Memos

Upgrade Launches OneCard to Give Consumers More Control Over Their Finances

After years of pioneering responsible credit cards and generous rewards, Upgrade takes product innovation one step further, launching the first card that combines the ability to pay immediately, pay in 4, and pay over time. Upgrade, Inc., a fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced the upcoming launch of OneCard. The first iteration of the new card, OneCard Essentials, earns 3% unlimited cash back on everyday essentials, has no annual fee, and offers more ways to pay than any currently existing card in the industry. The launch marks the culmination of seven years of learning and improvements from multiple card products dedicated to helping consumers move their finances in the right direction.

“With OneCard we are taking the best offerings from every card we’ve had - the ability to pay immediately, flexible payment schedules when needed, and of course maximum rewards,” said Renaud Laplanche, co-founder and CEO of Upgrade. “OneCard empowers cardholders to manage spending and repayment on their own terms.”

Upgrade launched its first card product, Upgrade Card, in 2019 to address the issue of revolving credit card debt by turning every balance into an installment loan. In 2022 the company released an initial version of OneCard which challenged the long-accepted line between credit and debit, making it possible to pay now or pay later with a single card. Over the years, Upgrade has innovated with multiple rewards programs, finding new ways to generate maximum savings for consumers.

In the next few months, the best of Upgrade’s card features will all become available through OneCard Essentials:

• 3% unlimited cash back on everyday essentials, including gas stations, groceries, streaming subscriptions, and utilities
• 1% cash back on all other purchases, with no limits on what you can earn
• $0 annual fee
• Pay as you normally would with any credit card - pay any amount, from the minimum due to the full balance, at the end of each month
• Pay Now - automatically pay off purchases from your bank account the day they settle, earning rewards backed by Visa’s Zero Liability protection
• Pay Over Time - convert purchases into predictable fixed monthly installments with $0 down
• Pay in 4 - split purchases into four interest-free bi-weekly payments

OneCard is now available on an invitation-only basis, with broader availability planned through the end of 2026.

About Upgrade Upgrade is a financial technology company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Since its inception in 2017, Upgrade has delivered over $50 billion in credit to over 8 million customers. Upgrade's platform includes six core products: Mobile Banking, BNPL, Personal Loans, Credit Cards, Home Improvement Financing and Auto Financing. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Wilmington, DE branch, Member FDIC, Equal Housing Lender, and Celtic Bank, a Utah State Chartered Industrial Bank, Member FDIC.

Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Wilmington, Delaware, Atlanta, Georgia, New York City, New York, and Irvine, California. More information is available at: https://www.upgrade.com