sunysteelfly76 Posted February 4, 2006 Share Posted February 4, 2006 Does anyone have any experience, or know anyone who does, with upromise? It seems like one of those "too good to be true" type things. Am I being skeptical or is it really a good thing? Quote Link to comment Share on other sites More sharing options...
theeohiostate Posted February 4, 2006 Share Posted February 4, 2006 (edited) Never heard of it. I'd suggest talking with a financial advisor to get you started. I use Edward Jones and have been putting back since kids birth for college funds, 100% tax deductible and if they don't end up going to college for any reason, it can be applied towards any techinical training or class without having to pay any tax. I was told by my advisor to put back $150/month per child , this would pay about 75% of any college they wanted to attend and left them a little to work off themselves to show them some responsibilty. Edited February 4, 2006 by theeohiostate Quote Link to comment Share on other sites More sharing options...
spain Posted February 4, 2006 Share Posted February 4, 2006 We do it. Whatever i buy at Publix and a few other places, they kick back a % into my kids 529 college fund. Plus I have a Upromise MasterCard that kicks back a % to that fund as well. I pay off that card at the end of every month, so it is definitely free money for my kids. My parents also shop with a Upromise card that kicks into my kids 529. You just hand the card to the check out lady when you are paying for your groceries, they scan it, and money appears each month on the 529. Quote Link to comment Share on other sites More sharing options...
sunysteelfly76 Posted February 4, 2006 Author Share Posted February 4, 2006 Thanks spain. I was looking at the credit card deal on the site. It just seems way too easy, I pay for everything with that credit card and they contribute a % to the account. Do you do the 529 through (or in conjunction with) them as well? Quote Link to comment Share on other sites More sharing options...
Sir Loins of Beef Posted February 4, 2006 Share Posted February 4, 2006 We have used upromise since last March-probably made around 500-I think it's a tracking company that shows what businesses you use most often. So know I don't think it's a scam. Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted February 4, 2006 Share Posted February 4, 2006 Never heard of it. I'd suggest talking with a financial advisor to get you started. I use Edward Jones and have been putting back since kids birth for college funds, 100% tax deductible and if they don't end up going to college for any reason, it can be applied towards any techinical training or class without having to pay any tax. I was told by my advisor to put back $150/month per child , this would pay about 75% of any college they wanted to attend and left them a little to work off themselves to show them some responsibilty. 1304879[/snapback] Just started this week with a college fund for my 4 month old. At Edward Jones also. Probably the same type plan you are in. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted February 4, 2006 Share Posted February 4, 2006 (edited) If you are looking for a 529 plan... this is what my financial advisor buddy recommended, and I'll pass it on: - Check out the plans endorsed by your state. That way, not only will your federal taxes be waived, but your state will waive taxes on it too. That'll add up. - Make sure the fees on the 529 are less than 1%. Mine are .75%, but there are some people out there who are ripping people off. Vanguard has some of the lowest fees out there, and were specifically recommended to me. - Don't buy through a broker if you have the option not to. You can easily set one up online by yourself. Here is a list of direct-sold 529s by state. If your state offers a few, you can compare them. They are rated by users. http://www.savingforcollege.com was a great resource for me. I ended up with a Colorado endorsed plan from Upromise and Vanguard. It was the best of everything, and it was rated 5 stars from users. Edited February 4, 2006 by AtomicCEO Quote Link to comment Share on other sites More sharing options...
geeteebee Posted February 4, 2006 Share Posted February 4, 2006 Upromise is the bomb. I use it and the upromise mastercard like Spain. I also link it to my boys' 529 plans. A lot of what I buy on the net, I link through the upromise webstite so I get extra savings. I split the savings 1/3 each into my 3 sons' accounts and I have my parents brother and in-laws on there as well. They don't do anything different, I just registered their grocery store cards and credit cards and the savings is automatic. I use the 529 plan from New York, it is generally the lowest cost plan that is run by Vanguard and Upromise so my Upromise savings is transferred automatically into the 529 plans. 529 plans are great, but as Atomic mentioned, you've got to watch the fees. Any broker sold plan, including the Edward Jones ones are bound to have higher fees. There is no reason to use a broker for 529 plans. The site Atomic links to is awesome. If you are in a state without income tax, or you don't itemize, I highly recommend the state of New York's 529 plan. Quote Link to comment Share on other sites More sharing options...
sunysteelfly76 Posted February 4, 2006 Author Share Posted February 4, 2006 I wish I would have started this earlier. Quote Link to comment Share on other sites More sharing options...
spain Posted February 4, 2006 Share Posted February 4, 2006 I wish I would have started this earlier. 1305063[/snapback] I just looked at my Upromise Mastercard issued through Citi Bank. They credited my kids 529 the amount of $25.47 cents for my use of their card last month. I didnt do anything different than I normally do and that is about my standard monthly useage. This doesnt include my grocery purchases at Publix because I put those on a debit card. Or the other things you can link to Upromise. This is absolutely free money. Do it now. Quote Link to comment Share on other sites More sharing options...
PaulOttCarruth Posted February 4, 2006 Share Posted February 4, 2006 We've been trying to figure out how to get started on this for the past month or so. Anyone know the difference between a Coverdell plan and a 529. From what I can tell, you have a bit more control with a Coverdell (invest in stocks and avoid fees), but you may not get the state tax benefits. Any insight? Quote Link to comment Share on other sites More sharing options...
Swampnuts Posted February 4, 2006 Share Posted February 4, 2006 Great thread guys I've been putting this off for awhile because I wasn't sure what was the best route. Now I've got the ball rolling. Many thanks Quote Link to comment Share on other sites More sharing options...
loaf Posted February 4, 2006 Share Posted February 4, 2006 I signed up for it for my nephew but don't remember if I still have the credit card I linked to it... Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 4, 2006 Share Posted February 4, 2006 Are the Vanguard plans better performing than the Fidelity plans? The NH direct plan run by Fidelity is called the Unique Plan. According to CEO's link, they get 4 of 5 stars, and their fees are under 1%. I signed up for this a few years ago when it came out, and linked my gas card (Mobil) to it. I have $46 now. Five more years and we can buy a book. Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 4, 2006 Share Posted February 4, 2006 Five more years and we can buy a book. 1305415[/snapback] A book... but not a textbook. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted February 5, 2006 Share Posted February 5, 2006 This doesnt include my grocery purchases at Publix because I put those on a debit card. 1305074[/snapback] Why wouldn't you pay for groceries on yer upromise credit card and then pay it off at the end of the month? Sounds like yer just throwing free money away. Quote Link to comment Share on other sites More sharing options...
spain Posted February 5, 2006 Share Posted February 5, 2006 Why wouldn't you pay for groceries on yer upromise credit card and then pay it off at the end of the month? Sounds like yer just throwing free money away. 1305516[/snapback] You are right there GTB. I should put it all on the card. I have just gotten into the habit of paying for groceries on debit card. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted February 5, 2006 Share Posted February 5, 2006 Are the Vanguard plans better performing than the Fidelity plans? The NH direct plan run by Fidelity is called the Unique Plan. According to CEO's link, they get 4 of 5 stars, and their fees are under 1%. I signed up for this a few years ago when it came out, and linked my gas card (Mobil) to it. I have $46 now. Five more years and we can buy a book. 1305415[/snapback] After a quick review, it doesn't appear as though the state of NH gives its residents any tax break on contributions to the in state plan. Does NH have a state income tax? If NH has an income tax and they don't give a tax break, that is a bummer. If you don't have a state income tax then you can really look nationally for the best plans. You ought to look at NY. It's expenses are considerably lower than Fidelity(although the Fidelity plans expenses are not high). I would rank the investment choices between the plans as comparable so your objective should be to minimize expenses. Why did you only link your gas card to your upromise account? Do your grocery stores have preferred shoppers cards? If so, you ought to put all of your cards on there, that $46 will turn into a couple of hundred in no time. Then you can buy a couple of textbooks. The saving for college website has now gone to a subscription. Friggin websites that think they can charge a fee , but you can still get some good info on it. Quote Link to comment Share on other sites More sharing options...
Czarina Posted February 5, 2006 Share Posted February 5, 2006 NH has no income tax. The grocery store where I shop doesn't participate, which is a shame since I spend a freaking fortune on groceries each week. I need to link a couple more cards and shop online through the site. The site showed the Unique Plan (which you can do direct) at <1% fees. I think it range between .35-.83 depending on something or other. Both the NH plans are Fidelity plans. I'll check 'em out. We recently liquidated a family trust and we have some $$ to put into funds for the boys, once we figure out the flipping taxes on it. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted February 5, 2006 Share Posted February 5, 2006 I've never heard of these credit card dealies. I do a contribution every month automatically from my bank account. So does my wife. Quote Link to comment Share on other sites More sharing options...
muck Posted February 7, 2006 Share Posted February 7, 2006 Good info here. Quote Link to comment Share on other sites More sharing options...
T-Scorp Posted February 7, 2006 Share Posted February 7, 2006 Just signed up! I have been contributing to 529's for my 3 kids since they were born. (6,4,2). Unfortunetly doesn't look like there is a participating grocery store in my area. But hey 1% is 1%. Do you get a lot of spam from them?? Quote Link to comment Share on other sites More sharing options...
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