U.S. Bank Card Provides 4% Bonus On Purchases -- If Eligible | NerdWallet

U.S. Bank plans to introduce a credit card that offers customers who meet eligibility requirements up to 4% cash back with every purchase made with it. Flat rate cash back credit cards typically pay no more than 2% on purchases, meaning this card could potentially double that return – provided you qualify. At up to 4% cash back, however, The U.S. Bank Smartly(tm) Visa Signature Card currently in waitlist status offers a base rate of 2% cash back per purchase made. Customers with at least $5,000 combined accounts at U.S. Bank who hold Bank Smartly(r) Savings accounts can qualify for the “Smartly Earning Bonus”, effectively turning 2.5% cash back rewards into 2.6% rewards! For balances from $5,000 up to $49.9999 in combined accounts you could see an extra bonus: Earn 25% additional rewards that accrue when earning rewards between 2.5%-2.6% cash back! For balances from $50k-$99k999: Your rewards earn a 50% bonus rate that effectively is equivalent to 3% cash back; on balances above $100k: 100% bonus making rewards rate equivalent to 4% cash back. For eligibility of higher rates, cardholders must open or maintain an eligible Bank Smartly(r) Savings account with at least $25 as initial deposit and then maintain appropriate combined balances across accounts such as checking, savings and money market accounts, CDs IRAs U.S. Bancorp Investments as well as trust accounts. Business and commercial accounts do not qualify, with primary cardholder accounts only (not accounts owned by authorized users) considered for bonuses by banks. To determine eligibility, banks use your average daily combined balance over the previous three months as the determining factor for bonus eligibility. Rewards receive their full value upon deposit Rewards are awarded as points, with 2 points awarded per dollar as the baseline rate, plus bonuses that add either half, one, or both points per dollar depending on what bonuses have been activated. Deposit your rewards into an eligible U.S. Bank deposit account and each point will be worth 1 cent – giving you cash-back of between 2% to 4%! Other redemption options, including statement credit redemptions, may result in lower value per point redemptions. There’s no maximum limit to the rewards points you can collect; they won’t expire unless there hasn’t been activity in your account for 12 billing cycles or longer. Important disclosures for U.S. BankNet Purchases include purchases less credits and returns. Not all transactions qualify as Purchases and are eligible to earn rewards, such as transactions posting as Convenience Checks; Balance Transfers; Advances (such as ATM withdrawals, wire transfers, traveler’s checks, money orders, foreign cash transactions betting transactions and lottery tickets); interest charges and fees; credit insurance premiums as well as transactions to fund certain prepaid card products, purchase currency from the U.S Mint or cash convertible items are not considered Purchases eligible to earn rewards. After approval, review your Cardmember Agreement to understand which purchases qualify for rewards based on how merchants classify their businesses – we retain sole authority as to which purchases qualify1. Cash back rewards can also be earned under U.S. Bank Smartly Visa Signature(r). U.S. Bank will credit your U.S. Bank Smartly(tm) Visa Signature(r) Card with two “Points” for every eligible $1 in Net Purchases made using it. Combined Balances are calculated based on an average daily balance calculated over three months or, if an account(s) have been open less than three months, an applicable timeframe. If there is more than one Cardmember with qualifying accounts, and multiple Smartly Earning Bonuses apply, they will be determined based on which individual has accrued the highest total Combined Balances across their qualifying accounts. If a U.S. Bank Smartly Card account contains Authorized Users, their balances will not be taken into consideration when calculating a Smartly Earning Bonus. Note: Balances held in business or commercial accounts or through Trustee only client relationships do not qualify. Your Smartly Earning Bonus is calculated during the first five days of every month; thus it could vary within each billing cycle. Bonuses earned with Smartly Earning Bonuses are calculated when net purchases are posted to your Account (not necessarily transaction dates). Unused points expire if there has been no activity within 12 consecutive statement cycles2. This card provides cash back rewards in the form of Points. In order to redeem these Points at their full value, they must be deposited directly into an eligible U.S. Bank deposit account; other redemption methods (statement credits and gift cards) may incur reduced redemption rates.