Upgrade Triple Cash Rewards Review: 3% Back in Unique Categories
The Bottom Line
4.4
Extra cash back in categories that typically include large purchases, combined with the ability to convert debt into a fixed-rate loan, can make this a helpful card. But there may be lower-interest ways to borrow.
Rates, fees and offers
Rates, fees and offers
Annual fee
$0
Rewards rate
1%-3%
Bonus offer
$200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions
Intro APR
N/A
Ongoing APR
APR: 14.99%-29.99%
Balance transfer fee
Up to 5%
Foreign transaction fee
Up to 3%
More details from Upgrade
More details from Upgrade
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions
- 3% unlimited cash back on every purchase in Home, Health, and Auto categories
- No annual fee
- Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty and more
- Up to 10% cash back from your favorite brands with Upgrade Shopping
- No touch payments with contactless technology built in
- See if you qualify in seconds with no impact to your credit score
- Great for large purchases with predictable payments you can budget for
- Mobile app to access your account anytime, anywhere
- Use your card anywhere Visa is accepted
- Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
Pros and Cons
Pros
Qualify with average credit
No prepayment penalty or penalty APR
No annual fee
Pay down balances at a fixed interest rate with equal monthly payments
Cons
Potentially high APR
Limited availability
Detailed Review
The Upgrade Triple Cash Rewards Visa® is one of many card offerings from financial startup Upgrade, in partnership with issuer Cross River Bank. As with other products in that portfolio, this one is a credit card/personal loan hybrid that offers cash-back rewards.
The $0-annual-fee Upgrade Triple Cash Rewards Visa® earns 3% cash back on home, auto and health purchases, plus up to 10% back on purchases made through Upgrade Shopping. Other purchases earn 1% back. To compare, the Upgrade Cash Rewards Visa® earns 1.5% cash back on all purchases.
You can use the Upgrade Triple Cash Rewards Visa® to make purchases and then pay the bill in full, as you might with a traditional credit card. Alternately, though, if you have a balance remaining, you can repay it in equal monthly installments over a set period and at a fixed interest rate.
That feature makes it far simpler to set a budget for debt repayment. However, if you have good or excellent credit, you may be able to qualify for personal loans with lower interest rates. A balance transfer credit card offering 0% APR for a year or more might also be an option.
Upgrade has a portfolio of several credit cards, including the Upgrade Select Visa® and the Upgrade Cash Rewards Visa®. For information on how Upgrade's multiple cards stack up with each other, see the comparison table below.
» MORE: Is the Upgrade Card legit?
Upgrade Triple Cash Rewards Visa®: The Basics
Card type: Starter cards, fair credit.
Annual fee: $0.
Credit limit: Typically $500 to $25,000.
Sign-up bonus: $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions.
Rewards:
Earn 3% cash back on home, auto and health purchases.
Earn 1% cash back on everything else.
Cash back will be applied to the next month’s balance on your card.
APR: The ongoing APR is 14.99%-29.99%.
Foreign transaction fee: Up to 3%. Current cardholders can check their PCL agreement for more information.
Balance transfer fee: Up to 5%.
Other facts and benefits:
No security deposit required.
Get preapproved without hurting your credit scores.
Pay down balances at a fixed interest rate with equal monthly payments.
No prepayment penalty or penalty APR.
Separate from the regular rewards program, cardholders can earn up to 10% back on purchases made through Upgrade Shopping.
See more from Upgrade
Upgrade Select Visa®:
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging from $500 - $25,000 based on creditworthiness. The lowest rates require Autopay and the majority of line amounts will be $15,000 or under. For example, a $1,000 card purchase with a 36 month term and a 19.99% APR has a monthly payment of $37.55. Optional cash transfers to your bank account and balance transfers are subject to a fee of up to 5% of each draw or transfer. Foreign transactions are subject to a fee of up to 3% per transaction. ATM withdrawal fees may apply. If incurred, these fees will increase your finance charge and APR. A late fee of up to $29 per late payment may apply. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to your approved amount. As you repay your balance, additional credit may become available to you up to an approved amount subject to meeting our credit requirements, but your line will not replenish automatically.
Upgrade Life Rewards Card:
*By paying off your statement balance in full by the EarlyPay payment date, which is two calendar days after your statement closing date, you will avoid daily interest on any new transactions until the following EarlyPay payment date. Refer to your Personal Credit Line Agreement for EarlyPay terms and information. If the balance is not paid in full by the EarlyPay payment date, daily interest will begin to accrue after the Early Pay payment date for past and new transactions. To maintain good standing on your account, you must make at least the required monthly payment by the monthly payment due date, which is 22 calendar days after the statement closing date. You may pay down your full balance at any time to stop further interest charges.
Upgrade Cash Rewards Visa®, Upgrade Triple Cash Rewards Visa®, Upgrade Life Rewards Card:
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging from $500 - $25,000 based on creditworthiness. The lowest rates require Autopay and the majority of line amounts will be $15,000 or under. For example, a $1,000 card purchase with a 36 month term and a 19.99% APR has a monthly payment of $37.55. Optional cash transfers to your bank account and balance transfers are subject to a fee of up to 5% of each draw or transfer. Foreign transactions are subject to a fee of up to 3% per transaction. ATM withdrawal fees may apply. If incurred, these fees will increase your finance charge and APR. A late fee of up to $29 per late payment may apply. Your rate, line amount, and default term depend on maintaining a qualifying credit score, your credit usage history, requested amount, and other factors. The Upgrade Card is unique in that it allows you to obtain a series of closed-end loans which you may access through transactions such as card purchases up to your approved amount. As you repay your balance, additional credit may become available to you up to an approved amount subject to meeting our credit requirements, but your line will not replenish automatically.
All Upgrade cards:
To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions. This one-time bonus is available through this Upgrade Card offer and may not be available for other Upgrade Card offers.
Which Upgrade card is right for you?
Upgrade offers multiple cards, and they all feature the same "credit card/personal loan" hybrid functionality. But there are differences when it comes to their rewards structures and other features. Learn more about the options below, and find out which Upgrade card is best for you.
Rewards | |||
None. | 1.5% cash back on all purchases. Cash back will be applied to the next month’s balance on your card. | Earn 3% cash back on home, auto and health purchases. Earn 1% cash back on other purchases. Cash back will be applied to the next month’s balance on your card. | Earn 3% cash back on a variety of categories, including grocery stores; gas stations; streaming and cable services; utilities and telecom services; and health services. Earn 1% cash back on everything else. Cash back will be applied to the next month’s balance on your card. |
Annual fee | |||
$39. | $0. | $0. | $0. |
Credit limit | |||
$500 to $2,000. | $500 to $25,000. | $500 to $25,000. | $500 to $25,000. |
APR | |||
The ongoing APR is 21.96%-29.99%. | The ongoing APR is 14.99%-29.99%. | The ongoing APR is 14.99%-29.99%. | The ongoing APR is 14.99%-29.99%. |
Upgrade also offers the Upgrade OneCard, which offers a different rewards structure.
Compare to Other Cards
Benefits and Perks
Make fixed monthly payments on a remaining balance
If you don’t pay your credit card bill in full and carry a balance, the Upgrade Triple Cash Rewards Visa® converts it into a fixed-rate loan with a set repayment time frame, much like a personal loan. You can pay down your loan faster with no prepayment penalty. Your APR and repayment time frame depend on what you qualify for when you apply for the card.
This is different from more common revolving credit cards, where debt can grow quickly, the amount you owe can change and you could theoretically be in debt forever.
More cash back on unique, useful spending categories
The Upgrade Triple Cash Rewards Visa® earns a respectable 3% cash back in spending categories that commonly include large (and sometimes unexpected) expenses, like home repairs and medical bills. All other purchases earn 1% cash back. Here are some examples of purchases that can earn 3% back:
Home: Includes hardware and home improvement stores, furniture, appliances, landscaping services, and home repairs.
Auto: Includes auto parts, purchases at car dealerships, car washes, auto repairs and towing services.
Health: Includes gym memberships, home gym equipment (purchased directly from the vendor, not from a retailer like Amazon or Target), sporting good store purchases, health and beauty spas, pharmacies and doctor’s visits.
You’ll earn cash back as you pay down your balance, whether that’s all at once or slowly over time. The cash back is then applied to your next month’s bill like a prepayment. (Depending on your redemption preferences, that could be a drawback; more on that below).
It's available to those with FICO scores of 580 and up
Consumers with poor or fair credit scores have fewer credit card options to choose from, and available cards may require security deposits and charge annual fees. Applicants with FICO credit scores of 580 and above can qualify for the Upgrade Triple Cash Rewards Visa®. And since on-time payments are reported to the three main credit bureaus, the card can help you build your credit scores over time with responsible use.
It offers other hard-to-find features
The Upgrade Triple Cash Rewards Visa® comes with consumer-friendly benefits that are especially helpful to applicants with fair credit and those who are applying for the card with a specific large purchase in mind.
You can see what credit line you’d qualify for without initiating a hard pull on your credit report, thus avoiding the temporary ding to your credit scores. A hard inquiry is completed only once you agree to the terms. This feature is rare among credit cards, but some newer cards, like the Apple Card, have a similar preapproval process.
Drawbacks and Considerations
Other loan options may offer better terms
The ongoing APR is 14.99%-29.99%, so the interest rate you may qualify for could be quite high. Depending on your credit history and other financial factors, you may qualify for a personal loan with more favorable terms.
Another option for a planned upcoming large expense would be a credit card offering 0% APR on new purchases. The Wells Fargo Reflect® Card offers 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.24%, 23.74%, or 28.99% Variable APR.
You can't 'save up' rewards
Cash back that you earn with this card will be automatically applied toward your next month's balance. That means that — unlike with most other rewards credit cards — you can't bank your cash back until you're ready to spend it.
The card isn't available everywhere
Residents of Connecticut, Georgia, Iowa, Massachusetts, West Virginia, Wisconsin, and Washington, D.C., are not eligible to get the Upgrade Triple Cash Rewards Visa®.
The user interface may be lacking
Some Upgrade customers have compained that the issuer's website and app are neither user-friendly nor intuitive. The issuer has acknowledged certain "known concerns" and says it's working on improvements.
NerdWallet's list of the best rated credit cards may have other options for you to consider.
How To Decide If It's Right For You
The Upgrade Triple Cash Rewards Visa® can be quite helpful when you want to earn a solid cash-back rate on specific purchases and have the ability to pay a large balance down over time. This is especially the case for those who qualify for a low APR. But the APR may be too high for applicants with poor or fair credit, which is something to keep in mind. And those with good or excellent credit may qualify for personal loans or credit cards with no-interest promotions.
The Upgrade Cash Rewards Visa® is nearly identical, only it earns 1.5% cash back on all purchases. It's an option for anyone who'd prefer a simpler rewards program, even if that means a lower cash-back rate in some categories. The annual fee is $0.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
What is the Upgrade Triple Cash Rewards Visa®?
What is the Upgrade Triple Cash Rewards Visa®?
The Upgrade Triple Cash Rewards Visa® is a credit card/personal loan hybrid product. You can make purchases with the card and pay off your balance in full, or carry a balance and pay it back as a fixed-rate loan in equal monthly payments. You can also borrow against your credit limit like a personal loan.
Is Upgrade a good credit card?
Is Upgrade a good credit card?
The Upgrade Triple Cash Rewards Visa® earns 3% cash back in spending categories that can be quite expensive, like home repairs and medical bills. Plus, you have the option to pay a balance back over time in the form of a fixed monthly payment. However, you may qualify for a lower-interest personal loan or a credit card that charges no interest for new purchases or balance transfers.
What credit score do you need for Upgrade?
What credit score do you need for Upgrade?
You can qualify for the Upgrade Triple Cash Rewards Visa® with a FICO credit score of 580 or higher.
Does Upgrade do a hard pull?
Does Upgrade do a hard pull?
You can see what loan terms you could qualify for without a hard pull on your credit reports. If you agree to those terms and continue with the credit card application, there will be a hard pull.
How do you use an Upgrade Card?
How do you use an Upgrade Card?
You can use the card wherever Visa cards are accepted. You can also request funds be sent to your bank account, similar to a personal loan, in an amount up to your credit limit.
About the author
Sara Rathner
Senior Writer/Spokesperson
