Barclays’ Upromise Mastercard isn’t the most profitable cashback credit card on the market. But it does have the benefit of allowing you to deposit your rewards directly to a 529 college savings account. So consider this credit card if you want to start saving money for college with no annual fee. The cleverly constructed incentives structure gives enhanced returns on all profits. These profits over time can build to a significant education fund, despite the small start earning potential. Rounding up all profits to the closest dollar and with the potential to earn cashback is a win-win.
Is the Upromise Mastercard suitable for you?
The Upromise Mastercard has no annual charge and offers cash back for college. In contrast, many alternative no-fee rewards credit cards give a sign-up bonus and a better-earning rate. Nonetheless, the ability to link your Upromise account to your 529 Plan may inspire you to save for college. This makes the credit card popular among young people and parents alike.
Overall, it’s a terrific approach for parents to save for college long-term through everyday spending. The framework is suitable for individuals who have trouble saving money. The credit card is most useful when used in conjunction with a 529 College Savings Plan. But you may still save money by buying through the Upromise platform and taking advantage of higher cashback rates. If you believe that slow and steady wins the race, you should apply for the Upromise Mastercard.
Earning rewards with the Upromise Mastercard
The Upromise Mastercard has a one-of-a-kind earning structure that rewards you for saving money for college. You’ll earn 1.25 percent back on everything you buy right now. You can link your account to a 529 College Savings Account. So, you’ll get a one-time 15 percent rewards boost. The credit card also includes a complimentary ShopRunner membership. This gives you free two-day shipping and returns shipping on eligible products.
Sign up for the Upromise Round Up program, which “rounds up” your purchases to the next dollar. For example, if you choose to round up your purchases to the next dollar. You can buy dinner for $34.10. Your credit card will be charged an additional 90 cents for a total of $35. The funds are subsequently finding their way to your Upromise account. This can benefit you a lot in a long run.
The Upromise Mastercard might meet your needs if you prefer bonus categories to flat cashback earnings. There is a rise of 10% for cashback benefits by buying at the Upromise network of retailers and restaurants. This is similar to other credit card reward programs. You can read our reviews on other credit cards and their programs here. So, for example, you can earn 2.5 percent back when you dine at one of their 10,000 restaurants. You can also earn up to 10% back when you shop online at well-known companies. In addition, services providers and hotels are among their partnered suppliers. This allows the credit card to work similarly to a standard rewards credit card.
Redeeming Points
When it comes to redeeming points, there aren’t many possibilities. The Upromise Mastercard is for people who want to put their money back into college savings. You can request an automated transfer to a bank account. But you can also link your credit card account to a 529 Plan online and transfer your funds there. So, if this is what you are looking for, you should definitely go ahead with this credit card.
How to use this card the right way
When you sign up for this credit card, you’ll attach it to a Upromise account. This assists family in saving for college. All benefits earned with this credit card, as well as other awards are offered through Upromise’s distinct loyalty program. These are retained in your Upromise account. You can transfer them to a linked bank or savings account or a connected 529 College Savings Plan. So connect your qualified 529 account to Upromise to get the most bang for your buck. Also, to ensure that your incentives are put toward college savings. This will earn you an additional 15% in rewards. This also ensures that you don’t forget to transfer the funds to your college savings account.
The Upromise Round Up function might also help you get more out of this credit card. It does so by providing a slight boost to the money you set aside—$1.25 for every $100 in round-ups. It takes minimal discipline to set this up. So, you contribute a little more to your college savings every time you use the card. In addition, whatever you save through round-ups (plus cashback) could help you get closer to your college funding objectives sooner. There is a limit to monthly round-ups which is $500 (or $6.25 in cashback).
Final Verdict
The Upromise Mastercard credit card doesn’t offer many additional incentives to attract applications. Offers, such as a zero-interest rate period on purchases in the first months of membership that others do. Upromise believes its initial spending bonus and unique college savings bonus are enough to entice candidates. There is a promotional balance transfer rate of 0% for 15 months. But only for transfers made within 45 days of account establishment. Also, New cardholders who take advantage of the offer must pay the 3 percent balance transfer charge.
The Upromise Mastercard might efficiently serve as your primary credit card if your primary objective is to save for education. It’s a low-maintenance cash back card that doesn’t charge an annual fee or a foreign transaction fee. If you don’t already have a go-to credit card for international shopping, this one might fit the bill. For extra convenience, earnings are automatically placed into savings, eliminating the need to worry about redemption alternatives or expiration incentives.
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