Sallie Mae’s cash-back shopping program, Upromise, relaunched its credit card after changing issuers (from Bank of America to Barclaycard US.) The new Upromise World MasterCard makes its debut with a tempting proposition: 10% or more in cash back at popular online retailers, including the Apple Store, Macy’s, Staples, Walmart and Best Buy.The Upromise card doles out 5% cash back at online retailers through Upromise.com, 4% cash back at Upromise-participating restaurants, up to 3% cash back on eligible gas purchases at Exxon or Mobil, 2% cash back at participating movie theaters and 1% on everything else.
Like the previous versions of the card, the new Upromise World MasterCard’s cash back can be combined with the cash back from the Upromise program. Intended to help families save for college, Upromise program members earn cash back when they make purchases through the program’s links (made possible because Upromise earns affiliate commissions for converting a sale).
Currently, most of the program’s cash back ranges from 2% to 15% (most are offering 5% cash back).
So together, Upromise World MasterCard users have the potential to rack up plenty of cash back for online purchases, especially with the large number of participating big-name retailers.
Consumers who constantly search for attractive cash-back credit cards may begin to give some attention to the Upromise World MasterCard for its rewards potential. A $1,000 purchase for a computer through Apple, Microsoft, Dell, Staples or Best Buy will get $100 cash back — equivalent to a 10% discount that is not often found at these stores.
The cash back can be redeemed as a deposit in a tax-deferred 529 plan or Sallie Mae Bank’s online savings account. With a $5,000 minimum balance in the online savings account for the entire year, Upromise will award a 10% bonus on the cash back that is deposited.
Cash back can also be used to pay down an existing Sallie Mae student loan or it can be redeemed as a check.
Previously, there were two versions of the card. One offered bonus cash back on groceries and gas and the other on groceries and dining. Both offered 3% cash back through Upromise.com and 1% everywhere else. (Existing cardholders are being converted to the new version in the fall.)
Upromise is open to anyone, not just families with college students.