Credit Card News
Fisher-Price and Concerto Launch College Savings Credit Card
Of all the brands that the average consumer might expect to launch a credit card, Fisher-Price would probably be pretty low on the list. Despite that, the company known for its preschool toys is partnering with the FinTech Concerto to introduce a new card issued by MRV Bank. However, in a twist, the new offering will reward customers who use their cashback to save for their child’s education.
With the Fisher-Price College Savings Mastercard, customers can earn 2% back on all purchases — if they deposit their cashback into a 529 education savings plan. Cashback not deposited into a qualifying account will be valued at the equivalent of 1% back. There is no cap on the amount of rewards that cardholders can earn and there’s also no annual fee for the card.
To celebrate the launch of the card, the Fisher-Price College Savings Mastercard is also offering a welcome bonus. Currently, new cardholders can earn an additional $50 in rewards when they make $250 in purchases on the card within their first 3 months and deposit those funds into a 529 account. Those who opt not to deposit into a 529 will earn a $25 bonus instead.
For this new card, Concerto and Fisher-Price partnered with Gift of College to make contributions to a 529 easier. As a result, those who don’t already have 529 accounts can create one with Gift of College. Meanwhile, cardholders with existing 529s can link them to their card account when they sign-up.
Speaking on the idea behind the new product, Fisher-Price SVP and GM Chuck Scothon said, “For more than 90 years, Fisher-Price has supported families at every age and stage of early childhood—from little moments to big milestones. With the new Fisher-Price College Savings Mastercard, we’re continuing to build on our promise to ensure every child has a bright future by helping families start saving for school early on without impacting their day-to-day lives.”
Scothon added, “As parents and loved ones begin turning their everyday spending into 529 education savings, they’ll discover it’s never been easier to make a lasting impact on a child’s future.”
My Thoughts:
On the one hand, there are plenty of rewards credit cards that offer a flat 2% back (or more) on all purchases like the Fisher-Price College Savings Card does (and without the 529 deposit requirement) as well as other cards that may ultimately be more lucrative to cardholders. That said, while the cashback earned from other products could certainly be used to save for your child’s education, the Fisher-Price card is built for the job. Therefore, those dedicated to the concept may want to try this card in order to keep them on track while those who want more flexibility may determine that this option isn’t quite right for them. If nothing else, the College Savings Card presents an interesting idea that parents can consider independently from the card itself.
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