US Bank Cash+ Approved! - Update

[Epcot]

Congrats on the approval!

[SanjeevR]

Thanks, Epcot.

UFGuy, that's some helpful info about their CLI practices!

[Anonymous]

I have the US Cash+ card as well. I would double check on a couple things. First of all, this card is a Visa Signature card that has a minimum credit limit of 10k. As I understand it, they will consider your request and if you do not qualify for this card they will instead send your app through for the Visa Platinum card where the 5k limit you were quoted may in fact be correct but will be a different card. Here is the verbatim from the site https://www.usbank.com/credit-cards/cash-plus-signature.html

"If you do not qualify for the U.S. Bank Cash+TM Visa Signature® Card, you will automatically be considered for the U.S. Bank Cash Rewards Visa® Platinum Card, which earns 1% cash back on all net purchases and does not earn the 5% and 2% bonus category rewards offered with the U.S. Bank Cash+ Visa Signature Card"

The second thing is I went into the branch to be considered. They told me that you receive a 25% bonus on ALL cash back. Which means by the end of the year, you will receive either 1.25%  on all 1% purchases (1% + (1x.25)) AND 6.25% on all 5% purchases (5% + (5x.25))

Also, from that same link are the words "Apply in Branch Only". I would definitely call back and get some clarification on some of these things.

[Anonymous]

O.k. here is where that 25% comes into play. Its called the redemtion bonus and here's how it works. Also note this is just for the Cash+ not the  U.S. Bank Cash Rewards Visa Platinum Cardwhich you will get if you don't qualify for the Cash+

Redemption Bonus. Every time you redeem $100 or more, you’ll  get a $25 cash back bonus! Instead of earning 5% on cash back, it’s more like  6.25% cash back if you use this option!

So, all you have to do is wait until your cashback bonus reaches $100 then cash it out for an extra 25 bucks. That's how they determine 1.25% and 6.25% for all purchases.

[SanjeevR]

Thanks for the tips. I'll call to follow-up.

I have several Visa Signature cards (basically all of my cards, except for Amex, Discover and Citi MC) and they require a $5k minimum limit. Is it different for this card?

[SanjeevR]

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@Anonymous wrote:

O.k. here is where that 25% comes into play. Its called the redemtion bonus and here's how it works. Also note this is just for the Cash+ not the  U.S. Bank Cash Rewards Visa Platinum Cardwhich you will get if you don't qualify for the Cash+

Redemption Bonus. Every time you redeem $100 or more, you’ll  get a $25 cash back bonus! Instead of earning 5% on cash back, it’s more like  6.25% cash back if you use this option!

So, all you have to do is wait until your cashback bonus reaches $100 then cash it out for an extra 25 bucks. That's how they determine 1.25% and 6.25% for all purchases.

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That's great. Thanks for that helpful info. If that's the case, having the checking account is worth it!

[slippy84]

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@SanjeevR wrote:

Thanks for the tips. I'll call to follow-up.

I have several Visa Signature cards (basically all of my cards, except for Amex, Discover and Citi MC) and they require a $5k minimum limit. Is it different for this card?

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Cash+ has a minimum credit limit of $5k. The user who stated 10k was mistaken. I was recently approved as well for the minimum 5k in fact

If you're approved for less than 5k then it is true they'll send you a lesser card

[bs6054]

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@SanjeevR wrote:

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@Anonymous wrote:

O.k. here is where that 25% comes into play. Its called the redemtion bonus and here's how it works. Also note this is just for the Cash+ not the  U.S. Bank Cash Rewards Visa Platinum Cardwhich you will get if you don't qualify for the Cash+

Redemption Bonus. Every time you redeem $100 or more, you’ll  get a $25 cash back bonus! Instead of earning 5% on cash back, it’s more like  6.25% cash back if you use this option!

So, all you have to do is wait until your cashback bonus reaches $100 then cash it out for an extra 25 bucks. That's how they determine 1.25% and 6.25% for all purchases.

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That's great. Thanks for that helpful info. If that's the case, having the checking account is worth it!

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This is with or without the checking account.  So long as you redeem $100, you get the $100 and, within a few weeks, a $25 Visa debit card.  With the bank account, I think you can have the $25 deposited into your account instead of getting a debit card.  But for many uses, a Visa Debit card is pretty similar to cash....

[bs6054]

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@slippy84 wrote:

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@SanjeevR wrote:

Thanks for the tips. I'll call to follow-up.

I have several Visa Signature cards (basically all of my cards, except for Amex, Discover and Citi MC) and they require a $5k minimum limit. Is it different for this card?

---

Cash+ has a minimum credit limit of $5k. The user who stated 10k was mistaken. I was recently approved as well for the minimum 5k in fact

If you're approved for less than 5k then it is true they'll send you a lesser card

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Two people on this forum got Cash+ cards with 1,500 CLs.  They got the lesser card first and then were sent, a month later, the Cash + with same account number, and it was also a signature.  US Bank confirmed they were Cash+ and OK to use.   I assume this was an error they didn't bother to correct for PR reasons.

[SanjeevR]

Thanks, but now I'm confused.

From their website: (https://www.usbank.com/package/gold.html)

"The Gold Package gives you these valuable extras:

• Two free non-U.S. Bank ATM transactions per statement cycle.
• Preferred rates and rewards.
• Preferred rates on new loans and home equity lines of credit.  
• 25% monthly bonus on all rewards earned for net purchases (purchases minus credits and returns) with a U.S. Bank Cash+™ Visa Signature® or FlexPerks® Visa® Credit Card."

So you don't need the Gold package to get the 25% bonus?