Upgrade unveils unlimited 1.5% Cash Back rewards program
By Pavithra R
San Francisco based Upgrade, a neobank that offers affordable and responsible credit to consumers has announced the launch of Upgrade Card’s first cashback rewards program.
The new program earns users unlimited 1.5% cashback on every purchase they make with the card that gets credited as cardholders make their monthly balance payments.
Upgrade Card is designed as a lower cost and as a responsible alternative to credit cards. It has no fees, low fixed rates and equal monthly payments that promote greater discipline and help consumers avoid the credit trap of traditional credit cards. Monthly charges are combined into installment plans payable over 24 to 60 months, committing users to the discipline of paying down their balance every month.
“Credit card companies typically reward their customers for spending more. That’s hardly the most responsible incentive in normal times, and is particularly irresponsible in the current environment. We’re rewarding our customers for doing what’s good for them: paying down their balance,” said Renaud Laplanche, Upgrade co-founder and CEO.
Anyone can apply to get enrolled in the Upgrade Card’s rewards program and start using their virtual card instantaneously until they get their physical card in the mail. Every Upgrade Card comes with a credit line of $500 to $20,000. Consumers can use the Upgrade Card everywhere Visa is accepted.
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.
Also, read Coinbase launches Coinbase Card, a cryptocurrency Visa debit card in the U.S.
IBSi Daily News Analysis
September 30, 2022
The Weekly Wrap: all you need to know by Friday COB | Sept 30thRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage