Upgrade Visa Card with Cash Rewards Review

On October 29, 2020, Upgrade announced the launch of its new rewards card, allowing users the flexibility of a credit card with the low cost and predictability of a personal loan. The Upgrade Visa® Card with Cash Rewards offers 1.5% cash back on payments and no fees. Credit lines from $500 to $50,000 are available. Additionally, the card can be used anywhere Visa is accepted. You’ll earn points every time you make a purchase or payment.

The new card piggybacks off the company’s already established personal loan success. The Upgrade Visa® Card with Cash Rewards is convenient to use, costs less than traditional credit cards, and features predictable payments each month. Plus, you can see if you qualify in minutes without hurting your credit score. Here’s what you need to know about the Upgrade Visa card and how it can save you money.

Upgrade Visa Card Review

Customers will enjoy a regular purchase APR of 6.99% to 29.99%, depending on their credit history.

What is the Upgrade Visa Card with Cash Rewards?

The Upgrade Visa® Card with Cash Rewards is a new line of credit provided by Upgrade. The company is already well-known for its personal loans and auto refinance. Founded in 2017, Upgrade is an online and mobile banking organization that provides exceptional value for its customers by getting rid of fees and providing affordable credit. Since launching, over 10 million people have applied for an Upgrade loan and the company has provided over $3 billion in affordable credit for its customers.

Other notable features that put the company above the competition include no-touch payments with built-in contactless technology. You’ll also receive access to a virtual card while you wait for your card to arrive in the mail. You can manage your account fully online and enjoy peace of mind with a $0 fraud liability policy. The card can be used online and at retail locations. You can also use it to have funds sent to your bank account. All rates and terms are fixed, which means that you can set your budget, knowing your payments will not vary from month to month.

Here are the basic terms and conditions of the Upgrade Visa® Card with Cash Rewards:

  • Regular purchase APR: 6.99% to 29.99%
  • 1.5% cash back on all purchases
  • Cash advance APR: N/A
  • No annual fee
  • Penalty APR: N/A
  • Late fees: $0
  • Foreign transaction fee: $0
  • Returned payment fee: $0

What is the Difference Between the Upgrade Visa Card with Cash Rewards and a Personal Loan?

The Upgrade Visa® Card with Cash Rewards combines the functions of a credit card with a personal loan. With the Upgrade Visa® Card with Cash Rewards, you’ll have access to funds up until the full amount of your credit line. You only pay interest on the amount that you borrow. You can utilize the Upgrade card to access your line to pay online and at retail stores. You can also use your Upgrade Visa® Card with Cash Rewards to send funds directly to your bank account.

A personal loan sends all of your funds to your bank account when you are approved. If you need additional money from your personal loan, then you will need to request to borrow more money. This can often become costly and become hard to manage. A personal loan may also include a variable APR that fluctuates, making it hard to budget for. Personal loans also do not offer the cash rewards that the Upgrade Visa® Card with Cash Rewards does. Your Upgrade Visa® Card with Cash Rewards operates just like a traditional Visa card. It comes with the same benefits, too.

What Does the Upgrade Visa Card with Cash Rewards Card?

Upgrade personal lines of credit feature APRS of 6.99% to 29.99% with amounts ranging from $500 to $50,000. To get the lowest rates, you’ll need to enroll in autopay. The majority of personal credit lines are around $20,000 and less. For example, if you have a $5,000 transaction with a 36-month term and a 19.99% APR, your monthly required payment will be $187.90. The APR on your draw might be different. Your terms (rate, line amount, and default term) will depend on your credit score, requested amount, usage history, and other factors.

Here’s a quick summary of the best Upgrade Visa® Card with Cash Rewards features:

You’ll get 1.5% cash back online or at retail locations; you can also send funds to your bank account

No fees and a set monthly payment enable you to reduce your balance quicker and pay less interest

Your balance stays the same each month and does not change

The Upgrade Visa® Card with Cash Rewards works well as a travel card, too. You can take it with you while you travel for work and use it to receive 1.5% cash back. Plus, there are no foreign transaction fees. Your card cannot be used at an ATM or to receive cash back with purchases made at retail shops. However, you can use your Upgrade Visa® Card with Cash Rewards to draw from your account and have the funds sent directly to your bank account.

The Upgrade Visa® Card with Cash Rewards also offers the following Visa benefits:

Cardholder inquiry service

This feature provides phone support for customers about all the products and services that Visa has to offer.

Lost or stolen card reporting

If your Visa card is lost or stolen, then you can call the Visa customer service center and they will take care of you. They will work with you to notify the proper parties and replace your card quickly.

Zero liability

Visa offers a zero liability feature for customers to protect them against authorized use. This ensures that if your credit card number is stolen, you won’t have to pay for fraudulent charges.

Auto rental collision damage waiver

This feature allows you to receive auto coverage for damage if you get in an accident or your car is vandalized. To activate the coverage, you’ll need to use your Upgrade card to pay for your rental card and decline the collision waiver offered by the rental company. Covered vehicles include economy and luxury vehicles, vans that do not seat more than nine people, and SUVs that are only driven on the road. Trucks, cargo vans, and expensive vehicles are not covered.

Emergency card replacement and emergency dash assistance

This feature will block your card as long as you know your card number and connect you with your financial institution if it’s lost or stolen. You’ll get an emergency card replacement within one to three business days or you can arrange for cash to be available at a location near you during business hours.

Roadside dispatch

All Visa cardholders have access to the roadside dispatch program, which is a pay-per-use feature that provides towing (up to five miles), tire changing (you must provide the tire), jump-starting, and lockout services (with no key replacement). This program will also send someone out to deliver fuel to you if you run out while driving (up to five gallons plus the cost of gas). Standard winching services are also available.

How Does the Upgrade Visa® Card with Cash Rewards Work?

The Upgrade Visa® Card with Cash Rewards is cheaper to use than most credit cards. This allows you to bring your balance down faster and pay less interest. Let’s say you want to figure out how much interest a user would pay on a $10,000 balance with the Upgrade Visa® Card with Cash Rewards versus a traditional credit card (if the user makes the credit card’s minimum monthly payments. With the Upgrade Visa® Card with Cash Rewards, you would be able to pay off the balance in two years and only pay $2,102.71 in interest. With a traditional credit card, you would pay off the balance in 28 years and pay 14,423.16 in interest.

Here is how the process works:

  • Get your card by applying online and getting a credit line of up to $20,000 with your Upgrade Visa® Card with Cash Rewards

  • Start using your Upgrade Visa® Card with Cash Rewards by making purchases online or at retail locations to get 1.5% back. You can also have funds sent to your account.
  • Pay down your balance by making monthly payments that can be directly taken from your bank account. You’ll also earn 1.5% cash back while doing so.

You can make contactless payments by adding your Upgrade Visa® Card with Cash Rewards to your wallet on your smartphone. This allows you to pay without providing your credit card number or making an in-person stop. You can also take advantage of the contactless feature of the card. When you’re ready to make a payment at a contactless terminal, move your card over to the reader. It does not need to touch the terminal but should be held within two inches of it.

The Upgrade Visa® Card with Cash Rewards is the ideal way to pay off a personal loan. You can use a personal loan for a variety of reasons, including for home improvements, to pay rent, to cover an emergency expense (such as medical bills), and to pay for vacations or weddings. Personal loans can also be used to help boost your credit. Making payments on time each month will be reflected on your credit score. The Upgrade Visa® Card with Cash Rewards makes it easy to pay on time by keeping your payments the same each month.

Upgrade Visa Card with Cash Rewards Card: Pros and Cons

The Upgrade Visa® Card with Cash Rewards marries the convenience and flexibility of a credit card with the predictability of a personal loan. It’s the best way to pay off your loan and get cash back in the process. Your payments will remain the same each month, which can help you budget and pay off your balance with minimal interest fees.

Additionally, there are no fees whatsoever associated with this card. You won’t pay annual fees, penalty fees or APRs, or foreign transaction fees. Your credit limit and APR will vary depending on your credit history. This is standard for most credit cards. However, Upgrade offers small loans of $500 or larger amounts of $50,000. You can use the card to build credit or make payments on an installment loan that you use to remodel your house. The best part is you’ll earn 1.5% cash back every time you make a purchase. These rewards will be applied to the next month’s statement. For the best credit terms, you’ll want to have good credit.

Here are some pros and cons of the Upgrade Visa® Card with Cash Rewards to consider:

Upgrade Visa Card PROS

  • You can earn unlimited 1.5% cash back on purchases every time you make a payment or use your card
  • Payments are exactly the same each month and will not change, allowing you to budget and reduce interest fees
  • There is a $0 fraud liability program that states you are not responsible for fraudulent charges
  • There are no foreign transaction fees and your card can be used anywhere in the world Visa is accepted
  • The card features no-touch payments with built-in contactless technology
  • You can qualify within minutes on the website without affecting your credit score
  • Credit limits range from $500 to $50,000, depending on your credit history
  • The mobile app allows you to manage your account online 24/7
  • Your account can be synced with Google Pay or Apple Pay

Upgrade Visa Card CONS

  • Cannot be used at ATMs or to withdraw funds when you make a purchase

How To Apply

Applying for the Upgrade Visa® Card with Cash Rewards is easy. All you have to do is visit the Upgrade website and click on the “get started” button. You’ll be asked to enter your basic information, such as your full name, home address, date of birth, individual annual income, and additional annual income. You’ll also need to create an account. If you are pre-approved, you will be notified within minutes.

You’ll need to allow for seven to 10 business days from the time your application is approved to receive your card. You can sign in to your account and opt to use a temporary virtual card while you’re waiting for your card to arrive in the mail. The card number used for your virtual card is temporary and will be different from your permanent card number. You’ll need to wait until you receive your permanent card before you set up recurring payments. Once your card arrives, you will need to call Upgrade and have it activated.

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CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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