Upromise Review

I have been a member of Upromise since my son was born in 2003.  Since then, I have accumulated $315 in my account.  That's not a lot of money, especially for being a participant for five years.  However, it's still FREE money that I wouldn't have received if I didn't join Upromise.

Could I have accumulated more money in my account?  Absolutely.  I'm the first to admit that I don't use the online shopping link as much as I should and that I also don't use my Upromise credit card very often.  Once again though, it's still FREE money. 

PROS:

Relatively easy and free to sign up.

Several ways to earn money:  using the Upromise credit card, online shopping, dining at participating restaurants, registering your credit cards, grocery and drugstore cards, filling up your gas tank at Exxon/Mobil, asking family members to register their cards, etc.

Upromise accounts can be used to pay down current student loans and also gives you the opportunity to help out your local K-12 schools.

FREE money.

CONS:

You most likely won't make enough money to pay for your child's first year of college, much less all of their textbooks.

Eventually, you have to transfer the money earned to a 529 account.  To do so, you are required to either make a one time payment of $250 to open up the 529 account, commit to a $50 per month Automatic Investment Plan, or a $150 per quarter Automatic Investment Plan.  This may not be feasible for some people.

The money in your 529 account isn't guaranteed to grow.  My $250 initial contribution is down to $235 right now. 

You are required to give out personal information, such as a social security number and your home address.  Some people may not be comfortable with this.

SUMMARY: 

I think that Upromise is a great program to participate in, even if you are not diligent about using the online shopping link or any of the other earning opportunities on a regular basis.   Little by little, every cent adds up, especially if you have several years until you will be using your money.  And again, it's FREE money!!!