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Of Category Cards and Such Things... as the Cash+

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grillandwinemaster
Valued Contributor

Of Category Cards and Such Things... as the Cash+

There's a lot of talk concerning the Discover IT and the Chase Freedom category cards, but not nearly as much conversation concerning the US Bank Cash+ cards. Seeming as how you can "choose" your categories with the Cash+, you would think there would be a lot more conversation about it. 

 

Why is this? Is the underwriting criteria that much more difficult with the Cash+ ?

Anyone with Cash+ experience please chime in. I would like to know/learn more about the Cash+ card. 

 

I'm considering adding either the Freedom or the Cash+ to my collection. Are warehouse stores an available category? 

 

Any and all information and experiences are appreciated.


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 1 of 25
24 REPLIES 24
GeorgiaBulldog
Regular Contributor

Re: Of Category Cards and Such Things... as the Cash+

I don't have answers to all your questions, but here's my experience:

 

I actually wanted the Cash+ as my first cashback card.  The categories aligned well with my spending habits, so it seemed like a perfect fit.  At the time of my application, the only open credit cards I had were the Target Card (gotten in 2008), BofA CC (2009), and a ~4 months old Amazon card.  Also had a couple of older CC's that were cancelled still showing up on my credit report, so my average age of accounts was solid, even with the hit I took from Amazon.

 

Thus far, the Cash+ has been the only credit card I've been denied for.  So in my experience, yes, the underwriting is tougher than a lot of other banks.  My credit score at the time was in the 780-790 range with nothing negative, but they really did not like my high student loan debt relative to my income.  I ended up PCing my BofA CC to Cash Rewards and then getting every other CC I haven't already mentioned in my signature after that denial.

 

I didn't have a prior relationship with US Bank--folks who actually bank with them might have better luck than me.  I've thought about reapplying since I didn't really know about recon, but I fear it'd be a wasted hard pull and ultimately another rejection.

Favorite cards: AMEX Morgan Stanley Platinum | BofA Alaska | Chase Hyatt | Citi AA Executive | FNBO Amtrak
Message 2 of 25
kdm31091
Super Contributor

Re: Of Category Cards and Such Things... as the Cash+

Warehouse stores aren't available on the cash+. The underwriting is fairly stringent for sure. US Bank is pretty conservative
Message 3 of 25
JustBPatient
Established Contributor

Re: Of Category Cards and Such Things... as the Cash+

As mentioned, they are conservative, often times manual review and I think a banking relationship helps.  YMMV!!  Good luck on your pursuit.

Amex Gold =Amex ED 20k = Amex BCP 14k = Amex SPG Lux 2k = Arrival 2k = Ring 14k = BOA 321 30k = BOA BBR 10k = CSR 25k = Freedom 10k = Citi Simplicity 9k = Citi DC 5k = Citi DP 3k = DCVR IT 16k = DCVR IT(2) 10k = CAP1 QS 15k = NFCU CR24k/AE25k/CLOC 15k = BBVA 14k = Wells Plat. 5k = (2) US Bank Cash+ 13k, 18k = PenFed 17k

FICO scores TU 764 EX 739 EQ 745
Message 4 of 25
SunriseEarth
Moderator Emeritus

Re: Of Category Cards and Such Things... as the Cash+

I was approved for the Cash+ with a $5000 SL.   I was given auto-LUV to $7500 after about 10 months.

 

US Bank rarely gives instant approvals, so there was a waiting process to find out if I was successful.   I enjoy the flexibility of being able to choose categories, so I can use this effectively in tandem with cards with quarterly categories, such as Discover.   With the eventual loss of SallieMae, I have chosen 5% bookstores on this for Q1.   I always choose 5% fast food.   I've also decided to change my 2% from restaurants to groceries.    I already get 3% dining with Marvel (and Sam's Club).   While my BCE gives 3% supermarkets, I don't particularly like AMEX's cash back program, so I'd rather take a smaller percentage for a cash back program I like more.   Also, I don't have a large grocery spend currently.  

 

Anyway....tangent over.  I think Cash+ is good for categories that might get overlooked frequently and I've been happy with the card overall.



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 5 of 25
grillandwinemaster
Valued Contributor

Re: Of Category Cards and Such Things... as the Cash+


@kdm31091 wrote:
Warehouse stores aren't available on the cash+. The underwriting is fairly stringent for sure. US Bank is pretty conservative

Well that kills that idea on two fronts for me. I really wanted the Chase Freedom to use at Costco. Since warehouse stores  are not available for the cash+, it would serve little purpose for me. 

 

I probably wouldn't get approved for cash+ either.  


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 6 of 25
longtimelurker
Epic Contributor

Re: Of Category Cards and Such Things... as the Cash+


@grillandwinemaster wrote:

@kdm31091 wrote:
Warehouse stores aren't available on the cash+. The underwriting is fairly stringent for sure. US Bank is pretty conservative

Well that kills that idea on two fronts for me. I really wanted the Chase Freedom to use at Costco. Since warehouse stores  are not available for the cash+, it would serve little purpose for me. 

 

I probably wouldn't get approved for cash+ either.  


 Here is the current list which is fairly static:

 

https://cashplus.usbank.com/categories/index?quarterId=40

 

 

There are two reasons why people here have been less positive about the card:

 

1) Until recently, it was possible to apply and instead of getting this card, you would be given a useless 1% card.   Now the substitute card has the same reward structure.   (At other times you couldn't apply for this card online either)

2) Nerfing: this used to be more or less the best cashback card there was, with no cap on the 5% categories and amazing categories such as bill pay, home improvement and airlines.   This cost them lots of money, and the card got heavuly nerfed (caps, some good categories removed, no enhancement for banking, removal of 25% bonus for redeeming $100 in rewards etc).     More recently, people didn't like the removal of the restuarant 5% category (fast food is still an option)

 

So 1) doesn't apply any more.   While nerfing certainly hurts, nearly all good cards get nerfed, and as you cannot apply for the unnerfed version, you just have to ask "Is this a good card for me in the current state?"    The range of less-usual categories, and the fact that YOU choose (rather than being at the mercy of whatever Chase and Discover choose for their benefit) is quite powerful if you have flexibility, e.g. next quarter I will buy a computer, and the one after that furniture etc.  Also, the limit is $2K a quarter rather than the $1,500 for the other cards (Discover after first year).    I max out 2 of these cards each quarter.

 

Message 7 of 25
Anonymous
Not applicable

Re: Of Category Cards and Such Things... as the Cash+


@grillandwinemaster wrote:

@kdm31091 wrote:
Warehouse stores aren't available on the cash+. The underwriting is fairly stringent for sure. US Bank is pretty conservative

Well that kills that idea on two fronts for me. I really wanted the Chase Freedom to use at Costco. Since warehouse stores  are not available for the cash+, it would serve little purpose for me. 

 

I probably wouldn't get approved for cash+ either.  


Yeah, I'm also very interested in cash back from wholesale clubs (the most imporant factor for me when it comes to CC's). The Cash+ categories just don't seem that interesting to me. The current ones don't appeal to me at all. Bookstores/Amazon is nice, but with the Amazon store card, I don't see the point (unless you just despise Synchrony that much). The 2% options all get equaled by many other options.

 

Both the Freedom and Discover have tended towards having Wholesale clubs as categories as of late. Freedom did 3 quarters in 2016. Discover, once, I believe. Discover is doing it in Q1 of 2017. Freedom hasn't announced any yet, but the added wholesale to all of the back 3/4ths of 2016 as the year went on. Who knows what they do in 2017, but it seems like there could be a chance for a quarter or two being added.  "A chance" is all I need to make the both the Discover and Freedom worth having for me. It doesn't appear that "a chance for 5% wholesale" is in the cards for the Cash+.

Message 8 of 25
galahad15
Valued Contributor

Re: Of Category Cards and Such Things... as the Cash+

One caveat about the 5% fast food category:  in addition to fast food places like McDonald's that are true fast-food fare, the 5% category also still covers other restaurants where the distinction between fast food and non-fast food is not as strictly defined.  For example, if I am recalling correctly, Boston Market, Cracker Barrel, and Red Lobster are all considered in the 5% cashback fast food category -- I would say that all of these are at least a step-up or higher from fast food, in mho.  (ETA:  possibly Olive Garden is included here as well, I can't remember exactly though?)

 

[ETA:  Denny's is also included in the 5% fast food category as well, FWIW.  And the cafeteria at my workplace is coded for the 5% category.]


Message 9 of 25
Frank3
Member

Re: Of Category Cards and Such Things... as the Cash+

What makes Cash+ a keeper for me is the 5% category for cell phones.    Even though there have been a number of category changes over the past few years (mostly for the worse), that's probably the best one.

 

USB does seem a little more conservative- I did not get a card through them until I refinanced a mortgage with them (however, I didn't really try that hard either)

Message 10 of 25
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