Credit Cards Rewards Cards

Upromise Mastercard Review

overall rating

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The Upromise Mastercard, issued through Barclays, is a rewards card that gives extra credit to those saving for a college education. Along with cash back on all purchases, it offers cardholders a $200 cash bonus after spending $500 in the first 90 days of account opening along with a monthly bonus when the account is linked to a 529 college savings plan (aka a 529 plan), a state-sponsored, tax-advantaged investment account.

Upromise® Mastercard®

Overall Rating
Upromise® Mastercard®
On Barclaycard's Secured Site.
Current Offer

Earn $200 bonus cash back rewards after spending $500 on purchases in the first 90 days.

Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 14.99% - 24.99% variable
Annual Fee $0
Rewards Earning Rate Earn 1.25% cash back on all purchases.
INTRO BALANCE TRANSFER APR 0% for 15 Billing Cycles
Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee (%) 0%
how this card stacks up
When compared among all rewards cards in our database:
Low Fees
Security/Customer Experience
Low Interest
worst best

The Upromise Mastercard is not one of our top-rated cash back credit cards. You can review our list of the best cash back credit cards for what we think are better options.

Full Review of Upromise Mastercard

  • Cash back bonuses for initial spending and for 529 plan-linked accounts

  • Introductory APR on balance transfers

  • Round Up feature to enhance cash back

  • Mediocre cash back rate

  • No introductory APR on purchases

Pros Explained

  • Cash Back Bonuses for Initial Spending and 529 Plan-Linked Accounts: When you apply for this card you are effectively joining Upromise, a service geared towards helping families save for college. After spending $500 in the first 90 days of opening the account you will earn a $200 bonus. Also, your Upromise account can be linked to any eligible 529 plan you've established at a bank or brokerage. Upromise Mastercard users who do so then receive an extra 15% on the cash back they’ve earned from card purchases; it's credited at the end of each billing cycle. So, for example, if your earned cash back equals $20 one month, you’ll actually receive $23.
  • Introductory APR on Balance Transfers: The Upromise Mastercard features a 0% APR introductory rate for 15 billing cycles. Cardholders must transfer their balances within 45 days of account opening in order to get this rate. After the end of the introductory period, the rate rises to the regular APR on purchases: 14.99%, - 24.99% variable, based on your creditworthiness.
  • Round Up Feature to Enhance Cash Back: With the Round Up feature, it's possible to increase your cash back by setting the Upromise Mastercard to round up a purchase to the nearest dollar (or more) in order to get more cash in the account. It’s possible to participate in the Round Up program with monthly spending $1 and $500. For example, a cardholder that set a Round Up to the nearest $1 might pay $3.50 for something. $4 would be billed on the card, and the extra $.50 would be converted to cash back. Round Ups can be added to a linked 529 plan, thus qualifying for the 15% bonus.

Cons Explained

  • Mediocre Cash Back Rate: This card offers a straight 1.25% cash back on all purchases. Not the worst in the world—but there are cards that also don’t “tier” rewards but still provide a better rate. The CapitalOne QuicksilverOne, for example, offers a set 1.5% cash back; the Citi Double Cash card has a program that pays 1% cash back on all purchases and another 1% when you pay your bill. Both of these cards are annual fee-free, too. Admittedly, the 15% 529-plan bonus and the Round Ups do in effect increase the cash-back return rate (to 1.44% or more depending on how much rounding-up you do). Even so, the base cash back from the Upromise Mastercard is still fairly mediocre.
  • No Introductory APR on Purchases: While the card does offer 0% APR on balance transfers for a time, cardholders get no break on any other sort of transaction: Those interest charges start accruing with the first cycle. Some credit cards, like the Capital One SavorOne, offer a 0% APR introductory rate on purchases, and do it for 15 months.

This Card is Best For

  • Avatar for Cash Back Strategist Persona
    Seeks to maximize cash back earnings across spending categories
    Cash Back Strategist
  • Avatar for Minimalist Persona
    Prefers uncomplicated rewards with single rate for all spending
  • Avatar for Annual Fee Averse Persona
    Resists or refuses an annual fee on principle or due to cost
    Annual Fee Averse

This card is targeted to—and most likely to benefit—families who’d like a boost in enhancing that higher-educational fund for their kids. It’ll work best for those who are already making regular 529-plan contributions but want a little extra money to boost the balance—and a pretty effortless way to earn the money and have it go directly into the account.

Additionally, this card might work well for someone who doesn’t want to deal with tiered or rotating cash back categories and wants to earn the same amount on each purchase. It might also help those who are hoping to transfer high-rate balances. Incurring no interest on the transferred amount for more than a year can help reduce debt faster. 

Rewards Earning Details

Earning rewards with the Upromise Mastercard is fairly straightforward. Each purchase earns 1.25% cash back. In order to earn that cash back, however, a cardholder must also have a Upromise account. 

There are ways to earn additional cash back rewards, such as using the Round Up feature and linking the Upromise account to a 529 plan. 

Rewards Redemption Details

Rewards are managed through Upromise. Round Ups are considered purchases, so they actually earn their own cash back and are also eligible for the 15% bonus for accounts linked with an eligible 529 plan. 

With 15% cash back bonus for 529-linked accounts, the amount of cash back earned is calculated at the end of each billing cycle. The 15% bonus is then deposited to the 529 plan.

Redemption can be automatic when linked to a 529 plan, with money being invested to the plan account on a regular basis.

How to Maximize Your Rewards

The most likely way to maximize rewards with the Upromise Mastercard is to use the card as part of a college-savings strategy. By turning on Round Ups and linking a 529-plan account, it’s possible to earn extra cash back for each purchase. Plus, if the cash back earned goes into a 529 account, the money then has the potential for compounding returns because now it’s being invested as part of the account. 

For example, let's say you earmark your entertainment spending for the Upromise card. The average consumer spends $3,090 on entertainment each year, according to the Bureau of Labor Statistics, which would result in $38.63 in cash back. Now, let’s say you activate the Round Up feature, bringing up purchases to the nearest $1. Let’s just say you get an extra 50 cents on each of these transactions, and you make 100 of them in a year, adding another $50 for a total of $88.63 for the year. You’ve linked your card to the 529-plan account you’ve set up for your kids, you would get an extra 15% that year which is $13.29. This brings your total cash back to $101.92.

Now, because the money in the 529 plan is invested, it’s going to go to work, earning for you. If you get 5% annualized returns and the money stays in there for eight years, your total would be $150.58. Of course, there's no guarantee that you’ll get those returns consistently—there's no sure thing in investments, alas—but let’s assume they average out to that. If you added that amount each year for eight years, you could potentially see about $1,021.91 That’s more than $1,000 extra for college expenses.

Upromise Mastercard's Outstanding Benefits

  • Round Up for increased cash back
  • 529 Plan contributions
  • Complimentary ShopRunner membership

Standard Benefits

  • $0 fraud liability
  • No foreign transaction fee
  • Free online FICO Score access

Cardholder Experience

Barclays, which issues the Upromise Mastercard, ranked 9th out of 11 card issuers in J.D. Power's 2020 Credit Card Satisfaction Study. The rank received a below average score.

Barclays has a mobile app, but its ratings are mixed. On Google Play, the app has a rating of 4.1 stars, while it rates 2.3 stars in the Apple Store.

One of the most unique features offered by the Upromise Mastercard, though, is its complimentary ShopRunner membership, which can result in free two-day shipping on eligible purchases. However, in order to take advantage of the free two-day shipping, cardmembers need to activate a ShopRunner account and sign in before paying at participating online retailers.

Security Features

For the most part, security features with the Upromise Mastercard are related to the standard security seen with Mastercard protection. This includes no liability for fraudulent purchases and card replacement for lost or stolen cards. 

Additionally, there is free FICO Score access online with this card, which can make it a little easier to stay on top of a credit report and spot problems that might result in a credit card drop.

Our Verdict

Educational expenses are on just about every family’s mind these days, and the Upromise Mastercard savvily targets that niche. By linking to a popular investment vehicle, the 529 plan, the card offers an appealing way to save, enhanced with some attractive ways to increase the amount of cash back. And, since there’s no annual fee, cardholders don’t have to worry about whether their cash back amounts will justify any ongoing costs of carrying the card.

Perhaps Upromise feels its initial spending bonus and unique college-savings bonus is incentive enough, because this card doesn’t offer many other perks to attract applicants, as there is no zero-interest-rate period on purchases in the first months of membership. While the balance transfer introductory rate of 0% for 15 months for transfers made within 45 days of account opening is a nice touch, the Upromise Mastercard doesn’t waive the 3% balance transfer fee for new cardholders taking advantage of the offer. 

In terms of ongoing use, the Upromise Mastercard's 1.25% cash back rate is on the mediocre side. For those looking for higher cash back potential, other credit cards might provide better opportunities. Cards like the Amex Blue Cash Everyday or the Capital One SavorOne might help maximize certain categories where there is greater spending. Additionally, for those just looking for a balance transfer deal plus straight cash back, the Citi Double Cash card might be a better choice. That card comes with an introductory 0% APR 18-month period on balance transfers made in the first 4 months of account opening as well as a straight 1% cash back on all purchases and another 1% when you pay your bill. 

However, if that 529-plan bonus seems too good to pass up, it might be worth considering using the Upromise Mastercard as a supplemental card. For example, a cardholder might use the Amex Blue Cash Everyday card to earn 3% cash back at U.S. supermarkets up to $6,000 per year and 2% cash back on gas and use the Capital One SavorOne card to earn 3% cash back on dining out and entertainment purchases. Purchases with these cards that would normally earn 1% cash back can instead be made with the Upromise Mastercard to get a bit of a boost and go toward helping to pay for college.

Employing the Upromise Mastercard in conjunction with other cards provides a potential for higher overall cash back rewards while still working toward a goal of college savings. In fact, it’s actually the card this reviewer uses to supplement her own regular contributions to her son's 529 College Savings Plan. The Upromise Mastercard isn’t her primary credit card, but she does earmark it for online purchases. Just using it for these transactions with a designated Round Up to the nearest $1 and the 15% bonus has resulted in a few hundred extra dollars in her son’s account. This will be a great help, when combined with the power of compounding returns, to increase the value of the account by the time he goes to college.

Next Steps
For Upromise® Mastercard®
on Barclaycard's Secured Site.
Compare This Card
See how this card compares to similar cards
Upromise® Mastercard®
overall rating
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 14.99% - 24.99% variable
Annual Fee $0
Rewards Earning Rate Earn 1.25% cash back on all purchases.
Investopedia Credit Card Rating Methodology
Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members.
Overall Star Rating Explained
To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card:
We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
  1. While we make no assumption as to whether balances are carried on a given card we do assign varying weights to all credit cards’ introductory APR (if present) in addition to the regular, long term purchase and balance transfer interest rates.
  2. We utilize BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points or miles rewards at a set rate on all spending or in consideration of bonus rewards for certain spending categories, like gasoline, groceries, restaurants or travel.
  3. We determine the maximum points value of rewards cards by dividing the points, cash back or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are selected best overall in their respective categories generally feature most if not all of the following attributes:
  • Low or Reasonable Fees Credit card fees come in many forms but the primary ones involve those for annual card membership and balance transfer. There are a myriad of reward and non-reward card options that charge no annual fee but for the many that do assess an annual fee the cost is often justified by their lucrative ongoing rewards and initial signup bonuses. Balance transfer fees are occasionally waived during introductory periods with certain cards, a factor which is heavily and positively weighted in our scoring model for cards offering this benefit. When charged, balance transfer fees range between 3% - 5%, which we grade accordingly. Other standard fees can generally be avoided, such as those for paying late or taking cash advances but we rate those relative to other cards in the market for reference, though with less weight assigned
  • Competitive Interest Many cards offer 0% introductory APR on purchases and balance transfers for varying lengths and then revert to a permanent or regular APR (based on a variable rate tied to the prime rate) that applies to any balances not paid in full. We rate both introductory APR percentage and length (in months) along with the midpoint of the variable regular APR interest rate range.
  • Valuable Rewards Credit card reward programs can be based on cash back, points or travel rewards (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs). For cards that offer rewards we determine the value per dollar spent along with average redemption values and assign more favorable ratings to cards that offer superior consumer value. We also assign value to sign-up bonus offers and their initial spending requirements, when present.
  • Excellent Benefits Credit card benefits cover a range of offerings like concierge service, TSA Pre-check, auto rental coverage, travel accident insurance, lost luggage assistance and free credit scores. We rate cards on the number and level of over a dozen standard and upscale benefits and provide extra weighting emphasis for those travel-related perks that apply to premium travel cards when present.
  • Solid Security/Customer Service Security and customer service features like lost or stolen card replacement, being able to lock one’s card from an issuer app and 24 hour customer support are becoming more standard across the card market and we provide a significant amount of weighting to features in this area.
  • You can also read the full version of our methodology for a more in-depth look at how we assess cards and award them the best in various categories.