US Bank Cash+ Card Devalued

This represents an update to my review from earlier this year.  As a reminder the US Bank Cash+ VISA is one of my core cards.  I use it exclusively for paying my cell phone bill and eating at restaurants.  The rewards structure used to look like this:

  • 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.
  • No Annual Fee
  • Earn a .25% or .50% bonus on all purchases by opening a Gold or Platinum checking account at US Bank

Now it looks like this:

  • 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

So, for those of who have been benefiting from having bank accounts with US Bank, the party is over.  This is really unfortunate because it’s the only reason I was keeping my mortgage with them, and now I see little hope of refinancing below my ridiculously low 4% rate since rates have risen. Oh well.   Anyway, at least this means I can retrieve the $25 I put into their savings account and $25.15 in their checking account and close them since these rewards were the only reason I opened them.  I’m still keeping the card (for now) as I have no viable alternative.  If any of you have better ideas, I’m all ears!

PS Although the letter only mentions .50% bonus, I confirmed that the .25% bonus is also eliminated.

US Bank Cash+ conversation

Posted in Credit Cards Tagged with: , ,
  • Mike

    Bummer about this, I still use it for restaurants and cell phone just like you, but they slowly but surely keep gutting this card.

    Which bank(s) do you primarily use for savings/checking if you don’t mind sharing? Seems like there’s little reason to go with one over the other these days since interest rates are so low, and rewards keep getting slashed. Better customer service and ATM rebates are about the only real differentiators I see these days.

    • Yeah, I’m afraid this card’s days are numbered, but as long as the 5% rotating categories hold, I’ll probably keep it.

      As for banking, my primary bank is NC SECU. They are my local credit union and still offer .75% in their money market account. This allows me high liquidity while still getting what is a decent rate these days. I tag-team that with ING (now Capital One 360) so I can deposit by phone and send checks by mail for free. Not a whole lot of $ there. I also have an ALLY account where I have a 5 yr. CD and a minimum of cash. Then, I have a bit in a Sallie Mae account where any Upromise savings get dumped. NC SECU has at least 95% of my cash holdings though. I track all of these in Yodlee so there’s just one place where it’s all aggregated.

  • Pingback: Cash + 3rd quarter - Page 2()