US Bank offers two Cashback Visa cards: 1) Cash Rewards which earns 1% flat without categories. This one is a Visa card, non-Signature. 2) Cash+ which earns 1% everywhere and also has 5% categories (you choose one from categories such as dining, electronics, car rentals, etc.). This one is a Visa Signature card.
Currently, when applying for the Cash+ card, the system gives notice that you may actually end up with the Cash Rewards if you aren’t worthy of a Visa Signature card (usually, if you don’t get a $5,000 credit limit it won’t be a Signature).
If you do not qualify for the U.S. Bank Cash+ Visa Signature Card, you will automatically be considered for the U.S. Bank Cash Rewards Visa Card that earns 1% cash back on all net purchases, but does not offer the 5% and 2% Cash+ Categories.
MyFico member 14Fiesta saw a memo which indicates that beginning June 20th all Cash+ applications will get the 5% rewards card and the Cash Rewards won’t be given for new applications at all. Those who get lower credit limits might not get a Signature card, but at least it will have the 5% categories.
It’s not clear if current Cash Rewards members will be upgraded to the Cash+ card as well. I personally have one of these from way back, hoping for the best.
US Bank is also reportedly launching two new credit card products on June 20th: a 1.5% cashback card and a Flexperks Amex which earns 3x on dining.
Gah. Apple Store in-store transaction apparently codes as Electronics. Forgot to use my Cash+ for this 5% bonus category.
Managed to convert the Cash 365 Amex [back] to the Cash+ VISA over the phone, for the new 5% Home Utilities category in Q2 via Arcadia Power (hopefully).
I got an amazing approval recently of this card. It arrived in Visa Signature with 5x category eligibility but the credit line is 500. I never believed such CL can be Signature version; PenFex gave me a 4000 for their Power Cash which arrived as a Visa Platinum.
One thing interesting is that after activation, the online CL shows —, dashes instead of numbers. I called and made sure that the CL was indeed 500, but the tech support was surprised also by the low CL, and told me that the dashes might indicate that I was allowed to spend a bit more than 500. 😂
Applied for the Cash+ in July ’14 and was only approved for the Rewards card. After a few soft pull credit increases at $1500 and many calls asking to upgrade, I was never eligible. Just called again and got approved to upgrade to the Cash+ with my current credit limit of only $4000.
It’d be great if they could convert old cards. I’ve got a Cash rewards card that I’ve tried to convert to the Cash+, but so far no luck.
Yeah, I have one too. Hoping they convert us all over or let us convert.
Just remember that in order to collect the Cash+ Visa 5 per cent, you have to make a selection each quarter.
You will be selecting the two categories to collect the 5 %.
The following is from the Welcome to More brochure dated 08/2015 which arrived at my home 02/29/2016
5% Cash Back on First $2000 combined net purchases each quarter in your choice of two offered categories.
Quarterly bonus categories may change, but appear to have been fairly stable the past year. Added Cell Phone Companies as a 5% option for first and second 2016 quarters.
calendar quarter selection begins
Nov 17 – First new calendar quarter
Feb 15 – Second calendar quarter
May 17 – Third calendar quarter
Aug 17 – Fourth calendar quarter
2% on one of three categories … no spending cap mentioned at the 2% level.
1% everything else – no spending cap mentioned.