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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.

Details

Min. Loan Amount$500
Max. Loan Amount$50,000
APR8.99% to 29.99%
Interest Rate TypeFixed
Min. Credit Score600
Loan TermUp to 5 years
Turnaround Time4 business days
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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

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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.

Upgrade now offers four card types.

  • Cash rewards
  • Triple cash rewards
  • Bitcoin rewards
  • Basic Upgrade Card

All rewards cards require good to excellent credit, while the basic card is available to those with fair to excellent credit.

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

Pros

  • Potential cashback rewards, depending on card selected
  • No minimum draw amount
  • No origination fees
  • Accepts cosigners

Cons

  • The Upgrade Card can't be used at ATMs
  • Bank account deposits can take four business days
  • May not be available in all states depending on the card

Compare other personal loan providers

Name Product Filter Values APR Min. Credit Score Loan Amount
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 35.99%
600
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
4.99% to 17.99%
650
$600 to $25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
5.74 to 20.28%
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Monevo personal loans
1.99% to 35.99%
None
$500 to $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Tally+ Express Line of Credit
7.9% to 25.9%
660
$2,000 to $30,000

Only available for Line of Credit and Debt consolidation

Upgrade personal loans
5.94% to 35.97%
600
$500 to $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Avant personal loans
9.95% to 35.99%
600
$2,000 to $35,000
Conveniently check your loan options without affecting your credit score.
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Compare up to 4 providers

Is Upgrade legit?

Yes, Upgrade launched in 2017 and is a legitimate service. Besides personal loans and the Upgrade Card, it gives borrowers access to free credit monitoring, affordable credit products, credit alerts and financial education tools. Its website is secured by McAfee. And it provides an easy-to-access privacy policy that details how it uses any information you provide, as well as how you can opt out of sharing.

Upgrade reviews and complaints

BBB accreditedYes
BBB ratingA
BBB customer reviews4.67 out of 5 stars, based on 1692 customer reviews
BBB customer complaints282
Trustpilot score4.6 out of 5 stars, based on 17,992 customer reviews
App Store score4.8 out of 5 stars, based on 4,100 customer reviews
Google Play score4.7 out of 5 stars, based on 2,128 customer reviews
Customer reviews verified as of17 September 2021

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:

  1. Go to the Upgrade website and click Upgrade Card then Get started for the card you want to apply for.
  2. Enteryour contact information and income, then create an online account.
  3. Check the box agreeing to Upgrade’s terms and conditions.
  4. Click 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. 

Not ready to commit to Upgrade? Explore more options with our guides to the best lines of credit and personal loans.

Review by


Rhys Subitch is a former writer and editor at Finder who tackled topics across the site. With half a decade of experience researching, editing, and writing for a Fortune 500 company, university, and several independent publications, Rhys brought readers the most up-to-date and curated information on all things finance.

Expert review

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% 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.

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