Upgrade is a California-based fintech company launched in 2017. They offer personal loans, a free checking account, and four credit cards. Sign-up bonuses are rare but may be possible from time to time. Otherwise, none of their cards have annual fees or sign-up bonuses. All of them say “No fees and set payoffs bring your balance down faster so you pay less interest” and “Combine the flexibility of a credit card with the low cost and predictability of a personal loan.“ Autopay is required for lower credit lines. All credit cards have the potential to be Visa Signature cards. Credit limit will typically be between $500 and $25,000 although Upgrade says they’ll go up to $50,000 in rare cases.
In general, Upgrade appears to be a company for people who’ve had some financial difficulties. You can qualify for their credit cards even with below-average FICO scores. Low fees or APR aren’t especially compelling for rewards-seekers and credit card churners. These groups never pay interest on credit cards and maximize their spending for cash back. It’s a different demographic than most banks, although Upgrade has potential benefits for most people.
You can check to see if you’re prequalified for a card without any impacts to your credit score.
Triple Cash Rewards Visa
⭐⭐⭐
Earns 3% cash back in three categories, and 1% back on everything else.
- Home – Hardware, Home supply, Landscaping Services, Heating, Plumbing, A/C, etc.
- Home Depot, Lowe’s, Menards, Wayfair, IKEA, and more.
- Auto – Automotive parts, Car dealers, Car washes, Tires, Towing Services, etc.
- Tractor Supply Co, Discount Tire, Firestone, Tires.com, Mavis Tire, and more.
- Health – Health and Beauty Spas, Gym membership, Exercise equipment, etc.
- Walgreens, CVS, Academy Sports, Dick’s Sporting Goods, MidwayUSA.com, and more.
This is the most interesting option out of Upgrade’s cards. It’s too bad the card doesn’t have a sign-up bonus or other introductory perks. The 3% categories aren’t the most common spending categories, which is both good and bad. The utility may be limited; however, that means Upgrade doesn’t have much competition in those categories. Triple Cash Rewards is versatile and has long-term potential in the right situations. YMMV. Nerdwallet reported that residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. aren’t eligible for the card. Neither can you open the Triple Rewards card if you have the Upgrade Cash Rewards Visa.
Cash Rewards Visa
⭐
Earns 1.5% cash back on all purchases with no significant benefits. This card is a terrible option because any of the top credit cards for everyday spending will be much better. Even another 1.5% card like Capital One Quicksilver would be better due to sign-up bonuses and miscellaneous perks.
Bitcoin Rewards Visa
⭐
Earns 1.5% cash back on all purchases, awarded as exposure to Bitcoin’s price. There’s also a 1.5% fee to sell “your” Bitcoin. (You don’t actually own the Bitcoin that’s “earned” with the card, and it’s treated as a cash reward.) The best option is usually to use other credit cards and reinvest the proceeds into cryptocurrency on a regular basis (DCA: Dollar Cost Averaging). Most cryptocurrency-based cards aren’t worthwhile. There isn’t any obvious reason to get the Bitcoin Rewards Visa, especially when cards like the SoFi World Elite Mastercard are vastly superior.
Upgrade Card Visa
⭐⭐⭐
No rewards earned; this is for improving credit. We’ll investigate the potential usefulness of this card later.
Upgrade also has a credit score tracker which includes recommendations and a score simulator.
Upgrade Rewards Checking and Debit
While not a credit card, their Visa debit card gives 2% cash back on “common everyday expenses” and “unlimited 1% cash back on all other charges.” This can be useful in niche cases, even if general-spending credit cards are typically better.
The account has no minimums, no miscellaneous fees (“No ATM fee, no account fee, no monthly or annual fee, no transfer fee, no overdraft fee”), and a small APR benefit (“The rate on your next loan or card through Upgrade will be up to 20% lower if you maintain an active Rewards Checking account”) If APR matters to you and you can’t get a 0% APR card, then it could make sense to get Upgrade’s checking account before applying to one of their credit cards or personal loans.
Disclaimer: This review was last updated in February 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to take advantage of our personalized consulting services!