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Donate Rewards To Your Favorite Student

Here’s a way to put your credit card rewards to work paying for your son’s, or grandson’s or nephew’s college expenses.

It’s Bank of America’s new Upromise World MasterCard.

The card deposits a rebate of at least 1% on everything you buy into the Upromise account of any student you want to help.

When you apply for the card, you’re allowed to choose whether you want “Gas & Grocery” or “Dining & Grocery” rewards, which allows you to earn a 10% rebate on some grocery and drugstore purchases, and:

  • 2% on gas at Exxon and Mobil stations or
  • 10% on meals at participating restaurants.

There’s no cap on how much you can earn for your student (or students). And you will receive a $25 bonus by making your first purchase within the first 90 days of opening the account.

The card’s terms are pretty good.

There’s no annual fee and you pay no interest on purchases for the first 7 to 10 months, depending on your credit history.

After that you’ll pay a variable rate of 9.74% to 17.74% plus the prime rate. With the prime currently at 3.25% that works out to a current rate of 12.99% APR to 20.99% APR.

If you’re wondering what happened to Citibank’s original Upromise MasterCards, they were replaced by the new cards from Bank of America this spring.

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