Upgrade OneCard™ Gives Consumers a Single Card For All Their Purchases
New card innovation offers the rewards of a credit card and helps consumers stay within budget like a debit card
San Francisco - July 27, 2022
Upgrade, Inc., a fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced the launch of Upgrade OneCard™. This new product innovation gives users a single card to meet all their payments needs: cardholders use the “Pay Now” option for everyday expenses to make sure they stay within budget and avoid paying interest or fee charges, and use “Pay Later” to spread payments over time.
A new Upgrade survey of 2,041 U.S. adult consumers conducted by The Harris Poll from May 31 through June 2nd, 2022, surfaced key findings:
- Among Americans who use both, The #1 reason for using a credit card over a debit card, is to earn better rewards (74%). The ability to carry over the balance and pay later (56%) and better fraud protection (48%) round out the top 3 reasons for choosing a credit card over a debit card.
- Among Americans who use both, The #1 reason for using a debit card over a credit card, is to help stick to their budget and only spend the money they already have (61%). A desire to avoid incurring interest if they don’t pay off the balance (45%) and late fees (37%) follow as the 2nd and 3rd reasons for choosing a debit card over a credit card.
“When paying for everyday expenses, consumers historically had to choose between a debit card to ensure they stay within budget, and a credit card to earn rewards,” said Renaud Laplanche, co-founder and CEO at Upgrade. “With Upgrade OneCard™, consumers don’t have to make that choice anymore: they can use Pay Now for everyday expenses to avoid interest and fee charges, while earning credit card rewards without running the risk of falling into credit card debt.”
Upgrade OneCard™ combines the benefits of both credit and debit cards. Designating purchases as Pay Now helps users stay within budget and avoid any interest or fee charges, while using Pay Later lets users spread their payments over time. Users earn attractive rewards on both Pay Now and Pay Later purchases: 3% cashback on many everyday purchases including restaurants, gas stations, and drug stores, and 2% cashback on all other purchases when combined with an Upgrade Rewards Checking Account. Both options offer the fraud protection of credit cards.
Upgrade OneCard™ is a credit card that includes a Pay Now option which pays off selected purchases automatically from the cardholder’s bank account the day after the purchase settles. This can help users avoid creating unintentional credit card debt on everyday charges that they intend to pay for right away. For purchases that users want to pay for over a few months or years, the Pay Later option lets them pay off their purchases responsibly with fixed installment plans. Upgrade OneCard is a Visa card; all charges will settle through the Visa network.
“Consumers are looking for more flexibility and control in how and when they spend their money. We’re excited to work with fintechs like Upgrade who are rethinking the traditional credit card model to answer shifting needs and demands of today’s consumers,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships, Visa.
Upgrade’s flagship product Upgrade Card, which serves as a basis with Upgrade OneCard™, was recently recognized by Nilson Report as the fastest growing credit card in America. Upgrade Card promotes responsible credit by turning every balance into a fixed-rate installment plan, and by offering rewards to cardholders as they pay down their balance.
About Upgrade, Inc.
Upgrade has delivered over $16 billion in affordable and responsible credit to mainstream consumers through cards and loans since inception in 2017. 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, National Association, a nationally chartered commercial bank, Member FDIC. Upgrade Card and Upgrade OneCard are 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: https://www.upgrade.com.
This survey was conducted online within the United States by The Harris Poll on behalf of Upgrade from May 31 – June 2, 2022 among 2041 U.S. adults ages 18 and older among whom 1144 use both a credit and debit card. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact firstname.lastname@example.org.