Upgrade Triple Cash Rewards
- The Upgrade Triple Cash Rewards card/line-of-credit has no annual fee and offers 3% cashback on the Home, Auto, and Health categories and 1% cashback on all other purchases.
You can see the full list of eligible categories for 3% cashback at this link. It specifically mentions Home Depot, Lowe’s, Menards, Wayfair, IKEA; Walgreens, CVS; and many other categories such as contractors, car leasing, doctors, hospitals and more. The card is issued by Sutton Bank.
Signup Bonus
- Get a $200 bonus for opening the Upgrade Rewards checking account and making 3 debit purchases.
We’ve posted about a similar deal to open the Upgrade rewards checking account and getting a $400 bonus with 3 debit purchases, via the Credit Karma link. Hopefully you can do the Karma deal and then open the Triple Cash Rewards card and link it to the checking account.
Our Verdict
This card is pretty interesting as it gives a 3% cashback rate on categories which typically go unbonused. There are many people who spend a lot on their homes (renovations, etc), cars (truckers, hobbyists, etc), and some people have high healthcare costs. The 3% on drugstores can be had with the Freedom Flex card, but to get 3% on all doctor and hospital payments, Home Depot, contractors, and auto shops could be useful for those who spend a lot in these categories. Or even to buy or lease car with the card, if the dealer allows cards, and earn 3% back.
The card is confusing: I’m unsure if you need the checking account first and the ‘card’ is just a line of credit on the checking account (more a debit card than a credit card) or if it’s a standalone credit card. Nerdwallet describes it as “a credit card/personal loan hybrid product that earns cash-back rewards.” If it’s more like a LOC then it might not count against your 5/24.
Regardless, best scenario here would probably be to open the Upgrade rewards checking account with the $400 bonus and then attach the card/LOC to that account. Hopefully that works, let us know if you try.
IMPORTANT UPDATE: Readers have verified that interest begins accruing immediately from the time of purchase. Thus, using this card/LOC only makes sense if you pay off the bills immediately, likely more of a hassle than it’s worth.
Hat tip to reader El_Acey via Nerdwallet
Got a link or screenshot at all? If you could send it to [email protected] that would be fantastic
Sent!
Did anyone try to open Upgrade Triple Cash Rewards Line Of Credit after getting $400 bonus from upgrade credit card?
Yes, it’s true. Interest begins to accrue when you insert your card for the transaction.
Also, on the $400 bonus. They state it posts to your “credit” account after 1 or 2 statements after you make your 3 debit transactions from your checking account.
During the 1st week I made 3 small charges on the “credit” card totaling $95. A week later after logging into my account online, I noticed the balance was higher, 96.44 than the total of the transactions. = Interest!
Received the “debit” card & made 3 debit transactions the following week.
Before the first billing cycle, statement, the $400 bonus posted, but it only covered the 96.44 balance. I should’ve had a -303.56 credit balance. When I called they said the $400 is a statement credit only. In short, use it or loose it.
I told them they better not issue me a 1099-DIV for $400 for 2022.
The 1% rewards on purchases “should” be posted as a statement credit at the end of the billing cycle. I’m still waiting to see it. Besides, the accruing interest compounded daily is more than the rewards!
An Update for Update on the top post. My bad. It’s not “use it or loose it”. Today a “refund” was posted to my Upgrade account, however this refund did not effect my account balance with Upgrade. The refund (credit) was posted back to my checking account I had on file with Upgrade, Bank of America, to pay off my balances with Upgrade.
They do hard pull from credit union.
Be aware!!!
I just signed up. Received a $10k credit line and a 15.51% interest rate. It is indeed a line of credit that is different in one important way; there is no grace period for interest. Rather, interest begins accruing at the date of the transaction. The cardholder can pay the account off quickly thus avoiding most of the interest that would accrue if the balance was carried out until the next statement.
I have received numerous offer for this Line of Credit “card”. Please note that it is “NOT”a credit card and therefore is not treated nor reported as such. It’s also important to note that although you may be approved for anywhere from 11k-30k every purchase is examine for creditworthiness not the remaining line of credit balance; therefore even with a 11k LOC and usage of 5k; the bank will review your credit file to see if you are “still”deemed creditworthy although initially they granted you a 11k line of credit. In addition, interest begins accruing immediately base on the amount of the LOC used; therefore if again using the 11k LOC example and you use/charge 5k interest accrues only the amount charged or 5k from the charge date. Also, of particular note that once the debt is paid and a new purchase is initiated once again a creditworthiness check is performed and your LOC maybe adjusted based on your most current credit file information available. Last note, the funds become available normally within anywhere from 1-3 days either in your checking account or if you elect their card. Hopefully this will help some gain a little more insight; but at this point I have not made any application.
Instantly denied.
Per Upgrade Customer Service (they are incredibly fast and responsive to inquiries at their e-mail address):
1. Where is the card fee schedule?
We are unsure of what you mean by “card fee schedule.” We can tell you that there are no fees with the Upgrade Card.
2. Is there any grace period on card purchases before interest begins to accrue? The Upgrade Card starts to accrue interest from the date of the first draw or point of sale purchase and will continue if there is a principal balance.
3. Is there a minimum on card purchases? There is a minimum of $25 per draw. Please note that is an actual draw for funds to be deposited into your bank account and does not apply to point of sale purchases with the Upgrade Card where Visas are accepted with no minimum up to your credit limit.
4. Is this a credit card, debit card or line of credit? The Upgrade Card is not a credit card, it is a credit line that comes with a card that can be used for point of sale purchases.
5. Is there a hard pull credit inquiry to be approved for or use the card? Once your line is opened, we perform a hard inquiry on your credit report, which may impact your credit score and can be viewed by third parties. As your credit line is open, we will periodically perform soft inquiries on your credit report. Prior to issuance in the application process, it is a soft inquiry.
6. Do I need to have another type of account with Upgrade in order to
have/maintain the Upgrade Triple Cash Rewards Card? You do not need any additional Upgrade products to qualify or maintain a Triple Cash Rewards account.
Useful info, thank you.
I’m confused, how can you have a credit card that _isn’t_ a line of credit? Isn’t every credit card a line of credit?
https://www.bankrate.com/finance/credit-cards/line-of-credit-vs-credit-card/
I too am confused… Not in the difference between the two products… But because you seemed to have linked an article that describes specific ways the two ARE DIFFERENT… Yet you think they are the same…🤔
Huh? They’re not different, one is a superset of the other. From the article: “All credit cards are lines of credit, but not all lines of credit are credit cards.”
This page says this card is “more like a LOC” which is pretty confusing and doesn’t make much sense. It’s like saying “that orange is more like a plant than a vegetable”, which doesn’t really make sense. I think instead you’d probably want to say something like “that orange is more like a fruit than a vegetable”? I don’t know what the analog would be in this context.
I think you will find that most here (made clear by the comments) characterize a PLOC and a CC as 2 distinctly different financial products, even though they both fit the category of Revolving Credit, loosely termed (no caps) “lines of credit”. So more accurately, both a PLOC and a CC are subsets or types of Revolving Credit. I’m not a financial expert…. and I didn’t even stay in a Holiday Inn Express last night, so just my 2¢
Cheers!
Interesting, thanks!
I have to give you guys credit.
I have to give you a line of credit.
The Cardholder Agreement describes this card as a means for spending money from one or more lines of credit that you have separately established. Also note that the help pages refer to this card as, “Upgrade Card with a personal credit line.”
The agreement doesn’t clearly state when exactly you will begin paying interest, other than to mention that that is determined by the agreement you have for the Line of Credit associated with the card.
> Please see your separate UPGRADE LOAN AGREEMENT for important disclosures regarding the APR, fees, and other terms and conditions that govern your Upgrade loan(s), including when you will begin paying interest on your Upgrade loan(s)
I don’t imagine that such a loan would have a grace period like normal credit cards do.
It also appears that the terms of the loans could vary (relevant sections below, from the Cardholder Agreement and from the help pages):
> The rates are fixed for every draw you make, either when you use your Upgrade Card, or have funds sent to your bank account. There will also be a fixed term – so you’ll know how much you need to budget each month and can circle a date on your calendar when the amount you’ve borrowed will be paid off.
> Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors.
> If there are changes to your credit score, other risk factors, or market conditions, the availability of your remaining credit, the interest rate, and length of the credit offered may be adjusted for future draws. The terms on your existing balances will never change.
Seems like it’s not worth getting involved with.