The Upgrade Card, originally created as a credit card/installment loan hybrid product, is unveiling a cash-back rewards program.
Beginning Oct. 29, 2020, cardholders will earn an unlimited 1.5% cash back on all purchases. Earned cash back will be applied to the next month’s balance on your card, almost like a prepayment on your bill.
Otherwise, the Upgrade Card is remaining the same. You can still use it like a credit card to make purchases. Either pay your bill in full or carry a balance, which will convert to a fixed-rate installment plan where you make equal payments over 24 to 60 months, depending on what you're approved for.
You can also use the card to get a personal loan from your credit limit by requesting that funds be sent directly to your bank account. In this case, you’ll also repay the loan in equal monthly installments. The ongoing APR is 8.99% - 29.99% APR.
The Upgrade Card has an annual fee of $0.