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

[Beast26]

Honestly some of them have really good designs and I would base my decision solely on the appearance!  But I'm just checking to see if there is something I would be missing.

[Aim_High]

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@Beast26 wrote:

Honestly some of them have really good designs and I would base my decision solely on the appearance!  But I'm just checking to see if there is something I would be missing.

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Ah, well then.  Go ahead and indulge your hedonistic urges!  Lol.

You won't be the first on My Fico to be influenced by those factors!  

But as for substance, I don't think it really matters. 

[Curious_George2]

Back on the topic of whether it matters if one is a banking customer of the FI whose Elan card one applies for, I was surprised to find a marketing video on the Elan site that tells credit unions they can influence underwriting.

Here's a link to a page that includes the video and other stuff. You need to scroll down a bit to where it says "Does Outsourcing Your Credit Card Program Mean Losing Control?" You can skip the intro and it brings you to a scene that says "Click on a Person." One near the center is Underwriting. The content is cringe-tastically cheesy, but they specifically say that the CU can "influence decisions," see pending applications, review pending declines and "opt to approve and take on loan risk."

This seems to challenge the notion that it doesn't matter at all which FI's card we choose to apply for. Seems like having a good relationship with the FI can help.

[Anonymous]

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@Curious_George2 wrote:

Back on the topic of whether it matters if one is a banking customer of the FI whose Elan card one applies for, I was surprised to find a marketing video on the Elan site that tells credit unions they can influence underwriting.

Here's a link to a page that includes the video and other stuff. You need to scroll down a bit to where it says "Does Outsourcing Your Credit Card Program Mean Losing Control?" You can skip the intro and it brings you to a scene that says "Click on a Person." One near the center is Underwriting. The content is cringe-tastically cheesy, but they specifically say that the CU can "influence decisions," see pending applications, review pending declines and "opt to approve and take on loan risk."

This seems to challenge the notion that it doesn't matter at all which FI's card we choose to apply for. Seems like having a good relationship with the FI can help.

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@Curious_George2 very cool. So what they're saying is if they decide to decline an application, the FI can step up and put up a loan to have it approved anyway.

So if you had a really good relationship with the FI, and they were willing to step up and shoulder the liability that Elan rejected, then Elan would still issue the card based on the FI's guarantee since Elan was unwilling to take on the liability.

I guess that is possible, but I would think you would have to have a good relationship with that credit union. it would be like them basically giving you a loan.

[longtimelurker]

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@Anonymous wrote:

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So if you had a really good relationship with the FI, and they were willing to step up and shoulder the liability that Elan rejected, then Elan would still issue the card based on the FI's guarantee since Elan was unwilling to take on the liability.

I guess that is possible, but I would think you would have to have a good relationship with that credit union. it would be like them basically giving you a loan.

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Right, I would guess that this is very rare, more similar to if you are a UHNW wealth management client of a major bank and get turned down by the credit card division, your "minder" would step in and advocate for the decision to be reversed.  Being a member of the FI for a year or so, with $20K in assets probably isn't enough for them to get involved with the process with Elan....

@Curious_George2 Great find though!   Elan makes it seem almost effortless for the CU, so presumably it is fairly costly although, if the value prop is as stated, cheaper than a small CU doing it alone.

[Curious_George2]

So neither of you like my plan, to park $25 in a savings account at a local CU, wait a year, and then app for their Max Cash card and play the DYKWIA card?

Buncha haters...

[longtimelurker]

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@Curious_George2 wrote:

So neither of you like my plan, to park $25 in a savings account at a local CU, wait a year, and then app for their Max Cash card and play the DYKWIA card?

Buncha haters...

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If you must, you can try.   But I think you would have better luck putting $330M in checking and waiting 10,000 years.   That has the added advantage that a new better card might come along.

[DaveInAZ]

Got my first Max Cash statement. Minimum payment is kinda high, $40 min. payment on a $311.52 balance. But since only BTs - NOT purchases - get 12 month 0% I planned on paying statement balance in full anyway. And the minimum amount to redeem rewards is $25, I have $14.22, so maybe next month I'll have enough. And they don't give you any details on how they calculated the rewards other than a lump sum for your 5% & 2% categories. US Bank Cash+ has no minimum to redeem rewards, and details your rewards by purchase. Or well, another $190 spend to get my $150 SUB. 

[8Hunnid]

Spectrum Credit Union has this card. Anyone can join through their partner non-profit organizations. 

I was approved for this card on January 4th through Wesbanco. Strictly for the DPs I requested a CLI on February 7th. I got the "we'll let you know". On February 21st I finally received my denial letter. It was dated February 11th. 

Reasons for denial: 

Too many revolvers. 3 in 1 month

Account is too new: 1 month

They require 6 months payment history. 

I hit the quarterly max and SUB on the first purchase. I made 2 large payments but still had large balance. It was a HP on Trans, FICO 9. Any other questions,  just ask

[lionup]

@lionup wrote:

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If your local bank is offering the VISA SIGNATURE MAX CASH PREFERRED CARD, note down the locationCode from the webaddress of the application link. Close the form and follow the below given instructions:

Go to Banc of California Credit Card Application Link:
https://online1.elancard.com/oad/begin?locationCode=26809

Under Flexible Cash Rewards
World Mastercard® Max Cash Preferred Card

Click "Learn More"

Replace the locationCode in the web address from 26809 to "vwxyz" (where "vwxyz" is the locationCode of your local bank offering the VISA SIGNATURE MAX CASH PREFERRED CARD). 

You will see the link for "WORLD MASTERCARD® MAX CASH PREFERRED CARD" for your local bank (instead of Banc of California).

Click APPLY NOW

Note: I have not applied through the above procedure yet.

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Update: Tried the above method for P2 and it did NOT work. Even though the form with a Mastercard was submitted, the approval email said Visa Signature because the local bank has a Visa agreement with Elan.

DP: P2 had 0/6, 1/12. Followed the instructions (as shown above) for changing the application to a Mastercard by using the locationCode of the local bank before filling out the application form. For relationship account information, gave the total numbers from all assets rather than just the local bank. After submitting the online form, there was no immediate result and no email and no immediate credit bureau inquiry. After 5 days, got a CK alert that Elan made a hard pull in TU. Another day later, P2 received an email about approval for Visa Signature Max Cash Preferred with SL $20K. Even tried calling Elan and explaining that the filled application form was for a Mastercard and not Visa Signature. Still they maintain that the local bank has only the Visa Signature.