Rewards are tied to U.S. Bank
Not only must you bank with U.S. Bank to get the card’s elevated rates. But even to get the full value of the base 2% cash back rate, you’ll need to have a U.S. Bank account.
That’s because even though the U.S. Bank Smartly™ Visa Signature® Card is considered a cash back card, it earns cash back rewards as points. And to get the full value of those points, you must redeem them as a deposit into an eligible U.S. Bank account.
In other words, when redeemed as a deposit this way, points are worth their full value of 1 cent apiece. But when you redeem points for other options like statement credits or gift cards, you may get a lower value per point.
High balance requirements for elevated rewards
To earn the U.S. Bank Smartly™ Visa Signature® Card’s highest possible rate of 4% back, you’ll need at least $100,000 in balances — that’s a steep requirement that could be a hurdle for some. Even the card’s less lucrative 2.5x and 3x rates require balances of $5,000 and $50,000, respectively.
Yes, eligible U.S. Bank accounts include investment accounts, trust accounts and IRAs which can help you when it comes to meeting the required balance amounts. But still, those who don’t have enough funds won’t be able to get the most value out of the card.
Plus, keep in mind that business and commercial accounts don’t qualify for the earnings bonus, nor do accounts owned by authorized users.
No sign-up bonus
The U.S. Bank Smartly™ Visa Signature® Card doesn’t come with a welcome offer for new applicants. Many of the best cash back cards offer bonuses, which can help new cardholders rack up rewards quickly.
Read the full article here
