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3. Upgrade Cash Rewards Visa® review: Potential for a lower APR

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reviews

4

Rating: 4 out of 5.

Great for a loan alternative with rewards

Annual Fee: $0

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Upgrade Cash Rewards Visa® or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $5,422, with $500 being the most common.

Here’s the average credit score of members who matched their Upgrade Cash Rewards Visa® or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 678, with 746 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

36.5%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

45 years

Average age of members who matched this card or similar cards.

$91,048

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Potential for a high credit limit

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Ability to prequalify

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Chance for a lower APR

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Not a traditional credit card

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Mediocre rewards rate

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Earn rewards on payments instead of purchases

Upgrade Cash Rewards Visa® core features

The Upgrade Cash Rewards Visa® card offers a revolving credit line with some of the same benefits you can get with a traditional credit card. Here are some of the most important aspects of this card and how they work.

It’s a personal line of credit

Unlike traditional credit cards, the Upgrade Cash Rewards Visa® card offers a revolving credit line that works more like a personal loan. Once approved, you can use your line of credit to pay for purchases or have cash deposited into your bank account — and you’ll make predictable, set payments each month on your balance.

Minimal rewards on payments, not purchases

With most traditional rewards credit cards, you’ll earn cash back, points or miles when you make a purchase. With this card, you don’t earn rewards until you pay back your purchases. Then your rewards will be applied to your balance as a statement credit.

Also this card’s reward rate is 1.5%, which isn’t great (you might see different offers through Credit Karma). If you’re looking to maximize your rewards, you might want to consider other cash back credit card options.

Potential for a high credit line

Upgrade offers credit lines ranging from $500 to $25,000, though many will be $15,000 or less. What’s more, you can get an idea of what your credit line might be without a hard credit check.

But heads up on the APR: It ranges from 14.99% - 29.99% depending on your credit history and other factors. The lowest rate requires autopay.

What else you need to know about the Upgrade Cash Rewards Visa®

Beyond the basics of how the card works, here are some other details to know about the Upgrade Cash Rewards Visa® card.

• The card doesn’t charge an annual fee.
• Payments made on non-purchase transactions, such as withdrawals to your bank account, don’t qualify for cash-back rewards.

Who this card is good for

The Upgrade Cash Rewards Visa® card could be a good option for someone who wants a little more flexibility with their everyday spending card. While you can use the card as you would a traditional credit card for in-store and online purchases, you can also withdraw funds from your line of credit directly to your bank account without additional fees.

That said, because you’re paying off purchases over a fixed amount of time, your monthly payments may end up being higher than a standard credit card minimum payment.

Not sure this is the card for you? Consider these alternatives.

If you’re unsure about the Upgrade Cash Rewards Visa® card, take some time to consider other options that might be a better fit for you. You could also consider a personal loan, since this card works in a similar way. But if you’re in the market for a card, depending on your needs and preferences, here are some alternatives.

• Upgrade Triple Cash Rewards Visa®: Consider this card if you like the idea of a hybrid card but want the chance to earn more rewards on select categories.
• Wells Fargo Active Cash® Card: This card can be a good option for someone who wants to maximize rewards on every purchase.
• Wells Fargo Reflect® Card: Use this card to finance a large purchase and pay it off over time with no interest.