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[luntaos]

I just opened up my 529s, of course timing the market and being able to make my transfer right away seems to be out of the question.  I understand there is a quarterly  transfer set up to happen automatically when the minimum is met.  My question is, what if my accumulated earnings for a given quarter exceeds that minimum amount?  Does the full available amount get transferred?  What is the maximum?  Is there no way to transfer an initial contribution right away?

Thanks in advance.

[Wada279 · Accepted solution]

I will assume that when you opened the college fund you did so with a deposit that was done immediately. What ever amount you accumulate each quarter as long as it is the minimum will transfer into the college fund. Don't look at upromise as the only way to build your fund consider it an extra plus and an incentive to continue your progress. In otherwords contribute your dollars. Good Luck and good saving.

[luntaos]

Thank you and no doubt about the savings, I just want to use UPromise as the main contribution to the 529s since they are mutual fund investments.  I am very involved in the markets and for me a Coverdell and cash trading account (in my name) for my kids gives me more investment freedom.  I hope to earn at least 1,500 to 2,000 through UPromise annually for their 529s.

[Wada279]

I averaged $300-$400 a year when i had the citibank upromise card. i don't have the BOA card so my savings have decreased. You have to do a world wind magic to get $1,500 a year. ie real estate site, 100 friends and family , every contest etc. i wish you luck. if you make it tell me your secret.

[luntaos]

I actually do have a secret, I'll fill you in a couple weeks when I get confirmation that it worked.

[luntaos]

I am an idiot, my secret will require you to have a BoA Upromise card anyway.  However, it did work, just got over $170 points on my last statement.

[Wada279]

That sounds great and good luck to you. Have you noticed that on the quarterly college reports there is an amount that comes from upromise and then the total amount  of contributions for the year in that  quarter? This is the first time the money disposited as been outlined as such. I am not sire of the reason. Thus far I have earned $190 for the year since Feb  on my Citi All rewards card and  $129 on upromise for the yr. I expect some additional monies before the end of the yr. But this is average for me.

[luntaos]

LOL, trust me, I would luv to get my earnings down......I would rather see the cash invested.  Trying to get my wife to cut spending is pointless, every budget I create has to be revised the next day.  She is a shopaholic, who doesn't even take advantage of Upromise, if I buy gift cards for the old brick and mortars, she'll just think she has to use the whole amount as fast as she can.  I can't win......but it is worse that she doesn't take full advantage of Upromise.

[mdm8589]

Hi luntaos, was wondering if you would share your secret? (I do have the BOA upromise card). Many thanks!

[luntaos]

Not much of a secret, but whatever I do now, I search for a way to charge it.  A large boost coming my way soon is going to be my home renovation, I plan to charge all my payments and the construction company is working with me on this one.  For any deposits that I need to make, I try to look for companies that will take a credit card and get points there.  Basically, paying myself a referral fee with the Uprom benefits.