The Upgrade Cash Rewards Visa® card stands out in the market for offering a blend of flexibility, predictable payments, and appealing rewards. Whether you’re looking for a card with no annual fee or aiming to benefit from unlimited cashback, this card offers various advantages.

It’s designed for those seeking a straightforward and hassle-free way to manage their finances while earning rewards on everyday purchases, making it ideal for individuals who value simplicity and efficiency in their financial tools. Whether you’re looking to build credit, maximize cashback rewards, or reduce interest payments with fixed monthly terms, this card offers a comprehensive solution.

Key information about the Upgrade Cash Rewards Visa® card

The Upgrade Cash Rewards Visa® card is more than just a standard credit card. Combining the flexibility of a traditional credit card with the predictability of a personal loan, this card allows users to make purchases with the convenience of a credit card but pay them off in structured payments at a fixed rate.

How does the annual fee work?

The Upgrade Cash Rewards Visa® card truly shines when it comes to affordability. Unlike many premium credit cards, there is no annual fee attached to this card. This means that you can enjoy all the benefits without worrying about paying extra just to keep your account open.

While some cards require steep annual fees in exchange for cashback rewards, the Upgrade Cash Rewards Visa® card keeps it simple. It’s an excellent option for those who want the perks of cashback without the pressure of offsetting an annual cost. Moreover, there are no hidden fees such as foreign transaction fees or monthly maintenance fees, which makes managing your finances with this card even easier.

How is the credit limit determined?

Your credit limit with the Upgrade Cash Rewards Visa® card is determined by several factors, including your credit score, income, and credit usage history. The card offers lines from $500 to $25,000, making it accessible to a wide range of users, whether you’re just starting to build your credit or looking for a more substantial line of credit.

The process is straightforward: once you apply, Upgrade assesses your financial history to determine a line of credit suited to your needs. As you repay your balance, you may be eligible for additional credit, but the card operates on a closed-end loan basis, meaning your available credit doesn’t automatically refresh. However, responsible card use and timely payments could lead to increases in your available credit over time.

Advantages of the Upgrade Cash Rewards Visa® card

• 1.5% Unlimited Cashback: Earn 1.5% cashback on all purchases with no category restrictions.
• No annual fee: Enjoy the card’s benefits without worrying about paying an annual fee.
• $200 bonus: Receive a $200 bonus when you open a Rewards Checking Plus account and make three qualifying debit card transactions.
• Flexible credit line: Get a credit line ranging from $500 to $25,000, depending on your credit history.
• Predictable payments: Pay off your balance with a fixed interest rate and term, allowing for better financial planning.
• Upgrade shopping: Earn up to 10% cashback at partner stores using the Upgrade Shopping feature.

Cashback program

The 1.5% cashback on all purchases is one of the most appealing features of the Upgrade Cash Rewards Visa® card. Unlike other cards that limit rewards to specific categories, this card offers cashback on every purchase, no matter where or what you buy. From groceries to gas stations, every transaction adds to your rewards balance, which can be applied to your next statement. Plus, with the Upgrade Shopping feature, you can earn up to 10% cashback at select stores, allowing you to maximize your savings on popular brands.

Disadvantages

• No automatic credit line replenishment: Unlike traditional credit cards, your line of credit doesn’t automatically replenish as you repay your balance.
• Limited use for ATM withdrawals: The card cannot be used for ATM transactions, which might be inconvenient for some users.
• Higher APR for some users: Depending on your credit score, you may face APRs as high as 29.99%, which is on the higher end compared to other credit cards.

High APR for some users

One significant drawback is the restriction on cash back earnings. While earning 2% on gas and dining is appealing, the quarterly cap means that heavy spenders in these categories may not maximize their rewards. This limitation can be frustrating for those who want to earn more from their frequent purchases.

Who can apply for this card?

The Upgrade Cash Rewards Visa® card has a few basic eligibility criteria for applicants:

• Age: You must be at least 18 years old to apply.
• Credit score: A good to excellent credit score is typically required to qualify for higher credit limits and lower APRs. However, applicants with fair credit may still be approved, albeit with lower credit limits and higher interest rates.
• Residency: The card is available only to U.S. residents.
• Income: While no minimum income is specified, your income level will play a role in determining your credit line and interest rate.

Additionally, those looking to qualify for the $200 bonus must open and fund a Rewards Checking Plus account and complete three qualifying transactions within 60 days.

How to apply for the Upgrade Cash Rewards Visa® card

Applying Through the website

The application process for the Upgrade Cash Rewards Visa® card is quick and straightforward, and it can be done entirely online. First, visit the official Upgrade website and navigate to the Cash Rewards Visa® Card page. From there, you can check if you’re pre-approved without impacting your credit score. This soft inquiry allows you to explore potential offers before deciding to move forward.

Once you’ve reviewed your offer, you can complete the full application. You’ll need to provide personal information such as your name, address, social security number, and income details. After submitting your application, the approval process typically takes a few minutes. If approved, your card will be mailed to you, and you can begin using it right away.

In summary, the Upgrade Cash Rewards Visa® card offers a unique blend of credit card flexibility and loan-like payment predictability. It’s an excellent choice for those who value cashback rewards, no annual fees, and a straightforward, predictable payment plan. However, applicants should be mindful of the potential for higher APRs depending on their creditworthiness.