Credit CardsReviews

Upromise Mastercard Review – Earning Cash For College

Upromise MastercardThis is my review of the Upromise Mastercard.  I actually own this card and I think it is a good one if you like to shop online and earn some cash back for your college savings.

If you are unfamiliar with Upromise, then it is a simple program that allows you to earn cash back for shopping online at select retailers, eating and dining out, and grocery shopping.  I have had a Upromise account for years.  While you might not earn a lot, you can certainly add it up over time.  One feature that makes Upromise different is that the cash that you earn from your purchases can be automatically transferred to a 529 college savings account.  Upromise doesn’t have all of the possible 529 accounts, but they can also send you a check.  I have earned a few hundred dollars so far by buying things that I normally would.

If you really want to earn more money with Upromise, then enter the Upromise Mastercard.  This Upromise credit card offers a tiered cash back option depending on where you are making  a purchase.  You can use it anywhere Mastercard is accepted.  While you earn cash back on every purchase you make, you really make the most money when you make purchases online through your Upromise account.  You can earn 10% or more on your online purchases at selected retailers.  The list of retailers is quite long, so you are bound to find a retailer that you normally shop with.

Upromise Mastercard Cash Back

As I indicated the Upromise credit card offers a tiered cash back option depending on the type of purchase.  Here is what they are currently offering.

Upromise Mastercard cash back options


So, just in case you can’t see the above image referencing the cash back options, here the Upromise Mastercard cash back options:

  • Earn 5% cash back on eligible online shopping purchases through
  • Earn 4% cash back at Upromise participating restaurants
  • Earn up to 3% cash back on eligible gas purchases at Exxon or Mobil locations
  • Earn 2% cash back at eligible movie theaters
  • Earn 1% cash back on everything else
Update: The Upromise Mastercard has just increased their cash back sign up bonus. You can now earn $50 after your first purchase, instead of $25

Upromise Mastercard Features

As I indicated, I have the Upromise Mastercard. I use it for select purchases, but almost always use it when I am online.  The cash back option adds up fast.  So far, the most I have received in cash back was 18% of the purchase.  I can’t complain there!  On top of cash back, here are some of the other features of the Upromise Mastercard.

  • Contribute your earnings to a Upromise 529 college savings plan.
  • You can use the funds to deposit into a Sallie Mae high-yield savings account.
  • If you have a student loan serviced by Sallie Mae, you can use the cash back earnings to pay down your student loan debt.
  • If you don’t have an eligible 529 account, then you can get a check every quarter as long as you reach the $10 threshold.

The Upromise Mastercard does not currently come with an annual fee, so all the cash you get back will be yours.  The card is issued by Barclaycard, which also has some of the best rewards credit cards, like the Arrival World Mastercard.

If you are looking for a cash back rewards card and need to start saving for college, then check out the Upromise Mastercard.  They are providing a bonus of $50 when you first use your card.  There is no set purchase amount for the bonus, but you do have to use the card within the first 90 days of opening an account.

Grayson Bell

Grayson Bell

I'm a business owner, blogger, father, and husband. I used credit cards too much and found myself in over $75,000 in debt ($50,000 in just credit cards). I paid it off, started this blog, and my financial life has changed. I now talk about fighting debt and growing wealth here. I run a WordPress maintenance and support company, along with another blog. It is Empowered Shopper, which helps people get information about products they want to buy. You can also check out Eyes on the Dollar, which is a great blog that I co-own.


  1. November 13, 2013 at 8:35 am — Reply

    Well it certainly seems like this card has it’s benefits. The biggest one for me would be being able to use it towards my Sallie Mae student loans. I hate that I don’t get cash back when I pay back student loans, but it looks like this is one of the few ways I actually could take advantage of it.

    • November 14, 2013 at 10:24 am — Reply

      I think it does. I put my son’s daycare expenses on it and it will earn me over $100 a year for just that.

  2. November 13, 2013 at 8:49 am — Reply

    Seems like a pretty good option. I haven’t signed up for UPromise mostly because it seemed like a hassle, but it’s been a while since I looked into it. Probably time to check out the details again.

    • November 14, 2013 at 10:25 am — Reply

      It is not much of a hassle anymore. They have some new browser plugins that pop up when you can use Upromise to save money. Makes it very convenient.

  3. November 13, 2013 at 9:19 am — Reply

    We had this credit card forever. It really is an easy way to save for college. Now I churn for sign-up bonuses instead.

    • November 14, 2013 at 10:25 am — Reply

      Glad to hear you have it. I know you are a huge churner.

  4. November 13, 2013 at 9:31 am — Reply

    Looks like a pretty solid option. I like that they offer both the ability to go into a 529 or being thrown at student loans which is a pretty nice feature.

    • November 14, 2013 at 10:26 am — Reply

      Yeah, I think that is a big selling point.

  5. November 13, 2013 at 10:59 am — Reply

    I don’t have a Sallie Mae loan but if I did, I’d definitely consider this card. Personally, I’m not big into cash back cards but the premise of this card is intriguing.

    • November 14, 2013 at 10:26 am — Reply

      Why are you not into cash back cards? Do you enjoy travel rewards more?

  6. November 13, 2013 at 12:54 pm — Reply

    Wow, that’s really cool that you can use the rewards to pay back student loans. We’re going to have to look into this since hubby’s student loans are with Sallie Mae.

    • November 14, 2013 at 10:27 am — Reply

      Yeah, I know a few people that use the card for that. It really can add up over time.

  7. November 13, 2013 at 2:01 pm — Reply

    Upromise could be a great way to get extra cash for a college fund. I think you can also link up grandparents and other family members as well. If you can remember to use the portal, that could add up over the years without any cost or much work. I like easy!

    • November 14, 2013 at 10:27 am — Reply

      Yes, you are correct Kim. That is going to be a part of my Upromise review when I finish it.

  8. November 21, 2013 at 9:25 am — Reply

    A very good option for college fund. My younger brother has Sallie Mae loan and I am going to give him the link of the post. It will be very helpful for him. Thank you very much for sharing it with us.

    • November 21, 2013 at 10:06 am — Reply

      I agree Kevin. Hopefully your brother can use it to help him pay down his loans.

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