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
Annual fee
$0
Rewards rate
1%-3%
Bonus offer
None
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
- Unlimited cash back on payments - 3% on Home, Auto and Health categories and 1% on everything else.
- No annual fee
- Combine the flexibility of a credit card with the predictability of a personal loan.
- No touch payments with contactless technology built in.
- Great for large purchases with predictable payments you can budget for.
- Mobile app to access your account anytime, anywhere.
- Relax knowing you’re protected against 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. Much like the Upgrade Cash Rewards Visa®, it’s a credit card/personal loan hybrid product that earns cash-back rewards.
The $0-annual-fee Upgrade Triple Cash Rewards Visa® earns 3% cash back on home, auto and health purchases, and 1% on everything else. To compare, the Upgrade Cash Rewards Visa® earns 1.5% cash back on all purchases.
You can use the Upgrade Triple Cash Rewards Visa® in two ways:
As a credit card: Make purchases wherever Visa cards are accepted. You can also add the card to Apple Pay or Google Wallet. If you don’t pay your credit card bill in full, the remaining balance will become a fixed-rate loan you pay back in equal monthly installments.
As a personal loan: You can request funds be sent to your bank account, up to your credit limit. Once your request is approved, you pay back the loan over a set period of time at a fixed interest rate, plus a 5% cash advance fee. Note that you can’t get a cash advance at ATMs with the Upgrade Triple Cash Rewards Visa®.
The ability to pay down your balance through equal monthly payments for a specific period of time 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: None.
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.
See more from Upgrade
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging $500 - $25,000. The lowest rates require Autopay and the majority of the line amounts will be $15,000 or under. For example, a $5,000 transaction with a 36 month term and a 19.99% APR has a required monthly payment of $187.90. Optional ACH transfers to your bank account, balance transfers, ATM withdrawals (if available), and foreign transactions are subject to applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees 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 an 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.
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.
Upgrade Select Visa® | Upgrade Cash Rewards Visa® | Upgrade Triple Cash Rewards Visa® |
|---|---|---|
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 everything else. Cash back will be applied to the next month’s balance on your card. |
Annual fee | ||
$39. | $0. | $0. |
Credit limit | ||
$500 to $2,000. | $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%. |
Upgrade also offers the Upgrade OneCard and Upgrade Life Rewards Card, which feature different rewards.
See more from Upgrade
Credit Lines feature Annual Percentage Rates (APRs) of 14.99% - 29.99% and line amounts ranging $500 - $25,000. The lowest rates require Autopay and the majority of the line amounts will be $15,000 or under. For example, a $5,000 transaction with a 36 month term and a 19.99% APR has a required monthly payment of $187.90. Optional ACH transfers to your bank account, balance transfers, ATM withdrawals (if available), and foreign transactions are subject to applicable fees that, if incurred, will increase your finance charge and APR. Late fees and insufficient funds fees 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 an 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.
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 U.S. Bank Visa® Platinum Card offers 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.99%-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®?
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?
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?
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?
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?
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.
