1% (the up to 5% is only for certain stores). You can set up a 529 savings account independently with automatic withdrawls, which will "force" you to save as amounts will be withdrawn from your bank acount monthly. Its probably a good idea to do research independently of that site anyways, as the benefits listed may be missing others that is specific to your state (such as a tax deduction). Also, the major benefit the site lists is "Tax Free", but look at what the astericks denote. As it stands now, there is no way our kids will graduate by 2010! It will be disappointing if they do not extend this In addition, you can go to the TreasuryDirect (the Government's bond site) and set up an account online (you can manage the account and purchase bonds online).

    I'm not a financial planner, so these are only my opinions I'm a whack that enjoys researching investment-related topics. My profession is that of a financial statement auditor (like the nasty accountants that got nailed when Enron fell ). I hopefully will graduate into what I've strived to be for the past 6 years, a SAHM

    Last edited by lotus; 02-19-2005 at 10:44 AM.
    ************
    Jen
    / twins, born 7/12/05

    Proud to be a "used" AHM!


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