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Upgrade Card the Fastest Growing US Credit Card According to Nilson Report

Upgrade becomes the first Fintech company to enter the top 50 of Nilson Report’s U.S. Visa/Mastercard Credit Card Issuers

San Francisco - September 28, 2021

Upgrade, Inc., a fintech company that offers affordable and responsible credit to mainstream consumers, today announced that it became the first fintech company ever to be listed in the top 50 U.S. Visa/Mastercard Credit Card Issuers in the Nilson Report (September Issue # 1204) ranking Upgrade Card at #48. Upgrade Card is the fastest growing US credit card by outstandings according to the report, with a growth rate of 755% year-over-year.   

“We are thrilled to be recognized as the fastest growing credit card,” said Renaud Laplanche, co-founder and CEO of Upgrade. “We designed Upgrade Card to provide the convenience of a credit card, combined with lower costs and a declining balance every month. It is very satisfying to see consumers embracing the product so enthusiastically”. 

Upgrade Card is designed as a low-cost and responsible credit card. It has no fees and offers low fixed rates with equal monthly payments that promote greater discipline and help consumers avoid the never-ending revolving credit trap of traditional credit cards. Customers’ 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. 

Upgrade has delivered over $7 billion in affordable credit to consumers through cards and loans since inception in 2017, and is on track to deliver $7 billion in 2021 alone. Upgrade debuted a rewards checking account earlier this year that offers 2% cash back debit card rewards to consumers on common everyday expenses. In July, the company also launched a new version of Upgrade Card that pays rewards in bitcoin rather than cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk upfront.

About Upgrade

Upgrade has delivered over $7 billion in affordable and responsible credit to mainstream consumers through cards and loans since inception in 2017. It also offers Rewards Checking accounts with debit cards that pay 2% rewards on everyday transactions and monthly subscriptions. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender and Blue Ridge Bank, a nationally-chartered commercial bank, Member FDIC.  Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity.  Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at:

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