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Yes, the Upgrade family of cards is indeed legit.
Created by the financial technology company Upgrade and issued by Cross River Bank*, the cards blend features of credit cards and personal loans — and in at least one case, even debit cards. You can use them to make purchases wherever Visa cards are accepted and pay down your balance by making equal monthly payments with a fixed interest rate.
What cards does Upgrade offer?
Upgrade offers multiple cards:
- 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.)
Here's a closer look at these products:
Popular Upgrade cards, at a glance
Annual fee
$39.
$0.
$0.
$0.
Ongoing rewards
Discounts on purchases made through Upgrade Shopping.
Earn 1.5% cash back on all purchases, plus discounts 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 discounts 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, get discounts 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.
Sign-up bonus
$200 bonus when you also open a Rewards Checking Preferred account and make 3 debit card transactions., directly from the card itself. (You may be eligible for a bonus by opening an eligible Upgrade account.)
$200 bonus when you also open a Rewards Checking Preferred account and make 3 debit card transactions.
$200 bonus when you also open a Rewards Checking Preferred account and make 3 debit card transactions.
$200 bonus when you also open a Rewards Checking Preferred account and make 3 debit card transactions.
APR
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%.
More details
See more from Upgrade
Upgrade Select Visa®:
Credit Lines opened through Upgrade feature Annual Percentage Rates (APRs) of 21.96% - 29.99% based on creditworthiness. Balance transfers are subject to a fee of up to 5% per transfer. Foreign transactions are subject to a fee of up to 3% per transaction. If incurred, these fees will increase your finance charge and APR. A late fee of up to $29 per late payment may apply. Annual Fee of $39 per year. The lowest rates require Autopay. For example, a $1,000 card purchase with a 36 month term and a 22.00% APR has a required monthly payment of $38.68. The APR on your transaction may be higher or lower. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to your approved line amount. As you repay your balance, additional credit may become available to you up to the approved line amount subject to meeting our credit requirements, but your line will not replenish automatically
Upgrade Life Rewards Card:
*By paying off your statement balance in full by the EarlyPay payment date, which is two calendar days after your statement closing date, you will avoid daily interest on any new transactions until the following EarlyPay payment date. Refer to your Personal Credit Line Agreement for EarlyPay terms and information. If the balance is not paid in full by the EarlyPay payment date, daily interest will begin to accrue after the Early Pay payment date for past and new transactions. To maintain good standing on your account, you must make at least the required monthly payment by the monthly payment due date, which is 22 calendar days after the statement closing date. You may pay down your full balance at any time to stop further interest charges.
Upgrade Cash Rewards Visa®, Upgrade Triple Cash Rewards Visa®, Upgrade Life Rewards Card:
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% based on creditworthiness. The lowest rates require Autopay and the majority of line amounts will be $15,000 or under. For example, a $1,000 card purchase with a 36 month term and a 19.99% APR has a monthly payment of $37.55. Optional cash transfers to your bank account and balance transfers are subject to a fee of up to 5% of each draw or transfer. Foreign transactions are subject to a fee of up to 3% per transaction. ATM withdrawal fees may apply. If incurred, these fees will increase your finance charge and APR. A late fee of up to $29 per late payment may apply. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to your approved amount. As you repay your balance, additional credit may become available to you up to an approved amount subject to meeting our credit requirements, but your line will not replenish automatically.
All Upgrade cards:
To qualify for the welcome bonus, you must open and fund a new Rewards Checking Preferred account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Preferred account within 60 days of the date the Rewards Checking Preferred account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Preferred account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Preferred account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Preferred account as a one-time payout credit within 60 days after meeting the conditions. This one-time bonus is available through this Upgrade Card offer and may not be available for other Upgrade Card offers.
What to know about the Upgrade OneCard
The Upgrade OneCard is different from its sibling cards in a few key ways. It, too, has features of a credit card and personal loan, but also those of a debit card. The OneCard allows you to pay off purchases in full through a linked checking account or pay them off over time with interest, depending on your preference.
The OneCard’s rewards structure is also different — and more complicated — compared with the other Upgrade cards. 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% cash back is limited to $500 in rewards per calendar year; after you hit $500 in rewards, you'll earn 2% cash back.)
- 2% cash back on all other purchases.
However, opening an Upgrade Rewards Checking Plus account is required to earn those rewards rates. You also must do one of the following: 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 maintain an active Rewards Checking Plus account throughout the month, you’ll earn only 1.5% cash back with the OneCard.
🤓 Nerdy Tip
Upgrade also offers a secured version of the OneCard — the Upgrade Secured OneCard — with the same benefits and rewards structure as the standard OneCard. 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. » LEARN: Which Upgrade card is right for you?
Do all the Upgrade cards earn rewards?
The Upgrade Select Visa® earns rewards only on purchases made through Upgrade Shopping. The rest of the Upgrade cards have varying rewards structures:
- The Upgrade Cash Rewards Visa® earns 1.5% cash back on all purchases when you pay them back. (Cash back will be applied to the next month’s balance on your card.)
- The Upgrade Triple Cash Rewards Visa® earns 3% cash back in home, auto and health spending categories and 1% on everything else, also earned when you pay eligible purchases back and also applied to the next month's balance.
- The Upgrade Life Rewards Card earns 3% cash back on gas and electric vehicle charging stations, grocery stores (including supermarkets and convenience stores), streaming and cable services, utilities and telecommunication services, and health services including gyms, spas, pharmacies, doctor visits and sporting goods stores. All additional purchases will earn 1% cash back, also earned when you pay eligible purchases back and also applied to the next month's balance.
- The Upgrade OneCard's rewards structure is listed above.
Depending on your credit history and other financial factors, you may qualify for a version of the card that doesn’t offer rewards.
Are the Upgrade cards actually credit cards?
Not really. An Upgrade card looks like a credit card, and since you can use it in stores, it acts like a credit card. But it’s actually considered a “series of closed-end loans,'' according to the terms and conditions. If you carry a balance, you’re essentially borrowing against your credit limit.
You can borrow from that limit multiple times simultaneously. And instead of making at least a minimum payment when the bill is due, you’re making payments in equal installments like you would with a personal loan.
Do the Upgrade cards report to U.S. credit bureaus?
On-time payments are reported to the credit bureaus, which can help you build your credit score over time. However, Upgrade doesn’t report your total credit limit, so credit utilization isn’t a factor in the case of these cards.
What else makes the Upgrade cards unique?
Besides their credit card/personal loan hybrid functionality, there are some other notable features that set the Upgrade cards apart from more traditional credit card products:
- You can qualify with fair credit. There aren't a lot of credit cards for those with fair credit, and the ones that do exist aren't known for their rewards. But the Upgrade cards are available to applicants in that credit range, and they do offer compelling rewards on par with cards designed for good to excellent credit (FICO scores of 690 or higher).
- You can see what you’d qualify for without affecting your credit scores. Typically, applying for a credit card or other loan involves a hard credit inquiry, which can temporarily lower your credit scores. With the Upgrade cards, you can see what credit limit and APR you’d qualify for before you apply, without sacrificing precious points. (A hard credit will be conducted once you officially apply for the card, however.)
*Personal Credit Lines are issued by Cross River Bank, Member FDIC. The Upgrade Card is issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Upgrade is a financial technology company, not a bank.
