Upgrade Secured OneCard review: Great rewards with extra effort

Upgrade Secured OneCard Highlights

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• Welcome Bonus: None
• Annual Fee: $0
• Rewards: Earn 3% cash back at convenience stores, drugstores, restaurants and bars—including deliveries—and gas stations, as well as recurring payments on utilities and monthly subscriptions, including phone, cable, TV and other streaming services, and 2% back on everything else when you meet certain criteria; otherwise, you’ll earn 1.5% cash back on every purchase

Upgrade Secured OneCard Overview

The Upgrade Secured OneCard offers a unique approach to building credit. The card not only offers the same features as its unsecured version—including the chance to earn a minimum of 2% cash back on everything—but it also offers more flexibility than other secured credit cards when it comes to your credit limit and deposit. 

More specifically, the card requires a minimum deposit of $200. But unlike with other secured cards, you can add more funds to your deposit account to increase your limit or even withdraw money from the account as long as you don’t exceed your current card balance. If you have a Rewards Checking Plus account, you can increase your spending power based on your checking account balance. 

The card allows you to automatically pay for your purchases the day after you make them, with funds coming from your bank account, or you can pay them over time with a fixed repayment schedule and a 19.99% fixed APR, similar to a personal loan. 

With responsible use, you can qualify to have your card upgraded and converted to an unsecured account.

Who is the Upgrade Secured OneCard good for? 

The Upgrade Secured OneCard can be a great fit for someone who’s looking for an opportunity to establish credit or repair damaged credit. Compared to other secured credit card options, the Secured OneCard offers more rewards value and flexibility with your deposit.

If you’re concerned about locking up funds with another security deposit with no access to them until you close the account or qualify for an upgrade to an unsecured account, the Upgrade Secured OneCard can be a good fit. 

Who shouldn’t get the Upgrade Secured OneCard? 

The Upgrade Secured OneCard may not be a good fit if you have fair credit or better and can qualify for an unsecured credit card with good benefits. The same is true if you are just getting started and have a limited credit history instead of a poor or damaged credit history. While the Secured OneCard offers a lot of flexibility with your deposit, you may still be able to qualify for an unsecured starter card instead. 

Upgrade Secured OneCard: How to earn rewards

The Upgrade Secured OneCard has a more complex rewards structure than other cards, but it may be worth it if you also want to bank with Upgrade. 

The default rewards rate is 1.5% cash back on every purchase, which is solid for a secured credit card. But if you meet certain criteria, you can earn 3% cash back at convenience stores, drugstores, restaurants and bars—including deliveries—and gas stations, as well as recurring payments on utilities and monthly subscriptions, including phone, cable, TV and other streaming services, and 2% cash back on everything else.

Note that rewards are earned as you pay off your purchases, not when you first make them, so if you’re not using the Pay Now feature, it can take some time to see your rewards balance grow. Also, the 3% rewards rate is capped at $500 in cash back per year; after that, you’ll earn 2% back on everything. 

You can earn these rates if you also open an Upgrade Rewards Checking account and either activate the Pay Now feature on the card, linking it to the Upgrade checking account, or receive a minimum of $1,000 in monthly direct deposits in the checking account.

How to redeem Upgrade Secured OneCard rewards 

Cash-back rewards are automatically applied to your card balance after your next scheduled monthly payment. However, if you don’t have a balance, you can opt to receive your cash back as a deposit to your linked bank account.

Upgrade Secured OneCard security deposit rules

One of the best features of the Upgrade Secured OneCard is its deposit flexibility. When you first open an account, you can deposit anywhere between $200 to $5,000. However, you can access those funds after you deposit them. 

In fact, you can even pull all the money out, as long as you don’t have a balance on the card. You’ll just need to make another deposit before you use it again. 

If Upgrade determines after a certain point that you’ve used the card responsibly, it may choose to convert your account to an unsecured Upgrade OneCard and eliminate the security deposit requirement.

Upgrade Secured OneCard rates and fees

• Annual fee: $0
• Foreign transaction fee: 3%
• Purchase APR: 19.99% fixed

Additional benefits

• Interest on your deposit: Your security deposit will be placed in a savings account that earns a 5.07% annual percentage yield (APY).
  
• Extra spending power: If you have an Upgrade checking account, your balance in the account will contribute to your Secured OneCard’s credit limit. For example, if your secured account has a $500 deposit balance and your checking account has a $1,500 balance, your credit limit will be $2,000.
• Upgrade Shopping: With the Upgrade Shopping program, you can earn an additional 10% cash back with select merchants when you activate offers.   

Credit cards similar to Upgrade Secured OneCard

As you work to rebuild your credit history, the Upgrade Secured OneCard offers unique and valuable features. However, it may not be the best fit for everyone. Here are some potential alternatives to consider.

Capital One Quicksilver Secured Cash Rewards Credit Card vs. Upgrade Secured OneCard

If you want a great rewards rate without complicated requirements, the Capital One Quicksilver Secured Cash Rewards Credit Card is worth a look. The card offers a flat 11.5% cash back on every purchase you make and no annual fee. Starting at six months, Capital One will regularly review your account and consider you for a credit limit increase, which doesn’t require an additional security deposit—the initial minimum is $200. With responsible use, you can get your account upgraded to an unsecured Capital One Quicksilver Cash Rewards Credit Card. 

Petal 1 Visa Card vs. Upgrade Secured OneCard

If you don’t want to have to deal with a security deposit at all, the Petal 1 Visa Card could be a good alternative. The card is particularly beneficial for people who don’t have a credit history because Petal will also consider how well you manage your income and expenses. There’s no traditional rewards program, but you can earn up to 10% cash back with select merchant offers. The card doesn’t charge an annual fee.

Is the Upgrade Secured OneCard right for you?

If you have poor credit and don’t want to lock up funds with a traditional secured credit card, the Upgrade Secured OneCard can be a great alternative. It can also be a good option if you already have an Upgrade checking account or you’re interested in switching to Upgrade for your banking needs. 

However, if you can qualify for an unsecured credit card, you can eliminate some of the complications that come with a secured option. Take your time to shop around and compare several credit cards to determine which one is best suited for you.

Frequently asked questions

How do I apply for the Upgrade Secured OneCard?

There’s currently no way to apply directly for the card. Instead, you’ll apply for the unsecured Upgrade OneCard. If you don’t qualify, you may be offered the secured version instead.

Can you increase your secured credit card limit?

With traditional secured credit cards, options to increase your limit can vary. While some cards offer credit limit increases with responsible use, that’s not always the case. Even if you want to make an additional deposit, that may not be possible after you complete your initial one.

With the Upgrade Secured OneCard, however, you can increase your card’s limit by depositing more money into your linked savings account or by having funds in your Upgrade checking account.

What is the Upgrade OneCard?

The Upgrade OneCard is the unsecured version of the Upgrade Secured OneCard. Both cards have all the same features except for the security deposit requirement that comes with the secured version. 

If you use your card responsibly, however, you can “graduate” to the unsecured version and eliminate the deposit requirement.

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Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.