Triple Cash Rewards Visa Upgrade Guide

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

Thinking of borrowing money for a major purchase? Undoubtedly, you will start thinking about the best way to pay for it.

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

On the other hand, 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 might do the trick.

What is the Triple Cash Rewards Upgrade Visa?

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 out to make responsible borrowing at lower cost more accessible to credit card users – and it seems to be an option worth exploring for several reasons.

Like its counterpart, the Visa® Card Upgrade with Cash Rewards, this card encourages responsible borrowing by distributing rewards when payments are made from 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 Triple Cash Rewards Visa® Features

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

How does the Triple Cash card work?

The Triple Cash card offers lines of credit from $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 credit line and APR. The amount of credit and the rate you are approved for will depend on factors such as your credit score and whether or not you accept an automatic payment arrangement for monthly payments.

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

Upgrade Triple Cash Rewards

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

Here is an example of expenses eligible for 3% cash back:

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

the complete list of eligible purchases is quite long and can be found on the Upgrade website, with sample retailers for each category.

Upgrade Triple Cash Installment Plan

Although you can earn 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 maintain a balance on the card, it will be divided into one installment payment plan payable over a fixed term at the applicable interest rate. You can also pay off your balance in full at any time without prepayment penalties.

The purpose of this arrangement is to encourage cardholders to pay off their balance as quickly and predictably as possible. This means you could pay less interest over time and practice pay off your debt at a faster rate than when you just make 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 plenty of opportunity to bring down those balances quickly.

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

You will be asked to consent to any new terms of the installment plans you request for additional draws on your Triple Cash account. The terms of existing payment plans will not change.

Other benefits 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
  • Returned Payment Fee
  • Balance Transfer Fee
  • Cash advance fees
  • Foreign transaction fees

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

Finally, another advantage is the predictability and transparency of monthly payments. Once you’ve made purchases on the card, you’ll know what your fixed monthly payment will be each month. 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 Card Upgrade

The main difference between the Upgrade Cash Rewards card and the Triple Cash Rewards card is the rewards 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 spend categories and 1% on everything else .

Should you apply for an Upgrade Triple Cash card now?

This card could be a good option for those who have a fair credit score or above. The better your credit profile, the better your conditions for the Triple Cash card will be and the more benefits you will get from using the card. If you can get the maximum line of credit and the minimum interest rate, this card could be a win for your financial goals.

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

If you are planning major purchases in the future related to a home, automobile or health expenditure, you’ll get 3% cash back, plus the benefits of installment payments, at a potentially lower interest rate. 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 Upgrade Triple Cash Rewards visa. A card that combines the rewards of a credit card with payment terms like a personal line of credit could be useful for many reasons, including saving money on fees and interest while cultivating healthy habits. credit.

*Please look Upgrade website for full details, including rates and terms.

Darcy J. Skinner