Looking to Jump-Start Savings in 2016? Go with a Credit Card That Means More Cash Back to Help You Reach Your Savings Goals

Sallie Mae Releases Top Five Reasons Why the Upromise MasterCard® Should Be in Your Wallet in 2016


Tuesday, January 26, 2016 11:08 am EST



Public Company Information:

"The new year is an ideal time to evaluate the benefits of the credit cards currently in your wallet or, if you are looking for a new card, deciding which offers significant rewards to help you reach your financial goals"

NEWARK, Del.--(BUSINESS WIRE)--It’s that time of year again. Millions of Americans have made New Year’s resolutions to be healthier and more physically fit. And while many assume that means heading to the nearest gym, the new year is also a great time to focus on financial fitness which, for many families, includes saving for college. In fact, according to the How America Saves for College 2015 report by Sallie Mae and Ipsos, nearly all families agree college is an important and worthwhile investment; almost 60 percent, however, feel overwhelmed about saving for it.

The good news is there are free programs and resources to get families on the right track. Upromise by Sallie Mae is a free program that allows families to earn cash back on everyday purchases. What’s more, by applying for the Upromise MasterCard® — issued by Barclaycard — families can take saving for college and other financial goals to the next level.

Today, Sallie Mae, the nation’s saving, planning, and paying for college company, released the top five reasons why the Upromise MasterCard should be in your wallet this year:

1. Earn Up to 10 Percent Cash Back. Really.

Upromise MasterCard cardmembers can earn up to 10 percent cash back (up to five percent back through Upromise, plus an additional five percent from using the Upromise MasterCard) by:

  • Shopping at more than 850 online retail partners at Upromise.com;
  • Dining at more than 10,000 Upromise participating restaurants; or
  • Booking travel at major travel sites via Upromise.com

Cardmembers can also earn two percent cash back for in-store shopping at major department stores, including Nordstrom, Sears, and Kohl’s, and at movie theaters. All other purchases with the Upromise MasterCard are eligible for one percent cash back. New cardmembers can also earn a one-time $50 cash-back bonus after making a purchase, cash advance transaction, or balance transfer within 90 days of opening an account.

“The new year is an ideal time to evaluate the benefits of the credit cards currently in your wallet or, if you are looking for a new card, deciding which offers significant rewards to help you reach your financial goals,” said Dave O’Connell, president, Upromise by Sallie Mae. “With up to 10 percent cash back, the Upromise MasterCard can be a financially savvy resolution for families, especially those looking to save for college.”

2. Build College Savings.

When families open a Upromise MasterCard account, they’re automatically enrolled in Upromise by Sallie Mae, and they can immediately start earning cash back. The cash back earned on everyday purchases can be invested in an eligible 529 college savings plan, used to help pay down an eligible student loan, transferred into an FDIC-insured Upromise GoalSaver account, or withdrawn by check. Last year, Upromise MasterCard cardmembers collectively earned more than $50 million in cash back for college. Collectively, the Upromise MasterCard program has awarded more than $470 million in total cash back rewards.

“Paying for a college education can seem like a marathon, but the Upromise MasterCard can help families sprint ahead,” said Kirsten Osland, director of Financial Institutions and Affinity Partnerships, Barclaycard US. “Our Upromise cardmembers have found that their credit card helps make saving for college simple because they earn cash back on the things they are already spending money on every day.”

3. Pay No Annual Fees. No Cash Back Limits or Expirations.

Unlike other credit cards, the Upromise MasterCard rewards are cash, not points, and there are no limits to how much cash back a cardmember may earn. In addition, there are no annual fees and no rotating cash-back categories, and cardmembers receive complimentary access to their FICO® Credit Score and $0 fraud liability on unauthorized transactions.

4. Shop with Major Retail and Travel Partners.

With more than 850 online retail partners, more than 10,000 restaurants, and multiple major travel sites, chances are most families are already shopping, dining, or booking travel through a Upromise partner. So why not earn cash back and start boosting savings on purchases from major retailers like Lowe’s, Old Navy, and The Disney Store, and travel sites like Travelocity, Hotels.com, and Expedia? For a complete list of Upromise partners, visit Upromise.com.

5. Take Advantage of Special Promotions.

Upromise partners with major retailers to offer special promotions that offer additional cash back opportunities at major online retailers. For Upromise MasterCard cardmembers, that can mean cash back savings of more than 15 percent. Cardmembers also receive special cash back offers via email.

To learn more about the Upromise MasterCard, visit Upromise.com/MoreCashBack.

Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

About Barclaycard US

Headquartered in Wilmington, Del., Barclaycard US is one of the fastest-growing top 10 credit card issuers in the nation. The company creates customized, co-branded credit card programs for some of the nation's most successful travel, entertainment, retail, affinity and financial institutions. For more information on Barclaycard please visit BarclaycardUS.com.

Multimedia Files:

Upromise MasterCard: How it Works


Sallie Mae
Abigail Brooks, 302-451-0230
Matt Fields, 302-255-7807