Takeaways
- Upgrade’s Cash Rewards card combines credit card and personal loan features.
- Credit limits range from $500 to $25,000 for the Upgrade Cash Rewards card.
- The Upgrade Cash Reward Visa credit card is an unsecured credit card.
- Credit card holders earn a fixed 1.5% cash back on all purchases; terms apply.
- Upgrade’s Cash Rewards Visa card allows you to take out cash advances and provides a set draw length.
The average credit score in the United States is 715.[1] However, if you are someone who is working on building or rebuilding credit while earning cash-back rewards, the Upgrade card is a credit card worth considering. The Upgrade Cash Rewards Visa® is a unique credit card that combines the flexibility of a credit card with the payment structure of a personal loan. Here’s our take on the credit card.
Overall Credit Card Rating
Best for: Rebuilding credit
Favorite feature: Structured payment plan
Why we liked it: The Upgrade Cash Rewards Visa Credit Card is an easy-to-use credit card that gives cardholders the best of both worlds: access to a credit-building credit card and the ease of installment payments. This unique blend of features allows you the ability to space out your monthly credit card payments better. Our team thinks this feature helps with budgeting, will enable cardholders to focus on rebuilding their credit, and will help new cardholders get accustomed to building smart money habits.
Take the Next Step:
On Upgrade’s Website
Upgrade Credit Card
Smart Money Rating: 5/5
Cash Back: 1.5%
Best For: Establishing Credit History
Credit Line: $500 – $25,000 (Terms Apply)
🔥💸🚨 Deal Alert: $200 bonus when you open an Upgrade Checking Plus Account and make three debit card transactions within 60 days of opening the account.
Overview: Upgrade Cash Rewards Credit Card
The Upgrade Cash Rewards Visa stands out because it merges traditional credit card use with installment-style repayments. Here is a closer look at some of its key features[2]:
- Annual Fee - The Upgrade Cash Rewards Visa comes with no annual fee, making it an appealing option for cost-conscious consumers.
- Credit Limit - Credit limits typically range from $500 to $25,000, depending on your credit profile and income. Upgrade offers a prequalification process that allows you to see your potential credit limit without affecting your credit score. (Learn How to Increase Your Credit Limit over time).
- Rewards - Cardholders earn 1.5% cash back on every purchase, which is a straightforward and competitive rewards rate. You don’t have to deal with the complexity of travel rewards programs.
- APR - The Annual Percentage Rate (APR) ranges from 14.99% to 29.99%, based on creditworthiness. However, what sets this card apart is that balances are repaid in equal monthly installments rather than revolving credit card balances, which helps minimize the accumulation of interest over time. (Here’s How to Read a Credit Card Statement).
- Balance Transfer - Currently, the Upgrade Cash Rewards Visa does not support traditional balance transfers. However, you can use the card’s line of credit to pay off existing credit card debt in the form of a personal loan, which could be a workaround. (Read more about Balance Transfer Credit Cards)
How Does an Upgrade Cash Rewards Card Work?
When you use the Upgrade Cash Rewards Visa, your charges are consolidated into a monthly installment loan. Rather than carrying a revolving balance and making minimum payments, you will repay what you borrow in fixed monthly installments over a set term, usually between 12 and 60 months.
If you need cash from your Upgrade Cash Rewards Card, it works differently than a traditional credit card cash advance. Instead of having the cash advance added to your revolving line of credit, you can access the cash directly from your line of credit and have it deposited into your checking or savings account, similar to how a personal loan works. This flexibility makes the card more versatile than many traditional credit products.
Read More: Are Credit Card Cash Advances a Great Idea?
How to Sign Up for the Upgrade Visa Credit Card?
Signing up is a relatively straightforward process that starts with a soft credit pull for prequalification. Here is what the application process generally looks like:
- Visit the Upgrade website and navigate to the Upgrade Cash Rewards Visa Credit Card page.
- Fill in basic personal information, employment information, annual income details, and contact information. (Read about HENRYs).
- If you already have an Upgrade account, you can sign in to your account to have this information auto-populate. If you prequalify, you can review your credit line, interest rate, and other card terms.
- You can accept the offer, which will include your credit line, APR, and draw length (the period during which you can access the line of credit).
- Cardholders can start using credit cards almost immediately, but it will take about one to two weeks to receive a physical card in the mail.
Read More: 7 Surprising Reasons You Should Use Your Credit Card
Where can you use the Upgrade Credit Card?
The Upgrade Cash Rewards Visa Credit Card can be used anywhere Visa is accepted.
You can link it to your Apple Pay account, use another mobile payment method, or utilize the Upgrade mobile app.
Pros of the Upgrade Credit Card
- Predictable Payments: The installment loan structure helps prevent debt from snowballing and gives you a precise payoff date. (Read about how to Read a Credit Card Statement).
- Competitive Rewards: 1.5% cash back on every purchase with no cap is a solid offer, especially for a card marketed toward those with average credit. (Read more about Cash Back Reward Credit Cards).
- No Annual Fee: You can enjoy the rewards without paying an annual fee to use the card. However, there are fees associated with late payments.
- Soft Credit Check for Prequalification: You can check your eligibility and rates without damaging your credit score. (Read about how Hard Inquiries can influence your credit score).
- Versatile Credit Access: Use the card for purchases or request a direct deposit of funds into your checking account.
Cons of the Upgrade Credit Card
- No Balance Transfer Option: While you can use the loan function to pay off other cards, there’s no traditional balance transfer feature. (Read more about Balance Transfer Cards).
- High APR for Some Borrowers: If you have less-than-stellar credit, your interest rate could land on the higher end of the scale. (Read about how the Annual Percentage Rate Works).
- Monthly Installments May Not Suit Everyone: Some consumers prefer the flexibility of revolving credit, especially if they can pay off purchases before interest accrues. (Read more about taking out a Personal Line of Credit).
Where the Upgrade Card Shines
If you have struggled with managing credit card debt in the past, the installment structure can provide a helpful level of discipline. Upgrade makes this card accessible to a wide range of borrowers, including those rebuilding credit. It also offers 1.5% cash-back rewards, which is a rarity in credit builder products and well over the national average of 1.14%.[3]
Read Also: What Is a Debt Management Plan?
Where the Upgrade Card Can Improve
While the Upgrade Cash Rewards Visa excels in predictability and simplicity, it falls short in terms of perks. It does not offer low introductory APRs, balance transfer capabilities, or travel benefits like other cards do.
To learn more about different types of credit cards, explore our credit card resources. Get up to speed on how to improve your credit score or the steps you need to take to get your free credit report.
Smart Summary
The Upgrade Cash Rewards Visa is an ideal card if you want the structure of a personal loan combined with the flexibility of a credit card. With a flat 1.5% cash-back rate, no annual fee, and a user-friendly payment model, this card is ideal if you have an average credit score and are prioritizing paying down debt efficiently.
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(1) Experian. What Is the Average Credit Score in the US? Last Accessed June 23, 2025.
(2) Upgrade. Cash Rewards. Last Accessed June 23, 2025.
(3) WalletHub. Credit Card Landscape Report. Last Accessed June 23, 2025.
