Upgrade Triple Cash Rewards Visa® card review: A fit for home, health and auto

You’ll want the Upgrade Triple Cash if you spend a lot of money on your car and home improvements. It’ll also be a great card for people looking to build an at-home gym or who spend a lot on gym memberships and sporting goods.

Rewards: Unique categories with a boosted rate

If you spend frequently on home, health and auto expenses like car washes, gym memberships and house repairs, the Upgrade Triple Cash card could be an easy way to earn cash back. Few competing cards offer rewards in these niche categories, so it has some appeal as more than just another cash back card.

Its wide variety of eligible bonus categories also makes it ideal for both costly recurring expenses like counseling and one-off large purchases like an HVAC repair. Take a look at the types of purchases that fall into the Upgrade Triple Cash card’s bonus categories and you’ll quickly realize just how valuable the card could be for homeowners and families.

One thing to keep in mind, however, is that you’ll only earn rewards as you pay off your purchases. If you’re planning to make a large purchase and pay it off over time by carrying a balance long term, you’ll have to wait for your 1 to 3 percent back.

Welcome offer: Easy-to-earn bonus with minimal spending

The Upgrade Triple Cash Rewards Visa card does not currently offer a typical sign-up bonus, but this may actually work in your favor if you’re focused more on the return for your spending that you receive. The Upgrade Triple Cash will reward you with a $200 bonus for making just three qualified transactions using your card after opening a Rewards Checking Plus account*. Unlike other bonuses, you don’t need to spend a certain amount to earn this bonus. Any transaction that qualifies will count toward your bonus. A bonus like this is much better for cardholders who don’t spend hundreds of dollars on their credit card in a few months.

You could be better off with a more traditional credit card if you want access to better perks, or if you have a low credit score and are wary of this card’s high APR. Although you have a good chance at a low APR, it might be preferable to never pay interest at all. This card promotes carrying a balance across several billing cycles because it works like a personal loan. If you want to keep things simple and just want a card for small purchases, there are better options.

Fees: Potentially high APR with added fees

Many unsecured cards available to people with fair or average credit have annual fees, and while this card doesn’t have one, it doesn’t mean it’s the most affordable option. This card incentivizes you to carry a balance by charging a fixed monthly payment and this can make your finances really complex. Before you know it, that fixed monthly payment could amount to several hundred dollars worth of interest charges that outpace any annual fee you might owe on another card — especially at this card’s highest APR.

It also doesn’t have a 0 percent APR introductory offer for new purchases, so it falls short when compared to several other cash rewards cards. Your APR might vary between 14.99 percent and 29.99 percent, but your interest rate, credit limit and term are influenced by your credit score, credit usage history, requested amount and other factors. As a result, it will be impossible to avoid paying interest on this card if you carry a balance.

While the card’s low-end APR is terrific, beating out the rate you’ll find on many dedicated low-interest cards, the maximum APR is quite high, surpassing the rate found even on many credit-building and store cards, which are notorious for their high APRs. If you’re given a high-end APR and end up carrying a balance, you may soon find yourself drowning in interest charges. Assuming you have at least good credit, many competing cards offer more reasonable APRs.

Perks: Lacks perks widely available on better options

Despite offering a great cash rewards program and access to a virtual card and Visa Signature benefits, which include travel, emergency and protection services, the Upgrade Triple Cash Rewards Visa card lacks many of the advantages that its competitors provide, as there are very few extra benefits. Apart from basic features such as chip technology and account monitoring, there are very few standout features that aren’t already available with most credit cards.

If you are looking for a credit card that acts as a bridge between a credit card and a personal loan, then the Upgrade Triple Cash Rewards card may be the best option, but there are alternatives if its reward categories don’t match your spending habits.

As a cash back card that rewards spending in the home, health and auto categories, the Upgrade Triple Cash Rewards card pairs well with other cash back cards that either earn more than 1 percent back on all purchases or reward some of your other key spending.