Bank of America will take over the Upromise credit card next week and there will be changes to the rewards program. But in a shocking move that contradicts the recent trend of reducing rewards, the Upromise credit card will have increased rewards.
So what changes? Well, sorry to sensationalize this topic, but not too much. Previously under Citigroup, the card had two levels of cashback. There was a 10% cashback on select purchases, and 1% on all other purchases. There was no spending cap on the 10%, however the 1% was capped out at $30,000 spending limit. That means that your cashback would be capped at $300 for the year.
Under the new BOA terms, there is no cap to your everyday purchases. If you are someone who charges 30k+ a year on credit cards, you will be able to get the full 1% cashback.
What is Upromise? They are a company that allows you to direct spending to a 529 college plan. New card members can sign up and get $25 deposited into their Upromise accounts.