Rewards Plan
Sign up Bonus
Our Rating
0% Intro
Annual Fee
APR
- Cash Back Rewards
- No Annual Fee
- Limited Cardholder Perks
- Interest Charges Inevitable
Rewards Plan
Sign up Bonus
Our Rating
PROS
- Cash Back Rewards
- No Annual Fee
CONS
- Limited Cardholder Perks
- Interest Charges Inevitable
APR
14.99% - 29.99%
Annual Fee
$0
0% Intro
Up to 5%
Credit Requirements
Average to Excellent
The Upgrade Visa® Cash Rewards Card with Cash Rewards functions like a personal loan while offering you the freedom you get from a traditional credit card. The card has no annual fee, and cardholders can earn 1.5% cash back on payments.
Unlike conventional credit cards, which charge you daily interest for carrying a balance, this card gives you a personal line of credit ($500 – $25,000 or more). This will be split into equal installments, which you pay monthly, ranging from 12 to 60 months.
The card's transparency is highlighted as a benefit, providing a clear payoff schedule and the ability to check credit lines and rates before committing. It offers a chance at a low APR, a potentially large credit line, and a straightforward application process without a hard credit pull.
While the rewards rate is decent, it doesn’t offer extra travel or protection benefits. Given the high APR, it’s best to pay on time and avoid carrying a balance to steer clear of interest charges. Overall, this card can be a great option for those looking to build credit. However, if your credit score is above 650, you may want to consider other, more rewarding alternatives.
What is the Upgrade Cash Rewards Visa®?
The Upgrade Cash Rewards Visa® is a credit card that combines features of a credit card and a personal loan, providing a unique financing solution for large expenses.
How does the Upgrade card differ from traditional credit cards?
Unlike traditional credit cards, the Upgrade card offers fixed installment plans with a clear payoff schedule and APR based on your credit score.
Is there a zero percent intro APR with the Upgrade card?
No, there's no zero percent intro APR, but the card's unique structure may save you money by obligating timely repayments.
How are payments structured with the Upgrade card?
Payments are structured as fixed and equal monthly installments, similar to a personal loan.
How can I check my credit line and rate with the Upgrade card?
You can check your credit line and rate before committing to the card, offering transparency in the application process.
Can I avoid all interest charges with the Upgrade card payment plan?
While not all interest charges can be avoided, the structured payment plan minimizes risks associated with ballooning balances and high interest.
Pros & Cons
Let’s take a closer look at the pros and cons of the Upgrade Visa Cash Rewards :
Pros | Cons |
|---|---|
Cash Back Rewards | Interest Charges Inevitable |
Structured Repayment | No 0% Intro APR |
High Credit Limits | Limited Cardholder Perks |
No Annual Fee | May Not Suit Confident Repayers |
Transparency | |
Easy Application Process |
- Cash Back Rewards
Not many unsecured cards aimed at people with average credit offer rewards. With the Upgrade Card, you earn unlimited 1.5% cash back on payments when you pay them back.
This cash back does not extend to transfers you make to your linked bank account.
- Structured Repayment
The card offers a fixed installment plan, providing a clear and predictable schedule for repayments, similar to a personal loan.
- High Credit Limits
Individuals with excellent credit have the opportunity for a higher-than-average credit limit, ranging from $500 to $25,000, with the potential for even higher limits.
- No Annual Fee
The Upgrade Card doesn’t charge an annual fee, putting it in the small crop of cards that are truly low maintenance.
- Transparency
The card provides transparency in the application process, allowing users to check their credit line and rate before committing.
- Easy Application Process
Users can check their credit line and APR without a hard credit pull, streamlining the application process.
- Interest Charges Inevitable
Most conventional credit cards allow you to escape paying interest if you pay your bill before the due date.
With the Upgrade Card, no such thing exists. Users cannot completely avoid interest charges, as the installment plan requires payments to begin immediately
- No 0% Intro APR
Unlike some traditional credit cards, the Upgrade card lacks a zero percent intro APR, potentially making it less attractive for those seeking an initial interest-free period.
- Limited Cardholder Perks
The card offers few additional perks compared to traditional credit cards, potentially making it less appealing for users seeking extra benefits.
- May Not Suit Confident Repayers
For those confident in their ability to pay off balances on time, a credit card with a zero percent intro APR on purchases may offer more flexibility and cost savings.
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How To Apply For Upgrade Card?
- 1.
The application process for this card is quick and won’t affect your credit score if you’re not approved.
To get started, simply visit the Upgrade website and click on “Get Started” from the homepage. If you don’t see it there, you can also click on “”Upgrade Card”” in the navigation bar at the top of the page.
- 2.
The next step is to provide your personal information. This includes your full name, full house address, zip code, date of birth, and annual income. You will also be asked to enter your social security number. Your individual or additional annual income may include alimony and child support if you want these considered. Providing additional annual income is optional.
- 3.
The next and final step is to create an account. Provide your email and a password to go with your account. Click on the “Check Your Credit Line” button to submit and get a decision on your application. This process does not affect your credit score.
How It Compared To Other Upgrade Cash Back Cards?
When comparing the Upgrade cash rewards to other Upgrade cash back cards, its flat rate cashback stand out as the rest have other rewards model.
For example, the Upgrade Life Rewards Credit Card provides 3% cash back on gas, grocery, health, streaming, and utilities purchases and 1% cash back on all other purchases. It has no annual fee and also offers a similar welcome bonus. Users can pay their balances in full early each month with EarlyPay to avoid interest.
The Upgrade OneCard Credit Card features a 3% cash back for everyday purchases and 2% unlimited cash back on everything else. With the Pay Now, Pay Later option, cardholders can choose whether to pay with no interest immediately or pay later over time at a fixed rate. Connecting the OneCard to Rewards Checking provides extra spending power, and users can enjoy a predictable payment plan by paying down balances each month.
Compare The Alternatives
If you're looking for a credit card that can help you build credit and also get some rewards – the Upgrade is definitely a good option, but there are some good alternatives:
|
|
| |
|---|---|---|---|
Chime Credit Builder | Capital One Journey | Discover It Student Cash Back | |
Annual Fee | $0 | $0
| $0
|
Rewards |
None
None
|
Up to 1.25%
earn 1% cash back and another 0.25% if you pay on time, so you can boost your cash back to a total of 1.25%
|
1-5%
5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases
|
Welcome bonus |
None
None
|
None
$5 per month for 12 months on select streaming subscriptions when you pay on time
|
Match Bonus
Match Bonus for the first 12 months
|
Foreign Transaction Fee | 0%
| None
| $0
|
Purchase APR | N/A
| 29.99% (Variable)
| 18.24% – 27.24% Variable
|
FAQ
Upgrade does run a credit check for its credit cards, so your income to debt ratio will be a deciding factor. However, you can obtain pre approval for the cards, so you can confirm that you have sufficient income to qualify for the minimum credit limit.
Upgrade will use your application information to determine pre approval, but to confirm your application, you may need to provide copies of paystubs or other proof of income.
The top reason for not getting an Upgrade card is that you don’t want the card company to run your credit. If you already know you have a bad score or no credit history, a hard credit pull could have detrimental effects.
Upgrade doesn't allow second users on their credit cards, so it is not possible to add an authorized user on these accounts.
Upgrade does have a pre approval feature on its website, so you can check if you qualify for this or other Upgrade cards. You will need to provide some basic information, it will not impact your credit and you can receive a pre approval decision within minutes
If you want to speak to the Upgrade customer service team, there is a toll free number open Monday to Friday, 6 am to 6 pm and 6 am to 5 pm on weekends (Pacific Time). Alternatively, you can email the support team, but you’ll need to wait for a response
Upgrade has had some complaints about its interface, which is not particularly intuitive. While this is a good product, Upgrade does need to do some work on its customer digital experience
Upgrade does allow pre approval and you can get a response within a few minutes. This will speed up the approval process and you can expect to receive approval and your card within ten business days.
This will depend on your circumstances and financial habits. Upgrade provides free access to credit monitoring tools, so you can keep an eye on any improvements on your score.
When you open your account, Upgrade will report activity to the credit bureaus when you use the card or make a transfer to your bank account.
The initial credit limit for the Upgrade card is $500, but it is possible to get a limit of up to $50,000. Your specific credit limit will be determined by a number of factors including your income and your credit score.
Compare Upgrade Visa Cash Rewards
Both Chime and Upgrade cards are new in the view, offers great features for beginners who don't established their credit yet. Which one wins?
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