Credit Cards » Credit Card Reviews » Upgrade Triple Cash Rewards Card 2023 Review
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Upgrade Triple Cash Rewards Card 2023 Review

This card is ideal for those who want get high cash back rewards and flexibility, particularly if you don’t have excellent credit.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

In this Review..

Triple Cash Rewards Card by Upgrade

Upgrade_ triple Rewards card

Rewards Plan

1-3% 3% unlimited cash back on home, auto and health categories and 1% unlimited cash back on everything else

Welcome Bonus

$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

Intro APR

None

PROS

CONS

APR

14.99% - 29.99%

Annual Fee

$0

Balance Transfer Fee

Up to 5%

Credit Requirements

Excellent/Good/Fair

The Triple Cash Rewards card by Upgrade is a hybrid credit card/personal loan that also provides cash back rewards. The card has no annual fee and there is a tiered reward structure, with 3% unlimited cash back on home, auto and health categories and 1% unlimited cash back on everything else.

This is a great card option for those who want greater flexibility. You can use the card to make purchases anywhere Visa is accepted. If you don’t pay the bill in full at the end of the month, the remaining balance converts into a fixed rate loan that you repay in equal monthly repayments.

You can also use the card as a personal loan, requesting funds to your bank account up to your agreed credit limit. Once your request is processed and approved, you’ll have a fixed interest rate and you will repay the loan over a set period. However, unlike many credit cards, you can’t use this card at ATMs for a cash advance.

This card is ideal for those who want to set a budget to repay their debt, particularly if you don’t have excellent credit.

Benefits

The Triple Cash Rewards Card by Upgrade earns 3% unlimited cash back on home, auto and health categories and 1% unlimited cash back on everything else

One of the difficulties with a standard credit card is that you need to be very disciplined about paying more than the minimum amount due. If you only pay the minimum, you can very quickly become overwhelmed with interest charges and get into debt difficulties.

However with equal monthly payments, you can budget for the payments and have an end date in place to clear the account.

Many reward credit cards require at least good credit, so the fact that you can qualify for a Triple Cash Rewards card with average credit is a massive pro. Upgrade specializes in offering services to help those who want to work on their credit.

So, being able to enjoy a rewards credit card before you have a good credit score should appeal to many people.

Upgrade does have a pre approval process, so you can check if you can qualify without impacting your credit score.

Drawbacks

Since this card is designed for those with average credit, you may find that the rates offered are higher than other companies may offer you. 

This is particularly the case if you have excellent credit, as you are likely to find rewards credit cards with more attractive rates.

The cash back that you earn on your purchases cannot be accumulated for a particular savings goal. Instead the rewards are automatically applied against your next month’s balance.

Although the Triple Cash Rewards is a hybrid credit card/personal loan, offering flexibility, the rates are likely to be high compared to Upgrade personal loan products.

Although you can request funds to be transferred from your credit card account to your bank account, you can’t simply go to an ATM and obtain a cash advance.

Recently Upgrade changed its policy, and it now charges balance transfer fees and foreign transaction fees, unlike before.

How to Maximize the Triple Cash Rewards?

There are two main things you can do in order to make the most of the Upgrade Triple Cash card:

  • Focus on the Top Tier Rewards: The Triple Cash Rewards card has two reward tiers, so if you want to maximize your rewards you’ll need to focus on the top tier. This encompasses three categories; Home, Auto and Health. These are quite broad categories and include hardware, home supplies, furniture, home accessories, automotive parts, dealership purchases and gym memberships, exercise equipment, spas and beauty product purchases.
  • Open a Rewards Checking Account: Upgrade is currently running a promotion for new Triple Cash Rewards customers. If you open and fund a new Rewards Checking account, you could receive a $200 welcome bonus. All you need to do is make three debit card transactions within 60 days of opening your Upgrade Card account.

Rewards Simulation: How Much You Can Earn?

The card offers a different rate based on the purchase category. If you usually spend on everyday purchases, here's a table that can help you understand how much exactly you can get back. Don't forget to adjust it to your own spending habits.

Upgrade_ triple Rewards card

Spend Per Category
Triple Cash Rewards Card by Upgrade
$10,000 – U.S Supermarkets
$100
$5,000 – Home/Auto/Health
$150
$5,000 – Restaurants
$50
$2,000 – Airline
$20
$2,000 – Hotels
$20
$4,000 – Gas
$40
Estimated Annual Value
$380

How to Apply for the Triple Cash Rewards Card?

Upgrade is an online-based financial institution, so it is remarkably easy to apply for the Triple Cash Rewards card from the comfort of your own home.

  1. You can start the application process by clicking the “Get Started” button on the main product page.
  2. You’ll then be directed to a basic application form that allows you to check if you cpre-approvedproved for the card. This involves providing some basic details including your full name, address, date of birth, and income.
  3. At this point, you also need to create an account with your email address and a password.
  4. You can then click “Apply Now” to check if you qualify. This will only involve a soft credit pull, so you don’t need to worry about impacting your credit. Upgrade will only initiate a hard pull if you decide to go ahead and complete the application upon becoming pre approved.

 

 

Compare The Alternatives

If you're looking for cash-back cards with no annual fees, there are many alternatives in the market. Here are some of the best:

American express everyday card review 2021

Chase Freedom Flex

citi double cash

American Express EveryDay® Card
Chase Freedom Flex℠ Card
Citi® Double Cash Card
Annual Fee
$0 . See Fees & Rates
$0
$0
Rewards
1X – 2X 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
1-5% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
2% (1% when purchase and another 1% upon payment) 2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
Welcome bonus
10,000 points 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
$200 $200 bonus after you spend $500 on purchases in the first 3 months from account opening
None None
Foreign Transaction Fee
2.7%
3%
3%
Purchase APR
17.49% – 28.49% variable
20.24%–28.99% variable
19.24% – 29.24% (Variable)

FAQ

Upgrade does not have specific income requirements for the Triple Cash Rewards card. However, you do need at least average credit.

This will mean that your current debt obligations, length of credit history and other factors will be considered in addition to your income.

In most cases, Upgrade will require some form of income verification. If you’re self employed, you will need to provide two most recent filed tax returns, bank statements or other paperwork or your application may be declined.

Yes, the main website allows you to check if you are pre-approved without impacting your credit. You can then proceed with a full application, at which time Upgrade will initiate a hard credit pull.

The minimum credit limit you can expect with this card is $500, but your credit limit could be as high as $25,000 or more, according to your income and creditworthiness.

Upgrade will periodically assess your account and if you make your payments on time and keep the account in good standing, you’ll receive a credit limit increase.

If you want to accumulate rewards for a specific savings goal, the Triple Cash Rewards is not a great choice for you. All your rewards will automatically be applied to your account in the following month.

Another reason why you may not want to get this card is if you have good to excellent credit. With better credit, you are likely to find other cards offer similar or better rewards with additional perks and lower rates.

Unfortunately, Upgrade does not allow authorized users on Triple Cash Rewards cards. This means that the account can only be in one name.

The digital experience for the Triple Cash Rewards card is a little lacking. There have been a number of customer complaints about the interface not being intuitive or easy to use. However, Upgrade has stated that it is aware of the complaints and is working on some resolutions.

You can obtain pre approval in a very short time, and you should have a decision within one day. From this point, the application process is quite fast

Unlike many credit card companies that have a 24/7 helpline, Upgrade’s customer service tends to be focused on social media channels and email. The company does have a phone line but it is not open 24/7.

The phone line is open 6 am to 6 pm Monday through Friday and 6 am to 5 pm on weekends. 

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.