Upromise MasterCard Helps Americans Save for College
Nearly every family feels college is an important investment, but 60% are overwhelmed when it comes to saving for it, according to a recent study by Sallie Mae and Ipsos entitled How America Saves for College 2015.
Upromise has two programs to help. The first, Upromise by Sallie Mae, is a free program that allows consumers to earn cash back on every day purchases. The second is the Upromise MasterCard, issued by Barclaycard. The Upromise MasterCard offers:
10% Cash Back
Cardholders receive 5% cash back through Upromise and 5% back from Upromise MasterCard by:
- Shopping at the more than 850 Upromise online retail partners (including Lowe’s, Old Navy and The Disney Store)
- Dining at 10,000 Upromise participating restaurants
- Booking travel via Upromise.com (on sites including Travelocity, Hotels.com and Expedia)
Cardmembers can earn 2% cash back for in-store shopping at department stores, including Nordstrom, Sears and Kohl’s, and at movie theaters. All other purchases earn 1% cash back.
New cardholders can also receive a $50 cash-back bonus after making a purchase, cash advance transaction or balance transfer within 90 days of opening the account.
The Ability to Save for College
When a person opens a Upromise MasterCard account, they are automatically enrolled in Upromise by Sallie Mae. Cash back rewards can then be invested in an eligible 529 college savings plan, used to pay down an eligible student loan, transferred into an FDIC-insured Upromise GoalSaver account, or withdrawn.
Last year, Upromise MasterCard cardmembers collectively earned more than $50 million in cash back for college. Since its launch, the credit card has awarded more than $470 million in cash back rewards.
No Annual Fees and No Cash Back Limits or Expirations
There are no limits to how much cash back a cardholder may earn. There are also no annual fees or rotating cash back categories. Cardmembers also receive complimentary access to their FICO credit score and $0 fraud liability on unauthorized charges.
Upromise partners with retailers to offer additional cash back opportunities, which can mean cash back savings of more than 15%. Cardholders also receive special cash back offers via email.