Kudos has partnered with CardRatings and Red Ventures for our coverage of credit card products. Kudos, CardRatings, and Red Ventures may receive a commission from card issuers. Kudos may receive commission from card issuers. Some of the card offers that appear on Kudos are from advertisers and may impact how and where card products appear on the site. Kudos tries to include as many card companies and offers as we are aware of, including offers from issuers that don't pay us, but we may not cover all card companies or all available card offers. You don't have to use our links, but we're grateful when you do!
Upgrade Cash Rewards Card Review: The Ultimate Hybrid Credit Solution for 2024
What Is the Upgrade Cash Rewards Card?
The Upgrade Cash Rewards Visa® is a groundbreaking financial product that combines the convenience of a credit card with the predictability of installment loans. With no annual fee and a competitive fixed APR ranging from 14.99%-29.99%, this card offers a structured repayment plan that helps cardholders avoid the debt trap often associated with revolving credit lines.
Key Features and Benefits
Rewards Structure
- 1.5% cash back rewards on all purchases
- Automatic reward redemption as statement credit
- No earning threshold or reward caps
- No bonus categories to track
Credit-Building Features
- Reports to all three credit reporting agencies
- No security deposit required
- Prequalify without impacting your credit score
- Credit limits from $500 to $25,000
Upgrade Cash Rewards Card Pros and Cons
Pros
- No annual fee
- High cash back rate for fair credit
- Fixed-rate APR on purchases
- Structured monthly payment plans
- Flexible credit limit increases
- No penalty APR
Cons
- No welcome bonus offer
- No zero percent intro APR
- Cannot bank rewards for later use
- Limited availability in some states
Who Should Consider the Upgrade Cash Rewards Card?
vs. Traditional Cash Back Cards
When compared to competitors like the Chase Freedom Unlimited® or Citi Double Cash® Credit Card, the Upgrade card offers unique flexibility factors. While these traditional cards may offer higher reward rates or introductory APR periods, they don't provide the structured repayment feature that makes the Upgrade card unique.
vs. Credit-Building Cards
Against credit-building options like the OpenSky® Secured Visa® Credit Card or Petal 2 Cash Back No Fees Visa Credit Card, the Upgrade card stands out by not requiring a security deposit while still offering competitive rewards.
Smart Ways to Maximize Your Benefits
- Use for planned large purchases
- Take advantage of the payoff-based rewards program
- Monitor credit score improvements through credit-building tools
- Consider balance transfer opportunities
- Track your annual rewards earnings
Consider Using Kudos to Maximize Your Rewards
While the Upgrade Cash Rewards Visa® offers solid benefits, you can enhance your rewards even further by using Kudos, a free AI-powered shopping extension. Kudos automatically recommends the best card to use for each purchase, helping you earn up to 5X more rewards during special Flash Boost events. Currently, new users can earn $20 back on their first eligible purchase using code "GET20".
Our Expert Takeaway
The Upgrade Cash Rewards Visa® fills a unique niche in the credit market, offering a hybrid solution that combines credit card flexibility with personal loan stability. While it may not compete with premium rewards cards, it's an excellent choice for consumers seeking predictable payments and solid cash back rewards.
Upgrade Cash Rewards Card FAQ
What credit score do I need for the Upgrade Cash Rewards Card?
A minimum FICO score of 600 is typically required, though approval odds vary based on overall creditworthiness.
How does the rewards redemption work?
Cash back rewards are automatically applied as a statement credit to your next monthly payment.
Can I get a credit limit increase?
Yes, Upgrade reviews accounts periodically for credit line increases based on payment history and credit profile.
Does the card offer balance transfers?
Yes, balance transfers are available with a fee of up to 5% and variable APR based on credit or market conditions.
How does the installment plan feature work?
Purchases are converted into fixed monthly payments with a fixed APR, similar to personal loan terms.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
.webp)
