The holidays are here. It is the time of year when everyone starts spending. According to a recent Gallup Poll, families will spend around $794 on gifts this year. And, most people will shop online.
That means using credit cards.
You may use a credit card because of the program’s perks such as cash back or travel points. But, what if there were a way to help your kids while you shop? Imagine, if you will, being able to fun your child’s college savings account as you did all of your shopping.
Well, you can.
Saving for College While You Shop
The was recently released, and it has a great perks program. Not only will you earn 1.25% cash back on every purchase you’ll also get 15% of your cash back funded into your child’s college 529 plan as well! That means, every time you buy someone a gift this year, you’ll be contributing to that college account!
How the Upromise Mastercard works
You will need to first apply for and get approved for your . Once that happens, you link it to an eligible 529 plan in the country. Then, start shopping!
Save Even More for College
As you spend, you will earn a 15% bonus on the cash back you received. So, if you were to earn $50, that means you will get another $7.50 back that will go to your child’s 529 account.
You can even add more to their savings account by opting to round up! You can set it so that every purchase you make is automatically rounded up to the next dollar and that amount is also funded to the 529 plan. If you spend, $27.42, your charge will be $28, and the additional $0.58 will be deposited to the savings account.
Is there an annual fee?
That is the best part of all. There is NO annual fee! This card was designed with families in mind. Shop for the things you need, whether it is food, events – or holiday gifts. The savings is just a benefit.
Bonus – Free Shopprunner Membership
Not only can use the card to help save for college while doing all of your spending this year, but you can also score a free Shoprunner membership.
If you have not heard of Shoprunner, it is a free shipping program that works with various online merchants. You pay your fee and you get free shipping from them all year long. Some partner stores include:
- Kate Spade
- MLB Shop
The only catch is that you must use your Upromise Mastercard when checking out at these merchants (but why would you not when you are saving for college).
You get more than just cash back, college savings and free shipping. Upromise Mastercard members all get:
- Free FICO score access + alerts when your score has changed
- $0 fraud liability protection (you aren’t responsible for charges you did not authorize)
- Zero foreign transaction fees
- Purchase assurance to replace, repair or reimburse you for items in the event of theft or damage
I’m not a big proponent of credit cards – unless used responsibly. That means paying them in full every single month and not carrying a balance. If you can’t do that, then credit cards are not for you.
But, if you can and you have kids, it makes sense to look out for their future. Sure, you may not be able to pay for their entire college education, but every little bit will help offset the high costs of secondary education. What better gift can you give to your kids?
and plan for your child’s future.