I have two kids in daycare and not surpringly, this is our #1 expense as a family (although well worth it, we love our daycare).
Starting this year they got rolled into the payment program of their parent company and the first thing I noticed when updating payment information was the option to pay with a credit card. I figured I'd get a 3% service fee, but took a shot and amazingly, no additional fee. It blew my mind, but sounds like they've been doing this for a while in their other locations so it's not an oversight.
I immediately started looking for the best cash back credit cards and the best I can find is using nerdwallet to sign up for a Chase 1.5% cashback plus an unlimited match from nerdwallet for the first year. The credit card also has zero percent interest for the first 15 months.
My thought right now is to pay all daycare expenses on this card, but only make a minimum payment to the balance on the card for the next 14 months. Open a new HYSA for the daycare cost and transfer the full amount every two weeks into this account. After 14 months before the interest becomes due, pay off the full amount and then re-evaluate options.
Not sure if there's a better option to maximize this opportunity, but figure this would be a good place to start.
Is there a better cash back card that could net a greater return? Both our credit hover around 800 and we've never carried carried a balance on a credit card not with 0% interest.
Submitted January 11, 2024 at 10:13PM by dangeraca https://ift.tt/rWtyDzv
