Social distancing is changing the way Americans interact in their daily lives. The effects of the coronavirus pandemic are causing significant upheaval in personal finance, with many becoming wary of the possibility of contracting COVID-19 through cash and credit cards. Because of this fear, contactless payments are gaining popularity. Upgrade is the latest issuer to launch contactless payments with the Upgrade Card.
Coronavirus Boosting Contactless Payments
The move by Upgrade follows on the heels of the World Health Organization (WHO) guidelines that consumers minimize their usage of cash for purchases. The organization warns that coronavirus may remain on banknotes for weeks, though there is insufficient data to confirm this belief.
Despite this uncertainty, contactless and mobile wallet payments are surging in popularity. This swell has had the effect of raising in-store limits on payment allowances and bringing more credit card issuers into the mobile wallet game. The latest player in this COVID-19 contactless payment is Upgrade.
Upgrade Card Contactless and Mobile Wallet Payments
According to Renaud Laplanche, co-founder and CEO of Upgrade, “These new Upgrade Card features enable payments without any surface contact. While more customers have been shopping online since the start of the COVID-19 pandemic, many are still using their cards in stores. We want to do what we can to keep our customers safe and give them a smarter way to pay.”
Upgrade Cash Rewards Visa®
Upgrade Cash Rewards Visa®
- 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 29.99% Balance Transfer APR
At a Glance
The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
- Earn 1.5% unlimited cash back on card purchases every time you make a payment
- Combine the flexibility of a credit card with the predictability of a personal loan
- No annual fee
- No touch payments with contactless technology built in
- See if you qualify in minutes without hurting your credit score
- Great for large purchases with predictable payments you can budget for
- Mobile app to access your account anytime, anywhere
- Enjoy peace of mind with $0 Fraud liability
- *To qualify for the welcome bonus, you must open and fund a new Rewards Checking account and make 3 qualifying debit card transactions from your Rewards Checking account within 60 days of the date the Upgrade Card account is opened. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Your Upgrade Card and Rewards Checking account must be open and in good standing to receive a bonus. If you have previously opened a Rewards Checking account or do not open one as part of this application process, you are not eligible for this welcome bonus offer. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking account as a one-time payout credit within 60 days after the 3rd qualifying card purchase.
- Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 14.99% to 29.99%
- Balance Transfer Transaction Fee: Up to 5%
- Foreign Transaction Fee: Up to 3%
- You struggle to pay off your credit card balances
- You want a structured repayment plan
- You can reliably pay off your statement balances to earn cash back for your purchases
- You have a desire to get debt-free quickly
- You hate penalty or other hidden fees
The Upgrade Card has been gaining popularity in the United States since its launch in October 2019. The card is a unique combination of traditional credit card and personal loan. The Upgrade Card comes with credit limits of up to $20,000 and individual repayment plans of 12, 24, 36, or 60 months. In addition, Upgrade comes with interest rates as low as 8.99%, meaning consumers can pay off their existing debts significantly faster than with other credit products.
Since 2017, Upgrade has originated over $2.5 billion in loans and credit, including $500 million through the Upgrade Card. Cross River Bank, a New Jersey Chartered Commercial Bank and Member FDIC, issues Upgrade’s personal lines of credit. Sutton Bank, member FDIC issues the Upgrade Card through a license from Visa USA.
Related Article: How to Quickly Eliminate Credit Card Debt
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