UPromise

[PaulDavid's mom]

Has anyone ever done UPromise? I saw a story on our local news about it.
You supposedly attach it to your debit or credit card and earn money for college.
Has anyone used this? Is it only for college or do they have one that you can use just to save money?

 

[blowinbubbles]

I obtained a Upromise credit card. You can save the money for college or pay on a pre-existing student loan. Personally, I think the idea is silly. It's too complicated to purchase the right things or go to the right places to earn money. You don't earn money for every purchase, just those at participating businesses.

And, if you don't pay off your card monthly, you will pay interest! I say, just save your money, pay cash for things, and bank what you would have paid in interest!

 

[RitaE]

I've been a member for years. It is really just a rewards shopping rebate program - there are several out there. I think total I've received a little over $400 back from them, mostly by internet purchases at places like Overstock.com or wherever.

You don't have to use the money for college. You can just write a letter requesting a check be mailed to you. They mail out checks once a quarter, so it can take awhile. You can of course also have the money deposited into a 529 account.

 

[Golf4food]

I am a UPromise member to help pay down my student loan. I do not have the credit card (I get better rewards from our cash back card) but do try to remember to check and see if something is on UPromise rebates before I make any major purchases online - might as well get the extra money towards the loan. Many grocery stores and baby stores do UPromise programs that are no charge - Publix does and you just sign up for free and they give you a card that you scan when you checkout - if anything you bought is part of the UPromise program it is tracked. Most grocery purchases are only a few cents here and there, but the online purchases can be 2%, 5%, 8%... I've gotten some good rebates on things we planned to purchase anyway. So I often get 2% back on the cash back credit card and then another 2% back towards my student loan - works for me! I also get UPromise dollars through erewards surveys.

Total the UPromise has saved us over $100, which is one monthly payment I won't have to make at the end of the loan. I figure at that pace I will save 6-12 monthly payments. Can't ask for more than that. It's free money.

 

[PaulDavid's mom]

Thank you for the responses.

 

[PaulDavid's mom]

Okay, another question before I decide to join.
So if I wanted to use this as a savings account (not for college), once I have a good amount in there I can write them a letter and request a check? Do I need to put in the letter that it is not for college?
How much do you need to save before you can take money out?

I just want to make sure this is worth it before I set it up.

 

[Denine]

We have a Upromise account. I don't go to any special lengths to earn money. I think we have gotten about $200 in almost 4 years. But, it is $200 more than we had. Since the account does not earn interest, we take out the $100 we earn and put it into an actual savings account.

 

[RitaE]

This is from their site

Can I withdraw company contributions from my Upromise account without transferring them to a savings plan, and if so, how?

You can withdraw your Upromise contributions at any time during your membership. To withdraw company contributions from your Upromise account, submit a letter in writing to Upromise requesting a withdrawal from your Upromise account. The letter must state your full name and exact amount that you would like to withdraw, up to total amount available in your account, pending contributions are not eligible for withdrawal.

For the protection of our members, we require that your letter either be notarized or contain a Signature Guarantee if the withdrawal request is in excess of $200. A Signature Guarantee is a guarantee you can obtain from a financial institution, such as your bank, that your signature is yours and that it is genuine.

Withdrawal letters should be sent to:

Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555

Download Withdrawal Request Form:
http://www.upromise.com/pdfs/fund_withdrawal_request.pdf

Checks are sent once per calendar quarter, so you should typically receive your check within 12 weeks of your request being received.