New Upgrade Bitcoin Rewards Card Earns 1.5% Back

Like other Upgrade cards, unpaid balances convert to a fixed-rate installment loan with equal monthly payments.
Jul 21, 2021

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Financial startup Upgrade is adding another credit card to its collection — and adding to the growing number of credit cards that earn cryptocurrency rewards. The Upgrade Bitcoin Rewards Visa® Credit Card earns an unlimited 1.5% back on all purchases in the form of bitcoin.

Upgrade Bitcoin Rewards Visa® Credit Card
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The Upgrade Bitcoin Rewards Visa® Credit Card: How it works

As you make payments on purchases, bitcoin will be purchased on your behalf and held in a wallet provided by NYDIG, a custody and trading platform. Your bitcoin cannot be transferred to a separate wallet.

You can sell your bitcoin after a 90-day holding period, and you'll pay a 1.5% transaction fee. But you can only receive the proceeds in the form of a statement credit. That means bitcoin rewards can only be used toward purchases you make on the card.

There are some geographic restrictions to note: As of this writing, the Upgrade Bitcoin Rewards Visa® Credit Card is not available in Hawaii, Indiana, Iowa, Louisiana, Nebraska, Nevada, New Hampshire, North Carolina, Washington, West Virginia, Wisconsin or Washington, D.C.

Like its predecessors — the Upgrade Visa® Card with Cash Rewards and Upgrade Triple Cash Rewards Visa® — the $0-annual-fee Upgrade Bitcoin Rewards Visa® Credit Card functions as a credit card/personal loan hybrid product. Any balance you carry is automatically converted to a fixed-rate installment plan ranging from 24 to 60 months. The ongoing APR is 8.99%-29.99%, and credit lines can range from $500 to $25,000.

Nerdy tip: There are multiple versions of the Upgrade card, which are mostly identical except for their rewards programs. Learn more about the options and find out which Upgrade is best for you here.

Who can get the Upgrade Bitcoin Rewards Visa® Credit Card?

The card is available to eligible applicants right now, with no need to sign up for a waitlist. Other crypto-earning credit cards, like the Gemini Credit Card, are only accepting potential applicants via waitlist.

There are cards currently on the market — including the SoFi Credit Card and Brex Card — that offer crypto rewards as one of several redemption options, but that’s not their sole focus.

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