LendingTree Launches Win Card in Partnership with Upgrade
Two popular FinTech firms are partnering up to introduce a new credit card that can help consumers “win” at finance. This week, LendingTree and Upgrade announced the debut of the Win Card — inspired by LendingTree’s “You Win” tagline.
The new card will carry no annual fee and will allow cardholders to earn 2% cashback on all categories regardless of category — although customers will need to log into their account at least once per month and be enrolled in AutoPay. While Upgrade is working with LendingTree to power the new offering, the card itself will be issued by Sutton Bank.
LendingTree’s Win Card will adopt the unique structure of Upgrade’s existing cards. Rather than allowing customers to only make a low minimum payment like regular cards, Upgrade structures credit card balances like a personal loan, enabling cardholders to view a payoff schedule. Additionally, any cashback rewards earned will automatically be redeemed on the following month’s statement.
Due in part to this structure, LendingTree Win Card is meant to help cardholders improve their credit. In fact, the card’s available credit will increase when customers improve their credit score by 20 points or more as well as make at least six on-time monthly payments.
As the Win Card makes its way into the world, LendingTree says it will begin by offering exclusive application invitations to a limited number of LendingTree customers. However, those who do not receive invitations during the beta launch period can join a waitlist for the card.
Announcing the Win Card and its benefits, LendingTree founder and CEO Doug Lebda declared, “There are credit cards, and then there’s the Win Card.” Lebda continued, “The Win Card takes the guesswork out of rewards, without any annual fees, while encouraging financial progress. What makes the Win Card especially unique is that it offers 2% cash back on everything, even to cardholders who have yet to earn excellent credit. And the features of the LendingTree Win Card are structured in a way to help you avoid the credit card trap, giving you the power to win.”
Elsewhere, Upgrade co-founder and CEO Renaud Laplanche stated, “We’re thrilled to partner with LendingTree to help more consumers avoid the pitfalls of revolving credit card balances. The LendingTree Win Card is a great example of how a credit card can actually better your financial health and create healthier financial habits.”
With no annual fee and a flat 2% cashback rewards rate, the LendingTree Win Card does seem as though it will be a strong option for those with less than excellent credit. On that note, one can’t help but notice that this tops the 1.5% that Upgrade’s own flagship card earns. That said, the requirement to log in at least once per month is an interesting engagement strategy that, if successful, seems as though it could spark a FinTech trend. As for Upgrade, perhaps future partnerships of this ilk could provide the company with another source of revenue — once again speaking to the power that “behind the scenes” FinTechs have found in recent years. Either way, it will be interesting to see how the Win card does once it’s fully launched.