Consumer credit platform Upgrade has rolled out a credit card in collaboration with Sutton Bank and payment giant Visa.
Dubbed Upgrade Card, the new offering gives customers the convenience of a credit card as well as the facility to avail loans.
Upgrade Card provides a personal credit line ranging from $500 to $50,000.
The credit card will be issued by Sutton Bank while Cross River Bank will provide the personal credit lines to Upgrade cardholders.
Cross River CEO and chairman Gilles Gade stated: “Cross River is pleased to partner with Upgrade to provide consumers with such an innovative and responsible credit product.”
Interested people can apply for the card without having to pay anything upfront. However, they will have to pay card charges clubbed with instalments, which is payable over 12 to 60 months period.
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Upgrade CEO and co-founder Renaud Laplanche said: “Consumers are now able to enjoy the convenience of a credit card without running the risk of getting into a cycle of revolving debt that could literally take decades to pay off.
“Upgrade customers are paying almost seven times less interest on an Upgrade Card balance paid down over two years than they would by making the monthly minimum payment on a traditional credit card”.
Upgrade is planning to launch a rewards programme later this year to promote responsible credit and personal finance management.