More Smartly nerfs...

[Lou-natic]

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@bs1234 wrote:

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@G2244 wrote:

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@bs1234 wrote:

Have others received the letter?  Feeling exposed!

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I have not. However, I have seen some other data points. This thread on reddit (and at least one other) has people mentioning getting a letter like yours in the original post.

I am concerned as well and also even a bit shocked. This seems like a valid lawsuit waiting to happen. Pick any attribute different about people getting the new (bad) interest rate language. If they are not willing to publish rules being applied to everyone seems a matter of time before they are called out for it being race, sex, religion, political affiliation, etc. For a bank how are they not able to have a set of rules they publish??

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Thanks for the thread!  Yes, my view as well about the lack of transparancey being dangerous for them.

I forgot to quote one interesting line, after saying that on Sep 11 my rate will be 0.05%:   "Any subsequent Bank Smartly Savings accounts opened with the same ownership will also be ineligible for the interest rate bump".     So even if I put lots of money into checking, I am marked as bad. 

So my guess is that this  due to the returned payment issue with Smartly (I paid with the wrong bank account midcycle, and paid the $25 fee)

I have been marked as bad no matter how much and where my investments go.   Hopefully my good nerf on the card holds for a while.

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**bleep** like this is why although I'm not "happy" with my Alt. Go nerf (unlimited to $2,500 per quarter and you don't get your "bonus points" multiplier until the statement post) at least I didn't fall for "smartly"...USB has always been a fairly conservative bank so why they decided to jump on this knowing full well the risk in the first place is kind of puzzling. I wonder if some outside consultant promised them the moon or maybe a new board member. They are not going to stop until they walk back every thing they can to make it as hard as possible to get the 4% CB because it's pretty appraent to me at least that they have a terminal case of buyers remorse. This is one time I wouldn't mind some angry vultureslawyers jump their case and make them squirm a bit.

[NoHardLimits]

The Dr. of Credit blog has now picked up on this story.

https://www.doctorofcredit.com/ymmv-u-s-bank-smartly-savings-account-interest-rate-05-apy/ 

[crystal626]

Man US Bank is really on a roll...

[AndySoCal]

Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

[NoHardLimits]

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@AndySoCal wrote:

Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

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I just closed my Cash+ card and will close AR after I finish redeeming my rewards.  I'm getting off the USB train at the next stop.

[NoHardLimits]

There is a new Reddit thread:

https://www.reddit.com/r/CreditCards/comments/1mu1pq7/smartly_savings_targeted_nerf_35_to_005/ 

[bs1234]

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@AndySoCal wrote:

Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

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Certainly recent behavior should be taken into account, but Cash+ has been a solid card for 12+ years (I got it 13 years ago and then there was big nerfs, but since then...), and AR was (very!) good too until now.

So IF Smartly is not nerfed more, and there is a new interesting product, I would be open to consider.

But some very big IF

[AndySoCal]

@bs1234  If US Bank comes out with any new product card or otherwise I will wait 2 years or so. This will give the nerf squad time to do their thing.😂

[bs1234]

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@AndySoCal wrote:

@bs1234  If US Bank comes out with any new product card or otherwise I will wait 2 years or so. This will give the nerf squad time to do their thing.😂

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I guess that depends!   I was very glad to get in early with the uncapped Cash+ (and the uncapped BCP for that matter).   Got a lot of rewards during the pre-nerf period and post nerf it stayed a decent card (a little less so for the BCP IMO)

And for all the worries/concerns about the Smartly, those still on V1 nice nerf still have a great card.   Waiting would have got the valueless v2.

Sure, there are probably nerfs to come and the card may end up useless, but, you can enjoy the rewards while you can!

I guess it comes down to alternatives: do you want to spend an HP on a flashy sure-to-be-nerfed at some point card, or a less valuable but stable alternative.   It comes down to unknowables, such as how long to a major nerf and is the card of any value post-nerf  (yes, for cash+, for a niche for AR and no for Smartly v2!)

[AndySoCal]

I will say this about credit cards in general most of the reward catagories on many cards do not apply to me. A few examples streaming EV charging and gas they do apply to me. Iwould rather read than watch something I could get Paramount streaming with Walmart + no interest. I cut the cable in 2016. No electric or gas vehicle. I take public transit  my senior fare is 35 cents one way. Most of the other catagories are covered by Redstone or Custom Cash. While these catagories work for people that is great but for me no interest.With the 6 cards I do have makes finding a.card a challenge.