The Upgrade Cash Rewards Card is a good option for people with fair credit who want to borrow money and build credit at a reasonable price. But if you plan to pay your monthly bills in full or you have good-to-excellent credit, there are better, more rewarding options available.
Upgrade Cash Rewards Card Basics
The
Upgrade Cash Rewards Visa® card is not a traditional credit card. It is a personal line of credit with a limit of $500 to $25,000, depending on each applicant’s creditworthiness, that you can access with a
Visa card. The biggest differences between the Upgrade Cash Rewards Card and a traditional credit card are in terms of how billing and payments are handled.
With the Upgrade Cash Rewards Card, each month’s balance is divided into equal monthly payment amounts, giving cardholders a clear sense of how long it will take to repay the balance as well as forcing them to do it faster and at less of a cost compared to a traditional credit card’s minimum monthly payments. Repayment periods for Upgrade cardholders range from 24 months to 60 months, depending on creditworthiness, the amount of the balance and other factors.
To help you make up your mind about whether or not it’s wise to apply for the Upgrade Cash Rewards Card, we’ll highlight some of its biggest pros and cons below.
Upgrade Cash Rewards Card Review Highlights
Credit limit of $500 - $25,000
Nearly all Upgrade Cash Rewards Card applicants who are approved for an account will receive a credit limit below $25,000, and most will get a limit much lower than that. The amount you’re approved to borrow depends on your credit history, income and existing debt.
$0 annual fee
The Upgrade Cash Rewards Card’s
$0 annual fee saves cardholders about
$22.29 per year compared to the average credit card offer. Not having to pay an annual fee is ideal for building credit, too.
APR of 14.99% - 29.99%
The Upgrade Cash Rewards Card’s interest rate depends on your overall creditworthiness. For comparison, the average APR among credit cards for people with fair credit is about
26.41%, according to
WalletHub’s research, and the average for excellent credit is roughly
18.04%.
Rewards when you pay the bill
The Upgrade Cash Rewards Card gives
1.5% cash back of each bill payment back to you in cash back rewards. That’s pretty much the same thing as
1.5% cash back on all purchases, but you only get the rewards after you pay your bill.
$200 bonus
New cardholders who open and fund a new Upgrade Rewards Checking Plus Account and make 3 debit card transactions within 60 days of opening their Upgrade Credit Card account are eligible to earn a $200 bonus. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.
Cash advances not allowed
The Upgrade Cash Rewards Card won’t allow you withdraw cash from an ATM.
That shouldn’t be a deal-breaker, though.
Cash advances are very expensive transactions that consumers should avoid whenever possible. Besides, the Upgrade Cash Rewards Card allows you to send funds to your bank account without penalty.
Up to a 3% foreign transaction fee
Using the Upgrade Cash Rewards Card to make international purchases, whether you’re traveling abroad or buying things from foreign merchants online without leaving the country, will cost you extra.
Fair credit or better needed for approval
You can get a sense of your Upgrade Cash Rewards Card approval odds by
checking your latest credit score for free on WalletHub. Upgrade also allows potential applicants to check for prequalification with no credit-score impact.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.