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6 ways credit card rewards work for you

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Need retirement savings help?

Investing in your future is another way to use credit card rewards points.

There are a few cards that allow users to deposit rewards points in IRAs or 529 accounts or put rewards points toward paying down their mortgages.

These cards often come with restrictions -- for instance, one such card requires the cardholder to make $2,500 in purchases before points can start going to the mortgage -- so be sure to read the fine print.

The Fidelity Retirement Rewards American Express Card is an example of a rewards card in which points can be deposited in a retirement account or a 529 account.

"It's a great card for somebody who wants to apply rewards to a goal such as college spending," says Patricia Gooding, a vice president of product management at Fidelity Investments in Boston. "You can set it and forget it."

 

 

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Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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