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Upgrade, Inc. Launches Upgrade Card

San Francisco - October 10, 2019

Upgrade, Inc., a consumer credit platform that offers affordable and responsible loans, together with credit monitoring and education tools, today announced the launch of Upgrade Card. The new card offers the flexibility and convenience of a credit card accepted by millions of merchants, coupled with the lower cost and responsible use of credit of installment loans. Upgrade Card comes with a personal credit line of $500 to $50,000.

“Cross River is pleased to partner with Upgrade to provide consumers with such an innovative and responsible credit product” said Gilles Gade, founder, CEO and chairman of Cross River. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, is the issuer of the personal credit lines available through Upgrade Card.

There is no fee to obtain or use Upgrade Card. Card charges are combined into installment plans payable over 12 to 60 months, committing users to the discipline of paying down their balance every month and resulting in much lower cost than traditional credit cards:

Interest Paid on a $10,000 balance with Upgrade Card vs. Traditional Credit Card by a user making a credit card's monthly minimum payment

Upgrade CardTraditional Credit Card
Time to pay off the balance2 years128 years2
Interest paid over that time$2,102.713$14,423.162

1. Example of amortization period using Upgrade Card

2. Source: minimum monthly payment calculator available at assuming a $10,000 starting balance, “interest + 1%” minimum and an interest rate of 18%, which is approximately equal to the national average rate for good credit (source:

3. Interest of $2,102.71 assumes a $10,000 charge and installment payments of $504.29 for 24 months. Installment payments calculated with 18% APR and 24-month term accounting for interest accrued between the charge date and the due date 51 days later.

“Consumers are now able to enjoy the convenience of a credit card without running the risk of getting into a cycle of revolving debt that could literally take decades to pay off” said Renaud Laplanche, Upgrade CEO & co-founder. “Upgrade customers are paying almost seven times less interest on an Upgrade Card balance paid down over two years than they would by making the monthly minimum payment on a traditional credit card”.

Upgrade Card rates also start lower than traditional credit cards at 6.49% APR, with a maximum rate of 29.99% APR. A rewards program will be made available later this year, designed to further encourage responsible credit and personal finance management: there will be no rewards on spend; instead 100% of the rewards will be earned by customers for paying down their balance.

Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

About Cross River

Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at or on Twitter @crossriverbank.

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About Upgrade

Upgrade is a consumer credit platform that offers affordable personal loans and cards, together with credit monitoring and education tools that help consumers better understand their credit. Over $2 billion in Personal Loans have been originated through the Upgrade platform since inception in 2017, mostly used by consumers to refinance a credit card balance at a lower cost. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and technology centers in Chicago, Illinois and Montreal, Canada. More information is available at:

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