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It works well enough. All you have to do is pay the price difference to the new model within 90 days. There are some issues with it however, like evga taking some time to make the cards available for step up (just because a card was released doesn't mean it will immediately be available for step ups), and there is usually very limited availability for the first few of weeks. Also some cards you simply cannot step up to but usually the choices are pretty good.
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