topic Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred? in Credit Cards

Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Thu, 30 Mar 2023 19:54:15 GMT

I have two utility companies that just recently started accepting credit card payments so now a U.S. Bank Cash+ or Elan Max Cash Preferred makes sense for utilities and Internet. I have read several posts regarding the Elan Max Cash Preferred including @Aim_High's massive one introducing us (or at least me) to the card. Can anyone provide me with real-world experience with either or, preferably, both cards? If you had the choice, which card would you get and why? As always, thank you for all the help.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Anonymous — Thu, 30 Mar 2023 20:02:59 GMT

@cws-21 wrote:
I have two utility companies that just recently started accepting credit card payments so now a U.S. Bank Cash+ or Elan Max Cash Preferred makes sense for utilities and Internet. I have read several posts regarding the Elan Max Cash Preferred including @Aim_High's massive one introducing us (or at least me) to the card. Can anyone provide me with real-world experience with either or, preferably, both cards? If you had the choice, which card would you get and why? As always, thank you for all the help.

One apparent differentiator is the use with Paypal Bill Pay. Someone reported that paying their utility (via PPBP) with Max Cash didn't give 5% whereas doing the same with Cash+ did. I found a similar experience paying for Verizon FioS. But, that seems to be since Jan 2023, so a) don't know if it is "real" and b) if so, whether Cash+ will also end up failing

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Thu, 30 Mar 2023 21:31:44 GMT

@Anonymous wrote:
One apparent differentiator is the use with Paypal Bill Pay. Someone reported that paying their utility (via PPBP) with Max Cash didn't give 5% whereas doing the same with Cash+ did. I found a similar experience paying for Verizon FioS. But, that seems to be since Jan 2023, so a) don't know if it is "real" and b) if so, whether Cash+ will also end up failing

Thanks, @Anonymous. I always appreciate your replies. I read the same thing about the Max Cash Preferred not working well with PayPal Bill Pay, though I'm unsure whether or not others have had similar problems that would not have been the case for the Cash+. Any other differences of significance between the two from your perspective or is one just as good as the other?

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

DakotaM — Thu, 30 Mar 2023 20:18:17 GMT

With the Max Cash Preferred, once you set your categories, they'll stay that way forever unless you want change them down the line. Apparently with the Cash+, you have to select your categories each quarter, even if they are staying the same. Also, a few of the categories are slightly different between the two.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

PullingMeSoftly — Thu, 30 Mar 2023 20:19:40 GMT

The main differentiating factor would be your possible category selections outside of utilities. The Elan MCP has "recreation" (encompassing sporting goods stores and gyms/fitness clubs) and "entertainment" (including things like movie theaters amusement parks, etc). The Cash+ has some of those as individual categories (specifically gyms/fitness clubs, sporting goods stores, movie theaters). Cash+ also has ground transportation, which is only a 2% selectable category on the MCP.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Aim_High — Thu, 30 Mar 2023 20:25:08 GMT

I never applied for either card @cws-21, so I don't have direct experience. Some of the differences have been touched on above. My understanding of the different considerations would be:

The SUB is different. MCP pays $150 SUB but only requires $500 spending. USB Cash+ pays $200 after $1K spend.

USB Cash+ requires reactivation of categories every quarter while Elan MCP does not. So if your plan is to use the card consistently for the same categories, it's more simple to get the MCP. Set-it-and-forget-it.

If you have a banking relationship with US Bank (or one of the MCP lenders), you would have the option for a cash payment in lieu of statement credit. This option is only available if you have a deposit account with the lender where the card was issued, whether USB C+ or MCP.

Utilities/internet categories are not different between the card options, but for some members who plan to use the cards in other cateogories, there are some differences to consider.

As mentioned above, some utility companies may or may not code correctly to get the 5%, on one or both cards. YMMV.

Data points have indicated that Elan may be slightly more tolerant of new accounts/inquiries than US Bank, although you can't be "LOL/24" and expect approval.

Depending on where you apply for the MCP, you could get it in a Mastercard version instead of a Visa if that is important to you. (But most merchants who take Mastercard also take Visa.)

From my understanding, the Elan MCP app or website is completely separate from that lender's deposit account log-in, so you cannot manage the card from the same dashboard. But if you have US Bank deposit accounts, I believe you could also manage the card from a single log-in, which could be more simple.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Thu, 30 Mar 2023 20:52:35 GMT

Thank you to everyone who has replied and for all of the differences that have been pointed out, some I had read about and others I had not. I have a couple of related questions.

Would any of the differences identified or any others sway you to choose the Cash+ over the Max Cash Preferred or vice versa?

Are there any particular Max Cash Preferred issuers that have other great products that make them better options than other issuers?

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

FormerCollegeDJ — Fri, 31 Mar 2023 17:11:54 GMT

This is overly simplistic, but my recommendation would be to get both cards if you are able to do so. (That's my personal intent; for the last couple of years I planned to get the U.S. Bank Cash+ Visa and then get at least one Elan Max Cash Preferred Visa/Mastercard. I'm in the middle of that process, obtaining the USB Cash+ in mid-January 2023 and intending to apply for the Elan Max Cash Preferred as early as early May or as late as late July later this year.) Having four 5% categories is better than having two such categories.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Fri, 31 Mar 2023 18:19:03 GMT

@FormerCollegeDJ wrote:
This is overly simplistic, but my recommendation would be to get both cards if you are able to do so. (That's my personal intent; for the last couple of years I planned to get the U.S. Bank Cash+ Visa and then get at least one Elan Max Cash Preferred Visa/Mastercard. I'm in the middle of that process, obtaining the USB Cash+ in mid-January 2023 and intending to apply for the Elan Max Cash Preferred as early as early May or as late as late July later this year.) Having four 5% categories is better than having two such categories.

I agree that four 5% cash back categories are better than two, but I have all my other major spending covered beyond Utilities and Internet. While it seems like it would be worthwhile for you, it probably would not be for me. I know you are getting the Cash+ first, but, if you were getting one or the other, which one would it be?

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Beefy1212 — Fri, 31 Mar 2023 18:58:42 GMT

@cws-21 wrote:
@FormerCollegeDJ wrote:
This is overly simplistic, but my recommendation would be to get both cards if you are able to do so. (That's my personal intent; for the last couple of years I planned to get the U.S. Bank Cash+ Visa and then get at least one Elan Max Cash Preferred Visa/Mastercard. I'm in the middle of that process, obtaining the USB Cash+ in mid-January 2023 and intending to apply for the Elan Max Cash Preferred as early as early May or as late as late July later this year.) Having four 5% categories is better than having two such categories.
I agree that four 5% cash back categories are better than two, but I have all my other major spending covered beyond Utilities and Internet. While it seems like it would be worthwhile for you, it probably would not be for me. I know you are getting the Cash+ first, but, if you were getting one or the other, which one would it be?

Based on @Aim_High's break down I would go for the MCP, you only plan to use it for 2 categories and the sub while smaller is also easier to get.

To me though the sub is not the appeal, it is not having to remember to keep resetting your rewards choices.

The only reason I would go for the Cash+ is if you already do business with USB or plan to get into their eco system

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Anonymous — Fri, 31 Mar 2023 22:57:19 GMT

@Beefy1212 wrote:

The only reason I would go for the Cash+ is if you already do business with USB or plan to get into their eco system

In as far as there is a USB eco system, Cash+ really isn't part of it, standalone cash back.

I agree not having to select categories is a bonus, but I suspect many of us here at least opt-in each quarter with Discover, Freedom/Freedom Flex etc, which is pretty similar.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Absolution16 — Fri, 31 Mar 2023 23:42:48 GMT

I don't think it is all that inconvenient to set the categories every 3 months. If anything, your needs may change from quarter to quarter due to unforeseen anticipated spending planned.

SUB of $150 for $500 vs $200 for $1K seem comparable.

I agree that there technically isn't really an ecosystem with USBank, so unless a relationship is desired with them, it may not be totally necessary to pick USBank.

I actually have this card on my radar, with the assumption, that my latest application for their Altitude Connect is approved. I guess 48 business hours isn't enough for them to make up their mind? Even if it is a denial, I would much prefer faster response... or at the very least, not make the applicant have to wait for the letter in the snail mail only to find out that they might need more identification documents. I have seen a lot of those postings in this forum, and I am afraid that may be the case. I only applied for that card because I was hoping to earn the SUB while going overseas in one week! No FTF, SUB equivalent to $500, the TSA credit, No AF the 1st year, and the ability to PC to Cash+ all seemed to check the right boxes. But with their snail-paced processing time, I am most likely not going to get my hands on it before departure.

Getting back on topic, would it also be feasible for you to go the same route as me and persue this PC route instead? The only downside that I can see from that is the real likelihood of a more strict UW requirement and the minimum of 1 year delay in terms of getting your desired categories set at 5%. But in return, you end up getting more than double the SUB without AF and the TSA credit benefit at the very least, so I thought it might be something you may want to consider.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Sat, 01 Apr 2023 14:59:22 GMT

Thanks again for all of the replies. They are helping! I have additional questions below that I don't believe I have ever read addressed, though I may be mistaken. As always, I am interested in, and appreciative of, your replies. Hopefully I can get some replies from @Aim_High, @Anonymous, @PullingMeSoftly, @FormerCollegeDJ, and others who have replied as well as those who have not yet.

Would adverse action that impacts a U.S. Bank card (e.g., Cash+) also impact an Elan Financial Services card (e.g., Max Cash Preferred) given they are both owned by U.S. Bancorp or are they separate enough entities for the Elan card to be safe?

Does being approved for a Max Cash Preferred from a particular financial institution establish a relationship with that financial institution?

Are there any particular Max Cash Preferred issuers that have other great products (deposit accounts or loans) that make them better options than other issuers?

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Anonymalous — Sat, 01 Apr 2023 15:38:36 GMT

@cws-21 wrote:
Thanks again for all of the replies. They are helping! I have additional questions below that I don't believe I have ever read addressed, though I may be mistaken. As always, I am interested in, and appreciative of, your replies. Hopefully I can get some replies from @Aim_High, @Anonymous, @PullingMeSoftly, @FormerCollegeDJ, and others who have replied as well as those who have not yet.

Would adverse action that impacts a U.S. Bank card (e.g., Cash+) also impact an Elan Financial Services card (e.g., Max Cash Preferred) given they are both owned by U.S. Bancorp or are they separate enough entities for the Elan card to be safe?

Does being approved for a Max Cash Preferred from a particular financial institution establish a relationship with that financial institution?

Are there any particular Max Cash Preferred issuers that have other great products (deposit accounts or loans) that make them better options than other issuers?

Apparently (I haven't tested it myself), calling the number on the back of a MCP or a Cash+ will both get routed to the same call center, so there appears to be some merging of functions. So I wouldn't rely too much on Elan and U.S. Bank not sharing information.

I have a MCP, and the institution I got the card with has never contacted me directly. It could conceivably check off a box in relationship building, but I haven't explored that further.

While they apparently don't geofence any of the MCPs (though some banks hide the link behind a sign in), I got mine with a local bank, just in case I need to talk to a human. I don't know if they have a special number or the ability to push issues up the ladder, but just in case. I used branch locator to find all the small banks and credit unions in my area, and then went to their websites to check if they offered Elan cards. There were a lot more than I expected -- I think I found 5 -- and you might have a similar experience. I picked one that seemed financially stable (despite only recently opening their 3rd branch, they've been around since the 1880s), and had good products (free checking, decent rates, that kind of thing).

Though I debated selecting a card based on appearance. For that, @CreditCobra's list would be essential:

https://ficoforums.myfico.com/t5/SmorgasBoard/Max-Cash-Preferred-the-really-big-list-of-beautiful-cards/td-p/6550666

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Sat, 01 Apr 2023 15:50:43 GMT

@Anonymalous wrote:
Apparently (I haven't tested it myself), calling the number on the back of a MCP or a Cash+ will both get routed to the same call center, so there appears to be some merging of functions. So I wouldn't rely too much on Elan and U.S. Bank not sharing information.

I have a MCP, and the institution I got the card with has never contacted me directly. It could conceivably check off a box in relationship building, but I haven't explored that further.

While they apparently don't geofence any of the MCPs (though some banks hide the link behind a sign in), I got mine with a local bank, just in case I need to talk to a human. I don't know if they have a special number or the ability to push issues up the ladder, but just in case. I used branch locator to find all the small banks and credit unions in my area, and then went to their websites to check if they offered Elan cards. There were a lot more than I expected -- I think I found 5 -- and you might have a similar experience. I picked one that seemed financially stable (despite only recently opening their 3rd branch, they've been around since the 1880s), and had good products (free checking, decent rates, that kind of thing).

Though I debated selecting a card based on appearance. For that, @CreditCobra's list would be essential:
https://ficoforums.myfico.com/t5/SmorgasBoard/Max-Cash-Preferred-the-really-big-list-of-beautiful-cards/td-p/6550666

Thank you for the DPs. I know U.S. Bank and Elan share information, but I just don't know how much nor the consequences of that sharing. You could be right that the issuing financial institution might be able to consider there to be a relationship with the Max Cash Preferred cardholder, but I wonder if that works both ways. Regarding the particular MCP issuer, I have gone back and forth, but, like you, I am leaning against choosing a MCP, if I ultimately do apply, based on the aesthetic of the card and, instead, I am leaning towards choosing the issuer that is the absolute closest to me. I was just wondering if there were MCP issuers that have a great checking account, a great savings account, great auto loan rates, great mortgage rates, etc.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

coldfusion — Sat, 01 Apr 2023 17:52:18 GMT

@cws-21 wrote:
Thanks again for all of the replies. They are helping! I have additional questions below that I don't believe I have ever read addressed, though I may be mistaken. As always, I am interested in, and appreciative of, your replies. Hopefully I can get some replies from @Aim_High, @Anonymous, @PullingMeSoftly, @FormerCollegeDJ, and others who have replied as well as those who have not yet.

Would adverse action that impacts a U.S. Bank card (e.g., Cash+) also impact an Elan Financial Services card (e.g., Max Cash Preferred) given they are both owned by U.S. Bancorp or are they separate enough entities for the Elan card to be safe?

Does being approved for a Max Cash Preferred from a particular financial institution establish a relationship with that financial institution?

Are there any particular Max Cash Preferred issuers that have other great products (deposit accounts or loans) that make them better options than other issuers?

I'll toss in a few random comments. I have a Cash+ and a MCP Visa

The comments above about the MCP 5%/2% categories remaining static until you change them but needing to refresh quarterly for the Cash+ are correct. In addition, if you don't explicitly set the Cash+ for a given quarter within the time window you will have no 5% or 2% category in placy for that given quarter. However, USBank does send multiple reminders in each quarter that the window to select the next quarters options has opened and you need to set your categories, and if you have a change of heart or realize you made a mistake they do allow you to make a change to the next quarter's categories during the open time window.

Not that the USBank mobile app or online website are particularly appealing but the Elan tools are pretty rough, somewhere around what you might expect from a small credit union, although functional.

As mentioned above, if you want cashback from a MCP instead of statement credits you need a deposit account at the co-branded institution. The cashback redemption process is aware of which cobranded FI the card is associated with and is hardcoded to only allow cashback to be redeemed to that FI.

There is basically no direct interaction between the co-branded FI and Elan; having an Elan card doesn't enable you to create a login account on the co-branded FI's website and if you do have a login account on that FI it will be completely unaware of the Elan card.

A Cash+ is sufficient to get a no-fee Gold-level checking account with US Bank and if you pay a Cash+ from your US Bank checking account the account balances are both immediately updated to reflect the payment made.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

cws-21 — Sat, 01 Apr 2023 18:03:41 GMT

Thanks, @coldfusion. This information is very useful to me as well as, I'm sure, many others.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Beefy1212 — Sun, 02 Apr 2023 00:56:08 GMT

@Anonymous wrote:
@Beefy1212 wrote:

The only reason I would go for the Cash+ is if you already do business with USB or plan to get into their eco system
In as far as there is a USB eco system, Cash+ really isn't part of it, standalone cash back.

I agree not having to select categories is a bonus, but I suspect many of us here at least opt-in each quarter with Discover, Freedom/Freedom Flex etc, which is pretty similar.

My point was not that cash+ points could be transferred to another card it is that assuming you already had or were planning to have another USB card it would be one less app or portal to log into.

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

Anonymous — Sun, 02 Apr 2023 02:30:29 GMT

@Beefy1212 wrote:
@Anonymous wrote:
@Beefy1212 wrote:

The only reason I would go for the Cash+ is if you already do business with USB or plan to get into their eco system
In as far as there is a USB eco system, Cash+ really isn't part of it, standalone cash back.

I agree not having to select categories is a bonus, but I suspect many of us here at least opt-in each quarter with Discover, Freedom/Freedom Flex etc, which is pretty similar.
My point was not that cash+ points could be transferred to another card it is that assuming you already had or were planning to have another USB card it would be one less app or portal to log into.

OK, my apologies. I believe that round here "eco system" tends to mean the reward systems like MR/UR/TYP etc, deeper than "have other accounts that you can merge under one login"

Re: Should I choose U.S. Bank Cash+ or Elan Max Cash Preferred?

JNA1 — Sun, 02 Apr 2023 03:47:04 GMT

@Aim_High wrote:

From my understanding, the Elan MCP app or website is completely separate from that lender's deposit account log-in, so you cannot manage the card from the same dashboard. But if you have US Bank deposit accounts, I believe you could also manage the card from a single log-in, which could be more simple.

While technically true that the MCP card has its own app, it is accessible through the issuing bank's app as well. When you click on the link on your bank's app, it directly opens Elan's site with no login needed. In fact, it's slightly quicker to login through SouthState's site than directly through Elan, because the login process on the Elan app is a little laggy, even with Face ID.
DW and I both have a SouthState branded MCP and she has a First National Bank of Texas branded one, and mine is the only one that is tied to our primary bank and it's a little more convenient than the other two.