US bank cash+ Visa Signature limit

[Aahz]

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@Anonymous wrote:

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@Aahz wrote:

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@Anonymous wrote:

Just got my new card, instant approval online, they're telling me my revolving limit is $500??? On a visa signature, really? Did they misplace a zero? 

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Are you sure they approved you for the Cash+ card?  US Bank will frequently downgrade Cash+ apps to Cash Rewards cards without informing the applicant.

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Cash rewards does not exist anymore :-)

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Thanks for the heads up 

[austinguy907]

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@Credit_hawk wrote:

Hey guys, out of curiousity, why are people drawn to US Bank? I see the same pattern of ultra low starting limits. Yet, sometimes it seems like it's a sought after bank.

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USB is a smaller prime bank in niche markets.  They've been around for awhile but, I'm in the same boat wondering why people are going out of their way to apply for the products.  They seem to languish and grow by apping instead of CLI.  There have been a few more threads about them lately and I'm guessing those in need of being admitted to the garden (rehab) just want another hit of credit crack.  They have a few cards that don't require a presence within the market in which you live like Harley Davidson / Kroger 1-2-3 and a couple of others.  

It might just be another wale to obtain in some peoples portfolio of cards or just something new on their radar due to the postings.

[longtimelurker]

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@austinguy907 wrote:

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@Credit_hawk wrote:

Hey guys, out of curiousity, why are people drawn to US Bank? I see the same pattern of ultra low starting limits. Yet, sometimes it seems like it's a sought after bank.

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USB is a smaller prime bank in niche markets.  They've been around for awhile but, I'm in the same boat wondering why people are going out of their way to apply for the products.  They seem to languish and grow by apping instead of CLI.  There have been a few more threads about them lately and I'm guessing those in need of being admitted to the garden (rehab) just want another hit of credit crack.  They have a few cards that don't require a presence within the market in which you live like Harley Davidson / Kroger 1-2-3 and a couple of others.  

It might just be another wale to obtain in some peoples portfolio of cards or just something new on their radar due to the postings.

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As others have said, in the case of Cash +, the selectable, non-rotating 5% categories can certainly be attractive.   While people complain that the categories aren't so obviously useful as those frequently on the Freedom and Discover, they certainly have their place for some, and I max out two of the cards every quarter.

Flexperks also has fans.

If you adopt the view that rewards are important, and stuff like "growing CL" is for innumerate losers, you just need a small limit on the cash plus to be able to max out the $2K a quarter limit, and just PIF.

[Anonymous]

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@Aahz wrote:

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@Anonymous wrote:

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@Aahz wrote:

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@Anonymous wrote:

Just got my new card, instant approval online, they're telling me my revolving limit is $500??? On a visa signature, really? Did they misplace a zero? 

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Are you sure they approved you for the Cash+ card?  US Bank will frequently downgrade Cash+ apps to Cash Rewards cards without informing the applicant.

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Cash rewards does not exist anymore :-)

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Thanks for the heads up 

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Of course!! Im completely thrilled about it and happy to share! Im glad the Cash plus regular and Cash Plus visa sig offers the same rewards because I feel that it should have been that way all along. 

[Anonymous]

I was attracted to the card for the non-rotating 5% categories in non-traditional areas.  My two categories are fast food (which I eat too much of, but I travel for a living) and movies.  Attending movies is a bit of a hobby for me and is something I enjoy doing with my daughter.

My SL was $1000.  To compare, my last Visa SL from USAA was $24,500.  I am using the card as mentioned and paying it off every two weeks, assuming that after a month or two of use and quick payment they will be more relaxed.

I do not have any other accounts with them.

My scores are in the high 700s, for a data point.

[Themanwhocan]

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@Anonymous wrote:

I was attracted to the card for the non-rotating 5% categories in non-traditional areas.  My two categories are fast food (which I eat too much of, but I travel for a living) and movies.  Attending movies is a bit of a hobby for me and is something I enjoy doing with my daughter.

My SL was $1000.  To compare, my last Visa SL from USAA was $24,500.  I am using the card as mentioned and paying it off every two weeks, assuming that after a month or two of use and quick payment they will be more relaxed.

I do not have any other accounts with them.

My scores are in the high 700s, for a data point.

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US Bank uses FICO 04 Bankcard scores. 04 is rather different from 08 scores, for example if you have a new card on your credit reports within the last 6 months that can really tank your 04 scores. This might begin to explain why US Bank might not see a person in the same way that other banks would.

[Anonymous]

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@Themanwhocan wrote:

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@Anonymous wrote:

I was attracted to the card for the non-rotating 5% categories in non-traditional areas.  My two categories are fast food (which I eat too much of, but I travel for a living) and movies.  Attending movies is a bit of a hobby for me and is something I enjoy doing with my daughter.

My SL was $1000.  To compare, my last Visa SL from USAA was $24,500.  I am using the card as mentioned and paying it off every two weeks, assuming that after a month or two of use and quick payment they will be more relaxed.

I do not have any other accounts with them.

My scores are in the high 700s, for a data point.

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US Bank uses FICO 04 Bankcard scores. 04 is rather different from 08 scores, for example if you have a new card on your credit reports within the last 6 months that can really tank your 04 scores. This might begin to explain why US Bank might not see a person in the same way that other banks would.

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Good to know. Fico 4 score is 713.  I will give it a couple months and request a cli.