FinTech company Upgrade has launched a secured version of its Upgrade OneCard.
The new Secured OneCard is designed for consumers who have little or no credit history, the company said in a Wednesday (Dec. 13) press release emailed to PYMNTS.
“We believe Secured OneCard is an ideal product for tens of millions of people who haven’t yet had a chance to build a credit history,” Renaud Laplanche, co-founder and CEO at Upgrade, said in the release. “While building credit for the long term, Secured OneCard also provides high cash back rewards and APY, giving users immediate and tangible benefits, putting more money into their pocket today.”
Like the Upgrade OneCard, the new Secured OneCard allows users to access Pay Now and Pay Later options, cash back offers and comprehensive fraud protection, according to the release.
Designed to provide these features to users who do not qualify for an unsecured card, the Secured OneCard offers smaller credit lines that are secured by funds kept in a savings account and earning interest, the release said.
The account can be activated with a minimum initial deposit of $200, and there are no annual fees, per the release. There is no ongoing minimum after the initial deposit, and funds in excess of the credit balance can be withdrawn at any time.
With responsible usage of the Secured OneCard, users can build their credit history, gain access to unsecured credit and “graduate” to an unsecured OneCard without having to reapply or change card numbers, the release said.
The new card joins Upgrade’s lineup of credit, mobile banking and payment products that are designed to be affordable and responsible, per the report.
Upgrade launched its OneCard in July 2022, saying the product provides users with a single card for daily expenses and making payments over time.
“When paying for everyday expenses, consumers historically had to choose between a debit card to ensure they stay within budget, and a credit card to earn rewards,” Laplanche said at the time. “With Upgrade OneCard, consumers don’t have to make that choice anymore; they can use Pay Now for everyday expenses to avoid interest and fee charges while earning credit card rewards without running the risk of falling into credit card debt.”
The post Upgrade Offers Secured Card With Rewards and Fraud Protection first appeared on PYMNTS.com.
