Upgrade, Inc., a neobank that offers affordable and responsible credit to mainstream consumers, unveiled today a new mobile checking account designed to deliver exceptional value to mainstream consumers.
Upgrade charges no fees and lets customers earn 2% cash back on common everyday expenses and recurring payments, and 1% cash back on all other debit charges. Qualifying customers also enjoy up to 20% lower rates on Upgrade loans.
“We asked our customers what would cause them to switch their primary checking account,” said Renaud Laplanche, Upgrade co-founder and CEO. “The overwhelming answer was attractive rewards on debit card purchases. While credit cards often provide decent rewards, it has been nearly impossible for consumers to earn a broad 2% cash back on debit charges.”
The unveiling of Upgrade’s no-fee Rewards Checking account comes just over a year after the launch of Upgrade Card, the company’s flagship product that offers broad access to installment lending at millions of points of sale in store and online through the Visa network. Upgrade Card has been rapidly gaining mainstream adoption with an annual rate of $1 billion in new credit lines already being made available to consumers. Over 1 million consumers now apply for an Upgrade Card or loan each month.
“Upgrade’s no-fee Rewards Checking account combines everything mainstream consumers expect from a modern checking account with no fees, generous rewards and access to affordable credit. Cross River is proud to enable such a consumer-friendly product,” said Gilles Gade, founder, CEO and chairman of Cross River. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, provides all banking services associated with Upgrade’s Rewards Checking account.