What Is Elan Financial, and Are Its Credit Cards Right for You?
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Elan Financial Services, a division of U.S. Bank, is a credit card issuer and servicer for many smaller banks and credit unions. These financial institutions partner with Elan, which handles everything from underwriting and marketing to designing the card itself.
This kind of "white label" arrangement is fairly straightforward for the banks, but it can get confusing if you're a cardholder. First — even though the card may bear your local bank's name and logo on it, and even if you started the application for the card through that local bank — the local bank is not the issuer; Elan is. To manage the card, make payments, redeem rewards, etc., you'll likely have to use Elan's dedicated website, not the local bank's.
Secondly, Elan works with many banks and credit unions around the country, all of which tend to use similar Elan "templates" for their credit cards. A credit union in California might be offering the same exact rewards credit card as a midsize bank in Baltimore, but the two products may have completely different names and card designs.
Still, Elan's products are generally competitive — some are nearly identical to existing (and better-known) U.S. Bank credit cards. The company's portfolio includes several cash-back cards, some travel cards, and a handful of co-branded and secured cards, including the following consumer credit cards that may be available from a variety of smaller banks and credit unions:
Visa Platinum Card.
Visa Signature Everyday Rewards+ Card.
Visa Signature Travel Rewards+ Card.
Visa College Real Rewards Card.
Visa Max Cash Secured Card.
Visa Infinite Reserve Rewards+ Card.
Visa Signature Max Cash Preferred Card.
Secured Visa Card.
Mastercard Platinum.
World Mastercard Everyday Rewards+.
World Elite Mastercard Travel Rewards+.
Mastercard College Real Rewards.
Mastercard Max Cash Secured.
World Elite Mastercard Reserve Rewards+.
World Mastercard Max Cash Preferred.
Secured Mastercard.
Here’s a closer look at some of the credit cards that Elan issues or services.
Fidelity® Rewards Visa Signature® Card
The Fidelity® Rewards Visa Signature® Card is (surprise!) issued by Elan, not Fidelity. It belongs to a select group of credit cards that offer an unlimited 2% back on every purchase. However, as the card’s name suggests, you’ll only get that desirable 2% rate if you redeem rewards into an eligible Fidelity account such as a Roth IRA or 529 college savings plan. If you want to boost your investment portfolios and you’re already a Fidelity customer, the Fidelity Rewards Visa could be the right fit. The card also comes with car rental coverage, and a credit every four years for Global Entry or TSA PreCheck — all for no annual fee.
Secured Visa
Elan Financial’s Secured Visa is standard fare as far as secured credit cards go. The Secured Visa has no annual fee and no penalty APR, but it doesn’t earn rewards. The minimum security deposit required to open the account is $300. (The maximum is $5,000.) Comparatively, many secured cards generally require only a $200 minimum security deposit, and some on the market also earn rewards.
Visa College Real Rewards
Credit-building cards don’t usually come with fancy perks, and the Visa College Real Rewards card is no exception. This $0-annual-fee card earns modest rewards — unlimited 1.5x points for every $1 spent and 5x points on hotels and car rentals booked through the Rewards Center. As of this writing, you'll also get a small $25 bonus after making your first purchase with the card
Rewards can be redeemed for cash back, gift cards, merchandise or travel.
Visa Infinite Reserve Rewards+ Card
The Infinite Reserve Rewards+ card is a close cousin of the U.S. Bank Altitude™ Reserve Visa Infinite® Card, though the latter is no longer accepting new applicants. So while you can’t get the Altitude Reserve, you can get a similar product from Elan Financial, if you qualify.
The Infinite Reserve Rewards+ card has a steep annual fee — $390 — but it also packs on the travel-related perks. Among them:
6x points on airline tickets, hotel reservations and car rentals booked in the Rewards Center. (2x points on all other purchases.)
$100 annual travel credit for travel booked in the Rewards Center.
A credit every four years for Global Entry or TSA PreCheck.
Complimentary 12-month Priority Pass Select Membership, good for eight free visits to over 1,600 airport lounges.
No foreign transaction fees.
Car rental insurance.
Lost luggage reimbursement.
Up to $20 per month in statement credits for spending on sports and fitness; personal care; entertainment and streaming services; dining, takeout and restaurant delivery.
As of this writing, the card was offering a 50,000-point sign-up bonus when you spend $4,500 within the first 90 days of account opening. Rewards can be redeemed for travel, cash back, gift cards or merchandise.
Visa Max Cash Preferred
The Visa Max Cash Preferred is quite similar to the U.S. Bank Cash+® Visa Signature® Card. Both cards have no annual fee and feature the same rewards structure — although the Visa Max Cash Preferred has slightly different rewards categories. The Elan-issued card earns:
5% cash back on up to $2,000 in combined spending each quarter in two categories you choose from a list of nine. Categories include TV, internet and streaming services, fast food, cell phone providers, department stores, home utilities, furniture stores, electronic stores, recreation and entertainment.
2% unlimited cash back on one everyday category of your choice each quarter. Category options are groceries, restaurants or EV charging, and gas stations.
1% unlimited cash back on all other purchases.
Rewards earned with the Max Cash Preferred can be redeemed for a deposit into a checking or savings account, or as a statement credit. There’s a $25 redemption minimum.
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