topic Re: Upgrade Visa? in Credit Cards

Upgrade Visa?

Dk62270 — Thu, 15 Jun 2023 14:58:28 GMT

I dont know much about this card but have seen a few threads on the upgrade Visa. I assume it will be a TU hard pull? Should I accept? What is meant by a series of closed end loans and not a traditional credit card? My son is into bitcoin so I thought I would look into it. How reliable are these pre-approvals ?

Congratulations! Your Upgrade Card is pre-approved

$12,000

Unlimited 1.5% back in bitcoin on payments*
Affordable monthly payments with no annual fee
$200 bonus when you open a Rewards Checking Plus account and make 3 debit card transactions**

Use your card wherever Visa is accepted1 or have funds sent directly to your bank account. Each Upgrade Card transaction will have a fixed payment period and a fixed APR. If you make more than one transaction in a statement period they will be combined into one fixed payment. The Upgrade Card provides you with access to a series of closed end loans and is not a traditional credit card.

DRAW TERMS W/ OPTIONAL AUTOPAY ‡

16.98% APR

Re: Upgrade Visa?

C6 — Thu, 15 Jun 2023 23:29:34 GMT

You may want to read the fine print. Is there a 5% fee for cash draws and / or balance transfers. The card use to be a decent card but with recent changes it goes to the sock drawer.

Re: Upgrade Visa?

ptatohed — Fri, 16 Jun 2023 08:14:17 GMT

There are several upgrade Visa cards so I assume you mean the upgrade Bitcoin Rewards Visa. 1.5% CB (into BC), $200 bonus. https://www.upgrade.com/upgrade-card/bitcoin/ I have the upgrade Cash Rewards Elite Visa which is 2.2% CB and a hefty $400 welcome bonus 'if' you go through KC. https://www.creditkarma.com/creditcard/Upgrade06 (The bonus is 1/2 that through upgrade and 1/4 through Credit Sesame). The card is not a conventional CC but if you turn on EarlyPay, you won't pay a cent in interest and it will essentially function as a conventional CC. Uncapped 2.2% CB which is near the top of best non-cat spend cards. $400 bonus with, literally, 3 $1 debit card purchases... for the $400 bonus, you will need to also open a free upgrade cash rewards checking and make 3 transactions with the checking Visa debit card. Good luck!

Re: Upgrade Visa?

MileHigh96 — Fri, 16 Jun 2023 11:58:31 GMT

@Dk62270 wrote:
I dont know much about this card but have seen a few threads on the upgrade Visa. I assume it will be a TU hard pull? Should I accept? What is meant by a series of closed end loans and not a traditional credit card? My son is into bitcoin so I thought I would look into it. How reliable are these pre-approvals ?

Congratulations! Your Upgrade Card is pre-approved
$12,000
Unlimited 1.5% back in bitcoin on payments*
Affordable monthly payments with no annual fee
$200 bonus when you open a Rewards Checking Plus account and make 3 debit card transactions**
Use your card wherever Visa is accepted1 or have funds sent directly to your bank account. Each Upgrade Card transaction will have a fixed payment period and a fixed APR. If you make more than one transaction in a statement period they will be combined into one fixed payment. The Upgrade Card provides you with access to a series of closed end loans and is not a traditional credit card.
DRAW TERMS W/ OPTIONAL AUTOPAY ‡
16.98% APR

I have two of their cards and I really like them. If you are going to use them for cash draws or BT cards, then maybe they aren't going to be what you are looking for, but using it as a credit card, I have no complaints.

What they mean about it not being like a traditional credit card, what you end up charging on the card in a 30 day period then converts to a 3 year loan, so it doesn't report on your CR as a revolving account, but as a loan. So you will end up with fixed payments at the fixed interest rate for 36 months and it will be paid off. And as you pay it off, it does increase your available credit to use again.

As far as the pre-approvals, I was pre-approved both times I tried their pre-approval tool and both times I was approved. Of course, YMMV. As far as which CRA they pull, I don't remember. But for me, I like the cards and they come in really handy for some things plus I like the fact the way they report so it doesn't affect your percent of credit used. But that also means that you can't use these cards for padding because they don't report as a traditional revolver. So if you know what you are getting and going to use it for specific things (we juist got our house painted and I used one of their cards to pay for it because it makes it easy to budget it to pay for it), it works out great IMHO.