US Bank Cash+ Visa Signature Card: 5% Cash Back in Categories You Choose
US Bank has introduced a cash back credit card with rotating quarterly bonus categories, but added a twist. The new US Bank Cash+ Visa Signature Card allows you to choose two categories from a list each quarter where your spending will earn 5% cash back. You’ll also be able to choose either gas, groceries or drug store spending to earn 2% cash back. Your 5% and 2% choices can be changed each quarter, while all other purchases will earn 1% cash back.
In addition, you’ll earn a $25 bonus (in the form of a US Bank Rewards Card) whenever you redeem $100 or more in a single redemption, meaning your 5% bonus categories can effectively earn 6.25%. There are no limits to how much cash back you can earn and there is no annual fee. You can select to have your cash back redeemed either as a deposit into your U.S. Bank deposit account, a U.S. Bank Rewards card or a statement credit.
Ultimately, however, the value of this card in relation to other cash back cards with rotating bonus categories will be dependent upon the list of available 5% categories. US Bank has provided a demo, which shows how you can select your 2% and 5% cash back categories. The demo shows 5% categories as including:
- Department stores
- Home improvement stores
- Electronics stores
- Bill payment (when you set up automatic bill payments for phone, internet, cable/satllite TV, utilities and insurance)
- Fast food
- Furniture stores
- Car rental
- Charity (such as American Red Cross, United Way, Samaritan’s Purse International Relief and Mercy Chefs)
- Movie theaters
If US Bank keeps certain categories such as restaurants, home improvement stores, department stores and electronics stores available to choose from every quarter, then this card could be a huge winner. If it changes the available categories, which it has said it reserves the right to do each quarter, then the card could quickly become just another run-of-the-mill cash back card. We’ll have to see how this works in practice.
For more info on the card or to apply, see the following link:
Note: There have been reports of people getting their applications rejected because they live in a state where US Bank does not have a branch. The card is supposed to be available in all 50 states, so if this happens to you, you can call 800-947-1444 and request that the underwriting department manually review your application.