Upgrade, Inc. Launches Upgrade Shopping™ to Fight Inflation

(Neutral)

(Very Positive)

Rhea-AI Summary

On February 2, 2022, Upgrade launched Upgrade Shopping™, a cashback rewards program aimed at helping consumers counter inflation by offering rewards at over 20,000 merchants, including H&M (6%) and Shake Shack (10%). This program enhances the Upgrade Card's existing rewards, allowing users to earn up to 8.2% cashback. Upgrade has facilitated over $12 billion in credit since 2017, promoting responsible credit use. The service is in partnership with Cardlytics (NASDAQ: CDLX), further integrating consumer benefits into financial services.

Positive

Launch of Upgrade Shopping™ to address consumer inflation, offering cashback at 20,000+ retailers.
Potential to enhance customer loyalty through additional cashback incentives.
Upgrade Card recognized as fastest growing credit card in America, boosting brand credibility.
Total of over $12 billion in affordable credit provided since 2017, showcasing company growth.

Negative

None.

News Market Reaction – CDLX

-3.35%

-3.35% Session move

In the trading session that priced this news, CDLX declined 3.35%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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02/02/2022 - 07:00 AM

SAN FRANCISCO, Feb. 2, 2022 /PRNewswire/ -- 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). 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.

About Upgrade

Upgrade has delivered over $12 billion in affordable and responsible credit to mainstream consumers through cards and loans since inception in 2017. It also offers rewards checking accounts with debit cards that offer 2% cashback rewards on common everyday expenses and monthly subscriptions. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, and Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.

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SOURCE Upgrade, Inc.

FAQ

What is Upgrade Shopping™ launched on February 2, 2022?

Upgrade Shopping™ is a cashback rewards program offering benefits at over 20,000 merchants to help consumers cope with inflation.

How much cashback can users earn with Upgrade Shopping™?

Users can earn up to 8.2% cashback by combining Upgrade Shopping™ rewards with Upgrade Card rewards.

What are some merchants included in Upgrade Shopping™?

Merchants include H&M (6% cashback), adidas (5% cashback), and Shake Shack (10% cashback), among others.

How does Upgrade Shopping™ impact Upgrade Card users?

It enhances the reward experience for Upgrade Card users, providing additional cashback opportunities.

Who partnered with Upgrade for Upgrade Shopping™?

Upgrade Shopping™ is a partnership between Upgrade and Cardlytics (NASDAQ: CDLX).