Chip Lupo, Credit Card Writer
@CLoop
The biggest disadvantage of the Upgrade Cash Rewards Visa® is that it has a high APR, at 14.99% - 29.99%. As a result, carrying a balance on the Upgrade Cash Rewards Visa® is very expensive, but you can avoid this drawback if you pay your bill in full every month. That way, you won’t owe any interest.
Upgrade Cash Rewards Card Disadvantages
- High APR: The Upgrade Cash Rewards Card has a relatively high APR, at 14.99% - 29.99%.
- No 0% APR on purchases: The Upgrade Cash Rewards Card does not currently offer a 0% APR promotion on purchases, so it is not good for people looking to finance big purchases.
- No 0% balance transfer APR: There is no promotional 0% APR on balance transfers.
- Foreign transaction fee: You will be charged a fee of up to 3% when using your card abroad.
In addition, there are plenty of other disadvantages applicable to all or most credit cards. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend.
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People also ask
What's the starting credit limit for the Upgrade Credit Card?
The Upgrade Cash Rewards Card credit limit is $500. Everyone who gets approved for Upgrade Cash Rewards Card is guaranteed a credit limit of at least $500, and the most creditworthy applicants could get much higher limits. The higher an applicant’s credit score and income are, the higher the starting credit limit is likely to be.
The Upgrade Cash Rewards Card credit limit that you receive upon approval isn’t necessarily permanent. You can ask to get a credit limit increase by calling the Upgrade customer service number on the...
read full answer by Jason Miles, Wallethub Credit Card ConsultantHow do I get pre-approved for the Upgrade Card?
You can get pre-approved for the Upgrade Cash Rewards Card by applying for this card online. The online application actually serves as checking for pre-qualification, which results only in a soft pull of your credit. Therefore, there will be no impact on your credit score.
Here’s how you can get Upgrade Cash Rewards Card pre-approval:
- Visit the Upgrade Cash Rewards Card webpage and click on the “Get Started” button.
- Enter your name, address, date of birth, and annual income.
- Create...
Does the Upgrade Card do a hard pull?
Yes, the Upgrade Cash Rewards Visa® card does a hard inquiry on your credit report when you apply. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time. The hard inquiry allows Upgrade to determine your credit risk and ultimately decide whether you’ll be approved for an account.
The Upgrade Cash Rewards Card requires fair credit to be approved. You can check your credit score by...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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