How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The Upromise® Mastercard® is an okay choice when it comes to cash back cards since it does give more than 1% cash back. However to get the most value from it, you need to have the rewards deposited into an eligible 529 plan. Other cards offer 1.5% and 2% without restrictions, so we suggest using those and funneling the cash back to your preferred savings vehicle for your kids, be it a 529 plan, ESA or UTMA/UGMA account.
Intro Purchase APR
None
Regular Purchase APR
20.24%, 25.24% or 29.99%
Intro BT APR
0% introductory APR for 15 months for each balance transfer made within 45 days of account opening
Regular BT APR
20.24%, 25.24% or 29.99%
Annual Fee
$0
Cash Advance Fee
Either $10 or 5% of the amount of each cash advance, whichever is greater.
Foreign Transaction Fee
0% of each transaction in U.S. dollars.
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Helps you save for college
The mission of the Upromise® program is to help members achieve their college savings goals, and the Upromise® Mastercard® is another way the mission plays out. You can use Upromise and earn cash rewards for free without the Upromise® Mastercard®. However, the credit card offers additional cash rewards that you can deposit into your Upromise account.
The Upromise® Mastercard® incentivizes you to save the cash back in a 529 account by offering a slightly higher rewards rate. You’ll earn 1.59%, on all purchases made with the Upromise® Mastercard® if you link it to a 529 account. This higher rate is helpful if you haven’t prioritized saving for college but want to.
If you choose not to link an eligible college savings plan, you receive 1.25% cash back.
→ Discover 16 strategies to pay for college
Round up feature helps boost college savings
The Upromise® Mastercard® offers a round-up feature that automatically rounds your purchases to the nearest dollar and funnels the extra money into your linked account. For example, if you purchase coffee for $5.25, your credit card statement will show $6.00, and the $0.75 that wasn’t spent on coffee goes to your savings account. You’ll also earn additional rewards on the rounded-up amount.
Note that this isn’t free money from Upromise. Rather, Upromise adds up to 99 cents more to your credit card charges and move that money to an account that you, your kids or grandkids can later use for education.
You can limit how much you will “spend” on rounding up each month. It can range from $1 to $500 a month. If you choose $20, rounding-up stops for the month once the cumulative rounded-up amount hits that threshold.
Earn additional cash back on eligible gift card purchases
You can get an extra $250 cash back when you buy eligible gift cards from MyGiftCardsPlus. Registration is required, and you have to use your Upromise® Mastercard® to purchase them. But it’s a simple way to earn a little extra by buying gift cards to places where you usually shop or dine. Your bonus depends on the amount of your gift card purchases for the month. You’ll get:
The extra cash back is earned monthly, so you need to make a purchase of $150 every month to receive the full $250 over the year.
Intro balance transfer offer
The card offers a longer-than-average intro APR for balance transfers. You’ll get a 0% introductory APR for 15 months for each balance transfer made within 45 days of account opening (followed by a 20.24%, 25.24% or 29.99% APR). While this isn’t the most extended length for 0% APR offers on balance transfer credit cards, it gives you over a year to make progress on paying off debt.
→ Find the best student loan for your college student
Upromise is a free program that helps families save for college. Members can earn cash rewards on groceries, dining out, online shopping and even by completing surveys. The funds are deposited into your linked bank account. Every month you’re automatically entered to win one of five scholarships in the amount of, you guessed it, $529.
Must join Upromise
The Upromise® Mastercard® requires you to be a Upromise® member, which is free. Joining is simple but does require minimal effort. However, a Upromise membership opens the door to earning cash rewards from your other shopping. While it might be off-putting to join yet another rewards program, this one could pay off. As a bonus, when you link your Upromise® account to an eligible 529 plan within 30 days of opening, you’ll receive a $25 bonus. Every little bit adds up when it comes to paying for college.
You have to deposit rewards to a qualified 529 plan to earn the bonus
This isn’t necessarily bad; some people may appreciate that this forces them to save for college. You don’t have to put your cash back rewards into a 529 plan, but if you choose not to, you only receive 1.25% cash back. This does give you some flexibility in case you’d rather change your strategy.
→ Find other ways to save: 5 alternatives to 529 plans
Other cards offer higher rewards
Even with the bonus for a 529 plan, the card’s earning rate is less-than-impressive. There are many cash back credit cards that give you a higher rate of rewards. There are even a plethora of flat-rate cards that give you 1.5% to 2% on all purchases without a requirement to deposit your rewards into a particular savings account.
For example, the Capital One SavorOne Cash Rewards Credit Card lets you earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like walmart® and target®); 5% cash back on hotels and rental cars booked through capital one travel (terms apply); 8% cash back on capital one entertainment purchases; 1% cash back on all other purchases. If you are interested in a cash back card to help you save for your child’s college, this card may enable you to stash away more cash back in areas where you are likely to spend a good amount of money.
Balance transfer fee
While you can enjoy a long intro APR on balance transfers, know that you will pay a balance transfer fee of Either $5 or 5% of the amount of each transfer, whichever is greater.
This fee is on the higher end; most cards offer a 3% balance transfer fee and there are some balance transfer credit cards with no fees.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
Upromise® Mastercard®*
Learn More
on Barclays's secure site |
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. | 20.24%, 25.24% or 29.99% |
Learn More
on Barclays's secure site |
|
Fidelity® Rewards Visa Signature® Card*
|
None | Unlimited 2% cash back on everyday purchases | 19.24% | ||
Citi Double Cash® Card*
Learn More
on Citibank's secure site |
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. | 19.24% - 29.24% (Variable) |
Learn More
on Citibank's secure site |
|
Capital One SavorOne Cash Rewards Credit Card
 Apply Now
on Capital One's secure site Rates & Fees |
$200 Cash Back after you spend $500 on purchases within 3 months from account opening | 3% Cash Back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other purchases | 19.99% - 29.99% (Variable) |
Apply Now
on Capital One's secure site Rates & Fees |
The Fidelity® Rewards Visa Signature® Card has a $0 annual fee but lacks flexibility, since your rewards go into a qualified investment account. Whereas the Upromise® Mastercard® allows you to cash out the rewards at a lower rate, this card doesn’t. For example, if you put the money in a 529 plan, the money must be used for qualified education expenses to avoid penalties. This is not the right card for you if you prefer more control over how you use your cash back rewards from month to month.
The Citi Double Cash® Card credit card comes with a solid sign-up bonus and a 0% intro APR for 18 months on Balance Transfers (followed by a 19.24% - 29.24% (Variable) APR).
You can earn 3% Cash Back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other purchases.
If you need the accountability for saving for college, the Upromise® Mastercard® card might be worth considering. However, remember that you can earn even more cash back with the alternative cards mentioned above.
We like the Citi Double Cash® Card or Capital One SavorOne Cash Rewards Credit Card credit card because you can get more value and spend the cash back however you like. The Fidelity® Rewards Visa Signature® Card is a better option if you prefer a card that deposits your rewards into a college savings account.
The information related to the Upromise® Mastercard® has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
