the Upgrade card, originally created as a hybrid credit card / installment loan product, unveils a cash back program.
Effective October 29, 2020, cardholders will receive 1.5% unlimited cash back on all purchases. The cash back earned will be applied to the next month’s balance on your card, almost like a prepayment on your bill.
Otherwise the Upgrade card remains the same. You can still use it as a credit card to make purchases. Pay your bill in full or carry a balance, which will turn into a fixed rate installment plan where you make equal payments over 24 to 60 months, depending on what you’re approved for.
You can also use the card to get a personal loan from your credit limit by requesting that the funds be sent directly to your bank account. In this case, you will also repay the loan in equal monthly installments. The current APR is 6.99% to 29.99% APR.
the Upgrade card has an annual membership fee of $ 0.