Upromise rates Excellent with 1245 users reviews
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Complete Upromise Mastercard Review
Reimbursement bonuses for start-up expenses and for accounts related to the 529 plan
Introductory APR on Balance Transfers
Rounding function to improve reimbursement
Average Cash Back Rate
No introductory DAE for acquisitions
The benefits explained
- Cash Back Bonuses for Start-Up Spending and Accounts Related to the 529 Plan : When you apply for this card, you're actually joining Upromise, a service designed to help families save for college. After you spend $500 in the first 90 days after opening your account, you'll earn a $100 bonus. Your Upromise account can also be linked to any eligible 529 plan you've established with a bank or brokerage. Upromise Mastercard users who do this receive 1.529% of the money they earned from their card purchases (credited at the end of each billing cycle). So, for example, if the money you get back is $20 a month, you'll actually get $24.46.
- Introductory APR on Balance Transfers : Upromise Mastercard offers a 0% introductory APR for 15 billing cycles. Cardholders must transfer their balances within 45 days of account opening to earn this rate. At the end of the introductory period, the rate increases to the usual DAE for purchases: variable from 14.99% to 24.99%, depending on your solvency.
- Rounding Feature to Improve Cash Back – With the rounding feature, you can increase your cash back by setting up Upromise Mastercard to round a purchase up to the nearest dollar (or more) for more money in your account. It is possible to participate in the Round Up program with monthly expenses between $1 and $500. For example, a cardholder who rounds up to the nearest $1 might pay $3.50 for something; $4 will be billed to the card and the additional $50 will be converted to cash back.
counter explained
- Mediocre Cash Back Rate : This card offers 1.25% direct cash back on all purchases. It's not the worst in the world, but there are books that don't offer "level" rewards either, but still offer a better rate. CapitalOne QuicksilverOne, for example, offers a 1.5% cash back set; the Citi Double Cash card has a program that gives you 1% back in cash on all purchases and another 1% when you pay the bill. Both cards are also free. Of course, the 1.592% bonus for the 529 plan and rounding up actually increases the redemption rate (1.44% or more, depending on how much you round up). Even so, Upromise Mastercard's basic cashback is still pretty mediocre.
- No Introductory DAE for Acquisitions : While the card provides 0% APR for balance transfers for a period, cardholders receive no interruptions for any other type of transaction - those interest charges begin to accrue with the first cycle. Like Capital One SavorOne, some credit cards offer a 0% introductory APR on purchases and do so for 15 months.
This card is intended for, and is likely to benefit, families who want a boost to improve their higher education fund for their children. It will work best for those who already make regular contributions to a 529 plan, but want some extra money to boost their balance, and it's a fairly simple way to earn money and do it directly into your account.
Also, this card can work well for someone who doesn't want to deal with step or revolving cash back categories and wants to earn the same amount on every purchase. It could also help those hoping to transfer balances at high rates. Not earning interest on the transferred amount for more than a year can help reduce debt faster.
Details on how to earn rewards
Earning rewards with the Upromise Mastercard is quite simple. Every purchase earns 1.25% cash back. However, to get the money back, the cardholder must also have a Upromise account.
There are ways to earn additional cash back rewards, such as using the rounding feature and connecting your Upromise account to a 529 plan.
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Redeem reward details
Rewards are managed through Upromise. Roundups are considered purchases, so they actually earn their own money and are also eligible for the 1.529% bonus for accounts associated with an eligible 529 plan.
Redemption can be automatic when connected to a 529 plan, with the money regularly investing in the plan account.
How to maximize your rewards
The most likely way to maximize your rewards with your Upromise Mastercard is to use the card as part of a college savings strategy. By activating Round Ups and connecting a 529 plan account, you may be able to earn additional cash back for each purchase. Also, if the money earned is returned to a 529 account, then the money has the potential to earn compounded returns since it is now invested as part of the account.
For example, suppose you allocate entertainment expenses to your Upromise card. According to the Bureau of Labor Statistics, the average consumer spends $2,912 on entertainment each year, which would be $36.40 in cash. Now suppose you turn on the rounding function, bringing your purchases up to the nearest dollar. Suppose you receive an additional $0.50 for each of these transactions and you make 100 of them in a year, adding another $50 for a total of $86.50. She connected her card to the 529 plan account she created for her children, which gives her 1.529% of the money back for her total of $94.52.
Now, because the money in the 529 plan is invested, they will go to work, earning for you. If you make a 5% annual profit and the money stays there for eight years, your total would be $150.58. Of course, there's no guarantee that you'll consistently make those profits; Unfortunately, there is nothing certain about investing, but assume that they are on average. If you add this amount up to eight years each year, you can see approximately $1,021.91. That means more than $1,000 more for college expenses.
The outstanding benefits of Upromise Mastercard
- Round up for a larger refund
- 529 Contributions to the plan
- Free ShopRunner Subscription
standard benefits
- $0 Fraud Liability
- No commissions for transactions abroad
- Free Access to FICO Score Online
Cardholder experience
Barclays, which issues Upromise Mastercard, was ranked 7th out of 11 card issuers in the 2021 JD Power Credit Card Satisfaction Survey. The ranking received a below-average score.
Barclays has a mobile app. On Google Play, the app has a 4.2-star rating, while it has a 4.6-star rating on the Apple Store.
security features
For the most part, the security features with Upromise Mastercard are related to the standard security seen with Mastercard protection. It does not include any responsibility for fraudulent purchases and the replacement of lost or stolen cards. Plus, there's free access to the FICO Score online with this card, which makes it a little easier to keep up with a credit report and identify issues that could lead to the loss of the credit card.
our verdict
Education spending is on any family's mind these days, and the Upromise Mastercard is smart in this niche. Connected to a popular investment vehicle, the 529 plan, the card offers an attractive way to save, enhanced with some attractive ways to increase the amount of money returned. And since there's no annual fee, cardholders don't have to worry that their refunds will justify the ongoing costs of carrying the card.
Perhaps Upromise finds its upfront spending bonus and one-time college savings bond exciting enough, as this card doesn't offer many other benefits to entice applicants, as there's no zero-interest period for purchases in the US. first months of membership.
While the introductory balance transfer fee of 0% for 15 months for transfers made within 45 days of account opening is a nice touch, Upromise Mastercard does not waive the 3% balance transfer fee for new cardholders taking advantage of the offer.
In terms of continued use, the 1.25% cash back rate on the Upromise Mastercard is mediocre. Other credit cards may provide better opportunities for those looking for greater cash-back potential. Cards like Amex Blue Cash Everyday or Capital One SavorOne could help maximize certain categories where there are higher spends.
Also, the Citi Double Cash card may be a better option for those who are just looking for a balance transfer plus cash back transaction outright. This card comes with an 18-month 0% APR introductory period for balance transfers made within the first four months of opening your account, as well as 1% direct cash back on all purchases and another 1% when you pay your bill.
However, if that 529 plan bonus seems too good to give up, you might want to consider using the Upromise Mastercard as an add-on card. For example, a cardholder could use the Amex Blue Cash Everyday card to earn 3% cash back at US grocery stores of up to $6,000 a year and 2% back on gas and can use the card Capital One SavorOne to get 3% cash back per dine-in. and entertainment shopping. Purchases with these cards that would normally get you 1% cash back can be made with the Upromise Mastercard for a little boost to help pay for college.
Using the Upromise Mastercard in conjunction with other cards offers the potential for higher overall cash back rewards while working toward your goal of saving for college. In fact, it's actually the card this evaluator uses to supplement his own regular contributions to his son's 529 college savings plan. The Upromise Mastercard is not your primary credit card, but is used for online purchases.
Just using it for these transactions with rounding to the nearest dollar and a 1.529% cash back netted a few hundred dollars more in her son's account. It will go a long way, when combined with the power to accumulate returns, to increase the value of your account until you go to college.
Offical wesite: WWW.UPROMISE.COM
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