Upromise Review 2023: Save For Collage And Earn Cashback

The cost of college has been increasing steadily over the past 37 years and recently has reached its highest level. When college costs are rising, students and their parents worry about how they will afford this huge expense. 

That’s where Upromise steps in. Upromise is an internet-based company that offers its members savings and rewards programs. The company helps families save for higher education in partnership with major retailers and restaurants. 

In this Upromise review, we’ll look at What exactly Upromise is, how Upromise works, how to get started with it, and how much you can earn per year. Let’s get started-

What is Upromise?

Upromise is an internet-based cash-back rewards program that helps families save for college and earn cash back on everyday purchases. The Massachusetts-based company launched in 2000 as a subsidiary of Sallie Mae, a loan company. In 2020, Prodege acquired the company. 

With Upromise, all you have to do is link your credit and debit cards to the Upromise app, and you’re automatically saving money.

Upromise works with more than 150 colleges and universities across the country, who then award credit toward tuition, books, or room & board based on what you save through Upromise.

Upromise helps families save for higher education in partnership with major retailers and restaurants. According to the company’s website, more than $1 billion has been saved through its cash-back program. 

How Do You Get Started With Upromise?

Getting started with Upromise is as easy as eating a piece of cake. All you have to do is to you “ll need to click the JOIN NOW button in the top right corner of the website. After you have clicked, You will be asked to provide basic personal information such as your name, email address, phone number, and address.

Once your credit or debit card(s) are linked, you’ll be able to start earning cash back rewards!

It’s important to remember that you need to eat at participating restaurants to earn restaurant rewards. If you wish to earn rewards for online shopping, register with the Upromise Shopping portal so they can easily verify your purchases.

In addition, Mastercard does offer 1.25% cash back for every $1 spent (and 5% at restaurants), but applying is optional. However, you must meet its credit requirements if you decide to apply. 

How to earn cash back and rewards with Upromise?

Upromise has a variety of ways to earn cash-back rewards with the Upromise program. Let’s explore how they work.

Linking Your 529 Plan

Start by linking your 529 plan within the first 30 days of opening a Upromise account. You’ll receive a $35 bonus by linking your 529 plan within the first 30 days.

Once you complete the rewards below, you can transfer your bonus offers into a 529 savings plan (or a checking account if you don’t want to save for college).

Upromise Restaurant Rewards

With Upromise, you can earn 2.5% cash-back on your restaurant purchases each time you eat at one of the participating restaurants across the country. 

Register your credit or debit card(s) with Upromise, and you’ll start earning 2.5% cash back every time you order from a participating restaurant. You can transfer that money to your checking or savings account or 529 college savings plan.

Online Shopping Rewards

Upromise offers cash-back on online purchases from Under Armour, QVC, and Macy’s. Through Upromise, you can also book hotels.

When you purchase anything from these retailers, you should sign into the Upromise portal to earn your cash-back. It’s important to sign into the portal every time you want to earn your cash-back.

Upromise can pay you as much as 12% cash-back on your online purchases once it verifies them.

Upromise Mastercard

Your Upromise Mastercard will earn you 1.529% more cash-back than you normally would. Additionally, you will earn 5% at participating restaurants instead of 2.5%.

You can receive the top rate of 1.529% cash-back when you connect your Upromise Mastercard to a 529 College Savings account.

As a bonus, there is no annual fee, and new card members get $100 in cash back rewards after spending $500 on purchases in the first 90 days. Use Upromise Round Up to earn even more cash-back rewards.

In a month where you spend $2,000 and have $10 in roundups with a 529 linked, that’s $40.25 per month, or $483 per year, in your linked 529.

College Savings Tools And Advice

With Upromise, you can also set goals and automatic transfers to your college savings account or bank account.

The Upromise Community Forum is also great for asking questions about saving for college. In addition to expert tips, they also advise on how to accelerate and meet your savings goals.

How to redeem your Upromise cash-back rewards

Upromise allows you to redeem your cash-back rewards for various things, including gift cards and merchandise. You can redeem your rewards as soon as you earn cash-back with Upromise.

  • Connect your Upromise account with your 529 college savings plan.
  • You must earn enough cash-back rewards to move your funds to your 529, checking, or savings account to meet the minimum transfer requirement; how many and what kinds of accounts you have linked determines the minimum transfer requirement.
  • As soon as you earn the minimum amount, your rewards will automatically be credited to your desired account (45 days if it’s a 529 college savings account).

Upromise Features

Sign Up Bonus

Upromise offers a $5.29 signup bonus after you verify your email account. You’ll get the next $25 after linking your 529 college savings plan. 

529 Plans

As part of its mission, Upromise allows you to link up 529 College Savings accounts with your Upromise accounts, enabling your cash-back to automatically be transferred to your 529s.

Using this method, you can maximize the growth of your funds. Upromise estimates that after 18 years and 5% interest, a $10 monthly cash-back can earn you $3,500 more on your 529. 

In some rare cases, users cannot locate their 529 plan on Upromise’s list. Users should contact their plan administrator for the name and other details in these cases. 

This feature is great because you can link another person’s 529 college savings plan and add multiple 529 plans. 

Upromise Browser Extension

You can install the Upromise extension and shop online using the Chrome browser. To install the Upromise extension, you need to download and install it from the Upromise website.  

The browser only works on computers, not smartphones. You’ll be alerted when you’re on a retailer’s website when you use it on your computer. This will allow you to take advantage of cash-back offers and coupons.  

Upromise App

Cash-back is also available through Upromise’s app, which can be downloaded from the Google Play Store or the Apple App Store. You can use this app to shop online and get cash-back rewards. 

The app works similarly to other cash-back apps that reward you for shopping online by uploading a picture of your receipt. 

It is important to note that receipts must be submitted under the “Any Receipt” offer. Furthermore, receipts must not be older than ten days. 

How Much Does Upromise Cost?

Upromise is free to join, and you will not be charged an annual or any other fee for using Upromise. There are no other fees or costs associated with this service. The site is free to use, so you can earn rewards without risking your bank account.

Nevertheless, since some cash-back offers require spending money, you can take advantage of them by purchasing items you already buy.

With Upromise, customers can earn $1.00 cash back on egg or bread purchases from any store, regardless of the brand.

You will also pay a 15.24%-25.24% APR if you carry a balance if you apply for the platform’s credit card, which does not have an annual fee.

Don’t forget to pay your balance in full and on time every month if you want to avoid paying any interest.

Pros and cons of Upromise


  • Free to join and earn rewards: There is no membership fee or need to apply for a new credit card to earn rewards.
  • Multiple ways to earn money for college: You can get rewards for groceries purchased in person, online, or through promotions.
  • You can become eligible for scholarships: There is a chance for you to get a $529 scholarship, which means you will have lots of extra money to put towards your education.


  • You need to spend money to get rewards. You won’t earn cash-back if you don’t buy participating items, shop at partner merchants, or dine at partner restaurants.
  • Credit card rewards are not as generous as some competitors. The Citi® Double Cash Card, for example, offers 2% cash back on all purchases, 1% when you buy, and 1% when you pay, which is more than the Upromise card.
  • You will need a separate 529 savings or checking account. The Upromise program does not advise how to invest your money. You just get money to put into other accounts.

Who can open an account with Upromise?

Upromise is open to anyone aged 13 or older who lives in the U.S. or a U.S. territory. Although the Upromise market is a college savings tool, you don’t have to use it to invest in your education. Your rewards can also be transferred to your checking and savings accounts.

Upromise can help you grow your balance regardless of whether you invest in a 529 vs. Roth IRA.

How much can you earn with Upromise?

Rewards are based on your spending, how many accounts you link, and how much time you spend using the service. Some rewards are worth pennies, and you must submit receipts or complete surveys to earn them.

Is Upromise Legit?

Upromise is a legitimate company. It’s owned by Sallie Mae, a company that has been around since 1972. The Upromise company has also received a 4.5 Trustpilot rating for its innovative, safe, and legitimate savings program.

As long as you’re looking at the main site for Upromi, not the “Offers” section, you’ll see that they have an A+ rating with the Better Business Bureau (BBB). This means that they’ve received no complaints from customers who feel they were scammed or overcharged by this company; most of their reviews are glowing five-star raves!


Upromise is a great way to save for college because it enables you to grow your college savings more quickly so you can borrow less and pay back less after graduation. Saving for college is important; you need a comprehensive plan to pay for college.

 I believe Upromise is worth considering if you want to simultaneously save money for college and earn cash back on your everyday purchases.

Upromise FAQ

How does Upromise Roundup work?

With Upromise Roundup, you can round up the total amount of your purchase to the nearest dollar. It applies to purchases between $1 and $500. 

How do you maximize Upromise?

Take advantage of Upromise rewards by applying for the Upromise MasterCard and using it to pay for your purchases. 

Who bought Upromise?

The company Prodege purchased Upromise from Sallie Mae. 

Do I have the option of receiving a reward check?

Rewards cannot be mailed to you. You can only receive them if you link a 529 plan, checking, or savings account.

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