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I was impressed by this from the credit card moderator of Flyertalk (Mia) , June 11, 2012, when they were discussing the new Cash Plus...
Agreed, but I see it as valuable in addition to Freedom and other category bonus cards, not as a replacement. I am not enthusiastic about cash rewards because they are not sustainable. The card issuer can buy points or miles wholesale, but we can redeem them at retail value. There is no such arbitrage when offering cash back. If the cards don't attract sufficient 1% spend the program will be changed. Jump on this one sooner rather than later.
Apparently got that right!
@emptypockets wrote:According to posters on the FW forum, they went into a US Bank branch to apply, and they told them the same thing: $25 bonus once per year, and billpay, home improvement, and airlines are going away. The bonus change is effective immediately, but the categories will remain until the end of the first quarter. Local banks received an email about this change on Monday, and mailers to existing cardmembers have already been sent out.
i have not received any mailers, but maybe someone with a branch near them could verify the change.
I went to my USbank branch today to talk with a personal banker about some business and she confirmed that airlines, home improvements, and bill pay are going to go away on FEBRUARY 15th 2013. She showed me the internal email she received on the subject! She was looking at my accounts and noticed I had the Cash+ card and volunteered the info without me even asking. She said she was really PO'd about it as she had made over $1,000 on her own Cash+ card. She verified the $25 bonus once per year and also verified that whatever the new 5% categories are will be capped at $2,000 of spending per quarter.
Oh well, it was good while it lasted....
Interesting about Feb 15th. We've picked categories through Mar 31st, so I would expect them to end then. I wonder if Feb 15th means that new users joining after then won't be able to pick them, and ends for all after Mar 31.
So this becomes very similar to the other 5% rotators, except you can still chose (from a smaller set) and is capped at $100 per quarter rather than $75. OK, but no longer a killer card!
You can now earn more than just cash!
On June 17, your Cash Rewards card will become a Select Rewards card! This means that in addition to the unlimited cash back you currently receive, you will also be able to choose from other rewards such as brand name merchandise, travel and the Choose Your Own Rewards program.
With your new Select Rewards card: •You will keep the same account number. There will be no account interruption and all of your terms will remain exactly the same.
•Any cash rewards you have earned to date will hold their same value and transfer automatically to your new Select Rewards card, but will accumulate as points.
•Watch your mailbox for more exciting details about your new Select Rewards card.
•On June 20, all of your points will be available to you and you will be able to access the website where you can redeem for unlimited cash back or browse other rewards options. A couple days prior to June 20, we will be busy enhancing your new Rewards Center, so you may notice that the web pages look different to you.
Hold cash+ card since late June, are they gonna downgrade me to a points card?
That message was when I log on from US BANK credit card's underwriter Elan Financial Services web site , www.myaccountaccess.com where I can get all my account detailed info, when I click reward center on left hand side, I got these terrible exciting news
I was able to confirm the changes over the phone. The question is, what do we do now? I can move my cell phone bill to the cell phone category. What about insurance, rhapsody, netflix, hulu, etc....
@FutureBillionaire wrote:I was able to confirm the changes over the phone. The question is, what do we do now? I can move my cell phone bill to the cell phone category. What about insurance, rhapsody, netflix, hulu, etc....
Your normal advice is to buy gift cards and "Done and Done"! But I guess with caps everywhere that gets harder.
@FutureBillionaire wrote:I was able to confirm the changes over the phone. The question is, what do we do now? I can move my cell phone bill to the cell phone category. What about insurance, rhapsody, netflix, hulu, etc....
Ink + Bluebird + VR
us bank cash plus terms and conditions:
Generally, there is no maximum annual cash rebate, but U.S. Bank reserves the right to cap certain 2% Rebates and 5% Rebates. Rebates expire 36 months after the billing cycle in which they are earned.
(h) We reserve the right to change or cancel the U.S. Bank Cash+ Program at any time, with or without notice to you.
so while this may be true i don't believe this is currently the case.
@android01 wrote:I've read on other forums of individuals using their personal Cash + card to pay the utility and phone bills for their businesses to the tune of thousands of dollars each month to get the rewards. I wouldn't be surprised if USBank modifies their rewards program.
is specifically states in the terms and conditions that cash plus card holders may only use their card for personal and not business purchases, and that doing so would violate the terms of cardholder agreement. and that doing so may prompt usbank to close the account is this activity is detected.
@scottwagnon wrote:
@android01 wrote:I've read on other forums of individuals using their personal Cash + card to pay the utility and phone bills for their businesses to the tune of thousands of dollars each month to get the rewards. I wouldn't be surprised if USBank modifies their rewards program.
is specifically states in the terms and conditions that cash plus card holders may only use their card for personal and not business purchases, and that doing so would violate the terms of cardholder agreement. and that doing so may prompt usbank to close the account is this activity is detected.
It really is a shame. If it was too difficult for US Bank to figure out which users were breaking the terms, then I think they should have at least attempted the quarterly cap on 5% categories before adding both a cap and getting rid of key categories at the same time.