Upgrade offers a suite of financial products designed to enhance your banking experience, providing compelling rewards and high-yield savings opportunities. By understanding the features of Upgrade’s Rewards Checking Plus, Performance Savings accounts, and OneCard, you can strategically upgrade your financial toolkit. This guide will explore how to leverage these accounts to maximize cash back, earn competitive interest rates, and gain faster access to your funds.
Unlock Enhanced Cashback with Rewards Checking Plus
The Rewards Checking Plus account from Upgrade is engineered to reward your everyday spending. Customers who establish qualifying monthly direct deposits of $1,000 or more can earn significant cashback on common expenses.
Specifically, you can earn 2% cash back on purchases made at:
- Convenience Stores & Drugstores: Covering your quick stops and essential health and wellness needs.
- Restaurants & Bars: Including delivery services, perfect for dining out or ordering in.
- Gas Stations: Fueling up your vehicle becomes more rewarding.
- Recurring Payments: Earn on utility bills and monthly subscriptions like phone, cable, TV, and streaming services.
This 2% cashback is capped at $500 per calendar year. Once you reach this limit, you’ll continue to earn a solid 1% cash back on all eligible debit card purchases for the remainder of the year.
For accounts that do not meet the $1,000 monthly direct deposit requirement within the first 60 days of opening, a tiered cashback system applies. These accounts will earn 1% cash back on the everyday expense categories mentioned above and 0.50% cash back on all other eligible debit card purchases. It is important to review the Upgrade Visa® Debit Card Agreement and Disclosures for complete details and any limitations.
Boost Your Savings with Performance Savings Account
Upgrade’s Performance Savings account is designed for those looking to grow their savings faster. By meeting the Active Account requirements, which include a monthly direct deposit of $1000, you can qualify for a highly competitive Annual Percentage Yield (APY).
As of December 20, 2024, Active Accounts benefit from a 4.14% APY. For accounts not meeting the Active Account criteria, the Performance Savings account still offers a respectable 1.5% APY, effective as of June 1, 2023. It is important to note that the APY for Performance Savings accounts is variable and subject to change based on market conditions. For comprehensive details, please refer to the Cross River Bank Performance Savings Deposit Account Agreement and Truth in Savings Disclosure.
To take advantage of the APY benefits, you must open and fund a Performance Savings account. It’s crucial to remember that Rewards Checking Plus accounts do not accrue APY. These are separate accounts designed for different financial goals – one for spending rewards and the other for maximizing savings growth.
Access Your Funds Sooner with Early Direct Deposit
Upgrade also offers the benefit of early direct deposit, allowing you to potentially access your paycheck up to two days earlier than traditional banks.
This feature requires setting up recurring electronic direct deposits from your employer, payroll provider, or benefits provider and is applicable to direct deposits under $5,000. The actual early access depends on when Upgrade receives notification of the impending deposit, which is generally up to two days before the scheduled deposit date. Early access to funds can provide greater financial flexibility and peace of mind.
Maximize OneCard Rewards with a Linked Checking Account
The Upgrade OneCard offers a unique rewards structure that can be amplified by linking it to a Rewards Checking or Rewards Checking Plus account. By doing so and activating the Pay Now Purchases feature or maintaining an active Rewards Checking account, you can unlock higher cashback percentages on your OneCard spending.
When these conditions are met, you can earn:
- 3% Cash Back: On common everyday OneCard purchases at convenience stores, drugstores, restaurants (including deliveries), bars, gas stations, utility payments, and monthly subscriptions.
- 2% Cash Back: On all other OneCard purchases.
Similar to the debit card rewards, the 3% cash back is capped at $500 in rewards per calendar year, after which you will earn 2% cash back. If you do not meet the linking and activity conditions, you will still earn a competitive 1.5% cash back on all purchases. More detailed information on eligible merchant categories and the Upgrade Cash Back Rewards Program can be found in the program’s Terms and Conditions.
Utilize Pay Now for Smart Spending and Extra Spending Power
The Pay Now feature within the OneCard system offers enhanced control over your spending. This optional feature allows you to designate specific purchases or ATM transactions to be automatically paid off the day after they settle from your linked Rewards Checking account.
By activating Pay Now, you can choose to automatically pay off all purchases under a certain amount (e.g., $25 or less) and/or enable ATM Access for all ATM transactions to be treated as Pay Now. While transactions are processed as credit transactions, using Pay Now ensures you avoid accruing interest on these designated purchases. Transactions not designated as Pay Now will accrue interest as per your Personal Credit Line Agreement.
Furthermore, linking your OneCard to a Rewards Checking or Rewards Checking Plus account and utilizing Pay Now can unlock Extra Spending Power. Maintaining a positive balance in your Rewards Checking account and keeping both accounts in good standing may grant you additional spending power beyond your credit limit, potentially up to $5,000. This Extra Spending Power is generally determined by your Rewards Checking account balance, offering greater financial flexibility.
Conclusion: Upgrade to a More Rewarding Banking Experience
Upgrade provides a compelling suite of financial products designed to reward users through cashback, high-yield savings, and convenient features like early direct deposit and Pay Now. By strategically utilizing the Rewards Checking Plus, Performance Savings, and OneCard, you can significantly enhance your banking experience and optimize your financial well-being. Consider upgrading your banking strategy to take full advantage of these benefits and maximize your financial potential.
