If you’re looking for a credit card that offers both flexibility and predictable financing, then the Upgrade Cash Rewards Visa Card may be the perfect fit for you. This unique card acts as a credit card and a personal loan, providing you with a credit line and fixed payments. Plus, it comes with the added benefit of earning 1.5% cash back on all card purchases. Let’s take a closer look at what this card has to offer.
How It Works
Unlike traditional credit cards, the Upgrade Cash Rewards Visa Card operates differently. Once approved, you’ll be assigned a credit line ranging from $500 to $50,000 based on your creditworthiness. This credit line determines your APR and installment payment terms, which can vary from 12 to 60 months.
You have the option to draw funds from your credit line directly to your bank account or use the card for purchases wherever Visa is accepted. And the best part is, all card purchases earn unlimited 1.5% cash back, which goes towards reducing your account balance. Instead of a minimum monthly payment, the card creates an installment plan with fixed monthly payments and interest based on your current balance at the end of each month.
Pros & Cons
Let’s break down the pros and cons of the Upgrade Cash Rewards Visa Card:
Pros:
- No annual fee
- Earns 1.5% cash back on all card purchases
- Fixed monthly payments
Cons:
- Potentially high APR
- Few additional card benefits
- Bonus offer requires opening a checking account and meeting transaction requirements
Is This Card Right for You?
The Upgrade Cash Rewards Visa Card is ideal for individuals who want to finance large purchases or struggle with managing credit card balances month to month. With predictable monthly payments and the potential for lower APR rates, it’s a great option for those with fair credit. However, if you have good to excellent credit, you may want to consider other credit cards with more favorable terms and rates.
How It Stacks Up
While the Upgrade Cash Rewards Visa Card offers unique benefits, it may not be suitable for everyone. Consider these other credit cards when making your decision:
- Discover it Cash Back: This card earns 5% cash back on rotating spending categories and offers a 0% intro APR for 15 months on purchases and balance transfers.
- Chase Freedom Flex: With this card, you can earn 5% cash back on rotating spending categories, as well as 3% cash back on dining and drugstore purchases.
By pairing the Upgrade Cash Rewards Visa Card with another credit card that earns higher cash back rates in categories that match your spending habits, you can maximize your rewards potential.
Bottom Line
Although the Upgrade Cash Rewards Visa Card may not be the best option for everyone, it offers a unique combination of benefits for individuals with fair credit. If you’re looking for flexible financing and the opportunity to earn cash back on all your purchases, this card is worth considering.