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Earn points for every dollar you spend, with no annual fee and no blackout dates for travel rewards!
The Upgrade Cash Rewards Card offers a simple and rewarding way to earn cashback on every purchase, with no annual fee and fixed monthly payments. Want to know how it works and if it’s the right fit for you? Keep reading to discover the benefits, drawbacks, and how to apply!
Upgrade Cash Rewards
No annual fee 3% foreign transaction feeHow does the Upgrade Cash Rewards work?
The Upgrade Cash Rewards Card works differently than a regular credit card. When you make a purchase, it doesn’t just go onto your typical credit card balance. Instead, your purchase turns into a fixed installment loan.
This means, instead of paying off a balance with a minimum payment, you pay a set amount every month until it’s paid off.
You can use the card anywhere that accepts Visa—whether that’s shopping online, in stores, or even transferring balances from other cards. The main difference is that your balance doesn’t revolve like a traditional credit card.
It’s structured more like a personal loan, giving you fixed monthly payments to make it easier to track and manage your balance.
Main benefits of the Upgrade Cash Rewards
The most obvious one is the 1.5% cashback on every purchase. Whether it’s groceries, gas, or anything else, you earn cashback with no hassle. You don’t need to track spending categories or worry about rotating promotions—just straightforward cashback on everything.
Another great perk is the fixed monthly payments. Unlike most credit cards, which allow you to make minimum payments, this card ensures you know exactly what you need to pay each month. With set payments, it’s easier to budget and pay down your balance without any surprises.
There’s also no annual fee, which is a huge plus. With many credit cards, you’re required to pay an annual fee just for having the card. But with the Upgrade Cash Rewards Card, you avoid that extra cost.
Plus, if you open a Rewards Checking Plus account and make a few debit card transactions, you can earn a $200 bonus, which adds more value to the card.
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Cons for the Upgrade Cash Rewards
While the Upgrade Cash Rewards Card has its perks, there are some downsides to consider. One of the main issues is that the card doesn’t offer the same level of flexibility as other credit cards.
With most cards, you can pay as little as the minimum payment, but this card requires you to pay a fixed amount each month. If you prefer having more control over how much you pay, this might feel limiting.
Another downside is that it lacks extra perks. Many credit cards come with benefits like travel insurance, extended warranties, or purchase protection, but this card doesn’t have those extras.
Lastly, the interest rates could be higher than those of other cards, especially if you have a lower credit score. Since your balance is structured as a loan, you’ll need to pay off your balance quickly to avoid high interest charges. If you don’t, the interest can add up over time, which is something to keep in mind.
APR and Fees
The APR for the Upgrade Cash Rewards Card varies based on your credit score. If you have a higher score, you’ll likely get a lower APR, but if your credit isn’t as great, you could face higher interest rates than with some other cards.
The fixed payments are a plus because they give you predictable payments each month. However, if you carry a balance, the interest rates can still add up. To avoid this, it’s best to pay off your balance as quickly as possible to minimize interest charges.
Other fees to consider include late payment fees, cash advance fees, and foreign transaction fees. While there’s no annual fee, it’s important to stay aware of these potential costs to avoid them. Paying your bill on time and avoiding cash advances will help you keep your expenses low.
How to apply for the Upgrade Cash Rewards
Applying for the Upgrade Cash Rewards Card is simple. You’ll need to provide some basic details about yourself, like your name, address, income, and Social Security number. This helps the card issuer determine if you qualify and what kind of credit limit you might get.
A helpful feature is that you can check if you prequalify for the card without impacting your credit score.
This is done through a soft credit check, which won’t show up on your credit report or lower your score. It’s a great way to see if this card fits your needs before officially applying.
Once you submit your application, you’ll receive an offer based on your credit. If it works for you, you can accept it and start using the card once it’s activated.
After activation, you can immediately start earning cashback on your purchases. And if you open a Rewards Checking Plus account, you’ll even get a $200 bonus.
The application process is fast, easy, and doesn’t affect your credit score. It’s an excellent way to see if this card works for you, without taking on any risks.
