U.S. Bank and Elan Financial Relationship

[Anonymous]

---

@cws-21 wrote:

Thank you, @Anonymous and @Kforce.

I have an Elan Max Cash Preferred and a U.S. Bank Altitude Go that I could product change to a Cash+. I am most likely closing one of the two cards and I am trying to decide which one would be best to keep. I know what many people will recommend ... just keep them both open given they have no annual fee ...

...

Does anyone have any thoughts that would help me make my decision? Which card would you keep if you were in my position and why would you keep it?

---

Don't know what I would do if I were you.

Being me I would keep the Elan Maxcash and PC the Go to a Cash+

Would give me 4 total dedicated 5% categories.

I would:

• Use the Elan for Utilities and Phones for "set and forget"
• Use the Cash+ to rotate catagories quarterly as may be needed.

[unsungivy]

Ok, so weird timing, but now my Equifax is showing my Elan cards as "US Bank" (as of this morning). They've always shown as Elan Financial before, and I don't have any US Bank relationship. Strange.

[Anonymous]

---

@unsungivy wrote:

Ok, so weird timing, but now my Equifax is showing my Elan cards as "US Bank" (as of this morning). They've always shown as Elan Financial before, and I don't have any US Bank relationship. Strange.

---

See this discussion  Fidelity Visa Creditor Change - myFICO® Forums - 6778972

[unsungivy]

---

@Anonymous wrote:

---

@unsungivy wrote:

Ok, so weird timing, but now my Equifax is showing my Elan cards as "US Bank" (as of this morning). They've always shown as Elan Financial before, and I don't have any US Bank relationship. Strange.

---

See this discussion  Fidelity Visa Creditor Change - myFICO® Forums - 6778972

---

Perfect, ty.

[Owner]

Question #1. No.

Elan Financial is the lending arm for many banks and credit Union thoughout the country. It's your personal lender or credit union that you need to have a relationship with. There is always some exceptions. If you already have 2 credit cards though your CU or Bank that uses Elan, then that would carry alot a weight.

New Date points for all: Elan Financial is very sensitive to new (1-6 months old) credit inquiries. I was just turned down for their 18 month 0 int. business credit card. I had 781 score but with 4 new inquiries withing the last 5 months. But I turned around and applied and was approved the next day for $25k at Navy. So, it depends on what you need and where you apply.

[unsungivy]

---

@Owner wrote:

Question #1. No.

Elan Financial is the lending arm for many banks and credit Union thoughout the country. It's your personal lender or credit union that you need to have a relationship with. There is always some exceptions. If you already have 2 credit cards though your CU or Bank that uses Elan, then that would carry alot a weight.

New Date points for all: Elan Financial is very sensitive to new (1-6 months old) credit inquiries. I was just turned down for their 18 month 0 int. business credit card. I had 781 score but with 4 new inquiries withing the last 5 months. But I turned around and applied and was approved the next day for $25k at Navy. So, it depends on what you need and where you apply.

---

I would definitely not call balking at FOUR inquiries within 5 months being "very sensitive".

[MrDisco99]

Having an Elan card does not affect the financial relationship you may or many not have with USBank.

Elan is the service provider for various issuing banks, not the lender.  The issuing bank (e.g. in my case Renasant Bank) is the one putting up the money, not USBank.

As for Elan MCP vs USBank Cash+, for me the Elan category groups make more sense, and I prefer being able to set and forget and not having to make my selection every quarter.  YMMV.

[TrapLine]

---

@MrDisco99 wrote:

Having an Elan card does not affect the financial relationship you may or many not have with USBank.

Elan is the service provider for various issuing banks, not the lender.  The issuing bank (e.g. in my case Renasant Bank) is the one putting up the money, not USBank.

As for Elan MCP vs USBank Cash+, for me the Elan category groups make more sense, and I prefer being able to set and forget and not having to make my selection every quarter.  YMMV.

---

Checked with my banker and he said Elan FInancial Services is shouldering all the risk and covers the spending of the customers. He went on to say, it is a customer accomodation and the bank really gets virtually nothing out of it.

[MrDisco99]

---

@TrapLine wrote:

---

@MrDisco99 wrote:

Having an Elan card does not affect the financial relationship you may or many not have with USBank.

Elan is the service provider for various issuing banks, not the lender.  The issuing bank (e.g. in my case Renasant Bank) is the one putting up the money, not USBank.

As for Elan MCP vs USBank Cash+, for me the Elan category groups make more sense, and I prefer being able to set and forget and not having to make my selection every quarter.  YMMV.

---

Checked with my banker and he said Elan FInancial Services is shouldering all the risk and covers the spending of the customers. He went on to say, it is a customer accomodation and the bank really gets virtually nothing out of it.

---

Huh...

If that's what the banker said, then I guess I stand corrected.  It doesn't really make much sense, though.  Like you said, the bank gets virtually nothing out of it... so why market these products in their name?

I work for a (different) credit card service provider, so I assumed Elan was doing the same thing.

[TrapLine]

---

@MrDisco99 wrote:

---

@TrapLine wrote:

---

@MrDisco99 wrote:

Having an Elan card does not affect the financial relationship you may or many not have with USBank.

Elan is the service provider for various issuing banks, not the lender.  The issuing bank (e.g. in my case Renasant Bank) is the one putting up the money, not USBank.

As for Elan MCP vs USBank Cash+, for me the Elan category groups make more sense, and I prefer being able to set and forget and not having to make my selection every quarter.  YMMV.

---

Checked with my banker and he said Elan FInancial Services is shouldering all the risk and covers the spending of the customers. He went on to say, it is a customer accomodation and the bank really gets virtually nothing out of it.

---

Huh...

If that's what the banker said, then I guess I stand corrected.  It doesn't really make much sense, though.  Like you said, the bank gets virtually nothing out of it... so why market these products in their name?

I work for a (different) credit card service provider, so I assumed Elan was doing the same thing.

---

You know, since you have seen other approaches just maybe, Elan Financial Services taylors programs that vary from bank to bank depending on what the expectations may be? Glad you came back ... did not ask that of the banker (banker is owner of bank) as it did not dawn on me. So, may be one size does not fit all.

To add, the banker did not want the work running his own program or the risk taking ... also, he does not like offering Debit Cards. His focus is home mortgages in a small more rural environment. Offering the more modern day services is being done as the newer younger customers expect it and the bank really has been catering to the paper check, stamp and envelope crowd. I even said to him, the older folks are moving away or passing on ... may need the modern day to survive (my opinion any way).