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.

[Birdman7]

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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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@Birdman7 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.