The Upgrade Card is a great solution if you’re looking for the fixed monthly payments of a personal loan, but the spending flexibility and potential rewards 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% variable 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 credit card options to compare before making your decision.
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.
How it works
The Upgrade line of credit comes with a Visa Upgrade Card. 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.
Upgrade now offers six card types:
- Cash Rewards
- Life Rewards
- Triple Cash Rewards
- Bitcoin Rewards
- Upgrade Card (basic)
- Upgrade OneCard
All rewards cards require good to excellent credit, while the basic card is available to those with fair to excellent credit.
Compare Upgrade credit cards
What do I need to qualify?
Eligibility requirements differ between the card types. For the basic card, you’ll need to meet the following criteria.
- Have a valid email address
- Have a verifiable bank account
- 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
- Salary and income
- Employment information
- Recent bank statements, bank account number, routing number and name of your bank
- Name, address, phone number and email address
- Social Security number and date of birth
- Government-issued ID like your driver’s license or passport
- Potential cashback rewards, depending on card selected
- No minimum draw amount
- No origination fees
- Accepts cosigners
- The Upgrade Card doesn’t have ATM access
- Bank account deposits can take four business days
- May not be available in all states depending on the card
Is Upgrade legit?
Yes, Upgrade launched in 2017 and is a legitimate service. Besides personal loans and the Upgrade Card, it offers borrowers access to free credit monitoring, credit products for applicants with fair credit scores, credit alerts and financial education tools.
Upgrade reviews and complaints
|BBB customer reviews||4.67 out of 5 stars, based on 1682 customer reviews|
|Trustpilot Score||4.6 out of 5 stars, based on 37,370 customer reviews|
|Customer reviews verified as of||16 December 2022|
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 received 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?
Fill out an application for the Upgrade line of credit online by following these steps:
- Go to the Upgrade website and choose Upgrade Card then Get started for the card you want to apply for.
- Enter your contact information and income, then create an online account.
- Check the box agreeing to Upgrade’s terms and conditions.
- Select Check your credit line.
What happens after I apply?
You should receive a decision within minutes of submitting your full application. If you’re approved, you’ll have instant access to your credit line.
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.
Get an idea of how much repayments will be depending on your draw amount, APR and repayment term with our calculator.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
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