Upgrade Introduces Secured OneCard: A Secure and Rewarding Credit Solution

FinTech innovator Upgrade has unveiled a new addition to its financial product lineup — the Secured OneCard, as stated in PYMNTS News. This card has been meticulously crafted to cater to individuals who possess limited or no credit history, according to a press release dated December 13, 2023.

Upgrade’s CEO, Renaud Laplanche, expressed the rationale behind this launch, stating, «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. 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.»

Similar to its predecessor, the Upgrade OneCard, the Secured OneCard empowers users with options like Pay Now and Pay Later, enticing cashback offers, and robust fraud protection.

The key differentiator lies in the Secured OneCard’s suitability for individuals who may not qualify for an unsecured credit card. It extends smaller credit lines, backed by funds deposited in a savings account that accrues interest.

Getting started with the Secured OneCard is straightforward, with a minimal initial deposit requirement of $200 and zero annual fees. There are no ongoing minimum balance obligations, and users can withdraw funds exceeding their credit balance at their convenience.

One of the most compelling aspects of the Secured OneCard is its potential to help users build their credit history. With responsible usage, cardholders can unlock access to unsecured credit and transition seamlessly to an unsecured OneCard without the hassle of reapplying or changing card numbers.

This addition to Upgrade’s product portfolio underscores the company’s commitment to offering affordable and responsible credit, mobile banking, and payment solutions.

Upgrade initially introduced the OneCard in July 2022, aimed at simplifying daily expenses and payments for consumers. Renaud Laplanche, commenting on the launch at that time, remarked, «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.»

Upgrade’s Secured OneCard presents a promising solution for those seeking to establish or rebuild their credit while enjoying the immediate benefits of cashback rewards and an APY. This innovative offering further enhances Upgrade’s reputation as a provider of accessible and responsible financial products.