Not all credit cards are created equal, and some “credit cards” aren’t credit cards at all. Triple Upgrade Cash Rewards* is a credit card clothing loan. Credit cards and lines of credit look extremely similar at first glance, but where credit cards offer a “grace period” (usually a billing cycle) to pay off purchases before interest accrues, a line credit may not be. The Triple Cash Upgrade does not disclose a grace period in its cardholder agreement because interest is not avoided – it is automatically included in the amount the borrower repays in installments.
With a typical revolving credit card, you can avoid interest entirely by paying on time, every billing cycle, but with a line of credit like Upgrade Triple Cash Rewards, interest will accrue from the date on which a purchase is made. This suggests the card is best used for larger purchases requiring multi-month financing. A card with a low introductory purchase APR might be better than a line of credit for this purpose, but for those who need more time than the typical 12-18 month promotional period of 0% APR offered on most cards with a promotional APR intro, upgrade Triple Cash Rewards might be a cheaper option. It can also be a good choice for cardholders who are not eligible for low APR introductory cards.
For a full understanding of the difference between lines of credit and credit cards, see our guide to lines of credit. Instead, it uses a separate consumer loan agreement. For this reason, it is paramount that applicants for this card fully understand the terms and conditions of this card.
Upgrade Triple Cash Rewards is a potentially rewarding option for those who do home renovations, work on automobiles, or those with high health and wellness expenses, as the Upgrade Triple Cash Rewards Card earns 3% cash back on home, auto and health categories and 1% cash back on everything else. Cash Back is only earned when purchases are paid for, not when purchases are made. Interest embedded in payouts can wipe out valuable rewards earned. Cardholders should be careful to understand the terms of the line of credit and carefully calculate how to avoid racking up so much interest that the rewards become a moot point.
It should also be noted that this line of credit does not allow secondary users, also known as “authorized users”, as many credit cards do. The line of credit also only offers a few additional benefits, but we’re not too worried as we believe this card will only work well for those who primarily use a different credit card and request this option for use on personal projects that they have a clear management plan.
The line of credit charges no annual fees, no foreign transaction fees, and does not advertise any other fees. The card cannot be used for cash advances at ATMs, but money can be transferred to a checking account from the card as an ACH transfer. Payments on committed balances through ACH do not earn rewards. Autopay is required for those with the lowest APRs, so if you don’t have the money in your bank to pay for the card, be careful: you could rack up overdraft fees with your bank if your payments automatic messages are not processed.
The line of credit’s website advertises that the broader “home” category can include shopping at Lowe’s, IKEA, Menards, and Wayfair, while the “health” category can include shopping at pharmacies like CVS and department stores. Sporting goods like DICK’S and the “auto” category can include purchases from Tractor Supply Co., Firestone Tire, and even agricultural and aviation equipment dealerships. This wide range of categories makes this loan option potentially a good deal for those who need to use a line of credit for a home improvement, auto, or healthcare project.