Upgrade to Offer New Card that Combines BNPL and Pay Now Options: Upgrade OneCard

Upgrade, a Fintech providing credit services along with neo banking offerings like checking, has announced a new card that combines buy now- pay later (BNPL) services alongside the option to pay now.

According to a statement from the company, the Upgrade OneCard is a single card that can act like a debit card with the pay now feature or, alternatively, can be utilized to access the option to pay over time.

Renaud Laplanche, co-founder and CEO at Upgrade, explained that consumers historically have had to choose between a debit card or credit card in making purchases:

“With Upgrade OneCardTM, consumers don’t have to make that choice anymore: they can use Pay Now for everyday expenses to avoid interest and fee charges, while earning credit card rewards without running the risk of falling into credit card debt,” said Renaud.

Upgrade cited data that indicates American use credit cards to access the rewards (74%) as well as anti-fraud protection and the option to pay over time. The decision to pay with a debit card is largely made to stay within budget (61%) and not paying interest on a purchase. The Upgrade OneCard combines both, as the name indicates.

While using Upgrade OneCard pay later feature or the pay now option, users receive up to 3% cash back on purchases, fraud protection as well as access to a rewards checking account.

For purchases that users want to pay for over a few months or years, the pay later option lets them pay off their purchases with fixed installment plans at a fixed rate.

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