Use Upromise to Save over $100 a Year for College by Doing Nothing

Upromise Savings

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in College Savings,Uncategorized

Honest I’m not trying to pull a fast one, I’m not promising get rich quick schemes but by merely signing up for the Upromise program you’ll start earning free money for your kids, your grand kids, nieces, nephews, friends, enemies, whoever you want.  I’m terrible with coupons and I haven’t successfully completed a rebate process in years so you know this program is simple.  So what’s the catch?  You have to register your Debit and Credit Cards with Upromise for them to track your eligible purchases then they give you cash for college that’s it.

I signed up for the program a little over 7 years ago when I was commuting 180 miles a day and my gas station of choice was advertising this program.  I signed up, registered our cards and I’ve literally not though about it much but to check every so often to see what’s in there. I just checked today and you can see in the image above there is 770 dollars for my two boys.  Upromise pays you when you shop at one of their affiliated stores, restaurants or online and it can range anywhere from 1% to 5% and up.  Sometimes it depends on the particular products in the grocery store for example.  All you have to do to take advantage of the savings is purchase one of those products with your registered card and it will magically appear.  Many of the online shopping options give you money regardless of what you purchase.

Additional Upromise Program Savings Opportunities

Now if you are a more savvy saver/shopper Upromise has a mutlitude of methods to help you really rack up the college savings.  They have a program called TurboSaver that installs a toolbar to help you find online savings and we’re not talking one or two retailers here pretty much any online store you can think of is in the program:  Buy.com, Sears, Apple, Dell, Ebay, Walmart just to name a few.  There are always additional programs so you’ll want to check their website to see all of the opportunities for savings.

I even hesitate to mention this other method but in the spirit of full disclosure they do offer a Upromise credit card that you can get even a slightly better rate of savings but I can’t in good conscience recommend getting a credit card.

How can I Use my Upromise Money?

There are really 3 options with the money you earn in your Upromise account.  You can transfer the money direct to yours or your students  Sallie Mae student loan, but you don’t really want a loan do you, you’re saving for your kids future.  Then you might want to fund your qualified 529 college savings plan directly or finally you can request a check to pay for college expenses.

This is really a no brainer, the Upromise program really works.  It’s free money there’s little to no downside other than you’re providing them your credit,debit card information and if you have a bunch of relatives or friends without kids get them to sign up too and their purchases will help fund Susie and Johnny’s college education.

UPromise College Dream Sweepstakes

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{ 6 comments… read them below or add one }

ontheroadto1m 2009/09/03 at 1:16 pm

Really interesting. I’d come across the program before -when I read Getting Loaded for my blog’s review-, but had completely forgotten about it. I’ve got one question: what happens if you don’t have kids but expect to have them in the future? Can you start saving from now? I seem to remember that the answer is yes, as they don’t ask you to name a beneficiary straight away, but I’m not 100% sure.
.-= ontheroadto1m´s last blog ..Book Review: Double Your Income Doing What You Love =-.

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Matt Jabs 2009/09/03 at 1:40 pm

I will look into what they do with my data (ie. do they sell it to marketing companies, etc). If I like what I find, I’ll sign up… thanks for the testimony.
.-= Matt Jabs´s last blog ..The Lending Club $2,500 Investor Giveaway! =-.

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paul 2009/09/03 at 5:40 pm

You can get started even if you don’t have kids, in fact you can use the money for your own college if you so desire. Direct from Upromise:

Your earnings can be used for any educational purpose. You can use funds to pay for the classes you need to make a career change, to upgrade your skills, to get a certification, learn a language, or go back to school. Or you can contribute your earnings to a family member or friend’s account to help them save and pay for college. If you plan to have a family in the future your contributions can remain in your Upromise account until that time – they don’t expire like with other loyalty programs.

And to your point Matt Upromise is a member of the TRUSTe Privacy Seal program and they state that they do not share member contact information with their partners. Here’s their Privacy Statement.

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a.b. 2009/09/04 at 7:13 am

I’ve actually run into a couple problems with upromise. I’ve given them several chances to transfer the money to my husband’s school loans (our version of investing) and it never happens. I’ll probably end up writing them to withdraw the money and paying it myself, but there goes the convenience factor!
.-= a.b.´s last blog ..Personal Finance and The Passing of Time =-.

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paul 2009/09/04 at 8:21 am

a.b. I’m sorry to hear that, I actually have 529′s setup for my kids through the Upromise program and they transfer it in there directly every quarter, their website sure makes it seem like they would easily transfer the money to your school loans. If this continues I’d love for you to send us an update so I can at least keep a what to look out for with Upromise section, I honestly have just been building money haven’t had the opportunity to try and use it, everyone will have to tune back in 10 years for that :-).

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Rick Vaughn 2009/09/05 at 5:38 pm

Sounds like a very good idea. Especially if you don’t have kids yet this is a way to get started I will definitely have to look into this.
.-= Rick Vaughn´s last blog ..Please be Smarter than I Was,College Students! =-.

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