Credit and debit card technology makes paying for everyday purchases nearly effortless. Payment cards now require only a click, a swipe or a tap. With the my529 Access Card, helping your clients use their college savings investment can be just as simple.
A new way to pay: the my529 Access Discover® Prepaid Card.
The my529 Access Card is a prepaid card that can be used at select merchants for in-store or online purchases where Discover is accepted. The my529 Access Card allows for a simple way to access funds invested in a my529 account.
Funds can be withdrawn online from an account owners’ my529 account and transferred to their my529 Access Card. After that, users are able to click, swipe or tap the card to use the money when paying for fees, books, supplies and other qualified education expenses.
The account owner maintains control of the account when transferring savings from the my529 account to the card. Once funds are transferred to the my529 Access Card, they are considered withdrawn from my529 and are no longer invested in the account owners’ my529 accounts.
Purchases made on the my529 Access Card will appear on the Card Services monthly statement, making the my529 Access Card a central place to track qualified education expenses. The my529 Access Card is designed to reject merchants who offer products and services such as alcohol, gambling, or adult entertainment to protect against nonqualified purchases.
With this new my529 Access Card, using a click, a swipe or a tap allows your clients to utilize and manage their college savings quickly and efficiently. Your clients can find more information about applying for the my529 Access Card by logging in to their my529 accounts.
The my529 Access Discover® Prepaid Card is issued by Central Bank of Kansas City, Member FDIC. Discover and the Discover acceptance mark are service marks used by Central Bank of Kansas City under license from Discover Financial Services. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and Fee Schedule at my529accesscard.com. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us 24/7/365 toll-free at 1-844-545-0805.
Money that is transferred to your my529 Access Card is no longer invested in my529 and is considered withdrawn in the year the transfer occurs. It will be reported as a withdrawal for tax purposes and should be spent in the same period that qualified educational expenses are incurred to avoid potential tax consequences.
The my529 Access Card can be used at select merchants for in-store and online purchases where Discover is accepted. You can track your transaction activity and download card statements at my529accesscard.com.
There are third-party fees associated with the my529 Access Card. Consult the Fee Schedule for more information and complete details.
my529 does not control and is not legally responsible for the terms and conditions of the Card.
Who Can Participate?
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