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?
@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
0/6, 2/12, 7/24
@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.
Authorized User - 
Sock Drawer'd - 
@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
@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
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. 
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@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 😁
@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.
Could you further break down your cash back math for dumb asses like my self? Where does .95 come from?
@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.
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?
@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?
Could even be argued as 4.762%
