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Sallie Mae's Upromise and Bank of America Launch New Credit Cards to Help Americans Save for College
10:39a ET March 31, 2009 (Business Wire)
Upromise, Sallie Mae's saving for college company, and Bank of America, the leader in affinity credit card programs, today introduced two new credit card programs that offer unlimited rewards to help save money for college expenses.

The Upromise(R) World MasterCard(R) credit card with Gas & Grocery Rewards and the Upromise(R) World MasterCard(R) credit card with Dining & Grocery Rewards enable consumers to earn cash back on everyday purchases to help fund future education expenses or pay down eligible Sallie Mae student loans.

"Consumers want their money to go further and together with Bank of America we are bringing our members a powerful way to increase their college savings," said David Rochon, president of Upromise. "The Upromise credit cards help members tackle the cost of college every time they make a purchase on the card."

Both Upromise credit cards provide cash back on all purchases which is transferred directly into the member's Upromise account. Neither card has an annual fee nor a limit on the amount of college savings a cardholder can earn. Plus, for a limited time, the Upromise card programs provide new cardholders who apply on or after March 29, 2009, with $25 in their Upromise account after the first qualified use of the card. The two product offerings are:

The Upromise World MasterCard credit card with Gas & Grocery Rewards

-- Earn 1% college savings on all purchases

-- Earn 10% extra college savings on thousands of Upromise participating grocery and drug store items

-- Earn 2% extra college savings on eligible gasoline purchases at Exxon or Mobil locations

The Upromise World MasterCard credit card with Dining & Grocery Rewards

-- Earn 1% college savings on all purchases

-- Earn 10% extra college savings on thousands of Upromise participating grocery and drug store items

-- Earn 10% extra college savings on purchases at Upromise Dining by Rewards Network restaurants

In addition, when shopping with thousands of Upromise participating companies, members can earn contributions funded by the participating companies ranging from 1 to 25 percent of the purchase price. Upromise's more than 10 million members have earned over $475 million in college savings.

"Through our partnership with Upromise, we are helping consumers meet the increasing costs of a college education in a simple way," said Andy Rowe, Bank of America Global Card Services Strategies executive. "In these challenging economic times, we are proud to offer an innovative product that provides this unique financial benefit to consumers."

For information about the rates, fees, other costs, and benefits associated with the use of these cards, or to apply, visit www.upromise.com/cardcenter and refer to the disclosures accompanying the credit card application. To view whether or not a student loan is eligible to participate, please visit www.upromise.com/loanlink.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 40 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

About Upromise

Launched in April 2001, today Upromise is a major, private source of college funding contributions in America, with over 10 million members and more than $475 million in member rewards. Membership is free and can help families save money for college while making everyday purchases of products and services at more than 21,000 grocery and drug stores, 10,000 gas stations, 8,500 restaurants, as well as thousands of retail stores, and over 600 online shopping sites. Upromise participating companies include Bank of America, ExxonMobil Corporation, Bed Bath & Beyond(R), McDonald's(R), JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. Upromise also makes it easy for families to start their own college savings strategy through tax-advantaged 529 college savings plans offered through Upromise Investments, Inc. or by using Upromise contributions to help pay down eligible student loans. Upromise is a wholly owned subsidiary of SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, the nation's leading provider of saving-and-paying-for-college programs. Upromise is headquartered in Newton, Mass., and has more than 350 employees. For additional information, visit upromise.com.

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SOURCE: Upromise
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