Last Updated: January 18, 2022
Upgrade has introduced a new version of its Upgrade Credit card – the Upgrade Bitcoin Rewards Card, which gives customers 1.5% Bitcoin rewards on every purchase made, FinTech Magazine reports. Upgrade is a neobank founded in 2017 that offers cards and personal loans.
The Upgrade credit cards come with no fees and affordable monthly payments. The original Upgrade Card offered unlimited 1.5% cashback on payments. On July 21, 2021, Upgrade announced a similar yet different version of its Upgrade Cards, the difference being that users will receive unlimited 1.5% Bitcoin rewards on every purchase. Under the new program, depending on the user’s credit score, the credit lines range from $500 to $25,000.
Renaud Laplanche, co-founder and CEO of the company stated: “Upgrade Card is already delivering over $3 billion in annualized credit to consumers. Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning Bitcoin.”
Upgrade partnered with NYDIG which is one of the many trading platforms for holding and selling Bitcoin. The new Upgrade Bitcoin Rewards Card is a classic Visa card, meaning that users can pay with their card wherever Visa is accepted. It comes with perks such as trip and baggage insurance, purchase protection, and extended warranty coverage.
Crypto Benefits Are Gaining Popularity
Bitcoin experienced a drastic boom in 2017, and although with the ongoing coronavirus pandemic there was a gigantic market crash, people are still investing in it.
While there are many companies that have announced a credit card with Bitcoin rewards, Upgrade is the first one that is generally available. Everyone can apply for a credit card since there is no waitlist.
That said, the new card isn’t available in all 50 states yet. Some of the states where the Upgrade Bitcoin Rewards Card is still unavailable include Hawaii, Washington, Louisiana, North Carolina, West Virginia, and the District of Columbia.