Bitcoin Rewards Card Review Upgrade
The Upgrade Bitcoin Rewards Card offers an interesting mix of benefits.
The main appeal of the Upgrade Bitcoin Rewards card is in its name. It earns Bitcoins from your payments for purchases you have made.
The price of Bitcoin has skyrocketed several times over the years, so your rewards may increase in value. It should be mentioned that the opposite is also true. Since Bitcoin is so volatile, your rewards could very well decrease in value.
All things considered, bitcoin rewards are a great way to get acquainted with the world of cryptocurrency. You can create a Bitcoin balance without having to invest your own money.
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Unlimited refund of 1.5%
This card earns 1.5% in Bitcoin when you make payments on your purchases. This is different from most rewards credit cards, which earn rewards when you make purchases. With an upgrade card, you must first pay for a purchase before you earn rewards on it.
The upgrade takes the monetary value of your rewards and uses it to buy Bitcoins. For example, if you refund a purchase of $100, it buys $1.50 worth of Bitcoin.
Buying Bitcoin doesn’t happen right away. After making a payment, Upgrade will purchase the Bitcoin within one to two statement periods.
No card fees
There are no card fees to use the Upgrade Bitcoin Rewards Card. That means:
- No annual fee
- No drawdown fees, including purchases and direct bank account deposits
- No foreign transaction fees
- No prepayment penalty
There is a 1.5% transaction fee when you sell your Bitcoin rewards. As this is the only way to use your rewards, these fees are unavoidable.
This bitcoin rewards card has a fixed APR (annual percentage rate). Credit cards normally have a variable APR which can change with interest rate trends. With Upgrade, your card’s interest rate remains the same. Another good thing about Upgrade is that it usually offers lower interest rates than credit card issuers.
LEARN MORE: What is APR?
Lenient Approval Requirements
The Upgrade Bitcoin Rewards Card is intended for consumers with average to excellent credit. There aren’t many rewards card options for fair/average credit, so if your score is in that range, this upgrade card is a great choice.
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Send money to your bank account
One of the advantages of the Upgrade Bitcoin Rewards card over credit cards is that you can use it for cash, not just purchases. If you ever need a loan, you won’t need to apply to a lender. You can get a direct deposit to your bank account from your upgrade card at no additional cost.
It is neither easy nor cheap to get money with a credit card. Although many credit cards allow you to get money as a cash advance, there are additional fees and the credit card issuer normally charges a higher interest rate.
LEARN MORE: How does a credit card cash advance work?
At the end of the billing cycle, Upgrade takes the balance from your card and pays you a fixed monthly payment. By paying at least this amount, you will have the balance paid at the end of the duration of your draw.
This is very different from credit cards, where you can make small minimum payments and your balance has no set end date. Some people prefer the structure offered by fixed payments. If you are one of them, you will probably like the Bitcoin Upgrade rewards card.