topic Re: Upgrade Triple Cash Rewards CLD in Credit Cards

Upgrade Triple Cash Rewards CLD

citymunky — Thu, 22 Feb 2024 01:18:19 GMT

Well it seems that Upgrade does like the like fact that I hadn't used their card in over 2 years since I was first approved.

"After an evaluation of your credit history and account activity, your credit limit has been reduced to $500.00. This decision is influenced by changes in your credit profile and account history with us."

They decided to cut my limit from $5000 my starting limit to $500 (aka the minimum amouth they offer for a credit line). At least it will not effect my total available credit.

While the concept of the card sounds great, but from what I learned about the card after I was approved led me to put it in the sock drawn (i.e. not having a grace period making reward points/CB a mood point, each use/drawn gets convented into a fixed APR installment loan that would have effected my avg age of accounts, and only reporting to the CRAs once the card is used or a drawn is made).

I'm on the fence of just closing the account, but with no AF I just hold on on to it until the drawn period is over with if IIRC is 5 years total.

Re: Upgrade Triple Cash Rewards CLD

ptatohed — Thu, 22 Feb 2024 01:29:07 GMT

I use EarlyPay and have no issues using the card, getting rewards, and paying my balance with no fees/interest.

Re: Upgrade Triple Cash Rewards CLD

citymunky — Thu, 22 Feb 2024 02:03:50 GMT

@ptatohed wrote:
I use EarlyPay and have no issues using the card, getting rewards, and paying my balance with no fees/interest.

What about the each use/drawn being converted into a fixed APR installment loan and being reported as a new tradeline (ie CL is $500, I make a purchase for $300 for car parts. I have $200 LOC avaiable and a $300 charge being converted installment loan bases of the term limit agreed upon. Then I spend $100 at Lowes/Home Depot, which is converted into another installment loan.)

Re: Upgrade Triple Cash Rewards CLD

Jeffster1 — Thu, 22 Feb 2024 04:16:59 GMT

@citymunky wrote:
Well it seems that Upgrade does like the like fact that I hadn't used their card in over 2 years since I was first approved.

"After an evaluation of your credit history and account activity, your credit limit has been reduced to $500.00. This decision is influenced by changes in your credit profile and account history with us."

They decided to cut my limit from $5000 my starting limit to $500 (aka the minimum amouth they offer for a credit line). At least it will not effect my total available credit.

While the concept of the card sounds great, but from what I learned about the card after I was approved led me to put it in the sock drawn (i.e. not having a grace period making reward points/CB a mood point, each use/drawn gets convented into a fixed APR installment loan that would have effected my avg age of accounts, and only reporting to the CRAs once the card is used or a drawn is made).

I'm on the fence of just closing the account, but with no AF I just hold on on to it until the drawn period is over with if IIRC is 5 years total.

I closed my Upgrade card within a year for all the reasons you mention, plus a few more.

Re: Upgrade Triple Cash Rewards CLD

ptatohed — Thu, 22 Feb 2024 05:06:25 GMT

@citymunky wrote:
@ptatohed wrote:
I use EarlyPay and have no issues using the card, getting rewards, and paying my balance with no fees/interest.
What about the each use/drawn being converted into a fixed APR installment loan and being reported as a new tradeline (ie CL is $500, I make a purchase for $300 for car parts. I have $200 LOC avaiable and a $300 charge being converted installment loan bases of the term limit agreed upon. Then I spend $100 at Lowes/Home Depot, which is converted into another installment loan.)

I was under the impression that EarlyPay avoided this. Is that not the case?

Re: Upgrade Triple Cash Rewards CLD

citymunky — Thu, 22 Feb 2024 22:36:33 GMT

Honestly the way the terms and conditions are written I never personnel tried or charged anything to the card. I don't I want to experiment with my average age of accounts still being on the younger side of the scale.