Upromise: We Are Earning $100 Per Year Without Even Trying!

It was pretty simple to sign up for Upromise online. We've now been members for 3 years, and have accumulated $315, so essentially $100 per year. That's pretty good, considering we rarely even think about Upromise. It is "free money", without any associated dues or costs.

The savings accumulate automatically when you purchase items in grocery stores, or online, when you use one of your registered store cards or credit cards. However, I think potential Upromise members should be aware that it is very possible that they will save very little. It really depends on one's buying habits. You can save a lot of money, if you buy big ticket items at certain retailers or online. However, if, like me, you don't buy those particular items very often, and will mostly be relying on grocery rebates, you may save very little. Upromise likes to advertise that "thousands of companies participate" and "thousands of grocery store items" are eligible for Upromise rebates. However, in my own case, there are very few items that I actually buy regularly that are eligible for Upromise rebates. So, my savings are dribbling in...a couple pennies here, a couple pennies there. For example, if you frequently buy the store's own brand of groceries, you will not get Upromise savings. Upromise savings accumulate only from certain brand names. If you like to buy the brand that is on sale, then there is a decent chance you will not see Upromise savings.

To buy or not to buy?
Is it worth buying the more expensive brand of Product A or Product B, in order to have 1-3% of the price returned to me in the form of Upromise savings, or purchase another brand that is less expensive to begin with. Most of the time, I opt for the store brand or the less expensive brand.

So, before joining Upromise, I would suggest consumers look carefully at the list of participating grocery items, on the Upromise website. If you tend to frequently buy certain brand name products, then you will accumulate Upromise savings. However, if, like me, you look at the list, and see that there are only a few items that you buy regularly, then don't be surprised if that Upromise account accumulates just pennies or a couple dollars.

What about restaurants?
There are quite a lot of restaurants that participate with Upromise, also. So, if you tend to go out to eat frequently at those particular restaurants, then you can accumulate a lot of Upromise savings. At the Upromise website, one can easily enter a city, or zip code, and a list will be generated of participating restaurants in the area. When I tried this, I discovered that none of the restaurants I eat at frequently are participating. And, many restaurants will not offer Upromise savings at certain busy times, such as weekends.

What about online purchases?
If you frequently make online purchases from popular companies, then you are in luck, because that is one of the best ways to accumulate Upromise rebates. If you look at the Upromomise website, you can see the very large list of participating online retailers and how much each one will earn in rebates (typically up to about 8% back). Many of the big names are there. To get the Upromise rebate, all you have to do is start your shopping by going to the Upromise website and clicking the link to the website of the store you are interested in purchasing from. Then, your purchases will automatically give you Upromise rebates.

What about their credit card?
Upromise also offers their own Citibank credit card. Everytime one uses this card, a percentage of the spending will be returned as a rebate into one's Upromise Account. I personally have not used this feature, since I have another credit card that I prefer to use, but it is worth considering.

What actually happens to the funds that accumulate in one's Upromise Account?
The funds can get linked to the child's 529 College Savings Account, and will automatically get transferred there. If a parent-to-be (or grandparent-to-be) is saving, the funds will just accumulate in the Upromise account until a particular child becomes the designated recipient.

So, you don't get rebates on all groceries?
One reason I wished to write this review is I think the Upromise website is a little confusing in places, and can easily mislead the consumer into thinking they will save on every item they buy in the grocery stores, instead of just select items. However, grocery rebates only accumulate on certain products whose manufacturers have partnered with Upromise. To be honest, it seems like the list of participating grocery items is getting smaller over time, too, unfortunately.

Have we saved any money?
Again, we have saved $300 in a little over three years. However, the majority of the savings accumuluated when we purchased big ticket items (computers and exercise equipment) online through companies that partnered with Upromise. If we were relying solely on purchases from the grocery store and pharmacy, our savings would be only a small fraction of what it is now.

The Friends and Family Program:
I should also mention that they have a "Friends and Family Program" and you can get other people to save money that is earmarked for your children's college savings accounts. In fact, my sister joined Upromise and her own purchases have contributed significantly to our total Upromise savings. So, if you have some relatives or friends who are willing to also join Upromise (they too will have to enter their store card and credit card information), you can easily double or triple your savings, depending on their buying habits.

In Conclusion:
Overall, joining Upromise is a positive experience, since they are giving us "free money", and it is pretty easy to join. The savings accumulate automatically. Just know what you are getting into, and don't expect to finance a college education simply via Upromise!