I received and activated my new Cash Back Credit Card
Reasons I got this cash rewards credit card
I already own two U.S. Bank Business Edge credit cards. Cash Rewards Visa generates 3% cash back on gas purchases, phone, and office supplies. I use this card to pay at a gas pump primary. Few months ago I got Chase Ink Business credit card with 5% cash back on internet and phone bills and this card replaced U.S. Bank Business Card for the most of my business related purchases except fuel for my vehicles.
But “As a valued U.S. Bank Platinum Edge cardholder ” I was invited to apply for U.S. Bank Business Edge Cash Rewards World Elite Master Card. Normally I would ignore such invitation, but $200 cash back after spending $1,000 in net purchases in the first 90 days after opening the account plus an additional 25% annual bonus (up to a maximum of $250.00) make me think twice. I estimated roughly my quarterly expenses which go far north of $1,000.00, and decided to accept the offer.
Additional benefits
Besides bonus cash, this credit card has no annual fee and 0% introductory APR for the first 15 billing cycles on purchases and on any balance transfers made within the first 30 days after account opening.
Good, but not the best credit card
U.S. Bank Business Edge Cash Rewards World Elite MasterCard will generate decent percentage of cash back on certain purchases, but there are some things I do not like about this card.
First of all, the annual percentage rate on this card is 17.24% and I consider it as extremely high. All of my credit cards, except BankAmericard Cash Rewards have lower than 15% APR. You may want to look for other options if not planning to pay off the entire balance on U.S. Bank Business MasterCard every month after promotional period.
Second, there is 3% balance transfer fee. It’s good if you compare with majority of credit cards because some of them have 4% fee. But Chase charges me 2% for each transaction. High probability, I will just use promotional checks from my Chase Freedom credit card in case I need extra cash.
Third, this credit card is good for certain purchases only. Some of my existing cards have better cash rewards, and I will utilize those to get the most from each and every dollar spent.
First ever online application
All my credits cards from Chase, Bank of America, Citi and U.S. Bank were opened at local branches. I never filled a credit card or loan application online from my home. This time I tried to save an extra minute by not going to the bank and probably spend there at least an hour. The offer I received by email had a link to the U.S. Bank webpage where you can enter a confirmation code and submit the application. I didn’t use the link from e-mail, but copy and paste it in the browser. The application itself was made for customers – very simple, easy to read and understand. I took literally a couple of minutes to put all info in place and click submit button.
In a couple of days I’ve noticed the new business credit card was added to the rest of my U.S. Bank accounts. In a week I received a new credit card with agreement which indicates interest rates, fees, charges and the rights of a credit card holder and financial institution.
March 2017 update
Mess up with credit card accounts account
After receiving first bill, I logged in to online banking in order to make a payment. But there were no “Payment Due” or “Minimum Payment” options. I saw all charges posted on account but wasn’t able to pay the balance. I called customer service for help. I was told there are two accounts were opened when I was approved for US Bank Business Edge Credit Card. The first was Accounts Payable or Total Business which I have to pay. The other one is an Individual Account which I see online. I asked to make changes, so next time it would be possible to make payments online to this credit card. The manager completed some tasks and informed me that I will receive second bill for Total Business and after that payments will be accessible online.
Rewards were important too
As I already earned some cash back rewards plus $200 new card member bonus, I was informed my reward will be transferred to the individual card. Plus, because of this misunderstanding, the manager offered me an additional Customer Service Reward. I was pretty satisfied after conversation with US Bank representatives.
With my second bill things went very weird. Apparently, my company’s account was closed, rewards are disappeared, and my individual card didn’t have any balance to pay. I called customer service again. The second manager, who I believe didn’t have a clue what he was talking about, informed me that because account was closed I cannot redeem rewards, basically about $300 vanished. I got slightly harsh on a guy and explained that is not what I was told while making changes to the accounts. He decided to verify the phone call. In a few days, on a New Year Eve precisely I got a voice mail from US Bank. They let me know rewards cannot be redeemed because of account closure and I was welcomed to call US Bank again with any questions or concerns. That made me simply mad.
I called US Bank again and provided all details, time and names of people I was talking to before. This time, I was reassured I will get my cash back rewards.
In about a week I received a phone call from US Bank again. The guy informed me that phone calls were verified (again) and my customer service reward, new account spend bonus and cash back on purchases will be available for redemption after my next billing cycle closing date.
Conclusions
I opened U.S. Bank Business Edge Cash Rewards Master Card just to maximize cash back from every dollar I spend and get first time bonus cash. It was frustrating when things didn’t go smooth, and I wasted a lot of time to figure out what was going on. It’s true that US Bank resolved the issue apparently, but probably the time I spent to get my rewards doesn’t worth actual cash rewards I received.
Despite all misunderstandings I still plan to purchase gas, office supplies and pay phone bills with this credit card because it will generate 3% cash back on all of those transactions.