This week we have an interesting Free Money [1] Friday offer. SaveUp [2] is a free rewards program designed to encourage people save money and get out of debt. We’d love to hear what you think of this idea!
How does it work?
SaveUp [2] links to your bank accounts and rewards you for increasing your savings and reducing your debt. In addition to rewards, they also attempt to give advice that may be relevant to your financial situation via educational videos and account offers that might help you financially.
How do I earn credits?
You can earn credits in some of the following ways:
- 200 for adding any account where you are saving money or paying down debt
- 1 for any $1 increase in savings (savings account, 401k, IRA)
- 1 for any $1 decrease in debt (car loan, student loan, and mortgage)
- 30 for watching a financial video and completing a quiz
- 30 for every question you answer to build your financial profile
- 15 for every friend who joins SaveUp through your invitation
What are the rewards?
Your credits can be used for the chance at cash and prizes. You have a daily chance to win cash, cars, vacations, and rewards up to a $2,000,000 jackpot. The more you save and reduce your debt, the more chances SaveUp [2] gives you to win. Recent rewards added this week included Amazon Kindles and gift cards to Lowes and Starbucks, and a bill payment reward.
What do you think?
Do you think this qualifies as Free Money [1]? Or should we stay away from offers like this in the future? Do you see any value in a rewards program like this since you only have a chance to win? Let us know!