Table of Contents
Quick Review
The Upgrade Cash Rewards Visa® card fuses the features of a credit card and a loan: all the purchases you charge to your card in a statement period are rolled into a loan that you pay back in a fixed installment plan ranging from 12–60 months in length. Here are the best and worst features of the Upgrade Cash Rewards Visa® to consider when deciding whether it’s the right card for you:
- No fees: You won’t pay any prepayment penalties or any annual, late payment, or foreign transaction fees on the card. However, you only escape cash advance, balance transfer, and authorized user fees because these features aren’t available.
- Low cashback rewards: You’ll earn 1.5% cash back on purchases as you make payments on your balance, which is a reasonable rewards rate and a positive incentive to make your scheduled payments on time. However, you can earn higher cashback rates with traditional credit cards for fair–good credit (scores of 580+).
- Potentially high APR: While the unique repayment scheme helps you avoid grossly snowballing credit card debt, you’re still going to incur interest on your loan, and your APR can range from fairly low to sky-high at 14.99%–29.99% (variable), which may be worse than what you’d get with a regular credit card. The APR you’re offered will depend on your creditworthiness.
- Loan-like repayment plans: The unique repayment structure can either be a benefit or deterrent of this card. The fixed monthly payments can be helpful to borrowers who struggle to pay their credit card bills and are vulnerable to snowballing debt. However, the system may be cumbersome to borrowers who don’t need help with credit card debt management.
The Upgrade Cash Rewards Visa® card may be worthwhile for people who struggle to pay off their balance on a standard credit card, but most people will be better off shopping around for a different card.
Upgrade Cash Rewards Visa® Pros & Cons
Upgrade Cash Rewards Visa® Important Details
Basic Card Details
- Annual fee: $0
- Purchase APR: 14.99%–29.99% (variable)
- Rewards rate: 1.5%
- Welcome bonus: $200 with opening of new Upgrade Rewards checking account and 3 debit transactions within 60 days of card account opening
- Card issuer: Sutton Bank
- Credit line issuer: Cross River Bank
Additional Information
- Get up to 10% cash back on eligible purchases when you activate special offers through Upgrade Shopping
- Add your card to Google Pay or Apple Pay
- Credit lines range from $500-$50,000
- Upgrade conducts a soft inquiry on your application, so your credit score won’t be affected
Upgrade Cash Rewards Visa® Rates & Fees
Fees
True to its claims, the Upgrade Cash Rewards Visa® card does not charge an annual fee, foreign transaction fees, or late fees. You also won’t face any prepayment fees or penalties for paying off your loan early.
However, foreign transactions may still be subject to a currency conversion fee by Sutton Bank. You may also be charged third-party data and message fees for account alerts sent by Upgrade via text.
Interest Rates
Your APR will range from 14.99%–29.99% (variable).
Your APR will remain the same for the duration of a single repayment plan, but it may change for future loans depending on changes to your credit score, market conditions, and other factors.
Upgrade Cash Rewards Visa® Rewards
Rewards
The Upgrade Cash Rewards Visa® card earns you 1.5% cash back on your loan payments. This means that your cash back will be credited to your account after you pay your loan, instead of after you make a purchase.
Rewards Redemption
Your cash back will be automatically redeemed as statement credits to your account following the next month’s scheduled payment. You won’t be able to redeem your rewards any other way.
Welcome Bonus
As an unusual card, the Upgrade Cash Rewards Visa® card has an unusual welcome bonus: if you open a new Upgrade Rewards checking account and make three debit card transactions within 60 days of opening your Upgrade Cash Rewards Visa® card account, you’ll earn a $200 statement credit to your card account.
Upgrade Cash Rewards Visa® Benefits
Credit Limit
You may be approved for a credit limit of $500–$50,000, though Upgrade notes most people are approved for $25,000 or less.
Using Your Card
Once approved for an Upgrade Cash Rewards Visa® card, you will be sent a virtual card number to activate. You can choose to receive a physical card at any time after you activate your virtual card. Physical cards will be received within 5-10 days of request.
You can only use your physical Upgrade Cash Rewards Visa® card where Visa debit cards are accepted. Virtual cards cannot be used at gas station pumps, vending machines, or kiosks.
Upgrade states that users approved for the lowest interest rates will be required to set up autopay.
Cash Advances & Balance Transfers
Though the Upgrade Cash Rewards Visa® card doesn’t allow traditional cash advances or balance transfers, you can transfer funds from your card to your bank account. You can use these funds however you want, including to pay off another card’s balance or withdraw cash from your bank account.
Any funds you transfer to a bank account will be subject to your standard APR, just like purchases you make during the same statement period. However, it’s important to note that you can’t use your Upgrade Cash Rewards Visa® card directly to withdraw cash at ATMs.
Extra Benefits
The Upgrade Cash Rewards Visa® card only boasts two extra benefits:
- Digital wallet access: You can add your Upgrade Cash Rewards Visa® card to Apple Pay and Google Pay.
- Upgrade Shopping: With Upgrade Shopping, you can activate offers from participating businesses and receive up to 10% in cash back on eligible purchases made through the Upgrade Shopping account dashboard, in-store, or through Dosh.
Authorized Users
You cannot add an authorized user to your Upgrade Cash Rewards Visa® card or request an additional card for another person. That means you can’t use your Upgrade loan to help a family member improve their credit score through credit piggybacking.
Credit Reporting
Upgrade reports your payments to all three major credit bureaus: Equifax, Experian, and TransUnion. This helps you maintain an up-to-date credit report with the main bureaus, affecting your major credit scores across the board.
If you keep up with your payments, using your Upgrade card can help you improve your credit score. However, if you miss payments or otherwise abuse your card, your score may suffer.
Upgrade Cash Rewards Visa® Application
When you apply for the Upgrade Cash Rewards Visa® card, Upgrade considers your credit history, including your credit score and credit usage, among other factors. You must also meet the following requirements:
- US citizen or permanent resident residing in the US on a valid visa
- At least 18 years of age (19 in some states)
- Have a verifiable bank account
- Have a valid email address
Customer Service
If you need any assistance with your Upgrade Cash Rewards Visa® or have questions about the card, you can contact customer service by phone at: (877) 418-3667
You can also contact Upgrade by mail at:
275 Battery Street
San Francisco, CA 94111
Should You Get the Upgrade Cash Rewards Visa®?
The Upgrade Cash Rewards Visa® card has the most value for people who intend to take on a large balance for more than a year or who need the reliability of this card’s payment structure to keep them financially on track.
Even so, the Upgrade Cash Rewards Visa® card’s few benefits and limited rewards will be canceled out if you end up with a high APR. You may be better served by a card with a 0% APR offer, or you could get better APR and higher rewards rates from a regular rewards card.
Comparable Cards
To help you decide if the Upgrade Cash Rewards Visa® card is the right choice for you, here’s how it stacks up against similar credit cards.
