Upgrade OneCard Review: An All-Hassle Rewards Card

Upgrade OneCard Overview

Card type: Secured

On the surface, the Upgrade OneCard looks like a great alternative to traditional credit cards. You can opt to pay for your purchases the day after they settle—similar to a debit card—or pay them off over time with a fixed monthly payment and interest rate over 12 to 60 months, as you might with a personal loan. You can even set certain transactions to pay now and others to pay later.

If you need some cash, the card allows you to draw money from your credit line directly to your bank account without incurring a higher cash advance APR, though there is a fee. 

The card also allows you to earn up to 3% cash back on select everyday spending categories (up to $500 in rewards each year) and 2% back on everything else, which is an impressive offer—most 2% cash back credit cards don’t offer bonus rewards of any kind. To earn those rates, however, the card requires you to have an Upgrade Rewards Checking Plus account and either use the Pay Now feature with that account or receive $1,000 in monthly direct deposits. Otherwise, you’ll earn just 1.5% back.

As a new cardholder, you can earn a $200 bonus fairly easily: simply open an Upgrade Rewards Checking Plus account during the application process for the card and make three purchases with your OneCard or the Rewards Plus debit card within 60 days.

The card’s credit limit can range from $500 to $25,000 based on your creditworthiness. However, if you have a Rewards Checking account with a positive balance, you may be able to spend beyond your limit. There is no annual fee.

Who is Upgrade OneCard good for? 

The Upgrade OneCard may be a good option if you’re considering switching to Upgrade for your everyday banking needs and you don’t mind jumping through a few hoops to maximize your rewards. 

The card can also be worth considering if you’re intrigued by the flexibility it offers with payments, especially the fixed repayment option, which can help you avoid getting caught up in a minimum payment trap.

Who shouldn’t get an Upgrade OneCard? 

If you aren’t interested in switching your banking to Upgrade, you’ll only earn 1.5% cash back on your purchases, and you can get a better rewards rate elsewhere. 

You may also want to pass on the card if you’re not interested in dealing with extra hurdles to maximize your cash-back rewards or if you want more redemption options.

Upgrade OneCard: How to earn rewards

The Upgrade OneCard offers a relatively complicated rewards structure. You’ll earn rewards only when you pay back your purchases. The headliner rewards rates include:

• 3% cash back for common everyday purchases at convenience stores, drugstores, restaurants and bars—including deliveries—and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services.
• 2% back on everything else when you meet certain criteria; otherwise, you’ll earn 1.5% cash back on every purchase.

Note that the 3% rewards rate is capped at $500 in cash back per year. If you reach that threshold, all of your purchases will earn 2% back. 

To qualify for these rewards rates, you’ll need to open an Upgrade Rewards Checking account and either activate the Pay Now feature on the card, linking it to the Upgrade checking account, or receive a minimum of $1,000 in monthly direct deposits in the checking account.

If you don’t qualify based on those criteria, you’ll earn just 1.5% cash back on every purchase you make.

The card also offers a $200 welcome bonus, which you can earn if you open an Upgrade Rewards Checking Plus account during the application process for the OneCard and make three purchases with your OneCard or the Rewards Plus debit card within the first 60 days.

How to redeem Upgrade OneCard rewards 

Redemption options are simple for the Upgrade OneCard. The default option is to apply your earnings to your balance after your next scheduled monthly payment, though this won’t reduce your monthly payment amount.

If you don’t have a balance on your account, you can request to have the rewards deposited into a bank account instead for more flexibility.

Upgrade OneCard rates and fees

• Annual fee: $0
• Foreign transaction fee: 3%
• Purchase APR: 14.99% to 29.99% fixed

Additional benefits

• Extra spending power: If you have an Upgrade checking account with a positive balance and your OneCard account is in good standing, you can qualify for up to $5,000 in extra spending power beyond your card’s credit limit. The amount of extra spending power you qualify for will be based on your checking account balance.
• Bank account draws: You can take draws from your credit line in the form of a transfer to your bank account. There’s no higher cash advance APR, but you will be charged a fee of up to 5% of the transferred amount.
• Upgrade Shopping: You can earn up to 10% cash back on top of your card’s regular earning rate when you shop with select merchants through the Upgrade Shopping portal.  

Credit cards similar to Upgrade OneCard

The Upgrade OneCard is a unique credit card alternative, but depending on your preferences, you may want to consider other cash-back options. Here are a couple to keep in mind.

Upgrade OneCard	Upgrade Life Rewards Card	Wells Fargo Active Cash® Card
Annual fee	Annual fee	Annual fee
$0	$0	$0
Rewards	Rewards	Rewards
3% cash back for common everyday purchases at convenience stores, drugstores, restaurants and bars—including deliveries—and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services(up to $500/year), 2% back on everything else when you meet certain criteria; otherwise, you’ll earn 1.5% cash back on every purchase. Terms apply.	3% cash back on gas, grocery, health, streaming, and utilities purchases and 1% back on everything else	2% cash rewards on purchases
Bank relationship required?	Bank relationship required?	Bank relationship required?
Yes, or card only earns 1.5% on all purchases	No	No
		Read full review

Upgrade Life Rewards Card vs. Upgrade OneCard

The Upgrade Life Rewards Card could be worth considering if you want to earn a great rewards rate on everyday spending categories without all the requirements of the OneCard. The Life Rewards Card offers unlimited 3% cash back on gas, grocery, health, streaming, and utilities purchases and 1% back on everything else. 

While you don’t have to open a Rewards Checking Plus account to earn those rates, you can get a $200 bonus when you do so during the application process and make three debit card purchases within 60 days. The card has no annual fee and no late fees.

Wells Fargo Active Cash® Card vs. Upgrade OneCard

If you want maximum simplicity with your credit card rewards, the Wells Fargo Active Cash® Card should be on your radar. The card offers a flat 2% cash rewards on purchases, with no extra requirements to earn that rate. You’ll also get a $200 cash rewards bonus after spending $500 in purchases in the first three months. 

Additionally, new Active Cash cardholders can enjoy an introductory 0% APR on purchases and balance transfers for 15 months, after which the variable APR is 20.24%, 25.24%, or 29.99% variable APR, depending on your creditworthiness. 

Is the Upgrade OneCard right for you?

The Upgrade OneCard offers a lot of interesting features and potential value, but it may be too complicated for its own good. If you already bank with Upgrade or you’re thinking about switching, and you don’t mind the extra requirements to make the most of the OneCard, it can be worth considering.
That said, if you don’t want to switch all of your banking over to Upgrade, or you prefer more simplicity from your credit card, shop around and compare other top credit cards to find a better fit for you.

Frequently asked questions

What credit score is needed for the Upgrade Card?

Upgrade doesn’t disclose a minimum credit score requirement for the OneCard, but you’ll generally have a good chance of getting approved if you have good or excellent credit. According to FICO, that translates to a credit score of 670 or higher.

Is Upgrade Card a loan or credit card?

Technically, neither. The Upgrade OneCard is a revolving line of credit. However, it has some of the features that come with personal loans, credit cards, and debit cards. You can use the card like a credit card on your everyday purchases and pay them off immediately, similar to how a debit card works. 

Alternatively, you can carry a balance and pay off your monthly bill with a fixed interest rate and over a fixed repayment term, similar to a personal loan.

Can I withdraw money from my Upgrade Card?

Yes, you can withdraw money from your line of credit and have it deposited directly into your bank account. You can then repay that balance over a fixed term. While there’s no cash advance APR, you may be subject to a transaction fee of up to 5% of the withdrawal amount. 

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.