US Bank Cash + Review: 5% Cash Back You Can Customize
Similar cards offer 5% cash back in rotating bonus categories up to a quarterly spending cap – but these categories are determined by the issuer and can be random. This makes the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer a more flexible and potentially more lucrative option. And that’s not its only differentiator.
The map allows you to select of them 5% cash back categories each quarter on a list of 12, and it has a higher combined quarterly spend cap than the competition. Additionally, you will choose a 2% cash back category each quarter from a list of three, and there is no spending limit for that category.
Be certain, this is not the simplest reward structure. You’ll need to do a bit of homework in terms of category tracking and activation. But if you value choice and the high potential for rewards for your daily spending, this may be an ideal choice.
Nerdy tip: As of November 22, 2021, this card is available online only through NerdWallet or US Bank itself.
US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer: the basics
Registration bonus: $ 200 bonus after spending $ 1,000 on qualifying purchases within the first 120 days of opening the account.
5% cash back on the first $ 2,000 of combined qualifying net purchases each quarter in two categories you choose. (As of the first quarter of 2020, these categories include certain clothing stores, electronics stores, sporting goods stores, gyms and fitness centers, furniture stores, home utilities, mobile phone providers, ground transportation, department stores, fast food, movie theaters and television, internet and streaming services.)
2% cash back in a “daily” category of your choice. (As of Q1 2020, these categories include grocery stores, gas stations, and restaurants.)
1% cash back on all other qualifying net purchases.
You must sign up for bonus categories quarterly to get the highest reward rates; otherwise, you will only earn 1% on all your purchases.
Rewards can be redeemed for credit on a statement, US Bank Rewards gift card, or deposit to an eligible bank account with US Bank. You can redeem rewards of any amount, unless you redeem them for a gift card. These Visa gift cards require a minimum redemption of $ 20, and you can only redeem them in increments of $ 5.
Interest rate: 0% introductory APR for 15 billing cycles on purchases and balance transfers, then the ongoing APR of 13.99% to 23.99% Variable APR.
Balance transfer fee: 3% of the amount of each transfer or $ 5, whichever is greater.
Foreign transaction fees: 3% if the purchase is made in a foreign currency; 2% if it’s in US dollars.
Other advantages : Car rental collision insurance, roadside assistance and extended warranty protection, among others.
Why you might want the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer
5% of rewards categories that you can customize
With the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer, you can select bonus categories based on your spending. You can also repeat the same bonus categories every quarter, as long as they are still available as a choice for that quarter. In Q1 2020, for example, you could choose from 12 categories for 5% off, including home utilities, mobile phone providers, ground transportation, department stores, fast food, and movie theaters.
Keep in mind that the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer allows you to choose of them 5% cash back categories each quarter. Competing cards sometimes offer several 5% categories per quarter, but not always. And even when they do, these categories are still chosen by the issuer.
A generous spending cap for these rewards
With most other 5% cashback cards, there is a quarterly spending cap of $ 1,500 for bonus categories, which means your bonus earnings exceed $ 75 over a three month period (not including 1% refund you would get on “all other expenses.”) But the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer has a higher cap on spending eligible for rewards of 5%. You’ll earn 5% cash back on your first $ 2,000 of qualifying purchases each quarter in the two combined categories you choose. This is potentially an additional $ 400 in bonus per year, assuming you hit the spending limit each quarter.
Additional Bonus Reward Categories
the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer allows you to select an additional category in which you get unlimited 2% cash back. The 2% options in Q1 2020 were gas stations, restaurants and grocery stores. Again, unlike the 5% expense categories, these rewards are not capped.
How does this compare to other 5% cash back cards
If you are thinking about getting the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer, you may already know two of the other biggest players in the 5% game: the Discover it® Cash Back and the Chase Freedom Flex℠.
These cards also offer high rewards in rotating bonus categories, but the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer differs in several ways:
Its 5% discount categories are customizable and you can choose two each quarter.
The combined quarterly spending limit for this 5% reward is $ 2,000, compared to $ 1,500.
You also get an unlimited 2% return in an everyday category.
But that does not mean the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer is the big winner for all the spenders. the Discover it® Cash Back and the Chase Freedom Flex℠ have a lot to do for them too.
Here’s how the three stack up:
Why you might want a different card
The reward system is complex and requires maintenance
The bonus categories on the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer are less mysterious than, say, those of Chase Freedom Flex℠, which only announces its categories at the approach of a new quarter. But you still need to keep track of the categories and remember to opt for each quarter, and the extra 2% categories make the card more complicated than its direct competitors. (Will you remember, for example, that “fast food” is a 5% category, while “restaurants” is a 2% category?)
Another consideration: In recent years, Chase and Discover products have often offered 5% rewards at restaurants, gas stations, and grocery stores – “everyday” categories that the US bank card limits to 2% cash back. silver.
If you prefer a low-maintenance option that you don’t have to think about, the Citi® Double Cash Card – 18-month BT offer earns a flat rate of 2% on all purchases: 1% when you buy and 1% when you refund them. There are never any categories to remember. He has a $ 0 annual subscription.
It is an expensive travel companion
the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer is widely accepted by merchants overseas, but its overseas transaction fees could strain your travel budget. the Capital One SavourOne Cash Rewards credit card earns 3% cash back on meals, entertainment, popular streaming services, and grocery stores (excluding big box stores like Walmart and Target), plus 1% on all other purchases. In addition, he skips the foreign transaction fees. He has a $ 0 annual fee, wide acceptance from international traders and sign-up bonus: Earn a one-time $ 200 cash bonus after spending $ 500 on purchases within the first 3 months of opening the account.
You must bank with the issuer for cash redemptions
You can redeem your rewards for cash only if you have a bank account with US Bank. Credit cards like Discover it® Cash Back and the Chase Freedom Flex℠ allow you to redeem your rewards for deposits into qualifying bank accounts at other institutions.
Is the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer good for you?
Choosing your own bonus categories gives you an advantage, and while maximizing rewards is a top priority, the US Bank Cash + ™ Visa Signature® Card – Exclusive NerdWallet Offer is a good fit for your style. But if you prefer simplicity, you had better explore other rewards credit cards.