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Is the Upgrade Cash Rewards Elite Visa Worth It: If you’re looking for a new credit card, you might be considering the Upgrade Cash Rewards Elite Visa. But is it really worth it? In this article, we’ll take a closer look at this card and what it offers.
What is the Upgrade Cash Rewards Elite Visa?
The Upgrade Cash Rewards Elite Visa is a credit card that offers cashback rewards on purchases. It is issued by Upgrade, a financial technology company that provides online personal loans, credit monitoring, and credit cards.
Key Features of the Upgrade Cash Rewards Elite Visa
Here are some of the key features of the Upgrade Cash Rewards Elite Visa:
- Cashback rewards: The card offers 1.5% cashback on all purchases, with no limit on the amount you can earn.
- Sign-up bonus: You can earn a $50 bonus after making your first purchase with the card.
- Annual fee: There is no annual fee for the Upgrade Cash Rewards Elite Visa.
- APR: The card has a variable APR ranging from 8.99% to 29.99%.
- Credit limit: The credit limit for the Upgrade Cash Rewards Elite Visa can range from $500 to $50,000, depending on your creditworthiness.
Pros of the Upgrade Cash Rewards Elite Visa
- No annual fee: One of the biggest advantages of the Upgrade Cash Rewards Elite Visa is that it doesn’t have an annual fee. This can save you money over time, especially if you use the card frequently.
- Generous cashback rewards: The card offers 1.5% cashback on all purchases, which is a competitive rate compared to other cashback credit cards.
- Sign-up bonus: The $50 sign-up bonus can be a nice perk, especially if you plan to use the card for everyday purchases.
- Flexible credit limit: Depending on your creditworthiness, you may be able to get a credit limit as high as $50,000. This can be helpful if you need to make larger purchases or want to have a higher credit limit for emergencies.
Cons of the Upgrade Cash Rewards Elite Visa
- High APR: The card’s variable APR can range from 8.99% to 29.99%, which is on the higher end compared to other credit cards. If you carry a balance on the card, you could end up paying a significant amount in interest charges.
- No bonus categories: Unlike some other cashback credit cards, the Upgrade Cash Rewards Elite Visa doesn’t offer bonus categories for specific types of purchases. This means you’ll earn the same 1.5% cashback on all purchases, regardless of what you buy.
- Foreign transaction fee: If you use the card for purchases outside of the United States, you’ll be charged a foreign transaction fee of 3% of each transaction in U.S. dollars. This can add up quickly if you travel frequently or make purchases from international merchants.
FAQ:
How do I qualify for the Upgrade Cash Rewards Elite Visa?
To qualify for the card, you must be at least 18 years old, have a U.S. bank account, and meet Upgrade’s credit requirements.
Can I use the Upgrade Cash Rewards Elite Visa outside of the United States?
Yes, you can use the card outside of the United States, but you’ll be charged a foreign transaction fee of 3% of each transaction in U.S. dollars.
Does the Upgrade Cash Rewards Elite Visa offer any additional benefits?
Yes, the card offers some additional benefits, including price protection, extended warranty coverage, and travel accident insurance.
Final Words:
The Upgrade Cash Rewards Elite Visa is a credit card that offers attractive features, including a cash back rewards program, no annual fee, low interest rates, and flexible payment options. It provides cardholders with the opportunity to earn cash back on all purchases, making it a worthwhile option for individuals seeking to maximize their rewards. However, it’s crucial to assess your personal financial situation and spending habits to determine if this card aligns with your needs and goals.
