US Bank Cash Plus VISA Signature card is a well-designed cashback card wherein you can earn the maximum cashback based on your spending category. The tiered category is fairly easy to understand and track.
Rewards Structure of US Bank Cash Plus Visa Signature
You get to pick two categories in which you can get 5% cashback up to the first $2000 every quarter. Besides, you choose one more category where you can get boundless cashback at 2%. As the categories are changed each quarter you are required to enroll to earn maximum rewards. Every other purchase you make earns you a 1% cashback.
If you forget to enroll your category preference then you simply get 1% reward on every purchase.
You can choose any two among these categories to earn 5% cashback.
|TV, Internet & Streaming Services||Cell Phone Providers||Gyms/Fitness Centres|
|Sporting Goods Stores||Department Stores||Fast Food|
|Electronics Stores||Furniture Stores||Movie Theatres|
|Select Clothing Stores|
You can select one among these three categories to earn 2% cashback
US Bank Cash Plus Visa Signature rewards can be redeemed for a statement credit, rewards card and as a deposit to your savings or checking account.
The fact that there is no annual fee is rewarding in itself. You save between $49 to 99 each year, which you would have to shell out if this had been a fee-based card.
US Bank Cash Plus cardholders can earn the introductory bonus of $150 easily by spending $500 on purchases within 90 days of opening the account.
You get 12 months interest period to repay your balance should you choose to transfer your balance from a different credit card. To receive the introductory APR, offer the transfer must be made within 60 days of you opening the account. Variable APR rates are applied once the introductory APR period ends.
Rewards comparison between US Bank Cash Plus Visa Signature & Chase Freedom
US Bank Cash Plus Visa Signature and Chase Freedom are both wonderful cashback cards. However, depending on your spending style in different categories, you would be able to earn maximum rewards. US Bank Cash plus allows you to pick 2 categories for 5% cashback and pick 1 category for 2% cashback as per your choice each quarter and on all other purchases, you get 1%.
Chase Freedom, on the other hand, has a predefined calendar and you must activate the category to earn the 5% cashback on the combined purchase. You have the freedom to choose your category and maximize your rewards with the US Bank Cash Plus Visa Signature Card.
Rewards comparison between US Bank Cash Plus Visa Signature & Wells Fargo Propel American Express card.
In comparison to US Bank Cash Plus Visa Signature, the rewards rate is higher on Wells Fargo Propel American Express. If you spent a lot on groceries then you may skip the Well Fargo Propel card. If your maximum monthly expenses are around dining out, refueling, travel reservations, ridesharing, and streaming services than you would love the Wells Fargo Propel. You would get 3x points in these popular categories and 1x point on every other purchase.
Shortcomings of US Bank Cash Plus Visa Signature
Foreign Transaction Fee: You are charged a 3% surcharge on each of the transactions you would make abroad. This can quickly add up to a significant amount if you are going to be traveling to many places and will be shopping.
Tracking Rewards: The tricky part of using a cashback card is that you have to track the rewards in your statement using the merchant code. There are instances where you may have shopped at the right store e.g. Furniture shop, but while billing they have used a different merchant code such as furnishing due to which you could lose your points. You have to use the right merchant code during the billing process so that you can get credit for your purchase.
US Bank Cash Plus Visa Signature gives the cardholder access to the Visa Signature benefits such as the following
- Car Rental Insurance: Your rental vehicle is protected against collision and damage up to 15 consecutive days. To be eligible for this coverage the payment of rental vehicle must be made using the US Bank Cash Plus Visa Signature card and you should decline the insurance offered by the rental company.
- Extended Warranty Protection: You get up to one additional year of extended warranty protection on all your eligible purchases.
- Purchase Security: In the event, a covered item is damaged or lost within 90 days of purchase then you can file a claim under the purchase security benefit. Purchase security may either reimburse, replace or repair the object and return it to you.
US Bank Cash Plus Visa Signature is well suited for those who have a good credit score and would like the flexibility to choose a category for cashback. As retroactive cashback points are not credited on this card you must select your categories in the very beginning of each quarter to earn maximum rewards.