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Does anyone know if you really have to wait three business days for the categories to kick in? I just picked my categories today and want to make a purchase? Thoughts?

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better to wait 3 days, I have had hit and miss

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I have had about 1-2 business day turnaround. Remember that it will take a few days for your transactions to post to your acct so by the time that happens, your categories should also be there. I wouldn't necessarily chance if it not sure, but I will say that for this month, I did it on Thursday or Friday the June 28th. I was up and running by that Monday, the 1st.

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i'm about to redeem $100, but to get the $25 U.S. Bank Visa Card bonus, which one can I choose? (need some info before i redeem)

Credit my account?
Transfer into a Deposit Account ?
Send me a U.S. Bank Rewards Visa® Card ?

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Credit my account always works for me. Bill goes down by $100 and I get $25 in the mail.

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I redeemed a bunch of 100 dollar cards just before the end of June, I assume maybe they are swamped with late people like me that did the same, but I usually got those within 3-4 days and still nothing. Redeemed on 6.28 I think. Anyone redeemed then or after that have received yet? (I know the 25 dollar cards take forever, I'm talking about the 100 dollar cards).

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I do the Deposit Account. It's always immediate but you have to have a US Bank Acct.

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US Bank will not be charging a fee on the gold checking account if you have one of their credit cards after this August. You can deposit any rewards in the checking account and the funds are immediately available.

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Data point: got 5% on Priceline reservation under the hotels category (even though they say "online travel consolidators" are excluded from the category).

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I am currently doing restaurants and fast food. I had electronic stores and furniture last quarter for the random big purchase but did not end up buying anything!! I decided that it will suit me best to get 5% any time I eat out. i may have to consider the Priceline reservation mentioned above next quarter though.

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antifaith said:   Data point: got 5% on Priceline reservation under the hotels category (even though they say "online travel consolidators" are excluded from the category). Well now that's a shocker. I definitely use Priceline a lot but didn't want to even waste my time on hotels since I typically only use the "online travel consolidators". What mcc code did it show up under?

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MCC in the tx was 07011. It was one of the "super-secret" deals (not "name your own price")--not sure if that matters how it's coded.

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Just got my 3 $25 gift cards that I requested back on the 6th of last month. It arrived less than 2 weeks after my next statement closed (which I have noticed that they aren't created before that.)

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Hey guys,
I have tried to read through all the posts and didn't quite finish all of them.
However, seems like this card is no longer usefull at all from what I understand.
Can someone do a clear summary as it seems that it's no longer worth the trouble.
Thank you.

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Cash+ (738.77kB)
Disclaimer
Got this in the mail the other day....

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Based on my experience so far the 2000$ cap per quarter does not seem to be in effect for existing cardholders. Anyone had a different experience?

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I am exisiting card holder and got exactly same letter as posted above stating that $2000 cap is effective July 1.

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MoneyOCD said:   I am exisiting card holder and got exactly same letter as posted above stating that $2000 cap is effective July 1.

How long have you had your card?

I'm wondering if they will wait for your first year anniversary to implement the cap. I'm still within the first year and got 5% back on $2200 in spending in July.

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I have had card just about a year......first statement ended in August last yr (started in July)........and just got that same notice of a 2K/qtr cap on 5%
categories.

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Got the letter as well. I use the card for fast food/restaurants so not worried about the $2000 quarterly cap. If I do go over, I should be worried about other things.

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I got the same letter too, but the July 1 section only mentions the $25 bonus being limited to once per year. The $2000 cap is mentioned below as if it was always like that.

I had a $1950 transaction on June 30 that posted on July 1 and several transactions $100-300 throughout July, and I got 5% for all of them on my July 19 statement. I think I spent another $1500 or so in the past week, so I guess I'll find out on my August statement whether I'm capped.

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My letter also states that there is no more bonus CashBack for my Gold Checking pacakge after 08-12.

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Very interesting development - it looks like they're capping it at $2K retroactively without a proper change of terms notification.

I will give them a benefit of doubt - maybe this letter is just an oversight and they will duly notify the existing members of the T&C change with 30 days lead as required by law.

I don't believe they enforced the cap on anyone, not at this thread...

My datapoints:
  • I have the card for 7 months
  • I have not received the letter with a cap mentioned
  • My July statement had closed a few days back and I received the full 5% plus a Platinum bonus for much more than $2K; included July spending exceeding $2K

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neophyte said:   I will give them a benefit of doubt - maybe this letter is just an oversight and they will duly notify the existing members of the T&C change with 30 days lead as required by law.

My Cardmember agreement (from June of 2012) clearly states: "(h) We reserve the right to change or cancel the U.S. Bank Cash+ Program at any time, with or without notice to you." Why do you think they are required by law to notify existing members within 30 days?

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I have a feeling that the cap applies to new(er) Cash+ cards but the older ones dont have the cap.
They maybe relying on vague mailers and confusion to make us ALL think that the card has a 2k cap for everyone.
Notice the mailer does not say that the 2k limit is one of the changes they were mailing us about.
The 2k is only mentioned in passing after the disclosure about the $25 bonus gift card.

This is enough to make A LOT of ppl stop at 2k.
I say keep going until you have definitive proof you are not getting the 5% anymore.
The proof will be in the statement when it cuts.

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jtdeals said:   neophyte said:   I will give them a benefit of doubt - maybe this letter is just an oversight and they will duly notify the existing members of the T&C change with 30 days lead as required by law.

My Cardmember agreement (from June of 2012) clearly states: "(h) We reserve the right to change or cancel the U.S. Bank Cash+ Program at any time, with or without notice to you." Why do you think they are required by law to notify existing members within 30 days?
My bad, 45 days.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act)

§226.9(c)(2): 45-Day Change-in-Terms Notice

The CARD Act requires card issuers to provide written notice to consumers at least 45 days before the effective date of an increase in an annual percentage rate (APR) or any other "significant change."
For any well-run bank (USBank is among them) is much safer to comply than to test it's limits

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I'm not sure if the CARD Act would consider a cap a "significant change", but they seem to be covered by section (g) in the rewards T&C (from my copy back in June, 2012):

Generally, there is no maximum annual cash rebate, but U.S. Bank reserves the right to cap certain 2% Rebates and 5% Rebates

The currently posted T&C added this to the end of the sentence: "in addition to any limits already described in these U.S. Bank Cash+ Program rules."

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neophyte said:   jtdeals said:   neophyte said:   I will give them a benefit of doubt - maybe this letter is just an oversight and they will duly notify the existing members of the T&C change with 30 days lead as required by law.

My Cardmember agreement (from June of 2012) clearly states: "(h) We reserve the right to change or cancel the U.S. Bank Cash+ Program at any time, with or without notice to you." Why do you think they are required by law to notify existing members within 30 days?
My bad, 45 days.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act)

§226.9(c)(2): 45-Day Change-in-Terms Notice

The CARD Act requires card issuers to provide written notice to consumers at least 45 days before the effective date of an increase in an annual percentage rate (APR) or any other "significant change."
For any well-run bank (USBank is among them) is much safer to comply than to test it's limits


I'm not sure what testing would be required; "significant change" seems pretty well defined in the law to mean "annual or other periodic fees, fixed finance charges, minimum interest charges, transaction charges, cash advance fees, late payment fees, over-the-limit fees, balance transfer fees, returned-payment fees, and fees for required insurance, debt cancellation, or debt suspension coverage." It seems pretty clear that a change in rewards structure would *not* fall under the "significant changes" which require a 45 day notice. So at least as far as the CARD act goes, USBank is free to change the rewards terms at any time without any notice at all.

Chris.

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got the same letter. Another window closed (or limited to $2000 per Q)

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I got the same letter. I am still getting 5% on five figure amounts.

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Also got letter today. have 2 of these cards-- just use it for FF and rest 5% and drugstores 2% and am still happy. Also don't forget the 1x 25.00 bonus. Just bought kitchen floor and with installation and tax it went thru as furniture purchase (1200.00). I checked the codes first. I have furn on one of the cards for 5% So I am still happy. My local CVS and Rite Aid always fight over milk prices. Each one is 2.89 gallon. (have 3 kids and i eat lots of cereal) Some weeks it's 269-2.99. For the past 18 months. Where else can you get 2% off these prices.? The local supermarkets charge about 3.99-4.19 /gallon. So I will continue to use their cards. The local Valero and Mobil also charge 2.89 gal but are cash only. That price is for milk!! not gas!!( I am in farm country in Upstate NY)

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BTW just figured that if you max out a 5% cat, you get 2k@5%=100.00 plus the extra 1x 25.00 so for 1 q you get 5.25% (i Think)

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barrytuneup said:   BTW just figured that if you max out a 5% cat, you get 2k@5%=100.00 plus the extra 1x 25.00 so for 1 q you get 5.25% (i Think)

Um, check your math. $125 received for $2,000 spend. 125/2000 = 6.25%.

Chris.

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With the new $2000 cap, I hope US Bank brings back the home improvement and/or bill pay categories. They clearly removed those because of churn, but with the new cap that is no longer an issue for them.

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lonestarguy said:   but with the new cap that is no longer an issue for them.

What's your break down of their profits/losses? If you don't know, you can't conclude that at all.

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vagrants said:   lonestarguy said:   but with the new cap that is no longer an issue for them.

What's your break down of their profits/losses? If you don't know, you can't conclude that at all.


that=churning.

Bill pay and home improvement allowed for a lot of churning opportunities, particularly combined with unlimited $25 bonus cards. Giving back home improvement could afford them the opportunity to earn interest off of home improvement projects charged to the card or to those falling behind on utilities who may be more inclined to pay interest. This is not the FatWallet crowd obviously, but those who are less financially aware.

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lonestarguy said:   vagrants said:   lonestarguy said:   but with the new cap that is no longer an issue for them.

What's your break down of their profits/losses? If you don't know, you can't conclude that at all.


that=churning.

Bill pay and home improvement allowed for a lot of churning opportunities, particularly combined with unlimited $25 bonus cards. Giving back home improvement could afford them the opportunity to earn interest off of home improvement projects charged to the card or to those falling behind on utilities who may be more inclined to pay interest. This is not the FatWallet crowd obviously, but those who are less financially aware.


That is going to increase the risk profile. The US Bank is conservative in the first place. So, where are your #s? Where are your statistics to back your claims?

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vagrants said:   lonestarguy said:   vagrants said:   lonestarguy said:   but with the new cap that is no longer an issue for them.

What's your break down of their profits/losses? If you don't know, you can't conclude that at all.


that=churning.

Bill pay and home improvement allowed for a lot of churning opportunities, particularly combined with unlimited $25 bonus cards. Giving back home improvement could afford them the opportunity to earn interest off of home improvement projects charged to the card or to those falling behind on utilities who may be more inclined to pay interest. This is not the FatWallet crowd obviously, but those who are less financially aware.


That is going to increase the risk profile. The US Bank is conservative in the first place. So, where are your #s? Where are your statistics to back your claims?


My initial statement was that I hope they bring back two categories that had offered for several quarters. I speculated they were removed due to churning. Why do you think they removed bill pay and home improvement?

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lonestarguy said:   
My initial statement was that I hope they bring back two categories that had offered for several quarters. I speculated they were removed due to churning. Why do you think they removed bill pay and home improvement?


I understand your argument, but you don't understand my argument. I'm done. Good luck.

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LLCPenTesTr said:   I got the same letter. I am still getting 5%

Any one see rewards accumulating for purchases (in excess of the $2K cap) in August?

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