Introduction
The Upromise set-and-forget model could be a good option for you if you are someone who is hesitant to save money and requires your education plan to go on autopilot. On the other hand, the Upromise card receives a grade of C when it comes to making the most of the benefits of using a credit card because other cards offer greater cashback returns and more flexibility in spending them. In this article we will discuss Upromise Mastercard review.
Cons Explained
This card provides a flat 1.25% cash back on all transactions, an average cash back rate for credit cards. It's not the worst thing that could happen, but other cards don't have "tiers'' for their benefits and still offer a better rate. On the other hand, the Citi Double Cash card has a program that pays 1% cash back on all transactions and another 1% when you spend your bill. One example of such a card is the CapitalOne QuicksilverOne, which provides a flat cashback rate of 1.5%. In addition, there are no annual fees associated with either of these cards. Despite this, the Upromise Mastercard offers a cash back rate that is not exceptional.
Although the card does provide 0% introductory APR on balance transfers for a limited period, cardholders do not receive any discounts on any other types of transactions, including purchases. These interest charges will accrue when the first cycle has been completed. Some credit cards, such as the Capital One SavorOne, provide an introductory rate on purchases with a 0% annual percentage rate (APR) for the first 15 months.
How To Maximise Your Rewards
If you utilise the Upromise Mastercard as part of a strategy to save money for college, you have the best chance of getting the most out of the card's rewards program. It is possible to get additional cash back for each transaction by activating Round Ups and attaching a 529-plan account to your account. Additionally, the cashback earned can potentially compound returns if deposited into a 529 account. This is because the money is now being invested as a component of the account.
Redeeming Rewards
When you redeem your rewards through Upromise, you will get a cashback transfer from your account at a rate of 1.25% for conventional redemptions or 1.529% when linked to an eligible 529 college savings plan account. The minimum amount required to redeem typically starts at $10, but this value can shift based on the number of qualified accounts that are linked.
Rewards Potential
To calculate the potential for rewards that the Upromise® Mastercard offers, we need to consider the average annual spending of a household in the United States on credit cards. The baseline income level and the average amount spent across all categories. The yearly income of homes in the 70th percentile of those with wage-earning adults is $107,908, and our spending is based on that number.The household has expenses totaling $32,072 that are eligible to be charged to a credit card and are reasonable. With a cashback rate of 1.25 percent, the Upromise® Mastercard® would earn a total of $409.90 in cash back each year. Those who attach the card to an eligible college savings account and earn 1.529% would transfer $490.38 per year into their qualifying 529 savings account instead of cash back.
What Are The Relevant Aprs For Upromise World Mastercard?
The average annual percentage rate (APR) for all credit cards is 15%, while the average APR for accounts that carry a balance is 17%, as the Federal Reserve Board reported. The variable APR on this card is significantly greater than the average regular APR. The annual percentage rate (APR) for purchases made with a Upromise World Mastercard can range from 17.24% to 27.24%. The annual percentage rate (APR) for transferring a balance with this credit card can range from 17.24% to 27.24%. Additionally, the variable annual percentage rate for cash advances is 27.49%.
Should You Get This Card?
Your plans for the money you earn with your cash back rewards will determine whether or not you should apply for this card. For parents interested in helping their children increase their savings for college, the Upromise Mastercard may be an excellent option. You will, however, not have the same degree of freedom in terms of redemption as you would with a more general cashback card. And if you don't link an eligible student account, the cashback benefit of this card, which is 1.25 percent, isn't very impressive – rival cashback cards offer considerably larger rewards rates.
Security Features
The majority of the security elements that come with the Upromise Mastercard are very similar to the usual security that comes with the protection that Mastercard provides. This includes not being held liable for fraudulent purchases and having your card replaced in the event it is lost or stolen. In addition, you will get free online access to your FICO Score when you use this credit card. This makes it a little bit simpler to monitor one's credit report and identify problems that could reduce credit card privileges.
Conclusion
The introductory rate of 0% APR for balance transfers can be made with an initial velocity of 0% APR for up to 15 months, which is longer than the typical 0% APR term of 12 months. Bonus for signing up. You are eligible for a sign-up incentive of $100 if you spend $500 within the first three months of your membership. Very high APRs. Those who often carry a balance should look elsewhere for a credit card. It offers an annual rate (APR) on purchases ranging from 17.24% to 27.24%. *There is no annual charge. People seeking a cashback card that requires modest maintenance should seriously consider this choice. You get cashback on purchases that qualify, but you are not required to pay an annual fee for the privilege.
