How much more can they nerf the U.S. Bank Cash+?

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wiivile
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How much more can they nerf the U.S. Bank Cash+?

Postby wiivile » Wed Jan 21, 2015 10:53 am

From this month's statement:

"Beginning April 1, 2015, the $25 Cash+ Bonus you receive when you redeem cash rewards for $100 or
more in a single redemption will now be limited to one per the lifetime of the account. Currently, the $25
Cash+ Bonus has a limit of one per calendar year."

Every statement comes with a different nerf. I'm closing this card - to hell with it.
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL


jeffysdad01
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Postby jeffysdad01 » Wed Jan 21, 2015 11:52 am

I called for clarification. Even if you have had a gift card bonus, everyone will be eligible for ONE MORE after the date specified, and that's it. So in case you were thinking you were ineligible for any more, that's not the case.

Why close the card, though. All of the issuers change their programs (usually not for the better). Keep the card and PC to something else when it becomes attractive. My cash+ has a $46k limit simply because I closed another USB credit card and consolidated the available credit. I'm not giving up a $46k line out of spite. Besides, their customer service is all U.S.-based and is excellent.

wiivile
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Postby wiivile » Wed Jan 21, 2015 12:21 pm

I want to close it because I have no reason to use it anymore (the 5% categories suck), and I don't like keeping a card open that I don't use and have to remember to charge something to it every few months.

Also, the sooner I close it, the sooner it'll fall off my credit report (after about 10 years) and increase my AAoA (because it's my youngest card).
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

takeshi
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Postby takeshi » Thu Jan 22, 2015 8:48 am

wiivile wrote:How much more can they nerf the U.S. Bank Cash+?

As long as they're offering anything they can nerf.

jeffysdad01 wrote:Why close the card, though.

Different people have different preferences/priorities/etc. The decision to close is something that each has to make.

RewardHop
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Postby RewardHop » Sun Jan 25, 2015 5:41 pm

This card still gets 5% electronic stores which is probably useful for quite a few of us.
You can also buy various gift cards from Best Buy and other electronics stores, which may be useful.

If they nerf this category, this card will become completely useless to me. :beat: :beat: :beat: :beat:
[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]

FutureBillionaire
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Postby FutureBillionaire » Sat Feb 14, 2015 10:57 pm

I'm keeping the card for shopping at clothing stores. It's good for use when I'm at the mall. That keeps me from having to have a gift card on hand.
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

blueefficacy
 
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Location: Minnneapolis, MN

Nerfed further

Postby blueefficacy » Wed Feb 18, 2015 2:22 pm

I didn't see anybody mention that Restaurants are no longer available as a 5% category as of Q1 2015. It is a 2% category still (yawn.).
However Fast Food is still in 5%, for now. I might as well leave this card locked in my office desk as I have no use for it beyond lunch anymore, thankfully the cafeteria at my work is indeed classified as Fast Food.
This card really was too good to be true when it first came out, but now it is truly mediocre. I'd rather be at the mercy of rotation when at least I get useful categories SOMETIMES.

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PlyrStar93
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Postby PlyrStar93 » Wed Feb 18, 2015 4:33 pm

blueefficacy wrote:I didn't see anybody mention that Restaurants are no longer available as a 5% category as of Q1 2015. It is a 2% category still (yawn.).
However Fast Food is still in 5%, for now. I might as well leave this card locked in my office desk as I have no use for it beyond lunch anymore, thankfully the cafeteria at my work is indeed classified as Fast Food.
This card really was too good to be true when it first came out, but now it is truly mediocre. I'd rather be at the mercy of rotation when at least I get useful categories SOMETIMES.

It's already been mentioned in another subforum last year. It has been a while.

Looks like banks don't favor restaurant category recently, just like the "new" Citi Forward (which no longer takes new applications) removed the 5% on dining and bookstores last year.

Whether it's Citi or US Bank, maybe it's just their characteristics to love nerfing. As long as they see one thing being used too much, costing them more, they most probably will continue cutting down the bonus. I bet US Bank will carry out another nerf in foreseeable future.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

Fastphilly
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Postby Fastphilly » Wed Feb 18, 2015 6:30 pm

Is this a case of a smaller bank (compared to the majors) having a strict underwriting/approval standard on par with other prime lenders and not having enough cardholders with carry over revolving balances to offset the cost of the shrewd card holders that have maximized their rewards program?
In Wallet:
SM Credit Union Platinum Visa 15K (opened 2004)
Citi Double Cash MasterCard 6.6K (opened 2015)
Chase Freedom Visa 5K (2009) (morphed from Providian/Wa Mu)

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Feb 18, 2015 6:33 pm

Fastphilly wrote:Is this a case of a smaller bank (compared to the majors) having a strict underwriting/approval standard on par with other prime lenders and not having enough cardholders with carry over revolving balances to offset the cost of the shrewd card holders that have maximized their rewards program?


US Bank isn't small, and Cash+ is pretty popular.

But it's true that the card has very high credit standards, so I'm sure a lot of people pay in full and many use the card only for 5% spending.

It strikes me as being a bit like Sallie Mae - where savvy cardholders only use the card lightly and the rewards the issuer pays out are high relative to the swipe volume. SM, though, is probably a bit easier to get.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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