Summer has ended and back-to-school shopping is in full swing. According to a quarterly survey by Capital One (COF) of 1045 rewards credit cardholders, 60% of the parents surveyed estimated that they would have to pay between $101-$500 per child on back-to-school shopping expenses.
That is a lot of money per child to pay all at once, especially if parents have a few children, so saving money by using your credit card rewards to pay for these expenses is something I would recommend to all of you who have children and want to reduce the impact of back-to-school shopping on your wallet.
Although all parents would agree that they want to save as much as possible on back-to-school shopping, few know that they can redeem their credit card rewards to cover these expenses and thus even end up saving hundreds of dollars. Almost 65% of the parents who were surveyed said they wouldn’t be using their credit card rewards to pay for back-to-school expenses.
On the other hand, 57% of parents who have college age children said that if they could redeem their points for tuition costs, they’d rather redeem their points for such costs than to pay for their child to visit them on holidays.
74% of parents also said they would get a student credit card for their child more eagerly if the credit card taught them credit card responsibility by rewarding them for paying on time and staying within their credit limit. Luckily for these parents, Capital One is now offering a student credit card, Journey® Student Rewards from Capital One®, which rewards college students with additional cash back when they demonstrate financial responsibility and good credit behavior.
You can click here to read our review of the Journey® Student Rewards from Capital One®.
You can also check out the best student credit cards here.