How to use MasterCard rewards for student’s loan? - Other Questions


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How to use MasterCard rewards for student’s loan?

Answered on | Updated on March 19th, 2011
The content is accurate at the time of publication and is subject to change.

Founded in the year 1966, MasterCard was established as a competition for Bank of America card or the popularly known Visa card. MasterCard offers a number of reward cards to its customers. These reward cards have special features; it allows its users to get bonus points that can be redeemed in any of the American Airlines. The MasterCard Rewards can also be used to pay a part of the educational loan borrowed to meet educational expenses. MasterCard rewards can therefore be used to clear a percentage of student’s loan.

Steps to use MasterCard reward for student’s loan

MasterCard reward can be availed through the U promise program of MasterCard.

  1. Since the bills are paid directly to the Bank of America therefore the reward card is better known as Bank of America MasterCard Reward program. The instructions on the website need to be followed for the application for the U promise MasterCard reward program.
  2. Once the user gets his MasterCard through mail, his next step would be to visit the U promise website again and then link the MasterCard rewards card to the loan amount that the student might have taken. In case the linking is not done then the rewards points will remain unused in the U promise account and cannot be used to meet a part of the debt taken by the student.
  3. To get the maximum benefits from the MasterCard reward card, it should be made the primary credit card and used to pay all the grocery bills and other common expenses that would help the user to accumulate one percent base on every purchase made. This base will accumulate in to a substantial amount and can be used to pay school debts through the U promise account.
  4. Many times the U promise partners offer special discounts on foods at participating restaurants or food joints. These joints again offer extra reward points on the MasterCard reward that can be used towards student debt payment.

The other way in which the MasterCard rewards can be used for payment of student’s loan is by linking the reward cards of family members to the loan account. In this way the accumulation of the reward points gained by the student, parent’s purchases also get awarded with one percent cash back and can be transferred to the loan account for redemption.

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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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