 TITLE: Is the Upgrade Card Better Than a Personal Loan? CONTENT: How the Upgrade Visa® Card with Cash Rewards Works\n--------------------------------------------------\nWhen you get approved for the Upgrade Visa® Card with Cash Rewards, you'll receive a card that you can use to make purchases, like you would with a debit or credit card. However, the Upgrade Visa® Card with Cash Rewards is an unsecured personal line of credit rather than a credit card.\nUnlike other lines of credit, however, the Upgrade Visa® Card with Cash Rewards bundles your transactions at the end of each billing period (approximately a month) and turns the sum into an installment loan with a fixed interest rate, monthly payment and repayment term. You'll then make one monthly payment to Upgrade, which will disperse the correct amount to each loan.\nYour Upgrade Visa® Card with Cash Rewards account will have a credit limit of $500 to $25,000. You can use your card to access the funds or take out a draw (the term for borrowing against a line of credit) by transferring money directly to your bank account.\nThe Upgrade Visa® Card with Cash Rewards is a closed line of credit but functions similarly to a revolving credit account, meaning you can take out multiple draws until your total balance reaches your borrowing limit.\nThe interest rate and repayment terms for the installment loans are determined when you open your account. If Upgrade changes them in the future, the change will only apply to new draws—your current loans' rates and terms are locked in.\nThe Upgrade Visa® Card with Cash Rewards also doesn't charge any fees: There are no application, origination, transfer, annual, prepayment or late payment fees. So using—or not using—your account won't cost anything extra.\nAs you pay off your purchase balance, you'll earn unlimited 1.5% cash back that's then applied to your next monthly balance. You'll still have to make your next payment on time as agreed, however, as you can't use rewards to fulfill or reduce a monthly payment. END