Upgrade Launches Rewards Checking Account, 1-2% Cashback Purchases

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Upgrade (alternative credit platform) has today launched the a rewards checking account.

  • Card earns at the following rate:
    • 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services. Up to a cap of $500 in spend per year and then 1% per year
    • 1% cash back on all other purchases
  • No monthly fees

I don’t see how 1% cash back with no cap and very little to no fees is sustainable long term. Upgrade has raised $222 in venture capital though, so nothing should be surprising when it comes to these new neo banks I guess.





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