Consumer Payment Card News

Upromise Birthday

The Upromise college savings program celebrates its first anniversary this month after signing up more than one million members so far. The program includes the Citibank Upromise MasterCard which offers a 1% rebate on all card purchases, in addition to bonus rebates earned through other Upromise participants. Under the Upromise program, families can multiply Upromise college contributions by building their own savings network of parents, grandparents, aunts, uncles and friends, all directing their contributions to a child’s account. The Upromise service also offers the option of investing the contributions in a “529” college savings plan. Upromise also announced this month that 13 major consumer packaged goods manufacturers have joined the program. These consumer packaged goods manufacturers will automatically contribute 3-5% of the product purchase price into a Upromise member’s account. The Upromise Grocery service will be available at more than 15,000 stores, including the U.S.’s four largest grocery chains and all CVS/pharmacy locations. Members currently receive contributions for purchases made at ExxonMobil, Toys”R”Us, America Online, AT&T long distance, McDonalds, leasing a GM car or truck, or buying or selling a home with Century 21. About 7,000 other restaurants also participate under a partnership with iDine. Recent additions to the Upromise network include American Airlines, Circuit City and New York Life. Upromise says it is striving to include more than 75,000 retail locations nationwide. For more information visit www.upromise.com.

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