Upgrade Triple Cash Rewards review 2023: Up to 3% back — but rigid repayment terms

If you’ve got large upcoming expenses for which you don’t have the money, the Upgrade Triple Cash Rewards Visa® * The information for the Upgrade Triple Cash Rewards Visa® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. can be a solid option. It’s built to carry a balance — and it’ll ensure that you pay your loan off in a reasonable amount of time.

In our Upgrade Triple Cash Rewards review, we’ll help you to determine if this truly unique cash-back credit card is for you.

Upgrade Triple Cash Rewards basics

• Annual fee: $0.
• Welcome bonus: $200 bonus after opening a Rewards Checking Plus account and making three debit card transactions within 60 days of account opening.
• Rewards: 3% cash back on home, auto and health categories and 1% cash back on all other purchases. All cash back rewards are earned once purchases are paid back.
• APR: 14.99% to 29.99% variable APR.
• Recommended credit score: Fair.
• Other benefits: Up to 10% back at participating merchants after you activate “Upgrade Shopping.”

Upgrade Triple Cash Rewards review

The key differentiator between the Upgrade Triple Cash Rewards and a traditional credit card are the repayment terms. When you’re approved for the card, you’ll be assigned the following based on your creditworthiness:

• A revolving credit limit (between $500 and $25,000).
• An interest rate between 14.99% to 29.99% variable APR (the lowest rates require that you opt into autopay).
• A loan term (up to 60 months).

At the end of your statement period, Upgrade will take your current balance and create a payoff plan of equal monthly installments. As an example, say you were approved for a 24-month loan term. If you’ve got a $7,000 balance on your card at the end of the statement, Upgrade will set you up with a payment plan of 24 equal payments, including a fixed APR which will be rolled into your monthly bill.

Depending on your situation, this may be either a benefit or an inconvenience. Some may value a predictable payment plan, others may like the ability to carry a balance for an extended period when absolutely necessary.

One downside of the Upgrade Triple Cash Rewards is that you will not receive a grace period for purchases. When you swipe this card, the APR will kick in immediately. This makes the card hard to justify for everyday purchases, and may only make sense for large expenses that you know will require a long time to pay off.

Additionally, the card has virtually no ongoing benefits. Even things like a 0% intro APR offer and various purchase protections (common features of cash-back cards nowadays) are nowhere to be found. You also can’t use the card at ATMs for a cash advance. 

However, the card has one feature that is virtually unheard of among rewards credit cards: You can effectively liquidate your credit line by transferring cash directly into your bank account via an ACH transfer. Be aware that this comes with a potential fee ranging from 0% to 5% of the amount you’re looking to transfer but the fee will be disclosed to you before you complete the transaction, so you’ll have a chance to not proceed if you don’t want to pay the fee. 

If you need cash to pay a bill that doesn’t accept credit card — rent, for example — the Upgrade Triple Cash Rewards can be a good emergency fund (though nothing beats actual cash as an emergency fund).

Pros

• Up to 3% cash back for many purchases: The card offers high rewards in areas of spending not typically offered by rewards cards.
• Fixed interest rate and payment terms: Instead of paying back your purchases over an unknown amount of time, you’ll have fixed terms so you’ll know exactly when you’ll pay off your purchases. 
• No annual fee: You won’t be charged an annual fee to keep this card each year.

Cons

• No grace period: You’ll begin accruing interest the same day you make a purchase with your card.
• Bare-minimum benefits: The card offers virtually no noteworthy ongoing perks.
• Inflexible repayment terms: You’re unable to carry a balance as long as you can with a traditional credit card. This can be a positive or negative thing, depending on your viewpoint.

Upgrade Triple Cash Rewards rewards

The Upgrade Triple Cash Rewards comes with a $200 bonus after opening a Rewards Checking Plus account and making three debit card transactions within 60 days of account opening.

This card offers the following rewards rates:

• 3% cash back on home, auto and health categories.
• 1% cash back on all other purchases.
• All cash back rewards are earned once purchases are paid back.

The home purchases category includes carpentry, concrete, furniture, hardware stores, household appliance stores, landscaping, trade contractors and swimming pool sales/services.

The auto purchases category includes automotive tire/body shops, car/aircraft/farm equipment dealerships, car washes and towing services.

The health purchases category includes chiropractors, orthodontists, hospitals, athletic clubs, sporting goods stores and nursing care facilities.

It’s also worth noting that it’s possible to earn bonus cash when you activate “Upgrade Shopping” offers within your account. You can earn up to 10% extra cash back with participating local merchants — though it likely won’t capture a meaningful amount of monthly spending.

While the card brandishes just a few bonus categories, they’re each quite broad. For example, the “home purchases” category can include merchants like Home Depot, IKEA and Wayfair — as well as home repairs such as refrigeration repair or carpet cleaning.

Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has around $25,087 in annual expenses that can be charged to a credit card. Here’s how our sample household’s rewards could break down:

The cardholder in this example earns an annual total of $289.01 in cash-back rewards by funneling all spending through this card (and then paying it back). However, because there is no grace period when spending with the Upgrade Triple Cash Rewards, this is not the card to use as a daily driver. Your return rate will be reduced by the monthly interest you’ll pay.

Your rewards will be automatically redeemed each month toward your balance, so you can’t stockpile them and use them for a specific goal.

Upgrade Triple Cash Rewards credit-building features

The Upgrade Triple Cash Rewards doesn’t rank among our picks for the best credit cards for rebuilding credit. However, it’s one of the few cash-back credit cards that requires only a “fair” credit score to qualify (defined by FICO as at least 580). 

The Upgrade Triple Cash Rewards reports to all three major credit bureaus — so by making on-time payments, you’ll build a positive credit history that will eventually increase your credit score.

Upgrade Triple Cash Rewards downsides

The most glaring foible of the Upgrade Triple Cash Rewards is the fact that it doesn’t offer an interest-free grace period when making purchases. Nearly all credit cards will waive APR until the next due date, giving you the chance to pay off your balance before you start to incur interest.

With the Upgrade Triple Cash Rewards, interest will be charged beginning the same day that you make a purchase with the card. This makes it a bad choice for most situations.

How the Upgrade Triple Cash Rewards compares to other cash-back credit cards

The Upgrade Triple Cash Rewards offers a respectable return rate for a cash-back credit card available to those with “fair” credit. However, the card has its share of shortcomings. Here are a few other options to consider.

Upgrade Triple Cash Rewards vs. Capital One QuicksilverOne Cash Rewards Credit Card * The information for the Capital One QuicksilverOne Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

The Capital One QuicksilverOne Cash Rewards Credit Card * The information for the Capital One QuicksilverOne Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is a cash-back credit card. And similar to the Upgrade Triple Cash Rewards, you may qualify even with fair credit. The card earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel.

Unlike the Upgrade Triple Cash Rewards, you’ll have to swallow a $39 annual fee which will eat into your yearly return. But you’ll benefit from a grace period of at least 25 days on purchases as long as you continue to pay off your balance by the due date each month.

Upgrade Triple Cash Rewards vs. Chase Freedom Unlimited® 

The Chase Freedom Unlimited® is one of the best no annual fee cash-back credit cards on the market. Its approval standards are higher than the Upgrade Triple Cash Rewards (you must have at least “good” credit to qualify), but its return rate is also higher. The Freedom Unlimited earns 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on eligible dining and drugstore purchases and 1.5% cash back on all other purchases.

That’s a commendable return rate. The card’s welcome bonus is also impressive: Chase will automatically match all the cash back earned at the end of the first cardmember year.

This card also offers a 0% intro APR for the first 15 months on purchases and balance transfers, then a variable APR of 20.49% to 29.24%. An intro transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater, applies in the first 60 days. After that, a fee of either $5 or 5% of each transfer applies. This makes it an intriguing proposition for those considering opening the Upgrade Triple Cash Rewards because they anticipate a large expense in the near future.

Upgrade Triple Cash Rewards vs. Upgrade Cash Rewards Visa® * The information for the Upgrade Cash Rewards Visa® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

If you like the uniqueness of the Upgrade Triple Cash Rewards but you don’t feel that you’ll make sufficient use of the card’s spending bonuses, focus your eyeballs on the Upgrade Cash Rewards Visa® * The information for the Upgrade Cash Rewards Visa® has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . This no-annual-fee credit card is nearly the same product, but it trades elevated bonus categories for a flat rewards rate of 1.5% cash back on all purchases when they're paid back. If most of your spending falls outside the Upgrade Triple Cash Rewards’ elevated bonus categories, this is likely a better option for your situation.

The Upgrade Triple Cash Rewards is right for you if:

• You’ve got a large upcoming expense that you won’t be able to pay off for years. If you think you can pay off the expense within a year or two, a 0% intro APR credit card is likely a better bet.
• You have a “fair” credit score and are unable to qualify for other rewards credit cards. The Upgrade Triple Cash Rewards application standards are lower than most other cash-back credit cards.
• You are about to spend a lot in the card’s bonus categories. You can earn elevated cash back on a few very broad categories. If you have expenses coming up that you’ll need to finance over time, this might be a way to earn some cash back.