Upromise As a Source of Found Money

Paying for College / Tuesday, April 9th, 2013

Join Upromise!
Part of my next found money update will include a check from Upromise.

If you’re a parent, chances are you’ve heard of Upromise, because it’s marketed as a way to earn money for college.  Although the money can really be used for any purpose you like, as you’ll see below.

There are several ways to earn from Upromise:

  • Online shopping
  • Deals and coupons
  • Booking travel through Upromise
  • Grocery coupons
  • Gas at Mobil or Exxon
  • Local stores and restaurants

This last category is where we earn a lot of our rewards, since our favorite pizza place is part of the restaurant network.

The part of Upromise that works the best for me is that it’s set and forget.

You register your credit and debit cards with them, and then anytime you shop at a place that is part of the rewards network using one of those cards, your account is automatically credited with the cash back.

There are times that I’m awarded cash back when I didn’t even realize I was shopping through a Upromise partner.

You can cash out your rewards from Upromise in a number of ways:

  • Transfer to your 529 plan if it’s eligible to be linked to Upromise (ours isn’t)
  • Open a high yield savings account through Upromise and transfer the funds into it
  • Transfer the funds as a payment on your student loan (kind of cool if you’re paying off your own student loans)
  • Request a check

I always request a check to cash out and then I can use it however I wish.

In the past I’ve used Upromise checks of $146 and $63 as extra debt payments.

Since my found money is currently being used to bulk up our emergency fund, that is where my last check of $71.43 went. (Not bad for mostly cash back on pizza, although maybe we’re eating too much pizza! :))

You can check out Upromise by clicking here. It’s free to join.

This post is part of Fabulously Frugal Thursday.

Note: This post contains my referral links. See my disclosure policy for more information.

9 Replies to “Upromise As a Source of Found Money”

  1. This is the best explanation of Upromise that I have read, including the one on the Upromise website (they should hire you to market their program!). Thank you for clearing up a number of confusing points. It is very tempting to register and earn cash back on day-to-day local purchases. Did you feel comfortable entering your credit/debit card numbers on the Upromise site? Are you concerned about identity theft or credit card fraud?

    1. Hi BCR. Thanks for your nice comments.

      I do feel comfortable entering my information. I’ve been a member for a number of years and have never had an issue.

      Generally speaking, I’m aware of identity theft and credit card fraud, and try to be prudent by frequently checking my online accounts, but I don’t worry about it excessively. We live in such a virtual world that I would drive myself crazy if I worried about it too much.

  2. We have Upromise, too. In fact for quite awhile. We’ve never had an issue with the credit cards. My sister signed up for the Upromise cc, too to help us out. She puts her utilities on the card.

    Thanks for sharing your tip at Fabulously Frugal Thursday.

  3. Thank you for this post Julie! I read it a few weeks ago and made a reminder to set this up and was finally able to do so. I receive tons of emails about this but it’s a bit confusing and sallie mae offers all these extras so I wasn’t sure if I wanted to bother with it. We will see how it goes. Loved your explanation on how it works…extremely helpful. Thanks for all your wonderful tips and posts! I read them all the time.

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