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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 fees and cardholders can earn 1.5% cash back on payments. However, the cash back are only given when you make payments
Unlike conventional credit cards which charge you daily interest for carrying a balance, this card practically gives you a personal line of credit ($500 – $50,000 or more). This will be split into equal installments which you pay every month. You may use your credit line on purchases online, at retail stores, or even transfer the funds from your card to your personal bank account at no extra cost.
However, considering the high APR – we recommend to pay on time without carrying balance in order to avoid interest. Overall, the card can be a perfect solution for those who are looking to build credit. If you have credit score of +650, there are better alternatives.
Rewards Plan
Sign up Bonus
0% Intro
PROS
- Cash Back Rewards
- No Fees
CONS
- No Signup Bonus
- No Grace Period
APR
14.99% - 29.99%
Annual Fee
$0
Balance Transfer Fee
None
Credit Requirements
Average to Excellent
Things To Consider
- Are you looking to build credit? This card is especially relevant to people with less-than-stellar credit scores, or those who are looking to finance large purchases.
The fixed payment style is ideal for people who want to cultivate a responsible payment habit or live within a budget. You should consider this card if you’re trying to build credit.
- Manage Your Account Responsibly – While the Upgrade Visa® Card with Cash Rewards features a low APR threshold, the precise rate you get charged is contingent on the amount you request, your credit score while applying, and during your use of the card.
Opting to use Upgrade’s Autopay feature can help you secure the lowest interest rates. You should pay attention to your account management though, or you could end up on the higher side of the interest rates.
Benefits
Let’s take a look at the benefits of this credit card and see if it’s the right one for your wallet or not.
- 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.
- No Fees
While there are many cards that charge no annual fees, fees on late payments, returned payments, balance transfers, and cash advances are almost a staple.
The Upgrade Card doesn’t charge any of these fees, putting it in the small crop of cards that are truly low maintenance.
- Balance Transfer Alternative
Upgrade Visa Card does not allow balance transfers; not in the conventional way, at least. Since it allows you to transfer funds from your card directly into your bank account, you can easily use the transferred funds to settle debt on other credit cards.
Sometimes people can’t qualify for even great balance transfer deals because of their credit and this workaround offers an effective alternative.
- No Deposit Required
Many credit cards that cater to people trying to build credit require you to provide a security deposit when you apply for a card before granting you a credit line. Upgrade Card does not.
Drawbacks
Let’s take a look at the drawbacks of this credit card and see if it’s the right one for your wallet or not.
- No Signup Bonus
Other cards typically offer incentives to cardholders when they first sign up. Cash back rewards are offered on the Upgrade Card, but there is no special reward for new cardholders.
- Inflexible Payments
What this really is shifts from person to person. For some, this may be a welcome feature since it aids budgeting. Others may find this payment style potentially restricting.
- Limited Availability
The Upgrade Visa® Card is a fairly new card. Introduced in 2019, it is not available in all US states. If you’re resident in Wisconsin, Iowa, West Virginia, or Washington D.C this card may not be available to you.
- No Grace Period
Most conventional credit cards allow you to escape paying interests if you pay your bill before the payment date is due. With the Upgrade Card, no such thing exists. Your interest begins to accrue as soon as you start using the card.
- Inflexible Payments
What this really is shifts from person to person. For some, this may be a welcome feature since it aids budgeting. Others may find this payment style potentially restricting.
How To Apply For Upgrade Card?
- 1.
The application process for this card is swift and does not impact your credit score if you’re not approved.
To begin, visit the Upgrade website and click on “Get Started” from the homepage. In case this doesn’t show up on the homepage, click on “Upgrade Card” from the navigation bar at the top of the screen.
- 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.
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 | 0%
| 29.74% (Variable)
| 17.24% – 26.24% Variable APR
|
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.
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