topic Re: Upgrade Credit Card Question - Terms in Credit Cards

Upgrade Credit Card Question - Terms

yrb — Mon, 15 Aug 2022 07:07:30 GMT

I got pre-approved for $20,000.

Was reading comments on this board, I understand it's a line of credit.

After looking at the credit terms (I copied the relevant part below), it seems like there is no grace period, Interest will start accruing on the transaction date.

Here is something I don't understand. Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc. There is also something about a checking account they require you to have. So maybe I just don't understand something. Or maybe things changed, or they have different cards with different terms.

Basically my question is: sure, maybe it's a good card/loan account for someone, due to their special circumstances; but how is it great generally speaking? I don't get it. Am I missing something?

Interest Calculation. Interest will accrue on Draws on an Actual/365-day year basis for each full month and
each partial month based on the interest rate disclosed on the Truth in Lending Disclosure applied to the
unpaid outstanding amounts for the actual number of days the funds are outstanding for such full or
partial month. Your interest is calculated by dividing the interest rate for each Draw by 365 to arrive at a
daily periodic rate for that Draw. Each day, we take the outstanding balance on the Draw (as recorded at
the close of business on the previous day) and multiply it by the daily periodic rate. The result is the
interest accrued on the Draw for that day. The interest you owe for each Billing Cycle will be included in
your Monthly Payment so that the Covered Draw will fully amortize it over the repayment period. Interest
will start accruing for each Covered Draw that you receive from CRB on the Draw Funding Date and will
continue to accrue until all amounts owed are paid in full. As a result, if your first Monthly Payment is due
more than 30 days after the Draw Funding Date, your Draws will have accrued more than 30 days of
interest at the time your first Monthly Payment is due, but your repayment schedule will always be
calculated to provide for substantially equal monthly payments.

Re: Upgrade Credit Card Question - Terms

Lou-natic — Mon, 15 Aug 2022 14:58:59 GMT

In an ideal world this card wouldn't exist but I digress.

Re: Upgrade Credit Card Question - Terms

C6 — Mon, 15 Aug 2022 17:21:07 GMT

There are different versions of this card. If you got the card with 2.2% cashback you should find in your agreement the following terms:

EARLYPAY OPTION: Your Card offers you an early repayment option to avoid daily interest accrual on your Draws. Before deciding to pay early, please read the remainder of this Agreement carefully, particularly Section 12 (Interest) and Section 14 (Payments), as well as the EarlyPay FAQ's located on the Upgrade Website (https://upgrade.zendesk.com/hc/en-us).
EarlyPay to Avoid Interest: Choose to pay off your statement balance in full two (2) days after your Statement Closing Date, and you'll pay no interest on Draws for your next Billing Cycle.

What interest rate were you quoted?

Re: Upgrade Credit Card Question - Terms

SouthJamaica — Mon, 15 Aug 2022 18:00:37 GMT

@yrb wrote:
I got pre-approved for $20,000.
Was reading comments on this board, I understand it's a line of credit.

After looking at the credit terms (I copied the relevant part below), it seems like there is no grace period, Interest will start accruing on the transaction date.

Here is something I don't understand. Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc. There is also something about a checking account they require you to have. So maybe I just don't understand something. Or maybe things changed, or they have different cards with different terms.

Basically my question is: sure, maybe it's a good card/loan account for someone, due to their special circumstances; but how is it great generally speaking? I don't get it. Am I missing something?
Interest Calculation. Interest will accrue on Draws on an Actual/365-day year basis for each full month and
each partial month based on the interest rate disclosed on the Truth in Lending Disclosure applied to the
unpaid outstanding amounts for the actual number of days the funds are outstanding for such full or
partial month. Your interest is calculated by dividing the interest rate for each Draw by 365 to arrive at a
daily periodic rate for that Draw. Each day, we take the outstanding balance on the Draw (as recorded at
the close of business on the previous day) and multiply it by the daily periodic rate. The result is the
interest accrued on the Draw for that day. The interest you owe for each Billing Cycle will be included in
your Monthly Payment so that the Covered Draw will fully amortize it over the repayment period. Interest
will start accruing for each Covered Draw that you receive from CRB on the Draw Funding Date and will
continue to accrue until all amounts owed are paid in full. As a result, if your first Monthly Payment is due
more than 30 days after the Draw Funding Date, your Draws will have accrued more than 30 days of
interest at the time your first Monthly Payment is due, but your repayment schedule will always be
calculated to provide for substantially equal monthly payments.

If someone said it's a great card, you should be asking them, not us, why they said it.

Re: Upgrade Credit Card Question - Terms

Remedios — Mon, 15 Aug 2022 18:05:30 GMT

@SouthJamaica wrote:
@yrb wrote:
I got pre-approved for $20,000.
Was reading comments on this board, I understand it's a line of credit.

After looking at the credit terms (I copied the relevant part below), it seems like there is no grace period, Interest will start accruing on the transaction date.

Here is something I don't understand. Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc. There is also something about a checking account they require you to have. So maybe I just don't understand something. Or maybe things changed, or they have different cards with different terms.

Basically my question is: sure, maybe it's a good card/loan account for someone, due to their special circumstances; but how is it great generally speaking? I don't get it. Am I missing something?
Interest Calculation. Interest will accrue on Draws on an Actual/365-day year basis for each full month and
each partial month based on the interest rate disclosed on the Truth in Lending Disclosure applied to the
unpaid outstanding amounts for the actual number of days the funds are outstanding for such full or
partial month. Your interest is calculated by dividing the interest rate for each Draw by 365 to arrive at a
daily periodic rate for that Draw. Each day, we take the outstanding balance on the Draw (as recorded at
the close of business on the previous day) and multiply it by the daily periodic rate. The result is the
interest accrued on the Draw for that day. The interest you owe for each Billing Cycle will be included in
your Monthly Payment so that the Covered Draw will fully amortize it over the repayment period. Interest
will start accruing for each Covered Draw that you receive from CRB on the Draw Funding Date and will
continue to accrue until all amounts owed are paid in full. As a result, if your first Monthly Payment is due
more than 30 days after the Draw Funding Date, your Draws will have accrued more than 30 days of
interest at the time your first Monthly Payment is due, but your repayment schedule will always be
calculated to provide for substantially equal monthly payments.
If someone said it's a great card, you should be asking them, not us, why they said it.

???

So, if you read something elsewhere, you cannot ask about it here?

That's news to me

Re: Upgrade Credit Card Question - Terms

SouthJamaica — Mon, 15 Aug 2022 19:54:39 GMT

@Remedios wrote:
@SouthJamaica wrote:
@yrb wrote:
I got pre-approved for $20,000.
Was reading comments on this board, I understand it's a line of credit.

After looking at the credit terms (I copied the relevant part below), it seems like there is no grace period, Interest will start accruing on the transaction date.

Here is something I don't understand. Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc. There is also something about a checking account they require you to have. So maybe I just don't understand something. Or maybe things changed, or they have different cards with different terms.

Basically my question is: sure, maybe it's a good card/loan account for someone, due to their special circumstances; but how is it great generally speaking? I don't get it. Am I missing something?
Interest Calculation. Interest will accrue on Draws on an Actual/365-day year basis for each full month and
each partial month based on the interest rate disclosed on the Truth in Lending Disclosure applied to the
unpaid outstanding amounts for the actual number of days the funds are outstanding for such full or
partial month. Your interest is calculated by dividing the interest rate for each Draw by 365 to arrive at a
daily periodic rate for that Draw. Each day, we take the outstanding balance on the Draw (as recorded at
the close of business on the previous day) and multiply it by the daily periodic rate. The result is the
interest accrued on the Draw for that day. The interest you owe for each Billing Cycle will be included in
your Monthly Payment so that the Covered Draw will fully amortize it over the repayment period. Interest
will start accruing for each Covered Draw that you receive from CRB on the Draw Funding Date and will
continue to accrue until all amounts owed are paid in full. As a result, if your first Monthly Payment is due
more than 30 days after the Draw Funding Date, your Draws will have accrued more than 30 days of
interest at the time your first Monthly Payment is due, but your repayment schedule will always be
calculated to provide for substantially equal monthly payments.
If someone said it's a great card, you should be asking them, not us, why they said it.
???
So, if you read something elsewhere, you cannot ask about it here?
That's news to me

OP says "Was reading comments on this board...... Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc."

In my opinion it would be far more productive to ask the people who posted those comments why they felt that way, than to ask the rest of us.

I didn't say OP couldn't ask the rest of us, just that OP should ask the people who expressed those opinions.

Re: Upgrade Credit Card Question - Terms

yrb — Wed, 17 Aug 2022 00:21:27 GMT

I see.

This is the card I was talking about: https://www.upgrade.com/upgrade-card/triple-cash/

"Unlimited 3% cash back on payments for purchases in Home, Auto, and Health categories".

Re: Upgrade Credit Card Question - Terms

yrb — Wed, 17 Aug 2022 00:26:04 GMT

@SouthJamaica wrote:
@yrb wrote:
I got pre-approved for $20,000.
Was reading comments on this board, I understand it's a line of credit.

After looking at the credit terms (I copied the relevant part below), it seems like there is no grace period, Interest will start accruing on the transaction date.

Here is something I don't understand. Some comments I saw saying something like: this card is a must have, or even "You are going to love it", etc, etc. There is also something about a checking account they require you to have. So maybe I just don't understand something. Or maybe things changed, or they have different cards with different terms.

Basically my question is: sure, maybe it's a good card/loan account for someone, due to their special circumstances; but how is it great generally speaking? I don't get it. Am I missing something?
Interest Calculation. Interest will accrue on Draws on an Actual/365-day year basis for each full month and
each partial month based on the interest rate disclosed on the Truth in Lending Disclosure applied to the
unpaid outstanding amounts for the actual number of days the funds are outstanding for such full or
partial month. Your interest is calculated by dividing the interest rate for each Draw by 365 to arrive at a
daily periodic rate for that Draw. Each day, we take the outstanding balance on the Draw (as recorded at
the close of business on the previous day) and multiply it by the daily periodic rate. The result is the
interest accrued on the Draw for that day. The interest you owe for each Billing Cycle will be included in
your Monthly Payment so that the Covered Draw will fully amortize it over the repayment period. Interest
will start accruing for each Covered Draw that you receive from CRB on the Draw Funding Date and will
continue to accrue until all amounts owed are paid in full. As a result, if your first Monthly Payment is due
more than 30 days after the Draw Funding Date, your Draws will have accrued more than 30 days of
interest at the time your first Monthly Payment is due, but your repayment schedule will always be
calculated to provide for substantially equal monthly payments.
If someone said it's a great card, you should be asking them, not us, why they said it.

If you have nothing to say, you don't have to saying anything

Re: Upgrade Credit Card Question - Terms

creditgnome — Fri, 19 Aug 2022 01:13:17 GMT

great cards. my brother just got bitcoin rewards 7500 limit. worth the hard pull.