Review of the Citi Upromise Card



The Citi Upromise Card was last reviewed on 9th October 2005

If you are looking to save extra money for your kids' college education, the upromise college fund 529 plan is a tax-advantage way to accumulate college savings. The Citi Upromise Card allows you to earn rebates that is automatically credited into the college savings plan. The Upromise plan allows you to make purchases at participating merchants, in which a portion will be credited into your college savings plan. With the Citi Upromise Card, you get
  • 10% rebates from participating 7000+ grocers and drugstores
  • 2% at Exxon and Mobil stations
  • 1% on all other purchases


College Savings Rebates - The Citi Upromise Card allows the cardholder to earn "rebates" that are credited towards the Upromise College Savings 529 Plan. You can get 10% rebates from on more than 7000+ grocery and drugstore items. You get 2% on gasoline purchases from Exxon and Mobil locations. You get 1% rebate on all other purchases. For both the grocery/drugstore purchases and the gas purchases at Exxon and Mobil stations, you can earn unlimited rebates. For "other purchases" that earn you 1% rebate, you can get up to $300 or (1% of $30,000) "rebates" in one calender year.

What is the Upromise 529 Plan


The Upromise College Fund 529 Plan helps you to save for your kids' college education. Like most 529 plans, contributions are made with after-tax dollars (vs a 401k plan) but withdrawals currently are free from federal taxes. The Investment Manager is the Vanguard Group. By participating in the Upromise Plan, you can get rebates from many purchases which are put into the Upromise college savings plan. Presently, Upromise has partnerships with over 40,000+ retail stores and services, 20,000+ grocery and drugstores, 7000+ restaurants and 350+ online retailers. Though you can participate in the Upromise plan without getting a Citi Upromise Card, this credit card will allow you earn higher rebates when you shop at groceries and drugstores.

Annual Fee and APR - There is no annual fee for the Citi Upromise Card. The apr is prime rate plus 5.99%. You also get a 0% introductory apr for 12 months on balance transfer. You are allowed 12 months to make your first transfer and you get 0% from the date of transfer. This is an extremely great balance transfer deal. The average daily balance method (including new purchase) is used to calculate monthly balances.

Recommendations - We highly recommend the Citi® Upromise® Card to parents who intend to enroll in a 529 College Savings Plan (and if they intend to participate in the Upromise program). With this card, you get to earn 10% rebates on many grocery and drugstore purchases. No other credit card pays 10% for grocery purchases. You can also earn unlimited rebates for grocery, drugstore and gasoline purchases. Best of all, these rebates are automatically put into your Upromise Savings Plan. Participation in the Upromise plan will allow you to earn even more rebates aside from your Citi Upromise Card purchases.

Positives
  • Earn 10% rebates for many grocery and drugstore purchases
  • Earn 2% rebates on gasoline purchases from Exxon or Mobil stations
  • Earn unlimited rebates for grocery, drugstore and gasoline purchases
  • Rebates are automatically linked to your Upromise account
  • No annual fee
  • Low apr
  • Great balance transfer deal



Citi Upromise Card
Rebate Formula
Rebate Forumula 10% for participating grocery and drugstore purchases
2% for Exxon and Mobil gasoline purchases
1% for other purchases
Caps on Rebtes Earn unlimited rebates for grocery, drugstore and gas purchases. Earn up to $300 in annual rebates for "other purchases".
Cost/Fees/Interest rates
Introductory rate 0% APR on balance transfers for 12 months from date of transfer. Transfers can be made within 12 months.
Annual Fees No annual fee
Purchase APR Prime Rate plus 5.99%
Balance Transfer APR Prime Rate plus 5.99%
Cash Advance APR Prime Rate plus 14.99%, min 19.99%
Penalty/Default Rate Prime Rate plus 23.99%
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00, max $75.00
No balance transfer fee for introductory offer
Cash Advance fee 3% ,min $5.00
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - less than $100
$29.00 - $100 to $1000
$39.00 - $1000 and above



Apply for the Citi Upromise Card

If you already have the Citi Upromise Card, we appreciate you feedback and review. If you wish to comment on it, you can post your review here.


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