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Upgrade Bitcoin Rewards Card Review: A Safe Way to Get Started With Crypto

Review Updated
Lyle Daly
Author: Lyle Daly
Lyle Daly
Lyle Daly
Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. His work with Motley Fool Money and The Motley Fool has appeared syndicated in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

The Upgrade Bitcoin Rewards Card is a unique option that turns your spending into Bitcoin (BTC). Unlike credit cards, this Upgrade card provides loans with fixed payment amounts and a set APR. However, there are also some drawbacks to the card, including restrictions on how you can use your Bitcoin. Read this Upgrade Bitcoin Rewards Card review to learn all about it.

Ratings Methodology

Upgrade Bitcoin Rewards Card

Upgrade Bitcoin Rewards Card
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Fair (300-669)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Fair (300-669)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

8.99%-29.99% APR

Rewards

1.5% back in Bitcoin

Annual Fee

$0

Welcome Offer Circle with letter I in it. Earn a $200 bonus after making $500 in purchases and 3 consecutive on-time monthly payments within the first year after your account is opened.

$200 bonus

  • This card is a solid introduction to Bitcoin rewards, and it doesn't require good credit to qualify. Not being able to transfer Bitcoin could be frustrating for crypto enthusiasts.

    • Bitcoin rewards
    • Unlimited 1.5% back
    • No card fees
    • Fixed APR
    • Lenient approval requirements
    • Can't transfer Bitcoin
    • Immediate interest charges
    • No sign-up bonus
    • No 0% intro APR offer
    • Earn a $200 bonus after making $500 in purchases and 3 consecutive on-time monthly payments within the first year after your account is opened.
    • Unlimited 1.5% back in bitcoin when you make payments
    • The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin
    • No annual fees, no foreign transactions fees
    • Get pre-approved in seconds with no impact to your credit score
    • Pay with your phone or device by using Apple Pay™ or Google Pay™
    • Mobile app to access your account anytime, anywhere
    • Enjoy peace of mind with $0 Fraud liability
Personal Credit Lines are issued by Cross River Bank, Member FDIC. The Upgrade Bitcoin Rewards Card is issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Upgrade is a financial technology company, not a bank.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: XX.XX%, XX.XX%, or XX.XX% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Upgrade Bitcoin Rewards Card review

This card is a good fit for: Rewards enthusiasts with fair credit who want to try earning Bitcoin risk free.

How the Upgrade Bitcoin Rewards Card works

The Upgrade Bitcoin Rewards Card is a hybrid between a loan and a credit card. It has a credit limit, and you can pay with it wherever Visa is accepted or use it for a direct deposit to your bank account. Transactions are called draws, and they're technically loans against your credit limit with a fixed payment amount.

If your application for an Upgrade Bitcoin Rewards Card is successful, the card issuer will provide you with the following:

  • Credit limit: The maximum amount you can draw from your card.
  • Fixed APR: The interest rate for your draws. Most credit cards have a variable APR, but Upgrade gives you a fixed APR that doesn't change over time.
  • Draw length: The time to pay back your draws. You'll have a fixed payment amount for the draws in each billing cycle.

All draws made using an Upgrade card have immediate interest charges. It's not like a credit card, where you can avoid interest charges by paying in full on the due date.

You earn Bitcoin rewards on purchases when you pay those purchases. Upgrade will purchase the Bitcoin within one to two statement periods from the payment date.

Your Bitcoin can't be transferred to a separate wallet. The only way to use it is to sell it, and then apply the sale proceeds as a statement credit. There's a 1.5% transaction fee on the Bitcoin sale. If you have $100 worth of Bitcoin, you can sell it, and then use the $98.50 ($100 minus the 1.5% fee) as a statement credit on your card.

Top perks

The Upgrade Bitcoin Rewards Card provides an interesting mix of benefits.

Bitcoin rewards

The main appeal of the Upgrade Bitcoin Rewards Card is right there in the name. It earns Bitcoin on your payments toward purchases you've made.

Bitcoin's price has skyrocketed many times over the years, so there's the possibility that your rewards will increase in value. It's worth mentioning the opposite is also true. Since Bitcoin is so volatile, your rewards could very well decrease in value.

All things considered, Bitcoin rewards are a great way to ease into the world of cryptocurrency. You can build a Bitcoin balance without needing to invest your own money.

COMPARE TOP PICKS: Best Crypto Credit Cards

Unlimited 1.5% back

This card earns 1.5% back in Bitcoin when you make payments on your purchases. This is different from most rewards credit cards, which earn rewards when you make purchases. With an Upgrade card, you need to pay for a purchase first before earning rewards on it.

Upgrade takes the cash value of your rewards and uses that to buy Bitcoin. For example, if you pay off a $100 purchase, it buys $1.50 worth of Bitcoin.

The Bitcoin purchase doesn't happen right away. After you make a payment, Upgrade will purchase the Bitcoin within one to two statement periods.

No card fees

There are no card fees to use the Upgrade Bitcoin Rewards Card. That means:

  • No annual fee
  • No draw fee, including for purchases and direct deposits to a bank account
  • No foreign transaction fee
  • No prepayment penalty

There is a 1.5% transaction fee when you sell your Bitcoin rewards. Since that's the only way to use your rewards, this fee is unavoidable.

READ MORE: Best No Annual Fee Credit Cards

Fixed APR

This Bitcoin rewards card has a fixed APR (annual percentage rate). Credit cards normally have a variable APR that can change with interest rate trends. With Upgrade, your card's interest rate stays the same. Another nice thing about Upgrade is that it typically offers lower interest rates than credit card issuers.

LEARN MORE: What Is APR?

Lenient approval requirements

The Upgrade Bitcoin Rewards Card is intended for consumers with average to excellent credit. There aren't many rewards card options for fair/average credit, so if your score is in that range, this Upgrade card is a great choice.

Send money to your bank account

One of the advantages the Upgrade Bitcoin Rewards Card has over credit cards is that you can use it for cash, not just purchases. If you're ever in need of a loan, you won't need to apply with a lender. You can get a direct deposit to your bank account from your Upgrade card for no additional fees.

It's not so easy or cheap to get cash from a credit card. Although many credit cards allow you to get cash as a cash advance, it carries an additional fee, and the credit card issuer normally charges a higher interest rate.

LEARN MORE: How Does a Credit Card Cash Advance Work?

Fixed payments

At the end of the billing cycle, Upgrade takes your card's balance and gives you a fixed monthly payment. By paying at least this amount, you'll have the balance paid off by the end of your draw length.

This is much different than credit cards, where you can make small minimum payments and your balance doesn't have a set end date. Some people prefer the structure that fixed payments provide. If you're one of them, then you'll probably like the Upgrade Bitcoin Rewards Card.

What could be improved

There are some key areas where this crypto rewards card falls short.

Can't transfer Bitcoin

The biggest issue with this card, especially if you're a crypto enthusiast, is that it doesn't give you full control of your Bitcoin. You're not able to transfer it anywhere. Your only option is to sell your crypto rewards and use the sale proceeds as a statement credit on your Upgrade card.

Why is that a problem? Here are a few of the things you can't do because of this restriction:

  • Transfer Bitcoin to your own crypto wallet. Many investors prefer to have their crypto entirely in their possession and feel this is more secure than leaving it with another party.
  • Earn interest on your Bitcoin. Some platforms allow you to lend crypto and earn interest, but that's only an option if you can transfer your crypto to one of those platforms.
  • Trade Bitcoin for another cryptocurrency. Depending on crypto prices, it can sometimes be beneficial to swap one crypto for another.

READ MORE: How to Safely Store Cryptocurrency

Bitcoin transaction fee

In addition to the fact that you're only able to sell your Bitcoin rewards, there's also a 1.5% transaction fee on each sale. That may not seem like much, but it's on the high side. To put it in perspective, some crypto apps and exchanges charge trading fees of 0.5% or less.

COMPARE CRYPTO PLATFORMS: Best Cryptocurrency Apps and Exchanges

Immediate interest charges

Upgrade starts charging interest immediately when you make a draw against your card's limit. While Upgrade cards have some advantages over credit cards, this is an area where credit cards have a clear edge.

With a credit card, you can avoid interest charges if you pay the full statement balance by the due date. If you typically do that, then a credit card would be the much better choice, because it won't cost you any interest like an Upgrade card will.

LEARN MORE: How Does Credit Card Interest Work?

No 0% intro APR offer

Although an Upgrade Card may offer you a low interest rate, it's worth mentioning that some credit cards offer a 0% intro APR on purchases, balance transfers, or both. Cards with this type of deal don't charge you any interest for the length of the intro period. If you need to finance a purchase or refinance credit card debt, you could save more on interest with a 0% APR card.

Suggested credit score

A FICO® Score of 580 or higher is recommended to apply for the Upgrade Bitcoin Rewards Card. According to Upgrade's website, this card is for consumers with average to excellent credit.

You can see if you're pre-approved for this card without any impact on your credit score. Upgrade only requires some basic information, including your name, address, date of birth, and income. If you're pre-approved, it will provide the credit line, draw length, and APR you qualify for.

IMPROVE YOUR CREDIT: How to Increase Your Credit Score

The Upgrade Bitcoin Rewards Card is right for you if:

Your credit score is in the "average credit" range and you want to earn Bitcoin rewards.

If you have "good credit," meaning a score of 670 or higher, then you can likely get a card with a higher rewards rate, or a crypto card with rewards you can transfer to a crypto wallet. The Upgrade Bitcoin Rewards Card doesn't quite compete with the best credit cards, but it's great for earning Bitcoin if you're still building your credit.

SEE MORE OPTIONS: Best Rewards Credit Cards

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.