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UPromise Review: Free & Automatic College Savings

Upromise is a college savings program that costs absolutely nothing to join and gives you rewards when you make purchases anywhere. That’s right, anywhere. You don’t have to buy anything through them to earn rewards. Open an account, register your credit cards and loyalty cards, such as a buyer’s card at a grocery store, and you can earn money towards college or student loans when you go about your business.

What’s the catch?

No catch, I’ve been a member for years, having joined when I took advantage of some UPromise promotion codes for free money. It does seem a little too good to be true right? I linked up my Giant (a local grocery store) card and now I earn money without having to change anything about my routine. There is no catch, you can even withdraw the funds from your account by sending them this withdrawal form [3], though I haven’t done this yet (I don’t anticipate I will).

Linking family and friends: You can invite your friends to join and contribute to your educational cause. When they join, they can link their cards to your account so that you earn rewards based on their spending, as if it were your own.

How do they earn money? Through the UPromise website, you can earn higher percentages when you purchase products on the UPromise site. They have partnerships with various stores that offer higher percentage contributions if you purchase through the site. For example, if you visit the UPromise website, you’ll see that you can get TurboTax Deluxe for $49.99 and earn 2% towards college. When you make that purchase, Intuit probably pays UPromise a commission, part of which they turn around and give to you as a reward. Speaking of the website, they run occasional promotions where you can get bonus percentages on certain months. If you look at the website right now, there’s a 2% bonus on top of the regular bonus if you buy something at Lancome, ProFlowers, or Sears. They may pay you a percentage, but they collect a greater one from the stores. Since you would otherwise get nothing from the store, this is a win-win for everyone involved.

In the end, it’s free money for me and little risk involved, which is why I do it. Since I’m not swayed by the site (I haven’t visited it in several months) or the marketing, I really give up nothing by being a member.

Do you have any UPromise success or horror stories you’d like to share? I’ve only had a good experience with UPromise so I don’t know what could be bad about it.