Upgrade Launches Unique Rewards Checking Account


Upgrade, Inc., a Fintech company that offers affordable and responsible credit, mobile banking, and payment products to everyday consumers, announced today that it launched Rewards Checking, a unique mobile checking account that offers 2% cash back on common expenses to consumers.

While numerous credit cards offer reward points or miles, few debit cards or checking accounts offer the same bonuses. With 2% cash back on most everyday and recurring purchases, Upgrade’s newest rewards checking account offers consumers a better way to bank.

“We asked our customers what would cause them to switch their primary checking account,” said Renaud Laplanche, Upgrade co-founder and CEO. “The overwhelming answer was attractive rewards on debit card purchases. While credit cards often provide decent rewards, it has been nearly impossible for consumers to earn a broad 2% cash back on debit charges.”

Just over one year after releasing the Upgrade Card, Upgrade is offering one of the best rewards banking options for modern consumers. With 1% unlimited cash back on debit card purchases, Rewards Checking now offers consumers an option to earn with every swipe of their debit card. Qualifying consumers who apply for the Rewards Checking will also receive 20% lower rates on Upgrade loans, which now surpass over a million applicants per month.

Rewards Checking comes with zero fees and allows consumers to earn 2% cash back on everyday purchases — drugstores, gas stations, restaurants, and deliveries — and recurring purchases, like utility bills and streaming service subscriptions. Consumers earning 2% are limited to $500 cash back per month, but 1% cash back purchases are unlimited.

Key Takeaways

  • Upgrade has launched a new rewards checking account.
  • The account offers a 2% cash back on everyday and recurring purchases as well as 1% cash back on any other debit card charges.
  • Upgrade Rewards Checking has no fees, no minimum balance requirement, and no overdraft fees.
  • Upgrade Rewards Checking is available in all 50 states.

About Upgrade

Upgrade has delivered over $19 billion in affordable and responsible credit to everyday consumers through cards and loans since its inception in 2017. Upgrade was ranked #1 in the Financial Times’ list of Fastest Growing Companies in the Americas in 2021. The company is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and a regional office in Atlanta, Georgia.

Upgrade is a financial technology company, not a bank. Banking services are provided by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. Loans and credit lines are issued by Cross River Bank and/or Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc.