How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The Upgrade Cash Rewards Elite Visa®is good for those who want a flexible line of credit that also offers an excellent flat cash back rate.
A big factor that sets this card apart from similar cards is that you use it like any other credit card, but you’ll pay off the balance like an installment loan. The card offers fixed rates and payment plans so you can easily budget your payments over the coming months.
The downside, however, is that you’ll be charged interest from the day you make your purchase, and payment plans span the course of several months. This means you’ll pay at least a small amount of interest, even if you pay off all of your purchases at the end of the billing cycle.
Good cash back rate
Cash back credit cards aren’t rare, but one that lets you earn 2.2% unlimited cash back on card purchases every time you make a payment is. This is an exceptional rate of cash back that beats some of the best contenders in the cash back rewards space. Plus, since the cash back is awarded when you pay your bill rather than when you make purchases, it incentivizes paying down your balance.
There are also opportunities to earn up to 10% cash back on qualifying purchases with participating merchants. Details on the current merchants can be found in the account dashboard.
$0 annual fee
The Upgrade Cash Rewards Elite Visa® has a $0 annual fee. This can make the card worth keeping around, even if you don’t use it every month.
Easy-to-earn sign-up bonus
You can earn a $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions* within 60 days. This offer is valid for new customers, and your accounts must be in good standing to receive the bonus.
Up to a $25,000 credit line
The Upgrade Cash Rewards Elite Visa® offers credit limits ranging from $500 to $25,000**. Whether or not you’ll be eligible for the highest amount will depend on your creditworthiness. However, the fine print on the Upgrade website states that most applicants will get a credit line of $15,000 or less.
Possibly low APR
The Upgrade Cash Rewards Elite Visa® offers an APR of 14.99% - 29.99% APR fixed (note that autopay is required for those who are offered the lowest rates). The lowest APR you could qualify for is nearly 10 percentage points lower than the 24.80% average interest rate for new credit cards as of June 2024, according to a recent LendingTree study.
Fixed monthly payments
At the end of each billing period, your purchases are bundled together and put on a payment plan — similar to an installment loan — with equal monthly payments. This structure allows you to know exactly what your payment will be each month.
For example, if you have a $5,000 balance with a 36-month term and 19.99% APR, you’ll have to make monthly payments of $187.90.
Adds diversity to your credit mix
Each month’s purchases are put into an installment loan and reported as such, rather than a credit card account. This helps diversify your credit mix, which makes up 10% of your credit score. Plus, after demonstrating that you can responsibly manage a variety of credit products, you could see an improvement in your credit score.
Get cash from your card
You can transfer funds from your Upgrade Cash Rewards Elite Visa® to your bank account at any time. Still, remember that like a cash advance, interest begins to accumulate on your transaction immediately. Use this option with caution.
Earn rewards when you pay for your purchases
The rewards rate on the Upgrade Cash Rewards Elite Visa® is generous. But it’s important to note that you won’t receive rewards until your purchases are paid for. This is similar to the Citi Double Cash® Card, which lets you earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
The Upgrade Cash Rewards Elite Visa®‘s rewards structure is not a deal breaker, but since each month’s purchases are put on a payment plan, it could take several months to receive all of your rewards.
Low APR requires auto pay
If your credit score qualifies you for the lowest APR, you have to use auto pay. While this requirement is unusual among credit cards, autopay isn’t.
There is, however, the potential to overdraft your checking or savings account if you don’t keep tabs on how much your bill is in comparison to how much is in your bank account. To help ensure that this doesn’t happen, set a reminder to check your accounts a week before your Upgrade Cash Rewards Elite Visa® payment is due.
No grace period for interest
Unlike traditional credit cards that offer a grace period of at least 21 days from the end of your billing cycle to the date the bill is due, the Upgrade Cash Rewards Elite Visa® does not. This is a big drawback, since it means you’ll start incurring interest charges immediately after making a purchase.
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Regular APR | |
|---|---|---|---|---|---|
Upgrade Cash Rewards Elite Visa®
 Apply Now
on Upgrade's secure site Rates & Fees |
$0 | Earn 2.2% unlimited cash back on card purchases every time you make a payment | 14.99% - 29.99% APR |
Apply Now
on Upgrade's secure site Rates & Fees |
|
Citi Double Cash® Card*
Learn More
on Citibank's secure site |
$0 | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. | 19.24% - 29.24% (Variable) |
Learn More
on Citibank's secure site |
|
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
$0 | Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. | 28.24% Variable APR |
Apply Now
on Discover's secure site Rates & Fees |
|
Wells Fargo Active Cash® Card*
Learn More
on Wells Fargo's secure site |
$0 | Earn unlimited 2% cash rewards on purchases | 20.24%, 25.24%, or 29.99% Variable APR |
Learn More
on Wells Fargo's secure site |
You can earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
There’s also a grace period. So if you pay off your balance before your intro APR period ends (and in full each month after that), you won’t be subject to interest charges.
The card lets you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. There’s also a low intro APR on balance transfers, though not on purchases.
The Wells Fargo Active Cash® Card is another solid choice if you’re looking for a simple cash back card.
This $0-annual-fee card lets you earn unlimited 2% cash rewards on purchases. Plus, the sign-up bonus is easy to earn: you’ll earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
The Wells Fargo Active Cash® Card has an APR of 20.24%, 25.24%, or 29.99% Variable APR. However, you can avoid paying interest altogether if you don’t carry a balance from one month to the next.
If you want flexible access to a large amount of cash, or if you like the idea of having installment loans added to your credit report, the Upgrade Cash Rewards Elite Visa® might be right for you.
However, if you’re able to pay your balance in full each month (which we recommend), a card that offers a grace period may be a better option, since you’ll be able to avoid interest charges.
Apply Now
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
