Upromise bonus at Harris Teeter...

What is Upromise?

Upromise is a savings program designed to help you pay for college. That can be your children's education, your yet-to-be-born child's education, your own education or your spouse's education.

But I should note that even though the program is set up to be an educational program, you do NOT have to use the money in the account to pay for educational expenses. The Upromise Web site itself acknowledges: "Upromise was created to help families save for college and we strongly encourage members to use the money they’ve earned towards education expenses. However, members may choose to withdraw the money they’ve saved for other purposes if they wish."

So, you can also use Upromise simply to get a little extra back on purchases you'd make anyway, and that is a good thing.

How does it work?

Upromise has partnered with hundreds of companies to earn you a percentage of each qualifying purchase that is then put into your Upromise account. So, for example, if I buy Tylenol, 2 percent of my purchase price is credited to my Upromise account.

Upromise has partnered with retail stores, restaurants, airlines, hotel chains and even realtors. A lot of the credits you get may seem small... a couple of pennies here and a couple of pennies there. But over time, they add up. And there are larger bonuses, too. Every Netflix account that is started through a Upromise account earns $12 credit. And if you are buying a house, you should definitely look at starting a Upromise account first. You could get a percentage of your purchase back! To me it's like getting a little extra discount on things you'd buy anyway.

How do I participate?

1) You first need to register and set up an account with Upromise at www.upromise.com. During the registration process, you will be asked to enter your loyalty card numbers for your VIC card, your Kroger card, your Lowes Foods card, your CVS card, etc.

You can also register credit cards, debit cards, etc. I do recommend doing this because you can earn additional credits in your account when you eat at certain restaurants or shop at certain stores. I have registered all my cards and not had any security issues. This also serves as a back-up if, say, you forget your VIC card one day. As long as you pay with one of your registered credit or debit cards, the Upromise system will still see the transaction, and you will still get credit.

2) Once you've registered, you then can earn credit in your account in a variety of ways. You get credit at the food store or the pharmacy when your loyalty card is scanned or you use a registered credit or debit card. You get credit for shopping online at hundreds of online retailers. And you get credit for dining in restaurants and using the registered card. Once you set the system up, it should work pretty much all by itself, accumulating money for you as you go.

What's the catch?

Personally, I don't really think there is one. To me it's like free money. And saving money in any form is a really good thing.

I don't buy anything I wouldn't normally buy because I have a Upromise account. But I've found Upromise partners with so many retailers and companies that I can often get a little back on my everyday purchases. I don't even have kids yet, but I have a Upromise account. I figure that if I can some day pay even part of a semester's tuition from this account, it will totally be worth it. Or, I can just withdraw the money when I want, and use it for some other need.

That 529 plan they talk about...

Upromise will ask you to link your Upromise account with a 529 educational savings plan. They really, really would like you to do that. But you don't have to. As I've already mentioned, you can simply save up funds and then withdraw them, without ever opening an affiliated 529. (If you do want a 529 plan, shop around, as plans vary from state to state.)

They also would really, really like you to open a Upromise-linked credit card. But you don't have to do that either.

Sue's tips for maximizing savings with Upromise:

1) Do take advantage of the Friends & Family option. You can invite your friends and family to register their VIC cards, CVS cards, etc., and contribute to your account. Especially if you are saving for a child, this is a really easy way to get grandparents and aunts and uncles involved in helping that child in a pretty much painless way. Plus, your savings will rack up much faster!

2) Do download the Upromise toolbar from the Upromise Web site. This is a toolbar that basically looks for Upromise savings for you. It will tell you when you visit any Web site that qualifies for savings, and it will remind you to log into your account to get your savings before you complete your purchase. So, you may go to shop online on a Web site you didn't even realize was a Upromise partner, but the toolbar will alert you that there are potential savings. You will never miss an opportunity, and the toolbar also gives you special offers for Upromise members.

3) Do check your e-mail. Upromise will often have special offers from certain retailers or even bonuses for referring friends. Check your e-mail to learn about these offers.

4) Do start right away. If you've read all the way to the bottom of this post and still haven't started an account, hop to it! There are a ton of products you buy every week that I'll bet qualify for some sort of bonus. You can always view the list of grocery/drug store items that qualify here. There are also lists on Upromise.com of restaurants and online retailers that qualify.