'Mellody's Mail': Credit Card Rewards

Not only can your rebates go toward future education expenses, but they can also be applied directly to outstanding college loans -- a nice lifeline for the millions of students who graduate in the red. According to BabyMint, the average member earns about $46 a month. If this money is wisely invested in a 529 Plan or Coverdell Education Savings Account for 18 years, the earnings could grow to more than $22,000 by the time junior is ready for college (assumes an annual return of 8 percent).

3. Upromise (www.Upromise.com): Similar to BabyMint, is the rewards program offered by Upromise. Upromise members are credited with a percentage rebate each time they make a purchase at a participating Upromise vendor or with their Upromise credit card. Depending upon each member's preference, the rebate is then either invested in a 529 Plan with a Upromise partner or deposited into a Upromise account where it sits (without any interest gain) until the member decides to make a withdrawal. Through the use of this free service, Upromise estimates that families can save between $13,000 and $20,000 (assuming an annual return of 8 percent over a period of 15 years).

E-mail Mellody with your personal finance questions.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is Good Morning America's personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.