Features

For students and parents seeking to reduce the financial burden of higher education, the Upromise World MasterCard is a potentially valuable tool. With its generous cash back rewards program, it's possible to make a significant dent in college expenses now and student loan repayment down the road simply by using the card. But, since Barclay took over the administration of the program from Bank of America, there have been rumblings of discontent from several Upromise World MasterCard cardholders.

Who Is the Upromise World MasterCard Designed For?

The Upromise World MasterCard is primarily designed to facilitate spending and transactions related to higher education. Cardholders may be students or their parents, but must be at least 18 years old and members of the free Upromise program. Otherwise, the card looks and operates just as any other MasterCard does and can be used for other transactions.

Are There Annual Fees?

There are no annual fees.

Does the Upromise World MasterCard Offer Rewards?

Cardholders can earn 5 percent cash back when they make puchases via the Upromise Online Mall (including travel and dining expenses) plus an additional 5 percent cash back when they pay for such purchases. Cardholders can also earn 2 percent cash back on eligible department store and movie theater purchases. Addtionally, cardholders can earn 1 percent cash back on everything else. Rewards can be redeemed as deposits in a high yield savings account, invested in a 529 plan, applied toward existing Sallie Mae student loan payments or disbursed by check once each month.

Are There Foreign Transaction Fees?

Foreign transactions are subject to a 3 percent fee for each transaction, in U.S. Dollars, which is ironic, given the name of the card.

Are There Late Payment or Other Penalty Fees?

Late payment and returned payment penalties are 15 dollars for cardholders who were Iowa residents when they opened their accounts. Late and returned payment penalties are up to 37 dollars each for everyone else. Cash advances are charged either 10 dollars or 5 percent for each transfer, whichever is greater.

Summary

For students and their families, the Upromise World MasterCard represents one resource to help reduce the financial load. Its cash back program is generous and based on purchases that cardholders are likely to make anyway. But individuals seeking travel related and other rewards, or who travel abroad frequently, may do better to look elsewhere.

  • Card Type
    • Cash Back
    • Student
    • Balance Transfer
    • Rewards
  • Customer Type
    Personal
  • Card Network
    Mastercard
  • Minimum Age
    18
  • Co-signing Allowed
  • Grace Period / Deferred Interest
    23
  • Late Payment Penalty
    $37
  • Minimum Interest Charge
    $1
  • Returned Payment Fee
    $37
  • Foreign Currency Transaction Fee
    3%
  • Car Rental Insurance
  • Emergency Support
  • Extended Warranty
  • Flight Insurance
  • Fraud Liability
  • Free FICO Score
  • Lost Luggage Insurance
  • Travel Insurance
  • Air Miles
  • Cashback
  • Points
  • Purchases APR
    14.49% - 23.49%
  • Transfer Fee
    3% ($5 minimum)
  • Balance Transfer APR
    14.49% - 23.49%
  • Intro APR period (months)
    15
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0
js-table-filter ccard-type-222
js-table-filter ccard-type-226
js-table-filter ccard-type-137
js-table-filter ccard-type-136
js-table-filter cashback-135
js-table-filter every-purchase-138
js-table-filter free-fico-score-575
14.49
js-table-filter restaurants-142
js-table-filter travel-143
0
js-table-filter no-annual-fee-238
js-table-filter card-type-11
js-table-filter credit-required-115
js-table-filter credit-required-116

Est. 2001

  • Cashback
  • Every Purchase
  • Free FICO Score
  • Restaurants
  • Travel
  • No Annual Fee
Card Type Cash Back
Card Type Student
Card Type Balance Transfer
Card Type Rewards
Purchases APR 14.49%
Balance Transfer APR 14.49%
Intro APR period (months) 15
070
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0 votes

As a Upromise member since about when they started, I have been getting money put into my account for everyday purchases, so I know that the whole system works. I decided to get a credit card from them and I am happy that I did. Now I am earning even more cash back, which is helping to defray college costs for my daughter.


0 votes

If you are a uPromise member, this card makes perfect sense. You get even more cash back when you use the card for everyday purchases. So far, I've gotten a couple of thousand dollars back by being a uPromise member. It's great. And you get a free credit score!


0 votes

Pretty nice card. I signed up for Upromise a few months ago, because I got a Sallie Mae loan. I saw the signup for this card and how having it can defray some of the interest rate on my student loan, so I figured, why not? So far, so good with this card. I like the rewards, which really add up, and the no annual fee.


0 votes

I've been a Upromise member for a long time and had been ignoring this card but finally decided to sign up for it. Wow, it has really allowed me to bolster my Upromise account and I'm getting 15% cash on a wide variety of items that I would get anyway. Wish I'd done this sooner.

0 votes

I have this card to help fund my son's 529 account. When you pair it up with Upromise.com, it can be very good. You can earn over 15% cash on purchases online. There are not sign up bonuses or are very little.


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