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Rating:Will Burgers Fill Fidelity Coffers? Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, November 30, 2001

Will Burgers Fill Fidelity Coffers?

Reported by Sean Hanna, Editor in Chief

If it works, Upromise just might be able to claim "billions and billions" served and make Fidelity a happy partner. Still, the plan seems at first blush a long shot at best.

The startup Upromise has joined a pact with McDonald's that will allow consumer to receive a rebate on purchases in the form of Upromise credits. When a sufficient balance is achieved, consumers can transfer the funds to a 529 program.

As of now the 529 account must be with either Fidelity or Citigroup's SalomonSmithBarney unit. Upromise is promising to extend the program to a broad range of retailers. Still, it seems unlikely that consumers will be able to build significant balances through this sort of program.

McDonald's, the initial partner, plans to give a 3 percent Upromise rebate on $5 gift certificates booklets. For a short time the burger chain will also give a $5 Upromise rebate to customers who enter a code on a paper tray liner in a franchise.  

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