Upromise® Mastercard® from Barclays Bank Delaware Review

In the complex landscape of credit card offerings, the Upromise® Mastercard® from Barclays Bank Delaware stands out with unique benefits tailored for those focused on saving for college. This review dives deep into what the Upromise® Mastercard® offers, its key takeaways, pros and cons, and additional benefits. As a financial expert, I’ll share my insights and personal experience to help you determine if this card aligns with your financial goals.

Upromise® Mastercard® from Barclays Bank Delaware Review

The Upromise® Mastercard® is a credit card designed with an educational twist. It offers cash back rewards that can significantly enhance your college savings when linked to an eligible College Savings Plan. This card is particularly appealing to parents, guardians, or students who are actively planning for educational expenses.

Interest Rates and Fees

– Purchase APR: 20.24% – 29.99% Variable
– Intro Balance Transfer APR: 0% for the first fifteen billing cycles on transfers made within 45 days of account opening
– Balance Transfer APR: 20.24% – 29.99% Variable
– Cash Advance APR: 29.99% Variable
– Annual Fee: $0
– Foreign Transaction Fees: $0
– Late Payment Fee: Up to $40
– Returned Payment Fee: Up to $40

Rewards and Bonuses

– 1.529% Cash Back: On your purchases when your Upromise Program account is linked to an eligible College Savings Plan.
– 1.25% Cash Back: On your purchases if your Upromise Program account is not linked to a College Savings Plan.
– $100 Bonus Cash Back: After spending $500 on purchases in the first 90 days.

Features

– Fraud Protection: Ensures that unauthorized transactions are flagged and investigated.
– Free Credit Score: Provided to cardholders to monitor their credit health.
– Purchase Protection: Offers coverage on eligible purchases against damage or theft.
– No Foreign Transaction Fees: Makes this card an excellent choice for international travel.

Upromise® Mastercard® Key Takeaways

Cash Back Rewards

The Upromise® Mastercard® offers a competitive cash back rate, especially when linked to an eligible College Savings Plan. The 1.529% cash back is higher than many standard cash back cards, and even the 1.25% cash back rate without linking to a savings plan is respectable.

Intro Balance Transfer APR

The card provides a 0% introductory APR for the first fifteen billing cycles on balance transfers made within 45 days of account opening. This feature is beneficial for those looking to consolidate debt or manage high-interest balances from other cards.

No Annual Fee

A standout feature of the Upromise® Mastercard® is the absence of an annual fee. This makes it a low-cost option for those seeking to maximize rewards without incurring additional charges.

Strong Fraud Protection

Barclays Bank Delaware ensures robust fraud protection measures, providing peace of mind to cardholders. Unauthorized transactions are promptly flagged and investigated.

Education-Focused Benefits

The unique selling point of this card is its focus on educational savings. The higher cash back rate when linked to a College Savings Plan directly supports long-term financial planning for educational expenses.

Upromise® Mastercard® Pros and Cons

Pros

No Annual Fee

One of the significant advantages of the Upromise® Mastercard® is the lack of an annual fee. This feature ensures that cardholders can enjoy the benefits and rewards without worrying about an additional yearly cost.

No Foreign Transaction Fees

For those who travel internationally, the absence of foreign transaction fees is a considerable benefit. This feature allows cardholders to use their card abroad without incurring extra charges, making it a practical choice for frequent travelers.

Intro APR Period on Balance Transfers

The 0% introductory APR for the first fifteen billing cycles on balance transfers is a notable advantage. This feature can help cardholders manage and consolidate existing debt without accruing additional interest during the promotional period.

Cons

No Intro APR Period on Purchases

One of the drawbacks of the Upromise® Mastercard® is the lack of an introductory APR period on purchases. This means that new purchases will be subject to the standard variable APR, which can be relatively high.

Higher APR Range

The purchase APR range of 20.24% – 29.99% Variable is on the higher side, especially for those who may not always pay off their balance in full each month. Cardholders need to be mindful of carrying a balance to avoid high-interest charges.

Upromise® Mastercard® Benefits

Cash Back on Purchases

The primary benefit of the Upromise® Mastercard® is its cash back rewards program. Cardholders earn:
– 1.529% Cash Back: When their Upromise Program account is linked to an eligible College Savings Plan.
– 1.25% Cash Back: When their Upromise Program account is not linked to a College Savings Plan.
This structure incentivizes linking to a College Savings Plan to maximize rewards.

Bonus Cash Back Offer

The card offers a $100 bonus cash back after spending $500 on purchases in the first 90 days. This welcome bonus can provide an immediate reward for new cardholders.

Balance Transfer Offer

The 0% introductory APR for the first fifteen billing cycles on balance transfers made within 45 days of account opening is a valuable benefit. It allows cardholders to transfer high-interest balances and pay them off over time without accruing additional interest.

Purchase Protection

The Upromise® Mastercard® offers purchase protection on eligible purchases. This benefit provides coverage against damage or theft, adding an extra layer of security for cardholders.

Free Credit Score

Cardholders receive access to their free credit score, which helps them monitor their credit health and make informed financial decisions.

Conclusion

The Upromise® Mastercard® from Barclays Bank Delaware is a compelling option for individuals focused on educational savings. Its unique cash back structure, particularly the enhanced rewards when linked to a College Savings Plan, sets it apart from other cash back cards.
The absence of an annual fee and foreign transaction fees makes it an attractive choice for cost-conscious consumers and frequent travelers. However, the higher APR range and lack of an introductory APR period on purchases are factors to consider, especially for those who may carry a balance.
Overall, the Upromise® Mastercard® is a solid choice for those looking to maximize cash back rewards and support long-term educational savings. As a financial expert, I recommend this card to parents, guardians, and students who prioritize saving for college and who can take full advantage of the rewards structure by linking to a College Savings Plan.