Upromise announced today that it has launched a new paperless coupon program for its members. Upromise eCoupons will be electronically linked to their members’ registered grocery and drugstore membership cards. As the member makes a purchase of eligible items, the coupons’ value will not be deducted at the register, but instead will be deposited into the member’s Upromise account — where it can be transferred into a 529 college savings plan or withdrawn by check upon request.
Upromise members may print a list of the coupons and their values for reference. The coupons will be worth a maximum of $25 a month.
Personally, I like the idea of clipless/paperless coupons and the idea that they can be transferred onto your grocery or drugstore membership cards. I don’t, however, care for the fact that the savings is forced into your Upromise account. Keep in mind that you don’t earn interest on money in your Upromise account — only if you set up a 529 college savings plan and transfer your Upromise money into that account. If you don’t have a child to save for, or if you’d just prefer to invest or spend your money on your own, Upromise doesn’t make it easy for you to withdraw your earnings — you have to dig into their terms of service to find out that you can indeed receive your Upromise earnings by check if you request it in writing.
If you are using Upromise to hoard nickels and dimes to put toward your child’s education, this is another handy way for you to do it. I just wish that these same grocery and drugstores would implement a similar paperless coupon option for the rest of us, with the coupon values being deducted at checkout instead.
Not a member of Upromise and want to join? Please click here (aff) — thanks!
