Upgrade Card Launches a Cash Back Program That Rewards Consumers For Doing What’s Good For Them
Upgrade, Inc., a neobank that offers affordable and responsible credit to mainstream consumers, today launched Upgrade Card‘s first cash back rewards program. The new program earns users unlimited 1.5% cash back on every purchase they make with the card. Instead of being credited at the time of purchase, however, the rewards get credited as cardholders make their monthly balance payments.
“Credit card companies typically reward their customers for spending more,” said Renaud Laplanche, Upgrade co-founder and CEO. “That’s hardly the most responsible incentive in normal times, and is particularly irresponsible in the current environment. We’re rewarding our customers for doing what’s good for them: paying down their balance.”
Upgrade Card is designed as a lower cost, more responsible alternative to credit cards. Upgrade Card has no fees, low fixed rates and equal monthly payments that promote greater discipline and help consumers avoid the never-ending revolving credit trap of traditional credit cards. Monthly charges are combined into installment plans payable over 24 to 60 months, committing users to the discipline of paying down their balance every month.