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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