Fintech bank, Upgrade, has launched a new Rewards Checking account for customers. The service, which offers up to 2% cash back on everyday purchases, features no fees, cash back on all purchases, and more.
Upgrade Rewards Checking
After recently having added cash back rewards to its popular Upgrade Visa® Card with Cash Rewards, Upgrade is making the jump into checking accounts. The fintech company, which has extended more than $3 billion in lending since 2017, now offers a Rewards Checking account.
Upgrade Rewards Checking features no fees of any kind. There are no:
- ATM fees
- Account fees
- Transfer fees
- Service fees
- Annual fee
- Overdraft fees
Up to 2% Cash Back Rewards on Every Purchase
The new Upgrade Rewards Checking account also features the purchasing power of the Visa network. Accountholders can use their Upgrade Visa debit card to make purchases anywhere Visa is accepted. They can also earn rewards with all purchases.
Upgrade Rewards Checking offers up to 2% cash back on everyday expenses. The debit card earns 2% back on the first $500 spent on everyday expenses each year. All other purchases receive 1% in cash back.
The limit on 2% cash back at $500 leaves a bit to be desired, but no other major rewards checking account provides an earning rate at such a level. The Discover Cashback Checking program, for example, offers unlimited 1% back on all purchases – but no accelerated earning.
Upgrade prides itself on providing excellent rates for its customers – and its new checking account makes it even more appealing. Maintaining an active Rewards Checking account entitles applicants to a lower rate on their next Upgrade loan. Checking customers can also save up to 20% on interest rates on Upgrade loans.
Upgrade is a 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, with over $3 billion in loans disbursed to date.
Related Article: Upgrade Card Introduces Contactless Payments Amid Coronavirus