Fintech startup Upgrade is launching a new credit card today. The Upgrade Bitcoin Rewards Card is a classic Visa credit card that works across the Visa network. But you get 1.5% in bitcoin rewards when you make payments.
Upgrade isn’t the first company to announce a credit card with bitcoin rewards — but it’s the first one that is generally available. If your application is approved, you can start using the virtual card immediately.
BlockFi announced its own credit card with bitcoin rewards in December 2020. Gemini followed suit quickly thereafter. But those cards are still not generally available. A couple of weeks ago, BlockFi started inviting people on its waitlist. So a general rollout should come sooner rather than later.
As for the Upgrade Bitcoin Rewards Card, the company offers credit lines from $500 to $25,000 depending on your credit score. It works with Apple Pay and Google Pay. Like other Upgrade credit cards, there are no monthly fees, late fees or returned payment fees.
Essentially, this new card works pretty much like Upgrade’s existing credit card. But instead of getting 1.5% cash back on all purchases, you get 1.5% back in bitcoin — there’s no specific category, no partner retailer, no point system. It’s a straightforward, uncapped cash back program.
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