Upgrade, Inc. launches upgrade card

SAN FRANCISCO, October 10, 2019 / PRNewswire / – Upgrade, Inc., a consumer credit platform that offers affordable and responsible lending, as well as 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, as well as the lower cost and responsible use of installment loan credit. The upgrade card comes with a personal line of credit of $ 500 at $ 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 President of Cross River. To cross River bank, a New Jersey state chartered commercial bank, member of the FDIC, is the issuer of the personal lines of credit available through the Upgrade Card.

There is no charge to obtain or use the Upgrade Card. Card charges are combined into 12- to 60-month payment plans, committing users to the discipline of paying off their balances each month and resulting in a much lower cost than traditional credit cards:

Interest paid on a $ 10,000 balance with an upgrade card over a traditional credit card by a user making the minimum monthly payment from a credit card

Upgrade card

Traditional credit card

It’s time to pay off the balance

2 years1

28 years2

Interest paid during this period

$ 2,102.713

$ 14,423.162

“Consumers can now enjoy the convenience of a credit card without the risk of entering a cycle of revolving debt that could literally take decades to pay off,” said Renaud Laplanche, Upgrade CEO and Co-Founder. “Upgrade customers pay almost seven times less interest on the upgrade card balance refunded over two years than they would by making the minimum monthly 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 available later this year designed to further encourage responsible management of credit and personal finances: there will be no expense rewards; instead, 100% of the rewards will be earned by customers for paying off their balance.

The upgrade card is issued by Sutton Bank, FDIC member, under license from Visa United States Inc.

1 Example of amortization period with Upgrade Card
2 Source: minimum monthly payment calculator available on https://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx assuming a $ 10,000 starting balance, minimum “interest + 1%” and an interest rate of 18%, which is approximately equal to the national average rate of a good credit (source: https://www.cardrates.com/).
3 Interest of $ 2,102.71 suppose a $ 10,000 fees and down payments $ 504.29 for 24 months. Installment payments calculated with an 18% APR and a 24-month term representing accrued interest between the invoice date and the due date 51 days later.

About the upgrade

Upgrade is a consumer credit platform that offers personal loans and cards, together with credit monitoring and education tools that help consumers better understand their credit. More than $ 2 billion in Personal loans have been created through the upgrade platform since its inception in 2017, mainly used by consumers to refinance credit card balance at a lower cost. The upgrade is based on San Francisco, California, with an operations center at Phoenix, Arizona and technology centers Chicago, Illinois and Montreal Canada. More information is available at: https://www.upgrade.com.

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About Cross River

To cross River bank is a fast growing financial services organization that merges the established expertise and traditional services of a bank with the forward thinking offerings of a technology company. Cross River combines a full range of products into a single banking solution as a platform, encompassing lending, payments and risk management. Cross River partners with leading lenders and technology companies, allowing them to focus on their own growth without hampering innovation, while maintaining a strong focus on compliance. In December 2018, Secure Cross River $ 100 million in a funding round led by KKR. It was in addition to the $ 28 million 2016 venture capital funding round of Battery Ventures, Andreessen Horowitz and Ribbit Capital. Founded in 2008, Cross River is a New Jersey FDIC-insured state chartered bank. For more information, please visit the Cross River website at www.crossriver.com or on Twitter @crossriverbank.

SOURCE Upgrade, Inc.

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