US Bank Cash + Card Review

Look out Discover, Chase Freedom, and everyone else.  There’s a new 5% category cash back card in town, and it looks pretty darn good.  The US Bank Cash + VISA offers some solid cash back and lots of flexibility in your rewards card wallet.  Anywhere you have a 5% cash back category hole, this card can fill the gap, and you can change it every quarter.  Let me explain.

Here’s the basics:

  • Earn 5% Cash Back on two categories – YOU CAN CHOOSE! (CAPPED AT $2K IN SPENDING/QTR)
  • Earn 2% Cash Back on gas, groceries or drug stores – YOU CHOOSE ONE!
  • Earn 1% Cash Back on everything else
  • Get a $25 Cash+ Bonus debit card each time you redeem $100 or more Cash Back in a single redemption. (ONCE PER YEAR)
  • No Annual Fee
  • Earn a .25% or .50% bonus on all purchases by opening a Gold or Platinum checking account at US Bank

The 5% cash back categories for the US Bank Cash + VISA  include:

  • Department Stores
  • Restaurants (note this is separate from Fast Food)
  • Fast Food  (note this is separate from Restaurants)
  • Home Improvement Stores
  • Electronic Stores
  • Airlines (Must book directly through website, over the phone or in person)
  • Hotels  (Must book directly through website, over the phone or in person)
  • Bill Payment (automatic bill payments only – and no you can’t pay your mortgage this way)
  • Furniture Stores
  • Car Rental  (Must book directly through website, over the phone or in person)
  • Charity
  • Movie Theaters

You MUST re-choose your categories each quarter, even if you want them to remain the same.  If you do not, you will get 1% across the board.  Luckily you have late into each quarter to decide or change your mind.  The only important thing is that you make a selection.  US Bank has email and text alerts if you want them as reminders.

If you have the Platinum checking account and only redeem once you have $100 in rewards and just choose Fast Food and Restaurants, you essentially have a dining out card that’s paying you 6.75% back.  That is hard to beat.

I have had this card for about 5 months now.  In that time, I’ve spent $5,379.46 on the card.  It’s had a large share of wallet.  For me I’ve doubled down on the restaurants category so this serves as a dining out card for me.  My wife used it for a lot of other things too so don’t think I spend a grand on restaurants every month!  My latest bill showed I had over $100 in reward dollars ($119.04 to be exact).  So, I went to the website and redeemed $100.01 as a statement credit, and as I clicked forward they noted that my redemption was over $100 so I would be receiving the $25 VISA card in about 6-8 weeks.  Awesome AND an overall 2.68% cash back rate!

US Bank is not a sponsor of this site so I get nothing for this link.  Use it anyway!  It’s a great card.

 

Get your US Bank Cash + VISA

EDITS IN RED REPRESENT CHANGES NOTED 1/24/13

 

Posted in Credit Cards Tagged with: , ,