@4sallypat wrote:Thanks @Anonymous for clearing that up!!!
So it's like a cash advance where interest starts from day 1 and the 1 time loan origination fee on top of that really does not make it a value even with their 3% rewards back...
This one does not have an origination fee, or activation fee, or maintenance fee. It's just the loan + your defined interest. So in a sense that's a perk over other possible loans (varies on the lender of course)
@4sallypat wrote:Very well summarized @credit_is_crack - I guess this can be of help to some people in certain situations.
I just hate the 3% cash back rewards when in actuality, it's more of a teaser to spend and get charged interest....
So in your case, your APR would may actually drop from 14.99% to 11.99% the first year....
AKA, business as usual in the land of the free lol Makes me feel bad for folks who might stumble across it on CK and not be aware of forums like this to really dig its guts out and know what they're walking into. Man I Love MyFICO! Saved me from sooo many knucklehead decisions
@longtimelurker wrote:
@credit_is_crack wrote:
- If by chance those 3 charges are part of the cash back categories then you get cash back, but like you mentioned the APR will void out the rewards unless the reward amount is greater than your APR (lowest they offer is 8.99% so it's moot). It's really more to reduce the interest you have to pay, at least that's how I'm seeing it
Remember the "A" in APR stands for annual and there are no prepayment fees. So if you get 3% cashback, and you prepay within a month, the rewards exceed the interest charge (certainly if it is 8.99% APR). Even 20% APR for a month is less than 2%. Credit card interest is evil, but not THAT evil!
@longtimelurker good call-out! I think my big issue with them is the fact that they (the bank) call it a "line of credit", when after digging thru it you discover it's nothing like that, as per the traditional "line of credit" definition. Putting lipstick on a pig doesn't make it a lady.
I get it though, they'll get more traction calling it this. I was actually reviewing various youtube videos about it and looks like nobody on there really knows what they're talking about, and is misinforming all kinds of folks! Smh...can't say it enough, so glad I found this forum years ago!
@RickNATL wrote:@credit_is_crack I go the same preapproval amount; but when I continued with the steps where it does another credit check, it then confirmed $5000, 8.99 APR...I kept moving on...
RickNATL--Not the best CL but at least they gave you the best possible APR. Where did you guys find the pre-approval link?
BUSINESS 
@Credit-hoarder wrote:
@RickNATL wrote:@credit_is_crack I go the same preapproval amount; but when I continued with the steps where it does another credit check, it then confirmed $5000, 8.99 APR...I kept moving on...
RickNATL--Not the best CL but at least they gave you the best possible APR. Where did you guys find the pre-approval link?
@RickNATL sorry to hear about the bait-n-switch they pulled on you. I never submitted mine far enough for the full HP, but instead I only completed the SP process. It's a good call out though as others may find themselves lured in with the big SP numbers being displayed.
@Credit-hoarder, @Saeren is correct. I just found it on credit karma under the cards section and it when I hit the "apply now" button, it launched the pre-approval page
@credit_is_crack wrote:
@Credit-hoarder wrote:
@RickNATL wrote:@credit_is_crack I go the same preapproval amount; but when I continued with the steps where it does another credit check, it then confirmed $5000, 8.99 APR...I kept moving on...
RickNATL--Not the best CL but at least they gave you the best possible APR. Where did you guys find the pre-approval link?
@RickNATL sorry to hear about the bait-n-switch they pulled on you. I never submitted mine far enough for the full HP, but instead I only completed the SP process. It's a good call out though as others may find themselves lured in with the big SP numbers being displayed.
@Credit-hoarder, @Saeren is correct. I just found it on credit karma under the cards section and it when I hit the "apply now" button, it launched the pre-approval page
Yes--I eventually found the link to the pre-app on the CK cards page--but didn't fill it out b/c seeing as how I was just approved for the 1.5% card few days ago--I didn't want to fill out the other pre-approval for the 3% and possibly raise red flags.
Not sure why Upgrade offered RickNATL such a low CL. They gave me the full pre-approval amount with no bait and switch. But as far as Sofi MC approvals he got $25k and I only got $8500. It's strange how these things work sometimes.