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College Savings through the Upromise Program

January 23, 2008

By MoneyRates Team | Money Rates Columnist

The Upromise program allows registered users at upromise.com to earn cash back for college savings by shopping online at participating vendors. The list of participating companies numbers in the thousands and includes travel companies, real estate companies, restauraunts, grcoerys stores, and retail stores. Cash earned can be deposited directly into a registered 529 plan. The cash rewards vary by vendor, but are based on a percentage of sales price. A few companies and their current payouts are listed below:

Grocery stores (1% to 5%)
Coldwell Banker (up to $3000) and Century 21 (up to $3,000)
Avon.com 5%
Macys.com 3%
JCPenney.com 3%
Brooks Brothers 3%
Bestbuy.com 2%
Apple 1%
Walmart 1%

Citi Upromise World Mastercard

The Citi Upromise credit card gives cardholders 1% college savings everywhere they shop as well as extra college savings on thousands of restaurants meals, grocery store items, and drugstore items. The card has no annual fee and no limit on the amount of college savings that can earned. The current APR on balances is 13.24%.

Upromise Review

The Upromise program has a simple online registration process including registering credit cards to be linked. Signing up an account makes a lot of sense for consumers who are planning on using their credit cards for monthly expense whether or not they pay off the balance. For anyone planning a vacation or buying real estate property, the college savings earned can be quite significant. Not every 529 college savings plan is eligible to be linked to their Upromise college savings rewards, but consumers can open up more than one 529 plan per child and Upromise plans on continously adding more 529 plans to their program. Parents can easily earn hundreds of dollars a year (and even thousands of dollars) towards their children's college savings by using Upromise program.

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