Upgrade Select Visa®

In-Depth Review: Upgrade Select Visa® Credit Card

Upgrade Select is a new type of credit card from Upgrade, the maker of the popular Upgrade line of credit cards. The Upgrade Select Visa® works with the Upgrade Rewards Checking account, offering improved access to credit-building tools and allowing you to establish a strong credit profile with responsible usage of unsecured credit for a modest $39 annual fee.

Who Can Benefit from Upgrade Select?

As briefly touched upon, the Upgrade Select Visa® offers the opportunity to enjoy access to unsecured credit. The card’s starting credit limits are considerably lower than what you’ll find with Upgrade’s other credit card products, namely the Upgrade Triple Cash Rewards Visa® (also called the Upgrade Life Rewards Visa) and the Upgrade Cash Rewards Visa®. Which offer credit lines of up to $25,000, but that’s because the Select Visa is designed with another credit profile in mind.

Upgrade Select offers the chance to establish a positive credit history with unsecured credit, making it ideal for those with fair credit scores looking to jump from secured to unsecured credit but not looking for another secured card. Upgrade specializes in helping users establish credit and demonstrate financial responsibility with generous credit lines, no hidden fees, and the flexibility of a credit card with the predictability of a personal loan.

How to Get Upgrade

Even better, Upgrade provides a free online pre-qualification tool. This means you can see if you pre-qualify in minutes without hurting your credit score. This feature is a great way to see your suitability for an Upgrade product without a ding on your credit report. Remember, however, that a credit card pre-qualification or preapproval is not the same as an application approval. Typically, your approval odds with pre-approved offers are good if you receive an offer and your credit profile has changed recently.

How Does Upgrade Card Work?

The Upgrade’s credit cards work in two ways. Cardholders can use their line of credit to make purchases anywhere Visa is accepted worldwide. Tap, swipe, insert, or purchase online with the card anywhere you see the Visa logo – currently in over 200 countries worldwide. You can also use some of the credit line to transfer to an external bank account to help tackle existing debt.

Once the statement period ends, Upgrade lumps all bank transfers and purchases into one balance, which you can pay down based on the installment terms. As noted, these terms range from 12 months to 60 months.  During subsequent statement periods, you can continue making purchases or transferring funds to existing bank accounts up to the credit limit, repeating the process.

The upgrade takes the guesswork out of credit card balances with a set, pre-determined automatic payment from your linked account each month, saving you time and headaches. The Upgrade Card program is a simple yet effective platform to streamline your credit life and help you flourish financially.

Upgrade vs Traditional Credit Cards

Upgrade balances feature a fixed rate and term, providing you with the knowledge of when you will pay off your balance and the opportunity to save on interest.

Paying Off Balances with Upgrade Card

Using the Upgrade Card to pay down a $10,000 balance would take three years, with a monthly payment of $38.68. In total, using Upgrade would accrue $392.17 in interest over that period.

Paying Off Balances with a Traditional Card

Conversely, using a traditional credit card and paying only the minimum monthly payment due is significantly more expensive and slower. The same $10,000 balance would take approximately 10 years to pay off, with an average monthly payment of $28.33 and a whopping $1,193.25 in interest accrued.

How to Earn Cash Back with Upgrade

$200 Rewards Checking Rewards Checking Welcome Bonus

New Upgrade Select Visa Card accounts can also earn a solid welcome bonus for opening, funding, and using a Rewards Checking Plus account. Enjoy a $200 bonus when you open and fund a Rewards Checking Plus account and make three debit card transactions within 60 days of opening your Rewards Checking account. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.

Earn Bonus Rewards with Dosh®

While the Upgrade Select Visa doesn’t offer cash back rewards baked into the card, Upgrade does provide the chance to earn rewards via Upgrade Shopping powered by Dosh®. Dosh is a mobile app and service that can help you get automatic cash back at thousands of places when you shop, dine, or book hotels.

Activate Upgrade Shopping offers from participating merchants via your account dashboard, then shop online through Dosh or at stores using your Upgrade Card. All cash back rewards are automatically applied to your balance and will not otherwise reduce the amount of your regular monthly payments.

Other Card Benefits

As an Upgrade cardholder, you can expect an array of helpful tools, security features, and more. All Upgrade Cards feature EMV chip technology, allowing you to shop with an additional layer of security in-store and online. EMV chips let you tap and pay at retailers worldwide, streamlining your buying experience and keeping you safe.

Visa Benefits

Upgrade Select cardholders enjoy the Visa Platinum protections consumers have come to expect from a credit card, including the following features:

• Zero Fraud Liability
• Cardholder Inquiry Services
• Emergency Card Replacement
• Roadside Dispatch and Auto Collision Damage Waiver
• Lost/Stolen Card Reporting
• ID Navigator from Norton

Comparison

It’s difficult to really compare the Upgrade Select with other Upgrade options, since it is essentially a credit building card. As such, two good options to analyze are the Surge® Platinum Mastercard® and Revvi Card – two near-prime alternatives.

The Upgrade Select Visa® has an annual fee of $39, while the Surge® Platinum Mastercard® does not specify its annual fee (though it can range as high as $75 to $125 per year), and the Revvi Card has an annual fee of $75 for the first year and $48 thereafter. In terms of starting credit, the Surge® Platinum Mastercard® offers up to $1,000 and the Revvi Card provides a starting credit of $300. In contrast, Upgrade Select starts with a credit line of between $500 and $2000.

The rewards programs also vary significantly among the three cards. The Upgrade Select Visa® offers the potential to earn up to 10% back with Dosh, while the Surge® Platinum Mastercard® does not offer any specific rewards, and the Revvi Card provides a 1% cash back option.

Ultimately, the Upgrade Select Visa® stands out for its relatively low annual fee and the potential for high rewards with Dosh.

What We Love About Upgrade

There’s plenty to love about Upgrade. The good features start with the simple pre-qualification and streamlined purchase and repayment process with the card. The Select Card might not provide the “up to $25,000” credit limits of other Upgrade Cards, but it offers an exceptional platform with a top-end credit line significantly higher than other near-prime credit cards on the market.

Adding a welcome bonus for opening and using an Upgrade Rewards Checking account is also great, with a few cards for this credit profile offering welcome offers. Even better, that welcome bonus, $200, requires only opening an eligible checking account and making three transactions within 60 days of the date the Rewards Checking Plus account is opened.

Finally, the lack of hidden fees with Upgrade is something everyone will love. Sure, the Select Visa features a $39 annual fee, but that charge is very competitive compared to similar products.

Things to Consider

Despite the reasonable annual fee, that $39 charge is a letdown. Other options, such as the Petal Cards, feature a $0 annual fee and basic rewards. But while that is negative, it’s fairly minor, especially given how much is on offer with the card.

Upgrade FAQs

Here are answers to some of the most commonly asked questions regarding the Upgrade Card and the Upgrade Select:

*Credit Lines opened through Upgrade feature Annual Percentage Rates (APRs) of 21.96% – 29.99% and line amounts ranging $500 – $2,000. Optional ACH transfers to your bank account, balance transfers, and foreign transactions are subject to applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees may apply. The lowest rates require Autopay and the majority of the line amounts will be $1,500 or under. For example, a $1,000 transaction with a 36 month term and a 22.00% APR has a required monthly payment of $38.68. The APR on your transaction may be higher or lower. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to the approved line amount. As you repay your balance, additional credit may become available to you up to the approved line amount subject to meeting our credit requirements, but your line will not replenish automatically.