Money Matters
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Sallie Mae UPromise?

Anyone sign up for this? I keep getting asked about it when I log on to manage my student loans. From what I can see, there are two different things: the first is a new credit card, which I have no interest in. But the second is where you can register cards you already have and when you make purchases at certain places you get cash back to apply towards student loans.

 I guess I just wonder if it is a gimmick? Scam? I do shop at many of the places listed, so I thought about giving it a shot.

Re: Sallie Mae UPromise?

  • My husband had signed up for the UPromise that you could add cards to.  We had it for about 6 years and claimed $10.83 or something like that back in December.  $10 is $10, which the minimum you can "claim" at one time.  It was easy & "free money" is always good.
  • It's not a gimmick.

    It is truly easy, free money.

    If you do a lot of online shopping you can earn lots of money.

    You begin at the UPromise site and from there you search for merchants that you want to buy from. You follow the link to the merchant's website and do your shopping. Then, after awhile the money you earned (a set % of your purcahse amount [ some merchants are as high as 11% others do around 3%]) appears in your UPromise account and you can then transfer the funds to your kids' 529s or student loans.

    DH and I signed up for it in 2010 when DS was born. To date, we have probably earned over $200.

    We don't do the credit card. Just online shopping.

  • Ok that is how it seemed to work from what I read, but I wanted to make sure I wasn't missing some hidden catch. And you are right-free money is free money, even if it is only $10.
  • WulfgarWulfgar member
    500 Comments 100 Love Its Second Anniversary Name Dropper
    I don't use credit cards so it is a no brainer for me to say no to Upromise.  They have to make money somehow and the credit card companies most likely make it by those that carry a balance.
  • I love upromise.

    It's really beneficial if you do a lot of online shopping, or get the CC. (I know you said you didn't want to go this route though)

    As a PP said, you start shopping through the upromise site (there's a toolbar you can download for your browser that indicates whether or not a site is a participating vendor.)

    I know that you said you didn't want to get the CC but that's where the bulk of my money comes from. I have most of my expenses linked to the CC (electric, cable, phone, pet food, gas for the cars etc) and the balance gets paid every month, and I make $8-10 a month on the CC contributions alone, depending upon what I buy.

    It definitely doesn't fall into the windfall category, but it is an additional couple of bucks that I didn't have before. Mine is linked to my Sallie Mae loan and it automatically transfers the money over and it's applied to my loan.

     

  • We also have it and love it! I have saved over $1200. We have the credit card though and constantly use the online shopping tools. Sallie Mae will match 10% of your upromise contrabutions if you put in $25 a month or more. It's totally worth it and not a lot of work. You don't have to use it for student loans unless you want to. We used some of it to pay for wedding expenses. If you get the credit card you will save a lot more, but even if you don't you can still earn free money. Sallie Mae also has very compeitive interest rates. 
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