All credit cards are not created equal and some “credit cards” are not a credit card at all. The Upgrade Triple Cash Rewards* is a loan in credit card’s clothing. Credit cards and credit lines seem extremely similar at first glance, but where credit cards provide a “grace period” (typically one billing cycle) to pay off purchases before interest accrues, a line of credit may not. The Upgrade Triple Cash does not disclose a grace period in its Cardholder Agreement because interest is not avoided—it’s included automatically in the amount the borrower pays back in installments.
With a typical revolving credit card, you can avoid interest entirely by paying on time, every billing cycle, but with a line of credit like the Upgrade Triple Cash Rewards, interest will accrue starting from the date a purchase is made. This suggests the card is best used for larger purchases in need of financing over the course of several months. A card with a low introductory purchase APR could be better than a line of credit for this purpose, but for those who need more time than the typical 12- to 18-month 0% APR promo period offered on most cards with a promotional intro APR, the Upgrade Triple Cash Rewards could be a less-expensive option. It may also be a good choice for cardholders who aren’t eligible for low intro APR cards.
For a complete understanding of how credit lines differ from credit cards, see our guide to lines of credit. Instead, it uses a separate consumer loan agreement. For this reason, it is of paramount importance that applicants for this card completely understand the terms and conditions of this card.
The Upgrade Triple Cash’s rewards are a potentially rewarding option for those doing home renovations, work on automobiles or those with plenty of health and wellness expenses, as the Upgrade Triple Cash Rewards card earns 3% cash back on home, auto and health categories and 1% cash back on everything else. Cash-back rewards are only earned when purchases are paid for, not when the purchases are made. Interest built into the payment installments may wipe out significant rewards earned. Cardholders should be careful to understand the terms of the credit line and carefully calculate how to avoid avoid accruing so much interest that rewards become a moot point.
It’s also worth noting that this line of credit does not allow secondary users, also known as “authorized users” like many credit cards do. The line of credit also only offers a …….
Source: https://www.forbes.com/advisor/credit-cards/reviews/upgrade-triple-cash-rewards/
