Applying for US Bank Cash+ Visa Signature over phone | Updated with #

[longtimelurker]

People are reporting 200-300K on VR per month, so that is probably still bigger.  But Citi is busy shutting down people, whereas I think US Bank probably had a harder time complaining.  Even if you prepay utilities by a year, that "only" brings the spend forward, for the rest of the year you cannot charge it.  But they did misjudge apparently, even the $25 bonus for redeeming $100.

My takeaway from this, from BCP and from TYP 5x, is that if you are a credit card company (and which child hasn't secretly dreamed of being president, a train driver, a credit card company), caps on bonus categories are a must!

[FutureBillionaire]

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@bs6054 wrote:

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@NJTurnpike wrote:

Just successfully applied for the US Bank Cash+ Visa Signature card over the phone. No instant approvals are ever given though according to th rep. Over hte phone it's always 7-10 days. I suspect if i call the backdoor number tomorrow, they can give me an answer quicker.

Just wanted to share this bit of news with the forum as this is a very useful card.

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A number of us (FutureBillionaire for example) who have had that card a while feel that it has been really badly nerfed (loss of bill pay, airfare, home improvements, and pending loss of multiple $25 bonuses and bank account bonuses) because it was a REALLY great card!   But without that history, just looking at it as a card, yes, looks pretty good.

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This report is accurate.  I have found additional uses for it.  Also, my ATT bill that is bundled with Dish network still nets me 5%.  I'm using the bookstore categeroy also.  I do still miss the bill pay and airfare.

[enharu]

200-300k VR is just too crazy lol..... Amex is shutting people down too and there are some instances of chase closing accounts as well.

For us bank, the card pretty much is still an overall net loss for them (5%, 25 bonus for 100, bonus for checking, and there's other small bonuses too I think). 25 bonus alone essentially increases cashback to 6.25%.

Like you said caps is a must. There are rumors US bank might start implementing caps but its rumor at this point. I hope it's going to be a higher cap than just 6k spending though.

But even a cap doesn't mean they will be profitable with this card. It just means they will lose less money. They need to somehow convince most customers to use this daily even for other expenses to offset the losses they incur for 5%. Of course, they might make the money back through interests but most people will apply for a 0% apr card if they plan to leave a balance, and continue to use that card even after the 0% is dead.

Random rant too.... The us bank website is terrible lol

[FutureBillionaire]

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@longtimelurker wrote:

People are reporting 200-300K on VR per month, so that is probably still bigger.  But Citi is busy shutting down people, whereas I think US Bank probably had a harder time complaining.  Even if you prepay utilities by a year, that "only" brings the spend forward, for the rest of the year you cannot charge it.  But they did misjudge apparently, even the $25 bonus for redeeming $100.

My takeaway from this, from BCP and from TYP 5x, is that if you are a credit card company (and which child hasn't secretly dreamed of being president, a train driver, a credit card company), caps on bonus categories are a must!

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There have been reports of TYP closures?  Overspending?

[enharu]

Future billionaire: for abusing 5% drug store, groceries and gas on the Ty preferred offer.

[FutureBillionaire]

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@enharu wrote:
Future billionaire: for abusing 5% drug store, groceries and gas on the Ty preferred offer.

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Any reports on what equalled abuse?

[enharu]

For citi, it seems to be buying lots of visa (or equivalent) prepaid cards, vanilla reloads etc. basically cash equivalents that you can cash out later one way or another.

[FutureBillionaire]

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@enharu wrote:
For citi, it seems to be buying lots of visa (or equivalent) prepaid cards, vanilla reloads etc. basically cash equivalents that you can cash out later one way or another.

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Ok, so hopefully it isn't a problem if they are purchased in moderation.  I hope that folks that overdo it get shut down so things don't change for people that have sense enough to only get what they need.

[enharu]

There's a lot of threads for this card, even on fatwallet, teaching people how to abuse this through the roof :/
I was going to do it too but citi gave me a sweet CL and I don't want to burn this bridge down lol

[longtimelurker]

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@FutureBillionaire wrote:

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@enharu wrote:
For citi, it seems to be buying lots of visa (or equivalent) prepaid cards, vanilla reloads etc. basically cash equivalents that you can cash out later one way or another.

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Ok, so hopefully it isn't a problem if they are purchased in moderation.  I hope that folks that overdo it get shut down so things don't change for people that have sense enough to only get what they need.

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See the major thread on FT:  http://www.flyertalk.com/forum/credit-card-programs/1465023-citi-cards-closed-perk-abuse-9.html

Basically, lowest reported closed spend is $12K per month, but as said in the thread, that doesn't mean there isn't a lower floor or even no lower limit.  

Citi have got effective, first step is freezing your TY Account, so you cannot redeem, then investigate, close ALL your CITI cards and then set your account to 0.   Guess is that you are blacklisted for at least some time.  Many reports, but hard to know ratio!

I have spend about 9.5K on VR this month, and I am stopping for now!