We Tried the Upgrade Card - Here's What You Need to Know
If you’re looking for a new credit card, the Upgrade credit card might be just what you’re looking for. These cards are designed to help you build your credit history and start earning rewards. In this article, we will take a closer look at how it works and see what each of these cards has to offer. We’ll also discuss some of the benefits of using an upgrade credit card. So, if you’re curious what the Upgrade card is and why it’s different from other credit cards – you’re in the right place.
What is the Upgrade Card?
Upgrade is essentially a credit card and loan hybrid. You can get a credit card with a credit line from them, but you can also consolidate your other loans into the line of credit that they offer you down the road. The initial credit line you get is extended as a personal loan, and you can use your Upgrade card to pay for things out of the personal loan amount you’ve received. Upgrade also has a rewards bank account that you can connect to your card that will let you unlock additional rewards. It’s essentially a personal loan, that you can spend using a card.
What are the fees?
All Upgrade cards have a $0 annual fee. Other $0 fees include – $0 annual fee, $0 activation fees, $0 maintenance fees
What is the typical credit line?
Credit lines range between $500 – $25,000 depending on your credit score and other risk factors within your credit report. If you’re new to credit or have bad credit, expect to get a line closer to $500 if you’re approved.
Is the Upgrade card an actual credit card?
The Upgrade card can be used to pay like any normal credit card, but the money funding the card comes from a personal loan. So it’s a hybrid between a personal loan and a credit card. They have different types of cards that all act as a hybrid between a loan and a credit card, but all differ based on the rewards system.
What can I use my Upgrade card on?
You can use your card anywhere – online, grocery store, gas stations etc. It uses the Visa network so it’s accepted almost anywhere. Upgrade Visa cards can be swiped just like a normal debit or credit card.
What are the different types of Upgrade Credit Cards?
Yes, there are different types of the Upgrade Visa card. Each card offers a unique rewards system for eligible purchases.
1) Upgrade Credit Card
The generic Upgrade Visa card is a good option for people who are new to credit or rebuilding their credit scores. A benefit of this card is that it has no annual fee. This is the easiest card to get approved for, so if you get declined for the rewards ones below – try this one!
2) Upgrade Cash Rewards Visa
The next tier in the Upgrade lineup, earn 1.5% in cash back – you’ll need at least an average credit score (600-700) or better to apply. The Upgrade Cash Rewards Visa is a generic cash back credit card with no annual fee. As you spend money, your cash back rewards build up.
3) Upgrade Bitcoin Rewards Visa
The Upgrade Bitcoin Rewards card is a fun way to invest your rewards by getting them in the form of Bitcoin. You’ll also earn 1.5% on all purchases and you’ll need fair credit to apply. Crypto credit cards have gained popularity among credit card issuers in the past couple of years. This card has to be our favorite of the Upgrade cards due to the potential for growth of your rewards and no annual fee. You can access your Bitcoin rewards on your Upgrade account anytime.
4) Upgrade Triple Rewards Visa
The Upgrade Triple Cash Rewards visa earns 3% rewards on home, auto, and health purchases. With this reward card, you’ll earn 1% rewards on all other purchases. Similar to the other cards, there is no annual fee associated with this card. To be approved for this card, you’ll want to have average to excellent credit.
5) Upgrade Life Rewards Card
Very similar to the Upgrade Triple Rewards, but you earn 3% back on groceries, gas, health, streaming, and utilities. Because these categories cover general life expenses, this card is one of the most useful cards in the Upgrade lineup.
How Can I Maximize Rewards with my Upgrade Cash Rewards Visa?
I haven’t heard many people talk about this, so I think it’s important to call out that there are special shopping categories that let you earn up to 10% cash back with your Upgrade card. There’s an Upgrade Shopping with Dosh tab in the app that has revolving categories you can select that earn you special cash back rates from different merchants. It’s another great way to earn even more with your Upgrade card.
Our Thoughts On the Upgrade Card
Our favorite things about Upgrade are the low APRs, the unique rewards, and the mobile app. They have substantial sign up bonuses if you use their bank account (the Upgrade Rewards checking account). It seems to be equally as useful as a traditional credit card, but with lower APRs and different payment terms.
Other Perks of the Upgrade Card
The Upgrade Rewards Checking Account – A better bank account
We like using the Upgrade Rewards Checking account because it will get you better rewards than your traditional bank account. The debit card you get with the account has 2% cash back on purchases at certain drug stores, gas stations, and restaurants. It also has an incredible 3.0% APY on the savings you have in the account. We have to imagine that the APY deal won’t last very long.
Upgrade Personal Loan
Upgrade offers personal loans with rates as low as 9.99% APR. You can use the loan for anything – debt consolidation, a large purchase, or even a wedding. There is a 5% origination fee on large amounts. You can get your money in as little as one business day. Upgrade is definitely worth considering if you’re in the market for a personal loan. These personal credit lines have lower APRs than what you usually see.
If you’re interested in taking out a loan with Upgrade, you can go to their website and use their interest rate calculator to see the interest rate and scheduled monthly payment you’d pay. All you’ll need to do is enter your desired loan amount, purpose, and some personal information and you’ll be able to have predictable payments that make it easier to decide how the loan will fit into your budget. Upgrade also lets you consolidate your payments to make your next scheduled monthly payment the only payment you make.
Upgrade Card: No Fees
A large perk of any Upgrade card is no fees. Other credit cards are known to charge an annual fee, foreign transaction fees, or cash advance fees. Upgrade has no fees at all.
Upgrade Card vs. Traditional Credit Card
So what is the difference between the Upgrade card and a traditional credit card? Essentially, the Upgrade card is a personal loan that lets you pay for things using the loan you have with the card. While a traditional credit card is using a credit line specifically for a credit card. Upgrade doesn’t have a monthly credit limit, but rather the max loan amount that can be used. Traditional credit cards also don’t have a loan origination fee.
Another important difference between an Upgrade card and traditional credit card is the cash rewards system. Upgrade offers multiple cards, all with different cash rewards structures. Also, each card never charges an annual fee!
FAQ
What credit score do you need for the Upgrade Card?
Credit scores can be a stressful topic for many. Thankfully, you don’t need an excellent credit score to qualify for an Upgrade card. At least a 560 credit score for the basic Upgrade credit card or even the Upgrade Cash Rewards Visa. If you want a rewards Upgrade card like the Upgrade Triple Rewards Visa card or the Bitcoin Rewards card, you will want to have a 600+ credit score.
Does the Upgrade card do a hard pull?
No, you can see if you qualify for an Upgrade card by filling out their online application card. There is no hard pull unless you accept the card they show to you on the approval page. There’s not hard pull to just see if you’re approved, just a soft pull to see whether you qualify.
What is the max credit line?
Upgrade issues loan amounts up to $25,000. You can make card purchases against this amount the same way you would with a credit limit with traditional credit cards. Card purchases and your total credit limit can be seen in the Upgrade app.
Is Upgrade a bank?
Upgrade is not a bank, but they have credit card, debit cards, checking accounts, and. personal loans that are backed by sponsor banks. Their cards have Sutton Bank as the sponsor bank. If you use any of Upgrade’s products you will not use Sutton Bank’s website, but instead use Upgrade’s app or website to handle everything related to your account. Their payment cards are on the Visa payment network.
