Monday, January 02, 2006

Credit Card for My Mother

I've long been singing the praises of rewards credit cards to my mom. She has a number of credit cards, but none of which really have any rewards benefits. She uses her debit card or writes checks for most purchases. For some reason, she doesn't want to use a Dividend card for gas and groceries. I think heavy credit use makes her anxious.

However, I have talked her into putting tuition payments on a credit card. My school takes all 4 major cards. My father is also in school part-time year-round, working on a BS in Mathematics. Unfortunately, his school takes everything but AMEX. My parents help me out a lot with my tuition, but don't pay for all of it. My dad's tuition and my tuition total out to about $20,000/year.

So, I'm asking for advice from my readers. Which card should my mom get? To recap, AMEX is out of the question, and this card will see about $20,000 in yearly charges.

I've recommended the MBNA 1.5% Fidelity Visa. Unforuntately, it looks like this program now only pays in $25 increments (it used to credit any amount at the end of every quarter.)

The Fidelity 2% 529 card is another option, but I'm not sure if my mom fully understands how the money can be used.

(Oh yeah, my mom will be opening a Fidelity account within the next month.)

So if anyone else has any suggestions, my mom and I are all ears.

I received the routing number for my HSBC Direct account. Still waiting on the ATM card. I think all the mail holidays this season are to blame for this.

Here's the December 31 summary:


  • Checking: $765.78
  • ING: $1850.31
  • HSBC: $125
  • Sharebuilder: $329
  • CTR: $3000
  • Credit Cards: $837.59
Net worth: $5232.50

My parents still owe me $100 for our last dinner outing (I'm still following my strategy) I should have enough ThankYou points for a $50 giftcard in the next couple of of months.

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