Are you planning on borrowing money for a large purchase? No doubt, you will start thinking about the best way to pay for it. You may wonder if using a credit card for a large purchase has more benefits than using a personal loan or a credit line.
On the other hand, credit cards may offer you the opportunity to earn rewards, along with the option of making minimum payments over time. Personal loans, on the other hand, may offer lower interest rates and more predictable monthly payments. If you want a combined financial option, the upgrade Triple Cash Rewards Visa® may fit your invoice. It breaks down the perks and benefits that this card offers, as well as the best ways to maximize its value.
Upgrade profits on Triple Cash Rewards Visa Cards
Upgrade Triple Cash Rewards Visa* combines credit card flexibility with reward structure and predictable payments for personal loans. The issuer of this card was established to make low-cost, responsible borrowing more accessible to credit card users. This seems to be an option worth exploring for several reasons.
Like the Upgrade Cash Rewards Visa®, this card encourages responsible borrowing by issuing rewards when payments are made to the card’s balance, not when money is spent on the card, as is the case with most issuers. These rewards can be applied to monthly payments.
High Credit Line Possibilities
The upgraded triple cash card offers a credit line of $500 to $25,000. If your card is approved, you will be immediately aware of the available credit lines and variable APRs.
The approved credit limits and APRs will depend on factors such as credit scores and whether you agree to an AutoPay arrangement for monthly payments. Additionally, other credit-related risk factors, as well as your payment history, may affect your credit limits or interest rates for future transactions.
Ability to earn cashback rewards
With the upgraded triple cash reward visa you can earn 3% cashback on qualifying homes, cars and health purchases, and 1% cashback on all others. However, please note that you will only earn a reward if you pay back your purchase.
Some of the expenditures eligible for 3% cashback are as follows:
| house | Hardware, Home Goods, Landscaping Services, Heating, Plumbing, and A/C |
| Automatic | Auto parts, car dealers, car washes, tires, towing services |
| health | Health and Beauty Spas, Gym Membership, Exercise Equipment |
The upgrade will have an entire list of eligible purchases on the website, along with examples of retailers in each category.
NO or low fee
One thing that really stands out about this card is that it lacks fees. Unlike many other card issuers, Triple Cash cards charge very little. This card includes:
- Annual fees
- Penalty APR Fees
- Balance transfer fee
- Cash Advanced Fees
- Foreign transaction fees
Encourage responsible borrowing
Just like traditional credit cards, you can earn cashback with a triple cash card, but when it comes to repaying your balance, the card behaves like a personal loan or a credit line. Maintaining your card balance will be split into installment payment plans that are paid over a fixed period at the applicable interest rate. You can also fully repay your balance at any time without advance penalty.
The goal of this arrangement is to encourage cardholders to pay in a way that allows them to predict the balance as quickly and as predictable as possible. When you buy with a card, you will know what your monthly payments are. This is very useful if you want your monthly credit card payments to be consistent for budgeting purposes.
This also means that you can train yourself to pay less interest fees over time and pay off your debts at a faster rate than you would simply make small and minimum payments each month, like traditional credit cards.
How to Maximize Upgrade Triple Cash Rewards Visa
Conclusion
If you need more favorable borrowing terms for a larger purchase (or larger balance), it may take some time to look into the triple cash reward visa for your upgrade. With fees, more aggressive installment plans, rewards earned on payments, and potentially lower interest rates than traditional credit cards, there is ample opportunity to knock those balances out quickly.
However, these low interest rates may only be available to those with a higher credit score. If you have a low credit score and apply for this card, you may notice that there is an interest rate that is closer to the issuer’s maximum interest rate than the lowest. Therefore, it is best to build up as much credit as possible before applying for your card, and grow healthy credit habits once you get it.
*Information regarding Upgrade Triple Cash Rewards Visa® is collected independently by bank rates. Card details have not been reviewed or approved by the issuer.
