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Why choose an Upgrade Card instead of a home equity line of credit (HELOC)?

With an Upgrade Card, you don't have to use your home as collateral or spend a lot of time going through the lengthy home application, appraisal, and approval processes.

With a home equity loan or HELOC, you can use the value of your home as collateral to get a lower rate, but that means you have to first go through the process of getting an updated home appraisal and complete more documentation to know how much you qualify for. Additionally, using the equity in your home can work against you if your property value declines. HELOC rates may be adjustable, which means your HELOC payments may increase on existing balances. In contrast, each Upgrade Card balance comes with a fixed rate and fixed term.*

Learn more about the Upgrade Card.

*If there are changes to your credit score or other risk factors, or changes to market conditions, the availability of your remaining credit, the interest rate, and length of the credit offered may be adjusted for future transactions. The interest rate on your existing balances will never change. Your interest rate may be adjusted after the first 12 months your account is opened for future purchases or draws. For more information, please refer to your Personal Credit Line Agreement.

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