Upromise World MasterCard
Upromise World MasterCard can help.
This card provides students and parents with an opportunity to take advantage of a whole spectrum of good decisions by emphasizing college savings, retail discounts, and a solid relationship with a company that’s invested itself in young people’s education. Imagine if most everything you bought helped you salt away money for college tuition. Getting to college takes a lot of hard work – but saving for college has just become drastically easier!
Upromise is a college saving service that links savings from accounts of parents, family and friends. The savings from every day purchases allow students to begin earning money for college at an early age.
How to Save with the Upromise World MasterCard
Essentially, the Upromise Card allows the cardholder, whether a prospective student or the parent of one, to earn “rebates” that are credited towards a Upromise college savings account. You can get $25 in college savings after the first qualified purchase with the card, 2% additional college savings on gas purchases at Exxon and Mobile, and 1% savings on all other purchases. Cardholders can receive an additional 10% savings on purchases at more than 600 online merchants, travel sites and more than 22,000 grocery and drug stores. For “other purchases” that earn you a 1% rebate, you can get $300 or (1% of 30,000) “rebates” in a calendar year.
There is no annual fee for the Upromise Card. The APR is determined by the prime rate plus 5.99%. You can also get an introductory rate of 0% APR for 12 months on any balance transfer, although a balance transfer fee applies with this offer. The Upromise card does allow you all 12 months to make this first transfer. The card’s average daily balance method (which includes new purchases) is used to calculate the balance. Otherwise, there are no hidden fees, and no annual cap to the amount of college savings a prospective college student or parent can earn.
The UPromise College Fund is a 529 plan that functions like most 529 plans. Contributions are made with after-tax dollars (as opposed to a 401K plan) although withdrawals are currently free from federal taxes. The investment manager is the Vanguard Group.
Considering how important a college education is, it’s never too early and never to late to start saving. Upromise Worlds MasterCard makes this possible.