Upgrade is a fintech company, and the banking services behind it are provided by Cross River Bank. The biggest highlight of Upgrade Rewards Checking is its debit card that earns an unlimited 1% cash back on all purchases. I have personally used it for over 1 year, and it has been very reliable.

Account Features

The following spending categories earn 2% cash back:

  • Convenience and drug stores
  • Gas stations
  • Monthly subscriptions
  • Restaurants
  • Utilities, phone

The 2% cash back is capped at $500 per year (that is, on the first $25,000 in annual spending), and any amount above that still earns 1% cash back. All other purchases also earn 1% cash back. The cash back rate itself is not especially strong compared with credit cards, but this is a debit card, so it can be used in some places that do not accept credit cards. Debit cards that offer 1% cash back on all purchases are not very common.

Cash Back Posting

Cash back from each month’s spending is automatically deposited into the checking account at the beginning of the following month, as shown below:

Summary

Upgrade offers a debit card with unlimited 1% cash back, and certain categories even earn 2% cash back. If you apply through the link below by 2024/01/31, there is also a $200 account opening bonus.