Bad changes coming to US Bank Cash + Card

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MemberSince99
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Postby MemberSince99 » Mon Jan 21, 2013 6:51 am

silver6054 wrote:Sounds like that was the correct decision for you (although I would probably want the $80 anyway!) I understand your viewpoint, I think that a lot of people on myfico for example really overplan/overthink strategy. In many cases a complex multi-card strategy might return $500 dollars a year more than a simple "pay with my 1% card".

Now a lot of us do enjoy playing these games, and so we do, but the gains aren't always that great, and, as I have rudely remarked on myFico, in some cases bigger savings could be had by using the time to clip coupons from local advertising sheets. I am certainly not immune, worrying that I paid with the wrong credit card (getting 1.5% instead of 2%, on a $50 purchase, that's 25 cents...)


Those myFico guys, some of them are nuts. You know the ones I mean - the ones who think that a single inquiry in your entire life is worse than what Hitler did, who think 10% utilization is extremely high and a HUGE red flag, and who if their favorite credit card company started a nuclear war would be talking about how great it is that we'll get some consistent weather out of it. And yeah, who actually worry about .1% rewards difference. They must have a MUCH higher income than I do for that to even matter, and good for them, but personally, I don't care.

I honestly used the Cash + as my primary card for just about everything. With the changes they made, it just had no place in my wallet anymore as it's obvious and been obvious for some time they really don't want people having or getting this card. Well, so be it, I don't now. But I wish I had known they were going to do this so I wouldn't have bothered with it. I do feel a bit cheated, but it's not personal, just business, and maybe in the long run it's a good thing all in all.


silver6054
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Postby silver6054 » Mon Jan 21, 2013 7:12 am

craigm1 wrote:membersince99

I feel your pain, but I really think the way to get back at them is to just use the card for 5% categories. I'm going to put my cell phone bill on there $220 a month and use the card for restaurants. I should come close to maxing out the 2k a quarter netting me $425 a year, I had been spreading my 1% charges between them and amex now the only 1% charges us bank will see are places that only take visa which are restaurants and my primary doctor so in the end I guess what they accomplished is getting there name out before cash+ did many of us really know who us bank was.

craigm


I think that is what a lot of were doing anyway (hence the problem). With a lot of cards offering 1.25, 1.5 or 2% everywhere, it makes no sense to get 1% on these cards.

craigm1
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Postby craigm1 » Mon Jan 21, 2013 7:21 am

silver6054 wrote:I think that is what a lot of were doing anyway (hence the problem). With a lot of cards offering 1.25, 1.5 or 2% everywhere, it makes no sense to get 1% on these cards.


I'm sure that was a problem, my thinking at this point do I move all my bill pays to my amex or do I go to my cap one which pays 1.5% I put about 12k a year in bills on the card, is it really worth my bother to use my Cap one for the extra 60 a year when since 98 my limit has been $4800 no increase or use my main card amex which didn't screw with me since I have the original blue cash and no cap on rewards just a $6500 min every year and has given me a generous limit $30k. I'm thinking for the 60 bucks better to have it all in one place and support the card that takes care of me

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

silver6054
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Postby silver6054 » Mon Jan 21, 2013 7:26 am

craigm1 wrote:I'm sure that was a problem, my thinking at this point do I move all my bill pays to my amex or do I go to my cap one which pays 1.5% I put about 12k a year in bills on the card, is it really worth my bother to use my Cap one for the extra 60 a year when since 98 my limit has been $4800 no increase or use my main card amex which didn't screw with me since I have the original blue cash and no cap on rewards just a $6500 min every year and has given me a generous limit $30k. I'm thinking for the 60 bucks better to have it all in one place and support the card that takes care of me

craigm


I have all my credit cards auto pay, so having stuff on different cards isn't such an issue, but whatever works for you. I must say though that "support the card that takes care of me" is more emotional than reality, I'm pretty sure that Amex doesn't care for you at all as a person, and your support (in using the card) isn't going to be provide any significant financial support to them in the bigger scheme of things.

craigm1
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Postby craigm1 » Mon Jan 21, 2013 8:22 am

The real questions there is really no mention anymore of the original blue cash , if I continue to use the card for everything do I have a better chance of them leaving me alone with no reward cap like the newer blue cash cards, or if they change the original rewards I guess they will do it across the board
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

silver6054
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Postby silver6054 » Mon Jan 21, 2013 8:28 am

I would guess that for whatever reason there has been less "abuse" with the original blue than with the new cards. Obviously, with that Amex has a cushion in that you spend $6500 before big rewards kick in, whereas with the capped BCP I will spend 6K on groceries and not use the card for anything else. But there is still unlimited exposure with the original, so I am a little surprised it wasn't capped at the same time.

MemberSince99
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Postby MemberSince99 » Mon Jan 21, 2013 9:49 am

I'm not understanding how using something within the rules is "abusing" it. These companies set up these programs not out of the goodness of their hearts but to try to get business. If a merchant offers 20% off on a given item and we buy 5 of them, which is the limit the merchant allows at that price, are we "abusing" that merchant?

I just don't "get" that whole mentality. I myself have sold items on Craigslist for example. Maybe I asked less than I could get for it, if I'm willing to wait months to get a higher price and deal with time wasters and potential weirdos, but I chose of my own free will to set a lower price for a quick sale. If someone comes and buys the item from me for that, would that be "abusing" me too? I just don't see this at all.

silver6054
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Postby silver6054 » Mon Jan 21, 2013 9:57 am

Right, which is why I use "abuse" in quotes.

However, it has two clear possible technical meanings:

1) Usage that incurs more cost for the vendor than the vendor expected. But more crucially:
2) Someone who uses the card to get more rewards than I do!

cashback
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Postby cashback » Mon Jan 21, 2013 11:10 am

FutureBillionaire wrote:Cashback, you should PC to the penfed platinum rewards card. You will get more bang for your buck.


Just changed to the Platinum Rewards card. Main reason being I like to save all my cash back for redemption in December. With the Cash Rewards card it was an automatic credit each statement.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

RewardHop
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Postby RewardHop » Mon Jan 21, 2013 12:13 pm

silver6054 wrote:The 2% difference on 10K is actually only $200!


Thanks for catching the typo!

MemberSince99 wrote:I'm not understanding how using something within the rules is "abusing" it. These companies set up these programs not out of the goodness of their hearts but to try to get business. If a merchant offers 20% off on a given item and we buy 5 of them, which is the limit the merchant allows at that price, are we "abusing" that merchant?


I don't think anyone is abusing it per say BUT lets just say the merchant put at the bottom of the promotion legalese that said they can change or cancel the promotion at any time. Brick and mortar stores do actually do this in case there is more usage of some promotion than expected. This is what US Bank is doing, they are changing it at will per the terms.
[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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