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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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