Upromise® Mastercard®

Advertiser Disclosure Editorial Disclosure

Last updated on August 1st, 2022

Upromise® Mastercard®

Earn $100 Bonus Cash Back Rewards

Upromise® Mastercard®
  • Regular Purchase APR 17.99%, 22.99% or 27.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 17.99%, 22.99% or 27.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 28.24% variable based on the Prime Rate
  • Annual Fee None
  • Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.
    Excellent , Good
  • Processing Network Mastercard
Best Benefits
  • Earn 1.25% cash back on every purchase
  • Purchases are rounded to the nearest dollar to earn extra cash back
  • Earn 1.529% Cash Back Rewards on purchases when your Upromise Program account is linked to an eligible College Savings Plan
  • No annual fee
Rates & Fees
  • Regular Purchase APR: 17.99%, 22.99% or 27.99% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 15 months on transfers made within 45 days from account opening date
  • Balance Transfer APR: 17.99%, 22.99% or 27.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 28.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
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At a Glance

The Upromise® Mastercard® turns everyday purchases into college savings by providing 1.25% cash back into 529 College Savings Plans and delivers a bonus 15% bonus cash back on your monthly total. 

Ideal for Those Who:

  • Are a parent/guardian that wants to begin a college savings fund
  • Have graduated from college but need assistance saving money for graduate school
  • Want cash back rewards that are automatically applied towards a saving account
  • Want a cash back card that rounds up purchase totals

Upromise® Mastercard® Review

The Upromise® Mastercard® is a unique cash back rewards card designed to help students pay for college. Although initial earning potential is modest, the thoughtfully designed rewards structure provides amplified returns on all earnings that over time can contribute to a sizable college fund. All earnings are rounded up to the nearest dollar and also have cash back earning power. It is important to note that this is not a student credit card (a card intended for current college students), and is instead, meant to facilitate the long-term accumulation of savings for college.

How to Earn Rewards

Cardholders will receive 1.25% back on all purchases and a whopping 15% cash back bonus on all earnings each month when your Upromise account is linked to an eligible 529 College Savings Plan. The Upromise® Mastercard® does not have a signup bonus but does offer 0% APR balance transfers for the first 15 months. Additionally, the Upromise® Mastercard® comes with a complimentary ShopRunner membership which provides free two-day shipping and return shipping on eligible purchases.

If you prefer rewards cards with bonus categories to flat cash back earnings, the Upromise® Mastercard® can deliver. Similar to other credit card reward programs that use a redemption portal, cash back rewards are boosted up to 10% by shopping at the Upromise network of merchants and restaurants. Earn 2.5% back at their 10,000 dining options or up to 10% back from shopping online at well-known brands such as Macy’s, Neiman Marcus, and Kohl’s. Their partnered vendors also include services providers and hotels which allow this card to function similarly to a traditional rewards card.

If your primary goal is to save for college, the Upromise® Mastercard® could easily serve as your main credit card. It is a low maintenance cash back card with no annual fee or foreign transaction fee (if you don’t already have a go-to credit card for international shopping this card could fit the bill). Earnings are automatically deposited into savings so no need to worry about redemption options or expiring rewards for added ease of use.

Should You Apply for the Upromise® Mastercard®?

Overall, it’s a great way for parents to create long-term college savings through everyday spending and the structure is ideal for those who have difficulty setting money aside for savings. The card is most valuable when paired with a 529 College Savings Plan – but can still achieve significant savings by shopping through the Upromise portal and taking advantage of increased cash back rates. If your approach to savings is that slow and steady wins the race, then you should consider applying for the Upromise® Mastercard®. 

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BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.

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