Key takeaways
- The Upgrade Triple Cash Rewards Visa® is a unique card that combines the features of a credit card with the features of a personal loan.
- The card also provides cash back rewards on auto, home, and health purchases.
- Those that do better with fixed payment plans could find value in using the Upgrade Triple Cash to fund large purchases.
Planning to borrow money for a significant purchase? You may be wondering about the best way to finance it. Should you use a credit card or opt for a personal loan or credit line? Each option has its advantages and drawbacks, so it’s essential to weigh your choices carefully.
On one hand, a credit card offers the potential to earn rewards and allows for minimum payments over time. On the other hand, a personal loan typically comes with a lower interest rate and predictable monthly payments. If you’re looking for a financial tool that combines the best of both worlds, the Upgrade Triple Cash Rewards Visa® could be the solution. Let’s explore the benefits and strategies for maximizing the value of this card.
Upgrade Triple Cash Rewards Visa card benefits
The Upgrade Triple Cash Rewards Visa combines the flexibility and rewards structure of a credit card with the predictability of payments offered by a personal loan. This card aims to make responsible borrowing more accessible to credit card users for several reasons.
Similar to the Upgrade Cash Rewards Visa, this card incentivizes responsible borrowing by rewarding payments made on the card balance rather than on purchases. These rewards can be applied towards monthly payments, providing additional value to cardholders.
Potential for a high credit line
The Upgrade Triple Cash card offers credit lines ranging from $500 to $25,000. Upon approval, cardholders will know their available credit line and variable APR immediately.
Credit limits and APRs are determined based on factors like credit score, enrollment in autopay for monthly payments, credit risk factors, and payment history. Maintaining a healthy credit profile can lead to a higher credit limit and more favorable interest rates.
The ability to earn cash back rewards
With the Upgrade Triple Cash Rewards Visa, cardholders can earn 3 percent cash back on qualifying home, auto, and health purchases, and 1 percent cash back on all other purchases. It’s important to note that rewards are earned when purchases are paid off.
Qualifying purchases for 3 percent cash back include categories such as home supplies, automotive parts, and health and beauty services. Upgrade provides a comprehensive list of eligible purchases on their website for reference.
No or low fees
One standout feature of this card is its minimal fee structure. The Triple Cash card does not impose annual fees, penalty APR fees, balance transfer fees, cash advance fees, or foreign transaction fees. This fee-free approach can save cardholders money in the long run.
Encouraging responsible borrowing
While the Triple Cash card offers cash back rewards like a traditional credit card, its payment structure resembles that of a personal loan or credit line. Balances are divided into installment payment plans with fixed terms and applicable interest rates. Cardholders have the flexibility to pay off their balance in full at any time without prepayment penalties.
This payment arrangement promotes timely and predictable repayment, allowing cardholders to plan their monthly payments effectively. By consistently paying down balances, cardholders can reduce interest charges and accelerate their debt repayment compared to making minimum payments on a traditional credit card.
How to maximize the Upgrade Triple Cash Rewards Visa
To optimize the benefits of the Upgrade Triple Cash card, leverage its features and follow these strategies:
- Improve your credit score before applying: Aim to enhance your credit profile to qualify for better terms and benefits with the Triple Cash card. A higher credit score can lead to lower interest rates and more advantageous card features.
- Earn the card’s welcome bonus: New cardholders have the opportunity to earn a $200 bonus by opening a Rewards Checking Plus account and completing three debit card transactions within 60 days of account opening. Take advantage of this offer during the application process to maximize your rewards.
- Align purchases with boosted rewards: Focus on using the card for qualifying home, auto, and health purchases to earn 3 percent cash back on those transactions. By targeting these categories, you can maximize your cash back rewards.
- Utilize the card for significant purchases: Consider using the Triple Cash card for large qualifying purchases to benefit from installment payments at potentially lower interest rates. Whether it’s a home improvement project or a major expense, this card can offer a cost-effective financing option.
- Set clear financial goals: Determine how the Triple Cash card can help you achieve your financial objectives. Whether it’s securing a high credit line or paying down debt responsibly, leverage the card’s incentives and features to support your financial journey.
The bottom line
If you’re seeking favorable borrowing terms for significant purchases or balances, exploring the Upgrade Triple Cash Rewards Visa could be a wise decision. With no fees, structured installment payment plans, rewards tied to payments, and potentially lower interest rates compared to conventional credit cards, this card offers a compelling value proposition.
However, keep in mind that lower interest rates are typically available to applicants with higher credit scores. Building and maintaining a healthy credit history is essential to unlock the full benefits of the card and establish sound credit habits for the future.
*Disclaimer: Information about the Upgrade Triple Cash Rewards Visa® has been independently collected by Bankrate. The card details have not been reviewed or endorsed by the issuer.