Upgrade Cards: Which One Should You Get?
There are multiple options, but each card has a different rewards system.
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Financial technology company Upgrade — in partnership with issuer Cross River Bank — offers a suite of products that combine features of credit cards and personal loans, including the following:
The Upgrade Select Visa®.
The Upgrade OneCard. (There's also a secured version of this card — the Upgrade Secured OneCard — but it isn't open for direct applications.)
Upgrade cards can be used to make purchases in stores and online, just like you would with a credit card. But unlike with normal credit cards, unpaid balances on an Upgrade card are automatically converted to installment plans, where you make equal monthly payments with a fixed interest rate over a set period of time, much like a personal loan.
You can use the cards like personal loans in another way by borrowing against your credit line. To do this, request that funds be sent to your bank account.
Applicants with average to excellent credit (scores of 630 to 850) can be eligible for any of the Upgrade cards. Here's how to decide which one may be right for you.
» MORE: Are the Upgrade cards legit?
$39.
$0.
$0.
$0.
Earn up to 10% cash back on purchases made through Upgrade Shopping.
Earn 1.5% cash back on all purchases, plus up to 10% cash back on purchases made through Upgrade Shopping. Cash back will be applied to the next month’s balance on your card.
Earn 3% cash back on home, auto and health purchases, plus up to 10% cash back on purchases made through Upgrade Shopping. Earn 1% cash back on everything else. Cash back will be applied to the next month’s balance on your card.
Earn 3% cash back on a variety of categories, including grocery stores; gas stations; streaming and cable services; utilities and telecom services; and health services. Plus, up to 10% cash back on purchases made through Upgrade Shopping. Earn 1% cash back on everything else. Cash back will be applied to the next month’s balance on your card.
$200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions, directly from the card itself. (You may be eligible for a bonus by opening an eligible Upgrade account.)
$200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions.
$200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions.
$200 bonus when you also open a Rewards Checking Plus account and make 3 debit card transactions.
$500 to $2,000.
$500 to $25,000.
$500 to $25,000.
$500 to $25,000.
The ongoing APR is 21.96%-29.99%.
The ongoing APR is 14.99%-29.99%.
The ongoing APR is 14.99%-29.99%.
The ongoing APR is 14.99%-29.99%.
What’s the same across the cards
The Upgrade cards are similar in a lot of ways. With the exception of the Upgrade Select Visa®, they offer the same ranges for credit limits and interest rates, though the terms you’ll qualify for depend on factors like credit usage history, credit score and others. All of the cards charge up to 3% foreign transaction fees when used internationally. All give you access to the Upgrade Shopping platform, where you can earn up to 10% bonus cash back on purchases from select merchants.
They also share a few limitations: You can’t use the cards at ATMs for cash advances, and you'll pay a fee of up to 5% if you transfer a balance onto any Upgrade card.
For all these cards, if you carry a balance, rewards are earned not as you spend, but as you make payments toward your balance. With the Upgrade OneCard and Upgrade Life Rewards Card, you’ll immediately earn rewards for any purchases you choose to pay off now.
» MORE: NerdWallet’s best credit cards
What’s different
The cards’ primary differences come down to their rewards programs. The Upgrade Cash Rewards Visa® is a flat-rate cash-back card, earning 1.5% back on purchases. The Upgrade Triple Cash Rewards Visa® and the Upgrade Life Rewards Card pay 3% cash back in bonus categories and 1% on other purchases.
The Upgrade Triple Cash Rewards Visa® earns 3% back on a wide selection of home, auto and health purchases, including:
Hardware and home improvement stores.
Furniture and appliances.
Landscaping and cleaning services.
Auto parts, dealership purchases and repairs.
Gym memberships, gym equipment purchases directly from vendors and sporting goods stores.
Doctor’s visits and pharmacies.
Health and beauty services, including spas.
The Upgrade Life Rewards Card pays 3% cash back in these categories:
Gas and electric vehicle charging stations.
Grocery stores, supermarkets and eligible convenience stores (excluding Target and Walmart).
Streaming and cable services like Comcast, Netflix and AT&T.
Utilities and telecommunication services.
Health services, including gyms, spas, pharmacies, doctor visits and sporting goods stores.
With both of these cards, purchases outside the bonus categories earn 1% cash back.
How is the Upgrade OneCard different from the other Upgrade cards?
The Upgrade OneCard functions as a credit card and personal loan in one, just like other Upgrade cards. But it adds in the debit card-like ability to pay off a purchase in full immediately if you have sufficient funds in your checking account, instead of paying it back in installments over time with interest. If you opt to pay now, the money will be withdrawn from the checking account you have linked to the card.
The OneCard’s ongoing rewards are different as well. If you qualify, you can earn:
3% cash back on everyday purchases, which the issuer defines as purchases from convenience stores, drugstores, restaurants and gas stations. Utilities and payments for phone, cable, TV and streaming services also qualify for the 3% rate. (The 3% rate is capped at $500 per year, after which you'll earn 2%.)
2% cash back on all other purchases.
However, you must open an Upgrade Rewards Checking Plus account to earn those rewards rates. You also must do one of the following to maintain a qualifying active account: Keep an average daily balance of at least $2,500; receive direct deposits of at least $1,000 per month; or make at least eight eligible purchases with your Rewards Checking Plus debit card each month. If you don’t, you’ll earn 1.5% cash back.
When it comes to the annual fee, credit limit and APR, the Upgrade OneCard is identical to other Upgrade cards (with the exception of the Upgrade Select Visa®).
Upgrade also offers a secured version of the OneCard — the Upgrade Secured OneCard — for applicants who are working to improve their credit. It has the same benefits and rewards structure as the standard OneCard. Your credit line is secured by the balance in an Upgrade deposit account (up to $5,000). This card is not available for direct application, but qualified applicants can apply for the card when they open an Upgrade Rewards Checking Plus account.
How to decide
Which Upgrade card to choose comes down to how you want to earn and redeem rewards. The Upgrade Cash Rewards Visa® wins for its simplicity thanks to the flat cash-back rate. If you don’t have a major home, auto or health purchase coming up, or you just don’t want to have to pay attention to spending categories, this card could be a good fit.
However, if you’re planning to finance a large home, auto or health purchase, the Upgrade Triple Cash Rewards Visa® will earn more cash back, making it a contender, as long as you don't mind keeping tabs on bonus spending categories.
The Upgrade OneCard and Upgrade Life Rewards Card are possibilities if you want the option to pay for some purchases immediately without incurring interest. They also feature robust rewards, but as with the Upgrade Triple Cash Rewards Visa®, you'll have to be OK with tracking bonus categories. Plus, unlike other Upgrade cards, OneCard and Life Rewards come with some additional requirements to optimize their rewards.
If you're able to qualify for any of those Upgrade cards, there's little reason for you to choose the $39-annual-fee Upgrade Select Visa®, which again doesn't earn rewards.
OneCard image courtesy of Upgrade
Chase Freedom Unlimited®
Cash back
Dining
Get valuable rewards, flexible redemption options, a lengthy introductory APR period and a sign-up bonus that’s worth more than most cash-back cards offer — all for an annual fee of $0.
Find the right credit card for you.
Whether you want to pay less interest or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow the search for you.
