UPromise.com works on a very simple premise – it’s very easy to save for college when you don’t even realize that you are doing it. With UPromise,  you don’t need to sign up for any credit cards. You instead register your credit cards with their service, and when you purchase items at participating retailers, you’ll earn money towards college tuition. And if you want to cash out the money directly, you can do that as well.

How Much Can You Earn with UPromise?

UPromise recently announced that they’d be giving back at least 5% in cash back for all online purchases made through their site: http://shop.upromise.com/mall/big-rewards. Instead of visiting their site before making your online purchases, you can also install their toolbar. And although they have many travel partners signed up (including Budget Car Rentals, Expedia and Travelocity), many of the travel related businesses still give less than 5% for online purchases made through UPromise. As far as making purchases in person, choices are more limited. There are only some grocery stores, restaurants and other stores participating in the program, a list of whom can be seen at the Upromise website.

How Does UPromise Pay You?

When you earn cash back through UPromise eligible purchases, it accumulates in your account there until you elect to take a disbursal. These disbursals are designed to be funneled into a CollegeChoice 529 savings account which you have linked to your UPromise account. If you don’t have kids or are not saving for college, then you can elect to have checks made out to you for the amount of the cash back that has accrued in your account. These cash withdrawals can only be made quarterly, that is, unless you have a Sallie Mae savings account. Upromise is a service of Sallie Mae, so those with Sallie Mae savings accounts can make monthly deposits into their Sallie Mae savings accounts.

Stacking Your Credits

Here’s a simple way to “stack” your UPromise credits by leveraging your existing financial accounts:

• Pay with a credit card that gives you cash back on purchases.  When you register this card with UPromise, you’ll earn the UPromise cash back plus the cash back you normally get from your credit card company.
• Park your money in an interest bearing savings or checking account. Since you only have to pay your credit card once a month, your money will be earning interest until you have to pay your credit card bills.