US Bank Help! Cash +, Platinum

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6 posts
ckkiw8
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US Bank Help! Cash +, Platinum

Postby ckkiw8 » Mon Jul 29, 2013 8:39 pm

Hi,
So we went ahead and got a US Bank Home Equiline to go with our US Bank mortgage. When we signed documents several weeks back they asked if we wanted a Cash + credit card. I declined because I didn't think I needed another card, plus I heard that they got stingy on the cash back categories and limits. Well to my surprise I received a Cash + card in the mail today. I immediately called my spouse and verified that we both recall declining the card. Then I called my local branch manager and told him what had happened. Here is what he told me our choices are and where I need your advice.
- We could simply keep the card. There are no introductory offers.
- We could upgrade to the Platinum card. That card gives you 12 month at 0% but no rewards.
- We could deny the card and they will cancel it.

Which would you do based on my current cards? Anyone have experience with either/or? As far as credit reports go, wouldn't the denying and/or canceling hurt worse then having another new account? Our "average credit age" is fairly low because of a lot of newer accounts so I do worry out that.
Thank you!

P.S. I had actually looked at getting the Discover IT... Maybe I should bail on the US Bank cards altogether and go for the Discover instead?
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830


MemberSince99
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Postby MemberSince99 » Tue Jul 30, 2013 6:37 am

Did the card cost you a hard pull? What's the limit (I'm assuming it's in line with your other cards and not a toy limit)? If you got a top of the line card with a decent limit without an extra hard pull, I'd say keep it. Yes they have nerfed the rewards quite substantially and I wouldn't go out of my way to get this card anymore if you have other good ones (which you do), but if it's a "freebie" you have little to lose by keeping it.

It can be a good "niche" card for you, it gives 5% on some categories you may find useful. (Cellphones, restaurants, etc).

If it just doesn't fit at all into your profile and it cost you a hard pull you didn't authorize, then have them cancel and remove the extra pull you took for it without your ok, as that's not cool.

So just weigh these things only you can really decide if you want it, but if you got a freebie you can use, or even a decent limit on it, I'd say at this point keep it.

ckkiw8
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Posts: 53
Joined: Thu Nov 10, 2011 8:51 am
Location: USA

Postby ckkiw8 » Tue Jul 30, 2013 11:08 am

Hi MemberSince99,
Thank you for replying. It didn't cost a hard pull since the hard pull was taken with the Equiline. It is strange that it just showed up since we did not sign for or approve it, but like you said, it might be worth keeping just because. The credit limit is $13k.

Any reason to switch to the Platinum card besides the promotional interest rate offer? Do you think the credit limit would change if we switched?

I went through all our higher spending areas and it seems like between my BCE and CitiForward, I get the similar cash back rewards already without having to choose each quarter (we don't spend a lot in most of the categories). Do you happen to know what the categories are for Jul-Sep? My insert with the cards is for Apr-June and without signing up on the website, it just shows me examples.

Thanks again for your help!
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830

MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Tue Jul 30, 2013 12:20 pm

I can't see any reason to switch. And I doubt they would change the limit if you did.

All I can say is you got a really nice gift there, I would NOT turn that down. I think you should take it and run with it.

The categories are the same all the time with the card, it's just you have to sign up for them every 3 months for the next period at which time you can change them if you want. But they are always the same so you can pick the same ones again or change whatever works best for you.

ckkiw8
Platinum Member
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Posts: 53
Joined: Thu Nov 10, 2011 8:51 am
Location: USA

Postby ckkiw8 » Tue Jul 30, 2013 1:16 pm

Oh OK, thank you for clearing that up on the categories. I understand now. I thought they changed them like some of the other cards do. You have been very helpful, thanks again.
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
Credit Score: 830

RewardHop
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Location: USA

Postby RewardHop » Tue Jul 30, 2013 9:44 pm

This page has all the available categories:
https://cashplus.usbank.com/index.cfm/main/categories/demo/true

If theres categories on there that are not covered by your other CCs, it might be worth it.
Things like cell phone (easily $100+ for most people), electronic stores, hotels, department stores, furniture stores..
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]



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