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Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
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Re: US Bank Cash + Visa Signature

I was jokingly (semi-seriously) wondering the other day with a friend if I am the highest or one of the highest cash-back earners in the country on this card. I got the card in the middle of July and I know it launched in May or June. So, the earliest adopters only have a 6 to maybe 8 weeks' head start on me. 

 

But I use the card for bill pay primarily (and also eating out at resaurants). I also own a restaurant and the card has been quite a gold mine with my commercial utlilities and insurance and stuff....besides by personal bills that apply. 

 

As of right now, I have earned $1,131 cash back including 7 $25 gift cards. Of that total, about $257 hasn't been redeemed. I likely won't hit $300 this month so I'll be redeeming another $200, which will add another $50 with my 8th and 9th gift cards. So, barring any new spending, I'll be at $1181 when my statement posts on 1/7/13 and  I redeem those $200 plus $50. 

 

And that's all in just over 5 months of use. And the best part? NO INTEREST PAID. So I have to wonder how many people have done more than that. It would realistically take someone in a similar situation who is paying even bigger gas, water and electric bills and then some on a monthly basis like I am....unless some millionaire is using it for 5% on hotels to stay indefinitely at the Waldorf every day. :smileytongue: In that case, I concede without a second thought.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: US Bank Cash + Visa Signature


ztnjpv wrote:

I was jokingly (semi-seriously) wondering the other day with a friend if I am the highest or one of the highest cash-back earners in the country on this card. I got the card in the middle of July and I know it launched in May or June. So, the earliest adopters only have a 6 to maybe 8 weeks' head start on me. 

 

But I use the card for bill pay primarily (and also eating out at resaurants). I also own a restaurant and the card has been quite a gold mine with my commercial utlilities and insurance and stuff....besides by personal bills that apply. 

 

As of right now, I have earned $1,131 cash back including 7 $25 gift cards. Of that total, about $257 hasn't been redeemed. I likely won't hit $300 this month so I'll be redeeming another $200, which will add another $50 with my 8th and 9th gift cards. So, barring any new spending, I'll be at $1181 when my statement posts on 1/7/13 and  I redeem those $200 plus $50. 

 

And that's all in just over 5 months of use. And the best part? NO INTEREST PAID. So I have to wonder how many people have done more than that. It would realistically take someone in a similar situation who is paying even bigger gas, water and electric bills and then some on a monthly basis like I am....unless some millionaire is using it for 5% on hotels to stay indefinitely at the Waldorf every day. :smileytongue: In that case, I concede without a second thought.


Ah, so when they cap rewards, or delete bill pay as an option, now we have a (screen)name to blame.

 

I hadn't thought about commercial utilities, seems an even bigger loophole than gift cards at supermarkets.  I would expect more small businesses to do this (Come to think of it, I work at a Fortune 20 company, maybe I should suggest this strategy to my CFO!)

Regular Contributor
ukimafija
Posts: 127
Registered: ‎08-13-2012
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Re: US Bank Cash + Visa Signature


bs6054 wrote:


Ah, so when they cap rewards, or delete bill pay as an option, now we have a (screen)name to blame.

 

I hadn't thought about commercial utilities, seems an even bigger loophole than gift cards at supermarkets.  I would expect more small businesses to do this (Come to think of it, I work at a Fortune 20 company, maybe I should suggest this strategy to my CFO!)


I hope you are not that crazy, company has the money they can live without it, that kind of stuff would definitely kill this card for the regular consumers....
People should be saving money not the companies....Thay could just kill that category and then what....?What did you achieve for a little pat on the back?
Don't be silly....

 

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Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: US Bank Cash + Visa Signature


ukimafija wrote:

bs6054 wrote:


Ah, so when they cap rewards, or delete bill pay as an option, now we have a (screen)name to blame.

 

I hadn't thought about commercial utilities, seems an even bigger loophole than gift cards at supermarkets.  I would expect more small businesses to do this (Come to think of it, I work at a Fortune 20 company, maybe I should suggest this strategy to my CFO!)


I hope you are not that crazy, company has the money they can live without it, that kind of stuff would definitely kill this card for the regular consumers....
People should be saving money not the companies....Thay could just kill that category and then what....?What did you achieve for a little pat on the back?
Don't be silly....

 


Let's deconstruct for you:

 

1) I start the post talking about too much spending putting benefits at risk

2) There is an exclamation mark after the bit you quoted, often an indication that the remark is not intended seriously

3) Fortune 20 companies usually have special contracts with their suppliers, including utilities, and probably doesn't include paying by credit card

4) Fortune 20 CFOs don't take input from the likes of me

5) My company and other similar companies do actually give substantial rewards to those that come up with cost-saving ideas that work, so if it wasn't for 1,3 and 4, I might get more than a pat on the back.  Maybe much more than I would ever make from the rewards on my own personal spending.

 

In other words, it was not serious.   But not as funny as your:

 

"company has the money they can live without it,"

 

a concept totally devoid of meaning to a Fortune 20 CFO....

 

 

Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
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Re: US Bank Cash + Visa Signature

Ah, so when they cap rewards, or delete bill pay as an option, now we have a (screen)name to blame.

 

I hadn't thought about commercial utilities, seems an even bigger loophole than gift cards at supermarkets.  I would expect more small businesses to do this (Come to think of it, I work at a Fortune 20 company, maybe I should suggest this strategy to my CFO!)

---------------------------------------------------------------------------------------------

 

HA!! Then we'll REALLY know who to blame. :smileytongue:

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
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Re: US Bank Cash + Visa Signature

But seriously BS6054,

 

The one thing that actually does cap rewards for me is Bill Matrixx. They are the payment processor for my electric utility company (and gas company). I learned through exp[erience that they limit the number of transactions I can do in a given calender month. Not only is the cap at $600 per transaction but they, themselves, cap it at 3 per month. One month they actually stopped me at two with no explanation. They have their own little system. So when my electric bill is over 1800, which happens often, I'm SOL. So, I have basically started doing three 600 tranactions per month to my electric company (or two if they stop me there) regardless of my bill so I can accumulate credit for the months that I am over 1800. 

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: US Bank Cash + Visa Signature


ztnjpv wrote:

But seriously BS6054,

 

The one thing that actually does cap rewards for me is Bill Matrixx. They are the payment processor for my electric utility company (and gas company). I learned through exp[erience that they limit the number of transactions I can do in a given calender month. Not only is the cap at $600 per transaction but they, themselves, cap it at 3 per month. One month they actually stopped me at two with no explanation. They have their own little system. So when my electric bill is over 1800, which happens often, I'm SOL. So, I have basically started doing three 600 tranactions per month to my electric company (or two if they stop me there) regardless of my bill so I can accumulate credit for the months that I am over 1800. 


Do you have to pay a fee to Bill Matrixx?  I would have to do that for both gas and electricity and as my charges are fairly small, the minumum charge outweights most or all of the cash back, even assuming that going through the processor would still allow the transactions to be correctly coded as utilities.

 

So my major use of bill pay is going to be on phone/wireless/FioS, but by mistake I double paid on my old card last month, so all I will get this month from that charged to the Cash Plus bill pay is 4 cents, and even at 6.25% cashback, that's still 4 cents!

 

However, my car insurance was quite good cash back.  I usually have it deducted from my pay check, as MetLife gives a 12% discount for that (for reasons I don't fully understand) which is obviously better than the Cash Plus discount.   But playing around, I was able to pay the balance (8 months) using the credit card, so I got the 12% + the 6.25% cash back.  Waiting to see if MetLife complains, but all they did so far is refund the overpayment from the next pay check....

Established Contributor
ztnjpv
Posts: 734
Registered: ‎02-01-2012
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Re: US Bank Cash + Visa Signature

Yes. Bill Matrixx charges $4.95 per transaction....whether it's $50 or $600. So, it makes sense to always charge the max if you can (even it means overpaying) and carry a negative balance for a month or two or whatever if you have a small home bill. 

 

But that $4.95 fee is easily swallowed up by the $30.25 cash back you get on a $604.95 charge.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!

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