topic Re: More Smartly nerfs... in Credit Cards

More Smartly nerfs...

bs1234 — Sat, 16 Aug 2025 17:44:46 GMT

Got a letter saying that as of Aug 11, USBank reserves the right "at their sole discretion" , to determine if a Smartly Savings account is eligible for the savings rate boost. Oh, and mine isn't, going to a massive 0.05% APR. My $100K is in an investment account so I am guessing this is why.

I saw somewhere a person was told that accounts are regularly reviewed and I wonder if this means the card nerf (investment doesn't count) will hit me soon!

And it would be "interesting" if those where checking and savings still count found that their $100K in savings was earning 0.05%!

Re: More Smartly nerfs...

Follower — Sat, 16 Aug 2025 19:46:02 GMT

Death by a thousand cuts.

Re: More Smartly nerfs...

bs1234 — Sat, 16 Aug 2025 23:06:05 GMT

Not that I plan to take on USBank but I'm wondering just how legal it is, to "reserve the right, at its sole discretion, to determine whether a Bank Smartly Savings account is eligible for the interest rate bump" without disclosing at least some of the criteria. On the link they provide, they talk about qualifying account balance, and my feeling is that if for now it counts for my credit card, it should count here. But pushing that argument will certainly lead to "You're right, it doesn't count for your credit card either...."

Re: More Smartly nerfs...

ptatohed — Sun, 17 Aug 2025 07:53:53 GMT

Not exactly related but I had put $50k into a robo-invest and $50k into a self-directed invest earlier this year to get the 4% CB.

Well, I received an email yesterday that they (USB) are ending their robo-invest and my robo will be converted to self-directed in Oct.

Fun fact, after putting in $50k / $50k, they quickly dropped to $47k / $48k with the stock market drop during the first tariffs. Today robo = $52k and self = $54k. I am beating the robot by $2k! lol

Re: More Smartly nerfs...

creditrizz — Mon, 18 Aug 2025 05:53:22 GMT

@ptatohed wrote:
Not exactly related but I had put $50k into a robo-invest and $50k into a self-directed invest earlier this year to get the 4% CB.

Well, I received an email yesterday that they (USB) are ending their robo-invest and my robo will be converted to self-directed in Oct.

Fun fact, after putting in $50k / $50k, they quickly dropped to $47k / $48k with the stock market drop during the first tariffs. Today robo = $52k and self = $54k. I am beating the robot by $2k! lol

Kinda crazy that US Bank is even able to sell users on using their algorithmic investment robot after they've seen their early-2000s brokerage platform. To me it'd be like a russian car manufacturer offering a self-driving upgrade. The biggest problem I have with some of those robot investors, aside from the potential losses from a bad algorithm, is that you sometimes can't transfer their holdings to other brokerage without liquidating them all first and triggering a taxable event or potentially locking in losses.

Re: More Smartly nerfs...

bs1234 — Mon, 18 Aug 2025 19:36:39 GMT

Have others received the letter? Feeling exposed!

Re: More Smartly nerfs...

Kforce — Mon, 18 Aug 2025 19:57:28 GMT

Nothing here

Re: More Smartly nerfs...

G2244 — Mon, 18 Aug 2025 20:50:14 GMT

@bs1234 wrote:
Have others received the letter? Feeling exposed!

I have not. However, I have seen some other data points. This thread on reddit (and at least one other) has people mentioning getting a letter like yours in the original post.

I am concerned as well and also even a bit shocked. This seems like a valid lawsuit waiting to happen. Pick any attribute different about people getting the new (bad) interest rate language. If they are not willing to publish rules being applied to everyone seems a matter of time before they are called out for it being race, sex, religion, political affiliation, etc. For a bank how are they not able to have a set of rules they publish??

Re: More Smartly nerfs...

ptatohed — Mon, 18 Aug 2025 21:20:24 GMT

I've pretty much emptied my Smartly Savings down to $500. Which is actually probably too much money to leave at 2.96% instead of 4%+!

No letter stating I'll lose the boost but, if I did, I'd drop my savings down to $25 and just keep praying to Buddha that my $100k investments get me the 4% CB.

Re: More Smartly nerfs...

bs1234 — Mon, 18 Aug 2025 21:47:45 GMT

@G2244 wrote:

@bs1234 wrote:
Have others received the letter? Feeling exposed!
I have not. However, I have seen some other data points. This thread on reddit (and at least one other) has people mentioning getting a letter like yours in the original post.

I am concerned as well and also even a bit shocked. This seems like a valid lawsuit waiting to happen. Pick any attribute different about people getting the new (bad) interest rate language. If they are not willing to publish rules being applied to everyone seems a matter of time before they are called out for it being race, sex, religion, political affiliation, etc. For a bank how are they not able to have a set of rules they publish??

Thanks for the thread! Yes, my view as well about the lack of transparancey being dangerous for them.

I forgot to quote one interesting line, after saying that on Sep 11 my rate will be 0.05%: "Any subsequent Bank Smartly Savings accounts opened with the same ownership will also be ineligible for the interest rate bump". So even if I put lots of money into checking, I am marked as bad.

So my guess is that this due to the returned payment issue with Smartly (I paid with the wrong bank account midcycle, and paid the $25 fee)

I have been marked as bad no matter how much and where my investments go. Hopefully my good nerf on the card holds for a while.

Re: More Smartly nerfs...

Lou-natic — Tue, 19 Aug 2025 00:15:10 GMT

@bs1234 wrote:
@G2244 wrote:

@bs1234 wrote:
Have others received the letter? Feeling exposed!
I have not. However, I have seen some other data points. This thread on reddit (and at least one other) has people mentioning getting a letter like yours in the original post.

I am concerned as well and also even a bit shocked. This seems like a valid lawsuit waiting to happen. Pick any attribute different about people getting the new (bad) interest rate language. If they are not willing to publish rules being applied to everyone seems a matter of time before they are called out for it being race, sex, religion, political affiliation, etc. For a bank how are they not able to have a set of rules they publish??
Thanks for the thread! Yes, my view as well about the lack of transparancey being dangerous for them.

I forgot to quote one interesting line, after saying that on Sep 11 my rate will be 0.05%: "Any subsequent Bank Smartly Savings accounts opened with the same ownership will also be ineligible for the interest rate bump". So even if I put lots of money into checking, I am marked as bad.

So my guess is that this due to the returned payment issue with Smartly (I paid with the wrong bank account midcycle, and paid the $25 fee)
I have been marked as bad no matter how much and where my investments go. Hopefully my good nerf on the card holds for a while.

**bleep** like this is why although I'm not "happy" with my Alt. Go nerf (unlimited to $2,500 per quarter and you don't get your "bonus points" multiplier until the statement post) at least I didn't fall for "smartly"...USB has always been a fairly conservative bank so why they decided to jump on this knowing full well the risk in the first place is kind of puzzling. I wonder if some outside consultant promised them the moon or maybe a new board member. They are not going to stop until they walk back every thing they can to make it as hard as possible to get the 4% CB because it's pretty appraent to me at least that they have a terminal case of buyers remorse. This is one time I wouldn't mind some ~~angry vultures~~lawyers jump their case and make them squirm a bit.

Re: More Smartly nerfs...

NoHardLimits — Tue, 19 Aug 2025 04:22:52 GMT

The Dr. of Credit blog has now picked up on this story.

https://www.doctorofcredit.com/ymmv-u-s-bank-smartly-savings-account-interest-rate-05-apy/

Re: More Smartly nerfs...

crystal626 — Tue, 19 Aug 2025 05:03:06 GMT

Man US Bank is really on a roll...

Re: More Smartly nerfs...

AndySoCal — Tue, 19 Aug 2025 14:09:16 GMT

Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

Re: More Smartly nerfs...

NoHardLimits — Tue, 19 Aug 2025 14:47:34 GMT

@AndySoCal wrote:
Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

I just closed my Cash+ card and will close AR after I finish redeeming my rewards. I'm getting off the USB train at the next stop.

Re: More Smartly nerfs...

NoHardLimits — Tue, 19 Aug 2025 14:49:47 GMT

There is a new Reddit thread:

https://www.reddit.com/r/CreditCards/comments/1mu1pq7/smartly_savings_targeted_nerf_35_to_005/

Re: More Smartly nerfs...

bs1234 — Tue, 19 Aug 2025 17:48:04 GMT

@AndySoCal wrote:
Due to the several threads related to this card and other US Bank cards I will add Us Bank to my personal blacklist. This will include Elan as well. If US Bank nerfs Cash+ so that it useless I close the account and find another card.

Certainly recent behavior should be taken into account, but Cash+ has been a solid card for 12+ years (I got it 13 years ago and then there was big nerfs, but since then...), and AR was (very!) good too until now.

So IF Smartly is not nerfed more, and there is a new interesting product, I would be open to consider.

But some very big IF

Re: More Smartly nerfs...

AndySoCal — Tue, 19 Aug 2025 18:22:16 GMT

@bs1234 If US Bank comes out with any new product card or otherwise I will wait 2 years or so. This will give the nerf squad time to do their thing.😂

Re: More Smartly nerfs...

bs1234 — Tue, 19 Aug 2025 19:23:09 GMT

@AndySoCal wrote:
@bs1234 If US Bank comes out with any new product card or otherwise I will wait 2 years or so. This will give the nerf squad time to do their thing.😂

I guess that depends! I was very glad to get in early with the uncapped Cash+ (and the uncapped BCP for that matter). Got a lot of rewards during the pre-nerf period and post nerf it stayed a decent card (a little less so for the BCP IMO)

And for all the worries/concerns about the Smartly, those still on V1 nice nerf still have a great card. Waiting would have got the valueless v2.

Sure, there are probably nerfs to come and the card may end up useless, but, you can enjoy the rewards while you can!

I guess it comes down to alternatives: do you want to spend an HP on a flashy sure-to-be-nerfed at some point card, or a less valuable but stable alternative. It comes down to unknowables, such as how long to a major nerf and is the card of any value post-nerf (yes, for cash+, for a niche for AR and no for Smartly v2!)

Re: More Smartly nerfs...

AndySoCal — Wed, 20 Aug 2025 03:28:48 GMT

I will say this about credit cards in general most of the reward catagories on many cards do not apply to me. A few examples streaming EV charging and gas they do apply to me. Iwould rather read than watch something I could get Paramount streaming with Walmart + no interest. I cut the cable in 2016. No electric or gas vehicle. I take public transit my senior fare is 35 cents one way. Most of the other catagories are covered by Redstone or Custom Cash. While these catagories work for people that is great but for me no interest.With the 6 cards I do have makes finding a.card a challenge.