Many parents are familiar with the Upromise rewards program. The program works in a manner similar to a cash back program, but instead of getting a regular check, the money sits in an account to be used by the designated beneficiary for college costs.
When using Upromise, though, you will earn cash back for college slowly, unless you look for ways to boost your rewards power. The good news is that you can maximize your Upromise rewards by following a few simple guidelines:
Register as Many Cards as You Can
There is a Upromise credit card that can be used to improve your ability to earn cash back. This is a great tool, since you can get cash back for the dollar amounts you put on your card, plus cash back from partner retailers when you shop through the Upromise web site. But it’s not just your credit card that you can register.
You can also register your debit card, or register your loyalty cards at certain supermarkets. Then, when you make purchases using these cards, you get more money added to your cash back for college account. Certain products, retailers and restaurants provide the rewards, and when you use your cards – even if it isn’t your Upromise credit card – you can reap the benefits. Register all the cards you can, and boost your ability to earn more.
Make Purchases Starting from the Upromise Web Site
Start from the Upromise web site when you do online shopping, whether it’s for airfare or whether it’s for Christmas gifts. When you start from the Upromise site, a percentage of your purchase (you don’t pay more for such purchases) goes toward your Upromise cash back balance.
Upromise also has a handy toolbar that you can use. No need to go to the web site when you are shopping. As long as you are logged in to the toolbar, every time you make a purchase, you will be notified of its eligibility for college cash back. This is a great way to increase what you are saving on behalf of your child.
Get Friends and Family Involved
It’s also possible to get friends and family involved. If they are willing, they can sign up and have their purchases apply toward your child’s college education. It’s even possible for grandparents to divide up their contributions so that more than one child gets the benefit. Try to encourage family and friends to help out. They don’t have to spend extra money, and they can be helping your child pay for college.
Open a 529 Plan
Upromise also allows you to open a 529 plan. The rewards program has connection with different state plans, so you can open a plan and invest the money you earn from the program. If you have a plan that’s compatible with Upromise, you can connect your plan to your Upromise account and take advantage of the power of compounding interest to help you maximize your rewards.
With the right approach, you can increase your college cash back, and then invest your earnings so that your child has more money for the future.
