Synchrony Home Card vs Upgrade Triple Cash Rewards Visa

Shootout of 2 Home Improvement Credit Cards

Both the Synchrony Home Care Card and the Upgrade Triple Cash are ideal for those who want to charge home improvement or home related expenses to their credit card. Both cards are slightly different from regular credit cards and in this review, I will go into details of both and find out which is the better card.

Synchrony Home Care Description

The Synchrony Home Care card is a closed loop card that is meant to be used for "home related and home improvement" purchases. You can use the card in the following categories:

Electronics and Appliances | Flooring | Furniture and Mattress | Home Improvement | Outdoor | Patio and Garden|

Their merchant partners include:

Abt | America's Mattress | American Matress | Bassett | Big Sandy Home Furnishings | Cardi's | Carpet One | Electronic Express | Flooring America | Freedom to Ride | Furniture Fair | The Furniture Warehouse | Hanks | Home Zone | Howard's | Hudson's Furniture | Jerome's Furniture | Kittle's Furniture | LoveSac | Mancini's Sleepworld | Marlo Furniture | Mattress Firm | Matress Warehouse | MetroMatress | Mohawk | Morris Furniture Company | OrthoMattress | Regency Furniture Showroom | Relax The Back | Sit'n Sleep | Sleep Outfitters | Warners' Stellian |

Synchrony offers 0% financing for 6 months on purchases between $299 and $1,998.99 and 0% financing for 12 months for purchases above $1,999. Some of their partners offer 12-60 months financing for qualifying purchases.

Upgrade Triple Cash Rewards Visa Description

The Upgrade Triple Cash Rewards Visa is a bonus category cash back credit card that works like a loan. When you apply and are approved, you will be given an interest rate and term maturity. The interest rate ranges from 14.99% to 29.99% and the term maturity ranges from 2 to 7 years though most people will get 2 to 3 year terms. The credit limit ranges from $500 to $25,000. Most people who get approved for this card have FICO scores ranging from 620 to 720. The Upgrade Triple Cash has no annual fee.

As we mentioned earlier, the Upgrade Triple Cash works like an installment loan. When you make a purchase on the card, Upgrade considers it a "draw". You will pay back this "draw" in equal monthly installments over the term you are given. If you make multiple purchases or draws, the monthly installments of each draw will simply be added up to your monthly installment payments. Upgrade reports as an installment loan rather than a regular trade line.

The Upgrade Triple Cash also gives cardholders 3% cash back on Home, Auto and Health related expenses and 1% on other regular purchases and charges. Since we are comparing this card with the Synchrony Home Care Card, below are the specific types of expenses that qualify as Home related expenses:

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 cards are meant for "Home Related" purchases

Both the Synchrony Home Care and Upgrade Triple Cash are meant to be used for Home related purposes. In the case of the Synchrony Home Care, you can only use it for Home related purchases with their partners.

Both have no annual fee

Both the Synchrony Home Care card and the Upgrade Triple Cash Rewards have no annual fee.

Differences

One is Closed Loop, the other is a Visa

The Synchrony Home Care Card is a closed loop card that can only be used at their partners stores. In contrast, the Upgrade Triple Cash Visa is a Visa card and can be used anywhere Visa is accepted.

Earn cash back with Upgrade

The Upgrade Triple Cash Rewards Visa is a bonus category cash back which pays 3% cash back on home, auto and health related expenses. You will also earn 1% on regular purchases. In contrast, the Synchrony Home Care does not have any cash back program.

Synchrony has 0% financing deals

Unlike the Upgrade Triple Cash Rewards, the Synchrony Home Care card offers 0% deals for both 6 months and 12 months. You may get promotional 6 months financing at 0% for purchases ranging from $299 to $1,998.99. Ymay get 0% financing for 12 months for purchases of $1,999 and above. In additon, Synchrony may offer 12-60 months financing at certain locations and for certain purchases.

In contrast, the Upgrade Triple Cash does not offer 0% promotional financing. Instead, you are given an interest rate and term maturity for your account which is fixed for the card.

Upgrade Triple Cash has more unique types of home related expenses

Upgrade Triple Cash appears to have more unique categories that fall under home related expenses than Synchrony Home Care (see descriptions above). Hence, the Upgrade card is probably more useful for a wider of home improvement projects. For example, HVAC equipment and installation is considered home related expense for the Upgrade Triple Cash and you can pay for that with the card, earn 3% cash back and pay in equal installments over the term given to you.

Upgrade Triple Cash works more like an installment loan

The Upgrade Triple Cash Rewards card works like an installment loan rather than a credit card. For each charge you make, you will pay it back in equal installments for the term maturity you are given on your card. This is in contrast with the Synchrony Car Care where you can either pay the minimum balance, more than the minimum balance or pay in full (just like a regular credit card).

Which is better? Definitely the Upgrade Triple Cash

After looking at the features of the two cards, I would say that the Upgrade Triple Cash is definitely better than the Synchrony Home Care card primarily because they have a wider range of expenses that fall under home relate expense category, the 3% cash back they give not just on the home expenses category but also in the auto and health related categorie and the fact that it is a Visa. I also like the fact that you can pay back the balance on the Upgrade Triple Cash Rewards Visa like a loan installment. This ensures that you will pay off your balance within a set time and not let the interest accrue like on a regular credit card if you just paid the minimum balance. Upgrade's credit score approval range of between 620 and 720 means that many of you will be able to get approved for this card.

The one advantage that the Synchrony Car Care has over the Upgrade Triple Cash is that they offer 0% financing for 6 and 12 months. However, you have to make sure you pay it off within that period. Otherwise, interest will accrue retroactively from the purchase start date. If you are looking for 0% financing, you are probably better off getting a regular credit card with a 0% APR purchase teaser deal.