Upgrade Card For Improving Credit Review

For those building or rebuilding their credit, the Upgrade Visa® Card* offers a no-frills option that may work well for those who don’t like confusing fee structures. The card marries the convenience of a credit card with the payment plan of a personal line of credit. When you make a purchase with the Upgrade Card for Improving Credit, unless you pay off the purchase in full before the end of the billing cycle, you’ll pay down the subsequent balance in fixed monthly installments.

With no annual fee, no foreign transaction fees and no late fees, the Upgrade Visa® Card* offers an enticing alternative for those who have suffered at the mercy of fee-ridden cards before, but we encourage careful consideration of the qualifying APR and credit limit. In order to maintain a good credit score, your credit utilization ideally shouldn’t exceed 30% usage of total credit limits. This means that if your maximum available credit across all cards is $3,000, you should aim not to charge more than $1,000 at a time. Unfortunately we know that this may be difficult when starting with a low credit limit, but it’s a good rule to be mindful of when possible.

• No annual fee
• No rewards earning
• No annual fee, late fees or foreign transaction fees

• $0 Fraud Liability: Cardholders are not responsible for unauthorized charges.
• Contactless and Digital Wallet Payments: Tap to pay with your card at checkout or pay with your phone by adding your card to Apple Pay or Google Pay.

Interest Rates

• Regular APR: 14.99% - 29.99% APR
• Purchase Intro APR: N/A
• Balance Transfer Intro APR: N/A

Fees

• Annual Fee: $0
• Balance Transfer Fee: See terms
• Foreign Purchase Transaction Fee: None

Upgrade Visa® Card* vs. Discover it® Secured Credit Card

Secured cards generally require deposits equal to the maximum credit limit to “secure” the line of credit, but can still help build credit by reporting credit history to credit bureaus. The Discover it® Secured Credit Card is one such secured card that, unlike many others in this category, earns rewards.

With the Discover it® Secured Credit Card you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. While the reward earning is capped, the card offers an uncapped welcome offer: Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.

Upgrade Visa® Card* vs. Petal® 1 “No Annual Fee” Visa® Credit Card*

The Petal® 1 “No Annual Fee” Visa® Credit Card* (issued by WebBank), like the Upgrade Card, offers an alternative to secured cards for those attempting to build or repair credit. Requiring no annual fee and no security deposit, the Petal 1 does offer rewards, but its rewards are limited to specific merchants.

What makes the Petal 1 Card different is that when an applicant applies, a “cash score” may be used to determine if an applicant is eligible. The cash score relies on the applicant’s banking or other financial history. This can be a boon to someone just entering the workforce with a decent income but hasn’t started building credit yet.

Upgrade Visa® Card* vs. BankAmericard® Secured credit card*

The BankAmericard Secured Card, like the Upgrade, is also free of an annual fee. And if you link the card to an eligible Bank of America checking account, you can request overdraft protection.

Where most secured cards let you determine the size of your security deposit and subsequent line of credit based on their minimum and maximum ranges, Bank of America will determine what credit limit to grant you based on a combination of what you can put up as a deposit, your income and their opinion on your ability to repay charges. That’s a potential red flag for those who want the guarantee that their credit limit will at least match their deposit amount.

The Upgrade Visa® Card* can be a solid option for improving credit for those who don’t want a secured card and don’t need rewards. Its lack of fees make it attractive for those without any credit history or those trying to build credit, but the limited benefits mean you’ll likely want to move on to a better option once your credit has improved. For a full list of recommendations of cards for those without great credit, see our list of best credit cards for bad credit.