Upromise Mastercard Review: How It Works, Pros, And Cons
When it comes to financial clarification, trust is the main thing one needs before taking action. Mastercards can help individuals in many ways, like the Upromise Mastercard. It is issued by Barclays, for college students to save extra credits for their educational needs.
It gives the users a lot of benefits like cashback, cash bonuses, or rewards. If you want to know whether it is the best option for you or not, read this Upromise Mastercard review. We have discussed the pros and cons, its rewards, and how it works.
How Does Upromise Mastercard Work?
Barclays provides the Upromise Mastercard across America to help college students in their education. Cardmembers have the opportunity to get rewards on daily purchases by linking with the college savings plan. Upromise Mastercard holders are automatically enrolled in the program that provides earning opportunities as cashback awards.
Upromise works to enable individuals to earn rewards on spending, purchasing, or transferring. These rewards are then automatically transferred to the linked 529 plan, which is a college savings account. However, if you face any issues regarding your plan or Mastercard, you can contact via Upromise credit card phone number. They also provide 24/7 support as an upromise credit card customer service with various ways.
Upromise Mastercard Rewards
Barclays Upromise credit card is mainly helpful for families who need funds for the education of their children. Contribution to the 529 plan helps them earn rewards to boost their balance. However, the following are the rewards they can get from the Upromise Mastercard.
Cash Back
Earning cash back rewards with the Upromise Mastercard is easy and simple. If the card is not linked with the college savings plan, 1.25% cash back is given on purchases. But if the card is linked to the plan, the cash back will be 1.529%.
Moreover, the card member must have a Upromise account to get this opportunity. The welcome bonus is also a cash back reward, in which one gets $100 on spending $500 on purchases. But if you are a new Upromise member, you'll get a $30 welcome bonus for verifying your email.
Redeeming
These are the transferred rewards from the Upromise account to the linked 529 college savings plan or savings account. If you have a savings plan linked to your Upromise account, you'll get a lower rate of cash back on purchases.
Upromise Mastercard Rates
Upromise Mastercard is a cash back card where you get the percentages on your purchases. There are different rates and fees implied on the cardholders as follows;
Interest Rates
This card offers different interest rates for different conditions. If you are new at Upromise, you'll get 0% introductory APR for 15 months on making a transfer within the next 45 days. After this duration, you'll be charged regular APR, which is 20.24%, 25.24%, and 29.99%. Besides, for shopping, there is no introductory APR fee applied to the cardholders.
Fees
There are three types of fees for the Upromise Mastercard: annual fee, balance transfer fee, and foreign purchase transaction fee. The amount applied is different for each way to the cardholders. There is a $0 annual fee implied to the cardholders while 5% on the balance transfer. However, for foreign purchases, $0 is implied on transactions.
Pros And Cons Of Upromise Mastercard
The people who are using their services have mixed experiences. Some are happy to have a Upromise Mastercard, while others find the disadvantages in them. For this, we have discussed the pros and cons as the Upromise Mastercard review to let you understand its benefits and downsides.
Pros
Upromise Mastercard holders are happy to get the cashback, withdrawals, or other features that are explained below:
Cashback And 529 Plan
People who apply for this card are basically joining a program aimed at helping families save for college expenses. On opening an account, you can get a $100 cash back bonus on spending $500 within 90 days. However, you can link to the 529 college savings plan, which will give you 1.529% cash back on purchases.
Introductory APR On Transfers
With Upromise Mastercard, you'll get the introductory APR feature, which lets you make transfers with a 0% fee for 15 billing cycles. To avail of this feature, you should transfer balances within 45 days of account opening.
Round Up Feature
This feature enhances cashback on different purchases by setting the card to the nearest dollar. You can join this program by spending $1 to $500 monthly.
Cons
According to the experience of the individuals there is a Upromise downside to it. The following are some cons that you may face while using the Upromise Mastercard customer service.
Low Cashback Rate
Compared to other service providers, they have low cashback rates of 1.25% on all purchases. You can increase your cashback rate to 1.592% by joining the 529 plan, but it is still somewhat low.
No APR On Purchases
Upromise Mastercard provides its customers with a 0% introductory APR for the 45. As compared to others who provide 15 months, Upromise lacks the benefit for the customers.
Average Customer Support
Many people complain about the low quality Upromise Mastercard customer service that makes it an average service provider. They don't provide a quick response or solutions to the customers, making the customer support worse.
Is Upromise Mastercard legitimate?
On average, some people are happy to have the Upromise Mastercard services, but some are unhappy, too. You can see the Upromise Mastercard review complaints in various forums concerning customer support and some about the programs. So, it raises the question, should I avail myself of this opportunity or not? We recommend giving it a try if you live in the USA.
Some complaints also include rewards that do not match expectations. There are also some complaints in which Upromise is lacking in resolving customer issues. Besides, it is a legitimate option that you can try to have a 539 college savings plan for your children.
Conclusion
It is an effective opportunity to start saving money for your children's educational expenses. Rewards can be low, but you can get the benefit of what's presented. You can read the Upromise Mastercard review and meet real-time consumers for ways to use the service effectively.
