Upgrade offers some unique cards that can be used as a credit card as well as a personal loan product. This hybrid functionality makes them different from a regular credit card, and also a lot easier to obtain if you qualify for their eligibility criteria.
To obtain this card, the requirements are not much different than those of any other credit card.
The Eligibility Criteria
In terms of eligibility, the following requirements need to be considered:
- There should be no active bankruptcy
- The Fico score should be at least 560
- Your annual income should be at least $25 000 per annum. That means that you should be able to earn at least $2000 a month
- You need to show proof of income and employment when you apply for an Upgrade Card. They also ask for your tax returns for the last three years
- You need to have a bank account. The reason why you need to be bankable is that Upgrade is going to check by linking their system to your bank account to evaluate your financial situation. They want to see the cash inflows and outflows before they approve you for the issuance of the Upgrade Visa card
- Another criterion is the DTI- i.e., your debt-to-income ratio. It has to be less than 35. In other words, for every thousand dollars that you make, you need to spend less than $350 to service your existing debt
- Another criterion is that you can not have more than two Upgrade credit accounts. You can’t have one Upgrade loan and two credit cards. You can have one Upgrade load and one credit card but not more than that
- You should be at least 18 or 21years of age depending on the state where you are
- You should have a Social Security Number or an Individual Tax Identification Number (ITIN). This is required when you call Upgrade to apply for a card.
How to Apply for the Card?
The application process is quite simple. You can check out all the details on Upgrade’s website Upgradecard.com or by contacting them at 877-418-3405. It is a 24-hour service, and they are available all throughout the week.
When you call them to apply for the card, it is best to have all your info including your tax returns, your financial statements, and all that data before calling Upgrade.
If you want to do it online, all you need to do is to go to the Upgrade website. There, you will have to enter your information and the type of card that you want to apply for.
The basic information that you will have to enter is your first name, last name, address, city, zip code, date of birth, income per month, and if you have additional income (anything included in your passive income like dividends, etc. Basically, anything that you are not earning from your primary source)
You will also have to enter your email address. And then, you can click on “Check your credit line” to see where you qualify in their system. Once you click on the check your credit line, they will let you know that you will be receiving offers soon. But the offers will depend on your valid Social Security Number. This is where you need to provide a valid social security number so they can track you down and verify your credentials. Remember, this is not a hard inquiry. It’s just a security protocol.
What happens once you receive your card?
Once you are approved by Upgrade, you will not have to wait for the card to receive in your mail. They will provide you with a virtual card until the physical one arrives, which you can start using instantly. But first, you need to go through the Upgrade Card Activation process.
The Upgrade Card Activation Process:
As is every other step simple, this process is also very straightforward. As per the Upgrade website, the Upgrade Card Activation takes only one step.
All you need to do is to call on their helpline at 877-418-3405 and follow their instructions.
Lindsay VanSomeren is a freelance personal finance, credit card, banking, and credit expert whose articles provide readers with in-depth research and actionable takeaways that can help consumers make sound decisions about financial products. Her work has appeared on prominent financial sites such as Forbes Advisor, Northwestern Mutual, MassMutual, LendingTree, Credit Karma, Credit Sesame, and The Balance.