The $0-annual-fee Upgrade Cash Rewards Visa® is a unique product for people with lower credit scores, or for anyone who needs to finance a large purchase. It advertises "the flexibility of a credit card with the low cost and predictability of a personal loan," and indeed it can be used in those two ways:
As a credit card: Use it to make purchases, which are converted to installment loans at a fixed interest rate. If you carry a balance beyond the due date, you can repay it in equal monthly installments over a set period.
As a personal loan: Tap into your credit limit and request that funds be sent directly to your bank account. You can pay back the loan in equal monthly installments over a set period with a fixed interest rate and a 5% cash advance fee. (You cannot use the card at an ATM to withdraw cash, however.) Personal loans are made by Upgrade's lending partners.
That's a good bit different from how most credit cards work, and it could make monthly budgeting a lot easier. The Upgrade Cash Rewards Visa® also earns a solid 1.5% cash back on all purchases. Still, if you have good to excellent credit, you may have a number of 0% intro APR options to choose from if you need to carry a credit card balance.
» MORE: Is the Upgrade Card legit?
🤓Nerdy Tip
Upgrade has a portfolio of several credit cards, including the Upgrade Select Visa® and the Upgrade Triple Cash Rewards Visa®. For information on how Upgrade's multiple cards stack up with each other, see the comparison table below.
» MORE: Which Upgrade card should you get?
Upgrade Cash Rewards Visa®: Basics
Card type: Starter cards, fair credit.
Annual fee: $0.
Credit limit: $500 to $25,000.
Sign-up bonus: None.
Rewards: 1.5% cash back on all purchases. (Cash back will be applied to the next month’s balance on your card.)
APR: The ongoing APR is 14.99%-29.99%.
Foreign transaction fee: up to 3%.
Balance transfer fee: up to 5%.
Other facts and benefits:
No security deposit required.
Get pre-approved without hurting your credit scores.
Pay down balances at a fixed interest rate with equal monthly payments.
No prepayment penalty, late fees or penalty APR.
Reports to all three major credit bureaus.
See more from Upgrade
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging $500 - $25,000. The lowest rates require Autopay and the majority of the line amounts will be $15,000 or under. For example, a $5,000 transaction with a 36 month term and a 19.99% APR has a required monthly payment of $187.90. Optional ACH transfers to your bank account, balance transfers, ATM withdrawals (if available), and foreign transactions are subject to applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees may apply. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to an approved amount. As you repay your balance, additional credit may become available to you up to an approved amount subject to meeting our credit requirements, but your line will not replenish automatically.
🤓Nerdy Tip
Activity on the Upgrade Cash Rewards Visa® is reported to bureaus as a line of credit, but without a total credit line limit. Upgrade does report a balance and fixed payments, but since the total credit limit is not reported, credit utilization is not affected.
» MORE: Card issuers are offering cheaper ways to access your credit line
Which Upgrade Card is right for you?
Upgrade offers several different cards, and while they all offer the same unique "credit card/personal loan" hybrid feature, their reward structures and terms may differ. Here's a closer look at three of the company's popular cards:
Upgrade Select Visa® | Upgrade Cash Rewards Visa® | Upgrade Triple Cash Rewards Visa® |
|---|---|---|
Rewards | ||
None. | 1.5% cash back on all purchases. Cash back will be applied to the next month’s balance on your card. | Earn 3% cash back on home, auto and health purchases. Earn 1% cash back on everything else. Cash back will be applied to the next month’s balance on your card. |
Annual fee | ||
$39. | $0. | $0. |
Credit limit | ||
$500 to $2,000. | $500 to $25,000. | $500 to $25,000. |
APR | ||
The ongoing APR is 21.96%-29.99%. | The ongoing APR is 14.99%-29.99%. | The ongoing APR is 14.99%-29.99%. |
Upgrade also offers the Upgrade OneCard and Upgrade Life Rewards Card, which feature different rewards.
See more from Upgrade
Credit Lines opened through Upgrade on the Upgrade Select Visa® feature Annual Percentage Rates (APRs) of 21.96% - 29.99% and line amounts ranging $500 - $2,000. Optional ACH transfers to your bank account, balance transfers, and foreign transactions are subject to applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees may apply. The lowest rates require Autopay and the majority of the line amounts will be $1,500 or under. For example, a $1,000 transaction with a 36 month term and a 22.00% APR has a required monthly payment of $38.68. The APR on your transaction may be higher or lower. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to the approved line amount. As you repay your balance, additional credit may become available to you up to the approved line amount subject to meeting our credit requirements, but your line will not replenish automatically.
