Thinking of a new leather jacket for fall? It can help you save towards your kid’s first car!
Capital One and GM Credit Card
There are all sorts of ways to save for a car, from putting aside a little bit each month to giving up a treat and using that money towards a car.
But the Capital One and GM credit card actually encourages you to spend money, with points accumulated towards buying a new car.
You can use the money towards any new Chevrolet, Buick, GMC or Cadillac, and you get 5% back on the first $5,000 spent every year.
At that rate, you can save for your toddler’s first Caddy, or your tween’s first Chevy Spark – if you are just looking at buying your teen a car you won’t get much money back. But you do get 2% back after that first $5,000 so if you are a big credit card user and are willing to forgo airline miles you can accumulate a fair amount.
Note that points never expire and car holders qualify for all incentives and discounts, so along with that college savings account, parents can start saving now for money towards their kid’s first car.
Judy Antell
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