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 Visa® is a cashback rewards card with a little bit of a twist designed for those with fair credit and charges a $0 annual fee.
What sets the Upgrade Cash Rewards Visa® apart from other cards designed for those fair credit is how the card creates an installment plan with a fixed monthly payment to pay off your balance within a certain time period. This way you can avoid “balance creep” that can happen when you opt to just pay a card’s minimum payment and continue to add to the balance, making it difficult to get your debt under control.
For example, after you apply for the card, you are given a credit line that aligns with your credit score, with repayment terms of 12 to 60 months. Having a fixed monthly payment plan can help you pay off what you owe faster than a traditional credit card, which gives you the option of just paying the minimum payment due or something more. For those people seeking more structured repayment terms that can keep balances from ballooning, then the Upgrade Cash Rewards Visa® may be what you’re looking for.
Intro Purchase APR
N/A
Regular Purchase APR
14.99% - 29.99% APR
Intro BT APR
N/A
Regular BT APR
14.99% - 29.99% APR
Annual Fee
$0
Cash Advance Fee
N/A
Foreign Transaction Fee
Up to 3%
Balance Transfer Fee
Up to 5%
Potential low APR
While applicants are not guaranteed to qualify for the lowest possible APR on the Upgrade Cash Rewards Visa®, the low end of the APR range is very attractive at 14.99% - 29.99% APR.
Cash back program and chance for a sign-up bonus
Earn 1.5% unlimited cash back on card purchases every time you make a payment . You can choose to have the cash back deposited into your bank account as well.
Plus: $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*.
*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.
Avoid balance creep with monthly installment payment program
If you’ve been wary about getting a credit card because you don’t trust that you’ll keep your balance under control, the Upgrade Cash Rewards Visa® works much like a personal loan, with set payment amounts due over a specified period of time.
Few fees
The Upgrade Cash Rewards Visa® has a $0 annual fee.
Not your average credit card
With its installment repayment plan, you don’t have the payment flexibility of a regular credit card — meaning if money is tight one month, you won’t have the option to just pay a minimum payment. Your balance is divided into fixed monthly installment payments that may be substantially higher than a regular card’s minimum payment.
Fixed payments may fluctuate
At the end of the month, your balance is entered into an installment plan of either 12 to 60 months (depending on your creditworthiness) with a fixed payment. While that may work in theory for financing a one-time purchase, when you add new purchases to your balance, that fixed payment amount may readjust to a higher amount.
If you’re afraid you’ll succumb to the temptation to overspend on a credit card, then perhaps a prepaid card like the NetSpend® Visa® Prepaid Card will give you access to plastic but without borrowing money from anyone but yourself.
With the NetSpend® Visa® Prepaid Card, you can load funds from your personal checking account or have your paychecks deposited to the card via direct deposit. There is no activation fee or minimum balance required.
There is no credit check required, plus the NetSpend® Visa® Prepaid Card comes with fewer fees than many of its competitors. However, you will have to choose between paying a $9.95 monthly plan fee or pay $1.50 per purchase fee.
While the Upgrade Cash Rewards Visa® may excel in helping you finance a large purchase over time with set repayment amounts, the NetSpend® Visa® Prepaid Card is better for handling day-to-day expenses.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | Intro Purchase APR | Regular APR | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|---|---|
Upgrade Cash Rewards Visa®
 Apply Now
on Upgrade's secure site Rates & Fees |
$0 | $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions* | 1.5% unlimited cash back on card purchases every time you make a payment | N/A | 14.99% - 29.99% APR | Fair |
Apply Now
on Upgrade's secure site Rates & Fees |
|
NetSpend® Visa® Prepaid Card
Apply Now
on NetSpend's secure site Rates & Fees |
N/A | See Terms* | N/A | See Terms* | N/A | N/A | Limited/Poor |
Apply Now
on NetSpend's secure site Rates & Fees |
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
N/A | $35 | N/A | Earn up to 10% cash back* on everyday purchases | N/A | 25.64% (variable) | Poor |
Apply Now
on Capital Bank, N.A.'s secure site |
Petal® 2 Cash Back, No Fees Visa® Credit Card*
Learn More
on Petal's secure site |
$0 | N/A | Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants | N/A | 18.24 - 32.24% Variable | N/A |
Learn More
on Petal's secure site |
The Upgrade Cash Rewards Visa® is unique in that its mission is to help consumers get out of debt faster by applying a more disciplined approach to paying off what they charge to the their cards. It works more like a personal loan with a fixed repayment plan and end date, but if you want to add future transactions to the card, you may be required to accept new terms beforehand, based on any changes to your credit score or other risk factors.
Another path for those reluctant to open a credit card out of fear of overspending could be to use a prepaid card instead, such as the NetSpend® Visa® Prepaid Card. With prepaid cards, you only spend the funds you load onto the card — you’re only borrowing from yourself instead of third party.
Apply Now
