Upromise® Mastercard®

Quick Snapshot

• Annual Fee: $0
• APR: 19.24%-29.24% variable
• Rewards: 1.529% on all purchases; extra on dining, online, groceries via Upromise program
• Bonus: $50 bonus after spending $500 in the first 90 days
• Best For: Parents saving for college who want everyday purchases to contribute to education savings
• Credit Needed: Good to Excellent (670-850)

Overview

The Upromise Mastercard is a unique card designed to help families save for college expenses. You earn 1.529% cash back on all purchases -- a number that nods to 529 college savings plans -- and those rewards can be automatically transferred to a linked 529 plan or used for student loan payments.

Beyond the base 1.529% rate, the Upromise program offers additional earning at participating restaurants, online retailers, and grocery brands. When you link your Upromise account and shop through the Upromise portal or use linked loyalty cards, total earning can exceed 5% or more at select merchants.

The card also includes a 0% intro APR on balance transfers for 15 months, making it a dual-purpose tool for both college savings and debt management. With no annual fee, it is a low-commitment way to put everyday spending to work for your children's education.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: 0% intro for 15 months, then 19.24%-29.24% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: Up to 29.99% variable

Note: 0% intro APR on balance transfers for 15 months is a strong bonus. Pay in full monthly on purchases to maximize rewards.

Benefits Overview

College Savings

• 1.529% cash back on all purchases (a nod to 529 plans)
• Rewards auto-transferable to a linked 529 college savings plan
• Rewards can also be used toward student loan payments
• Additional Upromise earning at participating merchants

Balance Transfer

• 0% intro APR on balance transfers for 15 months
• Consolidate debt while earning toward college savings

Card Benefits

• No annual fee
• No foreign transaction fees
• Zero liability fraud protection
• Contactless payment capability

Rewards & Points

• 1.529% cash back on all purchases
• Up to 5%+ at participating Upromise merchants (dining, online shopping, groceries)

Link your Upromise account to maximize earning. Shop through the Upromise online portal for bonus cash back at hundreds of retailers. Register grocery loyalty cards for automatic savings on eligible products.

Welcome Bonus

Earn a $50 bonus after spending $500 within the first 90 days of account opening. The bonus is deposited into your Upromise account and can be transferred to a 529 plan or used for student loan payments.

Fees Summary

• Annual Fee: $0
• Foreign Transaction Fee: None
• Balance Transfer Fee: 3% (min $5)
• Cash Advance Fee: 5% (min $10)
• Late Payment Fee: Up to $41

Who This Card Is Best For

Ideal For

• Parents Saving for College who want everyday purchases to contribute to a 529 plan
• Student Loan Holders who want cash back applied directly to student loan payments
• Balance Transfer Users who want 0% intro APR while also earning toward education costs

Not Good For

• Non-Parents who have no use for college savings features and want higher flat-rate earning
• Travel Rewards Seekers who want points for flights and hotels
• Maximum Cash Back Chasers who want 2% or higher on all purchases

Key Pros & Cons

Pros

• 1.529% back on all purchases -- higher than standard 1.5% cards
• Rewards auto-transfer to 529 college savings plans
• 0% intro APR on balance transfers for 15 months
• No annual fee
• No foreign transaction fees
• Additional earning through Upromise merchant program
• Can apply rewards to student loan payments
• Low 3% balance transfer fee
• $50 welcome bonus

Cons

• 1.529% is below the 2% flat-rate standard for cash back cards
• Modest $50 welcome bonus
• Best value requires Upromise program engagement
• Rewards are most useful for families with college expenses
• No bonus categories on the card itself (Upromise program bonuses are separate)
• No travel benefits or protections
• Limited appeal for cardholders without education expenses

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

Annual value of approximately $609 directed toward college savings or student loans. The compound growth of 529 investments means early contributions have outsized long-term value.

Should You Get This Card?

You Should Get It If...

• You are saving for a child's college education
• You want to link card rewards directly to a 529 plan
• You have student loans and want cash back applied to payments
• You want a 0% intro APR on balance transfers for 15 months
• You are willing to engage with the Upromise merchant program for bonus earning
• You want a no-annual-fee card that earns above 1.5% on everything

You Should Skip It If...

• You have no children or education expenses to save for
• You want 2% flat-rate cash back for general use
• You prefer travel rewards over cash back
• You do not want to manage a separate Upromise account
• You want a large welcome bonus

Apply Now

Apply for Upromise® Mastercard®

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.