Sallie Mae’s cash-back shopping program, Upromise, relaunched its credit card after changing issuers (from Bank of America® to Barclaycard US.) The new Upromise World MasterCard®® makes its debut with a tempting proposition: 10% or more in cash back at popular online retailers, including the Apple Store, Macy’s, Staples, Walmart and Best Buy.The Upromise card doles out 5% cash back at online retailers through, 4% cash back at Upromise-participating restaurants, up to 3% cash back on eligible gas purchases at Exxon or Mobil, 2% cash back at participating movie theaters and 1% on everything else.

Like the previous versions of the card, the new Upromise World MasterCard®®’s cash back can be combined with the cash back from the Upromise program. Intended to help families save for college, Upromise program members earn cash back when they make purchases through the program’s links (made possible because Upromise earns affiliate commissions for converting a sale).

Currently, most of the program’s cash back ranges from 2% to 15% (most are offering 5% cash back).

So together, Upromise World MasterCard®® users have the potential to rack up plenty of cash back for online purchases, especially with the large number of participating big-name retailers.

Consumers who constantly search for attractive cash-back credit cards may begin to give some attention to the Upromise World MasterCard®® for its rewards potential. A $1,000 purchase for a computer through Apple, Microsoft, Dell, Staples or Best Buy will get $100 cash back — equivalent to a 10% discount that is not often found at these stores.

The cash back can be redeemed as a deposit in a tax-deferred 529 plan or Sallie Mae Bank’s online savings account. With a $5,000 minimum balance in the online savings account for the entire year, Upromise will award a 10% bonus on the cash back that is deposited.

Cash back can also be used to pay down an existing Sallie Mae student loan or it can be redeemed as a check.

Previously, there were two versions of the card. One offered bonus cash back on groceries and gas and the other on groceries and dining. Both offered 3% cash back through and 1% everywhere else. (Existing cardholders are being converted to the new version in the fall.)

Upromise is open to anyone, not just families with college students.

Did you enjoy this article? Yes No
Oops! What was wrong? Please let us know.

Ask a Question

  • smith

    Hands down the worst credit card I have used in my life. Repeated errors on billing with additional fees and interest.

    Started innocent enough when their web automatic payment options didn’t work. Could sign up to only pay the minimum each month but not the full amount. After calling and being assured they converted the account to be payed in full every month from my designated bank account it happened again the next month. Called again, interest/fees removed, they asked me to try again online the following week. I did, didn’t work, again called and again promised the automatic payment for full would work if done online. Following month it again didn’t work. Fees/interest cancelled again. Tried to cancel the card but told I would have to “call back later in the month” to cancel. Had to ask to be transferred to someone who could cancel the card today.

    Do not trust them! They are crooks in my opinion!

  • Suzanne Barr-Tiemann

    You have to fight for every 4% bonus rebate. Barclays upromise website displayed a 5% contribution for a Meijer Home Depot gift card and will NOT honor it. I spent $500 in gift cards expecting this 5% + 4% bonus rebates and got neither. I told them to pull up their archived webpage for proof – they won’t do it. So they expect you to take a screen shot of every displayed % contribution before purchase for proof !!!! Barclays needs to stick with just dicking around with stealing billions manipulating the LIBOR rate.