Upgrade, an online consumer lending platform, has launched a new physical credit card labeled “Upgrade Card.” The card is designed to provide the convenience of a credit card combined with lower interest rates associated with installment loans.
According to a release, interest rates start at 6.49% and go up from there. The low end rate is significantly lower than most credit cards. The Upgrade Card offers personal credit limits from $500 to $50,000. There is no annual fee on the card. The card is being offered in partnershp with Fintech friendly Cross River Bank.
Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, is the issuer of the personal credit lines available through Upgrade Card.
“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.
Renaud Laplanche, Upgrade CEO & co-founder, said that consumers are now able to enjoy the convenience of a credit card without running the risk of getting stuck in the cycle of debt that can take years to payoff.
“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,” said Laplanche.
Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.