Last updated on December 18th, 2020
The Upgrade Card is one of the most popular low-rate credit cards on the market. The card, offering credit limits of between $500 and $20,000, offers a flexible way to pay off debt faster than with a standard credit card. Now, Upgrade is offering cash rewards with on-time payments. Here’s what you need to know about the updated Upgrade Visa Card with Cash Rewards – and if it makes an already good card even better.
Upgrade Visa® Card – Now with Cash Rewards
The Upgrade Card has become a popular option for those looking to pay down debt. Since its launch three years ago, Upgrade has issued more than $3.5 billion in credit.
The main selling points of the Upgrade Card are the exceptional APR and simple installment plans. Interest rates with the card start as low as 8.99% (well below other low-rate credit cards), and Upgrade combines balances into an installment plan of up to 60 months.
Now, Upgrade is “upgrading” its own card by offering a cash back rewards program. Cardholders will earn unlimited 1.5% cash back with every purchase – with no strings attached. There are no bonus categories, no points, no hassles.
A Refreshing Take On Credit Card Rewards
One of Upgrade’s excellent features within its new rewards platform is how the company pays out those rewards. Upgrade prides itself on encouraging responsible credit use and on-time payments. This emphasis on financial responsibility is evident in the new Upgrade Visa with Cash Rewards.
Instead of earning unlimited 1.5% cash back on initial purchases, Upgrade pays out the 1.5% back after accountholders pay off their monthly balance. This refreshing approach to rewards is a great way to incentivize users who act responsibly and avoid the endless cycle of credit card debt.
Is the Upgrade Card Worth Considering?
The addition of rewards is another feather in Upgrade’s cap, which already offers an exceptional hybrid credit card product. The Upgrade Card walks a blurred line between balance transfer credit card and traditional cash back card. The card combines the flexibility of a credit card – including the wide acceptance of the Visa payment network – and the low cost and predictability of a personal loan.
Upgrade offers a simple prequalification (with no impact to your credit score), access to a virtual credit card while the physical version arrives in the mail, and the benefits of contactless payment technology – something everyone has come to appreciate during the coronavirus pandemic.
The new Upgrade Card with cash rewards also maintains the lack of fees users have come to love. There are no annual fees, maintenance fees, late fees, return payment fees, or activation fees. Even better, when using the card abroad, there are no foreign transaction fees.
Upgrade is a neobank and fintech startup launched in 2017. The company’s stated goal is to create an online and mobile banking experience that delivers exceptional value for customers by eliminating fees on everyday transactions and offering affordable and responsible credit through cards and loans. To date, more than 10 million consumers have applied for a loan or credit card through Upgrade.
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