Upromise is a loyalty rebate program which rewards its members by investing a percentage of purchases into accounts for education expenses, namely 529 College Savings Plans. Just register your credit cards and your supermarket membership cards and the different rebates are credited to your account to be invested at a later date. These rebates are in addition to any you may receive from your credit card.
The primary intent with Upromise is to use the cash back savings and investment to pay for your children’s education. Some lenders also allow you to apply Upromise’s balance directly to your own student loan.
Personally, with no children, I prefer to receive my rebates in the form of cash back. Upromise doesn’t publicize this option much as they would prefer you invest directly in the accounts from brokerages who have negotiated a partnership with the company. Hidden deep within Upromise’s website are the instructions for requesting a check for the balance of your rebate to be sent to you within 12 weeks. Here are the instructions, out in the open, for everyone to see:
You can withdraw your Upromise contributions at any time during your membership. To withdraw company contributions from your Upromise account, submit a letter in writing to Upromise requesting a withdrawal from your Upromise account. The letter must state your full name and exact amount that you would like to withdraw, up to total amount available in your account, pending contributions are not eligible for withdrawal.
For the protection of our members, we require that your letter either be notarized or contain a Signature Guarantee if the withdrawal request is in excess of $200. A Signature Guarantee is a guarantee you can obtain from a financial institution, such as your bank, that your signature is yours and that it is genuine.
Withdrawal letters should be sent to:
Upromise
ATTN: Customer Care
P.O. Box 55555
Boston, MA 02205-5555
Checks are sent once per calendar quarter, so you should typically receive your check within 12 weeks of your request being received.
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{ 6 comments… read them below or add one }
Gosh I wonder if savings theft is a real problem. I suppose it could be.
Thanks so much! Mailed them a letter today.
I had no idea that you could get cash from UPromise. I have mine setup to help pay off student loans with 4% interest, not the best investment but not bad either. I’ll look into this and see if I can divert money the money to a Roth instead.
Wow, I had no idea! Thanks for the heads up, now I can use that towards my higher interest debt since my student loans are my lowest interest rate.
Excellent, I dind’t know you could get your cash out, thanks for the heads up.
Great tip, I’ll use it.