topic Re: US Bank Cash+ Flexible Spending CC in Credit Cards

US Bank Cash+ Flexible Spending CC

Anonymous — Thu, 07 May 2015 22:53:51 GMT

I recently got this card on my app spree in April. I made two purchases that total $79 and just reported to EQ tonight (and dropped me 4 points to 799). I noticed on myFICO that it was reported as a "Flexible Spending Credit Card". This is a new term for me and did some research. My understanding when I got the card was it's a $5k CL. From reading an article online it's "flexible" and most times does not report the actual limit to the CRA. Is this overall not a good card to have? I did notice when on my online account it does not reflect my $5k limit. Curious if maybe I should consider closing this or is the Flexible Spending type card actually not a bad idea.

Thanks in advance.

Re: US Bank Cash+ Flexible Spending CC

longtime_lurker — Thu, 07 May 2015 23:34:59 GMT

@Vulcan1600 wrote:
I recently got this card on my app spree in April. I made two purchases that total $79 and just reported to EQ tonight (and dropped me 4 points to 799). I noticed on myFICO that it was reported as a "Flexible Spending Credit Card". This is a new term for me and did some research. My understanding when I got the card was it's a $5k CL. From reading an article online it's "flexible" and most times does not report the actual limit to the CRA. Is this overall not a good card to have? I did notice when on my online account it does not reflect my $5k limit. Curious if maybe I should consider closing this or is the Flexible Spending type card actually not a bad idea.

Thanks in advance.

Most true WMCs/VSs will report as Flexible Spending Credit Card - and yes, on your CRs that is notated, but the limits do show up. I agree that US Bank is odd in that I can't see my balance at a glance, but it is what it is.

Re: US Bank Cash+ Flexible Spending CC

CreditCuriosity — Thu, 07 May 2015 23:36:11 GMT

It reports the limits... Just means that you can go over the limit by 10-20%.. Who knows the exact amount.. You have to pay back what you go over the limit plus the min payment when due date comes though... Only difference.. Limit use to not show on CB's for certain cards that were Fexible spending accounts

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Thu, 07 May 2015 23:38:39 GMT

@Vulcan1600 wrote:
I recently got this card on my app spree in April. I made two purchases that total $79 and just reported to EQ tonight (and dropped me 4 points to 799). I noticed on myFICO that it was reported as a "Flexible Spending Credit Card". This is a new term for me and did some research. My understanding when I got the card was it's a $5k CL. From reading an article online it's "flexible" and most times does not report the actual limit to the CRA. Is this overall not a good card to have? I did notice when on my online account it does not reflect my $5k limit. Curious if maybe I should consider closing this or is the Flexible Spending type card actually not a bad idea.

Thanks in advance.

Thanks for posting this. I just got the Cash+ V Sig also. I haven't gotten the card yet but it has showed up on my online access with -- as the credit limit. I know the banker said it was approved for $5k, and I wondered if it was showing up as -- because that was an 'at least' limit (it was opened in conjunction with opening checking/savings in anticipation of a HELOC closing (next week...knock on wood...but not holding my breath). Or I thought maybe it would show a CL once the card was activated. Or I thought maybe since it's a V Sig, maybe it was flexible spending and wouldn't show a limit.

Curious to see what others say.

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 00:34:58 GMT

TortoiseWins wrote:

Vulcan1600 wrote:

Thanks in advance.

Curious to see what others say.

Thanks everyone for the replies. I also was wondering about that -- and not the $5,000. I see benefit in this, however for me, I pay everything off before the due dates and don't plan on ever carrying a balance. Curious to read more replies.

Re: US Bank Cash+ Flexible Spending CC

dragontears — Fri, 08 May 2015 01:11:17 GMT

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

Re: US Bank Cash+ Flexible Spending CC

CreditCuriosity — Fri, 08 May 2015 01:14:30 GMT

@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

This is true... Messes up alot of people

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:17:44 GMT

@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.

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:21:46 GMT

@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)?

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:22:48 GMT

@Vulcan1600 wrote:
@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.

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

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:32:58 GMT

@Anonymous wrote:
@Vulcan1600 wrote:
@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.
Right, me too. I haven't decided on electronics or sporting goods though.

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.

Re: US Bank Cash+ Flexible Spending CC

dragontears — Fri, 08 May 2015 01:33:57 GMT

@Anonymous wrote:
@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

Re: US Bank Cash+ Flexible Spending CC

NRB525 — Fri, 08 May 2015 01:35:08 GMT

@Anonymous wrote:
@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)?

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

Re: US Bank Cash+ Flexible Spending CC

dragontears — Fri, 08 May 2015 01:36:17 GMT

@Vulcan1600 wrote:
@Anonymous wrote:
@Vulcan1600 wrote:
@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.
Right, me too. I haven't decided on electronics or sporting goods though.
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.

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)

Re: US Bank Cash+ Flexible Spending CC

NRB525 — Fri, 08 May 2015 01:37:39 GMT

@Vulcan1600 wrote:
@Anonymous wrote:
@Vulcan1600 wrote:
@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.
Right, me too. I haven't decided on electronics or sporting goods though.
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.

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.

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:41:12 GMT

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.

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:43:54 GMT

@dragontears wrote:
@Anonymous wrote:
@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

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

Re: US Bank Cash+ Flexible Spending CC

dragontears — Fri, 08 May 2015 01:48:01 GMT

@Anonymous wrote:
@dragontears wrote:
@Anonymous wrote:
@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
So, last Friday of the month as long as it's not a holiday?

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

Re: US Bank Cash+ Flexible Spending CC

Anonymous — Fri, 08 May 2015 01:57:50 GMT

@dragontears wrote:
@Anonymous wrote:
@dragontears wrote:
@Anonymous wrote:
@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
So, last Friday of the month as long as it's not a holiday?
yeppers, this month the balance you have on the 29 will report

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.

Re: US Bank Cash+ Flexible Spending CC

takeshi74 — Fri, 08 May 2015 12:32:30 GMT

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

@Vulcan1600 wrote:
Curious if maybe I should consider closing this or is the Flexible Spending type card actually not a bad idea.

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.