upgrade cards have a $400 Welcome Bonus again on CK

[redpat]

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@Anonymous wrote:

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@GatorCowboyLion wrote:

Very interesting card! Very similar to ....

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Just pointing out that this isn't a normal Credit Card. It has day 1 interest / no grace period.

Here is a short thread from bogleheads about it 

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Yep no grace period, it's in the T&Cs, useless card to get a HP on and ending up with a bank checking offer in the end.

There are plenty of bank offers around for $400+- w/o having to take a HP.

Fool's Gold....Just sticking to the facts.

[Anonymous]

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@ptatohed wrote:

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@Anonymous wrote:

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@GatorCowboyLion wrote:

Very interesting card! Very similar to ....

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Just pointing out that this isn't a normal Credit Card. It has day 1 interest / no grace period.

Here is a short thread from bogleheads about it 

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I have never paid interest.  I have the EarlyPay feature turned on to pay my statement balance in full.  You don't have a traditional grace period but there is a little something.  EarlyPay pays your balance in full 2 days after the statement closes with no interest charged.  So, your 'grace period' is Day of Purchase to Statement Close Date + 2 Days.  

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Interesting. Then it is a charge card with a valuable reward structure.

It is like an Amex Gold or Platinum then, without the high AFs.

[redpat]

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@Anonymous wrote:

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@ptatohed wrote:

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@Anonymous wrote:

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@GatorCowboyLion wrote:

Very interesting card! Very similar to ....

---

Just pointing out that this isn't a normal Credit Card. It has day 1 interest / no grace period.

Here is a short thread from bogleheads about it 

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I have never paid interest.  I have the EarlyPay feature turned on to pay my statement balance in full.  You don't have a traditional grace period but there is a little something.  EarlyPay pays your balance in full 2 days after the statement closes with no interest charged.  So, your 'grace period' is Day of Purchase to Statement Close Date + 2 Days.  

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Interesting. Then it is a charge card with a valuable reward structure.

It is like an Amex Gold or Platinum then, without the high AFs.

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@Anonymous Lol, not even close, Amex plat has a 25 day grace period from the statement date closing and regardless all CC have similar grace periods from the statement date, but not Upgrade it appears.  Nice try comparing plat and gold to Upgrade.

The grace period for these cards are only 2 days, that's it, end of story.  Tatorhed, date of purchase to statement date isn't a grace period, you are just making that up for some rhyme of reason.  It's like you are trying make things better than they seem "grace period is date of purchase to statement close +2 days", is a false statement regarding true credit card grace period standards.  

[redpat]

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@ptatohed wrote:

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@GatorCowboyLion wrote:

Very interesting card! Very similar to the Citi Custom Cash, but with $3k per quarter spend limit. I much prefer quarterly over monthly and annual over either. Plus $3k is double the cumulative total allowed for CCC. This allows for a large purchase, for example, spend $3k, take your $150 cb and sock drawer the card till next quarter.

Too bad I have poor approval chances, I know it's just sp, but I'm in the garden anyhow, 2/6 from SYW  and altitude connect. I have mid 700s scores. I wonder what their target customer base is. I think the play would be to snag the $400 with the triple card and use it for healthcare bills and then get this one second. Very interesting, thanks for bringing it to our attention Potato! And don't mind redpat, none of the rest of us do, he just likes to take a dump in every comment thread. 

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Wow, I did not know about this 5% card.  Wow, very tempting.  Thanks GCL.  

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Buyer beware, there are many hoops you need to jump through in order to get Upgrades increased CB rewards.  There are many smoke and mirrors with their products and what seems to be straight forward CB card those rewards require checking plus requirements and if they are not met each month then you rewards revert to 1.5% for the month of missed checking account requirements.

Wow, what a hampster wheel.

Another problem in the T&C "consult your tax advisor regarding rewards" this isn't a credit card, it's a personal loan card so it looks like rewards in this case would be taxable. The cash back gets credited to your loan account.  The CL also doesn't get reported to the credit bureaus and it's not a charge card  either.  Reports as PLOC to bureaus, don't know if reports just outstanding w/ total line or just as Personal Loan outstanding w/ 100% max which can give some individuals to have some scoring issues.

Lol, change the thread to "Persanol Finance"

Nice find @ptatohed you would think you would tell others how this card works and that it isn't treated like credit cards are treated.  

https://www.nerdwallet.com/article/credit-cards/is-the-upgrade-card-legit

[Wu-Credit]

Drink some prune juice. It will help with letting out all your cash back card frustrations.

[GatorCowboyLion]

Prune juice is a solid idea. I wonder if that has been the "hold-up" this whole time! Perhaps some kegel exercises could also help. I think one interesting thing that those who are trashing these cards might consider is that most of us in "Team Cash Back" get these cards, not for their grace periods, but for the cash back. I know that may be hard to believe or comprehend. I do appreciate the nerd wallet link where these are on their list of best credit cards. It was an informative article. 

@ptatohed what bureau does Upgrade pull? Do you know anything about getting two cards back to back? I still after researching am interested in the triple card and 5% card. One other possibly risky consideration is that on a spree you could get preapproval then app for a different card and come back to upgrade for the hp final approval. It would be helpful to know the bureau pull for this. Very interesting.

[ptatohed]

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@GatorCowboyLion wrote:

Prune juice is a solid idea. I wonder if that has been the "hold-up" this whole time! Perhaps some kegel exercises could also help. I think one interesting thing that those who are trashing this card might consider is that most of us in "Team Cash Back" get these cards, not for their grace periods, but for the cash back. I know that may be hard to believe it comprehend. I do appreciate the nerd wallet link where these are on their list of best credit cards. It was an informative article. 

@ptatohed what bureau does Upgrade pull? Do you know anything about getting two cards back to back? I still after researching am interested in the triple card and 5% card. One other possibly risky consideration is that on a spree you could get preapproval then app for a different card and come back to upgrade for the hp final approval. It would be helpful to know the bureau pull for this. Very interesting.

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Gator ( @GatorCowboyLion ), I am pretty sure it was/is TransUnion.  Not sure about two cards back to back, sorry.  GL!  

[Anonymous]

To anyone looking at these cards. I suggest looking HARD into what they are (and what they absolutely are not) before deciding to apply.

Unless your plan is simply to use a HP for (taxed or not) $400. If so, apply away.

As Ptatoe says in the original post (though maybe a bolding was in order).

"I know the upgrade cards are not for everyone"

Because, they are not.

This link will get you close to the user review section. You will still have to scroll down a little.

https://wallethub.com/d/upgrade-card-3271c#reviews-section 

@redpat 

Upgrade belongs in "Credit Cards" as an outlier just as much as it belongs in "Personal Finance" as an outlier.

They are Hybrid Wackiness (crapiness?).

Instead though, I think these belong in the non-existent categories of "Advanced Rewards Scrounging" or "I ruined my credit and need to rebuild".

But I most likely would not suggest these cards to a Builder, Re-builder, or even an Advanced Rewards Scrounger. Unless that persons profile was so poor they were stuck considering Credit One or Mission Lane style *poop emoji*

You and I agree that the Upgrade cards are poorly and vaguely defined garbage.

You and I disagree that these are completely worthless to anyone at all.

Still @redpat 

My comparison was just to draw you out of your corner since you tend to be so non-vocal on these subjects.

My next trick will be a comparison of "SYW card VS the Chase Eco-system".

I happen to think highly of Amex and think the Amex Gold, Platinum and (maybe) Green are excellent cards for the correct use scenario. High spending with travel needs and can make use of the credits (coupons).

And... they are completely worthless to me. I have delved hard into researching the Amex ecosystem to see how it could work for me.

On paper MR would certainly be worth more than my cashback, and in actuality I would lose a lot of money. I (and other non-travelers) simply have NO use case for MR points compared to %.