Upgrade

Upgrade is a fintech unicorn that provides credit and banking products to mainstream consumers. It is best known for the "Upgrade Card," a credit card that turns balances into fixed-rate installment plans, helping users save money on interest compared to traditional revolving credit cards. Upgrade also offers personal loans and high-yield savings accounts.

The company focuses on responsible credit, rewarding users for paying down debt. It is a legitimate financial platform that has extended billions in credit. For savers, Upgrade offers Premier Savings accounts with APYs often well above the national average.

Frequently Asked Questions

1. Is Upgrade a bank?

Upgrade is a financial technology company, not a bank. Banking services are provided by Cross River Bank, Member FDIC. This means your savings deposits are insured up to $250,000, ensuring your money is safe.

2. How does the Upgrade Card work?

The Upgrade Card functions like a Visa credit card, but any balance you carry at the end of the month is automatically converted into an installment loan with a fixed rate and term. This prevents the trap of minimum payments and helps you pay off debt faster.

3. specific cash back rewards?

Yes, the Upgrade Card offers cash back rewards, typically 1.5% on all purchases when you pay them back. This unique structure incentivizes paying off your debt, as you only receive the rewards as you make payments on your balance.

4. Can I get a personal loan?

Yes, Upgrade offers personal loans ranging from $1,000 to $50,000. These loans can be used for debt consolidation, home improvements, or major purchases. You can check your rate online without affecting your credit score.

5. specific fees?

Upgrade does not charge prepayment penalties, so you can pay off your loan early to save on interest. However, personal loans may have an origination fee (1.85% to 8.99%) deducted from the loan proceeds upon funding.