Upgrade Review – A one-stop shop for your financial needs
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Managing finances can often feel like navigating a labyrinth of complexities and challenges. The process can be overwhelming and time-consuming, from juggling multiple accounts to deciphering confusing terms and fees. In today's fast-paced world, where convenience is paramount, finding a solution that streamlines financial management is more important than ever.
Enter Upgrade — a digital financial platform that revolutionizes how we handle our money. Upgrade brings everything you need for your financial journey under one roof, from personal loans to credit cards and even auto refinancing. Upgrade offers a comprehensive suite of products and services designed to simplify banking.
In this Upgrade review, we'll explore how its approach is reshaping the landscape of digital banking, making financial management more accessible, transparent, and rewarding than ever before.
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What is Upgrade?
Upgrade is a digital-only consumer credit platform founded in 2016. It is headquartered in San Francisco and has additional offices in Phoenix, Atlanta, and Montreal. It offers personal loans, credit lines, checking and savings accounts, and credit monitoring tools without any physical branches, focusing entirely on online and mobile banking. Its mobile app is highly rated, with 4.8 stars on the Apple Store and 4.6 stars on Google Play.
Deposits in Upgrade accounts are FDIC or NCUA insured through Cross River Bank or participating institutions, up to $250,000 per deposit, per account ownership type. The platform does not support joint accounts.
Upgrade has an A+ rating from the Better Business Bureau (BBB), indicating effective customer complaint resolution, transparent business practices, and truthful advertising. However, Cross River Bank, Upgrade's parent institution, holds a C- rating due to a high number of unresolved customer complaints. On TrustPilot, Upgrade boasts a 4.4-star rating, with 81% of the users awarding the company five stars.
The Consumer Financial Protection Bureau (CFPB) has received several complaints about Upgrade in the past year, with only 11% concerning checking or savings accounts; most complaints were related to card statement issues.
Upgrade has made over $27 billion of credit available to customers in the last six years.
Get up to $50,000 with a low, fixed rate loan
- Affordable monthly payments
- No prepayment fees
- Fast funding
- 9.99% to 35.99%
Upgrade products
Upgrade offers several products. Let’s explore:
Personal loans
The Upgrade personal loan lets you borrow $1,000 to $50,000 with fixed rates, affordable monthly payments, no prepayment fees, and fast funding. Checking your rate is free and doesn't affect your credit score.
Additionally, opening a Rewards Checking Plus account with a $1,000 direct deposit can earn you $200. Unfortunately, Upgrade doesn’t mention personal loan rates on its main loan page but gives an illustrative example.
Borrowers can use personal loans for various purposes, such as refinancing credit cards, debt consolidation, home improvement, making major purchases, or covering unexpected expenses.
The loan application process is quick and easy, with no obligation or credit score impact. Approved loans can be funded within a day after necessary verifications. Loan terms offered through Upgrade vary from 24 to 84 months.
The loan offers flexibility with fixed rates and terms, allowing you to choose a monthly payment that fits your budget. If you use autopay, you’ll be eligible for a discount!
Upgrade cards
Upgrade offers four cards:
- Life rewards. 3% cash back on gas, groceries, and more, with no annual fee.
- Cash rewards. Unlimited 1.5% cash back with no annual fee.
- Upgrade OneCard. Flexible payment options are available now or later, with no annual fee.
- Upgrade select. Provides an unsecured credit line of $500 to $2,000. There’s a $39 annual fee, however.
The card combines the flexibility of a cashback rewards credit card with the predictability of a personal loan. It offers several benefits:
- Convenience. Use it anywhere Visa is accepted to earn rewards.
- Lower cost. Set payoffs to reduce your balance faster and pay less interest with no annual or late fees.
- Predictable. Pay down balances at a fixed rate and term, saving on interest over time.
Compared to traditional credit cards, the Upgrade Card helps you pay off balances faster and save on interest. For example, paying off a $5,000 balance would take three years with the Upgrade Card versus 22 years with a traditional credit card, with significantly lower interest paid ($1,575.71 vs. $6,923.09).
Upgrade OneCard
The one card to rule them all!
The Upgrade OneCard offers a versatile solution for managing purchases, combining convenience and rewards without an annual fee. Key features include:
Simplified wallet. One card for all purchases, earning rewards whether you pay now or later.
Cash Back rewards. Earn rewards on your daily spend.
- 3% on everyday purchases
- 2% on all other purchases with Rewards Checking
- 1.5% cash back without Rewards Checking
Extra benefits with Rewards Checking. Enjoy additional benefits with every dollar you spend.
- Increased cash back
- Extra spending power
- Direct fund transfers to your bank account (fees may apply)
- More cash back at select merchants
- $200 welcome bonus after making three purchases with a new Rewards Checking account
Payment flexibility. Choose from two convenient payment options.
- Pay now: Direct payment from your bank account with no interest
- Pay later: Spread out payments with predictable monthly payments
Application Process
Check for a pre-approved offer without impacting your credit score. Complete the application and add a deposit account. Set and adjust your payment preferences for Pay Now and Pay Later.
Upgrade Premier Savings
Upgrade offers a high-yield savings account, Premier Savings, with a 5.02% APY on balances of $1,000 or more and no monthly fees.
Key features include:
- High APY. Earn 5.02% APY, significantly higher than the national average of 0.45%.
- No monthly fees. Enjoy a high-interest savings account without any monthly or annual fees.
- 24/7 Access. Secure mobile access to your account at any time.
- Insured deposits. Funds are held at Cross River Bank, Member FDIC, and insured up to $250,000, with additional FDIC or NCUA insurance for funds at participating institutions.
Premier Savings offers a 5.02% APY compared to the national average of 0.45%. It also doesn’t have any monthly fees, whereas competitors may charge $12 to $25 per month. Funds can be deposited into your Premier Savings account via standard ACH transaction or wire transfer in U.S. dollars.
Upgrade Rewards Checking Plus
Upgrade’s Rewards Checking Plus offers numerous benefits to maximize your rewards and manage your finances efficiently.
You can earn up to 2% cash back on common everyday expenses, recurring payments, and subscriptions with a $1,000 monthly direct deposit. Additionally, you earn unlimited 1% cash back on all other purchases. This account pairs well with a Performance Savings account, allowing you to earn up to 5.02% APY with a $1,000 monthly direct deposit. Instant transfers between Upgrade checking and savings accounts make managing your money easier.
Rewards Checking Plus comes with no monthly fees, no overdraft fees, and no minimum balance requirements. You can even get paid up to 2 days early with direct deposit. The account also offers mobile check deposits and lower interest rates on new loans and cards through Upgrade, which can be 10%-20% lower. With secure 24/7 mobile access to your accounts and real-time alerts, you have full control over your finances.
Upgrade Shopping Powered by Dosh is another great feature, enabling you to earn up to 10% cash back at over 10,000 stores. To get started, apply for an account online in just a few minutes, fund your account or set up direct deposit, and use your Rewards Checking Plus debit card to earn up to 2% cash back on purchases at convenience and drug stores, gas stations, monthly subscriptions, restaurants, and utilities.
Upgrade auto refinance
Upgrade offers an easy way to lower your monthly car payment through its online auto refinancing process. To get started, you need to provide details about your car's year, make, and model. As always, checking your rate is free and won’t impact your credit score.
Refinancing can help you achieve affordable monthly payments with potentially lower rates and terms, saving you money. Upgrade provides reliable support to guide you through each step, and there are no prepayment penalties, allowing you to pay off your loan at any time without extra fees.
The process involves three simple steps:
- Apply online to check your rate and get offers instantly
- Select the best offer and confirm your details, with guidance provided throughout the loan and title transfer process
- Once approved, Upgrade will pay off your previous lender and complete your auto refinance.
To qualify, your car must be 10 years old or newer, a personal-use automobile, and have less than 130,000 miles (or 150,000 for trucks). Your current auto loan must have an outstanding balance over $5,000 and at least three monthly payments made. It’s worth noting that refinancing is not available for RVs, motorcycles, commercial vehicles, or salvaged vehicles.
Upgrade fees
Although Upgrades repeatedly advertises “no fees” on its website, you’re not completely off the hook.
Personal loans. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. A $10 fee will be charged for any failed electronic or check payment attempts on issued loans. Additionally, your bank may impose its own fee. If a full payment is not received within 15 calendar days of the due date, a late fee of up to $10 may also be assessed, with this late fee charged once per late payment.
Upgrade Card. Optional ACH transfers to your bank account and balance transfers may incur a fee of up to 5% of the transaction amount. Foreign transactions may also be subject to a fee of up to 3% of the transaction amount, within the limits of applicable law. Any applicable fees for ACH and balance transfers will be disclosed when you request the transfer.
Rewards Checking, Rewards Checking Plus, and OneCard. While Upgrade doesn’t charge ATM fees at its in-network Allpoint ATMs, you may have to pay a $2.50 fee for cash withdrawals at out-of-network ATMs.
Get up to $50,000 with a low, fixed rate loan
- Affordable monthly payments
- No prepayment fees
- Fast funding
- 9.99% to 35.99%
Who is Upgrade good for?
Upgrade is a suitable option for individuals who are looking for a comprehensive digital banking experience with a variety of financial products, including personal loans, credit cards, checking and savings accounts, and auto refinancing.
It may appeal to those who prefer the convenience of managing their finances entirely online or through a mobile app, as Upgrade does not have physical branch locations. Additionally, individuals seeking competitive rates and terms and flexible payment options may find Upgrade beneficial.
Who shouldn’t use Upgrade?
Upgrade may not be the best choice for individuals who prioritize in-person banking or require services not offered by the platform, such as in-person assistance or access to physical branches. Additionally, those with specific banking preferences or needs not met by Upgrade's product offerings may want to explore other financial institutions that better suit their requirements.
Pros and cons
Pros
- Comprehensive financial solutions. Upgrade offers various financial products and services, including personal loans, credit cards, checking and savings accounts, and auto refinancing.
- User-friendly platform. Upgrade's online and mobile app platforms are intuitive and easy to navigate.
- Competitive rates. Upgrade offers competitive interest rates and terms on its personal loans, credit cards, and savings accounts.
- Fast approval and funding. Users can often receive instant personal loan and credit card decisions, with funds typically disbursed within one business day of approval.
- Transparent terms and fees. Upgrade is transparent about its terms and fees, providing users with clear and easy-to-understand information about interest rates, fees, and repayment terms.
Cons
- Origination fees. Upgrade may charge origination fees for personal loans, ranging from 1.85% to 9.99% of the loan amount. These fees are deducted from the loan proceeds and could increase the overall cost of borrowing.
- Potential fees. While Upgrade advertises "no hidden fees," users may still incur fees for certain transactions, such as failed payments, balance transfers, or optional services like ACH transfers or foreign transactions.
- Joint accounts not supported. Upgrade does not offer joint accounts, which may be a limitation for users who prefer to manage finances jointly with a partner or family member.
FAQs
What is Upgrade?
Upgrade is a digital financial platform that offers a range of products and services, including personal loans, credit cards, checking and savings accounts, and auto refinancing.
What types of financial products does Upgrade offer?
Upgrade offers personal loans ranging from $1,000 to $50,000, credit cards with cashback rewards, checking and savings accounts, and auto refinancing options.
How long does it take to get approved for a personal loan or credit card with Upgrade?
Approval times can vary, but users can often receive instant decisions for personal loans and credit cards. Funding for approved loans can typically occur within one business day.
Are there any fees associated with Upgrade products?
Upgrade may charge origination fees for personal loans and may assess fees for certain transactions, such as failed payments or balance transfers. Users should review the terms and conditions of each product for specific fee information.
Get up to $50,000 with a low, fixed rate loan
- Affordable monthly payments
- No prepayment fees
- Fast funding
- 9.99% to 35.99%
The bottom line
Upgrade offers a comprehensive suite of digital financial products and services designed to meet the diverse needs of modern consumers. It provides convenient, flexible, and competitive solutions, from personal loans and credit cards to checking and savings accounts, all accessible through its highly rated mobile app.
With features like no hidden fees, transparent terms, and reliable customer support, Upgrade aims to simplify banking and empower individuals to achieve their financial goals confidently. While it may not cater to everyone's preferences or needs, Upgrade is a compelling option for those seeking a seamless and rewarding online banking experience.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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