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The best flat-rate cash-back credit cards earn 1.5% or 2% back on everyday purchases. If you want a higher return, you'll typically be limited to certain spending categories, or sometimes the cashback is capped.
U.S. Bank wants to change that. You can now apply for the U.S. Bank Smartly™ Visa Signature® Card to earn up to 4% cash back on all purchases with no limits. Your cashback rate will ultimately depend on how much money you have at U.S. Bank, and you must have a U.S. Bank Smartly® Savings account to earn an elevated return.
Here's what you need to know about the card and alternative options you can apply for.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn unlimited 2% cash back on every purchase
- Up to additional 2% cash back on your first $10,000 in eligible Net Purchases each billing cycle when paired with U.S. Bank Smartly® Savings account plus qualifying balances in U.S. Bank Smartly® Checking and/or Safe Debit account.
- These cash back rates can be obtained when rewards are redeemed into an eligible U.S. Bank deposit account.
- No Annual Fee
- 0% introductory APR on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR applies, currently 18.24% - 28.24%.
- Get your cash back directly deposited into your U.S. Bank checking or savings accounts, as a statement credit, a rewards card, merchant gift cards and more.
- Terms and conditions apply.
Balance transfer fee
Either 5% of the amount of each transfer or $5 minimum, whichever is greater.
Foreign transaction fee
3% of each foreign transaction
Compare savings accounts
U.S. Bank Smartly Visa Card details
The U.S. Bank Smartly™ Visa Signature® Card has no annual fee and is geared toward those with good to excellent credit (FICO scores 670 and above).
The uncapped 2% cash back on all purchases already makes the U.S. Bank Smartly™ Visa Signature® Card worth considering. What really sets it apart, though, is the potential to earn up to 4% cash back. you can earn an additional 2% cash back on your first $10,000 in eligible net purchases each billing cycle by linking the card to a U.S. Bank Smartly® Savings account plus maintaining qualifying balances in a U.S. Bank Smartly® Checking or Safe Debit account.
The cash-back rate you earn with this card is based on the average daily combined balance across your U.S. Bank deposit accounts, investment accounts and personal trusts. Notably, the deposits don't all need to be in the savings accounts.
The cash-back tiers are as follows:
- $10,000 to $49,999 unlocks 2.5% total cash back on all purchases
- $50,000 to $99,999 unlocks 3% total cash back on all purchases
- $100,000 or more unlocks 4% total cash back on all purchases
Combined balances are based on the average daily balance of the previous three months.
Ahead of the card's launch, U.S. Bank confirmed to CNBC Select that there won't be a welcome bonus, but there will be a valuable introductory APR offer for purchases and balance transfers.
As a Visa Signature card, there will likely also be benefits like roadside dispatch, auto rental collision damage waiver, extended warranty protection and access to the Visa Signature Luxury Hotel Collection.
The U.S. Bank Smartly® Savings account earns up to 3.00% APY when you pair it with an eligible account, such as the U.S. Bank Smartly® Checking or Safe Debit account and have a combined qualifying balance of $25,000 or more. At that level of combined deposits, the return for the savings account and rewards credit card are both excellent. You don't need to hit the highest tier for this combination to be worthwhile.
U.S. Bank Smartly® Checking
Annual Percentage Yield (APY)
None
Minimum balance
$25 minimum deposit
Monthly fee
$6.95 monthly service fee, with options to waive
Free ATM network
4,700 U.S. Bank ATMs
ATM fee reimbursement
None
Overdraft fee
Consumer checking accounts assessed an Overdraft Paid Fee may qualify for a fee waiver
Mobile check deposit
Yes
Terms apply.
U.S. Bank Smartly® Savings
Annual Percentage Yield (APY)
Up to 3.00% APY, when you have a Bank Smartly® Checking or Safe Debit account and a combined qualifying balance of $25,000+.
Minimum balance
$25 to open
Monthly fee
$5 per month, with options to waive
Overdraft fees
$36 per item amount of $5.01 or more, no charge for amount of $5 or less. Maximum of three overdraft fees per day. No overdraft fee when your balance is negative $50 or less.
Offer checking account?
Yes
Offer ATM card?
Yes
ATM fees
None for U.S. Bank ATMs; $2.50 surcharge for non-U.S. Bank ATMs
Terms apply.
Keep in mind, that interest rates on savings accounts vary with the market and the Federal Reserve is expected to begin lower interest rates. Consider shopping for the best high-yield savings account because there may be alternatives with higher APYs.
The Western Alliance Bank High-Yield Savings Account offers a 3.80% APY with no monthly fee and no overdraft fee. That's a notably higher return with no deposit requirement. However, if you want a full-service bank with options for a checking account and credit cards, then what U.S. Bank offers may be more appealing.
Western Alliance Bank High-Yield Savings Account
Annual Percentage Yield (APY)
3.80% APY
Minimum balance
$1 minimum deposit
Monthly fee
None
Maximum transactions
Up to 6 transactions each month
Excessive transactions fee
The bank may charge fees for non-sufficient funds
Overdraft fee
No overdraft fee
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Alternative cards you can get
Other banks have similar programs where you can boost your rewards by banking with your card issuer, but they aren't quite as generous.
For example, Bank of America offers the Preferred Rewards program, which includes a credit card rewards bonus of up to 75%. If you have the Bank of America® Unlimited Cash Rewards Card, which normally earns 1.5% cash back on all purchases, and qualify for the highest Platinum Honors Tier, you will get 2.62% back on your purchases. You'll need a three-month combined average daily balance of $100,000 or more in your Bank of America and Merrill accounts to receive that return.
- Unlimited cash-back
- $200 online cash rewards bonus
- 3% foreign transaction fee
- Can't receive a greater cash-back rate unless you're a Preferred Rewards member
Information about Bank of America cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Alternatively, several credit cards, such as the Wells Fargo Active Cash® Card, offer a simple 2% cash rewards on purchases with no minimum deposit requirements. The card also has no annual fee.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
- High, unlimited flat-rate return on purchases
- Intro APR on purchases and qualifying balance transfers
- Lower introductory balance transfer fee
- Up to $600 of cell phone protection against damage or theft (subject to a $25 deductible)
- Charges a 3% foreign transaction fee
- Balance transfer fee increases to 5% of each transfer (minimum $5) after 120 days
- Limited redemption options unless you pair it with a Wells Fargo card that allows point transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $100 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.49%, 24.49%, or 28.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
3%
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Information about the Bank of America® Unlimited Cash Rewards Card, has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
