The Max Cash Preferred Visa Signature is a “choose your own category” card which offers up to 5% cash back on purchases. You can choose two categories (out of 9 options) to get the 5% earn rate. It’s a slight variation on the U.S. Bank Cash+ card and may be easier to apply for. Max Cash Preferred is available at dozens of credit unions, including Spectra and Valley Bank. Card details are the same regardless of which bank you work with.
Also see: the U.S. Bank Altitude Go and the Elan Everyday Rewards+ Visa Signature.
FEATURES AT A GLANCE
- No annual fee
- 2% foreign transaction fee (when paying in U.S. dollars overseas) or 3% foreign transaction fee (when paying via foreign currency)
- 5% cash back on two categories of your choice (up to $2,000 in combined quarterly spending)
- 2% cash back on an “everyday” category of your choice
- 1% cash back on everything else
- Recreation – gyms and sporting goods stores (24 Hour Fitness, Equinox, Planet Fitness, Bass Pro Shops, Dick’s, REI, etc.)
- Fast Food (Burger King, Chipotle, Subway, etc.)
- TV, internet and streaming services (Charter, DISH, Netflix, Spotify, etc.)
- Cell phone providers (AT&T, Sprint, T-Mobile, Verizon, etc.)
- Home utilities (Duke Energy, Pacific Gas and Electric Company, Waste Management Co., etc.)
- Entertainment – select tickets plus theme parks and movie theaters (Ticketmaster, StubHub, Universal Studios, Six Flags, AMC, Fandango, Regal, etc.)
- Furniture Stores (Ashley, Ethan Allen, Ikea, etc.)
- Department Stores (Bon-Ton, Kohl’s, Macy’s, etc.)
- Electronics Stores (Apple Store, Best Buy, Newegg, etc.)
- Restaurants and Fast Food (IHOP, Outback, Red Lobster, etc.)
- Gas Stations and Ground Transportation (7-Eleven, QuikTrip, Amtrak, Greyhound, etc.)
- Grocery Stores and Grocery Delivery (Albertsons, Kroger, Publix, Trader Joe’s, etc.)
SIGN UP BONUS
As of January 2022, you can earn a $150 sign-up bonus for spending $500 within 90 days. This is a 30% RoS (Return on Spend).
OTHER BENEFITS OF THE MAX CASH PREFERRED CARD
- Visa Signature benefits
- Free authorized user
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
Unlike U.S. Bank, there are few (if any) restrictions for getting this card. You just have to join a credit union which will accept your application. Some local banks may have restrictions on who can join, but the Max Cash Preferred is available at a lot of places, so this shouldn’t be a roadblock.
MAXIMIZING REWARDS WITH THE MAX CASH PREFERRED CARD
This is a credit card with limited redemption options and no methods to truly maximize rewards. You can redeem as a statement credit or to a checking/savings account.
You manually choose your categories each quarter, and stay under the $2,000 quarterly spending limit. If you max out the 5% category spending limits each quarter, you’ll spend $8,000 per year for $400 annual cash back. The bank combines both of your 5% categories when calculating how far you are toward reaching the quarterly limit. The credit card earns just 1% cash back on anything over the limit.
Cash back is unlimited (outside of 5% categories) and doesn’t expire as long as your account is active (make at least one purchase every 6-12 months). There’s a $25 minimum to redeem rewards.
ALTERNATIVES TO THE MAX CASH PREFERRED
Max Cash Preferred is issued by a subsidiary of U.S. Bank called Elan Financial Services and should be available nationwide. This is a good alternative to the Cash+ since the cards are nearly identical. You still get two 5% cash back categories. Max Cash Preferred has a lower sign-up bonus, so it’s best to get Cash+ when possible. Or try to get both so you can choose four 5% categories.
Although the Max Cash Preferred (MCP) seems more limited (only 9 categories for earning 5% back) it’s not strictly worse than the Cash+. MCP combines “Sporting Goods Stores” and “Gyms and fitness centers” into one category, which can be good for some people. The “entertainment” category is also quite broad compared to Cash+. MCP does, however, eliminate “Clothing Stores” and “Ground Transportation” as 5% categories. So there’s a trade-off.
All 2% cash back categories (and 1% “other”) are useless features. You can earn at least 2% cash back on all purchases with any of the best everyday cards. Only the 5% categories are worth considering on this credit card.
Max Cash Preferred is a great year-round card for most categories, including:
- Gyms and fitness centers + Sporting Goods Stores
- Home utilities
- Theme parks and Movie theaters
- Furniture Stores
- Department Stores
- Electronics Stores
Most cards give 2-3% cash back in these categories, so MCP/Cash+ are great options. One consideration is the Venmo card since its utilities/streaming category is very diverse.
For the “fast food” category, any decent dining card is likely better. Several options can earn 4% cash back or higher, while having better flexibility.
With cell phone providers, other credit cards may include free cell phone insurance when paying your bill with that card. It could be worth having those options instead, even if they earn less cash back.
For “TV, internet and streaming services” close alternatives might earn more cash back.
CONCLUSION
The Max Cash Preferred (or U.S. Bank Cash+) is a flexible high-earning credit card which most people can find useful. Getting 5% cash back in two categories is a rare benefit, and the categories are generally good. “Home utilities” is an example of an essential category. Some people might benefit from having multiple cards so they can get even more cash back. Being able to change your categories adds even more flexibility.
Overall, the Max Cash Preferred is a credit card which almost anyone can effectively use.
We rate the Cash+ card 5 out of 5 stars. ⭐⭐⭐⭐⭐
Note: This review was last updated in January 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to take advantage of our personalized consulting services!