topic Re: Tricked by US Bank credit card issuance in Credit Cards

Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 04:10:09 GMT

Hi all,

I applied for US Bank Cash+ with (TU 718, mailed to me by US Bank; FICO 769, by AMEX; Credit Karma 741), but they send me a US bank cash reward card.

I really don't need the cash reward card, which is far inferior to Cash+ card.

What should I do next?

I haven't activated it yet. Is there any "more" harm if I keep it unactivated? (by "more" I mean one hard pull has been de facto)

Shall I call them to argue? If so, to whom should I call?

Thanks!

Re: Annoyed by US Bank credit card issuance

NRB525 — Tue, 22 Sep 2015 03:50:45 GMT

Congratulations on getting a US Bank Credit Card, really.

Activate it, use it for some spend on a regular basis, let them see some spend and your payment performance, then in 6 months or a year, call in to see if you can PC the card to Cash+. It might take a little time, but with good payment activity, this card can be PC to a Cash+. I just PC'd my CashRewards card, issued in 2009 as a Perks-something card, into my second Cash+ card, same terms, no further HP. At the least, within a year you should see an automatic CLI, if it is anything like all the cards I have had with US Bank.

Good luck!

Re: Annoyed by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 04:08:25 GMT

Thanks for your information.

According to this post, one needs $5k CL and $30k income. But my CL is only $1k, which seems a far way to go.

If 15% percent of CL is spent each month, don't know how long I can get $5k CL and then PC to cash+.

Anyway, a bit disappointed.

Re: Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 05:00:24 GMT

As stated directly on the US Bank website:

"If you do not qualify for the U.S. Bank Cash+ Visa Signature Card, you will automatically be considered for the U.S. Bank Cash Rewards Visa Card that earns 1% cash back on all net purchases, but does not offer the 5% and 2% Cash+ Categories or the $25 Cash+ Bonus." It doesn't appear you were tricked.

If you ask me, this card is way more hassle than it's worth. So many restrictions and limitations; it is a full time job to make it pay. IMO, you may be better off with one of the 2% everything cash back cards.

Re: Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 05:05:14 GMT

@Anonymous wrote:
Hi all,
I applied for US Bank Cash+ with (TU 718, mailed to me by US Bank; FICO 769, by AMEX; Credit Karma 741), but they send me a US bank cash reward card.
I really don't need the cash reward card, which is far inferior to Cash+ card.
What should I do next?
I haven't activated it yet. Is there any "more" harm if I keep it unactivated? (by "more" I mean one hard pull has been de facto)
Shall I call them to argue? If so, to whom should I call?

Thanks!

Do you still have the mailing with the offer? Does it have a code or anything that uniquely identifies it? Maybe an email with the card identified?

I would suggest just calling the number on the back of the card and starting there and explain you applied for one card but got a different one.

Hopefully, they can straighten it out for you.

Re: Tricked by US Bank credit card issuance

OmarGB9 — Tue, 22 Sep 2015 05:07:20 GMT

I've heard stories of people not qualifying for the cash+ and getting approved for the cash rewards instead. Sadly it *is* in the fine print.

Re: Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 06:21:01 GMT

@OmarGB9 wrote:
I Sadly it *is* in the fine print.

The big print giveth, and the small print taketh away.

Re: Tricked by US Bank credit card issuance

kdm31091 — Tue, 22 Sep 2015 11:06:50 GMT

I agree with the majority. You were not "tricked". If one chooses not to read the fine print, that's on them. I don't know why people get upset about getting the Cash Rewards anyway. I mean yes, it's a lower tier card, but if it's that or a denial...take the foot in the door, use it for 6 months, and see if you can get a CLI to 5k. Then you can PC to the Cash+.

Closing or SDing it now will do nothing helpful for you. Using it for 6 months responsibly may actually help you get what you ultimately want. Don't act out of "I'm mad at US Bank" impulse and not use the card. They are conservative and tough to get in with so any approval is better than nothing.

There's nothing to call and argue about, as what you were given is fully stated as a possibility on the website.

Re: Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 11:05:06 GMT

Calling them to argue won't get you anywhere. All that will do is get the card closed and keep in mind it will still show on your report. Next, just pay close attention to what you are being offered before taking the bait.

Re: Tricked by US Bank credit card issuance

takeshi74 — Tue, 22 Sep 2015 12:32:18 GMT

@Anonymous wrote:
Tricked by US Bank credit card issuance

They didn't trick you. You didn't read before applying. The text below isn't even in the fine print. It's just under the list of bullet points.

https://www.usbank.com/credit-cards/cash-plus-signature.html

If you do not qualify for the U.S. Bank Cash+ Visa Signature Card, you will automatically be considered for the U.S. Bank Cash Rewards Visa Card that earns 1% cash back on all net purchases, but does not offer the 5% and 2% Cash+ Categories.

Always make sure you read and understand the terms and details before applying.

@Anonymous wrote:

If 15% percent of CL is spent each month, don't know how long I can get $5k CL and then PC to cash+.

It all depends on your credit and income and what they qualify for -- not how much of the CL you spend. Work on your credit and then try to get it upgraded to the cash+.

Re: Annoyed by US Bank credit card issuance

NRB525 — Tue, 22 Sep 2015 12:54:05 GMT

@Anonymous wrote:
Thanks for your information.
According to this post, one needs $5k CL and $30k income. But my CL is only $1k, which seems a far way to go.
If 15% percent of CL is spent each month, don't know how long I can get $5k CL and then PC to cash+.
Anyway, a bit disappointed.

What is your income level? The $1k is a starting CL, but my experience has been that US Bank gives auto CLI, I've seen that on each of my three cards that are active (Travel Rewards wasn't open long enough to see, but started at $17k as my third card with them)

why do you say you can only spend 15% of the $1k per month? what's wrong with spending $500 a month with the card?

As to the basic card, the Cash Rewards is exactly the same as the Cash+, with 1% on general spend, the only difference being you can't select a 2% category and can't select two 5% categories. The 5% categories are typically non-volume purchases for most cardholders, so it's not like they are taking money away from you. If you spend $500 at a department store, the Cash+ gives you $25 vs the Cash Rewards which gives you $5, not a life-changing difference. In the 2% category, if you spend $500 a month on groceries, Cash+ can give you $10 back, vs $5 for the Cash Rewards. Noticeable? Hardly.

As I noted, you just need to use the card, heavily or lightly, your choice, but I'd go with heavily, then try later for the Cash+ after they get to know you. This is critical with US Bank, but after you let them get to know you, the gates will open.

Re: Tricked by US Bank credit card issuance

kdm31091 — Tue, 22 Sep 2015 13:05:10 GMT

Good post NRB. Sometimes we get so swept up in the higher percentage of rewards that we realize when you boil it down it doesnt always add up to much!

Re: Annoyed by US Bank credit card issuance

PrimeRate — Tue, 22 Sep 2015 13:10:58 GMT

@Anonymous wrote:
Thanks for your information.
According to this post, one needs $5k CL and $30k income. But my CL is only $1k, which seems a far way to go.
If 15% percent of CL is spent each month, don't know how long I can get $5k CL and then PC to cash+.
Anyway, a bit disappointed.

Your scores are decent enough to warrant the CASH+ now, but things didn't work out - don't throw in the towel just yet! I would give a call to their back door 800-947-1444/800-685-7680 and recon the initial CL. About a year ago I was able to recon an initial CL on my CASH+ of 6k to 25k. I don't know enough about your portfolio or history to give much advice, but I'd say give a call and see if they can atleast increase you to 5-10k using the HP from your original application. If they give you the bump, you're then really just a few months of solid usage and the right CSR away from getting your Cash Rewards upgraded to a CASH+. Best of luck in whatever you choose to do.

Re: Annoyed by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 13:46:20 GMT

@NRB525 wrote:
As to the basic card, the Cash Rewards is exactly the same as the Cash+, with 1% on general spend, the only difference being you can't select a 2% category and can't select two 5% categories.

While I understand the sentiment, the "only difference" is really significant in terms of card selection (even if $ values aren't that great) Uniform 1% cards are way below the market average these days

Re: Tricked by US Bank credit card issuance

kdm31091 — Tue, 22 Sep 2015 13:50:56 GMT

Right...no one would suggest outright applying for a 1 percent card but since its what OP was given, may as well make the best of it.

Re: Tricked by US Bank credit card issuance

Anonymous — Tue, 22 Sep 2015 13:52:49 GMT

the only difference being you can't select a 2% category and can't select two 5% categories. - This is a pretty significant difference for most. I doubt anyone would be thrilled to apply for a card advertised as 1% unlimited cash back.
OP sorry this happened to you but hopefully it grows quickly into a Cash+. I decided long ago I wasnt applying for any cards where there was a chance I might receive a different version unless the card benefits were the same. Always read the fine print. GL

Re: Tricked by US Bank credit card issuance

Anonymous — Wed, 23 Sep 2015 21:25:41 GMT

Give them a call and find out directly from them instead inquiring here. Since you took the hard pull, and your scores are decent, just keep the card. It will grow in time, add to your AAOA, and other cards will come. And the link for the information on the US Bank card(s) was from 2013, so that information is not necessarily accurate anymore.

What other cards do you have? What's your income?

Re: Tricked by US Bank credit card issuance

Anonymous — Wed, 23 Sep 2015 03:36:34 GMT

@Redeyz

I have Chase Freedom and AMEX Blue cash everyday.

Annual income around $30k, credit history 2yrs.

Re: Tricked by US Bank credit card issuance

NRB525 — Wed, 23 Sep 2015 13:00:45 GMT

@Anonymous wrote:
@Anonymous
I have Chase Freedom and AMEX Blue cash everyday.
Annual income around $30k, credit history 2yrs.

With that profile, you are about where you should be. Use the CashRewards as part of your growing credit profile, including growing with US Bank, and in a years time you'll be likely to get the Cash+

My statement that the only difference is one 2% category and two 5% categories still stands. I agree you did not apply for the 1% card, but it's on the path to the Cash+. With $30k of annual income, your spend on groceries (1% vs 2%) or other 5% items isn't going to make much difference over the next year. Longer term, yes, you do want to be getting 2% and 5% categories, and that will come soon enough.

Good luck!

Re: Tricked by US Bank credit card issuance

kdm31091 — Wed, 23 Sep 2015 14:28:01 GMT

I see NRBs point. With that income and spend the rewards will not be a big difference. Build history and be patient. Youll be rewarded.