topic Upgrade Cash Rewards Elite Visa approval with bonus in Credit Card Approvals

Upgrade Cash Rewards Elite Visa approval with bonus

SlideOrInsert — Fri, 14 Oct 2022 21:06:40 GMT

this is not a traditional cc, posting here for data points because it is marketed as an Upgrade Cash Rewards Elite Visa, with "2.2% cash back on all purchases after you pay them back."

$30,000 limit @ 9.97% apr

hard pulled TU @ 811

applied and instantly approved 9/16, but the account didn't show up on the upgrade website and the hard pull alert until ~10 hours later. they offer a virtual card number before you receive the physical card or balance transfer, but I did not proceed with either.

I was kind of surprised by the amount and I guess the apr isn't too bad even though I will never use the account, haven't even activated the cc. I always wanted a 15k nfcu cloc, but never got the chance to apply before they maxed the limit low, so I guess here it is.

my last inquiry had just dropped in august and I have no use for this, but the temptation of the $600+ in bonuses was too much for me (thanks DoC). felt kind of bad about this decision until the bonuses showed up in the checking account today.

9/16	instantly approved for cash rewards elite visa
9/17	applied for checking account using referral
9/21	approved for checking account
10/7	3 purchases made with checking debit card
10/13	100 refer a friend award
10/13	100 refer a friend award
10/14	500 upgrade card welcome bonus

Re: Upgrade Cash Rewards Elite Visa approval with bonus

C6 — Fri, 14 Oct 2022 21:23:52 GMT

Very nice approval, probably the lowest rate I've seen. I received 20k@15% and like you I thought I wouldn't use it, but it works just as a credit card, or a no fee LOC. The rate is fixed and with 2.2% rewards there are not many better cards. On FICO it reports as a LOC so it doesnt affect utilization if you let a balance report. No cash advance fees, no balance transfer fees, and no FX fees.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

SlideOrInsert — Fri, 14 Oct 2022 23:22:04 GMT

yes, thanks for the info. the biggest quirk seems to be the terms language regarding interest accrual.

pay early to avoid interest
if you choose to pay off your statement balance in full two (2) days after your statement closing date, you will avoid daily interest accrual on transactions for you next statement period.

accruing interest
if you do not choose to pay off your statement balance in two (2) full days after your statement closing date, interest will accrue daily. your monthly payment due date is twenty-two (22) days after your statement closing date. no interest will accrue during your first statement period. you can pay off your line at any time to eliminate further daily interest accrual.

I don't pay interest with my other cards if a balance reports as long as I pay before the next due date. so if I do use this I wil just try and pay before statement closing. on the surface definitely not too many downsides for a loc. even my nfcu platinum is 8.24% apr and +2% for no fee cash advance but capped and 1/3 my limit.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

Zoostation1 — Fri, 14 Oct 2022 23:54:40 GMT

Will it still report if you don't activate it?

Re: Upgrade Cash Rewards Elite Visa approval with bonus

DakotaM — Sat, 15 Oct 2022 01:26:09 GMT

@Zoostation1 wrote:
Will it still report if you don't activate it?

Upgrade cards will only report if you use them. I have two - the older one I never used and it has never reported to any of the credit bureaus, but the newer one that is in my signature has been used and that one does report.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

babygirl1256 — Sat, 15 Oct 2022 04:04:27 GMT

Congrats on your upgrade Cash Rewards Elite Visa approval.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

fullacrobat5 — Sat, 15 Oct 2022 04:06:47 GMT

Congratulations on your Upgrade visa approval!!

Re: Upgrade Cash Rewards Elite Visa approval with bonus

KingRue8500 — Sat, 15 Oct 2022 04:47:44 GMT

Congrats on your Upgrade Cash Rewards Elite approval

Re: Upgrade Cash Rewards Elite Visa approval with bonus

M_Smart007 — Sat, 15 Oct 2022 13:37:42 GMT

Congrats on your Upgrade Approval.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

spiritcraft1 — Sat, 15 Oct 2022 14:46:16 GMT

Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

DakotaM — Sat, 15 Oct 2022 16:01:44 GMT

@spiritcraft1 wrote:
Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.

It reports as a line of credit. I'm not famiar enough with the different account types to know what effect that has on the credit report though.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

C6 — Sat, 15 Oct 2022 16:12:51 GMT

@spiritcraft1 wrote:
Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.

It reports as a LOC, high balance, and current balance due.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

spiritcraft1 — Sat, 15 Oct 2022 16:47:31 GMT

@DakotaM wrote:
@spiritcraft1 wrote:
Congrats! So how do these report? Like a personal loan with full balance or like a credit card reporting only the amount used? Thanks in advance.
It reports as a line of credit. I'm not famiar enough with the different account types to know what effect that has on the credit report though.

If that is the case it will be a Fico hit when it reports. I can't remember the levels but paying at least 11% off right away will lessen the impact a bit and when it is payed of to a balance less than 9% or so, it should boost points depending if you have any other installment loans.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

citymunky — Sat, 15 Oct 2022 18:53:21 GMT

I have had an approved Upgrade Triple Cash Reward card since January of this year, but I haven't used it yet because of it's hybrid ways and the way interested is calulated.

When your make a purchase or "drawn" (as Upgrade calls it), I know that amount is converted into a loan. When the "drawn" that ffinally hits on your report, does it affect the average age or accounts?

Re: Upgrade Cash Rewards Elite Visa approval with bonus

C6 — Sat, 15 Oct 2022 20:23:23 GMT

When I first got the Upgrade card I had about $6000 report. My FICO score went down about two points but this could have been due to two new accounts. A month later it was paid in full and I got 6 points back. The utilization does not factor in with credit card utilization. Vantage scores it differently but those scores are useless as far as I'm concerned.

Re: Upgrade Cash Rewards Elite Visa approval with bonus

CreditAggie — Sat, 15 Oct 2022 21:15:07 GMT

Congratulations on your Upgrade approval!

Re: Upgrade Cash Rewards Elite Visa approval with bonus

Stealth-1 — Sat, 15 Oct 2022 23:59:04 GMT

Congrats on the approval. 🥂

Re: Upgrade Cash Rewards Elite Visa approval with bonus

cashorcharge — Sun, 16 Oct 2022 23:59:44 GMT

WooHoo!! Congratulations on your Elan Approval!!👏🏼🍾🥂

Re: Upgrade Cash Rewards Elite Visa approval with bonus

PapaTunde — Mon, 17 Oct 2022 00:31:36 GMT

Congrats o your new card