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Free college money for your kids

Discussion in 'The Lounge' started by twistertail, Apr 29, 2005.

  1. got to www.upromise.com and you can sign up for a free account and when you buy certain things a small percent will go to an account that you can use for college costs for you kids. Its a very small amount but if you start early enough there migh be a little bit in there by the time they go to school and it doesnt cost anything to do so you are not out a thing and you are probably buying some of the products already. And you can have other people sign up for your kids also, like grandparents or aunts and uncles.
     
  2. Its a good deal I've been part of it for 3 -4 yrs no hassles and you would be suprised on how many companies are involved new cars, perscriptions, groceries all kinds of good stuff. It wont pay for a college education but it may be enough to buy the books for a year depends how much you keep track of it and every little bit helps these days
    geowol
     

  3. I am a little lost on this concept. Where is the funding coming from for the paybacks? I did not see much explanation of how much is paid on anything either. I have three kids and I am curious about it and would like to learn more but the web site is very vague. I am looking into using a credit card that gives us money back on all purchases. I don't recall the percentage but it seemed to make sense how it worked. It was sort of like the cashback program on Discover except the money earned on this card is applied to an education account. I just don't see where Upromise has any revenue generated to pay back.:confused:
     
  4. From what I understand is when you buy something from a company that is involved, like Tide, a percentage of the sale of the Tide will go to an account. From there I assume that upromise invests the money and probably keeps a cut for themselves and you get the rest.
     
  5. I see the list now of the companies involved in the program. That makes a bit more sense now. I will have to look into this pretty seriously. I do an awful lot of our spending on credit card and may be able to benefit pretty well from this. Thanks for the heads up, Twistertail!
     
  6. Lundy

    Lundy Staff Member

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    This sounds like it may be legit, BUT I am very skeptical of giving anyone all of my credit and debit card information, in fact I just won't do it.

    It is so nice to see a company so completely concerned about the rising cost of education for everyone that they go out and develop a program just to help us :rolleyes:

    I've read the entire offer, no where does it mention how they make their money. I don't think they do this from the goodness of their hearts.

    Call me paranoid, overly cautious, what ever. If something sounds to good to be true be very, very leery it.

    To each his own, but no thanks, I'll just keep my personal information to my self.

    Kim
     
  7. I'm with ya lundy, I have not put in my credit card numbers yet just my Kroger card and CVS card to see how it goes. George says he has been in it for several years with no problem, did you give them you cc George?
     
  8. I wondered about how they made thier money also but thought with all those companies involved it would be legit, I hope so I would feel pretty bad about telling everyone about it if its not.
     
  9. I totally agree on the cautious interest. That is at this time I am only going to do further research on the topic. I am also leery of them having my credit card, especially when it sounds as if they will have all kinds of detail on my purchase activity. Like Kim said, this just all sounds too good to be true.:confused:
     
  10. Upromise is a legitimate company. I work for a company that used to partner with upromise. The money accrues in your upromise account but you can and should sweep the monies into a 529 plan. Usually you have to roll the money into a 529 plan at a specific investment company that upromise chooses. I don't know specifically how upromise makes their money but I am sure they have some type of negotiation with the companies enrolled in upromise as well as they may even have some type of financial relationship with the company that offers their 529 plan sweep. Trust me, if upromise was not a legitimate company, my employer surely would have never been involved with them. :)
     
  11. I almost exclusively buy my gas (Mobil) there because of Upromise. You get .01 for every gallon that you buy. It's not a huge amount but every little bit helps. I am just starting the 529 but have been using Upromise for about 3 years. Kroger and Meijer are big supporters also. I use my debit card and have had no problem from that end. I have not heard any complaints from anyone on the program.... :)
     
  12. Minor

    Minor Wannabe Fisherman

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    Don't know anything about upromise . . . but just taking a wild guess and thinking that it is funded by the companies involved and they use your purchasing habits as market research for the companies involved . . .