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The Upgrade Cash Rewards Visa® is a credit card that operates like a personal line of credit while earning you 1.5% cash back on every purchase. It works by granting you a set credit limit through a close-ended loan between $500 and $25,000 with a fixed rate. You can spend up to that amount on the card until you reach your limit; you'll have a set amount of time to pay the “loan” back.
Here's what you need to know before applying for the Upgrade Cash Rewards Visa.
$200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
*See card highlights for full bonus terms
- $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
- Earn 1.5% cash back on all purchases when you pay them back
- Credit lines from $500 to $25,000
- No annual fee
- 1.5% Cash back on all purchases
Page Contents
- Upgrade Cash Rewards Visa Pros
- Upgrade Cash Rewards Visa Cons
- Upgrade Cash Rewards Visa Welcome Bonus
- Upgrade Cash Rewards Visa Benefits
- Upgrade Cash Rewards Visa Earning Rates
- Redeeming Points With the Upgrade Cash Rewards Visa
- Application Restrictions
- Cards That Compete With the Upgrade Cash Rewards Visa
- Bottom Line
Upgrade Cash Rewards Visa Pros
- 1.5% unlimited cash back on every purchase.
- Fixed-rate APR (Rates & Fees).
- $0 annual fee.
- Built-in benefits like Zero Liability Policy, travel insurance, and purchase protection, which come included with Visa Signature® cards.
Upgrade Cash Rewards Visa Cons
- Changes to your credit or market conditions will change the APR on your account from “loan” to “loan.”
- Your card limit will not automatically replenish as you pay down your balance.
- Cash-back rewards are not earned until payments are made toward the balance on the card.
- Has foreign transaction fees — Up to 3%.
- Not an ATM card and cannot be used for transactions requiring a PIN.
Upgrade Cash Rewards Visa Welcome Bonus
When opening a Upgrade Cash Rewards Visa, you'll also get a $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions* within 60 days of opening your checking account.
The Rewards Checking Plus account must be opened through the application process for a Upgrade Cash Rewards Visa to receive the bonus. You are ineligible for the bonus if you already have a Rewards Checking Plus account.
Upgrade Cash Rewards Visa Benefits
The Upgrade Cash Rewards Visa is light on benefits. That said, here's an overview of the benefits you will find on the card.
No annual fee
The Upgrade Cash Rewards Visa doesn't have an annual fee. You will, however, pay foreign transaction fees if you use it abroad; the fee is up to 3% of your transaction.
Fixed-rate APR for each limit amount
The card comes with a fixed APR (Rates & Fees) for all purchases up to your credit limit. The APR can change from one limit or “loan” to the next, depending on changes to your credit and other factors.
Visa Signature® benefits
Visa Signature refers to a package of perks offered on eligible cards that carry the Visa name, such as extended warranty protection, travel and emergency assistance, and Visa Signature concierge. Cardholders of Upgrade Cards can take advantage of Visa’s Zero Liability Policy, which ensures you won’t be held responsible for unauthorized charges on your card or card information, as long as they are transactions processed by Visa and you report them promptly.
Upgrade Shopping
Upgrade cardholders also have access to Upgrade Shopping, a perk that grants access to special discounts and cash-back offers with select retailers. With this benefit, you can stack rewards in addition to the 1.5% cash back you already earn with the Upgrade Cash Rewards Card. To take advantage, you simply log in to your Upgrade account, browse the available merchant offers, and complete your purchase through the provided links.
Upgrade Cash Rewards Visa Earning Rates
The Upgrade Cash Rewards Visa earns an unlimited 1.5% cash back on every purchase. You earn cash-back rewards when payments are made toward the balance on your card.
Redeeming Points With the Upgrade Cash Rewards Visa
Cash-back rewards are generally applied to the balance of your Upgrade Cash Rewards Visa account after your next scheduled monthly payment. If you do not have a balance on your account, you can have your cash back deposited into your bank account on file.
Application Restrictions
There's little public information on the Upgrade Cash Rewards Visa‘s application rules and restrictions. And at that, there's little information on Upgrade in general.
The card is marketed to applicants with a ‘Fair” credit score, which typically means that folks in the low-to-mid 600s have a decent chance of being approved.
Other restrictions that we know of include whether you have previously opened a Rewards Checking Plus account. If so, you'll be ineligible for the welcome bonus on this card.
Cards That Compete With the Upgrade Cash Rewards Visa
The Upgrade Cash Rewards Visa is a unique and potentially useful card. However, that doesn't mean it's for you. Here are three additional options to consider:
- If you prefer a traditional cash back credit card, check out the Chase Freedom Unlimited® (Rates & Fees). This no-annual-fee card earns an unlimited 5% on travel purchased through Chase Travel℠, 3% on dining at restaurants and drugstores, and 1.5% on other eligible purchases.
- If you want an even higher cashback rate with no annual fee, consider the Citi Double Cash® Card (Rates & Fees). Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- If you want to earn cash back on large home expenses, then the Upgrade Triple Cash Rewards Visa® is the card for you. You'll get a fixed APR on between $500 and $25,000. This amount depends on your creditworthiness and other factors, just like the Upgrade Cash Rewards Visa. The card has no annual fee and earns you 3% unlimited cash back on every purchase in Home, Health, and Auto categories. You earn cash back as you make payments on your card's balance.
- Earn 5% on purchases through Chase Travel℠
- Earn 3% on dining at restaurants
- Earn 3% on drugstore purchases
- Earn 1.5% on all purchases
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.
Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
$200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
*See card highlights for full bonus terms
- 3% on Home, Auto, and Health categories
- 1% on everything else
Bottom Line
The Upgrade Cash Rewards Visa is unique as far as credit cards go. It operates like a personal loan which is great for securing a fixed APR and monthly payment to pay back the card. But your limit won't automatically replenish as you pay off the balance, and you don't earn any cash back until you pay off the card.
However, if you're not solely interested in this card for the cash back possibilities — which, quite frankly, you can get better cashback earning cards — then the limit and loan structure could be very helpful for large expenses like home or auto repairs.
For rates and fees of the cards mentioned in this post, please visit the following links: Upgrade Cash Rewards Visa® (Rates & Fees), Chase Freedom Unlimited® (Rates & Fees), Citi Double Cash® Card (Rates & Fees), and Upgrade Triple Cash Rewards Visa® (Rates & Fees)
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