Upgrade Cash Rewards Elite Visa $8,000

ptatohed · ‎03-28-2023

Well, I went for it. It started as just checking the no-credit-impact approval and that quickly led to continuing to the full app, lol.

Reasons for going for this card were: - Pre-Approval option, - Always planning/preparing for a greater than 2% everything card for when/if the 3% everything AOD Signature gets reduced, - The awesome and easy to get $400 welcome bonus (use Credit Karma, the regular bonus is $200), - and, frankly, kind of curious how this hybrid Credit Card / Line of Credit works.

Upgrade Cash Rewards Elite Visa

2.2% cash back everything

Upgrade offers EarlyPay to avoid interest

$400 welcome bonus if you use the Credit Karma link

$8,000 limit

22.98% APR (ouch)

TransUnion credit score 806

Income $160,000/yr

Mortgage $2,000/mo

I'm stoked and I look forward to trying this card out. I am okay with the $8,000 limit. The rate is high but I plan to utilize the EarlyPay (still not totally sure how this works yet) to avoid interest. The one thing that does bother me is, if I understand correctly, the only cash back option is statement credit. While I am normally totally cool with that, not in this case. In this case, you earn the 2.2% only when you pay your balance. So, if your earned cash back is paying (or reducing) part of your balance, I am guessing you don't get 2.2% on that payment. So, not getting 2.2% on 2.2% makes this a 2.152% CB card, if I am thinking about this correctly?

[ Signature in dire need of updates. It's on my to-do list.

]

5% CB rotating:

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Everyday 3% CB:

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Everyday 5%:

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Companion Card:

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Everyday 2.2% CB:

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Retired to sock drawer after AOD (kept alive w/ 1 purchase every 6 mo):

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On my radar:

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Still Waiting for an Invite:

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No hope:

JoeRockhead · ‎03-28-2023

Nice SL, congratulations on your approval!

NoMoreDebt · ‎03-28-2023

congrats on the approval

AMEX CHARLES SCHWAB PLATINUM NPSL/ AMEX GOLD NPSL / AMEX GREEN NPSL/ AMEX BLUE BUSINESS PLUS $5000 SL/ FIDELITY REWARDS VISA $23,500 SL

SOCKDRAWER/ PAYPAL CREDIT LINE $1700/NFCU FLAGSHIP $40,000 CL/ NFCU MORE REWARDS $40,000/ WELLS FARGO AUTOGRAPH $8200/APPLE CARD $6500/DISCOVER IT $3000 SL/CITI COSTCO ANYWHERE VISA $6000 SL

TMDSCT · ‎03-28-2023

Congratulations! That's a nice SL and there's always room for CLI's down the road.

C6 · ‎03-28-2023

I use to think this was a pretty decent card/loc but lately they have been changing terms or decreasing limits. I was approved for 25k at ~15%. I have used it a few times for draws of $5k - $6k and paid it off rather quickly. Recently I received a notice that they were to begin charging a 5% fee to access the loc. Others on myFICO have been experiencing adverse action including reduction of credit limit to $500. Here is the notice:

This is to inform you that, effective on or around 03/23/2023 (the “Effective Date”), if you use the optional ACH transfer feature to send money from your Upgrade Card line of credit to your connected bank account, any such transfer will be subject to a fee of five (5) percent of the transfer amount, subject to any limits under applicable law. We may choose to charge a lesser fee. Applicable fees will be disclosed to you at the time you request an ACH transfer.

Card purchases and payments are not impacted by this upcoming change (there are no fees for making card purchases or for making payments on your Upgrade Card account). Other products you may have through Upgrade, such as a Rewards Checking or Premier Savings account, are not impacted by this upcoming change.

ptatohed · ‎03-28-2023

@C6 wrote:
I use to think this was a pretty decent card/loc but lately they have been changing terms or decreasing limits. I was approved for 25k at ~15%. I have used it a few times for draws of $5k - $6k and paid it off rather quickly. Recently I received a notice that they were to begin charging a 5% fee to access the loc. Others on myFICO have been experiencing adverse action including reduction of credit limit to $500. Here is the notice:
This is to inform you that, effective on or around 03/23/2023 (the “Effective Date”), if you use the optional ACH transfer feature to send money from your Upgrade Card line of credit to your connected bank account, any such transfer will be subject to a fee of five (5) percent of the transfer amount, subject to any limits under applicable law. We may choose to charge a lesser fee. Applicable fees will be disclosed to you at the time you request an ACH transfer.
Card purchases and payments are not impacted by this upcoming change (there are no fees for making card purchases or for making payments on your Upgrade Card account). Other products you may have through Upgrade, such as a Rewards Checking or Premier Savings account, are not impacted by this upcoming change.