Capital One Quicksilver Cash Rewards Review: Rates, Fees & Features

This offer is no longer available on our site: Capital One® Quicksilver® Cash Rewards Credit Card

Pros Cons No annual fee, balance transfer fee or late fee Credit limit and interest rate may change if there are any changes to your credit scores or other risk factors Fixed interest rates on purchases Card can’t be used at ATMs Offers a solid credit limit range No rewards program

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Upgrade Card

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How does the Upgrade Card work?

The Upgrade Card isn’t like a traditional credit card — it’s a personal line of credit with a fixed interest rate and repayment term that may remind you of an installment loan.

You’ll pay off your line of credit with equal monthly payments. That may help you pay down debt sooner than if you only make minimum monthly payments on a traditional credit card since you’ll have a set payoff date to work toward.

Upgrade will issue you a card that you can use at any retailer that accepts Visa — or you can transfer funds to your bank account. Keep in mind that you can’t use the card at an ATM to withdraw cash.

The Upgrade Card offers credit lines ranging from $500 to $50,000, though the company notes that most credit lines are $25,000 or less. And keep in mind that if you’re approved, your credit line amounts and APR will depend on your credit and other factors.

Here’s some more information you should know if you’re considering the Upgrade Card.

It’s not a balance transfer card — but you can still use it to pay off debt

The Upgrade Card isn’t technically a balance transfer card since it’s not a credit card and you can’t transfer existing credit card debt directly to it. But that doesn’t mean debt consolidation isn’t possible.

If you’re approved for the Upgrade Card, you can ask Upgrade to send money from your credit line directly to your checking or savings account — which is similar to a debt consolidation loan.

Once you receive the funds in your bank account, you can use that money to pay off your existing debt. Going forward you’ll make payments on the Upgrade Card instead.

No rewards program or extra perks

If you’re looking for a rewards program, keep in mind that the Upgrade Card doesn’t offer one. And you can’t earn cash back, points or miles on your purchases, and there’s no sign-up bonus for new card members.

The credit line doesn’t offer any extra benefits, either. So if you’re looking for financing that offers perks such as car rental insurance or trip cancellation insurance, we recommend looking elsewhere.

Competitive rates

Upgrade Card offers a purchase APR of 8.99% - 29.99%. But you’ll need to have strong credit and set up autopay to qualify for a lower rate in this range.

Take note: The interest rate can be quite high. If you have strong credit, it may make more sense to see if you qualify for a credit card with an introductory rate.

What else you need to know about the Upgrade Card

• No fees — The Upgrade Card doesn’t charge an annual fee, prepayment penalty or draw fee. It also doesn’t have a late fee if you miss a monthly payment.
• Installment terms — You make payments toward an installment plan that’s paid over the span of 12 to 60 months, with fixed rates and equal monthly payments.
• APR adjustments — If there’s a change in your credit scores — or anything else the lender considers a risk factor — Upgrade may adjust your purchase APR. You’ll be given the chance to accept the changes before continuing to use your credit line. The terms on your existing balances won’t change — this would only apply to new purchases.

Who this card is good for

The Upgrade Card is good for people who want the flexibility of charging their purchases on a card but want the fixed terms and equal payments that this line of credit offers.

If you want to consolidate debt, the Upgrade Card may be a better option than a balance transfer card. With many balance transfer cards, you have a limited time — often 12 to 18 months — to take advantage of the introductory APR offer. If you can’t pay off all of your debt within that time frame, your remaining balance will be subject to the ongoing APR, which is often higher.

The Upgrade Card allows you to transfer money from your credit line to your bank account and pay off your existing debt directly.

You’ll want to do the math on both options and see what makes more sense for you and your budget.

But the Upgrade Card won’t be for you if you’re looking for financing that offers continued benefits once you’ve paid off your debt. It doesn’t offer cash back rewards, travel perks or purchase protection, so you may find its usefulness limited.

Not sure if the Upgrade Card is for you? Consider these alternatives.

• Citi Simplicity® Card: Consider this card if you’d prefer a balance transfer card.
• Capital One® Quicksilver® Cash Rewards Credit Card: This credit card allows you to earn cash back on every purchase, with decent benefits for cardholders.
• Upgrade personal loan: Upgrade also offers personal loans for a fixed amount of money. It may be a good option if you’re self-employed.