Upgrade Launches No-Fee OneCard with Up to 3% Cash Back
Upgrade, a fintech company that offers credit, mobile banking and payment products, today announced the launch of Upgrade OneCard. This new product gives users a single card to meet all their payments needs: cardholders use the “Pay Now” option for everyday expenses to make sure they stay within budget and avoid paying interest or fee charges, and use “Pay Later” to spread payments over time.
Upgrade OneCard combines the benefits of both credit and debit cards. Designating purchases as Pay Now helps users stay within budget and avoid any interest or fee charges, while using Pay Later lets users spread their payments over time. Users earn rewards on both Pay Now and Pay Later purchases: 3% cashback on many everyday purchases including restaurants, gas stations, and drug stores, and 2% cashback on all other purchases when combined with an Upgrade Rewards Checking Account. Both options offer the fraud protection of credit cards.
Upgrade OneCard is a credit card that includes a Pay Now option which pays off selected purchases automatically from the cardholder’s bank account the day after the purchase settles. This can help users avoid creating unintentional credit card debt on everyday charges that they intend to pay for right away. For purchases that users want to pay for over a few months or years, the Pay Later option lets them pay off their purchases responsibly with fixed installment plans. Upgrade OneCard is a Visa card; all charges will settle through the Visa network.
Upgrade also has its flagship product Upgrade Card, which promotes responsible credit by turning every balance into a fixed-rate installment plan, and by offering rewards to cardholders as they pay down their balance.
$400 Bonus with Rewards Checking
There’s also a $400 bonus for new customers who open a Rewards Checking account. You are not required to open a Rewards Checking account through Upgrade to get OneCard. You may choose during the application process whether you wish to open a Rewards Checking account; that choice has no bearing on your likelihood of approval.
If you are approved for OneCard, when you activate your card, you may choose to use any ACH-capable deposit account from your bank of choice. If you choose an external deposit account, your cash back rewards will be lower—1.5% across all purchases, earned after you make repayments—and you will not be eligible for Extra Spending Power.
Rewards Checking customers earn 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers earn 1% cash back on all eligible debit card charges for the remainder of the year.
To qualify for the $400 welcome bonus, you must open a new Rewards Checking account through Upgrade and make 3 qualifying purchases on your Upgrade OneCard and/or Rewards Checking debit card within 60 days of your Upgrade OneCard account opening. Non-purchase transactions, such as sending funds electronically to your bank account, do not qualify.
The bonus will be applied as a one-time credit to your account and will not otherwise reduce the amount of your regular monthly payments. The bonus credit will be posted to your Upgrade OneCard as a statement credit within 1–2 billing periods following the third card transaction. Your Upgrade OneCard must be in good standing to receive or redeem a bonus.