US Bank Weirdness

For just about anything you want to get off your chest about credit cards.
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hematino
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US Bank Weirdness

Postby hematino » Mon Aug 20, 2012 1:14 pm

Ok, so I have been really interested in acquiring the Cash+ card that US Bank offers ever since I first heard about it. I posted this in the 17 page topic dedicated to this card in the rewards forum, but to make a long story shorter:

I applied online 7/1 and got the 7-10 day message. Numerous calls to the automated number for checking application status kept giving strange messages that my application couldn't be found and later that I was approved for a $3000 credit line, when I got a letter in the mail saying I was rejected for a card due to multiple applications. Called and spoke to underwriting services who said I my application was accidentally submitted twice and they confirmed I was approved for a 3k limit. The card I received was just a Cash Rewards FlexPerks card (5k minimum limit required on a Cash+ since it is a Visa Signature card). The rewards structure on the Cash Rewards card frankly sucks, so before activating I called to see if I could recon the Cash+ instead. The person I spoke to said that because I had no prior relationship with US Bank they were unable to give me the Cash+ card (which I know isn't true), but that in 6 months I should be able to upgrade the Cash Rewards card to a Cash+.


Fast forward to this morning:
Got my second monthly statement from US Bank, and on the bill they had my CL listed as $5000. I thought it must be a typo or error or something since the first statement had the $3000 listed, and I had no notification of a CLI after only 50 days and one use of the card. But after calling the automated number and checking the website, lo and behold, they did in fact increase my limit to 5k for whatever reason. Immediately I called the general customer service number and explained that if they already were making my limit equal to the minimum line needed for the Cash+, if they were able to do a product change for me. He said he would go ask someone from underwriting services, and came back and said I would need to fill out a new application. I questioned this as I don't want two cards with them, just wanted to convert my existing card to the Cash+, but he advised me to apply again and call underwriting immediately after the app and explain the situation to them so they could do a special review, and that they should be able to do something for me to get the Cash+ and close the Rewards card I already have.

I applied over the phone this time, which took FOREVER since the person was required to read all the terms and conditions. She submitted the application and I called underwriting as instructed right after. The guy I spoke with there said that phone applications take longer for them to view (two days usually), and I would have to call back Wednesday since he was unable to pull up my application to review. Asked the guy if the whole process even sounded feasible to get the Cash+ and he did say that it happened from time to time where a customer would undergo the process and get the better card. So I guess I keep my fingers crossed and call back Wednesday. I wish they could have just PC'ed my existing card to a Cash+.... it sucks having to take another hard inquiry and have an account on my credit file with only 2 months of history, and I'd never go through with it if the rewards structure of the Cash+ wasn't so awesome.

Anyone else experience anything like this with US Bank or any other issuer? Or anyone get issued the Cash Rewards instead of the Cash+ and get a really strangely speedy CLI after minimal usage? I guess every bank is different, but it just seems odd (not complaining about the CLI though).
Now she's eyeless.
The snakes she held once
Eat up her hands.


jeffysdad
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Postby jeffysdad » Mon Aug 20, 2012 2:02 pm

From what you and I think others have described on here, hematino, I think US Bank is probably freaking out at the response to the Cash+ card. They could very well be overwhelmed. My experience was nothing like what you have described, and I increasingly suspect it's because I got my app in the door earlier than many.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Crashem
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Postby Crashem » Mon Aug 20, 2012 2:22 pm

Yeah. They have a much more manual process and often times right hand and left hand don't know what's going on. For you, I think you can pc after a little.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

FutureBillionaire
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Postby FutureBillionaire » Mon Aug 20, 2012 4:46 pm

Their process is terrible. They could see my app for days, but couldn't approve or deny it. They kept stating that it was processing in the system. Discover reps could have made a decision then and there.

I won't complain too much because I received the card. But, they appear to be slow about processing approvals.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

trumpet-205
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Postby trumpet-205 » Mon Aug 20, 2012 6:37 pm

Keep us posted.

Like OP, I got Cash Reward instead of Cash+ (my CL is $4K). I called CSR and was told that I have to wait 3 months before they can do anything to my account.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)

craigm1
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weirdness

Postby craigm1 » Mon Aug 20, 2012 7:32 pm

I was in the same boat got approved for a 2k cash rewards card, and was told if I used it after 6 months I would most likely get upgraded to a cash+, my wife has really good credit so I did a joint with her as the primary and they approved us for a 13k limit cash+, as an amex blue cash cardholder I will tell you that being able to see each itemized transaction and rebate is really cool even amex doesn't break it down, so now I have 5% for drugstore,gas,supermarket with amex and 5% for bills and restaurants with us bank a very powerful combo I think I will see about $150-175 a month minimum between both.

I would max the sucker out if you can every month and then after 6 months go for the upgrade, in the intro package it said you can pick the same categories quarter after quarter, i was concerned that they might take away bill pays but it doesn't look like that will happen

craigm
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14

LadyinRed
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Postby LadyinRed » Tue Aug 21, 2012 2:31 pm

I also posted in the Rewards thread but I had an extremely weird experience as well.

Basically I was given the Cash Rewards card too. I called two different phone numbers and even actually went into a US Bank to speak with someone in person. They all told me the same thing - they had no idea was I wasn't approved but there was no way to upgrade me in the system. I agreed to use the card for a few months and try upgrading then.

Two weeks later (without any notice) I got a Cash+ in the mail to replace my Cash Rewards card. I was certainly happy, but also very confused! US Bank is so weird!
AMEX: Blue Cash Preferred (6% on groceries, 3% gas & dept stores)
Capital One: Venture (2 points per $1, equivalent to 2%)
Chase: Freedom (rotating 5% categories), Disney Rewards (1 point per $1, Disney benefits)
US Bank: Cash+ (5% bookstores / 5% Electronic Stores)

hematino
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Postby hematino » Wed Aug 22, 2012 10:50 am

Thanks for the replys guys. Here's my update:

Called US Bank today as advised by the underwriter I spoke to Monday. He said it should be two days before my phone application could be seen by them. I must have been too late, because the computer system already approved my request for an $8000 credit line (good), but it again downsold me to the Cash Rewards card (bad). The underwriter I talked to said that I should put in another application (yes this is #3), and do it online so they could view it right away, and they would do a human review of the account and close out both my Cash Rewards cards if they could consolidate the credit line into a Cash+. It seems that while applications are still pending, the underwriters are able to manually review them in lieu of the computer. But once the automated system has a chance to decide, that decision is final. And by the way, every CSR and underwriter I have spoken to has been pleasant, has tried their best to help me, and has been US based.

So I put in the online app and called back right away. Asked for the guy I spoke to before but he was tied up, so I explained the situation to the woman I was talking to. She made a note on the application for me and marked it for a manual review, and got my permission to close the two Cash Rewards cards only if they could instead push through the Cash+. She said it takes 2-3 days, so I'll try back Friday and see if they got to it then.

If it goes through, I don't know if they're gonna give me the full credit line ($13,000) combined-- it's certainly a big jump from the $3000 they approved me for less than two months ago. And if for whatever reason they don't approve me for Cash+, I'll still have 13k of total available credit from US Bank. Either way, this is not going to look good on my credit reports, with two new accounts closed on all 3 reports, and a total of 3 hard pulls. They pulled EX for my July app, EX for my app Monday, and I can only assume they're gonna pull EX again today. As long as I get the Cash+, I don't care, there aren't any more cards at this time I plan to apply for-- the inquiries will eventually fall off, but the damage from the account age will be there for a while. I'm still keeping my fingers crossed.

---
Stuff I learned regarding US Bank
---

1.) It is possible to apply for another credit card through them and get approved by the system as soon as 50 days after a prior approval. Even if it is the same exact card you already have.

2.) Because of the nature of their automated system, recon calls must be made almost immediately or else the decision is final and the applicant will be forced to fill out a new application (unlike Chase).

3.) US Bank apparently still believes in heftily proportioned auto CLIs, a plus these days when a lot of banks no longer seem to do them.

4.)They seem to be much more generous with initial credit limits once you establish any positive history with US Bank.
Now she's eyeless.
The snakes she held once
Eat up her hands.

hematino
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Postby hematino » Wed Aug 22, 2012 11:11 am

Jeffysdad, Crashem, and Future Billioniare, I think you are all right. The process is certainly slow and much more manual than other issuers, and they probably are shocked at the huge response to this card. It certainly has made a splash in the world of rewards credit cards.

trumpet-205 wrote:Keep us posted.

Like OP, I got Cash Reward instead of Cash+ (my CL is $4K). I called CSR and was told that I have to wait 3 months before they can do anything to my account.


Interesting they told you 3 months, they originally told me 6, and someone else was told within a year. Probably they aren't even sure themselves, their system probably spits out invitations to upgrade every so often and that's about the extent of the CSR's control over it. Personally I would watch your statements like a hawk, they may increase the limit without notification like they did to me. Hell, I only used the card one time before they raised mine. If they do increase the limit to $5000 or greater, call em up and see if they can manually do something for you to get the Cash+ (will prob require another app and inquiry though). Good luck!

craigm1 wrote:I would max the sucker out if you can every month and then after 6 months go for the upgrade, in the intro package it said you can pick the same categories quarter after quarter, i was concerned that they might take away bill pays but it doesn't look like that will happen


Man i hope they don't change that, cause 5% bill pay is one of the main reasons I want this card!

LadyinRed wrote:I agreed to use the card for a few months and try upgrading then.

Two weeks later (without any notice) I got a Cash+ in the mail to replace my Cash Rewards card. I was certainly happy, but also very confused! US Bank is so weird!


Agreed, very weird! That's a nice surprise though, congrats on your Cash+ approval! If you don't mind me asking, did they increase your CL when you got the new card or did it stay the same? Wish they would have sent me the upgrade so I wouldn't have to take all these hard pulls and new accounts, but it is what it is.
Now she's eyeless.
The snakes she held once
Eat up her hands.

trumpet-205
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Postby trumpet-205 » Wed Aug 22, 2012 3:55 pm

Did you put a lot on your card before they increase your CL? I honestly plan on only running ~$10 per month until I can PC into Cash+.
In My Wallet:
Citi Forward (12/2010) | Citi TY Preferred (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)



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