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US Bank Cash+ Approved! - Update

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YahComb
Established Contributor

Re: US Bank Cash+ Approved!


@SanjeevR wrote:

@bs6054 wrote:

@SanjeevR wrote:

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?


Right, two separate things.  One is the redemption bonus, any time you redeem $100 or more (but you should only redeem $100 at a time!) you get $25, as a debit card or possibly deposited to your bank account.

 

With the gold account, you get a monthly 25% bonus on the base rate of rewards earned this month, so if you spent $100 on the 1% category, you would get the additional 25 cents added to your rewards.   (And then, once you have $100, you can redeem and get the redemption bonus).

 

What confused me, and why I opened the bank account, is that the wording you quote "all rewards"  DOES suggest that if I spent $100 on a 5% category, I get $5 reward as usual and then I should get an additional 25% because of the bank account, so an extra $1.25.   But after asking N times, one person confirmed that it is the base rate rewards.   Once you get your card statement, you will see entries like (for just one merchant):

 

Name                      Charge                         Reward

Merchant 1               $100                               $1

5%/2% Bonus         $100                               $4

 

so the 5% bonus is made up of a base 1% and then a 4% bonus, and maybe only the first is a "reward"!

 

But check and see what you are told.


Got it. That makes sense now. That's a bit sneaky that they split the rewards between a base amount and the 5%/2% category. Now I'll revert to my previous sentiment. It's not worth the effort to receive an extra 0.25% rewards!


May be sneaky, but it's standard practice in the industry. Read the terms on a lot of these popular cashback cards and you'll see that  categories are usually counted as a 4%/4 point bonus (or however many points/% it is) over the always earned rate of 1.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 31 of 58
nishant1
New Contributor

Re: US Bank Cash+ Approved!

I was approved US Cash + visa signature card before I moved to Chicago and when there was no US Bank within 50 miles radius.

 

My credit limit is $8000 and I did not opt for checking or saving account when I applied on phone.

 

Bank of America credit card also gives 25% redemption bonus but their limit is high. $300 or more. So $300 cash back when redeemed at a time gets you $375 but at 1% rate on everything, it takes $30,000 excluding gas and grocery which 2 & 3 %.  Not impressive.

 

When I wanted to remodel basement, I selected home improvement store as 5% category for that quarter so cash back is not only impressive but you get good cash for spending which anyway I was going to do.

Message 32 of 58
nishant1
New Contributor

Re: US Bank Cash+ Approved!

Just to clarify, my remodel above refers to US Cash + category and not Bank of America.

Message 33 of 58
SanjeevR
Regular Contributor

Re: US Bank Cash+ Approved!

Update. CL is approved at $9,000.

 

So, again, for all who were curious:

 

1) Yes, you can still apply by phone

2) Underwriting took 2 days to determine official CL (though the system did provide a tentative approval of $9,000)

3) You do not need to reside in a state where they have a branch. I live in NY, where there are no US Bank branches.

 

 

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Message 34 of 58
Open123
Super Contributor

Re: US Bank Cash+ Approved!

Great card!

 

Can anyone chime in on whether or not the cashback categories are capped?

 

Thanks!

Message 35 of 58
pkosheta
Contributor

Re: US Bank Cash+ Approved!

as of now, there is no cap.

however, the card is a year old and this is U.S. Banks 1st foray into a 5% card.  the card may have been too successful as it has already removed apps from its website.  this card will likely morph a few more times and a cap is one solution to helps its profitability.  It could also change the current method of bonuses, e.g. providing less choices or removing certain catergories.  BCP recently put in a cap so its not an unprecedented solution.  this card is special though for many many reasons, i hope they do not change it.  i am even considering opening a checking account with them considering the extra bonus with gold/plat status.

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Message 36 of 58
bs6054
Valued Contributor

Re: US Bank Cash+ Approved!


@pkosheta wrote:

as of now, there is no cap.

however, the card is a year old and this is U.S. Banks 1st foray into a 5% card.  the card may have been too successful as it has already removed apps from its website.  this card will likely morph a few more times and a cap is one solution to helps its profitability.  It could also change the current method of bonuses, e.g. providing less choices or removing certain catergories.  BCP recently put in a cap so its not an unprecedented solution.  this card is special though for many many reasons, i hope they do not change it.  i am even considering opening a checking account with them considering the extra bonus with gold/plat status.


Yes, and I still have a question if the 25% redemption bonus is still active (as it is not clearly mentioned except on FAQ on the web site).  In the next few days my bonus will post over $100, and I will redeem and so what happens.

Message 37 of 58
bs6054
Valued Contributor

Re: US Bank Cash+ Approved!


@bs6054 wrote:

@pkosheta wrote:

as of now, there is no cap.

however, the card is a year old and this is U.S. Banks 1st foray into a 5% card.  the card may have been too successful as it has already removed apps from its website.  this card will likely morph a few more times and a cap is one solution to helps its profitability.  It could also change the current method of bonuses, e.g. providing less choices or removing certain catergories.  BCP recently put in a cap so its not an unprecedented solution.  this card is special though for many many reasons, i hope they do not change it.  i am even considering opening a checking account with them considering the extra bonus with gold/plat status.


Yes, and I still have a question if the 25% redemption bonus is still active (as it is not clearly mentioned except on FAQ on the web site).  In the next few days my bonus will post over $100, and I will redeem and so what happens.


And as I sent that, got an email from US Bank confirming the bonus is still active!

Message 38 of 58
iloverewards
Valued Member

Re: US Bank Cash+ Approved!


@nishant1 wrote:

I was approved US Cash + visa signature card before I moved to Chicago and when there was no US Bank within 50 miles radius.

 

My credit limit is $8000 and I did not opt for checking or saving account when I applied on phone.

 

Bank of America credit card also gives 25% redemption bonus but their limit is high. $300 or more. So $300 cash back when redeemed at a time gets you $375 but at 1% rate on everything, it takes $30,000 excluding gas and grocery which 2 & 3 %.  Not impressive.

 

When I wanted to remodel basement, I selected home improvement store as 5% category for that quarter so cash back is not only impressive but you get good cash for spending which anyway I was going to do.


Congratulations on your approval and awesome credit limit. I'm still waiting to hear a decision on my application. *fingers crossed*

 

Do you know if there's a limit to the B of A bonus? My boyfriend has a lot of rewards he can redeem and I'm wondering how many times he can redeem his rewards in $300 chunks to maximize the yield. Thanks!

 

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Message 39 of 58
bs6054
Valued Contributor

Re: US Bank Cash+ Approved!


@pkosheta wrote:

as of now, there is no cap.

however, the card is a year old and this is U.S. Banks 1st foray into a 5% card.  the card may have been too successful as it has already removed apps from its website.  this card will likely morph a few more times and a cap is one solution to helps its profitability.  It could also change the current method of bonuses, e.g. providing less choices or removing certain catergories.  BCP recently put in a cap so its not an unprecedented solution.  this card is special though for many many reasons, i hope they do not change it.  i am even considering opening a checking account with them considering the extra bonus with gold/plat status.


I don't know for sure but I would guess that even with the swipe fees, issuers lose money on general 5% spending.  (By general, I mean a category like restaurants, as compared to a targetted vendor such as Starbucks, where Starbucks might pay some portion of the cashback in return for increased business).  So uncapped it does seem dangerous. 

 

I wonder if the assumption is that people get such a card, and use it for everything, so the 5% is diluted by profitable 1 and 2% spending.    (And of course interest if people carry a balance.)   On this forum, this doesn't seem to be the case, with many/most people using the best card for each purchase, but maybe in the general population, where a user has an average 3.5 cards or something, this is nearer the truth.

Message 40 of 58
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