US BANK Plat conversion to Cash +

[Anonymous]

Hi all,

my situation is a little different.  I had horrible credit due to a biz failure.  Score in the 400's.  I got the US Bank secured card.  I used the card faithfully for a year and paid off and cleaned up my credit. ($4000 cl).  At the 1 year mark I called US Bank and asked them to unsecure the card, they granted my request and sent my deposit back and upgraded to Platinum card.

I called in to do a product change to the Cash + and they said my card was still showing secured in the system and no offers were avail.  The CSR supervisor had no clue what to do.  Does the card have to cycle a statement first?

[Remedios]

You need to allow at least 30 days for conversion to take place. 

It usually happens faster, but yes, you need to wait for the billing cycle to end, you cannot have secured and unsecured card on the same statement even though terms remain the same.

Once statement is ready, call to see if your card properly reflects as unsecured, and if it does, ask about doing a PC at that time.

[Anonymous]

gotcha, the CSR sent me to underwriting and UW said we don't do that..sent me back to a supervisor at CSR and he said it still says secure.  He told me to wait till the cycle end on the 20th but said he never has seen it take that long to switch.

[Remedios]

If any card goes from secured to unsecured, it becomes effective on the first date in the new billing cycle. 

For instance, when Discover "graduates", it's effective on the first day of the billing cycle, but decision to unsecure is made during previous cycle and to Discover rep it would look like secured account, they couldn't tell you if it unsecured or not untill it actually happens since it's backend process. 

How long ago did you get your deposit back, and when did the conversation about conversion take place? 

[Anonymous]

I asked for graduation 6/23 and check sent back same day.  I got the check a week and a half ago.

[Remedios]

Okay, so it should happen when the next statement closes. 

Please update when it does for those who also might encounter same issue.

[calyx]

As others have said - just wait - it took a little bit for the graduation to work itself into the system in my case, too.

[sjt]

My friend has their secured card convert to an unsecured one. It took a full cycle for it to show in their systems and for the CRA to update with new changes.

[jmcmillan]

I’d be really interested in hearing how this works out for you, as this is my exact plan with US Bank. I haven’t seen a lot of posts talking about graduating the US Bank secured card and PC to a prime card.

Do you have any other banking relationships with US Bank? I just transferred all of my banking to them in order to build a relationship.

[Anonymous]

Ok, so when I called and spoke to a manager, they told me I needed to wait till it cycled.  It cycled the first statment today where the system officially recognized it as a regular platinum unsecured card and refunded my annual fee.  I called in and told them I recently graduated from secured and wanted to change from Platinum to Cash+ signature.  The guy asked my address and 10 seconds later told me he changed it.  Said my card, exp date and CVV remain the same , I will get a new card.  I went to Chick Fil-A like 5 mins later and the app sent me a message as it does with every purchase showing it was now a Cash+ signature.

I asked for a CLI but was told no, no reason given, I guess I will wait for the letter but they PC'd it real quick to what I wanted.  He told me I could get any card they had.  my CL is only $4000 so the people who say you need 5k for a signature card are incorrect.

FICO score at graduation was 692.