Upgrade Card line of credit review
Borrowers with fair credit may qualify for credit lines up to $50,000.
- Best for someone who wants a flexible funding source with low, fixed monthly payments.
- Pick something else if you want to consolidate debt with a low APR.
Max. Loan Amount
6.49% to 29.99%
Min. Credit Score
Kathryn Pomroy was a writer for Finder, specializing in loans. She has written for dozens of major publications, small businesses and many well-known personal finance companies, including LendingTree, Money Crashers, Quickbooks/Intuit, BankRate, LendEDU and more. Kathryn holds a BA in Journalism and drinks super bold coffee while eating peanut butter and honey toast.
The Upgrade Card is a great solution if you’re looking for the fixed monthly payments of a personal loan, but the spending flexibility of a credit card. Each time you tap into your line of credit, you’ll get a fixed APR and payoff period of up to five years. It makes repayments easy to budget for, while still letting you spend when and where you need to.
However, if you live in one of the seven states outside of Upgrade’s service footprint or want to consolidate your debt, you’ll need to look elsewhere. With APRs that can reach as high as 29.99% and no 0% APR intro period, you can end up paying more than you might with a traditional debt consolidation loan or balance transfer credit card.
Not sure Upgrade is best for you? Take a look at more personal loan options below.
How much will this line of credit cost me?
There are no draw fees, prepayment penalties or cash transfer fees with the Upgrade line of credit, which helps cut down on costs. Each draw or group of draws turns into a five-year term loan with fixed monthly repayments, making it easy to budget.
You can get an idea of how much repayments will be depending on your draw amount, APR and repayment term with our calculator.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
The Upgrade line of credit comes with a Visa Upgrade card. You can use the card online or at retail locations where Visa is accepted, or get the funds sent directly to your bank account. However you choose to use the line of credit, you're limited to the maximum amount you're approved for — which can be between $500 and $50,000.
Pay down your balance by making equal payments each month, which can be debited directly from your bank account. Plus, there are no penalties for early repayments of any amount.
What do I need to qualify?
The Upgrade line of credit is currently offered to borrowers in 43 states. Other eligibility requirements include:
- Minimum credit score of 600
- Minimum annual income of $30,000
- Monthly cash flow of at least $800 to $1,000
- Maximum debt-to-income ratio of 60%
- Must be at least 18 years old
- US citizen or permanent resident
What information do I need to apply?
Have the following information on hand before applying:
- Recent pay stubs
- Recent bank statements, bank account number, routing number and name of your bank
- Government-issued ID like your driver’s license or passport
- Name, address, and phone number
- Social Security number
- Date of birth
- Employment information
- Salary and income
- Email address
In which states is the Upgrade line of credit available?
Currently, Upgrade offers its line of credit to borrowers living in all states except:
- New York
- West Virginia
- No minimum draw amount
- No origination fees
- Fixed interest rate
- No hits to your credit when you make a new draw
- Access to Upgrade’s online credit health tools
- Accepts cosigners
- The Upgrade Card can't be used at ATMs
- Bank account deposits can take four business days
- Not available in seven states
- Minimum $30,000 income is required
- Currently no mobile banking available
Compare other personal loan providers
Is Upgrade legit?
Upgrade reviews and complaints
|BBB customer reviews||4.8 out of 5 stars, based on 949 customer reviews|
|Trustpilot score||4.8 out of 5 stars, based on 6,096 customer reviews|
|Customer reviews verified as of||26 June 2020|
Overall, customers are satisfied with Upgrade’s helpful and friendly customer service and quick approval process. However, there are several 1-star reviews from people who were sent preapproval letters, but were then denied once they submitted their application online.
How to make the most of the Upgrade Card
To make the most of your line of credit, Upgrade offers tools to monitor your credit score for free. Once you sign up, you get personalized recommendations tailored to you, informational articles and resources to gain a better understanding of your credit score and trends in your spending behavior.
How do I apply?
You can fill out an application for the Upgrade line of credit online by following these steps:
- Go to the Upgrade website and click Get Started under Upgrade Card.
- Enter your contact information and income, then create an online account.
- Check the box agreeing to Upgrade’s terms and conditions.
Click Check Your Credit Line.
What happens after I apply?
You should receive a decision within minutes of submitting your application. If you're approved, you'll have instant access to your credit line. You can sign in to your online account and create a virtual card to use immediately, wait for the physical card to arrive or have the funds sent to your bank account. Transfers can take between one to four business days to arrive.
How do repayments work with an Upgrade line of credit?
With the Upgrade Card line of credit, you'll receive monthly statements through your online dashboard account. All monthly payments from any previous draws will be combined into one fixed payment, making it easy to budget each month. While some of your payments will go toward interest, others will go toward the principal — freeing up your credit line to borrow additional funds.
You won’t be on the hook for any fees or prepayment penalties with the Upgrade Card, meaning you can save on interest by paying off your line of credit faster. But keep in mind if there are changes to your credit score, employment or other risk factors, your interest rate and terms may change for future draws.