As the name implies, the Upgrade Bitcoin Rewards Visa is a credit card that earns Bitcoin rewards.
If you’re excited about Bitcoin and the cryptocurrency ecosystem, you may prefer earning crypto rewards over plain old fiat cash back.
The Upgrade Bitcoin Rewards Visa does just that. Here’s a closer look at how the card works, how it compares to other crypto rewards cards, and if it makes sense for you.
Quick Summary
Upgrade Bitcoin Rewards Visa | |
|---|---|
Product Name | Upgrade Bitcoin Rewards Visa |
Annual Fee | $0 |
Rewards Rate | Unlimited 1.5% Back in Bitcoin |
Redemption Options | Statement Credit Only |
Promotions | None |
Pros & Cons
Pros
Cons
What Is The Upgrade Bitcoin Rewards Visa?
The Upgrade Bitcoin Rewards Visa Signature credit card is a premium rewards credit card that gives you rewards in Bitcoin. The card has no annual fee and features the equivalent of 1.5% cash back, paid in Bitcoin.
The Upgrade Bitcoin Rewards Visa follows the standard fixed payoff schedule that saves interest compared to traditional credit cards. The company offers additional tools to help you improve your credit, which is a good long-term goal regardless of your cryptocurrency holdings.
What Does It Offer?
Here's a closer look at the main features and benefits of the Upgrade Bitcoin Rewards Visa credit card.
Bitcoin Rewards
This card offers the equivalent of 1.5% back paid in Bitcoin. If you go to the store and spend $100, you would get $1.50 in Bitcoin. There’s no limit to how much Bitcoin you can earn.
Bitcoin is held in an Upgrade account where you can hold and monitor your balance or sell and redeem it as a statement credit (a credit that lowers your account balance).
The big downside is that’s the only way you can redeem. Bitcoin is purchased on your behalf within one to two months of paying your balance. Bitcoin sales are subject to a 1.5% transaction fee.
With that setup, this card is best for cryptocurrency investors who want to HODL and don’t need to withdraw or use their Bitcoin elsewhere.
Visa Signature Benefits
Despite having no annual fee, the Upgrade Bitcoin credit card is a Visa Signature card that comes loaded with valuable benefits. Standard benefits and protections include:
Note that this card doesn’t include Visa Infinite benefits, including more extensive travel and purchase protections. These benefits are fair among competing cards with no annual fee.
Are There Any Fees?
As previously mentioned, the Upgrade Bitcoin Rewards Visa doesn't have an annual fee. Cardholders aren't charge any fees for foreign transactions either.
However, it's important to note that a 1.5% transaction fee applies every time you redeem Bitcoin rewards for a statement credit. So if you redeemed $20 in rewards, for example, you account would actually receive $19.70 after this fee is deducted.
How Does The Upgrade Bitcoin Rewards Visa Compare?
If you want to earn crypto rewards but feel like the Upgrade Bitcoin Rewards Visa isn't the right fit for you, here are two other strong options to consider.
Here's a quick look at how the Upgrade Bitcoin Rewards Visa compares to these cards:
Header |  |  |  |
|---|---|---|---|
Product Name | Upgrade Bitcoin Rewards Visa | BlockFi Rewards Visa Signature | Gemini Credit Card |
Rewards Rate | 1.5% unlimited | Up to 2% unlimited | Dining: Up to 3% Groceries: Up to 2% Everything else: 1% |
Annual Fee | None | None | None |
Foreign Transaction Fee | None | None | None |
Cryptocurrency Reward Options | Bitcoin only | All cryptos that are supported inside BlockFi Accounts | All cryptos that are supported by the Geminie Exchange |
How Do I Apply?
This unique crypto rewards credit card is designed for anyone with average to excellent credit. Depending on your credit history, your credit line will range from $500 for those with average credit up to $25,000 for those with excellent credit.
The application takes just a few minutes, and you’ll typically get an answer in seconds. In addition to this card, Upgrade offers personal loans, checking, and other credit card products. Note that the Upgrade Card also comes in versions with fiat rewards.
Is It Safe To Use?
Yes, as a Visa Signature card, the Upgrade Bitcoin Rewards card offers zero liability protection. The card also supports contactless payments and you can notify Upgrade of a lost or stolen card 24/7 from right inside the company's mobile app.
How Do I Contact Upgrade?
Upgrade has built a solid reputation for offering superior customer service. It's currently rated 4.6/5 on Trustpilot from over 23,000 reviews.
To get in contact with someone from their support team, you can call 844-319-3909 or email them at [email protected] Their customer service hours are Monday - Friday, 6 AM - 6 PM (PT) and Saturday - Sunday, 6 AM - 5 PM (PT).
Is It Right For You?
The Upgrade Bitcoin Rewards Visa isn’t the very best crypto rewards card on the market. But with no annual fee and the equivalent of 1.5% cash back on all purchases paid in Bitcoin, it does a good job of making cryptocurrency rewards simple for the purchases you would already make.
As long as you pay off the card in full every month by the due date, you won’t ever have to pay interest. That makes every BTC you earn profit. That’s something any HODLer could get excited about.
Upgrade Bitcoin Rewards Visa Features
Product Type | Bitcoin rewards card |
Rewards Rate | Unlimited 1.5% back |
Redemption Options | Statement credit only |
Credit Lines | $500 to $25,0000 |
Annual Fee | None |
Foreign Transaction Fee | None |
APR | 8.99% - 29.99% |
Contactless Payments | Yes |
Digital Wallet Support | Yes, Apple Pay and Google Pay |
Bitcoin Payout Speed | 1-2 months after payment is received |
Visa Signature Benefits | Yes |
Visa Infinite Benefits | No |
ATM Access | No |
Customer Service Phone Number | (844) 319-3909 |
Customer Service Email | |
Customer Service Hours | Monday - Friday, 6 AM - 6 PM (PT) |
Promotions | None |
Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.