So I was just poking around checking my CK updates this AM and noticed a card I had not seen before. The categories it covers are VERY BROAD.
Upgrade Triple Cash Rewards Visa
- 3% unlimited cash back on Home categories (Home Depot, Lowes, Menards, Wayfair, Ikea as samples)
- 3% unlimited cash back on Health categories (Walgreens, CVS, Academy Sports, Dicks Sporting Goods, Midway USA as samples)
- 3% unlimited cash back on Auto categories (Tractor Supply, Discount Tire, Firestone, Tires.com, Mavis Tire as samples)
- $0 Fees (annual, maintenance and activation)
- APR Range 8.99% - 29.99%
I just googled the card and can't find anything on it. All the information I found on it is within the CK app as you go thru the various links. I'm familiar with the green 1.5% card, but I had not heard anything about this one. Anybody else? It actually has a solid rewards structure
*Mods if this was already posted somewhere please feel free to merge
Details found under T&C's
HUGE HOME CATEGORY
Health includes Recreational/Golf Courses/Personal Care
Auto covers almost everything auto related
@Remedios so check this out. It has a "check my credit line" function -- a preapproval link, if you will. Being a curious jerk I went thru the process. Hot Dang!
"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 credit card."
This makes me wonder 1) whether there's a prepayment penalty, 2) whether there's a grace period, and 3) how it reports. If all it is is a piece of plastic that preapproves you for personal loans then it might not be suited to transacting and might not be fun for your AAoA.
@Slabenstein wrote:"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 credit card."
This makes me wonder 1) whether there's a prepayment penalty, 2) whether there's a grace period, and 3) how it reports. If all it is is a piece of plastic that preapproves you for personal loans then it might not be suited to transacting and might not be fun for your AAoA.
I agree. I'm not super clear but it sounds like a large loan of $30k (in this case), and you're borrowing against that total amount. I dont know if it's actually a "line of credit" that is just sitting there, vs "once I deplete the $30k, then I'd have to reapply for another line". The shopping categories are useful but I think it should be approached like a large project, and using this card to "build the loan" for it
Still was nice to see them say "how about $30k?" to start the day lol
@Saeren wrote:Beware that like the regular Upgrade card, this seems like it would create new installment loans when you use it.
https://ficoforums.myfico.com/t5/Credit-Cards/Upgrade-Card/td-p/5760895
LOL @Saeren I was just reading thru that thread. It's funny that I understood it with more clarity reading thru the forums than their actual website. I learned:
- It shows up an installment loan on CR's
- It only reports the amounts I borrow (so if I charged $500, then it would show a loan for $500 with a balance of $500 remaining)
- It does not impact 5/24
- It would charge interest no matter how soon I pay off a charge since every purchase is "converted to a loan" -- no grace period
- You essentially can create various "mini-loans" until you've exhausted all the money available from the original amount
- You can transfer money directly to a bank account if you want
- Nothing reports to the CRA's until you actually charge/withdraw against it
- It would be good for emergency expenses, but not day-to-day
Interesting setup.
