College: There’s a Gift Card for That
With holiday shopping expected to kick into high gear after this week’s U.S. presidential election—and gift cards at the top of everyone’s list—shoppers looking for the perfect gift will have a new option: Gift of College Gift Cards. Atlanta-based technology provider InComm is working with Gift of College to distribute the gift cards, which can be used to contribute to any 529 college savings plan, at Toys“R”Us and Babies“R”Us stores.
GiftofCollege.com is an online registry that enables friends and family to contribute to a child’s college savings plan. Parents or guardians register the child, linking a 529 plan or student loan account. Friends and family can then contribute by purchasing physical or digital gift cards that are redeemable at GiftofCollege.com, which then transfers funds directly into the college savings plan.
The launch of the program at Toys“R”Us and Babies“R”Us is taking place in more than 780 U.S. stores (excluding Express and Outlet). In California, State Treasurer John Chiang’s Office will be the first to endorse and launch a co-branded ScholarShare 529 College Savings Plan version of the card. State Treasurer Chiang will announce this launch on Nov. 15 at a press conference at a Toys “R” Us store in Los Angeles, according to an announcement.
“We are very excited that our technology can be used to serve our children’s brighter future through education,” said Phil Graves, President at InComm. “As a retailer dedicated to serving kids of all ages, Toys“R”Us is a great launch partner for in-store distribution of this gift card program. Additionally, the company’s large network of stores across the U.S. will certainly help to boost the program’s visibility and adoption.”
InComm’s reach encompasses 500,000 points of retail distribution in more than 31 countries. The deal follows InComm’s partnership with Geoswift to enable Chinese parents to pay expenses for children studying abroad by loading funds onto a prepaid card.