Upgrade, Inc., a fintech company that offers affordable and responsible credit to mainstream consumers, today announced that it became the first fintech company ever to be listed in the top 50 U.S. Visa/Mastercard Credit Card Issuers in the Nilson Report (September Issue # 1204) ranking Upgrade Card at #48. Upgrade Card is the fastest growing US credit card by outstandings according to the report, with a growth rate of 755% year-over-year.
“We are thrilled to be recognized as the fastest growing credit card,” said Renaud Laplanche, co-founder and CEO of Upgrade. “We designed Upgrade Card to provide the convenience of a credit card, combined with lower costs and a declining balance every month. It is very satisfying to see consumers embracing the product so enthusiastically”.
Upgrade Card is designed as a low-cost and responsible credit card. It has no fees and offers low fixed rates with equal monthly payments that promote greater discipline and help consumers avoid the never-ending revolving credit trap of traditional credit cards. Customers’ monthly charges are combined into installment plans payable over 24 to 60 months, committing users to the discipline of paying down their balance every month.
Upgrade has delivered over $7 billion in affordable credit to consumers through cards and loans since inception in 2017, and is on track to deliver $7 billion in 2021 alone. Upgrade debuted a rewards checking account earlier this year that offers 2% cash back debit card rewards to consumers on common everyday expenses. In July, the company also launched a new version of Upgrade Card that pays rewards in bitcoin rather than cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk upfront.