Questions about Upromise

[DivaJen]

A while ago (a year? maybe two?) I looked into Upromise and elected not to sign up at the time. Since then, I have set up a 529 account for DD. I've been cruising around the upromise site but am having trouble (maybe the coffee hasn't kicked in yet this morning? ) finding what information I'm looking for.

1. If I set up an account, can I have that money transferred to the account already set up for DD? Or do I have to go their 529 route?

2. If so, will I incur any fees for doing so? I find it hard to believe that I can make money for free just by shopping. Somewhere, somehow, there has got to be a time when I have to pay upromise something, hasn't there?

If anyone can help answer these questions for me, I'd appreciate it.

[obi_positive]

I signed up with Upromise about a year ago. I think there is about 20 cents in the account.

It's a marketing idea to get you to shop for specific brands at specific places. You're more inclined to be brand loyal if that money comes back to your kids. It's a similar idea to cashback-rebate credit cards. Spend more money than you really wanted to, some money comes back. So you really don't pay Upromise in any kind of fees. You just but more products with the Upromise label than you ordinarily wouldn't have bought. Plus you can justify those impulse buys too. But if you had saved money on cheaper products and earned interest on the savings in a 529 of your choice, wouldn't you have been better off in the long run?

It's not a bad deal if you buy participating products at participating stores anyway, but personally I won't be able to ease much of the financial burden of school with Upromise.

[CRFSaver]

I signed up for it and figure its free money. I only drink Coke so I make money on that. I buy these nice wool trousers at Eddie Bauer, they are part of the program. I just do it as little extra without trying to over partipate in the program. I dont go out of my way to show at Mobile for example. It is just the closest one to my house.

[mjrube94]

I've been in Upromise since 9/2001 and have just under $2000 in the account! Granted, most of this is from the use of the Citibank Upromise card, where I get up to $300/year, but still. It is completely free...I have been charged absolutely nothing. Also, if you do a search, you'll see some pretty reputable people (not to mention companies) are affilliated with it. I think Tom Kean (ex-gov. of NJ) is on the Board of Directors.

As for the 529 question, you need to have one of the 529s they're affilliated with to have the money transferred. However, I think you have the ability to just leave it in the Upromise account (interest free) or open one of their accounts for your daughter. You can have more than one 529 account, so it would be just an organizational headache.