Upgrade Triple Cash Rewards Visa® Review

Part no-annual-fee credit card, part personal loan source, the CardName is a unique financial hybrid resource designed for people with fair or better credit. This card offers cardholders a wide array of credit features and the opportunity to earn 3% cash back in some niche ways.

HOW DOES THE CardName WORK?

If you're approved for the CardName, you'll be assigned a credit limit and an APR based on your credit worthiness. Your credit limit could be anywhere from $500 to $25,000, while your interest rate could be anywhere from RegAPR. This range provides a strong incentive to maintain a healthy account with on-time payments. As your credit score improves, you have to chance to increase your credit limit and decrease your interest rate.

The CardName cash-back program is just one feature that makes this card unique. While 3% is not exactly an eye-popping cash-back rate, you can earn that rate in some areas many other cards ignore. Specifically, you can earn 3% cash back on purchases related to home, auto and health purchases after you make payments on your purchases.

So, what do those categories mean? What do they include? The easiest answer is "almost everything."

"Home" includes (but is not limited to) furniture, flooring and carpeting, cabinetry, lighting, plumbing and heating work, roofing and siding, pools (sales, service and supplies), paint and wallpaper, air conditioning, construction materials, appliances, lawn and garden and about everything in between.

"Auto" includes (but is not limited to) the purchase of new or used cars and trucks, service and repair at non-dealer garages, paint and detailing work, aircraft, farm equipment, mobile homes, snowmobiles, motor homes, tire purchase and repair, vehicle rentals and more.

"Health" includes (but is not limited to) medical visits of all types, health club and sports club memberships, psychological treatment, counseling, marriage counseling, bicycle and sporting goods stores, public golf courses, chiropractors, dance studios, hearing aids, pharmacies, orthopedic and prosthetic supplies.

It's not difficult to see how cash back could accumulate quickly with these types of spending categories and big-ticket items you may need to purchase which fall within these categories.

You earn 1% cash back on all other purchases. Once again, cash back is applied to your account once you have paid off your purchases.

FEATURED CARD

 

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• Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
• $0 intro annual fee for the first year, then $95.
• Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
• Low Intro APR: 0% on purchases and balance transfers for 12 months from the date of account opening. After that, your APR will be a variable APR of 19.24% - 29.99%. Variable APRs will not exceed 29.99%.
• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
• 6% Cash Back on select U.S. streaming subscriptions.
• 3% Cash Back at U.S. gas stations.
• 3% Cash Back on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
• 1% Cash Back on other purchases.
• Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
• Get up to $120 in statement credits annually when you pay for an auto-renewing subscription to Equinox+ at equinoxplus.com with your Blue Cash Preferred® Card. That's $10 in statement credits each month. Enrollment required.
• Thinking about getting the Disney Bundle which can include Disney+, Hulu, and ESPN+? Your decision made easy with $7/month back in the form of a statement credit after you spend $9.99 or more each month on an eligible subscription (subject to auto renewal) with your Blue Cash Preferred® Card. Enrollment required.
• Terms Apply.

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Terms and Limitations Apply

Credit Needed:

Good, Excellent

WHAT MAKES THE CardName UNIQUE?

Aside from the remarkable bonus cash-back categories, what makes CardName so unique is its personal loan features. You cannot get a cash advance with this card; however, you can request an amount up to your available balance be transferred into your bank account. This can be for any purpose and would be a personal loan. You would then pay that loan back based on specific terms for monthly payments and interest rate.

This type of fiscal flexibility is an incredibly useful feature. If these past couple of years have taught us anything, it's that life can be totally unpredictable.

The ability to pay down your personal loan balance through regular monthly payments provides you with a helpful budgeting tool.

WHAT ARE THE BENEFITS OF THE CardName?

Many times, with cards available to consumers with "fair" credit, there are fees, both overt and hidden, that put the cardholder in a hole before they even get started. That's not the case with the CardName. There is no annual fee, no late payment fee, no activation fee and no maintenance fees.

Another benefit, that is easily overlooked, concerns the application process. You can be pre-approved for the card without it negatively impacting your credit score.

The card itself is state-of-the-art and allows for touchless transactions. You can also link your card to your ApplePay.

Finally, you can earn a $200 bonus on your Upgrade Card after opening a Rewards Checking Plus account and making three debit card transactions within 60 days of your Upgrade Card account opening. (Note: To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.)

WHAT ARE THE POTENTIAL DOWNSIDES OF THE CardName?

There is plenty to like about the CardName, but there are also several factors you will want to consider before adding it to your wallet.

The low end of the interest rate scale is attractive, but is only available to those with the best credit. If your credit score is on the lower side of the acceptable range, your APR could be as high as purchase_high, which is a rate you wouldn't want to carry a balance with.

If you enjoy earning cash back but are not planning any high-end purchases in the featured categories, you are likely to find better rewards rates offered by other cards. Many cards offer upwards of 5% or even higher for everyday purchases such as gas, groceries and dining out. It's important to note, though, that many cash-back cards often cap the amount of rewards you can earn. The CardName does not.

And while the personal loan option offers flexibility and is a nifty feature, you are likely to find better interest rates on a personal loan by going through a bank or other lending institution.

HOW DOES THE CardName COMPARE TO OTHER CARDS?

The hybrid nature of the CardName makes it rather simple to compare and contrast with other cards. Your cash-back rewards are best in three areas often neglected by other cards but quite modest in other spending categories. The personal loan feature is unique and provides fiscal flexibility, but the card lacks many of the benefits and perks you'll find with other rewards cards. Here's how it stacks up against some other popular options:

CardName vs. CardName

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Neither of these cards charges an annual fee, but only CardName offers no foreign transaction fees. CardName charges a foreign fee of foreign_fee.

Capital One QuickSilver requires at least "good" credit to qualify, while CardName requires only "fair" credit and above.

While CardName has an APR ranging from RegAPR based on credit worthiness, Capital One Quicksilver offers 15 months 0% APR on purchases and balances transfers for new cardholders (then, RegAPR APR); balance transfer fee applies.

When it comes to cash back, Capital One Quicksilver gives you 1.5% cash back on all purchases. Upgrade Triple Cash Rewards Visa® offers 3% cash back in the home, auto and health categories and 1% on all other purchases. Capital One Quicksilver also offers a one-time $200 welcome bonus when you spend at least $500 within the first three months after your account is activated.

Capital One Quicksilver does not have the personal loan option offered by CardName, but it does offer the option of cash advances.

One clear advantage of the Capital One Quicksilver card is the introductory interest rate of 0% for 15 months on all new purchases and balance transfers (then RegAPR), balance transfer fee applies. CardName has no introductory APR offer.

CardName vs. CardName

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The biggest difference between these two cards is that CardName requires an initial security deposit of $49, $99 or $200. Your "credit limit" is equivalent to the amount you have deposited. With the CardName, you are assigned a credit limit of between $500 and $25,000 when you open your account and you do not need a security deposit.

The APR on purchases for the Capital One Platinum Secured is a flat RegAPR. CardName will assign you an interest rate of between RegAPR (based on credit worthiness) if you are approved for your account.

Neither card charges annual or monthly fees. CardName does charge a fee of late_fee on late payments, but it doesn't charge foreign transaction fees.

CardName offers such perks as $0 fraud liability and free credit monitoring that CardName does not yet offer.

The CardName has no comparable option to the CardName personal loan. It also does not offer any type of rewards program.

While CardName requires only "fair" credit for approval consideration, CardName will consider approval for those with a poor credit or a limited credit history.

CardName vs. CardName

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There are plenty of similarities between these sister cards offered by Upgrade. Both are hybrids, offering use as credit cards and personal loan options. The interest rate range and credit limit range are also similar, and both require only "fair" credit to qualify.

The fundamental difference with these cards is the cash-back rewards program. While the CardName offers 3% cash back on home, auto and health categories (detailed above) and 1% cash back on everything else, the CardName is simpler, if less flashy, offering a flat 1.5% cash back on all purchases (when you pay them off).

WHO IS A GOOD FIT FOR THE CardName?

There are two categories of consumer best suited for the CardName. The first is the consumer who is planning some high-end purchases in the near future. Maybe you're looking to buy a car or recreational vehicle. Maybe you're planning on redecorating or getting some major improvement work done on your home. Or perhaps you're finally going to put in that new swimming pool. If that's the case and you have the money to fund these projects, this card is a must-have for your wallet. Earning 3% on these types of purchases can add up to hundreds of dollars in cash back in a fairly short period of time.

The second category of consumer especially well-suited for the CardName is one who has a few dents on their credit report but is still looking for the kind of credit flexibility often reserved for those on the upper end of the credit scale. You can be considered for an account with just "fair" credit. While your initial interest rate could be high and your credit limit might be modest, you will have the chance to improve both with regular, on-time payments.