topic Re: Upgrade MyFive Visa in Credit Cards

Upgrade MyFive Visa

zerofire — Wed, 10 Jul 2024 21:25:22 GMT

So I am seeing this new card show up on my recommendations. I have no info on this issuer but the 5% back and really easy looking bonus of $200 sounds promising. It also looks like my offer has double the normal quarterly limit ($3000 instead of $1500) for the category I choose. Anyone have anything to say about the card or issuer?

Re: Upgrade MyFive Visa

GZG — Wed, 10 Jul 2024 21:31:49 GMT

@zerofire wrote:
So I am seeing this new card show up on my recommendations. I have no info on this issuer but the 5% back and really easy looking bonus of $200 sounds promising. It also looks like my offer has double the normal quarterly limit ($3000 instead of $1500) for the category I choose. Anyone have anything to say about the card or issuer?

https://www.upgrade.com/upgrade-card/my-five/categories/

whoa

so you're saying we need to find a way to open like 5 of these

the only concern with upgrade is if the card will report as a traditional revolver or as some sort of installment loan kind of thing,

hopefully some people with Upgrade credit cards will be able to chime in with exactly how they get reported to your credit report

I checked the apply link from the public offer after googling the card name, and it looks like the public offer has the same doubled $3k/quarter terms

Re: Upgrade MyFive Visa

unsungivy — Wed, 10 Jul 2024 21:36:21 GMT

@zerofire wrote:
So I am seeing this new card show up on my recommendations. I have no info on this issuer but the 5% back and really easy looking bonus of $200 sounds promising. It also looks like my offer has double the normal quarterly limit ($3000 instead of $1500) for the category I choose. Anyone have anything to say about the card or issuer?

Be wary of Upgrade. They don't do "credit cards", per se. They're basically fixed term loans you can swipe (and they expire as well, is my understanding). They're not for... most people.

Which is not to say they're bad, but they're tricksy and gimmicky, and if I recall my research you start paying interest right away, which is then OFFSET by the cashback you get from your purchases. But man, they come up with some verrrrry interesting sounding cards... until you do math.

That card looks very similar to the US Cash+ and the Elan Max Cash Preferred cards. Look into those.

Re: Upgrade MyFive Visa

GZG — Wed, 10 Jul 2024 21:39:23 GMT

@unsungivy wrote:
@zerofire wrote:
So I am seeing this new card show up on my recommendations. I have no info on this issuer but the 5% back and really easy looking bonus of $200 sounds promising. It also looks like my offer has double the normal quarterly limit ($3000 instead of $1500) for the category I choose. Anyone have anything to say about the card or issuer?
Be wary of Upgrade. They don't do "credit cards", per se. They're basically fixed term loans you can swipe (and they expire as well, is my understanding). They're not for... most people.

Which is not to say they're bad, but they're tricksy and gimmicky, and if I recall my research you start paying interest right away, which is then OFFSET by the cashback you get from your purchases. But man, they come up with some verrrrry interesting sounding cards... until you do math.

That card looks very similar to the US Cash+ and the Elan Max Cash Preferred cards. Look into those.

do they not function as 0% apr as long as PIF by the statement date, so even if they are janky with the loan terms, if you use them like a normal cc and PIF, it wouldn't be any different?

genuinely don't know

Re: Upgrade MyFive Visa

unsungivy — Wed, 10 Jul 2024 21:45:29 GMT

@GZG wrote:
@unsungivy wrote:
@zerofire wrote:
So I am seeing this new card show up on my recommendations. I have no info on this issuer but the 5% back and really easy looking bonus of $200 sounds promising. It also looks like my offer has double the normal quarterly limit ($3000 instead of $1500) for the category I choose. Anyone have anything to say about the card or issuer?
Be wary of Upgrade. They don't do "credit cards", per se. They're basically fixed term loans you can swipe (and they expire as well, is my understanding). They're not for... most people.

Which is not to say they're bad, but they're tricksy and gimmicky, and if I recall my research you start paying interest right away, which is then OFFSET by the cashback you get from your purchases. But man, they come up with some verrrrry interesting sounding cards... until you do math.

That card looks very similar to the US Cash+ and the Elan Max Cash Preferred cards. Look into those.
do they not function as 0% apr as long as PIF by the statement date, so even if they are janky with the loan terms, if you use them like a normal cc and PIF, it wouldn't be any different?

genuinely don't know

My understanding is no, they start charging interest IMMEDIATELY (so you need to pay every single purchase DAY OF), with no grace period (paying by the due date is a grace period).

Here's a random old thread about one breaking it down (and by random, I mean **bleep** is this site): https://www.bogleheads.org/forum/viewtopic.php?t=377080

Re: Upgrade MyFive Visa

ptatohed — Wed, 10 Jul 2024 22:51:01 GMT

This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.

Re: Upgrade MyFive Visa

unsungivy — Thu, 11 Jul 2024 00:46:34 GMT

@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.

There you go. Actual, real-time experience from @ptatohed is gonna be more accurate than my 3 year old research 😁

Re: Upgrade MyFive Visa

kremonis — Sun, 01 Sep 2024 20:07:22 GMT

@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.

@ptatohed

Could you further break down your cash back math for dumb asses like my self? Where does .95 come from?

Re: Upgrade MyFive Visa

ptatohed — Mon, 02 Sep 2024 05:23:49 GMT

@kremonis wrote:
@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.
@ptatohed
Could you further break down your cash back math for dumb asses like my self? Where does .95 come from?

No problem @kremonis

The key is that the 5% rewards are statement credit and earned on bill payment, not purchase. Statement credit earned on purchase is as good as true cash back. Statement credit earned on payment will be reduced by 5%.

So..... you make your first $100 purchase. You pay your $100 bill. You've earned 5%, or $5. That $5 is stored as available statement credit for your next statement. You spend another $100 the next month. Now that previously earned $5 is first applied to your bill, and now you owe $95. You make your $95 payment and that's when you earn your 5%. 5% of your $95 payment earns you $4.75, not $5.00. And so on, month after month. So, this card is essentially a 4.75% card. Does that help?

Re: Upgrade MyFive Visa

Anonymous — Mon, 02 Sep 2024 18:18:11 GMT

@ptatohed wrote:

The key is that the 5% rewards are statement credit and earned on bill payment, not purchase. Statement credit earned on purchase is as good as true cash back. Statement credit earned on payment will be reduced by 5%.

So..... you make your first $100 purchase. You pay your $100 bill. You've earned 5%, or $5. That $5 is stored as available statement credit for your next statement. You spend another $100 the next month. Now that previously earned $5 is first applied to your bill, and now you owe $95. You make your $95 payment and that's when you earn your 5%. 5% of your $95 payment earns you $4.75, not $5.00. And so on, month after month. So, this card is essentially a 4.75% card. Does that help?

@ptatohed

Could even be argued as 4.762%

Re: Upgrade MyFive Visa

ElvisCaprice — Mon, 02 Sep 2024 20:06:06 GMT

@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.

Did you ever confirm that the My Five debit card CB did not work for your two CC bill pays?

Re: Upgrade MyFive Visa

ptatohed — Mon, 02 Sep 2024 20:12:39 GMT

@ElvisCaprice wrote:
@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.
Did you ever confirm that the My Five debit card CB did not work for your two CC bill pays?

I did confirm. When I used my upgrade debit card to pay two citi credit card bills ($50 each), I did not get any cash back.

Re: Upgrade MyFive Visa

ElvisCaprice — Mon, 02 Sep 2024 20:35:51 GMT

@ptatohed wrote:
@ElvisCaprice wrote:
@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.
Did you ever confirm that the My Five debit card CB did not work for your two CC bill pays?
I did confirm. When I used my upgrade debit card to pay two citi credit card bills ($50 each), I did not get any cash back.

Thank you! Another question, on the early pay for their CC, can you designate an external debit card for payment? Thinking Quontic Bank debit card. I see My Five is not in the paypal pay bill listings.

Re: Upgrade MyFive Visa

ptatohed — Tue, 03 Sep 2024 01:49:38 GMT

@ElvisCaprice wrote:
@ptatohed wrote:
@ElvisCaprice wrote:
@ptatohed wrote:
This card (and the discussion about how upgrade works) was discussed just a few weeks ago. I have EarlyPay turned on which pays my balance in full 2 days after the statement period ends. I have never paid interest.

This MyFive card looks very promising. Much like a citi Custom Cash, you get 5% in the cat you choose. The double spend cap is really nice! I posted about how most/all of the upgrade cards on Credit Karma were offering double the regular welcome bonus ($400 vs $200) a few weeks ago. Make sure you check there.

If I am not mistaken, the way upgrade cash back works is as statement credit. Which is normally fine..... if you earn the CB as you spend. But with the upgrade cards, you earn your CB as you pay. Thus, this is really a .95 x 5% = 4.75% card since you're not getting 5% of your 5%. My 2.2% card is really a 2.15% card.
Did you ever confirm that the My Five debit card CB did not work for your two CC bill pays?
I did confirm. When I used my upgrade debit card to pay two citi credit card bills ($50 each), I did not get any cash back.
Thank you! Another question, on the early pay for their CC, can you designate an external debit card for payment? Thinking Quontic Bank debit card. I see My Five is not in the paypal pay bill listings.

I have a $0 balance on my upgrade Cash Rewards Elite (I don't have the MyFive) right now but if I go to 'Make a Payment', and then 'Payment From', all I see is my linked external Chase checking, my upgrade checking account, and 'Add a Bank'. I don't see a debit card payment option but, then again, I didn't see a debit card options with citi either - I had to call. So maybe if you call upgrade to make a payment, they may accept a debit card? But, in general, this options is not very common. But this is just a manual payment, in regard to EarlyPay, I would doubt you could use a debit card, pretty sure it has to be a checking account.

Re: Upgrade MyFive Visa

ptatohed — Tue, 03 Sep 2024 02:59:27 GMT

So check this out guys!!! ( @Anonymous )

This is awesome! I take back what I said about my Cash Rewards Elite Visa (and hopefully this MyFive Visa) not being a true 2.2% card (and a true 5% for the MyFive) (well, kind of, see caveat below). When I was surfing around my upgrade accounts for Elvis, I saw this beautiful "Redeem rewards now" option! It worked. I sent the money to my external Chase account. These $40ish reward dollars were from a $1900ish spend at Jerome's in July.

But I guess there needs to be an asterisk here. It looks like I was only able to redeem my reward balance as ACH (as opposed to a future statement credit) because I had a $0 credit card statement balance. If it's a card that you spend regularly on, you might always have a balance and redeeming your reward money would first be used to pay off your current card balance, per the notes below. I guess the workaround for that would be to manually pay your statement down to $0 right before claiming your rewards?

But this is great. All the reviews I have ever read about upgrade cards clearly state that the only way to redeem rewards is by statement credit. So it was really cool to see this option.

Re: Upgrade MyFive Visa

EasyMark — Sat, 19 Apr 2025 17:58:24 GMT

ptatoehed et al:

Could this card be used to pay $3000 payments each quarter in estimated taxes to the IRS, routed through Paypal and ACI Payments for 5% (I have heard such arrangements are coded as "utilities")? (I am still looking for a 5% debit or credit Mastercard to pay our GM Financial car payment at Plastiq, to exceed our use of the 4% GM Rewards card currently, as I am told it also codes as "utilities" (Visas are verboten for auto loans))

Second (less likely) option: If one were to do such as thing sucessfully, after spending $3000 on that category for the quarter, since they allow you to change selected categories each month, could you also get 5% rewards in different categories if chosen the next two months in that same quarter? (I know - only in my dreams...)

Re: Upgrade MyFive Visa

ptatohed — Sun, 20 Apr 2025 07:16:46 GMT

@EasyMark wrote:
ptatoehed et al:

Could this card be used to pay $3000 payments each quarter in estimated taxes to the IRS, routed through Paypal and ACI Payments for 5% (I have heard such arrangements are coded as "utilities")? (I am still looking for a 5% debit or credit Mastercard to pay our GM Financial car payment at Plastiq, to exceed our use of the 4% GM Rewards card currently, as I am told it also codes as "utilities" (Visas are verboten for auto loans))

Second (less likely) option: If one were to do such as thing sucessfully, after spending $3000 on that category for the quarter, since they allow you to change selected categories each month, could you also get 5% rewards in different categories if chosen the next two months in that same quarter? (I know - only in my dreams...)

Hey EM,

I don't have the MyFive, though I think it is a seemingly great card with a lot of potential. I don't know the answer to your paragraph #1 question, though it sounds like you'd have a good chance 'if' you could get it to code as utils. For paragraph #2 - ummmm..... I'de venture to guess....no.

Let us know if you get the MF card. I'd like to hear more experiences with it.