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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: svetikd/E+/Getty Images September 16, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the credit cards space for several years, covering any and all topics related to how cards work, rewards programs, card benefits, travel, cash back and more. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The following post has been sponsored by our partner, Upgrade. The analysis and opinions in the story are our own and may not reflect the views of Upgrade. Planning to borrow money for a large purchase? Undoubtedly, you’ll start thinking about the best way to pay for it. You might wonder if using a credit card has any benefits over using a personal loan or credit line and vice versa. On one hand, a credit card might come with some rewards like cash back or statement credits, along with the option to make minimum payments over time. On the other hand, a personal loan could have a much lower interest rate and more predictable monthly payments. If you’d like a financial option that combines both, the Upgrade Triple Cash Rewards Visa could fit the bill. What is the Upgrade Triple Cash Rewards Visa
The Upgrade Triple Cash Rewards Visa combines the flexibility and rewards structure of a credit card with the predictable payments of a personal loan. The issuer of this card set out to make lower-cost, responsible borrowing more accessible to credit card users—and it looks like it’s an option worth exploring for a few reasons. Like its counterpart, the , this card encourages responsible borrowing by doling out rewards when payments are made on the card balance, instead of when money is spent on the card, like with most issuers. These rewards can be applied to monthly payments. Upgrade Triple Cash Rewards Visa features
Rewards rate: Earn 3 percent cash back on payments for qualifying categories for home, auto and health; 1 percent on everything else* Welcome offer: None Annual fee: $0 Purchase intro APR: None Balance transfer intro APR: None Regular APR: 8.99 percent to 29.99 percent* How does the Triple Cash card work
The Triple Cash card offers credit lines of $500 to $50,000, although the majority of people will be approved for $25,000 or under. If you are approved for the card, you’ll know your available credit line and APR right away. The amount of credit and the rate you’re approved for will depend on factors including your credit score and whether or not you agree to an autopay arrangement for monthly payments. Once you’re approved, you can start using your immediately. A physical, contactless card will come later in the mail. Upgrade Triple Cash rewards
With the Upgrade Triple Cash Rewards Visa, you can earn 3 percent cash back on qualifying purchases for home, auto and health when you pay them back and 1 percent on everything else with no maximum.* Here’s an example of spending that qualifies for the 3 percent cash back rewards: Home: Hardware, home supplies, landscaping services, heating, plumbing, A/C Auto: Automotive parts, car dealers, car washes, tires, towing services Health: Health and beauty spas, gym memberships, exercise equipment The is pretty long and can be found on the Upgrade website, along with an example of retailers for each category. Upgrade Triple Cash installment plan
Though you can earn cash back with the Triple Cash card like you would with a traditional credit card, it’s important to know that when it comes to paying down your balance, the card operates more like a personal loan or credit line. If you maintain a balance on the card, it will be split up into an payable over a fixed term at the applicable interest rate. You may also pay off your balance in full at any time with no prepayment penalties. The goal of this arrangement is to encourage cardholders to pay down their balances as quickly and predictably as possible. This means you could pay less in interest charges over time and train yourself to at a faster rate than when simply making smaller, minimum payments each month, like with a traditional credit card. With no fees, more aggressive payment plans through installments, rewards earned on payments and potentially lower interest rates than traditional credit cards, you’ll have ample opportunity to knock those balances out quickly. You should know that your credit score, other credit-related risk factors and your payment history may affect the amount of your credit limit or your interest rate for future transactions. You’ll be asked to consent to any new terms on installment plans you request for additional draws on your Triple Cash account. The terms on existing payment plans won’t change. Other Upgrade Triple Cash card benefits
One thing that really sticks out about this card is the lack of fees. The Triple Cash card hardly charges any of the fees that many card issuers charge. This card has no: Annual fee Late fee Returned payment fee Balance transfer fee Cash advance fee Foreign transaction fee You should know that the Upgrade Triple Cash Rewards card doesn’t offer a direct balance transfer, cash advance option or the ability to withdraw cash from the ATM. However, cardholders can take a draw from their Upgrade account online and have funds sent directly to their bank account. From here, these funds can be used to pay down another account or withdraw cash. Finally, another benefit is predictability and transparency with monthly payments. Once you make purchases on the card, you’ll know, every month, what your fixed monthly payment will be. This can be extremely helpful if you’d like your monthly credit card payments to be consistent for budgeting purposes. Upgrade Triple Cash Rewards card vs Upgrade Cash Rewards card
The main difference between the Upgrade Cash Rewards and the Triple Cash Rewards card is the rewards rate. The Upgrade Cash Rewards card offers 1.5 percent unlimited cash back on all payments, while the Triple Cash card offers 3 percent cash back on payments for certain categories of spending and 1 percent on everything else. Should you apply for an Upgrade Triple Cash card now
This card could be a good option for those who have a or above. The better your credit profile is, the better your terms will be for the Triple Cash card and the more benefits you’ll get from using the card. If you can get the maximum credit line and the minimum interest rate, this card could be a win for your financial goals. For those who want to be more responsible with credit, this card can also help, thanks to the many incentives and features that can fast-track the repayment process. If you foresee large purchases in your future that have to do with qualifying home, auto or , you’ll get 3 percent cash back—plus the benefits of installment payments—at a potentially lower interest rate. For example, a , expensive orthodontia or a nice snowmobile could be more affordable with the Triple Cash card than paying with a traditional credit card. The bottom line
If you’d like more favorable borrowing terms for larger purchases (or larger balances), it could be well worth your time to look into the Upgrade Triple Cash Rewards Visa. A card that combines credit card rewards with payment terms like a personal credit line could be useful for many reasons, including for saving money on fees and interest while cultivating healthy credit habits. *Please see for more details including rates and terms. SHARE: Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the credit cards space for several years, covering any and all topics related to how cards work, rewards programs, card benefits, travel, cash back and more. Related Articles