Upgrade launches Upgrade OneCard to meet its consumers’ payment needs

By Edlyn Cardoza

Upgrade, Inc., a FinTech company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers, announced the launch of Upgrade OneCard™. This new product innovation gives users a single card to meet all their payment 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.

“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 Pay Now and Pay Later purchases: 3% cash back on many everyday purchases, including restaurants, gas stations, and drug stores, and 2% cash back on all other purchases when combined with an Upgrade Rewards Checking Account. Both options offer fraud protection for credit cards.

Upgrade OneCard™ is a credit card with a Pay Now option that automatically pays off selected purchases 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 they intend to pay immediately. 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 Card promotes responsible credit by turning every balance into a fixed-rate installment plan and offering rewards to cardholders as they pay down their balance.