Thursday, November 03, 2005

saving money?

i am pretty sure this isn't worth my time, but the 5% match did give me pause.
keep the change

right now i have a credit card that gives me back 1% on all purchases. i purchase pretty well everything on it. keep the money to pay it off in savings account (usually try to keep it in my high interest ingdirect account) and pay off all of it when the bill comes due.

bank of america is now offering this keep the change program. when you use a debit card (like a check) to pay for purchases it rounds to the next dollar for the total purchase price and then transfers the amount needed to get to a whole dollar to your savings account. big whoop. that isn't actually an advantage. but then i saw that they will match 5% of that. so for a moment i paused and thought 5% is better than 1% but then i remembered, it is just on that change amount... we're talking pennies per transaction regardless of the total transaction amount. definately not worth my time.


k2h said...

thats pretty chump of you.

but... you may be able to go to the dollar store, buy each item individually so it goes to 1.06 giving you basically a dollar sent to your account each time.

so your payed 5cents to purchase an item. you stand there all day, buy each item. and then return them. say your good and pulled it off 30 times. you just made $1.50

not worth my time.

k2h said...

is what they should do is give you 5% interest rate on your change account. that i'd be interested in but still not enough to use a check card. I hate those things.

forkev said...

my friend jim has stopped using debit cards , even the ones with the visa logo. fraud kept getting him for 9.99$ a month, and since it's uder 50, visa wont do a think about it, and since its debit, you're out the money without even time to whistle. i'd steer clear of the penny dream.