topic Re: Elan "Max Cash" -vs- US Bank Cash+ in Credit Cards

Elan "Max Cash" -vs- US Bank Cash+

Aim_High — Sat, 05 Dec 2020 06:00:36 GMT

Many of you already know about Elan Financial Services, but I'll give a brief introduction to our members who may not be familiar. Among other financial services, Elan is the largest "agent" credit card issuer in the United States. It is a subsidiary of US Bancorp, the parent company that also includes US Bank which is the fifth largest bank in the USA. Agent card issuers like Elan work with smaller banks and credit unions that may want to provide credit products to their members but want to outsource the cards and servicing to a third party instead of trying to manage them in-house. You'll recognize financial institutions that do this when you visit their credit card pages and you are linked outside their web page with a cautionary note. The card offerings from any one card agent tend to be similar if not identical. The same products are just branded for the participating financial institution.

Probably the best known Elan product on My Fico is the Fidelity Rewards Visa which pays up to 2% back when redeemed to a Fidelity Investments account. Elan took over the Fidelity account in 2015 after the similar American Express card was discontinued. US Bank is known for their conservative lending over new accounts, with the 1/12 rule usually observed (1 new revolving account or less in the previous 12 months.) Similarly, as a subsidiary of USB, Elan has been somewhat conservative in approvals for the Fidelity card but data points indicate they are more relaxed. I found several reports over the past two years of approvals with well in excess of one new revolver. One approval two years ago reported as many as nine.

As far as I can tell, there is no central website to find all the Elan-serviced cards. Over time, I've noticed them anyway as I've browsed different lenders but they haven't really been noteworthy until now. Most of the cards were common offerings available most anywhere, such as basic Visa cards or cards with lower rewards (1% to 1.5%.) Until now.

One of the more popular cards on My Fico is the US Bank Cash+. It pays 5% in two selected categories up to $2K per quarter, 2% on another category uncapped, and then 1% on everything else. It currently offers a $200 SUB for spending $500 in the first 90 days. I've had my eye on it for awhile, but the conservative limits by US Bank on new accounts makes it card you have to plan and garden for.

As far as I can tell, Elan just recently started mass-releasing a version of the Cash+ to its' partner banks across the US. For the ones that are offering it, it is labeled as the "Max Cash Preferred" card. I've found it on more than 75 of Elan's partner banks. The SUB is typically $150 instead of $200 like offered at US Bank, but the cash back workings on the cards appear identical. And, if it's easier to be approved for this card through Elan, I thought many would be intrigued. This could offer many a chance to have a Cash+ card without the gardening. In my case, US Bank is not in my geographic area anyway and some of these Elan partner lenders are in my area, so applying with them might be more practical. Moreover, I called one today and asked about getting a card if I wasn't in their geo-area. I was told that since the cards are managed by Elan, anyone could apply. So it appears that, depending on the lender, any of these cards could be attainable regardless of geofence. But the listing I have included shows these cards are probably already available at a lender near you. My list is not exhaustive, so feel free to add to it as you check with your local banks or credit unions. As I said, I couldn't find a cental listing so I put this together over random web research. I'm sure I missed quite a few more.

I'll include some screen shots of the ads and application pages and you can see how similar or identical they all are to one another. The same card product with a different outer casing.

As I like to say, options are good! And I just wanted to throw this out there for the community. Happy hunting and let us know what you find!

... list to follow >>>>

Re: Elan "Max Cash" -vs- US Bank Cash+

Aim_High — Sat, 05 Dec 2020 06:19:50 GMT

>>>> Some Elan Lenders that offer the Max Cash Preferred ...

Incredible Bank (Wisconsin)

www.incrediblebank.com

First Financial Northwest Bank (Washington)

www.ffnwb.com

Guaranty Bank and Trust (Texas)

www.gnty.com

Johnson Financial Group (Wisconsin)

www.johnsonfinancialgroup.com

Capital City Bank (Florida, Georgia, Alabama)

www.ccbg.com

Busey Bank (Indiana, Illinois, Missouri, Florida)

www.busey.com

Banc of California (California)

www.bancofcal.com

Abby Bank (Wisconsin)

www.abbybank.com

Envision Bank (Massachusetts)

www.envisionbank.com

Fulton Bank (Virginia, Maryland, DC, Pennsylvania)

www.fultonbank.com

Highland Bank (Minnesota)

www.highland.bank

Chevron Federal Credit Union (United States)

www.chevronfcu.org

Banner Federal Credit Union (Arizona)

www.bannerfcu.org

MIT Federal Credit Union (Massachusetts)

www.mitfcu.org

NRL (Naval Research Lab) Federal Credit Union (DC, Virginia, Maryland)

www.nrlfcu.org

Intrust Bank (Arkansas, Oklahoma, Kansas)

www.intrustbank.com

People’s United Bank (Connecticut)

www.peoples.com

Astera Credit Union (Michigan)

www.asteracu.com

Cattle Bank and Trust (Nebraska)

www.cattlebank.com

Credit Union of Georgia (Georgia)

www.cuofga.org

Bank of Oklahoma (Oklahoma)

www.bankofoklahoma.com

Renasant Bank (Mississippi, Alabama, Tennessee, Georgia, Florida)

www.renasantbank.com

Liberty Bank (Connecticut)

www.liberty-bank.com

Rockland Trust (Massachusetts)

www.rocklandtrust.com

Bell Bank (Arizona, Minnesota, North Dakota)

www.bell.bank

Radius Bank (Massachusetts)

www.radiusbank.com

Alliance Credit Union (Missouri)

www.alliancecu.com

Green Belt Bank and Trust (Iowa)

www.greenbeltbank.com

Northside Community Bank (Illinois)

www.nscombank.com

Bremer Bank (Minnesota, North Dakota, Wisconsin)

www.bremer.com

Bank Five Nine (Wisconsin)

www.bankfivenine.com

F&M Bank (Farmers and Merchants) (California)

www.fmbonline.com

Prevail Bank (Wisconsin)

www.prevail.bank

Re: Elan "Max Cash" -vs- US Bank Cash+

Aim_High — Sat, 05 Dec 2020 06:20:14 GMT

And More Elan Lenders that offer the Max Cash Preferred .......

First National Bank Texas (Arkansas, Texas, New Mexico, Arizona)

www.1stnb.com

Bank of Texas (Texas)

www.bankoftexas.com

Comerica Bank (California, Arizona, Texas, Florida, Michigan)

www.comerica.com

Desert Financial Credit Union (Arizona)

www.desertfinancial.com

Flagstar Bank (California, Michigan, Indiana, Ohio, Wisconsin)

www.flagstar.com

First State Bank of Florida Keys (Florida)

www.keysbank.com

Park National Bank (Ohio)

www.parknationalbank.com

CCF Bank (Wisconsin, Minnesota)

www.ccf.us

Copper State Credit Union (Arizona)

Also dba: Deer Valley Credit Union, Canyon State Credit Union

www.deervalleycu.org

Capital Credit Union (Wisconsin)

www.capitalcu.com

Beacon Credit Union (Indiana)

www.beaconcu.org

Mid Penn Bank (Pennsylvania)

www.midpennbank.com

All South Federal Credit Union (South Carolina)

www.allsouth.org

Centris Federal Credit Union (Nebraska, Iowa)

www.centrisfcu.org

Home Federal Bank (Tennessee)

www.homefederalbanktn.com

Bank of Albuquerque (New Mexico)

www.bankofalbuquerque.com

Valley National Bank (New Jersey, New York, Florida, Alabama)

www.valley.com

Atlantic Union Bank (Maryland, Virginia, North Carolina)

www.atlanticunionbank.com

Pawtucket Credit Union (Rhode Island)

www.pcu.org

Oklahoma Central Credit Union (Oklahoma)

www.oklahomacentral.creditunion

Greater Nevada Credit Union (Nevada)

www.gncu.org

Air Force Academy Federal Credit Union (Colorado, veterans)

www.aafcu.com

Merrimack Valley Credit Union (Massachusetts)

www.mvcu.com

Meriwest Credit Union (California)

www.meriwest.com

First Class Community Credit Union (Iowa)

www.gofirstclass.org

Wesbanco (West Virginia, Kentucky, Ohio)

www.wesbanco.com

Amplify Credit Union (Texas)

www.goamplify.com

Cornerstone Bank (North Dakota, South Dakota)

www.cornerstonebanks.net

Centricity Credit Union (Minnesota)

www.centricity.org

Central Pacific Bank (Hawaii)

www.cpb.bank

Public Service Credit Union (Michigan)

www.pscunow.com

Allegiance Credit Union (Oklahoma)

www.allegiancecu.org

Bank of Clarke County (Virginia)

www.bankofclarke.bank

Nodaway Valley Bank (Missouri)

www.nvb.com

First National Bank of Waterloo (Illinois)

www.fnbwaterloo.bank

Twin River Bank (Idaho, Washington)

www.twinriver.bank

Premier Bank (Ohio, Indiana, Michigan)

www.yourpremierbank.com

Byrn Mawr Trust Company (Pennsylvania)

www.bmt.com

Buckeye State Bank (Ohio)

www.joinbsb.com

U.S. Employees Credit Union (US government employee and retiree)

www.usemployees.org

Bank of Utah (Utah)

www.bankofutah.com

Bay Coast Bank (Massachusetts, Rhode Island)

www.baycoastbank.com

Pikes Peak Credit Union (Colorado)

www.pikespeakcu.com

Horizon Bank (Indiana, Michigan)

www.horizonbank.com

Re: Elan "Max Cash" -vs- US Bank Cash+

FinStar — Sat, 05 Dec 2020 06:08:03 GMT

Re: Elan "Max Cash" -vs- US Bank Cash+

Aim_High — Sat, 05 Dec 2020 19:05:31 GMT

I'll also mention that the lender I called was Intrust Bank in Kansas. They have quite a few affiliate cards including some Alumni cards and others that caught my eye. This is the lender that said they could approve anyone out-of-geofence, in case any others do not. Here is a screenshot of all the affiliate cards.

Re: Elan "Max Cash" -vs- US Bank Cash+

Anonymous — Sat, 05 Dec 2020 06:18:41 GMT

Aim great post and very informative. Thanks for taking the time to put that information together, so I'm sure it will be helpful to many. These do seem like legit alternatives to US Bank Cash+.

Do you reckon the terms (SL, APR, etc) would very and possibly quite a bit depending on the bank with which you apply? I would imagine there is very little data on any of that and that it would take some guinea pigs from the forum to put together some numbers.

Re: Elan "Max Cash" -vs- US Bank Cash+

Aim_High — Sat, 05 Dec 2020 06:31:58 GMT

@Anonymous wrote:
Aim great post and very informative. Thanks for taking the time to put that information together, so I'm sure it will be helpful to many. These do seem like legit alternatives to US Bank Cash+.

Do you reckon the terms (SL, APR, etc) would very and possibly quite a bit depending on the bank with which you apply? I would imagine there is very little data on any of that and that it would take some guinea pigs from the forum to put together some numbers.

Thanks @Anonymous. I was going to tag you but you saw it already. We were just having this discussion after you posted about the Cash+ so you were one I had in mind (besides myself - lol) who could benefit. But I've heard many others mention USB's strict underwriting.

I'll still tag this in your Cash+ thread:

https://ficoforums.myfico.com/t5/Credit-Cards/US-Bank-Cash-opinions-feedback/m-p/6196810#M1757187

I just found the Max Cash Preferred card and links in the past week and have been putting this together. So I haven't had time to research it much. At least one Elan-sponsored lender didn't have it yet but said "coming in December 2020" so it sounds like it's being phased in. Maybe those who have worked with Elan on the Fidelity card can enlighten us on the customer service and web interface experience. On the surface, the cards look almost identical to the Cash+. One I saw had a slightly higher APR if that matters (+1%?), but we would have to dig into it on a card-by-card basis to be accurate. I got the ball rolling and everyone can look at it and tell us all what they find. I hope it's helpful to some people. I think some tend to just think of the big banks and lenders like Chase, AMEX, Citi, Discover, Capital One etc and forget about the smaller lenders in their neighborhood. A mix of both can be good but especially if they're offering cards comparable to what the big banks offer!

Re: Elan "Max Cash" -vs- US Bank Cash+

Slabenstein — Sat, 05 Dec 2020 07:42:46 GMT

Ones that I have found so far:

Sunrise Banks (Minnesota)

sunrisebanks.com

It's not on their website yet, but if you click through to their Elan portal it lists a card called "Flexible Cash Rewards" that has the Cash+ rewards structure w/ a $150 SUB.

Access Bank (Nebraska)

www.accessbank.com

Northwest Bank (Nebraska and Iowa)

www.bank-northwest.com

Wakota FCU (Minnesota)
wakotafcu.org

This one has a lower APR range, at 11.99-17.99. Dunno if that will be common w/ CUs.

Deerwood Bank (Minnesota)
deerwoodbank.com

Associated Bank (Minnesota and Wisconsin)
www.associatedbank.com

Alerus Financial (Arizona, Minnesota, and North Dakota)
alerus.com

Riverland Bank (Minnesota)
riverland.bank

I'll edit this post if I find anything else.

Re: Elan "Max Cash" -vs- US Bank Cash+

Flfico — Sat, 05 Dec 2020 08:58:09 GMT

Thank you for this info! I just checked 2 small regional banks near me (Ameris and Centerstate Bank) and both are offering.

Re: Elan "Max Cash" -vs- US Bank Cash+

JNA1 — Sat, 05 Dec 2020 11:15:35 GMT

Holy Crapoli! My local bank that I've banked with for over 20 years offers this card!

This is a game changer for me and DW if the underwriting standards are in fact lower that the Cash+. I couldn't care less what the front of the card says if it offers that sweet, sweet 5%😂

I'm assuming since it is a Signature VISA that the SL would be at least $5K also. Does anybody know what bureau Elan typically pulls?

Great find @Aim_High

Re: Elan "Max Cash" -vs- US Bank Cash+

ChargedUp — Mon, 21 Dec 2020 00:32:11 GMT

Very interesting! Elan let me PC my plain Visa no rewards to the Visa "Real Rewards" a couple years ago... I wonder if I can PC to the "Max Rewards"?

I may give this a shot. 5% back on utilities will free up my 3X BBVA Clearpoints category for something else

Hat tip to @Aim_High

BTW... If you'd rather have this as a Mastercard...
https://online1.elancard.com/oad/begin?locationCode=26809

Banc of California

https://online1.elancard.com/oad/begin?locationCode=26953

Greater Nevada Credit Union

https://online1.elancard.com/oad/begin?locationCode=27461

First National Bank of Texas

FWIW, the "location code" in the above web address signifies which FI your card will have on the front. If there's a card that says it's geofenced, simply take the location code from that FI and put it into the above web page and you'll get the apply page directly from Elan, who will issue the card nationwide.

Elan used to have Amex co-branded cards also, which seem to have vanished now.

Re: Elan "Max Cash" -vs- US Bank Cash+

kdm31091 — Sat, 05 Dec 2020 13:09:34 GMT

I'm not sure but I would think underwriting is going to be pretty similar since it's the same underlying issuer. Your local bank offers the card, via a third party. Since the third party is the same, I would think the underwriting will also be the same, but who knows?

Just glancing at the one local to me (Fulton Bank) the 5% categories are similar, but not identical, to the US Bank version. (US Bank does not have "recreation" or "entertainment" AFAIK).

Re: Elan "Max Cash" -vs- US Bank Cash+

Ficoproblems247 — Sat, 05 Dec 2020 13:16:17 GMT

@Aim_High Thank you for posting this! I'm in the midst of gardening until June '21 for a Cash+. I live in the middle of nowhere in rural MI so bank options can be a little more limiting to me sometimes, however TWO different banks from this list have branches less than 10 miles from me! I think your post may help a lot of folks, thank you very much for taking the time to start such a comprehensive list! I can't wait to start researching these cards.

Re: Elan "Max Cash" -vs- US Bank Cash+

credit_is_crack — Sat, 05 Dec 2020 15:18:45 GMT

Great post @Aim_High Found this online in case anyone is looking for it, took me a while to dig it up. These descriptions are almost more accurate than what the Cash+ has published, and the recreation category is pretty broad. It's essentially a sporting good/fitness/gym blend. It's like you said, virtually a cash+ replacement

I googled "elan financial max cash preferred credit card" and it was the 2nd option down (PDF file)

Re: Elan "Max Cash" -vs- US Bank Cash+

UpperNwGuy — Sat, 05 Dec 2020 15:31:28 GMT

@Aim_High

About two years ago US Bank announced it wanted to sell Elan. As best I can tell, they sold the debit card and ATM portion of Elan but did not sell the credit card business. Am I remembering this correctly? Is US Bank still hoping to sell the rest of Elan?

Re: Elan "Max Cash" -vs- US Bank Cash+

Curious_George2 — Sat, 05 Dec 2020 17:36:19 GMT

Awesome find, @Aim_High! Thank you so much for finding this, researching the details, and posting about it. This could be one of the most helpful threads of the year. Cash+ rewards for the masses, brought to you by your small local FI, Elan, and Aim High!

Re: Elan "Max Cash" -vs- US Bank Cash+

Anonymous — Sat, 05 Dec 2020 18:36:18 GMT

Thanks @Aim_High ! Us bank cash + is one of my goals cards for next year and to see credit union of Georgia have something very similar is exciting.

Re: Elan "Max Cash" -vs- US Bank Cash+

Slabenstein — Sat, 05 Dec 2020 18:47:28 GMT

@UpperNwGuy wrote:
@Aim_High
About two years ago US Bank announced it wanted to sell Elan. As best I can tell, they sold the debit card and ATM portion of Elan but did not sell the credit card business. Am I remembering this correctly? Is US Bank still hoping to sell the rest of Elan?

Elan did debit and ATM cards as of late 2019/early 2020. Dunno if that's still the case.

Re: Elan "Max Cash" -vs- US Bank Cash+

FinStar — Sat, 05 Dec 2020 18:52:52 GMT

@UpperNwGuy wrote:
@Aim_High
About two years ago US Bank announced it wanted to sell Elan. As best I can tell, they sold the debit card and ATM portion of Elan but did not sell the credit card business. Am I remembering this correctly? Is US Bank still hoping to sell the rest of Elan?

US Bank only wanted to divest the third party ATM and debit processing solutions business, which was sold to Fiserv. There were no discussions to sell the [ELAN] credit card business.

Re: Elan "Max Cash" -vs- US Bank Cash+

SouthJamaica — Sat, 05 Dec 2020 18:53:17 GMT

Great job, @Aim_High Fantastically useful post.

My sad story: I recently dropped my oldest continual banking relationship, because they simply never had any products in which I was interested. After reading your post I remembered that their credit cards were always "Elan" cards, so I went to their site, and sure enough they've got this card.

Only I no longer have a banking relationship with them that I can point to