Saving for college is about to get even more rewarding, thanks to an upgraded offer for the Upromise Mastercard.
Saving for college is about to get even more rewarding – thanks to an upgraded offer for the Upromise Mastercard. The updated card, known as the Upromise World Mastercard, will give cardholders 1.25 percent back on every purchase, plus a 15 percent bonus after linking their Upromise program account to an eligible 529 College Savings Plan.
According to Michael Bolmer, VP of travel, entertainment and affinity partnerships at Barclays, the two main goals of the Upromise World Mastercard are to “simplify rewards and help families save for college.”
A simplified rewards structureThe current Upromise Mastercard offers a tiered rewards structure that ranges from 1 to 5 percent cash back based on different spending categories. Making things a little more complicated, the highest rewards rates are restricted to purchases made through the Upromise network and shopping portal. For example, cardholders earn 5 percent back at participating online shopping partners through Upromise.com and 5 percent back at restaurants within the Upromise network.
The updated Upromise World Mastercard, on the other hand, will offer a simplified, flat-rate approach: 1.25 percent cash back on everything you buy with a 15 percent cash back bonus offer.
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A 15 percent cash back bonus
The Upromise World Mastercard offers a unique bonus designed to incentivize cardholders to add money to college savings accounts.
When you link your Upromise program to an eligible 529 College Savings Plan account, you will receive a 15 percent bonus on the cash back you earn. For example, if you earn $50 in cash back, you will receive an additional $7.50 in bonus cash back – for a total of $57.50 in cash back.
Along with the 15 percent bonus, the Upromise World Mastercard will offer a variety of perks, including:
- Upromise Round Up – Round your purchases up to the next dollar and use the change toward college savings.
- Free FICO score – Get complimentary online access to your FICO credit score.
- No foreign transaction fees – Pay no foreign transaction fees for purchases made abroad.
- Extended warranty – Manufacturer warranties that are 24 months or less will be extended on covered items.
- Purchase Assurance – If an eligible item is stolen or damaged, Purchase Assurance replaces, repairs or reimburses you for the item.
When can you apply?
If you currently have a Upromise Mastercard, you can expect to automatically receive the upgraded Upromise World Mastercard in June 2018. New customers will have access to the offer later in 2018.
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