Upgrade Card: Charge like a credit card, pay like a loan.
The Upgrade Card is a combination of credit card and installment loan. This exclusive product allows you to make purchases as you would any credit card, but your “balance” has fixed payments that you pay over a specified period of time. These payments earn a little money back, which also helps to reduce the debt repayment costs even further.
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Unlike a traditional credit card, which allows you to rotate a balance month by month, the Upgrade offers a personal credit line, which means that your payments against that credit line will be divided into equal monthly installments. This could be ideal for someone who needs a little push for responsible payment behavior and away from the pattern of letting interest on a balance rise to something unmanageable.
The Upgrade Card, a Visa Signature card issued by Sutton Bank, is for people who want the convenience of a credit card and a predictable payment schedule. Traditionally, credit cards are a “revolving” credit line, which means that you can keep a balance for as long as you like, while continuing to make minimum payments.
Upgrade Card Benefits
IS AVAILABLE FOR THOSE WITH FICO SCORE OF 600 AND ABOVE
Applicants with a FICO credit score of 600 or above may qualify for the Upgrade Card and, unlike many other cards available to those with a lower credit, there is no security deposit or annual fee. As on-time payments are reported to the top three credit bureaus, the card can help you build your credit score over time with responsible use.
WINS BACK CASH REWARDS
The Upgrade Card revealed a cash back rewards program in October 2020. You will receive 1.5% cash back on all purchases, and the earnings will be applied to your next month’s balance on your card, almost like a prepayment on your account. It is unusual for an unsecured card aimed at consumers with fair credit to offer rewards and charge an annual fee of $ 0.
FIXED MONTHLY PAYMENTS FACILITATE THE BUDGET
Revolving balances on typical credit cards have no set deadline to be paid in full, and the amount due can change – and increase – over time thanks to variable interest. The Update Card treats your debt as a personal loan. Whenever you do not pay your credit card bill in full, you will be charged a fixed interest rate on the remaining balance. You have 24, 36 or 60 months (depending on your approval) to pay it off in equal monthly installments. You can also prepay any amount at any time without penalty, and monthly payments can be debited directly from any bank account.
OFFERS OTHER DIFFICULT RESOURCES TO FIND
In addition to its low shipping cost, the upgrade card also allows you to see which line of credit you would qualify for, without starting a heavy tug on your credit report. These strong pulls can temporarily damage your credit score, which is not ideal for those with low scores. A difficult consultation is completed only after you agree to the terms. This feature is rare among credit cards, although the Apple Card is a well-known product that has a similar pre-approval process. And, as with the Apple Card and some others, you also don’t have to wait for the Upgrade Card to arrive in the mail to use it. You will have immediate access to a virtual card that you can use until the physical arrives, which is not a common feature.
Important informations
Annual fee: $ 0.
Credit limit: typically $ 500 to $ 20,000. (Some borrowers can qualify for up to $ 50,000.)
Registration bonus: None.
Rewards: 1.5% cash back on all purchases. (The cash back will be applied to the next month’s balance on your card.)
APR: The current APR is 8.99% – 29.99% APR.
So, what did you think of the Upgrade Card? To request yours, just click the button below and we will direct you.
