No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi guys, I'm new to the forum, just starting to learn about credit cards and hoping to get some help from the wise folks here.
I recently applied for a US Bank Cash+ card (even though the card has gone sour, I still thought it was gonna be a good card for me since I can't imagine myself hitting the new caps) and was supposedly (pre)approved. But when the card came I realized that they have sent me a Cash Rewards card which only has 1% cash back.. I was a little upset since I wanted to start using the Cash+ to pay for my cell phone bill (which is a family plan I share with friends) as well as do some shopping at Nordstrom with their anniversary going on. I thought the lady who called me to tell me that I was 'approved' would have notified me that I didn't actually qualify for the Cash+..
All the frustration aside, I wanted to ask if it is a good idea for me to cancel the card since I don't feel like doing business with a bank I felt tricked by (admittedly, the downsell is supposedly in the agreement). This is the second card I have and the limit is $8500 and my first card is BOA Cash Rewards and the limit is only $1600, about 18 months old. If I canceled the card, does it hurt my credit score now or anytime in the future? I was thinking it might not matter since I've only just opened it, right?
I know in 6 months time, many people get upgraded to the Cash+, so I know that I probably should just wait it out. What are your thoughts?
Thanks in advance for the advice.
Thank you for the reply! That was fast.
I tried calling the cardmember line, but they were no help; just said that they can't do anything. I didn't know about the recons.. I'm guessing they are different from the cardmember line? I will definitely give it a try.
i wouldnt give up on it so fast. people have been upgraded to the cash+ in under 6 months before, and it's even happened that some were upgraded with a sub 5K limit and no CLI.
But i can see how it is annoying. It used to be back last summer when it was introduced, they'd give you a flexperks with a sub 5K limit if not approved for a cash+ Somewhere along the way, i think around fall, they started using the Cash Rewards as the fallback, but still giving out 5K or higher lines. Confused a lot of people
This happened to me, too, last summer. I was so mad about the bait-and-switch (even though I knew it was a likely possibility) that I called and said I wanted to cancel and there was nothing they could do other than upgrade me. The CSR I spoke to (I think I got switched at one point) said to keep the card open for one month and she would personally upgrade for me then. She stayed true to her word. It doesn't affect your score to keep it open, you already took the INQ and the CL is great compared to your other cards! Just buy something small on it every month and call back in 6 months, your credit score will thank you (such a great CL!).
OP I hope you get the PC to the cash plus. Is this legal? I don't understand why they would give you an 8k CL and not give you the cash plus. I was hoping to app for this one next year but now I dunno.
@migliogiorni wrote:OP I hope you get the PC to the cash plus. Is this legal? I don't understand why they would give you an 8k CL and not give you the cash plus. I was hoping to app for this one next year but now I dunno.
It's on the page when you apply so yes it is legal. You may qualify for a limit over 5000, but that doesn't mean you will qualify for a Visa Signature.
I wish US Bank would upgrade my Cash rewards card (formerly Flex Perks Cash). It was opened 8/2011 and it's still stuck at $3500, with 16.99 APR. I've asked for a CLI for a HP on Transunion only to be declined. This was actually my first card, out of all my cards so far, except for Fingerhut. They've never offered me 0% BT's, only 2.99, and the 1% rewards aren't worth it anymore. I've SD the card.
Recently, they sent me a pre-qualifed letter with a confirmation code for a US Bank Cash+ Sig card, with a $100 one-time new card bonus for spending $500 in 3 months, 0% for a year on purchases and BT's, then 18.99. Well, I know I have too many inq's now and too many new opened accounts.....
You received a 8.5k limit from them. Of course you should keep it open. That in itself tells you that though you didn't get what you really wanted, they see you differently (and favorably) and you may just have one minute barrier that a call to underwriting could handle. Or a timeline.
I would understand your lament if not only did you not get what you want but they offered you a measly 2k limit to go with that slap.