But you would think having 4 credit/debit cards & 3 grocery savings cards signed up would have produced more than $7.08 in an entire year! Sheesh -kabobs. Perhaps I’m too frugal to reap the benefits? After all, I do limit as much shopping as necessary. And w/ Upromise, the less I shop the less i can earn back in tuition. It would still be nice to earn a bit more though.
If you’re not familiar with Upromise, here’s how it works (copied from their site):
“Every time you make an eligible purchase, our partners return a portion of that money back to you. Those earnings accumulate in your Upromise account until you decide to use it to invest in a 529 plan, help pay down eligible student loans or assist with college expenses—all tax-free!”
Basically, every time you swipe your credit card or grocery savings card when out and about shopping, a portion of what you spend (*on eligible items) goes into an account in your name. It’s a freakin’ brilliant idea if you really think about it, esp. since it doesn’t cost you, the consumer, anything to do! You just go about our business collecting “free” money for your college/school tuition.
From what I can tell, however, this money really doesn’t add up all that much unless you change your habits. For instance, if a package of applesauce lands me 5 cents @ Safeway, then whenever I need applesauce I better remember to pick it up @ Safeway every time – and the same brand. Same thing goes w/ hamburgers @ McDonalds, books @ Borders, etc. Not everything counts, and not every store participates.
PRO: You don’t have to DO anything to get this money! Sure you have to spend a few minutes signing up and getting your credit cards and grocery card #’s in place, but when you’re done that’s it – You’re free to swipe and start racking up that dough! If I recall correctly, it took me about 15 minutes from start to finish, so I guess that’s about $28 buck/hr so far if I look at it that way ;)
CON: Yet another database out there with my credit card info on it :( Yeah it states a billion times the site’s safe and verified and all, but it’s still a scary thing to think about. At least the cards give us some protection though. Plus, I haven’t heard of 1 story yet against Upromise, and it’s been around for years now.
PRO: You can earn even more if you get your friends & family to join! The more people who sign up their cards to our account, the more you earn. So now Uncle Joe and Cousin Joy can help you build up some money too every time they swipe away! The more people you have signed up, the more passive money you get to earn. Of course, the same *eligible items* still play a factor here – but maybe your family members pick up those items that you yourself do not?
CON: There’s still that database of everyone’s info out there! haha…yeah, sadly enough i can’t think of another Con here, but obviously the more cards you have signed up to our account, the scarier it becomes if ever hacked.
So is Upromise worth it? Yeah I suppose so. All this money can really build up if you can get off your a$$ and market it all around to your contacts ;) Shoot, even if they all earn just $7 a piece for you – that’s still free money towards your tuition! All in all I think it’s at least worth a shot if you haven’t tried it already. And if you have, let us know if you broke my $7.08 record! haha….
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.