Charles H. Miller
The UPromise World MasterCard® is designed for students, offering them cash back rewards for such purchases as eating out, movies and eligible department store purchases. Once earned, these rewards can be redeemed for a check, to pay off an existing Salle Mae® student loan, or to further grow your rewards. The card also offers a 0% intro APR on balance transfers for the first 15 months, as well as a sign-up bonus of $50 which is earned after making a purchase with the card in the first 90 days. Details are below…
Highlights
- Sign-up bonus of $50 in cash after your first purchase in the 90 days of account opening.
- Earn 10% cash back on eligible purchases at participating online shopping and travel partners through Upromise.com; 5% back on the total eligible restaurant bill from participating UPromise restaurants; 2% cash back on eligible in-store department store and movie theater locations; and 1% back on all other purchases.
- 0% Intro APR on balance transfers for 15 months, then 14.24%, 20.24% or 23.24% variable APR.
- World MasterCard® benefits
- No annual fee.
How It Works?
Sign-up bonus: Get $50 cash back after 90 days of card ownership.
Earn rewards: Get up to 10% cash back on eligible purchases at participating online shopping and travel partners through Upromise.com; 5% cash back on the total eligible restaurant bill from participating UPromise restaurants; 2% cash back on eligible in-store department store and movie theater locations; and 1% back on all other purchases. There are no limits on the amount of cash you could earn.
Redeem: There are 3 different ways to redeem rewards:
- By investing in a High-Yield Savings Account by Sallie Mae® with a 10% annual match by UPromise!, or by investing in a tax-deferred UPromise 529 College Savings Plan.
- By transferring rewards earned to an eligible Salle Mae® student loan.- By getting a check as soon as you have accumulated $10 in your account.
World MasterCard® benefits: Which are designed to add a dose of protection and security to shopping and travel.
APR: 0% introductory APR on balance transfers, after which a variable APR of 14.24%, 20.24% or 23.24% will apply, based on your creditworthiness. The same rate (14.24%, 20.24% or 23.24% variable) applies to purchases.
Costs
- 0% Intro APR on Balance Transfers, then 14.24%, 20.24% or 23.24% Variable
- 14.24%, 20.24% or 23.24% Variable APR on Purchases
- 3% Balance Transfers Fee (minimum $5)
- 3% Foreign Transaction Fee
- $0 Annual Fee
At Barclaycard’s secure website
Pros
- $50 cash back bonus is not bad for a card that has no annual fee.
- Rewards on popular categories – this card will reward purchases students are actually making, no matter where they live.
- 0% APR on balance transfers for the first 15 months could help cardmembers save some cash on interest payments (by moving the balance from a card with a higher APR).
Cons
- Where’s APR on purchases? – perhaps we are asking too much from a card that is catered to students, but it would be nice to know you could use it to fund (interest-free) some bigger purchase.
- Potentially high APR – based on your creditworthiness, you could end-up with an APR of 23.24%. If that’s the case, you should pay your balance in full and on time.
Is This The Card For You?
If you are a student, you should considering getting this card. There are other options on the market, but not that many. Students are not the most interesting group to banks, yet you can find a better deal. Nevertheless, the UPromise World MasterCard® is a good product, one that could help students get cash back on their common purchases. And that’s a big plus in our book.
