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Save For College Using a U Promise Rewards Credit Card |
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by: Debbie Dragon
It is never too early to start saving for your child’s education. Today, especially, college students and families are struggling just to be able to pay tuition and other college expenses. A great way to get started is to join UPromise and sign up for their Bank of America rewards MasterCard.
UPromise is a free program, available to anyone who wants to sign up, that helps pay for college. Funds you earn can be used for a child who will be attending college in the future or to pay off current student loans. The program currently helps millions of people across the country afford their educations.
UPromise partners with over 600 on line retail and travel merchants, 22,000 grocery and drugstores and over 48,000 retail, services and restaurant locations. Each time you make qualifying purchases a portion of what you paid is deposited into your UPromise account. The funds in your account can be used to pay for college, pay student loans or be transferred into a 529 college savings account.
Bank of America has partnered with UPromise to help members save even more. The Bank of America UPromise awards credit card helps participants add more money to their UPromise account each month. Participants reward credit card links directly to their UPromise account, where money they earn from credit card rewards will be deposited.
Bank of America is currently offering a promotion for new card members to receive 0% interest on all purchases and balance transfers for the first 7-10 billing cycles, depending on your credit history. If you chose to transfer a balance you will have to pay a 3% balance transfer fee. After the promotional period a variable interest rate of 12.99% - 20.99% will apply to any balance not paid off within the grace period.
New card holders will get started with a $25.00 bonus reward the first time they use their card. After that, they will enjoy some great deals for college savings. Each purchase the cardholder makes earns them 1% back in cash to be deposited into their UPromise account. Beyond that, card holders can earn bonuses.
Card members, when they first apply will get to choose between two different bonus programs. Both cards offer bonuses on grocery and drugstore purchases. With every qualifying grocery and drugstore purchase, Bank of America reward card members will receive 10% extra in college savings dollars. Card holders then have a choice between gas or dining purchases for their second reward bonus.
Participants who choose the gas card will enjoy additional savings on gas purchases. Every time members fill their gas tanks for eligible gas purchases at Mobil and Exxon stations they will also receive a special extra savings of 2%.
Participants who choose the dining card option will earn additional savings on dining out purchases. Every time they dine at a participating restaurant they will receive 10% back of their total purchase. There are over 8500 dining venues that participate. Dining options are listed right on the UPromise website and you can easily search for participating restaurants in your area.
Other card perks include no annual fee. There is also no limit to the amount of award money you can earn each year. To begin saving, all you need to do now is apply.
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Credit Card Articles > Rewards Cards > Save For College Using a U Promise Rewards Credit Card
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