Upgrade Launches Rewards Checking Account, 1-2% Cashback On Purchases ($500 Bonus With Line Of Credit)

Update 4/20/22: Some people now seeing a $500 bonus via Credit Karma. See also this comment for how to get this to show.

Update 1/28/22: Some are now seeing a $400 bonus on Upgrade UNLIMITED Cash Rewards Visa (previous bonus was for the ELITE card). Unsure if you can do both. Showing up here for some. Hat tip to aran

Update 12/29/21: Readers are reporting being offered a $400 bonus via Credit Karma on this card. Earn a $400 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions within 60 days. If anybody can provide the full terms and conditions in the comments that would be great.

Upgrade (alternative credit platform) has today launched the a rewards checking account.

  • Card earns at the following rate:
    • 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services. Up to a cap of $500 in rewards ($25,000 spend) per year and then 1% per year
    • 1% cash back on all other purchases
  • No monthly fees

I don’t see how 1% cash back with no cap and very little to no fees is sustainable long term. Upgrade has raised $222 million in venture capital though, so nothing should be surprising when it comes to these new neo banks I guess.
    William Charles
  • On April 20, 2022, 21:30
Tags: rewards checking

View Comments (1484)

  • Since Fidelity is not working for meeting the $1000 DD each other, does anyone know if I set up employer DD, can I withdraw the funds after it is DD into another account and still meet the $1000? I know it is a PITA to do extra transfers but if that is the workaround then so be it for now.

    • Yeah, you can withdraw. Of course, the more weird stuff you do, like deposit money and instantly withdraw it, the more chances to be questioned. @guest_1949826

      The do a 60 day "domain lock" hold on funds when you PULL INTO using the Upgrade online banking, out of an external bank, where you can only move it back to where the money came from. A DD is not part of that.

      • Hi Gadget, refresh my memory, isn't there a form that can be used to close your upgrade checking plus account or not? I beleive by using the form the account can be close much sooner. TIA

        • Supposedly the form takes the month long closure process down to two weeks, yes. Normally you would get the form from Upgrade. @guest_1972424

          This link will download the form: https://tinyurl.com/Upgrade-Closure-Form

          Upon submission, you should get an email within a day the debit card is closed, and two weeks later, another that says the account is closed.

      • Also I don't pull funds from Upgrade ever. I always push funds from Fidelity because the EFT is usually a 1 business day process so I don't have to worry about the 60 day domain lock you are talking about.

        I just want to know if the workaround for the time being is to do an actual employer DD and then withdraw the funds and still activate the "up to 2% cash back" function despite the ACH withdrawal.

        • Well, employee DD should work, and should be able to be withdrawn as you see fit... bill pay, debit card, ACH, etc... @guest_1950398

      • I wouldn't be withdrawing the employer DD the same day it was posted. I never do that in general for any accounts because I know that might draw flags. I would give it a few days and perhaps not withdraw all $1K of it so that it is not a constant zero balance in the checking account so that in case the flags don't get raised for the same amounts being DD and withdrawn. Either way I think I will try out the employer DD method for now until some new DPs on whether Fidelity is fixed.

  • Data point: ACH pushes from Fidelity have not worked to enable the 2%/1% cashback rewards tier for either P2 or P3 this month. This method had been working since the account were opened previously.

    • I noticed that today too....WTF. The transaction details look the same in previous months and had no problem. Its ridiculous.

  • I had an Upgrade Rewards Checking before (with $300 referral) that I closed in July.

    I'm interested in doing the $800 "triple-dip" but want to make sure I do it correctly. These are the steps I'm planning to take

    1. Sign up for LOC through CreditKarma (https://www.upgrade.com/funnel/pcl/apply?utm_source=credit_karma_card&utm_medium=partners_linking&utm_campaign=ita&utm_content=rcwb500)
    2. Once I submit the form and receive pre-approval for the LOC, freeze Transunion. Do not click through to get a Rewards Checking account.
    3. Find Upgrade Rewards Checking on Swagbucks and click that link.
    4. Once the page loads, replace the URL in the same tab with one for a referral (referrals from https://www.doctorofcredit.com/upgrade-checking-200-50-referrals/)
    5. Sign up for the Rewards Checking account
    6. Do not use the LOC (be careful that the LOC and debit cards look the same), use the Rewards Checking debit card three times, and do a $1000 transfer from Schwab Brokerage for a fake DD.
    7. Receive $500 from Upgrade/Credit Karma, $200 from Upgrade Referral, and $100 from Swagbucks with no 5/24 impact

    Is that all correct? @guest_1322890

    • Sorry, it’s been a really long time since I’ve done this so I’m not up to date on the current methods and situation.

      But don’t worry, Inspector @guest_1926432 gots you covered. 🕵️‍♀️👌🏻

    • Sounds good to me. Be sure to schedule the ACH transfer if using Schwab brokerage. At select banks, Schwab transfer doesn't work as a DD if you log in during the workday and place the transfer that day. Weird, but true.

      • When I tried to apply, it said that I already have an account. I logged into the app using my old login, and it seems that, although the checking account is closed, the profile is still open. I wonder if this is churnable.

        • Tried again today with a different address / email address. It let me apply, but I was declined for the LOC.

          The "Adverse Action" letter says I have insufficient length of credit history and insufficient use of available credit.

          Interestingly enough, it says that my Transunion credit score is ~785 but CreditKarma says my Transunion credit score is ~800.

          How did it pull my Transunion if I didn't supply a SSN? How does it know it got the right person? Maybe that's why my credit score is off?

          Perhaps I'll try with my account login details? I mean, it couldn't hurt, could it?

          • Back to your other comment... yes, IME, they force you to use your past login when churning the Checking account.

            It was churnable at one point, but newer DP's state otherwise. It may depend on which kind of account you had in the past.... Rewards Checking or Rewards Checking Plus. When I had churned it, I had never had a Rewards Checking Plus. Worked just fine.

            As for the new question... maybe because they detected it was you, who already had an account, and used your SSN from there? I know some of the preapproval checkers online at other banks only ask for last 4 of SSN.

            That was another thing that has been noted by newcomers to the Upgrade LoC... that it's gotten hard to get approved for. They are seemingly looking for people with mediocre credit, carrying balances on traditional CC's, and would actually have a genuine need to use the LoC. Possibly...

            So, your roadmap was sound... but probably only works for someone who is truly new to Upgrade. I wish you luck in your endeavors.

          • Still no luck with the LOC, but I could open the checking account. I opened with your referral link @guest_1306386 and Swagbucks. I'll try a Schwab push for $1000 in a few days and let you know if any of it worked. If not, at least I tried (=

  • 8/29 Set up checking and LOC, deposited $5.00 into the checking account
    8/30 LOC approved
    9/12 3 .50 purchases on Amazon
    9/16 $500 bonus hit

    500 paid in 18 days.

  • 7/8 - Set up checking and LOC, deposited $5.00 into the checking account

    7/11 LOC approved

    7/16 - 3 $1.20ish purchases on Amazon

    7/18 - $500 bonus hit today

    Easiest/Quickest I have ever done.

  • Just got a weird email. I did the whole Upgrade LoC and Checking stack bonuses in May and haven't touched the accounts in over a month or payed any attention to Upgrade at all.

    Today got an email saying "You recently checked an Upgrade Card offer on our partner’s website. Unfortunately, we could not provide an offer for you at this time." No clue what this is referring to.

    The email gives a link to find more info and it leads me to an Adverse Action Notice that says "Thank you for your recent application for a Personal Credit Line from Cross River Bank through Upgrade, Inc. Your request was carefully considered, and we regret that we are unable to approve your application at this time" and then lists a few reasons.

    Overall just really confused what this email is referring to and why I got it. Anyone else get something similar? Not sure if it's some delayed message related to my initial account openings. My accounts seem to be open so doesn't look like they got closed. Marginally worried that this could have been a fraud attempt.

  • Account closed due to "Recent Derogatory Item on File" - I pulled my 3 credit reports and nothing mentioned.

    That's the 3rd rewards debit I lost this year.

    Didn't seem to care about 100/month, but I guess $250 in April probably set off a flag.

    Got my moneys worth. Good luck.

  • Does anyone have a DP for how quickly they pay out the $500 bonus once the 3 debit transactions have been completed? The terms say within 60 days but wondering if its quicker

  • This One Card and Checking combo has been working OK. I set up Pay Now and use the card to make a purchase, then make sure there's enough in checking to cover the total. Gets me points and some special offers through Dosh.

    But then I got a notice the card was locked due to an odd purchase in France.

    New card on the way.

Leave a Comment