Upromise is a free rebating program that helps families save money for college. Upromise members receive rebates from participating companies ranging from 1/3% to 10%. The rebates can be deposited directly into section 529 plans set up for the member's designated children.
Participating companies include more than 15,000 grocery and drug stores, 8,500 retail stores, 7,000 restaurants, 100 online stores, and 50,000 realtors. Major companies participating in Upromise include AT&T, America Online, American AAdvantage, Avis, Borders Books & Music, CVS, Century 21, Circuit City, Citi, Coca-Cola, Coldwell Banker, Exxon/Mobil, General Motors, Giant Eagle, McDonald's, Sharper Image, Staples, Starwood Hotels and Toys R Us.
If you register your credit cards, you may find that many of the retailers you already patronize participate in Upromise. The Upromise network is very large.
Other ways to earn rebates include online shopping through the Upromise web site, the Bank of America Upromise credit card (gives you an additional 1% rebate on eligible purchases) and special Upromise programs. The Upromise credit card does not charge an annual fee. (However, if you use this credit card with Quicken, it only downloads transactions once a month, unlike the daily downloads available with other credit cards. If you want more frequent downloads they charge a monthly fee.)
You can automatically have your Upromise balance invested in a section 529 plan. You can also transfer it as a gift to another Upromise member, donate it to the Upromise Education Foundation, or redeem it as cash. Your friends and relatives can become Upromise members even if they don't have children, and designate your children's section 529 plans to receive their Upromise rebates.
Upromise agreed to be acquired by Sallie Mae in June 2006. Starting in June 2007, Upromise reward balances may be applied quarterly to reduce the loan balance on loans serviced by Sallie Mae.
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