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.
MoneyGeek’s Take
Upgrade Bitcoin Rewards Review
Updated: June 11, 2024
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Upgrade Bitcoin Rewards
Rewards Rate
Earn unlimited 1.5% back in bitcoin rewards after ...APR
14.99%-29.99% Annual Fee
$0Recommended Credit
630-850 (Fair to Excellent)
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Upgrade Bitcoin Rewards Overview
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:
Quick Take
- Credit lines from $500 to $25,000.
- 1.5% in bitcoin on all purchases when you pay them back.
- When you open a Rewards Checking account and complete three debit card transactions, you'll get a $200 bonus.
- Keep track of your bitcoin balance over time, or sell it and get a statement credit.
Important Card Details
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.
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.
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.
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.
Additional Benefits
Some of the other Upgrade Bitcoin Rewards benefits and features worth mentioning include:
- 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.
- Positive customer service feedback: In general, customers are satisfied with the way the company is treating them, lauding them for quick response and approval.
- No fraud liability: You are not held accountable for any illegal charges if your card is lost or stolen. Any subsequent purchases do not affect you or your credit score if you notify your card's status promptly.
How the 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.
How the Upgrade Bitcoin Rewards Compares
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.
U.S. Bank Altitude® Connect Visa Signature® Card
- Annual Fee: $95
- Cash Back Rate: 1-5 points
- Variable APR: 20.99% – 28.99%
- Foreign Transaction Fee: $0
- Mini Verdict: Ideal for individuals who love to travel and dine out.
Frequently Asked Questions
What is the average credit score needed to get approved for Upgrade Bitcoin Rewards?
You need to have a fair to excellent credit score (630 - 850) to qualify for the Upgrade Bitcoin Rewards card.
Does Upgrade Bitcoin Rewards report to all three credit bureaus?
Yes, it does. Upgrade Bitcoin Rewards reports to Equifax, Experian and TransUnion, the three major credit bureaus.
Is the Upgrade Bitcoin Rewards application process lengthy? Can you prequalify?
The Upgrade Bitcoin Rewards application process is relatively short, and you can get approved within a short time. You can also prequalify for the card.
What information is needed to apply for the Upgrade Bitcoin Rewards?
In order to apply, you must supply personal information (name, date of birth, and Social Security number), contact information (residence address, email address, and phone number), and financial information (annual income and monthly rent/mortgage).
Does Upgrade Bitcoin Rewards have good customer service or satisfaction?
While customer satisfaction varies on a per-customer basis, it seems that the overall consensus for Upgrade Bitcoin Rewards customer service is good.
Does Upgrade Bitcoin Rewards have a mobile app or the option to pay or manage your account online?
Upgrade Bitcoin Rewards has a mobile app you can download via Google or Apple to manage your account wherever you are and at any time.
Does Upgrade Bitcoin Rewards raise credit limits automatically or charge for limit increases?
Upgrade Bitcoin Rewards doesn’t indicate whether it raises credit limits automatically or charges for limit increases.
Does Upgrade Bitcoin Rewards offer the option to freeze your credit/account or have other security features?
We haven’t found any information on whether Upgrade Bitcoin Rewards has security features such as the option to freeze your credit card or account.
Does Cross River Bank offer other credit cards besides the Upgrade Bitcoin Rewards?
Cross River Bank, the issuer of the Upgrade Bitcoin Rewards, does not offer another credit card. But, it does provide personal loans and auto refinancing.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
sources
- Upgrade. "Upgrade Bitcoin Rewards." Accessed February 25, 2022.
*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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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.