US Bank Cash+ Flexible Spending CC

[Anonymous]

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@Anonymous wrote:

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@Vulcan1600 wrote:

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@dragontears wrote:

I have had the Cash+ since November; always shows -- for my credit limit on my online account but still reports the limit on CR. Have never tested the "flexible" part since I haven't used more than 10% before paying it off. It is my impression that having a flexible spending cc on your report is a good thing (during manual review) since those are the VS cards that are more "elite" than regular cards (this is just the impression I get)

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

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Well, I'm sure glad I reconed with them when I apped for this card during my spree last month. They weren't going to give me the card but after speaking to them I was approved for the Cash+ with the $5k limit. If having a VS card is a good thing, even if I don't use it a lot, then I'm going to use it occasionally and keep it. Since it has 5% back for cell phone bills, I'll be using this for my Verizon payments starting in June.

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Right, me too. I haven't decided on electronics or sporting goods though. 

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I hope I can keep the cell phone one at 5% all year and not be forced to rotate it out because it's the main reason I got this card.

[dragontears]

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@Anonymous wrote:

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@dragontears wrote:

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

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Thanks. I was aware. Is it literally always the last day (28th, 30th or 31st)? 

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yes the last working day of the month

[NRB525]

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@Anonymous wrote:

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@dragontears wrote:

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

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Thanks. I was aware. Is it literally always the last day (28th, 30th or 31st)? 

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The balance used is from the end of the calendar month. The actual day reported... mine just had alerts through EQ today, TU yesterday.

[dragontears]

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@Vulcan1600 wrote:

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@Anonymous wrote:

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@Vulcan1600 wrote:

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@dragontears wrote:

I have had the Cash+ since November; always shows -- for my credit limit on my online account but still reports the limit on CR. Have never tested the "flexible" part since I haven't used more than 10% before paying it off. It is my impression that having a flexible spending cc on your report is a good thing (during manual review) since those are the VS cards that are more "elite" than regular cards (this is just the impression I get)

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

---

Well, I'm sure glad I reconed with them when I apped for this card during my spree last month. They weren't going to give me the card but after speaking to them I was approved for the Cash+ with the $5k limit. If having a VS card is a good thing, even if I don't use it a lot, then I'm going to use it occasionally and keep it. Since it has 5% back for cell phone bills, I'll be using this for my Verizon payments starting in June.

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Right, me too. I haven't decided on electronics or sporting goods though. 

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I hope I can keep the cell phone one at 5% all year and not be forced to rotate it out because it's the main reason I got this card.

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you can pick the same categories each quarter unless they remove that category,

I also use the cell phone category (6 people on the plan, cash back builds fast)

[NRB525]

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@Vulcan1600 wrote:

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@Anonymous wrote:

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@Vulcan1600 wrote:

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@dragontears wrote:

I have had the Cash+ since November; always shows -- for my credit limit on my online account but still reports the limit on CR. Have never tested the "flexible" part since I haven't used more than 10% before paying it off. It is my impression that having a flexible spending cc on your report is a good thing (during manual review) since those are the VS cards that are more "elite" than regular cards (this is just the impression I get)

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

---

Well, I'm sure glad I reconed with them when I apped for this card during my spree last month. They weren't going to give me the card but after speaking to them I was approved for the Cash+ with the $5k limit. If having a VS card is a good thing, even if I don't use it a lot, then I'm going to use it occasionally and keep it. Since it has 5% back for cell phone bills, I'll be using this for my Verizon payments starting in June.

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Right, me too. I haven't decided on electronics or sporting goods though. 

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I hope I can keep the cell phone one at 5% all year and not be forced to rotate it out because it's the main reason I got this card.

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You choose your categories each quarter, and yes you can keep the same categories continuously, though you must re-select them each quarter. If you don't, then none are given to you; they don't just roll over on their own to continue. It is an opt-in, you-must-take-action 5% program every quarter.

[Anonymous]

Dragon and NRB - thanks for the clarification. I would certainly be watching and renew the cell phone one. I'm the main person on our 5 line account with all smartphones. We're on an older plan that gives us a 20% discount on the main line, but the bill is still $250 per month. My daughter and son in law pay $100 of it, so I'm still paying $150 a month. Every penny helps.

[Anonymous]

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@dragontears wrote:

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@Anonymous wrote:

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@dragontears wrote:

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

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Thanks. I was aware. Is it literally always the last day (28th, 30th or 31st)? 

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yes the last working day of the month

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So, last Friday of the month as long as it's not a holiday? 

[dragontears]

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@Anonymous wrote:

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@dragontears wrote:

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@Anonymous wrote:

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@dragontears wrote:

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

---

Thanks. I was aware. Is it literally always the last day (28th, 30th or 31st)? 

---

yes the last working day of the month

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So, last Friday of the month as long as it's not a holiday? 

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yeppers, this month the balance you have on the 29 will report

[Anonymous]

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@dragontears wrote:

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@Anonymous wrote:

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@dragontears wrote:

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@Anonymous wrote:

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@dragontears wrote:

Also for those with new US Bank cards, they report on the last day of the month NOT your statement date

---

Thanks. I was aware. Is it literally always the last day (28th, 30th or 31st)? 

---

yes the last working day of the month

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So, last Friday of the month as long as it's not a holiday? 

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yeppers, this month the balance you have on the 29 will report

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Wait, I misstated.  But I get it. It's actually my payday, so it should be easy enough to remember.  It's not ALWAYS a Friday. But if the last day of the month falls on the weekend, then it's the last Friday. 

Thanks. 

[takeshi74]

It's the last business day.  Some of the comments are making it more convuluted than it really needs to be.

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@Vulcan1600 wrote:

Curious if maybe I should consider closing this or is the Flexible Spending type card actually not a bad idea.

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Even if they worked that way (US Bank and many others do report the limit) your decision shouldn't be based on whether the card is Flexible Spending but your needs/wants and an understanding of the impact to your credit.  See also (linked in the Helpful Threads sticky):

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

Keep in mind that you've already taken the hit from the HP and the hit your AAoA by opening it.