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Funding 529 Funds with a Credit Card

Discussion in 'Investments and Savings' started by FullMoonMadness, Jan 20, 2017.

  1. FullMoonMadness

    FullMoonMadness Level 2 Member

    I'm not sure if this really belongs in the MS forum, but I thought I'd start here.

    I'm looking for a way to earn points while funding a 529 account.
    • I've had no luck finding Gift of College GCs at my local Toys R Us stores, and the fee is not quite as nice online
    • I've tried Plastiq, but they cancelled the check, and a chat with them says they don't pay "trust and retirement" accounts
    • The plan I have for my child is the New York direct, but the name (New York's 529 College Savings Program Direct Plan) is literally too long to type in the payee section of all my banks to attempt a billpay -- even shortening to NY is still too long; I think there is a limit of 32 characters at my banks
    • I've sold some GCs to Gift of College in the past, but I'm not seeing any good deals where I'm not losing more money on the resale than the points are worth
    Does anyone know of another way to fund and earn miles? Has anyone tried using Walmart (or similar) to pay bills? -- I would imagine the 529 fund is probably not on their list. Does anyone know a little bit more about finding Gift of College GCs in the wild?

    Thanks in advance!
  2. Sean1234

    Sean1234 Level 2 Member

    If you're one of the lucky few who have an active Serve, you could convert to Bluebird, load it with VGC, and write a check with it to the 529. This article discusses IRA but I imagine it would be similar for a 529
  3. FullMoonMadness

    FullMoonMadness Level 2 Member

    I appreciate the suggestion, but my Serve was axed about a year ago. Thanks for the reply!
  4. BananaStash

    BananaStash Level 2 Member

    I read in the r/churning daily thread that edvest sells GoC GCs for the same price as TRUs. Haven't looked into it further.
  5. FullMoonMadness

    FullMoonMadness Level 2 Member

    Thanks for the tip. I didn't have any luck finding the thread, but I checked out the edvest site. I get the impression I can only redeem the gift card with edvest. I may do a test purchase at some point. Thanks again!
  6. MarkD

    MarkD Level 2 Member

    This method is very dependent upon if you have a grocery store that sells $500 MetaBank GCs...

    If you have an AMEX OBC and a GoBank card you can buy VGCs ($25 cash back per $500 assuming you meet the $6500 spend threshold), then load to GoBank at WalMart and pay the 529 plan from GoBank. Replace with a points earning grocery card is that is your preference over cash back.

    This is what I did before Safeway pulled the $500 cards. I've hear they are back now though - YMMV.
  7. PD634

    PD634 New Member

    Found this thread when googling Amex and Edvest. I've used Edvest's online gift cards to fund a 529. Doesn't matter what state you are in. The gift cards bought from Edvest are emailed to you and can be redeemed through GiftofCollege.com (where I had an account that was linked to my state-specific 529). Once "redeemed," at GiftofCollege.com, it took about 2 weeks for them to be processed and show up on my 529, but indeed they did!

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