Upromise – Join millions of families who are discovering a whole new way to save for college
Upromise is the largest and best known of the 529 savings clubs. It boasts extensive networks of both in-store and on-line merchants. Indeed, it is the only savings club through which you can expect to accrue meaningful rewards from in-store grocery shopping. Joining Upromise costs nothing and you are not required to have the CITI Upromise credit card to be a member.
You simply register up to 10 credit card numbers and five grocery/drugstore loyalty cards on the Upromise website. When you use these cards at participating merchants or buy certain brand-item products, you’ll receive a percentage share of the price as a rebate to your Upromise 529 account. Rebates vary by merchant but typically are under 10%. The fact that you can register a large number of credit cards and loyalty cards enhances your ability to effortlessly capture rewards. Additional points about the program:
- You earn rewards for purchases on some 7,000+ grocery and drugstore brand-name items, but only if you buy from stores in the Upromise network and only if you register and use the stores' loyalty card. The Upromise network of participating grocery stores is very large and includes Meijers, Kroger, Giant, Jewel-Osco, Winn-Dixie and many other large chains. If the store you frequent has no loyalty card, be sure to register your credit card on the Upromise website as both a credit card and a grocery card.
- Rewards can only be directed to 529 plans offered through Upromise. However, several good plans are offered including ones managed through Vanguard – an investment company with an excellent reputation for keeping fees as low as possible.
- Sizable rebates can be earned on some large transactions. For example, buy or sell a home through a Upromise affiliated realtor and you earn up to a $3,000 reward. Similarly, big rewards can sometimes be earned on new car purchases, home equity loans or other larger transactions.
| Membership Fee: None | Affiliated Credit Card Available?: Yes |
|
In-store Merchant Network?: Extensive – Many Grocery/Drugstore/Dining Rebate Opportunities |
Affiliated Credit Card Required?: No |
|
On-line Merchant Network?: Extensive – About 300 Merchants Including Several Large Department Stores |
Register Other Credit Cards?: Yes-up to 10 |
|
Required to Shop Through Website for On-line Rebates?: Yes-RemindU Service Available |
Register Loyalty Cards?: Yes-up to 5 |
|
Frequency of Transfers to 529 Account: Monthly - ($50.00 Minimum) |
Cash Withdrawals Allowed?: Yes |
| Can Others Direct Contributions?: Yes | 529 Plan Options: Limited to Upromise Plans |
|
Other Feature/Services: Student Loan Assistance, Rebate Alert Service (RemindU), |
Rebate Reporting: Yes |
Summary: Upromise is a free savings club well worth joining. Average rebate percentages for on-line merchants tend to be higher than for the other no-fee clubs, but lower than edexpress' (which charges a membership fee). The main advantage of Upromise, though, is the unmatched ability to earn rewards on routine in-store grocery shopping.
Once you register your cards, there is little more you need to do (other than use them). Used in conjunction with the Fidelity/MBNA 529 reward credit card, the Upromise savings club is one of the best ways to effortlessly save for college.
Loading ...