Upgrade, Inc., a consumer credit platform that offers affordable and responsible loans, together with credit monitoring and education tools, today announced the launch of Upgrade Card.
The new card offers the flexibility and convenience of a credit card accepted by millions of merchants, coupled with the lower cost and responsible use of credit of installment loans. Upgrade Card comes with a personal credit line of $500 to $50,000.
"Cross River is pleased to partner with Upgrade to provide consumers with such an innovative and responsible credit product," said Gilles Gade, founder, CEO and chairman of Cross River. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, is the issuer of the personal credit lines available through Upgrade Card.
There is no fee to obtain or use Upgrade Card. Card charges are combined into installment plans payable over 12 to 60 months, committing users to the discipline of paying down their balance every month and resulting in much lower cost than traditional credit cards:
"Consumers are now able to enjoy the convenience of a credit card without running the risk of getting into a cycle of revolving debt that could literally take decades to pay off," said Renaud Laplanche, Upgrade CEO & co-founder. "Upgrade customers are paying almost seven times less interest on an Upgrade Card balance paid down over two years than they would by making the monthly minimum payment on a traditional credit card".
Upgrade Card rates also start lower than traditional credit cards at 6.49% APR, with a maximum rate of 29.99% APR. A rewards program will be made available later this year, designed to further encourage responsible credit and personal finance management: there will be no rewards on spend; instead 100% of the rewards will be earned by customers for paying down their balance.
Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.