Upgrade launches new credit card with bitcoin rewards

Upgrade, FinTech company focused on providing credit, launched a new version of its Upgrade Card featuring bitcoin rewards dubbed Upgrade Bitcoin Rewards Card.

The Upgrade Bitcoin Rewards Credit Card is a crypto reskin of the FinTech’s Cash Rewards card. Under the new programme, users earn unlimited 1.5% bitcoin rewards on every purchase as they make payments.

Additionally, the card’s balance is paid off via a fixed-rate instalment plan, which can help users save money on interest. The custody and trading platform for holding and selling bitcoin is provided by NYDIG and the card is a Visa Signature card, which includes benefits such as trip and baggage insurance, purchase protection, and extended warranty coverage.

The company offers credit lines from $500 to $25,000 with the Upgrade Bitcoin Rewards Card depending on your credit score. It works with Apple Pay and Google Pay. Like other Upgrade credit cards, there are no monthly fees, late fees, or returned payment fees.

Upgrade isn’t the first company to announce a credit card with bitcoin rewards, but it’s the first one that is available to all. Anyone can apply with no waitlist, and start using their virtual card immediately until they get their physical card in the mail.

Commenting on the new launch, SVP and Global Head of Fintech at Visa Terry Angelos said, “Crypto rewards introduce cardholders to a new asset class that is increasingly part of a consumer’s financial portfolio. Whether you’re a crypto enthusiast or just getting started, programmes like the Upgrade Bitcoin Rewards Card offer an engaging and low-risk way to participate in the crypto economy.”

Unfortunately for crypto fans, the Bitcoin earned from the Upgrade Bitcoin Rewards card cannot be transferred to a separate wallet. Users can choose to hold them or sell the bitcoins earned. If you choose to sell your rewards, there’s a 1.5% transaction fee.

This card is not currently available in all 50 states. Customers in Hawaii, Indiana, Iowa, Louisiana, Nebraska, Nevada, New Hampshire, North Carolina, Washington, West Virginia, Wisconsin, and the District of Columbia can’t order an Upgrade Bitcoin Rewards Card at the moment.

Commenting on the new product and Upgrade’s growing card line-up, Upgrade co-founder and CEO Renaud Laplanche stated, “Upgrade Card is already delivering over $3bn in annualized credit to consumers. Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning Bitcoin.”

More recently, the BlockFi credit card — which also offers 1.5% Bitcoin back on purchases among other perks — began its waitlisted release last month. Meanwhile, the upcoming Gemini Credit Card will earn up 3% back on dining, 2% back on groceries, and 1% back on everything else. These rewards are not only deposited in real-time but can also be awarded in Bitcoin or any of the other cryptocurrencies that the Gemini platform offers.

Copyright © 2021 FinTech Global

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