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.
Sara Rathner
By Sara Rathner 
Edited by Erin Hurd

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As of July 2023, Upgrade is removing the Upgrade Bitcoin Rewards Visa® Credit Card from the market.

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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.

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.

When you sell your bitcoin, 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 Cash Rewards Visa® 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 14.99%-29.99%, and credit lines can range from $500 to $25,000.

Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging $500 - $25,000. The lowest rates require Autopay and the majority of the line amounts will be $15,000 or under. For example, a $5,000 transaction with a 36 month term and a 19.99% APR has a required monthly payment of $187.90. Optional ACH transfers to your bank account, balance transfers, ATM withdrawals, if available, and foreign transactions are subject to fees that, if incurred, will increase your finance charge and APR. 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 an 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.

🤓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.

Find the right credit card for you.

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