MoneyGeek's Take

Upgrade Bitcoin Rewards Review

With 1.5% cash back in the form of Bitcoin, the Upgrade Bitcoin Rewards credit card offers a low-risk, low-barrier to entry for those who want to test the waters of cryptocurrency. The fixed monthly rate for making payments with no annual fee also makes this a solid choice for purchases and paying off a balance over time.

Advertising & Editorial DisclosureLast Updated: 1/20/2023
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Upgrade Bitcoin Rewards

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

MoneyGeek’s Upgrade Bitcoin Rewards review shows why this card is ideal for cryptocurrency enthusiasts and those who foresee a potential Bitcoin future but don’t want to pay upfront. The credit card allows them to earn Bitcoin on the side, in the form of cash back, without having to risk the money in their bank accounts. The Upgrade Bitcoin Rewards also doesn’t have foreign transaction fees, making it a good option for travelers. It allows purchases wherever Visa is accepted, or cardholders can send funds to a bank account.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Upgrade Bitcoin Rewards at a Glance

While the unlimited 1.5% back in Bitcoin doesn’t seem like much, choosing the Upgrade Bitcoin Rewards credit card is smart if you want to dabble with cryptocurrency without as much risk as the direct, traditional ways. It also helps save money by not requiring an initial deposit, not having an annual fee and not charging extra for foreign transactions.

  • Upgrade Bitcoin Rewards

    A good no annual fee card that offers bitcoin as rewards

    • Good–ExcellentRecommended Credit
    • $0Annual Fee
    • 1.50% Cash Back in BitcoinRewards Rate

Pros & Cons Explained

While the Upgrade Bitcoin Rewards advantages merit your consideration, it's also necessary to consider its drawbacks. MoneyGeek compiled a list of Upgrade Bitcoin Rewards’s pros and cons, so you can decide for your unique circumstance.


  • Benefits
  • Unlimited Bitcoin cash back
    You may use this card in stores or online, and when you pay it, you get 1.5% back. Your unlimited cash back is paid in Bitcoin and held in the wallet provided by NYDIG. Spending an average of $1,000 with this card gives you around $15 worth of Bitcoin.
  • Monthly installment balance payment
    All unpaid balances for each month are broken down at a fixed rate with equal monthly payments. To illustrate, a $5,000 transaction with a 36-month term and a 19.99% APR requires the payment of $187.90 per month. The payment plan, which extends from 24 to 60 months, encourages a timely balance payoff.
  • Send funds to your bank account
    The Upgrade Bitcoin Rewards credit card can act as a personal loan provider by requesting a transfer of funds to your bank account. Similar to a purchase, you can pay back the loan with monthly installments with a fixed rate, but this type of transaction is not eligible for the 1.5% back in Bitcoin.
  • No annual or foreign transaction fees, ever
    Upgrade Bitcoin Rewards does not have foreign transaction fees when you use it outside of the United States. You also don't have to pay an annual fee for the duration of the card's life.


  • Drawbacks
  • Inflexible control over Bitcoin reward
    After making a monthly payment, your Bitcoin reward is credited to your NYDIG wallet, and transferring it to another wallet is not an option. In addition, you can only sell Bitcoin after holding it for 90 days, and the sales are applied as a statement credit. Plus, there’s a 1.5% transaction fee deducted after selling.
  • No welcome bonus
    Upgrade Bitcoin Rewards credit card currently does not offer any sign-up bonus. Instead, it offers a $200 bonus when you open a Rewards Checking account and, within 60 days of your Upgrade Bitcoin Rewards account opening, make three debit card transactions.
  • Not available in some states
    Presently, the Upgrade Bitcoin Rewards credit card is not available in Hawaii, Indiana, Iowa, Louisiana, Nebraska, Nevada, New Hampshire, North Carolina, Washington, West Virginia, Wisconsin and the District of Columbia. Make sure to check if your area is eligible before applying.
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Every month, the MoneyGeek team examines the credit cards in our database and chooses our top recommendations for popular card categories. Upgrade Bitcoin Rewards didn’t make the list for the top cash back card, but you can review our picks for the best reward credit cards.

Bonuses & Rewards Explained

The Upgrade Bitcoin Rewards credit card lets you earn 1.5% back in Bitcoin for every purchase using the card, which you get after making a monthly payment. An account under NYDIG is opened, where you keep your Bitcoin, with the option to monitor, hold or sell it any time you want after 1-2 settlement periods upon receiving it. The steps for earning Bitcoin are as follows:



You can use the card at any retail location or online shop where Visa is accepted.



Every purchase earns you 1.5% back in Bitcoin when you pay them back.



Keep track of your Bitcoin balance over time, or sell it and get a statement credit.

Other Features Explained

Some of the other Upgrade Bitcoin Rewards benefits and features worth mentioning include:

  • Card Feature
  • Low-barrier to entry
    Upgrade Bitcoin Rewards’s credit score requirement allows individuals with fair credit to apply. That is especially good if you’re mostly interested in trying Bitcoin without a heavy investment.
  • Mobile transactions
    The Upgrade Bitcoin Rewards credit card allows you to monitor your account and your Bitcoin wallet through your smartphone as well as make payments using Google Pay or Apple Pay.
  • Visa Signature card benefits
    Upgrade Bitcoin Rewards credit card is a Visa Signature card, which means it has perks like travel and emergency assistance, fraud detection, non-refundable trip cancellation reimbursement, and more.
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Because of the settlement period, paying on time helps you maximize the benefits of your Bitcoin rewards, ensuring that they are ready for use when you need them. Also, consider holding your Bitcoin for a long time since many experts suggest that it could be worth way more in the future.

Understanding the Fine Print

The Upgrade Bitcoin Rewards is a good credit card for people who wish to try their hand at cryptocurrency because of the low risks it provides. However, it's critical to read the fees and fine print before applying.

  • Card Feature
    Amount or Rate
  • APR
    14.99% – 29.99% Variable
  • Annual Fee
  • Cash Back Rewards
  • Rewards Rate
    1.50% Cash Back in Bitcoin
  • Airline Benefits
  • cashBack icon

    Cash Back Reward Rate

    The Upgrade Bitcoin Rewards credit card lets you earn unlimited 1.5% cash back from your purchases using the card in the form of Bitcoin. For example, spending an average of $5,000 per year using your credit card nets you around $75 worth of Bitcoin (the value of Bitcoin depends on the reference rate during the time of purchase). Sending funds from the card to your bank account does not provide a cash back reward.

  • noAnnualFee icon

    Annual Fee

    Upgrade Bitcoin Rewards credit card does not burden you with an annual fee, meaning pretty much all your expenses go toward paying your balance on a monthly basis. In addition, it also doesn’t charge foreign transaction fees, late fees or cash advance fees.

  • lowInterestAPR icon

    Regular APR

    The card’s APR is around 14.49% on average. It can be as low as 14.99% - 29.99%. It doesn’t provide an intro APR or balance transfer APR.

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Pay great attention to the APR and any related fees when comparing this card to other cash back credit cards. If you want to compare it to a card you already have, look at your most recent billing statement or go to your card provider's website or app. Alternatively, you may look for information in the Consumer Financial Protection Bureau's (CFPB) credit card agreement database.

Who Should & Shouldn’t Consider Upgrade Bitcoin Rewards?


Other Considerations for Upgrade Bitcoin Rewards

Before sending an application for the Upgrade Bitcoin Rewards, it is best to learn more about this cash back credit card. MoneyGeek discusses a few factors we believe you should consider below.

Things to Consider if This Will Be Your First or Only Credit Card

If you plan to make Upgrade Bitcoin Rewards your first or only credit card, be mindful of its potentially high APR. That will not be much of a problem if you pay your credit card bill in full each month, though. Additionally, you have to keep in mind that Bitcoin is volatile, which means your earnings would vary.

Things to Consider if This Will Be an Additional Card in Your Wallet

The Upgrade Bitcoin Rewards Card does not have annual, foreign transaction or late payment fees. You can keep the 1.5% back in Bitcoin as long as you make payments. You have a pretty decent investment in the crypto world without spending much money out of your pocket with this card, and can choose to use it for specific purchases and another card for others that offer a higher reimbursement by category, such as for gas.

However, keep in mind that this cash back credit card offers rewards in Bitcoin only. You cannot use the card to earn rewards in another cryptocurrency. Furthermore, if you choose to sell your rewards, there is a transaction fee.

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MoneyGeek follows a streamlined and well-defined ranking methodology when reviewing credit cards. We collect credit card information from Consumer Finance Protection Bureau's credit card agreement database, standardize data points to determine the credit card rankings, estimate an annual spend using a standardized spend profile, factor in introductory and yearly bonuses, establish credit cards value and rank them for various categories, review data on a monthly basis, and re-rank them accordingly.

How Upgrade Bitcoin Rewards Compares to Other Cards

The Upgrade Bitcoin Rewards is the only cash back credit card in our credit card list that offers rewards in Bitcoin. However, it still holds its own against other rewards cards because of its lack of annual, foreign transaction and late fees.

Quick Comparison of the Upgrade Bitcoin Rewards

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Upgrade Bitcoin Rewards

  • Annual Fee: $0
  • Cash Back Rate: 1.5%
  • Variable APR: ** 14.99% - 29.99%
  • Foreign Transaction Fee: $0
  • Mini Verdict: Suited for individuals who want to invest in Bitcoin but don’t want to spend their money on it.
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U.S. Bank Altitude® Connect Visa Signature® Card

  • Annual Fee: $95
  • Cash Back Rate: 1-5 points
  • Variable APR: 20.24% – 28.24%
  • Foreign Transaction Fee: $0
  • Mini Verdict: Ideal for individuals who love to travel and dine out.

Other Helpful Decision-Making Q&As

MoneyGeek answered some of the commonly asked questions about the Upgrade Bitcoin Rewards credit card that can help you make a decision. It’s best to get to know your prospective rewards credit card more before submitting an application.

Still not sure about this card? Consider these options.

If you're not sure how well this card will work for you, check out some of the other popular reward cards. If you're not just interested in the Bitcoin reward, you could be better off using a card that offers several cash back options.

Learn more about credit cards in general

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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