So, we’re starting the transition to get him off the bank of Mom and Dad. I’m sure it’ll take longer than we’d like – but I created a spreadsheet of the expenses we’ve been covering (cell phone, car insurance, gas), so he has an idea what to expect.
The job he’s picked (ski instructor) doesn’t pay a lot. He’s in for a rude awakening!
One of the first things we’re doing is getting him a new credit card. One with no annual fee. One that provides cash back. One we’re not paying!
He’s had a United MileagePlus card, but it has an annual fee of $60. And we’ve been paying it.
Don’t get me wrong. I LOVE cards that earn miles/points on United. But, I don’t want him saddled with an annual fee. Rather than paying $60/year, I’d like to see him get a cashback check for $60/year. He can decide, later on, what kind of card he wants and what kind of annual fee he’s willing to pay.
At first, he wanted to keep the United card. After all, what’s $60 over the course of a year? OK – give me three twenties, I said.
He applied online for the Bank of America cash back card. He was approved within minutes!
We won’t be celebrating for long. Our youngest was just admitted to CU Boulder, so we’ll be back to having two kids in college in August.
ps. he’ll call to cancel his MileagePlus card as soon as the last statement is paid and the miles are in his account. We’ll get the $60 annual fee refunded because he’s canceling within two months of the renewal date.