Upgrade announces new credit card featuring bitcoin rewards

By Pavithra R

San Francisco based Upgrade, a neobank that offers affordable and responsible credit to consumers has announced the launch of Upgrade Bitcoin Rewards Card, a new version of Upgrade Card featuring bitcoin rewards.

Under the new program, users will earn unlimited 1.5% bitcoin rewards on every purchase as they make payments. Upgrade Bitcoin Rewards Card has no card fees and low fixed rates and comes with credit lines of $500 to $25,000.

“Upgrade Card is already delivering over $3 billion in annualized credit to consumers. Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning bitcoin,” said Renaud Laplanche, co-founder and CEO at Upgrade.

As with every Upgrade Card, the new credit card promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance.

The custody and trading platform for holding and selling bitcoin is provided by NYDIG. The Upgrade Bitcoin Rewards Card is a Visa Signature card, which includes benefits such as trip and baggage insurance, purchase protection, and extended warranty coverage.

“Crypto rewards introduce cardholders to a new asset class that is increasingly part of a consumer’s financial portfolio. Whether you’re a crypto enthusiast or just getting started, programs like the Upgrade Bitcoin Rewards Card offer an engaging and low-risk way to participate in the crypto economy,” said Terry Angelos, SVP and Global Head of Fintech at Visa.

Founded in 2017, Upgrade aims to deliver frictionless mobile banking and value to its customers. It offers personal loans and cards, together with credit monitoring and education tools, helping consumers to have greater control over their money. The Upgrade Card is issued by Sutton Bank, Member FDIC, under license from Visa U.S.A. Cardholders must hold their bitcoin rewards for at least 90 days, and may then sell at any time subject to a 1.5% transaction fee.