Upgrade to offer users cash back rewards in battle for wallet share
Upgrade, Inc., a fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced the launch of Upgrade Shopping offering cashback rewards at more than 20,000 local and national merchants like H&M (6% in store and online), adidas (5% online) and Shake Shack (10% online).
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In these times of high inflation, Upgrade Shopping™ helps consumers regain some of their lost purchasing power. Coupled with Upgrade Card’s no fees, high rewards and affordable rates, Upgrade Shopping™ contributes to Upgrade’s goal of helping consumers improve their financial life.
“Consumer prices rose 7% over the last year,” said Renaud Laplanche, co-founder and CEO of Upgrade. “Yet many workers did not get a 7% raise, so we decided to help balance our customers’ budget and put more money into their pocket. While inflation has raised the price of many everyday consumer products, Upgrade Shopping™ can drive these prices back down.”
Upgrade Card users can access Upgrade Shopping™ rewards either by using their card in store at participating merchants, or by clicking on the “Shop” button of the Upgrade app or on the website to shop online. Upgrade Shopping rewards are additive to Upgrade Card’s cashback rewards, so an Elite Upgrade Card user shopping at H&M through Upgrade Shopping™ would earn 6% back on top of their 2.2% Upgrade Card rewards for a total of 8.2% cashback rewards on the purchase price.
Upgrade Card was recently recognized by Nilson Report as the fastest growing credit card in America. Upgrade Card promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance.
Upgrade has delivered over $12 billion in affordable credit to consumers through cards and loans since inception in 2017. Upgrade Shopping™ is a partnership between Upgrade and Cardlytics (NASDAQ: CDLX), an advertising platform in banks’ digital channels.