The Upromise Credit Card doesn’t really offer anything unique in the sense that your rewards aren’t automatically deposited into a college savings account. They go to your Upromise account, and you can then deposit them into a 529 plan or a Sallie Mae High Yield Savings Account. That pretty much eliminates convenience as a deciding factor of whether or not to apply for the Upromise Credit Card, so let’s see how its rewards stack up. The Upromise College Savings credit card offers 5% cash back through Upromise’s online shopping mall, but credit card shopping malls tend to have marked up prices to begin with, so this won’t be that practically beneficial. It also offers 4% at participating restaurants, and while this is certainly attractive, how worthwhile it will be for you depends on how many participating restaurants there are in your area. In addition, the card gives you 3% cash back at Exxon or Mobil stations, 2% at movie theaters, and 1% on everything else. You can get more on gas purchases with the PenFed Platinum Card, which offers 5 points per dollar spent on gas at any station as well as 3 points per dollar at supermarkets, but the 2% at movie theaters is pretty good.
Ultimately your decision will come down to whether the Upromise Credit Card’s rewards complement your biggest expenses or not. If you spend a lot on dining, movies, and Exxon/Mobile gas it will be pretty lucrative. If not, you should find a different card. Two of my favorite everyday cards are the PenFed Card that I mentioned before and the Blue Cash Preferred from Amex, which gives you 6% cash back at supermarkets, 3% at gas stations, and 1% on everything else for a $74 annual fee. If you travel a lot, the Capital One Venture Card is a good choice.… show more