Upgrade Bitcoin Rewards Card Review: Crypto With a Few Caveats
The Bottom Line
4.7
Even as cryptocurrency credit card rewards were becoming more common, this card put up roadblocks that affected the flexibility of your rewards.
Rates, fees and offers
Annual fee
$0
Rewards rate
1.5%
Bonus offer
N/A
Intro APR
N/A
Ongoing APR
APR: 14.99%-29.99%
Balance transfer fee
Up to 5%
Foreign transaction fee
Up to 3%
More details from Upgrade
- Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases.
- The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin.
- No annual fee
- Pay with your phone or device by using Apple Pay® or Google Wallet™.
- Mobile app to access your account anytime, anywhere.
- Enjoy peace of mind with $0 Fraud liability.
Pros and Cons
Pros
No annual fee
Qualify with average credit
Cons
No new cardholder bonus offer
Rewards have limited flexibility
No bonus categories
Detailed Review
» This card is no longer available
The Upgrade Bitcoin Rewards Visa® Credit Card, like many other crypto-earning credit cards, is no longer available. The crash of the crypto exchange FTX and the ensuing crypto winter of 2022 played a big role in cooling down the once-hot crypto credit cards market. Below is our review from when the card was still available on the market.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
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The Upgrade Bitcoin Rewards Visa® Credit Card is one of multiple cards offered by the financial startup Upgrade. It works like a credit card and personal loan all in one, allowing you to make purchases and then pay down your balance in equal monthly installments for a set period of time with a fixed interest rate.
But that's not its only distinctive trait: The card also earns 1.5% back in the form of bitcoin when you make your monthly payments, another product among a growing trend of credit cards that offer cryptocurrency rewards.
There are some limits on those bitcoin-based rewards, though, and a 1.5% rewards rate itself isn't spectacular. But the key with crypto isn't necessarily the upfront earn rate, but rather the potential appreciation of those rewards later.
Of course, it's worth noting that crypto values can also fall, but for anyone looking to dip their toes into bitcoin, the Upgrade Bitcoin Rewards Visa® Credit Card is a low-barrier way — especially when the risk is limited to credit card rewards and not, say, money sitting in your traditional bank account.
Upgrade's portfolio also includes the Upgrade Cash Rewards Visa® and the Upgrade Triple Cash Rewards Visa®. For information on how its current cards stack up, see our comparison table below.
» MORE: Is the Upgrade Card legit?
Upgrade Bitcoin Rewards Visa® Credit Card: The basics
Card type: Rewards, cryptocurrency.
Annual fee: $0.
Sign-up bonus: None.
Ongoing rewards: Earn 1.5% unlimited cash back in bitcoin when you make payments.
APR: The ongoing APR is 14.99%-29.99%.
Foreign transaction fees: 3%.
Balance transfer fee: 5%.
Other facts and benefits:
No security deposit required.
Get pre-approved without hurting your credit scores.
Pay down balances at a fixed interest rate with equal monthly payments.
Use your credit line as a personal loan by requesting funds be sent directly to your bank account.
No prepayment penalty, late fees or penalty APR.
How the Upgrade Bitcoin Rewards Visa® Credit Card works
You can use the Upgrade Bitcoin Rewards Visa® Credit Card in two ways:
As a credit card: Make purchases in stores or online, wherever Visa cards are accepted. Your balance is converted to an installment loan at a fixed interest rate, which you can repay in equal monthly payments over a set period.
As a personal loan: Request that funds be sent directly to your bank account. You can pay back the loan in equal monthly installments over a set period with a fixed interest rate and a 5% cash advance fee. Note that you cannot get a cash advance at an ATM using this card.
You earn 1.5% back in bitcoin rewards as you make payments on your card balance. Earned bitcoin rewards are held in a wallet provided by NYDIG, a custody and trading platform.
The ongoing APR is 14.99%-29.99%, and most applicants can qualify for credit lines ranging from $500 to $25,000 (though some may be granted credit lines as high at $50,000).
Which Upgrade card is right for you?
The Upgrade Bitcoin Rewards Visa® Credit Card was one of a collection of cards offered by the financial startup Upgrade. Other cards include the Upgrade Cash Rewards Visa® and Upgrade Triple Cash Rewards Visa®, which earn cash-back rewards. Upgrade cards are available to applicants with average to excellent credit, while applicants who are working to improve their credit may qualify for a version of the card that doesn’t offer rewards.
Here's a look at Upgrade's current lineup:
Upgrade Select Visa® | Upgrade Cash Rewards Visa® | Upgrade Triple Cash Rewards Visa® |
|---|---|---|
Rewards | ||
None. | 1.5% cash back on all purchases. Cash back will be applied to the next month’s balance on your card. | Earn 3% cash back on home, auto and health purchases. Earn 1% cash back on everything else. Cash back will be applied to the next month’s balance on your card. |
Annual fee | ||
$39. | $0. | $0. |
Credit limit | ||
$500 to $2,000. | $500 to $25,000. | $500 to $25,000. |
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%. |
See more from Upgrade
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 applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees 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 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.
See more from Upgrade
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 applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees 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 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.
Compare to Other Cards
Benefits and Perks
Bitcoin rewards
Bitcoin is considered to be one of the first cryptocurrencies, and it’s the most popular one. The Upgrade Bitcoin Rewards Visa® Credit Card offers a way to buy bitcoin a little bit at a time without spending additional money to do so. This is helpful for anyone who wants to allocate credit card rewards toward testing the bitcoin waters.
» MORE: Bitcoin, explained for beginners
Predictable monthly payments
With more traditional revolving credit cards, you must make at least a minimum payment each month, but the total amount you owe can vary significantly depending on how much debt you have and what additional charges you made to the card. That can make it difficult to budget for credit card payments. The Upgrade Bitcoin Rewards Visa® Credit Card converts an unpaid balance into a personal loan, with a fixed interest rate and fixed monthly payments over a set period of time. You can prepay any amount any time with no penalty.
While the terms on your existing balances won't change, Upgrade notes that they might be adjusted for future draws, depending on things like changes to your credit scores, market conditions and overall interest rate hikes.
Additional unique features
When applying for the Upgrade Bitcoin Rewards Visa® Credit Card, you can find out what terms you’d qualify for without a hard credit pull. Hard pulls can temporarily ding your credit scores — not helpful for anyone who’s trying to build their credit. A hard inquiry is completed only once you agree to the terms. This isn’t a common feature, though there are other credit cards that offer a pre-qualification process without the hard credit inquiry.
Drawbacks and Considerations
Notable limitations on bitcoin rewards
You can’t move your earned bitcoin rewards to a different wallet, and once you sell, you’re subject to a 1.5% transaction fee. Sale proceeds are applied as a statement credit. Also note that selling bitcoin earned on rewards cards like these could result in capital gains taxes.
Potentially high interest rate
Depending on your financial situation, you may qualify for an interest rate on the high end of the possible APR range. If you have good or excellent credit, a card with an introductory 0% intro APR offer could be a better bet for financing a large purchase. The Wells Fargo Reflect® Card offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.49%, 23.99%, or 29.24% Variable APR. A personal loan could also be an option if you qualify for more favorable terms than the Upgrade Bitcoin Rewards Visa® Credit Card offers.
How To Decide If It's Right For You
If you plan to make a large purchase or carry credit card debt and want the ease and convenience of equal monthly payments at a fixed interest rate, the Upgrade Bitcoin Rewards Visa® Credit Card offers that with a side of oh-so-trendy bitcoin rewards. Other crypto cards have fewer limitations, however. And if bitcoin isn’t your main concern, you may qualify for a card with a generous sign-up bonus or 0% APR period instead.
» MORE: Credit cards with crypto rewards
Earn 1.5% cash back as you make payments on your purchases. Unpaid balances convert to installment plans with equal monthly payments at a fixed interest rate. The annual fee is $0.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
How does the Upgrade bitcoin card work?
You can use the Upgrade Bitcoin Rewards Visa® Credit Card to make purchases, and then pay back your balance in the form of fixed monthly payments at a fixed interest rate. As you make those payments, you’ll earn 1.5% in the form of bitcoin.
Can I buy crypto with the Upgrade card?
As you make payments on your Upgrade Bitcoin Rewards Visa® Credit Card, you’ll earn 1.5% back in the form of bitcoin rewards. Earned bitcoin rewards are held in a wallet provided by NYDIG, a custody and trading platform. However, you cannot earn rewards in the form of any other cryptocurrency with this card.
Which crypto card is best?
The best card for you can depend on what you’re looking for. The Upgrade Bitcoin Rewards Visa® Credit Card is unique because you make payments in equal monthly installments. However, other cards allow you to earn rewards in other cryptocurrencies or redeem rewards in other ways.
How do Upgrade cards work?
Upgrade cards work like a combination of credit cards and personal loans. You can make purchases with the card, but you’ll pay back your balance in the form of equal payments at a fixed interest rate. You can also borrow against your credit line by requesting funds be sent to your bank account. Upgrade offers cards that earn cash-back and bitcoin rewards when you make payments.
What credit score do you need for Upgrade?
Upgrade offers three cards that are available to applicants with average, good or excellent credit. They also offer a card for applicants who are working to improve their credit.
