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When it comes to credit card incentives for consumers, cash back is a nice bonus and rewards points can be useful for an extra vacation from time to time. But are there any credit cards that can actually help with your family’s long-term future?
If you have children with dreams of going to college, then you may want to look into the Upromise card.
Offered by Bank of America, the Upromise World MasterCard gives you cash rewards for purchases – but instead of sending you that money directly, the funds are set aside in an account which is intended to be used for future college expenses. With the Upromise card, you can earn:
- 1% for normal purchases
- 2% for gasoline purchases at Exxon or Mobil gas stations
- Up to 10% for purchases at participating grocery stores, drugstores, or other retailers
Upromise will also deposit $25 in the college fund account after you charge something on the card for the first time. And new accountholders can take advantage of 0% APR on all purchases or balance transfers for at least the first seven billing periods.