Want A Simple And Smart Way To Save Money?
Open A Credit Card Savings Account!

A Credit Card Savings Account is a great way to get yourself into the savings mode. These types of Credit Card Accounts are good for anyone but are especially good for people who have a hard time saving any money at all. Basically each time you use your credit card a portion or percent of what you spent is put into a special high interest earning savings account. And most credit card companies even match a portion of the money that is put into your savings account each time you use your card.

More and more credit card companies are adding a Credit Card Savings Account card to their list of available cards. And this is good for you the consumer because the more credit card companies compete for your business the better rates and deals you'll get when you use their credit card savings account cards.

Credit Card Savings Account
The More Your Spend, The More You Earn

That's right, the more you spend the more money you'll earn with one of these cards. Now the earnings you can save and the amount that a credit card company will match isn't huge but it's money all the same and the important thing is that you're saving it in a high interest bearing savings account for most programs instead of having it sit in your low interest account ready to be spent. Just like the old adage, "Out Of Sight, Out Of Mind".

Even with these great savings deals you need to be careful. After all credit card companies are in business to make money not give it all away for free. If you don't keep a monthly balance on your credit cards then these programs are especially good. If you do keep a balance then of course you're paying interest on your monthly balance so the amount you get into your savings won't offset the interest you're paying. Still in the end you're saving money and have a new savings account where you can add your own money when you have some extra to build it bigger, faster.

*Just make sure to always read the small print! Some companies require you to have a minimum opening balance for your new savings account and more. They're still good deals though as long as you always read the small print and know exactly how their specific program works. No two programs are ever the same.

As I just said not every Credit Card Savings Account is the same. For example Bank Of America has a program called "Keep The Change" which is a neat program. They round up every Bank of America Visa Check Card purchase to the nearest dollar amount and then take the difference from your checking account and add it to your savings account. This is all done automatically and it's a free service. Say for example you spent 7.75 on dinner then they'd round your bill up 8 and send the other .25 cents over to your savings account. And as of October 2007 they are matching your savings for the first 3 months. After that they match 5% a year up to 250 dollars. But the savings account associated with this program only offers a minimal interest rate, not a high interest account.

A Credit Card Savings Account that does offer you a high interest bearing savings account with its program is American Express. The "One" card from American Express gives you a way to save money when you spend. Now you don't want to spend more and more just to save money, that's the wrong way to go about it. But if you use your card as normal for everyday purchases then this program may be the one for you. With just about every purchase you make with their "One Card" they'll add funds directly into your FDIC Insured High Interest Savings Account at their own bank, "American Express Bank". The current variable rate offered is 5% which was effective as of February 1st, 2007. Basically American Express will contribute 1% of your monthly purchases made to your savings account. Now they do charge an annual fee for the card, which is $35 dollars. But as of October 2007 the first year of card membership is waived so that's a $35 savings. After that though you must pay the yearly fee.

These Programs And More Offer Great Ways To Save
But You Must Read The Small Print!

These aren't the only two companies offering a credit card savings account to everyday card users. I'm not promoting them either, just using them as examples.

Many other banks and financial institutions offer similar programs that may be of interest to you. And I believe it's better to have money returned to you instead of earning points for a local store of for airline flights. These cards can get you into the spirit of saving and if you never take your money out from your high interest savings account you'll be amazed at how much interest you'll actually earn down the road! It still takes time and you need to save on your own also to get the best returns but these cards can be a great start.

Again I can't say it enough, "Read The Small Print". Find out if there is an annual fee? Do you need to spend over a certain amount before they'll match any funds? Can you easily access your new high interest savings account online and see your current savings? Among other things.

Also there are credit cards like the Upromise credit card that will add money for your or your child's future education or help pay off your student loans. There are a lot of neat Credit Card Savings Account programs out there and if you're a frequent credit card user it may be time to get some money back in return.

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