Cash+ Preapproval -- Should I Apply?

[Slabenstein]

I got a preapproval mailer for the USB Cash+ this week, and I'm mildly considering taking them up on it.   My plan up to now has been to garden until next fall, when I would app for 1-2 new cards (a grocery card and possibly a 2% card).  The Cash+ was sort of in my sights as a possibly-down-the-road card, but not one I necessarily needed now.  Utilities was the main category that seemed like it could be useful, but ours are currently < $20/mo and we'll be at this apartment for at least the next year.  I could run our cell and internet bills through it right now, which would get us like $6 a month in cash back, but that's not an amount I would open a card for on its own.  The main thing that is making me consider it is that, economy willing, we will hopefully be upgrading our digs in the next few years, and then the utilities category, if it sticks around, will be a lot more useful.  USB having a reputation for being a little tougher to get in with, part of me wonders if it wouldn't be prudent to grab the card while they're offering it to me so I have it down the line.  They're not offering me their best APR on the mailer, which, with my scores, makes me feel a little meh about it.  What do you guys think?

[blindambition]

I'd be on that like it was the last roll of TP on store shelves. Go for it!!!

[coldfusion]

If you haven't taken any hard pulls or otherwise obtained new credit in the last 2-3 months and your current utilization across all cards is in a good place, i.e. nothing substantive has changed since they soft-pulled your profile in order to preapprove you other than maybe a drop in utilization,  IMO you should go ahead and apply.   Utilities is not the only selectable 5% cashback category available on the card.

Note that more often than not Cash+ applications go to a manual review so if you don't get an instant approval don't sweat it.

[Meanmchine]

---

@blindambition wrote:

I'd be on that like it was the last roll of TP on store shelves. Go for it!!!

---

lol

[Anonymous]

Anyone know what sort of SL range is seen for this card?

[FinStar]

Collective DPs reported anywhere from $500 - $25,000.  Today's economic environment may have an influence on the range, profile-dependent of course.

[SirMilo]

---

@Slabenstein wrote:

I got a preapproval mailer for the USB Cash+ this week, and I'm mildly considering taking them up on it.

---

Don't you just hate when that happens?

If it is a card that you were thinking about apping for down the road, now is as good of time as any since it sounds all but finalized. It is kind of a bummer though that the APR isn't quite where you want it, especially with your scores, but that can likely be dealt with in the future unless this is one of those lenders that doesn't like APR reductions. Who knows, maybe apping will result in a better APR. If they are supposed to be a little tougher to get into, I would say now is the time to go for it.

I had a similar situation recently where I received a targeted email for a card which I accepted but probably for the wrong reasons. I just decided the opportunity wasn't likely to present itself again any time soon due to the pandemic and it does allow me to improve my relationship with the lender while my spending is down.

Let us know what you decide to do and how it plays out. Best of luck either way!

[Slabenstein]

---

@coldfusion wrote:

If you haven't taken any hard pulls or otherwise obtained new credit in the last 2-3 months and your current utilization across all cards is in a good place, i.e. nothing substantive has changed since they soft-pulled your profile in order to preapprove you other than maybe a drop in utilization,  IMO you should go ahead and apply.   Utilities is not the only selectable 5% cashback category available on the card.

Note that more often than not Cash+ applications go to a manual review so if you don't get an instant approval don't sweat it.

---

It looks like they SP'd me in Oct, and the only thing that has changed is my two student loans are now in cv forbearance.

[Wavester64]

---

@blindambition wrote:

I'd be on that like it was the last roll of TP on store shelves. Go for it!!!

---

LOL same here 

[Slabenstein]

---

@SirMilo wrote:

---

Let us know what you decide to do and how it plays out. Best of luck either way!

---

I apped for a BCP today to take advantage of the current SUB before it expires, so no "last roll of TP" for at least 9 more mo's.  Which is fine, since the BCP will be a more useful card for us.  May still get a Cash+ down the road, tho it may be my spouse who opens it, since their file needs a little thickening.  Thanks for the feedback and helping me mull, everyone.