Although at first glance it seems like Upgrade issues the Cash Rewards Elite Visa, Upgrade is actually a neobank that offers the credit card. Because Neobanks aren’t chartered banks with physical branches, they usually partner with smaller banks to issue credit cards with fewer fees than a regular credit card would charge. Either one of Upgrade’s banking partners can issue the Cash Rewards Elite Visa: Sutton Bank or Cross River Bank. However, Cross River Bank typically issues the personal credit line loans you open with the card. Both banks are FDIC-insured. Although Upgrade Inc. is based in San Francisco, California, Sutton Bank is a small, privately-owned community bank in Ashland, Ohio. While Sutton Bank has historically focused on small business and agricultural loans, Cross River Bank mainly focuses on providing technology to partner fintech companies.