How does the Upgrade Cash Rewards Visa® Work?
The Upgrade Cash Rewards Visa® works differently than a traditional credit card by combining a revolving credit line with a personal loan's predictable installment payments. Instead of a fluctuating monthly minimum, any balance you carry is converted into a fixed-rate installment loan, which you pay off with equal monthly payments over a set period.
How the card works
Using the card for purchases
1. You make purchases with the card anywhere Visa is accepted.
2. At the end of your billing cycle, all the purchases you didn't pay off are grouped together and converted into an installment loan.
3. Based on your credit profile, Upgrade provides an APR and a fixed term (for example, 12 to 60 months) for the repayment of that month's purchases.
Making payments
Earning and redeeming rewards
Who is it for?
The Upgrade Cash Rewards Visa® is best for consumers with fair credit who want a structured and disciplined way to pay off large purchases. It provides the predictability of a personal loan with the spending flexibility of a credit card. However, for those who regularly pay their balance in full each month, a standard rewards credit card with a grace period is a more effective option for earning rewards and avoiding interest.
FICO Credit Scores
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
What is a Credit Score?
A credit score is a number generally between 300-850, based on a statistical analysis of a person's credit files. This score represents the credit worthiness of a person. A credit score is assigned to each individual, to rate how risky a borrower he or she is--the higher the score, the less risk the individual poses to creditors. In most cases, your credit score will determine whether you will be approved for a credit card.
Credit Score Facts
- Credit Scores range from 300-850, the higher the better.
- Most lenders base approval on your credit score.
- Higher Scores mean lower payments and better deals.
- Higher Scores mean Lower interest rates.
- Scores are determined by 5 main categories:
- Payment History
- Amounts Owed
- Length of Credit History
- Type of Credit Used
- New Credit
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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