Thu, 14 January 2021 | payments banking credit fintech
Upgrade, Inc., a neobank targeting mainstream consumers, introduced a new mobile checking account. The account comes with no fees and lets customers earn 2% cash back on common everyday expenses and recurring payments, and 1% cash back on all other debit charges. Qualifying customers also enjoy up to 20% lower rates on Upgrade loans.
The unveiling of Upgrade's no-fee Rewards Checking account comes just over a year after the launch of Upgrade Card, the company's flagship product that offers broad access to installment lending at millions of points of sale in store and online through the Visa network. Upgrade Card has been rapidly gaining mainstream adoption with an annual rate of $1 billion in new credit lines already being made available to consumers. Over 1 million consumers now apply for an Upgrade Card or loan each month.
Upgrade's Rewards Checking accounts are now available online at Upgrade.com/rewards-checking/. There is no minimum account balance, no account fees, no overdraft fees, no annual fees, and no transfer fees. Upgrade charges no ATM fees, and Upgrade will rebate any ATM fee charged by another institution for Upgrade VISA® Debit Card ATM withdrawals in the United States, up to five times per calendar month. To be eligible for third-party ATM fee rebates in any month, customers must maintain an average daily balance in their Upgrade Rewards Checking account of at least $2,500 for that month, or have made a direct payroll deposit into their account of at least $1,000 during that month.
Upgrade customers earn 2% cash back on common everyday expenses (convenience stores, drugstores, gas stations, restaurants - including deliveries) and recurring payments (utilities, phone, cable, monthly subscriptions including streaming services), and unlimited 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year.
Source: Upgrade