Who is the Upgrade Visa® Card with Cash Rewards for?

The Upgrade Visa® Card with Cash Rewards is designed for the consumers who are looking for the convenience of a credit card as well as the low-cost and payment predictability of a loan. Cardholders can make purchases using the card and the amount will be converted into fixed-rate loans where cardholders can pay back monthly in equal installments. Additionally, cardholders can also utilize the card as a personal lending tool where they can request funds within their credit limit to be directly sent to their bank account, which is also paid back over equal, fixed-rate, monthly installments. Ultimately, the benefits of this card boil down to a lower interest rate in return for more consistent payments made to Upgrade.

Another perk of the Upgrade Visa® Card with Cash Rewards is its straightforward cash back rewards program. Cardholders can earn unlimited 1.5% cash back whenever they use their card. Combined with the personal loan feature and predictable payment schedule, the Upgrade Visa® Card with Cash Rewards can be an excellent choice for consumers looking to finance bigger purchases.

Credit Requirements

The Upgrade Visa® Card with Cash Rewards is designed for consumers who have a fair credit score and above. It has a minimum credit requirement of 600, and applicants can quickly check their eligibility for the card online without impact to their credit score. Moreover, Upgrade also reports your account information to the three major credit bureaus (TransUnion, Equifax, and Experian). 

Because this card is essentially a personal loan attached to a prepaid credit card, you are more likely to receive a larger credit line with Upgrade than other cards in your credit range. An advantage of a larger credit line, is you will achieve a lower credit utilization rate, which is a key factor in improving your credit score. Accordingly, you should be able to build your creditworthiness consistently if you pay off this card in a timely manner.

Rewards Program

While the Upgrade Visa® Card with Cash Rewards does not give out any welcome bonus, it offers unlimited 1.5% cash back on all purchases, which makes it a solid rewards program that can be used for everyday purchases.

Benefits and Credits

The biggest feature that differentiates the Upgrade Visa® Card with Cash Rewards from its competitors is its payment predictability. Credit cards typically offer revolving credit with no set payment deadline. With variable interest rates, the final payment amount is less predictable because the interest you pay on your balance can change.

However, the Upgrade Visa® Card with Cash Rewards treats the credit card debt as a fixed-rate personal loan where cardholders can repay in equal monthly installments over a set period of time. This feature offers lots of predictability in loan payments and encourages cardholders to budget their finances well and pay down debt quickly. The caveat to this is you make these lower interest payments every month.

Additionally, if you are someone who is looking to make a big purchase such as a car, TV, wedding gift, etc. the Upgrade Visa® Card with Cash Rewards can be a powerful tool to decrease the financing cost. Cardholders can borrow funds within their credit limit directly from Upgrade’s lending partners and pay it back in equal, fixed-rate, monthly installments just like any other personal loan.

The Upgrade Visa® Card with Cash Rewards offers APR of 6.99% - 29.99% and credit lines ranging from $500 - $20,000, depending on cardholders’ creditworthiness. 

Annual Fees

Another attractive feature of the Upgrade Visa® Card with Cash Rewards is its $0 annual fee. On top of that, it also does not charge any other typical credit card fees such as late fees, set up fees, balance transfer fees, and foreign transaction fees. This makes the Upgrade Visa® Card with Cash Rewards a low-cost option to access credit lines and borrowings.

Cautions

Something to remember is that this card is not a debit card and cannot be used to withdraw money from any ATM.

Conclusion

The Upgrade Visa® Card with Cash Rewards is a great option for consumers who are looking for better control of their finances. This credit card is able to differentiate itself by acting as a personal loan tool with its unique, predictable payment schedule. Think of this like a mortgage for personal purchases. Together with its solid 1.5% cash back rewards program and $0 card fees, the Upgrade Visa® Card with Cash Rewards can be quite an attractive credit card for consumers who have fair credits. You can apply for this card here.