Home Depot Consumer Card vs Upgrade Triple Cash Rewards Visa

Upgrade Triple Cash Rewards Description

The Upgrade Triple Cash Rewards Visa is a cash back credit card with bonus categories that functions similarly to a loan. Upon approval, you’ll receive an interest rate and a set loan term. The interest rate ranges from 14.99% to 29.99%, while the term length varies from 2 to 7 years, though most users are offered terms of 2 to 3 years. Credit limits can range from $500 to $25,000. Typically, applicants approved for this card have FICO scores between 620 and 720. There is no annual fee for the Upgrade Triple Cash.

As mentioned earlier, the Upgrade Triple Cash operates like an installment loan. Each purchase made on the card is treated as a "draw," and you’ll repay the amount in equal monthly installments over the term you’re assigned. If you make multiple purchases (or draws), the monthly installments from each will be combined into one monthly payment. Upgrade reports your account as an installment loan instead of a traditional credit line.

The card offers 3% cash back on purchases related to home, auto, and health expenses, and 1% cash back on all other purchases. Since we’re comparing this card to the Synchrony Home Care Card, here are the types of expenses that qualify as home-related:

Air Conditioning and Refrigeration Repair Shops | Carpentry | Carpet and Upholstery Cleaning | Construction Materials Not Elsewhere Classified (Business to Business MCC) | Contractors, Concrete | Drapery, Window Covering, and Upholstery Stores | Durable Goods Not Elsewhere Classified (Business to Business MCC) | Electrical Contractors | Equipment, Tool, Furniture, and Appliance Rental and Leasing | Fireplaces, Fireplace Screens and Accessories Stores | Floor coverings, Rugs | Furniture - Reupholster, Repair, and Refinishing | Furniture, Home Furnishings, and Equipment Stores, except Appliances | General Contractor/Residential Building | Glass, Paint, and Wallpaper Stores | Hardware Stores, Equipment Utilities Regulated | Hardware, Plumbing, Heat Equipment and Supplies (Business to Business MCC) | Heating, Plumbing, Air Conditioning Contractors | Home Supply Warehouse | Household Appliance Stores | Landscaping and Horticultural Services | Lumber & Building Materials Stores | Masonry, Stonework, Tile Setting, Plastering, Insulation Contractors | Miscellaneous Home Furnishing Specialty Stores | Nurseries and Lawn and Garden Supply Stores | Paints, Varnishes and Supplies (Business to Business MCC) | Plumbing and Heating Equipment and Supplies (Business to Business MCC) | Roof, Siding, and Sheet Metal Work Contractors | Special Trade Contractor - Not Elsewhere Classified | Swimming Pools--Sales, Supplies, and Services.

Merchants include Home Depot, Lowes, Menards, Wayfair, Ikea et.

Similarities

Both allow you to shop at Home Depot

The Home Depot Consumer Credit Card obviously can only be used at Home Depot. But though the Upgrade Triple Cash Rewards list the type of expenses allowed under the Home category, they specifically listed Home Depot as one of the retailers where you can use the card and earn 3% cash back.

Both have no annual fee

Both the Home Depot consumer card and the Upgrade Triple Cash have no annual fee.

Both have similar maximum credit limitsBoth the Home Depot Consumer Card and Upgrade Triple Cash Rewards have similar maximum credit limits. You can potentially get credit limits of up to $25,000 on either cards. You will onviously need good credit scores (above 700) to get such high limits.

Home Depot Consumer Card can only be used at Home Depot

The Home Depot Consumer Card is a closed loop store card that can only be used at Home Depot and nowhere else. In contrast, the Upgrade Triple Cash Rewards is a Visa card and can be used anywhere Visa is accepted. Upgrade has also listed the type of expenses that qualify for "Home related expenses" and you can earn 3% cash back at various merchants.

Home Depot Card gives you couples and dollar off purchases while you earn 3% with Upgrade Triple Cash

The Home Depot Consumer Card has no reward program. However, you do receive frequent 10% off coupons for purchases above a certain amount and incentives like $15 off for $100 spent promotions. Utilizing these couples can add up to a lot of savings if you shop exclusively at Home Depot. The Upgrade Triple Cash Rewards on the other hand, is a bonus category cash back credit card that pays 3% on home, auto and health related expenses.

However, Home Depot Card offer financing deals

Though the Home Depot Consumer Card does not offer any reward program, they do offer financing deals of up to 24 months. For example, as I am writing this article right now, they are offering 12 months financing on appliances purchases of $299 or more and on installed bath remodels purchases of $5,595 or more and on installed window purchases of $6,000 or more. In contrast, the Upgrade Triple Cash does not offer any promotional financing deals. Instead, you get a fixed APR and term maturity and that will be used to calculate your monthly installment payments when you make a purchase or draw on the card.

Home Depot Card allows 1-year free returns

When you shop at Home Depot, you are allowed to return a product within 90 days or 30 days for some products. However, if you have the Home Depot Consumer Card, you can return the product hassle-free (as Home Depot would call it) for up to 1 year. Because the Upgrade Triple Cash is not a closed-loop store card, they do not offer anything like this. Having said that, you can get 1 year free returns at Home Depot by simply signing up for their X-Pro reward program.

Different Payment Requirements

The Home Depot Consumer Card is like a regular credit card. You can pay off your balance with a monthly minimum payment, in full every month or somewhere in between. The Upgrade Triple Cash on the other hand works like an installmeent loan. You will have to pay off each balance off in equal installments over the term period that you were given when you signed up for the card.

Which is better? Dependings on where you shop

Which card is better for you totally depends on how often you make home related and home improvement purchases and where you buy your stuff from. If you buy a lot of stuff from Home Depot, then the Home Depot Consumer Card will save you a lot of money. Though you do not earn any cash back or reward points, cardholders are frequently sent 10% off coupons and $15 off for $100 purchase type deals on a regularly basis that you you save lots of money which can exceed the typical cash back rewards rate that most credit cards offer.

However, the are a lot of home improvement areas that Home Depot does not cover or people tend not to use them for. For example, HVAC repairs and other types of more specialized construction service are normally things that people will hire specialist for. The Upgrade Triple Cash Rewards card has a wider range of expenses that fall under the Home related expense categories and if you are looking for financing in these areas, Upgrade is the better card. Furthermore, you can also earn 3% cash back at Home Depot store purchases with the Upgrade Triple Cash because purchases at Home Depot are considered home related expense for Upgrade.

And finally, since both cards have no annual fee, there is nothing from stopping you getting both cards and getting the best that both can offer. This may make sense if you own a few properties, are a landlord and investor and will be constantly doing work on the properties you own.