The Upgrade Card is a great solution if you’re looking for the fixed monthly payments of a personal loan, but the spending flexibility and potential rewards of a credit card. Each time you tap into your line of credit, you’ll get a fixed APR and payoff period of up to five years. It makes repayments easy to budget for, while still letting you spend when and where you need to.
However, if you live in one of the seven states outside of Upgrade’s service footprint or want to consolidate your debt, you’ll need to look elsewhere. With APRs that can reach as high as 29.99% variable and no 0% APR intro period, you can end up paying more than you might with a traditional debt consolidation loan or balance transfer credit card.
Not sure Upgrade is best for you? Take a look at more credit card options to compare before making your decision.
There are no draw fees or prepayment penalties with the Upgrade line of credit, which helps cut down on costs. Each draw, or group of draws, turns into a five-year term loan with fixed monthly repayments — making it easy to budget.
The Upgrade line of credit comes with a Visa Upgrade Card. Use the card online or at retail locations where Visa is accepted, or get the funds sent directly to your bank account. However you choose to use the line of credit, you’re limited to the maximum amount you’re approved for — which can be between $500 and $25,000.
Pay down your balance by making equal payments each month, which can be debited directly from your bank account. Plus, there are no penalties for early repayments of any amount.
Upgrade now offers five card types:
All rewards cards require good to excellent credit, while the basic card is available to those with fair to excellent credit.
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each credit card in our database of hundreds based on a data-driven methodology with 3 main criteria: Does the card offer rewards? Does the card have an annual fee? What's the card APR%?
Eligibility requirements differ between the card types. For the basic card, you’ll need to meet the following criteria.
Have the following information on hand before applying:
Yes, Upgrade launched in 2017 and is a legitimate service. Besides personal loans and the Upgrade Card, it offers borrowers access to free credit monitoring, credit products for applicants with fair credit scores, credit alerts and financial education tools.
Its website is secured by McAfee. And it provides an easy-to-access privacy policy that details how it uses any information you provide, as well as how you can opt out of sharing.
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.41 out of 5 stars, based on 2041 customer reviews |
| Trustpilot Score | 4.4 out of 5 stars, based on 40,836 customer reviews. |
| Customer reviews verified as of | 22 August 2024 |
Overall, customers are satisfied with Upgrade’s helpful and friendly customer service and quick approval process. However, there are several 1-star reviews from people who received preapproval letters, but were then denied once they submitted their application online.
To make the most of your line of credit, Upgrade offers tools to monitor your credit score for free. Once you sign up, you get personalized recommendations tailored to you, informational articles and resources to gain a better understanding of your credit score and trends in your spending behavior.
Fill out an application for the Upgrade line of credit online by following these steps:
You should receive a decision within minutes of submitting your full application. If you’re approved, you’ll have instant access to your credit line.
Sign in to your online account and create a virtual card to use immediately, wait for the physical card to arrive or have the funds sent to your bank account. Transfers can take between one to four business days to arrive.
With the Upgrade Card line of credit, you’ll receive monthly statements through your online dashboard account. All monthly payments from any previous draws will be combined into one fixed payment, making it easy to budget each month. While some of your payments will go toward interest, others will go toward the principal — freeing up your credit line to borrow additional funds.
You won’t be on the hook for any fees or prepayment penalties with the Upgrade Card, meaning you can save on interest by paying off your line of credit faster. But keep in mind if there are changes to your credit score, employment or other risk factors, your interest rate and terms may change for future draws.
Get an idea of how much repayments will be depending on your draw amount, APR and repayment term with our calculator.
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Are you looking for something different than what Upgrade offers? Explore more options with our guides to the best lines of credit and credit cards.
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