Upromise® Mastercard®

The Upromise World MasterCard is a unique cash back rewards card that gives cash back in tiers. What this means is that the exact amount of cash back given is based on what the card is used for. For instance, eligible online shopping through Upromise.com can yield more cash back than all other purchases. Cardholders are able to save when they use their card at participating restaurants, participating gas stations, eligible movie theaters, and on everything else.

Cardholders also have the opportunity to double their cash back up to 10 percent if the cardholder is a Upromise member and uses the card to make a Upromise.com purchase. There are many opportunities to earn, which accelerates how fast cash back can be accumulated. Every quarter, the cash can be redeemed in checks of at least $10.

However, there are other ways to take advantage of the cash back earnings. They include being able to contribute to a Upromise 529 College Savings Plan, making deposits into a Sallie Mae High-Yield Savings Account, or making payments toward an eligible loan that is already serviced by Sallie Mae. This allows you to capitalize on your cash back by using it toward the future. Then again, you can redeem for the checks and use them toward bills or to put in your personal savings account. The card gives you flexibility with your cash back, so you can do what you want to do.

As for applying for the card, you need to be a U.S. citizen who is at least 18 years of age or older and you need to have good credit. When applying, the application asks you for your basic contact and personal information, information regarding employment and finances, if you would like another card for an additional user, whether or not you would like to receive paperless statements via the Internet, and up to 3 cards you would like to transfer balances from.

Being that the card has an introductory rate on balance transfers, you can save a significant amount of money on transferring balances from higher interest cards. While cash back is not earned on balance transfers, it is a matter of not having to pay the high interest on the old cards.

There is also an introductory rate on purchases, which means cardholders are able to earn their cash back rewards while taking advantage of no interest or very little interest on the card. Even after the introductory period is over and the standard variable rate goes into effect, you can avoid paying interest by paying the entire balance off within 23 days of close of the billing cycle.

In regards to fees, there is a late payment fee and this fee can vary by state. If a late payment is made, then a penalty APR may be assessed to the account. It does not matter if the introductory period is over or not. A late payment will interrupt the introductory period and the penalty APR can be assessed indefinitely.

Other fees include the balance transfer and cash advance fees. These fees are charged in addition to any APR that is assessed in relation to those transactions. Another fee is the foreign transaction fee, which is a percentage of the transaction. Nonetheless, this is a card that is very generous with its cash back rewards and for no annual fee.

If a payment is returned, there is a returned payment fee. If the payment is late due to the payment being returned, then a late fee will be assessed in addition t to this fee. What will not be assessed is an over the limit fee because the card cannot go beyond its available credit on purchases and Barclaycard will not charge a late fee to the cardholder on their own fees.

To make sure you are able to keep track of the card, you have access to customer service via the telephone and online. Through both telephone and online account management, you are able to keep track of your balance, available credit, cash back, transactions, and make payments.

The review prepared by CreditCardsCo™. Opinions expressed therein are solely those of the reviewer.