It looks like a credit card, but it acts like a loan. The Upgrade Visa® Card with Cash Rewards is a unique personal finance tool that helps you make large purchases without getting in over your head in interest.
It’s the best of both worlds -the protection of a credit card with the predictability of an installment loan.
Should you consider the Upgrade Visa® Card with Cash Rewards?
Check out our review below.
What is the Upgrade Visa® Card with Cash Rewards?
The Upgrade Visa® Card with Cash Rewards is a credit card with a twist. You get the credit line you’d get with a credit card, usually between $500 - $50,000 ($20,000 is the max for most people). You can borrow against the limit as many times as you want. You can even ‘borrow as you go’ which means you may increase your credit limit when you need more.
How Does it Work?
You can apply for the Upgrade Visa® Card with Cash Rewards online and have answers within minutes. It doesn’t harm your credit score to check eligibility and it’s free.
Once you apply for the Upgrade Visa® Card with Cash Rewards and get approved, you have access to your credit line or personal line of credit. While you wait for the physical card in the mail, you’ll have access to a virtual card to use right away. You can use it as you wish, swiping the card for a purchase or transferring funds to your linked bank account.
At the end of each month, the Upgrade Visa® Card with Cash Rewards totals your purchases and creates an installment loan repayment plan complete with a predetermined loan period and interest rate. You don’t have to worry about variable interest rates or making minimum payments and paying excessive interest as you carry the balance over.
Your interest rate and terms are determined when you apply. The terms range from 12 to 60 months and is dependent on your credit score.
Who Should Use the Upgrade Visa® Card with Cash Rewards?
Anyone who’s tired of high credit card interest rates or getting stuck in credit card debt for decades is a good candidate for the Upgrade Visa® Card with Cash Rewards.
It puts the days of minimum payments, excessive interest, and balances that seem to go nowhere behind you. With the same protection of a credit card (fraud protection and purchase protection), you get the security without the debt.
You’ll know exactly how long it will take to pay off the amount you borrowed, and you can see your progress at any time by logging onto the mobile app.
The Upgrade Visa® Card with Cash Rewards Features
- Low APRs starting at 6.99%
- No annual fee
- No prepayment fees
- Includes free fraud protection
- Includes free purchase protection
- Access to free credit score reporting
- Use the Upgrade Visa® Card with Cash Rewards anywhere Visa is accepted
- Set up automatic payments for a lower APR and convenience
Does the Upgrade Visa® Card with Cash Rewards charge any fees?
No, the Upgrade Visa® Card with Cash Rewards is 100 percent free. There are no setup fees, activation fees, or monthly maintenance fees. You can also prepay the balance at any time without incurring a prepayment penalty.
When will you pay the balance off?
You’ll know when you get the card, what type of term you’ll receive. You’ll have a fixed payment and predetermined payoff date that you’ll know right from the start. This makes it easier to budget your payments and ensure you pay the balance off.
Can you use it as a balance transfer card?
Technically, the Upgrade Visa® Card with Cash Rewards doesn’t allow balance transfers, but there’s an easy way around it. Instead of paying the card off directly with the Upgrade Visa® Card with Cash Rewards, transfer the funds to your bank account. Use the funds from your bank account to pay off the credit cards. You now have the balance on your Upgrade Visa® Card with Cash Rewards with an installment loan structure, less interest, and quicker payoff.
How is the Upgrade Visa® Card with Cash Rewards different than a credit card?
The purchasing part of the Upgrade Visa® Card with Cash Rewards is the same as a credit card. You have a credit limit, but you can always request to borrow more, so you don’t have to worry about over-the-limit fees. The Upgrade Visa® Card with Cash Rewards also has a fixed interest rate and fixed payments, unlike a credit card’s minimum monthly payments. This means you chip away at the principal faster, accruing less interest and paying the balance off a lot faster.
How is the Upgrade Visa® Card with Cash Rewards reported on your credit report?
Even though it looks like a credit card, the Upgrade Visa® Card with Cash Rewards isn’t reported as revolving credit. Instead, it reports as a personal loan. This means your credit utilization rate (the amount of debt that’s outstanding compared to your credit lines) isn’t affected, which means your credit score remains unaffected.
Can you have funds sent to your bank account?
Yes, the Upgrade Visa® Card with Cash Rewards works like a credit card when you need that flexibility, but you can also draw funds into your bank account. The payment calculations and terms work the same way as they do if you swipe the card at a store.
Is the Upgrade Visa® Card with Cash Rewards Right for You?
If you rely on credit cards for the fraud and purchase protection, but don’t like the high APRs and never-ending balance, the Upgrade Visa® Card with Cash Rewards is a great choice. You get the ‘credit card usefulness’ with the personal loan terms.
You’ll get out of debt faster, paying your purchases off without paying crazy amounts of interest, ruining your credit score, or putting yourself in over your head in debt.