WILMINGTON, Del., March 31, 2021 /PRNewswire/ — Barclays and Upromise today announced an enhanced Upromise® Mastercard® program, which simplifies how cardmembers earn rewards, helping college savers across America reach their goals faster by turning everyday spending into college savings. The card program offers an increased earn – 1.529% cash back rewards on every purchase when cardmembers link their Upromise program account to an eligible college savings plan.
“Our enhanced Upromise Mastercard program rewards college savers with greater benefits when making everyday purchases,” said Daniel Hahn, vice president and general manager, Upromise. “Over time, these benefits will help families reach their college savings goals faster. This is just one of the ways we continue to lead the college savings industry with everyday opportunities to build college savings.”
Upromise Mastercard cardmembers are automatically enrolled in the Upromise program, which includes new and improved earning opportunities with cash back rewards on everyday grocery purchases, discounted gift cards through MyGiftCardsPlus at over 100 different brands, and easier access, via the Upromise Browser Extension, to thousands of stores that offer Upromise cash back rewards.
Upromise Mastercard cardmembers can also enroll in Upromise Round Up. This feature lets cardmembers round up their purchases to the nearest dollar. The total Round Up amount is considered a purchase and converted to cash back rewards.
“We updated the Upromise Mastercard to help cardmembers accelerate their college savings,” said Mike Bolmer, director of travel and affinity partnerships, Barclays. “This enhanced card program helps cardmembers build substantial college savings over time simply through everyday purchases.”
According to a recent national survey commissioned by Upromise, 82% of parents with a child under 18 believe saving for college is “extremely” or “very” important – second only to an emergency fund. However, just 19% of parents are “very confident” they will be able to save the amount of money they hope to put aside. Despite the uncertainty, parents agree saving for college is necessary. In fact, more than 80% of parents surveyed said their college savings contributions have stayed about the same or increased since the pandemic escalated in March 2020; and 40% of parents with a college fund anticipate increasing their contributions over the next 12 months. Additional survey findings include:
- Starting Early: Half of parents (51%) would start a college fund soon after a child is born, with another 11% saying they would do so as soon as they knew they wanted children.
- It Takes a Village: While parents do identify themselves as the primary contributor to their children’s college funds, nearly half (45%) indicate that relatives have contributed or will be doing so in the future.
- Rewarded Spending: One in three parents (32%) would use cash back rewards from credit cards to save for college.
- Stress-Free Saving: Some of the top desired features by parents of a 529 plan are contributing a little at a time (54%) and through everyday purchases (44%) without feeling the pinch on their budget.
The Upromise Mastercard has no annual fee and includes the following benefits:
- Earn $100 cash back rewards after spending $500 on purchases in the first 90 days
- Earn 1.529% cash back rewards on every purchase when your Upromise program account is linked to an eligible college savings plan
- Earn 1.25% cash back rewards on every purchase if your Upromise program account is not linked to an eligible college savings plan
- Upromise Round Up lets cardmembers round up purchases for additional cash back rewards
- $0 Fraud Liability protection means cardmembers are not responsible for charges they did not authorize
- No foreign transaction fees on international purchases
- Free online access to FICO® Credit Score lets cardmembers keep an eye on their credit score and get email alerts when we learn that their score has changed
- 0% Introductory APR for 15 months on balance transfers made within 45 days of account opening
Check out the full release here!
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