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Press Release

Upgrade, Inc. Launches Upgrade Card

October 10, 2019  

Consumer-friendly card combines the flexibility of credit cards with the lower cost of personal loans

San Francisco -- Upgrade, Inc., a consumer credit platform that offers affordable and responsible loans, together with credit monitoring and education tools, today announced the launch of Upgrade Card. The new card offers the flexibility and convenience of a credit card accepted by millions of merchants, coupled with the lower cost and responsible use of credit of installment loans. Upgrade Card comes with a personal credit line of $500 to $50,000.

“Cross River is pleased to partner with Upgrade to provide consumers with such an innovative and responsible credit product” said Gilles Gade, founder, CEO and chairman of Cross River. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, is the issuer of the personal credit lines available through Upgrade Card.

There is no fee to obtain or use Upgrade Card. Card charges are combined into installment plans payable over 12 to 60 months, committing users to the discipline of paying down their balance every month and resulting in much lower cost than traditional credit cards:

Interest Paid on a $10,000 balance with Upgrade Card vs. Traditional Credit Card by a user making a credit card's monthly minimum payment


Upgrade Card

Traditional Credit Card

Time to pay off the balance

2 years1

28 years2

Interest paid over that time


$ 14,423.162


“Consumers are now able to enjoy the convenience of a credit card without running the risk of getting into a cycle of revolving debt that could literally take decades to pay off” said Renaud Laplanche, Upgrade CEO & co-founder. “Upgrade customers are paying almost seven times less interest on an Upgrade Card balance paid down over two years than they would by making the monthly minimum payment on a traditional credit card”.

Upgrade Card rates also start lower than traditional credit cards at 6.49% APR, with a maximum rate of 29.99% APR. A rewards program will be made available later this year, designed to further encourage responsible credit and personal finance management: there will be no rewards on spend; instead 100% of the rewards will be earned by customers for paying down their balance.

Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

1. Example of amortization period using Upgrade Card
2. Source: minimum monthly payment calculator available at payment-calculator.aspx assuming a $10,000 starting balance, “interest + 1%” minimum and an interest rate of 18%, which is approximately equal to the national average rate for good credit (source:
3. Interest of $2,102.71 assumes a $10,000 charge and installment payments of $504.29 for 24 months. Installment paymentscalculated with 18% APR and 24-month term accounting for interest accrued between the charge date and the due date 51 days later.

About Upgrade

Upgrade is a consumer credit platform that offers affordable personal loans and cards, together with credit monitoring and education tools that help consumers better understand their credit. Over $2 billion in Personal Loans have been originated through the Upgrade platform since inception in 2017, mostly used by consumers to refinance a credit card balance at a lower cost. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and technology centers in Chicago, Illinois and Montreal, Canada. More information is available at: