Upgrade Card Adds Online Shopping Mall With More Than 20,000 Merchants

Cardholders can turn monthly balances into a fixed-rate installment loan.

Fintech company Upgrade has launched an online shopping mall for its cardholders. The Upgrade Shopping platform offers cash back from more than 20,000 local and national merchants. If a cardholder earns cash-back rewards with their credit card, this program will offer rewards on top of what they already get with their card.

Key Takeaways

  • Upgrade has launched Upgrade Shopping, offering cash-back deals with more than 20,000 individual retailers.
  • Upgrade cardholders can take advantage of the extra cash back by using their card when shopping in-store with participating merchants or online by using the "Shop" button in the Upgrade mobile app or on the company's website.
  • The Upgrade Card is technically not a credit card, functioning more as a personal line of credit with fixed interest rates.

Upgrade Cardholders Can Earn Cash Back While They Buy Now and Pay Later

The Upgrade cards are unique in the credit card space because they're not actually credit cards. Rather, they provide cardholders with a revolving line of credit. Instead of getting a minimum payment and variable interest rates, Upgrade cardholders will have each monthly balance converted into an installment loan with a fixed interest rate unless they pay it in full.

Repayment terms range from 24 to 60 months, depending on what they're approved for. This arrangement works similarly to some "Buy Now, Pay Later" services, which are increasing in popularity. Credit lines on the card can range from $500 to $50,000, though most customers will get under $25,000.

While some Upgrade cards offer cash-back rewards, that's not the case with all of them. Now, all Upgrade card users can take advantage of the Upgrade Shopping program, which offers cash-back deals with more than 20,000 retailers.

Cardholders can earn bonus cash back when they shop in-store or online through Upgrade's app or website. For those who already earn rewards on their cards, cash back earned through the Upgrade Shopping portal is additional.

The downside is that if you pay off your purchases over time, APRs can range from 8.99% to 29.99%. On the low end, it may be worth it to finance certain purchases over short periods—you can prepay if you don't want to use the full repayment term. But if your card is charging a higher APR, you may end up in financial trouble.

As with standard credit cards, Upgrade Card users should take advantage of cash-back deals and make it a goal to pay off their balances on time and in full every month.

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