Nilson: Cross River-affiliated credit card is fasting-growing nationwide

A fintech associated with Cross River Bank in Fort Lee is the nation’s fastest-growing card, according to Nilson Report.

Upgrade Inc., a San Francisco fintech company that has its loans and credit lines issued and banking services provided by Cross River, is the first fintech company ever to be listed in the top 50 U.S. Visa/Mastercard Credit Card Issuers in the Nilson Report at No. 48.

Upgrade Card is the fastest-growing credit card by outstandings nationwide according to the report, with a growth rate of 755% year over year.

“We are thrilled to be recognized as the fastest-growing credit card,” said Renaud Laplanche, co-founder and chief executive officer of Upgrade, in a statement released Sept. 28. “We designed Upgrade Card to provide the convenience of a credit card, combined with lower costs and a declining balance every month. It is very satisfying to see consumers embracing the product so enthusiastically.”

Upgrade Card is designed as a low-cost credit card with no fees and low fixed rates. Its equal monthly payments “promote greater discipline and help consumers avoid the never-ending revolving credit trap of traditional credit cards,” according to the announcement. Customers’ monthly charges are combined into installment plans payable over 24 to 60 months.

Since launching in 2017, Upgrade has delivered over $7 billion in affordable credit to consumers through cards and loans and is on track to deliver $7 billion in 2021 alone. Earlier in 2021, Upgrade debuted a rewards checking account that offers 2% cashback debit card rewards to consumers on common everyday expenses.

The company launched a new version of Upgrade Card in July that pays rewards in Bitcoin rather than cash, allowing consumers to explore cryptocurrency without putting their own money at risk upfront.