Update 05/04/18: Looks like the original details were correct. The card will switch over to the following benefits on 05/25/18:
- 1.25% cash back on all purchases
- 15% redemptino bonus when you automatically redeem your cash back into a 529 account
- Can also enroll your card in Round Ups (rounds up your purchase to the nearest dollar and then transfers this into a college saving account)
The letter sent out is as follows:
Hat tip to reader Shira
Original post below:
Important Update from Barclaycard:
We are currently conducting research to redesign the card program’s benefits and features; however, no final decisions have been made. We have reached out to existing cardmembers for their feedback, as we do whenever we refresh our card programs. It appears someone forwarded you the research materials, which are only hypothetical at this time, and contained the following disclaimer (which included their agreement to keep the contents of the research confidential):
You qualify to participate in our survey. We are asking respondents for their opinions in order to offer the best products and services that we can. Please understand that the questions in this survey are about hypothetical products and services. The content in this survey should not be misconstrued as the intentions or plans of any company. We ask that you agree to keep the contents of this survey confidential, and to not share the contents of this survey in any communication form including but not limited to: conversations, texts, blogs, social media sites, etc.
So looks like they haven’t decided on a new version of the card. I think the way they are presenting the options is confusing for cardholders (why present it in the form of a letter?) but that’s their decision to make.
Barclaycard stopped new sign ups for the Upromise card earlier this year, they have now sent out letters stating that the card will be discontinued and replaced with a card that offers the following:
1.25% cash back on all purchases15% redemption bonus when you automatically redeem your cash back into a 529 accountCan also enroll your card in Round Ups (rounds up your purchase to the nearest dollar and then transfers this into a college saving account)
The Upromise card previously offered:
5% cash back on eligible Online Shopping through Upromise.com (this is in addition to the portal rate)5% cash back on participating Upromise Dining Restaurants5% cash back on eligible purchases from participating travel partners through Upromise.com2% cash back at eligible movie theaters2% cash back at department stores1% cash back on all other purchases
It’s not clear when this forced product change will take effect. This is a similar to what happened to Sallie Mae cardholders as well. To be entirely clear a 1.25% cashback card on all purchases is entirely useless and not even close to be competitive considering the top cards earn up to 3% cash back on all purchases.
Hat tip to reader Samir J
