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How Does LendingTree Get Paid?

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Upgrade Bitcoin Rewards Visa® Review

Upgrade Bitcoin Rewards Visa®

Upgrade Bitcoin Rewards Visa® Review

Rewards Rate
Earn 1.5% rewards in bitcoin when you make payments
Fees
No annual fees, no foreign transactions fees
Fraud Protection
Enjoy peace of mind with $0 Fraud liability
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Upgrade Bitcoin Rewards Visa® best for?

The Upgrade Bitcoin Rewards Visa®, as its name suggests, allows cardholders to earn rewards in the form of the cryptocurrency Bitcoin. While Bitcoin is not the only cryptocurrency around, it is perhaps the most well known. It’s not yet widely accepted for transactions, but some businesses have begun to accept it. If you’re curious about Bitcoin and would like an easy way to get started with it, using the Upgrade Bitcoin Rewards Visa® provides a low-pressure way to do so.

Upgrade Bitcoin Rewards Visa® overview

    • Earn 1.5% rewards in bitcoin when you make payments
    • Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions*
    • The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin 
    • No annual fees, no foreign transactions fees
    • Get pre-approved in seconds with no impact to your credit score
    • Pay with your phone or device by using Apple Pay™ or Google Pay™
    • Mobile app to access your account anytime, anywhere
    • Enjoy peace of mind with $0 Fraud liability
    • Not available in DC, Hawaii, Iowa, Nevada, New Hampshire, North Carolina, West Virginia and Wisconsin
    • * To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card account opening. The value of the $200 bonus will be based on the value of bitcoin at the time it is purchased (within 1-2 statement periods from the date the bonus is earned) and may change in price by the time you choose to sell it. Refer to Program Terms. Your Upgrade Card must be in good standing to receive a bonus.

  • Credit needed:
    660 850
    Excellent/Good
  • Trip and baggage insurance
  • Purchase protection
  • Extended warranty coverage

Intro Purchase APR

N/A

Regular Purchase APR

14.99% - 29.99% APR

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$0

Cash Advance Fee

N/A

Foreign Transaction Fee

$0

Balance Transfer Fee

N/A

Pros and cons

Pros

  • Easy way to get into Bitcoin
  • No fees except the bitcoin sale fee
  • Fixed monthly payments
  • Chance to earn a sign-up bonus
  • Shopping and travel benefits

Cons

  • Can’t transfer your bitcoin
  • There’s a holding period
  • Isn’t available everywhere

What we like about the Upgrade Bitcoin Rewards Visa®

  • Simple way to start with Bitcoin

    It’s safe to say if you’re on the internet or paying attention to the news at all, you’ve probably heard of Bitcoin. The popular cryptocurrency has been in the limelight due to dramatic jumps in value as well as incidents such as Tesla beginning to accept it as a form of payment in March 2021, then deciding not to do so in May 2021. If you’re curious what the fuss is about but you’re not sure how to get started, the Upgrade Bitcoin Rewards Visa® could be right for you. With this card, you’ll earn 1.5% rewards in bitcoin when you make payments.

  • No annual fee or foreign transaction fee

    The Upgrade Bitcoin Rewards Visa®‘s annual fee is $0 and its foreign transaction fee is $0 as well. In fact, this card charges no fees other than a 1.5% transaction fee when you sell your Bitcoin rewards. That means if you’re looking to experiment with cryptocurrency but aren’t quite sure it will be your thing, you can rest easy — you won’t have to pay just to carry this card.

    Plus, if you’re traveling outside the United States, it’s nice to know you can use your card without worrying about being charged an additional fee on every transaction you make.

  • Pay down your balance faster

    Unlike most credit cards, the way payments work with the Upgrade Bitcoin Rewards Visa® is that you pay down balances from each month at a fixed rate with equal monthly payments (the APR range is 14.99% - 29.99% APR). This could help you pay down what you charge to the card more quickly than you might with a regular credit card, where minimum payments mostly go toward interest charges and only a small amount actually goes toward paying off your principal.

  • Opportunity to earn a sign-up bonus

    Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions. See details*.

    * To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card account opening. The value of the $200 bonus will be based on the value of bitcoin at the time it is purchased (within 1-2 statement periods from the date the bonus is earned) and may change in price by the time you choose to sell it. Refer to Program Terms. Your Upgrade Card must be in good standing to receive a bonus.

What to watch out for with the Upgrade Bitcoin Rewards Visa®

  • Lacks redemption flexibility

    Bitcoin you earn with the Upgrade Bitcoin Rewards Visa® will be held by the New York Digital Investment Group (NYDIG) and cannot be transferred to another digital wallet. You can sell your bitcoin, but the only way to redeem the proceeds from such a sale is as a statement credit toward your credit card.

  • There's a 90-day holding period

    The way rewards work on this card is that bitcoin will be purchased for you within one to two statement periods from the date your payment is received. After the first bitcoin purchase, you’ll be subject to a 90-day holding period, meaning you won’t be able to sell or redeem your bitcoin.

  • Can't get this card in all states

    The Upgrade Bitcoin Rewards Visa® is not available to residents of Hawaii, Iowa, Idaho, Indiana, Louisiana, Nevada, New Hampshire, North Carolina, West Virginia, Wisconsin and Washington, D.C.

Alternate bitcoin card

Compare it to the BlockFi Rewards Visa® Signature Card

| Disclosures
BlockFi Rewards Visa® Signature Card
BlockFi Rewards Visa® Signature Card
on BlockFi's secure site
N/A
14.99% - 24.99%
$0
Earn 1.5% back in bitcoin on every single purchase
  • The World’s First Bitcoin Rewards Credit Card.
  • Comes with Visa Signature benefits including travel and lifestyle and protection benefits.
  • No annual fee, No foreign transaction fees 
  • Know if you’re approved without affecting your credit score. A soft credit pull happens before you’ve accepted the credit card offer. A hard credit pull occurs when you’ve accepted your credit card offer, which can have an impact on your credit score. 
  • Earn 2% back in bitcoin on every purchase over $30,000 of annual spend. Rewards rate increases from 1.5% to 2% after $30,000 of spend has been achieved and resets on the card anniversary date every year.
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Upgrade Bitcoin Rewards Visa® isn’t the only crypto-earning credit card on the market. Another such card worth considering is the BlockFi Rewards Visa® Signature Card.

With the BlockFi Rewards Visa® Signature Card, you’ll earn 1.5% back in bitcoin on every single purchase. Plus, earn 2% back in bitcoin on every purchase over $30,000 of annual spend (note, this amount resets each year on your account anniversary).

There’s a $0 annual fee for the BlockFi Rewards Visa® Signature Card and a foreign transaction fee of $0. The APR is 14.99% - 24.99% variable.

Note that you don’t immediately earn bitcoin on your purchases. First, you earn BlockFi CryptoCurrency Rewards Points, then these points are redeemed for bitcoin on a monthly basis.

Also be aware you must sign up for a BlockFi account to be able to apply. Where some consumers might prefer this card over the Upgrade Bitcoin Rewards Visa® is that the BlockFi Rewards Visa® Signature Card allows you to transfer bitcoin from your BlockFi account to another wallet, whereas the Upgrade Bitcoin Rewards Visa® only lets you redeem for statement credits.

Compare the Upgrade Bitcoin Rewards Visa® to similar cards

Comparison of four different credit cards
Upgrade Bitcoin Rewards Visa® BlockFi Rewards Visa<sup>®</sup> Signature Card Wells Fargo Active Cash<sup>®</sup> Card Wells Fargo Active Cash<sup>®</sup> Card
Upgrade Bitcoin Rewards Visa® BlockFi Rewards Visa® Signature Card Wells Fargo Active Cash® Card Wells Fargo Active Cash® Card
Apply Now
on Upgrade's secure site
Apply Now
on BlockFi's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
on Wells Fargo's secure site
Rewards Rate
Earn 1.5% rewards in bitcoin when you make payments Earn 1.5% back in bitcoin on every single purchase Earn unlimited 2% cash rewards on purchases Earn unlimited 2% cash rewards on purchases
Welcome Offer
Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions. See details* None Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
Annual Fee
$0 $0 $0 $0
Regular APR
14.99% - 29.99% APR 14.99% - 24.99% 18.74%, 23.74%, or 28.74% variable APR 18.74%, 23.74%, or 28.74% variable APR
Card Details
Upgrade Bitcoin Rewards Visa® BlockFi Rewards Visa® Signature Card Wells Fargo Active Cash® Card

Is the Upgrade Bitcoin Rewards Visa® right for you?

Whether you’re curious about cryptocurrency and want to get your feet wet or you’re an experienced crypto trader looking for a way to get more bitcoin, the Upgrade Bitcoin Rewards Visa® can help you do that with its $0 annual fee and its flat rewards rate on all purchases.

However, if you want a card that earns bitcoin and allows you to transfer it to another digital wallet, consider the BlockFi Rewards Visa® Signature Card as an alternative.