💡 Quick Verdict
Upgrade combines banking with credit-building tools, making it unique among neobanks. The Upgrade Card works like a credit card but pays down automatically, helping build credit responsibly. It's best for those focused on improving their credit score while also needing basic banking.
✅ Pros
- Credit-building Upgrade Card
- Personal loans available
- No monthly fees
- Rewards on card purchases
- FDIC insured
- Early direct deposit
❌ Cons
- Not as simple as Chime
- Card requires credit check
- Lower savings APY
- Limited ATM network
- Loan interest rates vary
- Less established than competitors
What is Upgrade?
Upgrade is a fintech company offering personal loans, credit cards, and banking services. Founded in 2016, it focuses on helping people access affordable credit and build their credit scores. The Upgrade Card combines credit card rewards with debit card discipline.
Learn more about app safety in our Safe Finance Guide.
Upgrade Card
Credit-building card
Credit Health
Free monitoring
Personal Loans
$1K-$50K available
Rewards
Cashback on purchases
Who Should Use Upgrade?
Upgrade is ideal for:
- People wanting to build credit responsibly
- Those who need personal loans
- Anyone wanting rewards without credit card debt
- People rebuilding after financial setbacks
Upgrade might NOT be for you if:
- Those with excellent credit already
- People wanting simplest possible banking
- Users who avoid credit checks
- Those seeking highest savings rates
Not sure if Upgrade is right for you? Take our quiz for a personalized recommendation.
Upgrade vs Competitors
Upgrade vs Chime Credit Builder
Chime Credit Builder: Chime's Credit Builder has no credit check. Upgrade offers more traditional credit card benefits and higher limits.
Upgrade vs SoFi
SoFi: SoFi offers better banking and investing. Upgrade is better specifically for credit building.
Upgrade vs Self
Self is credit-building focused. Upgrade adds full banking and rewards.
❓ Frequently Asked Questions
Does Upgrade Card affect credit score?
Applying requires a soft pull (no impact). Approval does a hard inquiry. Regular use and payments help build credit.
How does the Upgrade Card work?
It works like a credit card for purchases but automatically pays the balance monthly from your bank account, avoiding interest.
What credit score do I need for Upgrade?
Upgrade considers applicants across the credit spectrum, but better scores get better terms.
Is Upgrade banking free?
Yes, no monthly fees for the bank account. The card has no annual fee. Loans have interest based on creditworthiness.
How fast can I get an Upgrade loan?
If approved, funds can be deposited as soon as the next business day.
Ready to Try Upgrade?
See if Upgrade is the right fit for your financial journey