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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.
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.
» MORE: Is the Upgrade Card legit?
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.