topic Re: New US Bank Smartly Visa - up to 4% Cash Back in Credit Cards

New US Bank Smartly Visa - up to 4% Cash Back

digitek — Tue, 03 Sep 2024 23:20:52 GMT

Hey all, just saw this waitlist for a new US Bank Smartly Visa card that is a flat 2% card, but gives % extra bonus depending on how much you have in total assets with them, with the maximum being 100% bonus if you have $100k with them, so total 4% on any purchases.

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html?ibid=OTHI_72833

I actually just opened a Smartly checking with them, it has a $450 bonus if you have 2 direct deposits within 90 days for a total of $10k. The real reason I got it was that at $20k in assets you get extra reward offers on their Credit Cards, like 20% off gas up to $100 and things like that, which change every 45 days. I haven't gotten these offers yet myself, it takes about a month for them to show up, but from what I've been able to find they are worth about $100 every 45 days with common categories being groceries, dining, gas, etc...

*Edit, looks like you need a Smartly Savings account for the card, not a Smartly checking account.

Sad thing is that I just got Altitude Go for 4% back on dining and $250 SUB, but if this new card is real it would make the Altitude Go card kind of pointless. From what I can tell it's kind of like BofA in that you can park $100k in a US Bank brokerage or IRA and that will qualify for the extra rewards.

Re: New US Bank Smartly Visa - up to 4% Cash Back

coldfusion — Tue, 03 Sep 2024 22:08:34 GMT

Based on a quick read of the fine print it looks like you only need a $25 balance in a Smartly Savings account; beyond that $25 any combination of other personal US Bank deposit accounts or US Bankcorp investments establishes your qualifying tier much like the BoA Preferred Rewards program counting both BoA and Merrill assets.

If there's a mention of a yearly or quarterly spend cap at these earning levels I didn't see it.

Re: New US Bank Smartly Visa - up to 4% Cash Back

CreditCuriosity — Tue, 03 Sep 2024 22:44:50 GMT

Appaers to be tiered approach up to 4% kind of like bofa but only savings account if so heck no if investment accounts sure they can win over people. So like BofA concept

edit: Have “Combined Balances” with U.S. Bank in open consumer checking account(s), money market savings account(s), savings account(s), CDs and/or IRAs, U.S. Bancorp Investments and personal trust account(s) (business accounts, commercial accounts, and the Trustee only (IFI) client relationship do not qualify):

Re: New US Bank Smartly Visa - up to 4% Cash Back

ptatohed — Tue, 03 Sep 2024 23:23:04 GMT

This can be an absolute game changer. For many, this can be a one card only solution. Very interested.

Re: New US Bank Smartly Visa - up to 4% Cash Back

IntegerIntrovert — Tue, 03 Sep 2024 23:58:36 GMT

This is awesome. I will either convert my GO card or if there is a good signup bonus cancel my go then apply for this. Hell I might cancel everything, it's too bad USB doesn't let you combine CL.

Re: New US Bank Smartly Visa - up to 4% Cash Back

FicoMike0 — Wed, 04 Sep 2024 00:21:02 GMT

I'm going to have to look into this, I'm a big usb guy! I've collected $1250 in subs from them this year. If the new card has a nice sub, I'm in. I just can't seem to stay in the garden!

Re: New US Bank Smartly Visa - up to 4% Cash Back

1LostArk — Wed, 04 Sep 2024 00:40:39 GMT

GG to everyone who can get this and BofA platinum honors at the same time.

Re: New US Bank Smartly Visa - up to 4% Cash Back

TrapLine — Wed, 04 Sep 2024 01:19:48 GMT

Assume you waded through the verbage on US Bank Smartly Banking products and saw the Tier System and the fabulous rates you get on an account? Yes, I am being flip here.

Like the other major financials, they offer virtually nothing in interest earnings and even with the Tier I, II, III, IV and so on. You still earn little (you see Primary at 5%, Plus at 10% or Premium & Pinanche at 15% added to the base of the standard interest rate for the tier but remember, almost nothing does not compound well like 0.01%).

Not picking on US Bank as the other major players have similar rates and special programs.

Also, I see ads for the various major financials that require in many cases Direct Deposits (real Direct Deposits not the phoney ones) of a minimum of $500 to $1500 hundred per month and/or a minimum monthly balance of $5000 for no checking or saving account fees.

For myself, I shop some and find the checking and savings outside of the major financial circles and pay little or nothing and earn some interest. Certainly personal choice. Learned all this right here from the MFico'ers.

They will pay 4.25% on the US Bank Elite Money Market for a minimum of at least $25,000 average for a month.

Re: New US Bank Smartly Visa - up to 4% Cash Back

Kforce — Wed, 04 Sep 2024 01:03:02 GMT

@ptatohed wrote:
This can be an absolute game changer. For many, this can be a one card only solution. Very interested.

Less than a week after me getting the Alliant.

Made my first charge on the new card, 5 minutes ago.

Reminds me of the AOD being release less than a month

after jumping on the 3% - USAlliance.

Just have bad timing.

4% tops the BofA 2.65% for those wanting 1-2 cards only.

Re: New US Bank Smartly Visa - up to 4% Cash Back

IntegerIntrovert — Wed, 04 Sep 2024 01:50:08 GMT

The target audience is one that has organic savings and/or investment accounts especially in the higher tiers, because those count toward the total assets requirements.

@TrapLine wrote:
Assume you waded through the verbage on US Bank Smartly Banking products and saw the Tier System and the fabulous rates you get on an account? Yes, I am being flip here.

Like the other major financials, they offer virtually nothing in interest earnings and even with the Tier I, II, III, IV and so on. You still earn little (you see Primary at 5%, Plus at 10% or Premium & Pinanche at 15% added to the base of the standard interest rate for the tier but remember, almost nothing does not compound well like 0.01%).

Not picking on US Bank as the other major players have similar rates and special programs.

Also, I see ads for the various major financials that require in many cases Direct Deposits (real Direct Deposits not the phoney ones) of a minimum of $500 to $1500 hundred per month and/or a minimum monthly balance of $5000 for no checking or saving account fees.

For myself, I shop some and find the checking and savings outside of the major financial circles and pay little or nothing and earn some interest. Certainly personal choice. Learned all this right here from the MFico'ers.

They will pay 4.25% on the US Bank Elite Money Market for a minimum of at least $25,000 average for a month.

Re: New US Bank Smartly Visa - up to 4% Cash Back

DatBoiQuick — Wed, 04 Sep 2024 02:41:13 GMT

There is a $50 annual fee for investment accounts with U.S. Bancorp for accounts with less than $250k

https://www.usbank.com/investing/online-investing/self-directed-investing/brokerage-fees.html

Re: New US Bank Smartly Visa - up to 4% Cash Back

CreditCuriosity — Wed, 04 Sep 2024 02:55:26 GMT

@DatBoiQuick wrote:
There is a $50 annual fee for investment accounts with U.S. Bancorp for accounts with less than $250k

https://www.usbank.com/investing/online-investing/self-directed-investing/brokerage-fees.html

"Fees may be reduced or waived under certain circumstances." What that means no idea

Re: New US Bank Smartly Visa - up to 4% Cash Back

phantasm — Wed, 04 Sep 2024 03:13:04 GMT

@ptatohed wrote:
This can be an absolute game changer. For many, this can be a one card only solution. Very interested.

Agree. I was in the process of having my SO sign up for AOD 3%/$1500 but am going to hold off on everything until the details of this emerge. This almost certainly would be the one card that rules them all.

Re: New US Bank Smartly Visa - up to 4% Cash Back

Anonymous — Wed, 04 Sep 2024 04:16:20 GMT

@CreditCuriosity wrote:
"Fees may be reduced or waived under certain circumstances." What that means no idea

Yes, not very meaningful, as the opposite "Under NO circumstances whatsoever will we even think about the mere possibility of reducing the fee" would be too strong. Kidnap the family of the CEO and you might be able to get a 0.01% reduction!

Re: New US Bank Smartly Visa - up to 4% Cash Back

Anonymous — Wed, 04 Sep 2024 04:20:45 GMT

Two conflicting thoughts here, because the uncapped 4% seems too generous.

1) Consider the original Cash+ Uncapped 5% in some great categories (travel, home improvement, bill pay). They had to nerf it pretty quickly

but

2) We thought the Altitude Reserve was unlikely to last in its original form. But it did, with some pretty minor nerfs, not impacting the major feature (3-4.5% on mobile pay).

If you put $100K in investments, I guess US Bank will be earning some money and so maybe can pay 4%, but I would still be worried about the possibility of a nerf if this involves a major move of your investments.

But it IS tempting.

Re: New US Bank Smartly Visa - up to 4% Cash Back

ElvisCaprice — Wed, 04 Sep 2024 06:28:09 GMT

@digitek wrote:
Hey all, just saw this waitlist for a new US Bank Smartly Visa card that is a flat 2% card, but gives % extra bonus depending on how much you have in total assets with them, with the maximum being 100% bonus if you have $100k with them, so total 4% on any purchases.

https://www.usbank.com/credit-cards/bank-smartly-visa-signature-credit-card.html?ibid=OTHI_72833

I actually just opened a Smartly checking with them, it has a $450 bonus if you have 2 direct deposits within 90 days for a total of $10k. The real reason I got it was that at $20k in assets you get extra reward offers on their Credit Cards, like 20% off gas up to $100 and things like that, which change every 45 days. I haven't gotten these offers yet myself, it takes about a month for them to show up, but from what I've been able to find they are worth about $100 every 45 days with common categories being groceries, dining, gas, etc...

*Edit, looks like you need a Smartly Savings account for the card, not a Smartly checking account.

Sad thing is that I just got Altitude Go for 4% back on dining and $250 SUB, but if this new card is real it would make the Altitude Go card kind of pointless. From what I can tell it's kind of like BofA in that you can park $100k in a US Bank brokerage or IRA and that will qualify for the extra rewards.

You do get a higher interest rate in your savings account if you also have the checking account. I don't know where you are getting that info on the new checking account. I'm currently working on that $450 bonus for 8k in direct deposits. Here Earn a checking bonus | U.S. Bank (usbank.com)

It's too bad that we can't pay US Bank bills with a debit card direct or via Paypal to get that extra 1% like we do with BofA.

I may just have to add US Bank also.

Note: Checking account fees waived with just having one of their CC's.

Re: New US Bank Smartly Visa - up to 4% Cash Back

Gregory1776 — Wed, 04 Sep 2024 06:28:26 GMT

I have a 401k (51-52K) i need to have rolled over into something I can contribute to (Ideally more than $7,000 a year, and much more growth) and I am now seriously considering opening this. I was going to go to go to Morgan Stanley... maybe Merrell but i may do this. I like the Idea of going with the satanic mega banks for some credit card perks. 😩

There is no way this isnt nerfed. Waiting for that email. I would use this for everything. 3% back instantly. $90 off insurance every year. Wells Fargo and PenFed are about to be deleted. 😭 US Bank is about to really have more of a relationship with me.

Re: New US Bank Smartly Visa - up to 4% Cash Back

ElvisCaprice — Wed, 04 Sep 2024 06:32:22 GMT

@Gregory1776 wrote:
I have a 401k (51-52K) i need to have rolled over into something I can contribute to (Ideally more than $7,000 a year, and much more growth) and I am now seriously considering opening this. I was going to go to go to Morgan Stanley... maybe Merrell but i may do this. I like the Idea of going with the satanic mega banks for some credit card perks. 😩

There is no way this isnt nerfed. Waiting for that email. I would use this for everything. 3% back instantly. $90 off insurance every year. Wells Fargo and PenFed are about to be deleted. 😭 US Bank is about to really have more of a relationship with me.

Ohh, talking dirty. LOL

It's early, the pot may even sweeten with US Bank or more competition from BofA. Other entrants? I love it.

Re: New US Bank Smartly Visa - up to 4% Cash Back

CreditCuriosity — Wed, 04 Sep 2024 12:10:55 GMT

I see this being capped or nerfed one or the other or both. US Bank does have a history or doing this to different degrees as mentioned above. With that said if one has 100k laying around and has decent amount of CC spend then it is worth it likely as AOD lasted 4+ years without a nerf and many of us made a ton of $ back so even if nerfed/capped eventually you will never know if/when this might happen and miss out on earning potential. Obviously keep in mind likely no sign-up bonus on this card so keep that considered in your calculations although nor did the uncapped AOD at the time and 4+ years was way more than enough depending on spend to make that back(lack of sub) and much more.

Re: New US Bank Smartly Visa - up to 4% Cash Back

phantasm — Wed, 04 Sep 2024 12:15:12 GMT

@Anonymous wrote:
Two conflicting thoughts here, because the uncapped 4% seems too generous.

1) Consider the original Cash+ Uncapped 5% in some great categories (travel, home improvement, bill pay). They had to nerf it pretty quickly
but
2) We thought the Altitude Reserve was unlikely to last in its original form. But it did, with some pretty minor nerfs, not impacting the major feature (3-4.5% on mobile pay).

If you put $100K in investments, I guess US Bank will be earning some money and so maybe can pay 4%, but I would still be worried about the possibility of a nerf if this involves a major move of your investments.

But it IS tempting.

Keep in mind banks that focus on credit cards as a major source of income covet deposits to maintain a healthy LDR (loan to deposit ratio). As of the second quarter this year USB LDR was 74.1% where the national average was 66%. By comparison Capital One was 78% at the end of 2023.

I see this as a major growth play for USB to fund rapid growth of their CC business or some other loan business. If they were to NERF this product, then almost certainly people would pull their $100k deposits and having that amount of deposits off the balance sheet would cause scrutiny by the regulators.