test.com - card credit debt

Go into debt to buy savings bonds? It sounds like heresy, but there's method to this madness. If you buy bonds with a credit card at the government's Web site, you can rack up any perks your card offers. For example, charging $25,000 worth of bonds on a MilesOne Platinum MasterCard from Capital One can get you a round-trip ticket to anywhere in the contiguous U.S. That's on top of the current 5.54% yield on EE bonds or 6.49% yield on I bonds.

Unfortunately, the Bureau of the Public Debt (www.savingsbonds.gov) limits each transaction to $1,000. But you can make multiple purchases. Web purchases are considered merchandise transactions, so they qualify for perks offered by Visa, MasterCard and Discover. (You can't use American Express.)

Low-interest premium cards Best if you carry a balance

                                RECENT    CASH-ADVANCE   ANNUAL
ISSUER                          RATE(*)   RATE/FEE(c)     FEE

Pulaski Bank & Trust (G)         7.99%    7.99%/none      $50
USAA Savings Bank (G,P)           9.50     9.50/none       45
Simmons First National (P)        9.95     9.95/none       50

                                 LATE/        TELEPHONE
ISSUER                        OVER LIMIT        NUMBER

Pulaski Bank & Trust (G)        $20/$20      800-980-2265
USAA Savings Bank (G,P)         20/none      800-922-9092
Simmons First National (P)      20/none      800-636-5151
No-fee premium cards Best if you usually pay the balance each month

                              RECENT    CASH-ADVANCE     GRACE
ISSUER                        RATE(*)   RATE/FEE(c)     PERIOD

Security First Network (G)     9.90%      9.90%/2%     25 days
Wachovia (G)                   9.90       19.99/4      20 days
Capital One Bank (G,P)         9.90     19.80/2.5      25 days

                                LATE/       TELEPHONE
ISSUER                       OVER LIMIT      NUMBER

Security First Network (G)    $15/$10      800-736-2321
Wachovia (G)                    29/29      800-842-3262
Capital One Bank (G,P)          25/25      800-548-4593
No-fee premium cards Best if you usually pay the balance each month

                            RECENT   CASH-ADVANCE      ANNUAL
ISSUER                      RATE(*)   RATE/FEE(c)         FEE

Amex Cash Rebate (P)         18.49%     21.49%/3%        none
Fleet Cash Rebate (P)         14.99       19.80/4        none
First USA GE Select (P)       15.90       19.99/3        none

                            REBATE      TELEPHONE
ISSUER                       TERMS        NUMBER

Amex Cash Rebate (P)        up to 2%   800-467-8462
Fleet Cash Rebate (P)       up to 2%   800-394-0472
First USA GE Select (P)     up to 3%   877-533-9656

(*) As of March 9; rates are adjustable, often tied to the
prime rate.

(C) Cash advances often have no grace period;
additional fees may be charged.

(G) gold card

(P) platinum card

SOURCE FOR LOAN RATES AND CREDIT CARDS: Bankrate.com, N, Palm
Beach, Fla.

Copyright (c) 2006
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