By : 
Mr Credit Card
Mr Credit Card
The Upgrade Triple Cash Rewards allows you to earn 3% cash back on home, auto and health related expenses and I think most people should have this card in their pockets because of two reasons. This first reason is that it is a great emergency card if you have unexpected home, auto or medical expenses. The second reason is that their definition of home, auto and health is really broad and you can earn 3% cash back on categories that no other card can offer. Would you believe that insulation services, swimming pool installation and serving, debt counselling, marriage counselliing, dentish and orthodontist, nursing and personal care facilities all earn you 3%? If you were to look at what is including within these 3 bonus categories, I bet you would find at least 5-10 types of expenses that you are (or intend to) spending and you are not not earning cash back because other credit cards do not have them as bonus categories.
In this review, I am going to highlight all the bonus category where you can earn 3% cash back (you would not believe how long the list is), how the card works and how you should use this card. I hope to convince you why I think everyone should have this card in their wallets.
In this review, I am going to highlight all the bonus category where you can earn 3% cash back (you would not believe how long the list is), how the card works and how you should use this card. I hope to convince you why I think everyone should have this card in their wallets.
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Understanding How does Upgrade Triple Cash Work?
Card Details
| Cash Back Program |
3% on Home, Auto and Health Related Expenses 1% on other regular expenses |
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| Annual Fee | $0* | |
| Regular APR | 14.99% to 29.99% | |
| Term Maturity | 24 - 72 Months | |
| Credit Limits | $500 - $25,000 |
3% Cash Back on Home, Auto and Health Categories
Home Category
Upgrade's definition of the Home category covers everything you can conceivable imagine. Check this out:The Home Category includes 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.
When I looked through the list above, I cannot think of any category on the home section that is left out. Want to insulate your house, build a new porch or deck, swimming pool? Well, they are all covered. The only thing you have to be aware of is that if you buy materials in this category, the stores will most likely accept credit cards. But not all contractors want to be paid in credit cards so you have to ask before you engage one.
If a contractor does not accept credit cards, you can still make use of the Upgrade Triple Cash to earn cash back. For example, when you do a bathroom renovation, you may want to buy the supplies on your own and hire a contractor to do the installation. You could go get the accessories separately from various hardware stores. For example, you can get your toliet bowls and seats separately. Perhaps you want to get a Toto one-piece bidet? You can also get things like heated towel rack, lighted mirrors, heated floors materials, tiles and shower heads and taps separately. So even if your contractor only accepts checks, you still earn 3% cash back by buying your own accessories.
As mentioned earlier, you can choose "Early Pay" and pay off your balance the following month. Or you can choose to pay over time with Upgrade and you will know you will finish paying it off because the term maturity is fixed for every charge you make on the card. This also makes it an excellent emergency card if your HVAC breaksdown in summer or your pipes burst during winter and you have to fix it no matter what. Even if you do not have the cash for it, Upgrade Triple Cash allows you to pay over time and earn 3% cash back.
Auto Category
The auto category is also very well covered. Check this out again.Automobile Rental Agency | Automotive Paint Shops | Automotive Service Shops (Non-Dealer) | Automotive Tire Stores | Automotive Top & Body Shops | Camper, Recreational and Utility Trailer Dealers | Car and Truck Dealers (New and Used) — Sales, Service, Repairs, Parts, and Leasing | Car and Truck Dealers (Used) — Sales, Service, Repairs, Parts, and Leasing | Car Washes | Miscellaneous Automotive, Aircraft, and Farm Equipment Dealers — Not Elsewhere Classified | Mobile Home Dealer | Motor Home and Recreational Vehicle Rentals | Motor Home Dealers | Motor Vehicle Supplies and New Parts (Business to Business MCC) | Motorcycle Dealers | Snowmobile Dealers | Tire Retreading & Repair | Towing Services | Truck and Utility Trailer Rentals
Merchants include Tractor supply Co, Discount Tire, Firestone, Tires.com, Mavis Tire and more.
The types of services included under the Auto category also astounds me. Whether you want to rent a car, get your vehicle repainted, lease a vehicle, you can use the Upgrade Triple Cash and earn 3% cash back. Even aircraft and farm equipment, mobile homes, snowmobile, towing services, trailer rentals are considered in this Auto category.
The Upgrade Triple Cash also makes a great emergency credit card for auto repairs. If you vehicle is past the warranty age and you know you may have repairs coming up (like tire changes, timing fan belt), this card can come in really handy. One thing you have to be aware of is that more and more mechanics and charging an extra 3% to customers who charge to their credit cards. In this case, the Upgrade Triple Cash may not be of much help to you. Or you can still use it knowing that the 3% surcharge is offset by the 3% cash back that you will earn.
If you are still bringing your vehicle back to the dealership for servicing, then they will definitely accept credit cards.
Health Category
Bicycle Shop-Sales and Services | Chiropractors | Counseling Services - Debt, Marriage, and Personal | Dance Halls, Studios & Schools | Dentists and Orthodontists | Doctors and Physicians - Not Elsewhere Classified | Drug Stores and Pharmacies | Health and Beauty Spas | Hearing Aids--Sales, Service, and Supplies | Hospitals | Medical and Dental Laboratories | Medical Services Health Practitioners - Not Elsewhere Classified | Membership Clubs (Sports, Recreation, Athletic), Country Clubs, and Private Golf Courses | Nursing and Personal Care Facilities | Optometrists and Ophthalmologists | Orthopedic Goods and Prosthetic Devices | Osteopathic Physicians | Podiatrists and Chiropodists | Public Golf Courses | Recreation Services - Not Elsewhere Classified | Sporting Goods Stores | Sports and Riding Apparel StoresMerchants include Walgreens, CVS, Academy Sports, Dick's Sporting Goods, MidwayUSA.com and more.
To be honest, when I looked into the types of expenses that are eligible under the health category, I think we should rename it to Health, Sports and Medical category. Gym memberships, purchases of sports goods, membership in golf clubs (both private and public), dance-halls and studios are eligible 3% cash back expenses under the health category. I would consider these more "sports category" than health. But look, I am not complaining.
You also earn 3% cash back when you purchase medical prescriptions and it looks like the category covers many types of medical practionars. Doctors and Physicians, dentist and orthordontist, optometrist and ophthalmologists, osteopathic physicians, podiatrists and chiropodists visits are covered under this category. I also noticed that counseling services like debt counseling, marriage and personal counseling, nursing and personal care facilities are also included.
The Upgrade Triple Cash is a great card for medical emergencies. Nobody wants to have any unforeseen health expenses. But if you do incur unexpected medical expenses and cannot pay cash, then at least the Upgrade Triple Cash allows you to earn 3% cash back. For those of you who have enough emergency cash, you can still use the Upgrade Triple cash, earn the 3% cash back and use "Early Pay" to pay in full rather than take the 3 year loan. In fact, if you have a HSA or FSA account, you can (depending on how it is set up) use your credit card to pay the hospital bill, then use the take out the money tax free from your HSA or FSA account.
1% on other regular purchases
For other regular purchases, you will earn 1% cash back.Competition
Upgrade Triple Cash vs Home Depot Consumer Card
Home Depot is a arguably the biggest home improvement stores and they also offer installation services for many of their products. Though the Home Depot Consumer Card does not offer any reward program, they do offer 10% off coupons and $15 off for $100 spent type coupons on a monthly basis. These coupons can lead to significant savings that can exceed any cash back credit card. The downside to this card is that you can only use it at Home Depot.In contrast, the Upgrade Triple Cash gives you 3% cash back on home related purchases and is a Visa that can be used anywhere Visa is accepted. The type of expenses that fall under the Home category is probably wider in scope. You can also use the Upgrade card at Home Depot and many other home improvement stores.
Synchrony Car Care vs Upgrade Triple Cash
The Synchrony Car Care is a closed loop card from Synchrony that can be used at their many auto repair shop partners and also at most gas stations nationwide. The card does not have any cash back program but they do offer 0% financing for 6 months for purchases of $199 and above. However, unlike 0% APR deals from regular credit cards, you have to pay off the balance in 6 months or you will be charged backdated interest from the date of the purchase. You also do get special discounts at various partners.Unlike the Synchrony Car Care, the Upgrade Triple Cash offers 3% cash back on auto related expenses and since it is a Visa, you can use it anywhere Visa is accepted. As explained earlier, you also pay back the balance like a loan in equal installments.
The Upgrade Triple Cash is better than the Synchrony Car Care and most other auto repair credit cards.
CareCredit Card vs Upgrade Triple Cash Rewards
CareCredit Card is one of the largest credit cards that is used to finance medical expenses. CareCredit has partnerships with lots of medical instituitions and offer 6,12,18 and up to 24 months financing for expenses above $199.The main difference between CareCredit and the Upgrade Triple Cash is that there are more types of expenses that qualify under Upgrade's health category. Furthermore, you also get to earn 3% cash back. The Upgrade Triple is also a Visa and you can use it anywhere Visa is accepted.
I would say that Upgrade is better then CareCredit because it is a much better allround credit card.
Our Take: Everyone should have Upgrade Triple Cash Rewards
Great Emergency Credit Card
According to many reports, 1 in 5 Americans have no emergency savings and as many as 49% cannot afford a $1,000 emergency. Many of us face unexpected home repairs, HVAC breaking down during summer, pipes bursting during winter, timing fan belt in your vehicles needing change and unexpected medical expenses. The best things would be that you do have an emergency fund and planned for these contingencies. However, if things do happen, somethings you need access to credit.Many of us would resort to using a credit card. However, the problem with using credit cards is that there is a temptation to just pay the minimum balance and let interest rates and balances pile up. One could also take a personal loan, but that process may take some time.
The Upgrade Triple Cash is an excellent credit card that can help when you have to deal with emergencies that we have mentioned in this review. You can to earn 3% cash back on home, auto and health categories and you also get to pay back within 3 years in equal installments. You can also pay in full if you can and still earn the 3% cash back. There many be other specific credit cards that will let you earn 3% at specific retailers (like Home Depot). But no other credit card allows you to earn 3% cash back on these categories together.
Great for those who PIF (Pay in Full)
Even if you have a big emergency fund, the Upgrade Triple Cash is also extremely useful because there are so many unqiue services that fall under the home, auto and health category. Insulation services, swimming pool installation, debt and marriage counselling services, dentist and orthodontist, dance studios are all eligible to earn 3% cash back. There is simply no other card like this.For those of you who intend to just pay in full every month, you can simply opt for "Early Pay" and pay off your balance in full like you would a regular credit card. Using "EARLY PAY" also means that you will not be charged any interest at all. There are categories like gym membership, doctors visit, prescription drugs that are great for using this card because they are recurring bills.
Though the Upgrade Triple Cash Rewards Visa accepts applicants with FICO scores of 630 and above, most people who get the Upgrade Triple Cash have FICO scores of at least 680. That means that you have to have at least near-prime credit status. When you apply, you would have to go through a pre-approval process where you will find out your credit limit and interest rate that applies to your account. Some of you may not be happy with the limit or rates. But my opinion is that even if you are not totally happy with the terms, you should still pull the trigger because the Upgrade Triple Cash Rewards Visa is a very credit line to have. You should always pay in full for this card and pay over time only in an emergency.
4.5 stars out of 5
To sum up, based on our review and evaluation of the Upgrade Triple Cash Rewards Visa, we are giving it a 4.5 stars out of 5 for the uniqueness of it's bonus category, the 3% cash back you earn on those categories and the fact that you can pay off your balance like a 2 or 3 year installment loan. This is a most unique and useful card and it has gone totally under the radar. I am surprised that consumers are not all over this card. This card gets our highest recommendation.Some Customer Reviews
I have the Upgrade Triple Cash Rewards and their personal loan (which I am still paying off). I only have good things to say about Upgrade. When you apply, you are asked if you want to open a checking account with them. I did that and after 3 debit card transactions, I got my $200 bonus. You actually do not have to open a checking account with them to get their card (though they ask you) but I was sure happy with the bonus. I use "early pay" most of the time so I do not incur any interest charges. But there were times when I used it to pay for my auto repairs and I decided to pay it off over 36 months. Also did a powder room renovation and bought new cabinets and a toilet on the card as well.
I used my Upgrade Triple Cash when I did a deck rebuild and painted the interior of my house. I put it on the card and since Upgrade treats the "draws" as loans, it did not affect my credit utilization on my credut reports at all. I also got to finance a reno that needed to be done without digging into my savings.
How to Apply For Upgrade Triple Cash?
The application is a two step process. You first have to provide information like your name, address, income and also create an account via email and a password that you create. After you submit that information, you will be asked to give you Social Security Number. Then you have to SUBMIT the info one more time before you get your credit limit and other terms of your offer. This first step does not involve any hard inquiry (just a soft pull).
After you have got your credit limit, there are three possible outcomes. You might be asked to provide the following information to either verify your identity or to verify income. Some of you do not have to provide any further information and you will be approved very quickly. Those of you with higher credit scores and a clean credit report and are not self employed will probably get away with not having to submit any new information. Some of you might be asked to provide just one or a few of the following info:
- Photo of Drivers License - front and back
- pay stub
- Utility bill
- Bank Statement
- 4506-T Form to authorize them to get tax returns from IRS
There are also some of you who might be pre-approved for a certain credit limit and you are allowed to use a portion of that limit immediately and the rest will become available once you have submitted documents that Upgrade has requested.
Note: Upgrade also has special instructions for how to fill in your income level if you are self-employed. You can find out from this link for self-employed applicants.
Below is a screen shot of their application form.
FREQUENTLY ASKED QUESTIONS
Can I and how do I pay off my loan early?
Can I and how do I pay off my loan early?
You simply sign in and visit the “Manage Payments” section of your account. Click the “Payoff Quote” link and select the date when you’d like to pay off your loan. You’ll see your full payoff amount for the selected date. To pay off your loan, click continue and submit your payment request.
You’ll have the option to select your payment form (ACH from your bank account or check). Please note that 10 days of interest will be added to check payoffs to account for mailing and processing time. Any overpayment – regardless of payment form – will be returned to your bank account on file via ACH.
If you’d like to schedule an extra payment for less than the full payoff amount, please click the “Make a payment” link in your account.
If you’d like to make a principal-only payment, please call our Account Servicing team at (844) 899-9931, Monday-Friday 6am-6pm, and Saturday-Sunday 6am-5pm PT.
Are there prepayment fees?
Are there prepayment fees?
No, you can pay off anytime.
Can I pay by phone?
Can I pay by phone?
Yes. You can contact the Account Servicing team by calling our toll-free line at (844) 899-9931, Monday-Friday, 6am-6pm, Saturday and Sunday 6am-5pm Pacific Time.
How do I redeem my cash back?
How do I redeem my cash back?
Cash back is applied to your balance after your next scheduled payment.
Contact Information
For Standard Mail:
Upgrade, Inc.
Lbx#452210
P.O. Box 52210
Phoenix, AZ 85072-2210
For Courier Deposits (FedEx, UPS, etc.):
Upgrade, Inc.
Attn: Batching Dept. lbx#452210
530 W Alameda Dr.
Suite 105
Tempe, AZ 85282
Address
275 Battery Street, 23rd Floor
San Francisco, CA 94111, USA
Email Address
contact@upgrade.com
