Citi Cards announced its college savings contributions to Upromise members have reach one hundred million for the Citi Upromise MasterCard. Upromise is a service that allows families to save a percentage of their everyday spending as college savings with more than 450 participating companies.
In October 2001, Citi became the first financial service provider to team with Upromise. Today, Citi is the largest contributor to Upromise members' accounts. With the Citi Upromise Card, Citi offers an easy way for families to start saving for future education expenses. Members simply charge their everyday purchases on the card, from groceries and gas to airline tickets.
With the cost of a college education expected to triple by 2020, many parents are concerned about being able to afford the hefty price tag of sending their children to college. But a recent Citi/Upromise study offers hopeful news: most American families can actually bridge the average college savings gap of $28,022 with daily savings of just a few more dollars per day. The Upromise program and the Citi Upromise Card are ways to help families get started towards bridging this gap.
Citi Upromise cardholders earn a 1 percent contribution on all purchases made on the card. Cardholders also receive 10 percent of purchases on 7,000+ Upromise items at participating grocery and drug stores, as well as 2 percent on eligible gasoline purchases at Exxon and Mobil locations.
There is no cap on the contribution amount cardmembers can earn on participating grocery, drug store and gas purchases. There is a $300 cap per calendar year on the 1 percent contribution on purchases. Cardholders can earn even more contributions by using the Citi Upromise Card to make purchases with other Upromise contributing companies.
With the Citi Upromise Card, Upromise members accelerate their college savings because the card enables them to earn contributions on purchases of products and services outside the Upromise network. Also, family members can apply for their own card and combine their savings into a Upromise account.
The Citi Upromise Card offers rewarding top-level benefits, including:
No annual fee
$0 liability on unauthorized purchases
0% APR on balance transfers for a full twelve months with no Balance Transfer fee
Free and secure online account management
Auto rental insurance
Emergency travel assistance
Travel accident insurance
Acceptance at 32 million locations around the world
Citi Identity Theft Solutions
Fraud Early Warning gives 24-hour protection from fraud
Lost Wallet Service, which quickly replaces a customer's card if it's lost or stolen, and also provides the customer with emergency cash (subject to available cash advance limit)
Upromise's mission is to help families realize the dream of college. The Upromise Services division includes its popular rewards service, which allows families to automatically save money for college while making everyday purchases at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and more than 400 online shopping sites. Upromise's partners include Citi(R), Coca-Cola(R), ExxonMobil Corporation, Kimberly-Clark, McDonald's(R), JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. More than seven million parents, grandparents, and family friends have joined Upromise -- and our partner contributions today represent the largest private source of college aid in America. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contributions to pay off student loans. The 529 college savings plans are municipal securities and are offered through Upromise Investments, Inc. 529 college savings plans are not government or FDIC insured.
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