FlyerTalk Forums - View Single Post - RUC expiration dates -- book by, or travel by?
Old May 4, 2015 | 6:32 pm
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Old SWUs were "confirm by" or better (confirm some segment by, etc.), although reissue ticket by was a safer strategy and avoided hassles.

The new GUCs/RUCs are travel by, which I interpret to mean "complete travel in the direction that has been upgraded by." So one could use an expiring GUC/RUC on the outbound part of a RT, but maybe not if the flight is scheduled to arrive after midnight.
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