Upromise by Sallie Mae, allows you to earn cash for college or other savings goals on purchases you are already making. I’ve had an account with Upromise for years and have used it to earn cash back rewards on my shopping which I have invested in 529 college savings accounts for my two children. What I particularly like is that I can earn cash back just for traveling, shopping, or eating out as I typically do.
Over the years Upromise has continued to add many new features that make it even easier to save money for college.
Ways to Save with Upromise
Upromise has teamed up with hundreds of businesses that let you earn cash back while shopping online, dining at restaurants, traveling, and of course buying groceries.
- Online Shopping – earn 5% cash back or more from over 850+ online shopping partners. Make sure you begin your online shopping at Upromise.com so you receive credit for your purchases.
- Restaurants – earn 5% cash back on your total dining bill including tip at over 10,000+ participating restaurants. All you have to do is register your credit or debit card for free with Upromise.
- Travel – earn 5% cash back when you book your hotel reservations through partner sites like Hotels.com, Expedia, and Travelocity. You can also earn cash back on car rental, airfare, vacations packages, and more.
- Grocery eCoupons – add your shopper loyalty card to your account and activate your eCoupons each month and receive savings at checkout. To activate your eCoupons, simply go to ecoupons.upromise.com and select the coupons that you want. You can search for participating grocery and drug stores in your area by visiting the Upromise site.
- Upromise MasterCard® – earn an additional 5% cash back on online shopping purchases through Upromise.com, your total restaurant bill, and purchases with participating travel partners. That's up to 10% cash back! Purchases at participating department stores and movies theaters will get you 2% cash back while all other purchases will earn you 1%.
How to Maximize Your Earnings
One of the best ways to increase your earnings is to invite friends and family to help you save for college. Simply send an email to your friends and family and when they sign up and they can allocate how much of their Upromise earnings they want to share with you when they shop. We invited our friends and family to sign up and let me tell you, it’s a great thing to see the monthly savings add up!
If you are concerned about not always remembering to start your online shopping at Upromise then RewardU is for you. Simply download RewardU, a toolbar add-on for web browsers, and shop online like you typically do. RewardU will notify you if your purchase qualifies for savings, and even keep track of your savings for you.
How Can I Redeem My Earnings?
You can use your Upromise earnings to fund a Upromise GoalSaver savings account, a 529 College Savings Plan, pay down an eligible student loan, or simply request a check.
I linked my Upromise account to 529 college savings accounts for my children and really like the fact that not only am I earning cash back on purchases but my savings are growing tax-advantaged for future college expenses. My Upromise account isn’t going to cover the entire bill for college but it sure is nice to know that every-time I make a purchase with a participating partner, I am earning money to help offset the cost of my children’s education expense.
Other Ways to Earn Cash Back
Another way to save is with the Upromise GoalSaver and it can help you save for school or other savings goal for free. When I say free I mean free, no monthly fees and no minimum balance so your savings can grow without the negative effects that fees can have on returns. Not only do you earn interest on your deposits, you can earn a 10% match on your Upromise earnings you automatically transfer into the GoalSaver account and a $10 bonus when you make at least 10 deposits each year to your account.
So How Do I Get Started?
It’s quick and it’s easy! Go to Upromise.com, fill out the enrollment form, and add your credit, debit, and shopper loyalty cards and start earning cash back for college or other savings goals now.