Not all credit cards are created equal, and some “credit cards” are not credit cards at all. Upgrade Triple Cash Rewards is a credit card loan. Credit cards and lines of credit may look very similar at first glance, but lines of credit may not if credit cards offer a “grace period” (usually a billing cycle) to pay off purchases before interest accrues. The upgraded Triple Cash doesn’t specify a grace period in its cardholder contract because interest isn’t avoided—it’s automatically included in the borrower’s amortization amount.
With a typical revolving credit card, you can avoid interest entirely by paying each billing cycle on time, but with lines of credit like Upgrade Triple Cash Rewards, interest accrues from the date of purchase. Therefore, the card is best for large purchases that require months of financing. A card with a lower introductory APR may 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 promotional period offered by most cards with an introductory APR For example, an upgraded triple cash bonus might be a cheaper option. It’s also a great option for cardholders who don’t qualify for a low introductory APR card.
To fully understand the difference between a credit limit and a credit card, read our credit limit guide. Instead, it uses a separate consumer loan agreement. Therefore, it is important that applicants for this card fully understand the terms and conditions of this card.
Upgrading Triple Cash Rewards is a potentially worthwhile option for those who do home improvement, car repairs, or have substantial health and wellness expenses, as the Upgrading Triple Cash Rewards card offers 3% home, car and health cash back and 1 % cashback on everything else. Cash back rewards are only earned at the time of purchase, not at the time of purchase. The interest in the payout rate can offset the large premiums earned. Cardholders should carefully understand the terms of the line of credit and carefully calculate how to avoid incurring so much interest that premiums become a contentious issue.
It’s also worth noting that this line of credit does not allow secondary users, also known as “authorized users,” like many credit cards. The line of credit also offers some additional benefits, but we’re not overly concerned as we think this card is only for people who primarily use another credit card and require this option for personal projects they have a clear plan to manage.
There are no annual fees for the line of credit, no foreign transaction fees, and no other fees. The card cannot be used to withdraw cash from ATMs, but can transfer cash from the card to a checking account as an ACH transfer. There is no reward for paying the ACH balance. Those with the lowest APRs need automatic transfers. So if your bank doesn’t have the money to pay the card, be careful – you may be charged an overdraft fee from your bank if your automatic payment is not processed.
The line of credit’s website promotes the broadly named “home” category, which may include purchases from Lowe’s, IKEA, Menards and Wayfair, while the “health” category may include purchases from drugstores like CVS and sporting goods stores like DICK’S. The “automotive” category sourced from tractor supply companies, Firestone tires, and even agricultural and aircraft equipment dealers. This broad category makes this credit option potentially a good deal for those who need a line of credit for home improvement, auto or healthcare projects.
At first glance
- Line of credit – not a credit card
- $0 annual fee
- 3% cash back on Home, Auto & Health and 1% cash back on all other categories
- No foreign transaction fees
- cashless advance
- No low introductory APR
The Upgrade Triple Cash Rewards* credit brings 3% cash back on the Home, Auto and Health categories and 1% cash back on all other categories. Rewards earned under the Upgrade Triple Cash Rewards* credit are not earned on purchases, only when those purchases are paid for. Because redemptions are automatic and recurring, cash back rewards do not expire.
Cash back awards are credited to the statement after each scheduled monthly payment and do not count towards minimum or recurring payments.
To determine the reward potential of an upgraded Triple Cash Rewards* line of credit, we need to consider the amount an American household is likely to spend on a credit card each year — although it’s important to note that this card is not a credit card, it’s a line of credit. Forbes Advisor uses data from various government agencies to determine basic income and average spending for each category. 70% of wage-earning households bring in $100,172 per year, and our payout is based on that number.
Forbes consultants estimated that the family had $26,410 in charges that could reasonably be charged to the credit card. Assuming you buy $2,838 in the 3% cashback category, you’ll earn $85.15 in cash back per year. Remaining spending on the card brings in $235.72 in cash back per year, for a total of $320.87.
More card benefits
$0 Liability Protection: Borrowers are not responsible for unauthorized transactions.
- Regular APR: 8.99% – 29.99% APR
- Purchase introductory APR: Not applicable
- Introduction to Balance Transfer APR: N/A
- Annual fee: $0
- Balance transfer fee: see terms and conditions
- Cash Advances: See Conditions
- Foreign purchase transaction fee: none
How the cards are stacked
It’s important to note that the upgrade Triple Cash Rewards* credit limit is not the same as a credit card. We’ll compare the similarities of the credit cards below, but please read the fine print for payment methods and timing as credit lines may not work like credit cards.
Upgrade to Triple Cash Rewards* with myWalgreens Mastercard®*
Like upgrading your Triple Cash Rewards* line of credit, myWalgreens Mastercard®* rewards spending on health and wellness. For those who use Walgreens primarily for pharmacies, the myWalgreens card earns 10% Walgreens Cash Rewards on eligible Walgreens branded purchases, 5% on other eligible Walgreens branded and pharmacy purchases, and 5% on eligible groceries Get 3% on and health care purchases – and 1% on health and wellness purchases anywhere Mastercard is accepted.
While the fine print may define health and wellness providers slightly differently, the main benefits of the myWalgreens card are grocery reimbursement and rewards tiers for Walgreens shoppers. Since Triple Cash Rewards offers home and auto rewards, frequent Walgreens shoppers may want to consider adding a myWalgreens card for additional rewards on Walgreens shopping and groceries and Triple Cash Rewards home and auto usage. However, it might not make sense to get both cards for someone who doesn’t shop at Walgreens or doesn’t spend a lot on a house or car.
Triple Cash Rewards* Upgrade to the Citi® Double Cash Card
The Citi® Double Cash Card earns a flat, unlimited 2% cash back on all purchases – 1% on purchases and an extra 1% on withdrawals. This structure with no category restrictions is very different from Triple Cash Rewards, but the Citi® Double Cash Card also offers an introductory 0% APR on balance transfers over 18 months. After that, the standard variable APR based on credit rating is 14.24% – 24.24%. There is also an initial balance transfer fee of $5 or 3% of any transferred amount within the first 4 months of account opening, whichever is greater. After that, the fee is 5% of each transfer (minimum $5).
We see great potential in combining these two cards. It may not be a great primary card due to the generous cash back in these specific categories with Triple Cash Rewards, but for those who use these categories, compare it to the Citi® Double Cash Card Rewards Combined to help maximize overall incentive income.
Upgrade to Triple Cash Rewards* compared to IKEA® Visa® Credit Cards*
For those looking to decorate or furnish their home and considering Triple Cash Rewards as a way to earn rewards along the way, the IKEA® Visa® Credit Card* offers a 5% bonus on IKEA purchases, including Traemand installations and TaskRabbit-installations Receive a 3% bonus refund on service, restaurant, grocery and utility purchases, and a 1% bonus refund on all other purchases made with the IKEA Visa Credit Card. These rewards can only be redeemed for vouchers used in IKEA stores or on IKEA.com. The card does not earn cash back rewards in the same way as the triple cash upgrade.
While it provides more concrete income than the 3% tier of the Upgraded Triple Cash Rewards* Card, and the rewards are of limited use, the IKEA Card may make more sense for die-hard IKEA fans and shoppers who don’t need other tiers or even for those who regularly A companion card for anyone who buys in bulk DIY and household items.
Is this card right for you?
In the case of a credit card, the upgraded Triple Cash Rewards* could be a solid companion card for those spending in the auto, home and health categories. But it’s not, it’s a line of credit that needs to be assessed. A wide range of credit line options in each spending category, as well as excellent rates of return across categories, means home improvement and auto enthusiasts, as well as extra-spending actives, are sure to get decent returns on their hobbies and projects, as long as they Learn about the terms of a line of credit and how it differs from a credit card.
For credit cards – with all the behaviors of credit cards and credit card-specific consumer protections – and other perks, everyday shopping rewards, low introductory APRs, or other perks, look elsewhere.
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