The Lowdown on the Citi Upromise Card

by : Eric Wasselman

Citibank has partnered with Upromise, Inc. to produce a card that awards cardholders with fabulous rebates that will contribute towards a tax-advantage college savings program.

Through this reward program, cardholders get to earn a 1% rebate on general purchases, a 2% rebate on purchases from selected Exxon and Mobil stations, and a massive 10% rebate on selected grocery and drugstore items. Which parent would be able resist this offer? The minor downside is that each card is limited to a maximum of $300 rebates per year for the 1% rebate on general purchases. However, cardholders are allowed to earn unlimited rebates from the 2% savings at Exxon-Mobil and 10% savings from more than 7,000 selected items from grocery stores and drugstores.

The Citi Upromise Card has no annual fees but instead comes with a long-term introductory period of twelve-months where no interest is charged for purchases and balance transfers. Once this period is over, the still reasonably low regular APR kicks in. Nonetheless, this card imposes a minimum interest rate of 19.99% for cash advances regardless of how low the Prime Rate may drop.

Additionally, cardholders are also entitled to common platinum card benefits such as $1,000,000 in travel accident insurance, auto rental insurance and various other benefits that are usually associated with a platinum card. Moreover, there are also many other discounts offered to students for various products and services at participating merchants and retailers. On top of that, cardholders are eligible for more savings if they make purchases with other participating companies of the Upromise college savings program.

With the exception of the APR minimum rate on cash advances, the Citi Upromise Card is a well-designed card. Individuals, who plan to participate in the college savings plan and simultaneously take advantage of the long introductory period, shall benefit the most from utilizing the Citi Upromise Card.