Financial services firm Sallie Mae, which specializes in student loans, announced April 10 it is launching a 5% cash back aspect to its Upromise by Sallie Mae savings program.
Upromise is a rewards program that earns members a percentage of their expenditures for online shopping, going out to eat, and buying groceries, and also offers savings when members book travel, buy a car, and make other purchases from participating vendors. Participating retailers include Walmart.com, BestBuy.com, and Sears.com.
A Upromise mobile app shows members where they can use their rewards near them. The site also features a detailed list of coupons and additional discounts.
The savings that members earn can either be put into a high-yield savings account or a tax-deferred 529 plan, can pay down a college loan, or can be made out into a check. Members can join to save for themselves, a family member, or a friend.
Membership is free, and the program currently has more than 10 million members.
Earlier this month, the Federal Trade Commission approved a final order settling charges that Upromise used a web-browser toolbar to collect consumers’ personal information without adequately disclosing the extent of the information it was collecting.