If you’re looking for a way to save money for college, you’ll want to try Upromise. (Disclosure: If you decide to sign up through my link, I will receive a tiny commission for it. This doesn’t cost you anything additional. These commissions help to keep the rest of my content free, so thank you!)
It’s free to sign up – no hidden fees, kind of like a rewards card. When you shop online through the Upromise link or eat out at restaurants, you can earn up to 5% cash back for purchases. You can earn up to 10% back if you use the Upromise MasterCard. There are more than 850 online retailers and 10,000 restaurants to choose from. You can also get cash back for booking hotels and airline tickets.
I opened up a Upromise account for my daughter when she was a toddler, she’s now 14, and we’ve earned about $1200 so far. I’ve earned rewards from Staples, Macy’s GoDaddy.com, Hotels.com and others. It’s not a huge windfall, but every little bit counts when saving for college. That amount will pay for a few books for a semester or two. There’s also a feature that allows you to pay off existing school loans, which I happily took advantage of for my own school loans and now I’ve paid mine off!
If you want to earn money faster, you can get friends and relatives to sign up. If you have an expense card for work, sign that up as well (it doesn’t cost your company anything). The way it works is you sign up your credit cards and grocery rewards cards. Every time you use the Upromise link to go to a retailer’s site or dine at a restaurant partner, you will receive anywhere from 2 – 10% cash back. You can transfer this money to a 529 account, a Sallie Mae savings account or as I mentioned, an existing school loan.
The only downside I’ve noticed is that on sites like Drugstore.com, if you have have a discount code or a promo for lower prices and you go in through the Upromise link, you will not get that discount. The prices will be slightly higher. It’s like an either/or situation.
Just make sure you use the card you’ve registered and you get to the retailer’s site via Upromise when purchasing items and you’re good to go.