Triple Cash Rewards Visa Upgrade Guide


The following post was sponsored by our partner, Upgrade. The analysis and opinions expressed in the story are our own and may not reflect the views of Upgrade.

Thinking of borrowing money for a large purchase? Without a doubt, you will start to think about the best way to pay for it.

You might wonder if there are any advantages to using a credit card over using a personal loan or line of credit and vice versa. On the one hand, a credit card can come with rewards like cash back or statement credits, as well as the ability to make minimum payments over time.

In contrast, a personal loan could have a much lower interest rate and more predictable monthly payments. If you want a financial option that combines the two, the Upgrade Triple Cash Rewards visa could do the trick.

What is the Visa Upgrade Triple Cash Rewards?

Visa Upgrade Triple Cash Rewards combines the flexibility and rewards structure of a credit card with the predictable payments of a personal loan. The issuer of this card has set itself the goal of making less expensive and responsible borrowing more accessible to credit card users, and it appears to be an option worth exploring for several reasons.

Like its counterpart, the Upgrade Visa® card with Cash Rewards, this card encourages responsible borrowing by distributing rewards when payments are made to the card balance, rather than when money is spent on the card, as with most issuers. These rewards can be applied to monthly payments.

Upgrade Visa® Triple Cash Rewards Features

  • Reward rate: Earn 3% cash back on payments for qualifying categories for home, auto and healthcare; 1% on everything else *
  • Welcome offer: Nothing
  • Annual subscription: $ 0
  • APR purchase intro: Nothing
  • Balance transfer introduction APR: Nothing
  • Regular APR: 8.99% to 29.99% *

How does the Triple Cash card work?

The Triple Cash card offers lines of credit of $ 500 to $ 50,000, although the majority of people are approved for $ 25,000 or less. If you are approved for the card, you will immediately know your available line of credit and your APR. The amount of credit and the rate for which you are approved will depend on factors such as your credit score and whether or not you accept an automatic payment agreement for monthly payments.

Once you are approved, you can start using your virtual card immediately. A physical contactless card will come later in the mail.

Upgrade Triple Cash Rewards

With the Upgrade Triple Cash Rewards Visa card, you can earn 3% cash back on qualifying home, auto and health purchases when you pay them back and 1% on everything else with no maximum. *

Here is an example of expenses eligible for 3% Cash Back Rewards:

  • Home: Hardware, home supplies, landscaping services, heating, plumbing, A / C
  • Auto: Auto parts, car dealerships, car washes, tires, towing services
  • Health: Health and beauty spas, gym memberships, exercise equipment

The full list of eligible purchases is quite long and can be found on the Upgrade website, with an example of retailers for each category.

Upgrade the Triple Cash Installment Plan

While you can make money with the Triple Cash card just like you would with a traditional credit card, it’s important to know that when it comes to paying off your balance, the card works more like a personal loan. or a line of credit.

If you keep a balance on the card, it will be split into a payment installment plan payable over a fixed term at the applicable interest rate. You can also pay your balance in full at any time without a prepayment penalty.

The goal of this arrangement is to encourage cardholders to pay off their balances as quickly and predictably as possible. This means that you could pay less interest charges over time and train to pay off your debt at a faster rate than when you simply make smaller minimum payments each month, like with a traditional credit card.

With no fees, more aggressive installment payment plans, earned rewards on payments, and potentially lower interest rates than traditional credit cards, you’ll have ample opportunity to clear those balances quickly.

You should be aware that your credit rating, other credit-related risk factors, and payment history may affect your credit limit amount or your interest rate for future transactions.

You will be asked to agree to any new installment plan terms that you request for additional draws from your Triple Cash account. The terms of existing payment plans will not change.

Other advantages of the Upgrade Triple Cash card

One thing that really stands out about this card is the lack of fees. The Triple Cash card charges virtually none of the fees charged by many card issuers. This card does not have:

  • Annual subscription
  • Late charge
  • Return payment fees
  • Balance transfer fees
  • Cash advance fees
  • Foreign transaction fees

You should be aware that the Upgrade Triple Cash Rewards card does not offer direct balance transfer, cash advance option or the ability to withdraw money from an ATM. However, cardholders can make a draw on their online upgrade account and receive funds directly into their bank account. From there, these funds can be used to pay off another account or withdraw money.

Finally, another advantage is the predictability and transparency of monthly payments. Once your purchases are made with the card, you will know each month what your fixed monthly payment will be. This can be extremely useful if you want your monthly credit card payments to be consistent for budgeting purposes.

Triple Cash Rewards Card Upgrade vs. Cash Rewards Upgrade Card

The main difference between the Upgrade Cash Rewards card and the Triple Cash Rewards card is the reward rate. The Upgrade Cash Rewards card offers unlimited 1.5% cash back on all payments, while the Triple Cash card offers 3% cash back on payments for certain expense categories and 1% on all payments. rest.

Should you apply for an Upgrade Triple Cash card now?

This card could be a good option for those with fair or better credit rating. The better your credit profile, the better your terms for the Triple Cash card and the more benefits you will derive from using the card. If you can get the maximum line of credit and the minimum interest rate, this card could be an asset to your financial goals.

For those who want to be more responsible with credit, this card can help too, thanks to the many incentives and features that can speed up the repayment process.

If you plan to make major purchases in your future related to qualifying home, auto, or health care expenses, you’ll earn 3% cash back, plus the benefits of installment payments, at an interest rate potentially lower. For example, a home improvement project, expensive orthodontics, or a nice snowmobile might be more affordable with the Triple Cash card than paying with a traditional credit card.

The bottom line

If you want more favorable borrowing terms for larger purchases (or larger balances), it might be worth looking into the Visa Upgrade Triple Cash Rewards. A card that combines credit card rewards with payment terms like a personal line of credit could be useful for a number of reasons, including saving money on fees and interest while cultivating healthy credit habits. .

* Please watch Upgrade website for more details, including prices and conditions.


Amanda P. Whitten

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