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

JNA1
Valued Contributor

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

 


@Aim_High wrote:

@1GaDawg85 wrote:


I would love to try for one of these Elan cards that are in Georgia since we have a couple of banks that offer them except there isn't much data on Renasant Bank, Capital City Bank, or Credit Union of Georgia


Unfortunately, since these are all smaller and mostly regional financial institutions, it's unlikely we'll have specific data points on very many of them, even if a lot of the community begins applying.  What data points were you looking for in particular, @1GaDawg85?  Do you have a banking relationship with any of these yet?  If you're concerned you're on the bubble for approvals, that will sometimes help.   If you're not gardening, you have low new accounts and low inquiries, you could be a data point for the community.  Once we have a few members start to apply, we may be able to estimate how Elan will process the Max Cash Preferred applications as a whole from the different lenders.

 

*I'm not applying right now, even though I found this new card and wanted to tell everyone on My Fico.  I am at 3/6, 4/12, and 12/24 for new accounts and waiting for some to age off.  I think I'd be over their limit.


I'll be 2/12 in a few weeks, and I may try for one through my local bank. I've been with them around 20 years - so maybe relationship factors in - especially if they do manual reviews. If I get that one, I could add more card next year, and I'll be 4/24 this time next to try for the Chase Freedom Flex! 
#goalcardstrategy 😂😂

Our credit card journey started 3/2018

Hover over cards to see limits and usage.
Total CL - $361,250
Cash Back and SUBs earned as of 10/1/21- $6823.23

CU Memberships

Goal Cards:


Message 61 of 900
audioman00
Regular Contributor

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

@Aim_High awesome post! 

 

Curious how Elan fits into your strategy of fewer cards with higher limits. I'm working on the same strategy (will accept a few CU cards maxed at $25k if they are low interest rate cards) but mostly shooting for a few cards that can grow to over $50k. 

 

It strikes me that Elan cards "start low and grow slow". So I assume they are not part of your strategy, correct? 

Message 62 of 900
notmyrealname23
Established Contributor

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


@audioman00 wrote:

@Aim_High awesome post! 

 

Curious how Elan fits into your strategy of fewer cards with higher limits. I'm working on the same strategy (will accept a few CU cards maxed at $25k if they are low interest rate cards) but mostly shooting for a few cards that can grow to over $50k. 

 

It strikes me that Elan cards "start low and grow slow". So I assume they are not part of your strategy, correct? 


My Elan card (Fidelity Visa) has my highest overall limit of any card I was approved for. I was approved at 11,000. AMEX is approving my premium cards at $3100 (which means they are BARELY approving them). I haven't been able to do a 3x CLI at 90 days out yet. 

First Tech FCU Choice Rewards World MC 35k
Fidelity VISA Signature 11.5k
Capital One Quicksilver 11k
AMEX Hilton Aspire 9.8k
Charles Schwab AMEX Platinum NPSL
Amex Platinum (I know) NPSL
Amex Green NPSL
SoFi MC World Elite 8k
AMEX Marriott Bonvoy Brilliant 7.5k
Rakuten Synchrony Visa 7k
PayPal Synchrony MC 6.4k
Citi AA Mileup 6.9k
Petal2 VISA 6k
DiscoverIt Cashback 5k
Amazon/Synchrony 5k
Hotels.com 5k
Apple Card 3k
AMEX Delta Gold 3k
Cathay Pacific/Synchrony 2.5k
Target 800
Ch 13 filed 12/13 discharged as paid 1/19
Message 63 of 900
ChargedUp
Valued Contributor

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


@1GaDawg85 wrote:

@Aim_High wrote:

@PullingMeSoftly wrote:

@Curious_George2 wrote:

@PullingMeSoftly: Provident CU uses Elan, right? Can you PC your Provident card to Max Cash?


@Curious_George2 You had my hopes up for a moment, but unfortunately Provident is still their same stubborn selves with the same mediocre product lineup. If they had Elan run their card division that would be an upgrade. The same ole 1.5% cashback card stays in the SD and their travel card is lame, so no PC options Smiley Sad


Another factor is the cards offered by the agent that a particular lender chooses to put in their lineup.   Although they are often the same, I have seen some variations.  I noticed a few Elan providers in my search that still had the "old" Elan lineup prior to Max Cash Preferred.  That lineup included the $95 AF AMEX co-branded card with the 4-3-2-1 rewards structure.  It appears on the Elan lineups I've seen WITH the Max Cash, those lenders have phased out the AMEX 4-3-2-1 card.   Just my casual observation from researching the topic.  Maybe in time, all Elan providers will offer identical cards again.  


I would love to try for one of these Elan cards that are in Georgia since we have a couple of banks that offer them except there isn't much data on Renasant Bank, Capital City Bank, or Credit Union of Georgia


It's not the hosting bank that makes the decisions, does the UW or backs the cards. It's Elan itself from what I've seen with my own Elan card. The only difference is the image on the card itself and possibly being able to make in-branch payments and such.

When you click to apply, either bank will take you to the same Elan application site, with the only difference being the pic of the bank on the page.

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($14K), NASAFCU Rewards Visa ($20K), BOC/Elan Max Cash MC ($25K), BoA Business Customized Cash Rewards MC ($8k)
Message 64 of 900
JNA1
Valued Contributor

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


@ChargedUp wrote:

@1GaDawg85 wrote:

@Aim_High wrote:

@PullingMeSoftly wrote:

@Curious_George2 wrote:

@PullingMeSoftly: Provident CU uses Elan, right? Can you PC your Provident card to Max Cash?


@Curious_George2 You had my hopes up for a moment, but unfortunately Provident is still their same stubborn selves with the same mediocre product lineup. If they had Elan run their card division that would be an upgrade. The same ole 1.5% cashback card stays in the SD and their travel card is lame, so no PC options Smiley Sad


Another factor is the cards offered by the agent that a particular lender chooses to put in their lineup.   Although they are often the same, I have seen some variations.  I noticed a few Elan providers in my search that still had the "old" Elan lineup prior to Max Cash Preferred.  That lineup included the $95 AF AMEX co-branded card with the 4-3-2-1 rewards structure.  It appears on the Elan lineups I've seen WITH the Max Cash, those lenders have phased out the AMEX 4-3-2-1 card.   Just my casual observation from researching the topic.  Maybe in time, all Elan providers will offer identical cards again.  


I would love to try for one of these Elan cards that are in Georgia since we have a couple of banks that offer them except there isn't much data on Renasant Bank, Capital City Bank, or Credit Union of Georgia


It's not the hosting bank that makes the decisions, does the UW or backs the cards. It's Elan itself from what I've seen with my own Elan card. The only difference is the image on the card itself and possibly being able to make in-branch payments and such.

When you click to apply, either bank will take you to the same Elan application site, with the only difference being the pic of the bank on the page.


Does this mean that you wouldn't have to bank with one of these banks to apply? Is there an Elan website or app that you manage the card with, or is it done through the bank's app? 

Our credit card journey started 3/2018

Hover over cards to see limits and usage.
Total CL - $361,250
Cash Back and SUBs earned as of 10/1/21- $6823.23

CU Memberships

Goal Cards:


Message 65 of 900
joltdude
Community Leader
Senior Contributor

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

Elan has different underwriting standards depending on the financial insitutions requirements..... personal experience ...

Soi can see how they could be less or more conservative than USBank....

 

-J

 

Message 66 of 900
Curious_George2
Established Contributor

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


@joltdude wrote:

Elan has different underwriting standards depending on the financial insitutions requirements..... personal experience ...

Soi can see how they could be less or more conservative than USBank....

 

-J

 


Thanks for this info. Are you willing to share any more details?

 

I assume the differences relate to "hard" factors like scores, DTI and maybe inquiries, but not to softer things like relationship with the particular bank/CU/association whose location number you select (it looks like Elan calls them "partners").

 

If that's correct, and if all relevant partners have the same objective underwiting standards, then an applicant should have no better or worse chance of getting approved for a card with the location number of a random org like the Society of Decorative Painters than with a CU they've been a member of for ten years. That was the impression I got from Aim_High's posts at the beginning of this thread. 


Message 67 of 900
audioman00
Regular Contributor

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

@Curious_George2 I have that Society of Decorative Painters card. But they are really hestitant to give me any CLIs and I feel like I've painted myself into a corner. 

Smiley Happy

Message 68 of 900
Curious_George2
Established Contributor

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

I can see why you would bristle at that, but try not to paint with too broad of a brush. I hope you won't let that color your view of all Elan offerings. 


Message 69 of 900
Aim_High
Senior Contributor

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


@audioman00 wrote:

@Aim_High awesome post! 

 

Curious how Elan fits into your strategy of fewer cards with higher limits. I'm working on the same strategy (will accept a few CU cards maxed at $25k if they are low interest rate cards) but mostly shooting for a few cards that can grow to over $50k. 

It strikes me that Elan cards "start low and grow slow". So I assume they are not part of your strategy, correct? 


Excellent question, @audioman00.   Before I answer the Elan question, I'll explain a little more about my personal 'less cards with higher limits' approach, which may differ from how others would do it. 

 

A few years ago, I closed my retail store cards and closed or combined limits on some other cards to begin this process.   Technically, a "high limit" credit card is generally defined as $10K or higher, but I decided to set my goal at $25K or higher.  Why $25K and not something higher like $50K?  I have a few cards that cap out at $25K per lender policy or, in all honesty, would never get enough use to justify higher limits.  And $25K is already a lot of credit, in my opinion, so I'm content with that on every card as a minimum if I can achieve that.   I'm also balancing those high limit targets with the rewards and benefits my cards offer.    For example, as you mentioned about exceptions, my AOD FCU Visa is at the lender limit of $25K but it offers both outstanding 3% uncapped and uncategorized cash back as well as very low 7.49% APR and low fees.  I wouldn't want to exclude a card like that. 

 

Over time, I may decide to simplify again and consolidate into just my highest limit or most rewarding cards.  So I could cut off most cards under, say, $30K or $40K or $50K like you are shooting for.  But at some point, the focus becomes more and more on simplifying and high limits than on the rewards gained.  I'm not ready to give up a lot of rewards potential, so I seek a balance of high limit cards combined with relatively high limits on rewards cards.  I have three cards at $50K or over right now, and I can't imagine getting more than another couple of other lenders to approve me for that.  I have fairly high income, but my spend is not high enough to argue with most lenders for really huge limits.  I don't live a jet-setting lifestyle and never will, but that's fine.   I don't need $1.5 Million or more in TCL like some of our famous players on My Fico can support, probably without much thought or effort!  And I don't want to manage that many cards.  Still, I've been trying to not only grow my existing limits but also to add some other major lenders to my wallet.

 

I realize many cards may have SLs well below $25K per lender underwriting guidelines, and I'll have to grow them, even if I apply with high FICO and income.   That's what I'm doing now with my Wells Fargo Cash Wise (recent $10.5K approval) and NFCU Platinum ($18.5K.)  I'm not sure they will do it, but I believe some have had success with moving limits on WF, so I hope to get a Propel approval next year and move the CW limits over.  WF doesn't easily give out higher limits, it seems.  I'm also currently throwing some extra spend on Apple to get it from $20K to at least $25K, hopefully.   My two $10K cards (Marriott, Hyatt) were approved much higher by Chase, but I've rearranged my limits to park them at $10K.  My plan is to eventually close them as they approach the two-year point in 2021 and move the limits over, probably to Chase Sapphire Reserve.   I'd like to focus most travel spend on CSR.  My Marriott card is valuable, but I'd like to add an AMEX revolver and most don't really appeal to me or fit my lineup or spend.  Most would replicate other cards in my lineup or even offer less value.  So I've got my targets on replacing my Chase Bonvoy Boundless with the AMEX Bonvoy Brilliant next year and shooting for a high limit on that card.  I had considered product-changing my Chase Bonvoy Boundless to the Chase Ritz Carlton, which is part of the Marriott Bonvoy program.  But I felt the AMEX variant fit me better, plus it allows me to diversify lenders and grab another good Marriott SUB, once I get 24 months past the Chase SUB.  That would leave only my Chase INK Cash at $9K as my lowest card.  I listed a modest 'sole proprietorship' as business justification, so that card may never grow much if any.  But I may put some extra spend on it in the spring to try to pump it up over $10K.  (It gets my recurring cable-internet and cell phone bills, so a few hunded a month.  It pays 5% on those categories, which I can roll over to CSR for effective 7.5% return in UR points.)

 

But back to Elan and US Bank.  The USB Cash+ is appealing because of the flexibility of category rewards, and like many of us, I valued it most for things like home utilities at 5%.  Compared to my 3% AOD card, that's still giving me a 2% premium on something I spend every month consistently and organically.  To me, that is worth some effort as the rewards add up over time.  For other categories of spend that I could get less value from, I probably would have by-passed it.   While US Bank and Elan have been considered "conservative" lenders, they seem to give approvals in the range of $8K to $15K, sometimes higher.  And over a couple of years, I've seen Fidelity/Elan and US Bank cards grow to around my target of $25K.   So if I can get a Cash+ or Max Cash Preferred card that pays well in rewards and has potential to grow moderately, I'm okay with that and it would have a place in my strategy.

 

I hope that clarifies and thanks for asking and listening to my ramblings.  Smiley Happy



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 70 of 900
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