FinTech Upgrade, offering consumer credit, mobile banking and payment products, is launching a new solution to help customers reduce the sting of inflation.
“Consumer prices rose 7% over the last year,” Renaud Laplanche, co-founder and CEO of Upgrade, said in a press release on Wednesday (Feb. 2).
Laplanche pointed to the fact that so many workers didn’t get pay raises to match inflation “so we decided to help balance our customers’ budget and put more money into their pocket.”
Read more: Rising Inflation Lowers Consumer Confidence
Upgrade Shopping is a new product that gives people cashback rewards of up to 10% at 20,000-plus local and national merchants. For example, H&M offers 6% in store and online, Shake Shack gives 10% online, and Adidas, 5%.
The cashback rewards are combined with the fee-free Upgrade Card, which offers rewards and competitive rates. Upgrade Shopping aligns with the company’s mission of helping people get a handle on their finances. Upgrade Shopping rewards are in addition to Upgrade Card’s cashback rewards.
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Upgrade Card said that one of its goals is promoting the responsible handling of credit. Card balances become fixed-rate installment plans and reward cardholders as balances are reduced. Since the company launched in 2017, it has delivered more than $12 billion to people via cards and loans.
Headquartered in San Francisco, Upgrade has operations in Phoenix and Montreal. Loans, credit and banking services for Upgrade are provided by the New Jersey state-chartered commercial bank Cross River Bank, secured by the FDIC, as well as Equal Housing Lender and Blue Ridge Bank, a nationally chartered commercial bank and a member of the FDIC. The Upgrade Card is issued by Sutton Bank, a member of the FDIC, pursuant to a license from Visa. Rewards associated with the Upgrade Card are provided by Upgrade.
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