Upgrade Cash Rewards – How to apply

By Raquel Oliveira • 03/19/2025

Upgrade Cash Rewards: No annual fee and Low interest purchase rates.

The card Upgrade Cash Rewards is an innovative credit card that combines cash reward benefits with personal loan features.

Brought to you by Upgrade, a fintech company specializing in smart credit solutions, this card allows users to pay off their debts over time with more competitive interest rates than traditional credit cards, while paying for their daily transactions. 

In addition to cashback, the Upgrade Cash Rewards Card has a simple structure and no annual fee. This card is a great option for those looking for a way to save money and pay for purchases systematically. 

This card is perfect for those looking for an easy way to better control their personal finances and earn cash rewards without the hassle. If you’re looking for a card that combines cashback benefits with a more structured credit structure, the Upgrade Cash Rewards Card is for you.

How does theUpgrade Cash Rewards credit card work? 

The Upgrade Cash Rewards Card works in a very unique way compared to other credit cards. When you make purchases, the total amount of the transaction is converted into an installment balance with fixed monthly payments and lower interest rates than traditional cards. 

When you use the card to make purchases, you earn 1.5% cashback on every transaction you make. This cashback is automatically credited to your account, allowing you to use it to reduce your bill balance or even transfer it to your bank account. 

Another interesting feature is the possibility of creating fixed monthly installments for any balance you accumulate.This option allows you to better control your payments over time, without being surprised by high interest rates, something that is common with other credit cards.

Main benefits of Upgrade Cash Rewards

• Simple and straightforward cashback: The Upgrade Cash Rewards card offers 1.5% cashback on all purchases made with the card, with no categories or restrictions.

Cashback is accumulated automatically and can be used to pay bills or transferred to your bank account, giving you flexibility in redeeming your rewards.

• Low interest purchase rates: Unlike traditional credit cards that charge high interest rates on unpaid balances, the Upgrade Cash Rewards card allows you to convert your purchases into fixed monthly installments with low interest rates.

This provides a more economical way to spread payments over a longer period of time without straining your budget.

• No annual fee:One of the great benefits of the Upgrade Cash Rewards Card is that there is no annual fee. 

This makes the card even more accessible and advantageous for those who don’t want to pay annual membership or maintenance fees. This is a great option for those who want to collect rewards at no extra cost.

Cons of Upgrade Cash Rewards

• Variable interest rates: The Upgrade Cash Rewards Card offers lower interest rates than traditional credit cards, but the APR is variable and can be higher than some personal loan options.There is. This rate can be an inconvenience for people who can’t pay their bill in full immediately.
• Cashback Limitations on Certain Transactions:Although 1.5% cashback is applied to all purchases, the amount obtained through the rewards program may vary depending on other rewards credits with more specific categories or larger bonuses. 

When compared to cards, it may not be as advantageous.For example, those looking for cash back in travel or restaurant categories may find this card less competitive.

• Cashback redemption limitations: Cashback redemption is flexible, but transferring the amount to your bank account can take a short processing time.This may not be ideal for those who want instant access to benefits.

APR and fees

The Upgrade Cash Rewards Card has a variable APR ranging from 14.99% to 29.99%, depending on your credit score. Those with excellent credit will qualify for the lower end of this range, while those with lower credit scores may face higher interest rates.

One of its biggest advantages is that there is no annual fee, which helps you keep costs low while earning rewards.

However, other fees may apply depending on how you use the card. For example, balance transfers and cash transfers to a bank account may come with additional charges. Foreign transaction fees and ATM withdrawal fees can also increase costs if not carefully managed.

To avoid unnecessary charges, it’s best to pay off your balance in full each month and review the terms and conditions for any additional service fees.

How to Apply for the Upgrade Cash Rewards Card

Applying for the Upgrade Cash Rewards Card is a simple online process. You begin by visiting the Upgrade website and filling out an application with your basic personal information.

The first step is prequalification, which involves a soft credit check. This allows you to see your potential credit limit and APR without affecting your credit score.

If you prequalify and like the terms offered, you can proceed with the full application. At this stage, a hard credit check is performed, which may temporarily lower your credit score.

Once approved, you will receive your card and can start using it immediately. You can also manage your payments and rewards online or through the Upgrade mobile app.

Final Thoughts on the Upgrade Cash Rewards Card

The Upgrade Cash Rewards Card is an excellent choice for those who want a simple rewards system and predictable monthly payments.

Its 1.5% unlimited cash back makes it a great option for everyday spending, and no annual fee helps keep costs low. The structured repayment system makes it easier to manage debt and avoid long-term interest charges.

However, the lack of a 0% APR period and the fixed payment plan may not appeal to everyone. If you prefer more flexibility in managing payments or want a higher cash back rate, other cards may be a better fit.

Overall, if you want a straightforward, no-fee credit card with rewards and built-in debt management, the Upgrade Cash Rewards Card is worth considering.