The Upgrade Cash Rewards Card is not your typical credit card. It blends the best of both worlds: the flexibility of a credit card with the predictability of a personal loan. With unlimited 1.5% cash back on every purchase, no annual fee, and credit lines ranging from $500 to $25,000, it’s designed for those who want rewards without the headache of excessive fees.
Plus, checking if you qualify won’t impact your credit score, making it a low-risk option for those exploring new financial opportunities. Unlike traditional credit cards that allow revolving balances with minimum payments, the Upgrade Cash Rewards Card structures repayments in a way that helps cardholders pay off balances faster.
This approach can help users avoid long-term interest accumulation and maintain better financial control. Additionally, the card’s integration with Upgrade Shopping provides another way to maximize savings by offering up to 10% cash back at select merchants.
Key features of the Upgrade Cash Rewards Card
How does the annual fee work?
The Upgrade Cash Rewards Card comes with a major perk—no annual fee. While many credit cards charge a yearly fee for access to rewards programs or premium benefits, Upgrade keeps things simple. This makes it a cost-effective option for those who want to maximize cash back without worrying about extra charges eating into their rewards.
Having no annual fee means you don’t have to worry about whether the rewards you earn will offset the cost of keeping the card open. Many other cash-back cards come with fees ranging from $50 to $100 per year, which can eat into any benefits. With Upgrade, every dollar you earn in rewards stays in your pocket, making it an attractive choice for budget-conscious consumers.
How is the credit limit determined?
Your credit limit with the Upgrade Cash Rewards Card can range anywhere from $500 to $25,000, depending on your creditworthiness. Unlike traditional credit cards that replenish your limit as you pay off your balance, this card operates more like a series of personal loans.
As you pay down your balance, additional credit may become available, but it won’t automatically reset like a revolving credit line. Factors such as your credit history, income, and overall financial profile will play a role in determining your approved limit. A unique aspect of this card is its structured repayment system, which is designed to encourage responsible credit use.
Instead of keeping a revolving balance indefinitely, cardholders pay down their balances in fixed monthly payments. This approach can be beneficial for those who struggle with revolving credit card debt and prefer a clearer repayment structure.
Advantages of the Upgrade Cash Rewards Card
- Unlimited 1.5% cash back on all purchases
- No annual fee
- Credit lines from $500 to $25,000
- No impact on your credit score to check for pre-approval
- Fixed repayment terms help reduce interest costs over time
- Up to 10% cash back at select retailers through Upgrade Shopping
- A $200 bonus when you open a Rewards Checking Plus account and make three debit card transactions
- Easy account management through the Upgrade mobile app
Standout benefit: Unlimited cash back rewards
The 1.5% unlimited cash back on every purchase is one of the biggest draws of this card. Unlike some rewards cards that restrict categories or impose spending limits, Upgrade gives you consistent earnings on everything you buy. As long as you pay back what you spend, you’ll keep earning rewards without the need for tracking rotating categories or meeting specific spending thresholds.
Disadvantages of the Upgrade Cash Rewards Card
- No traditional revolving credit line (functions more like a personal loan)
- Higher interest rates if not paid off in full
- Limited premium perks compared to high-end rewards cards
- No balance transfers or ATM withdrawals allowed
Major downside: Structured repayment terms
While some users may appreciate the structured payment schedule, others might find it limiting. Unlike a traditional credit card where you can carry a balance indefinitely (albeit with interest), the Upgrade Card requires fixed monthly payments, similar to a personal loan. This setup can be helpful for budgeting but may not offer the same flexibility as a standard revolving credit line.
Who can apply for the Upgrade Cash Rewards Card?
To qualify for the Upgrade Cash Rewards Card, applicants must meet the following requirements:
- Be at least 18 years old (19 in some states)
- Have a valid U.S. address
- Provide a Social Security number
- Meet Upgrade’s credit and income criteria
While there is no stated minimum credit score, approval depends on factors like credit history, income, and financial stability. Those with fair to excellent credit have the best chance of approval.
How to apply for the Upgrade Cash Rewards Card
Applying for the Upgrade Cash Rewards Card is a straightforward process. You can check for pre-approval online without impacting your credit score, making it easy to explore your options risk-free.
Applying online
- Visit the Upgrade website.
- Click on “Check Your Offer.”
- Enter your personal and financial information.
- Review your potential offer.
- If you choose to proceed, submit a full application for approval.
Applying through the mobile app
- Download the Upgrade mobile app from the Apple App Store or Google Play.
- Sign up or log in to your account.
- Follow the same steps as the online application to check for offers and apply.
Applying in person
Upgrade does not offer in-person applications, as all requests are handled digitally through its website or mobile app. The Upgrade Cash Rewards Card is a unique option for those looking for a straightforward, no-annual-fee rewards card with a predictable repayment structure. If you like the idea of earning unlimited cash back while keeping your finances organized with fixed payments, this card could be a great fit.
However, if you prefer the flexibility of a traditional credit card, you may want to explore other options. Either way, checking for pre-approval is quick and easy, so there’s no harm in seeing what Upgrade can offer you.
