Are you tired of credit card offers that promise high cash back rates but come with multiple caveats and restrictions? If so, the U.S. Bank Smartly Visa Signature Card might pique your interest with its headline-grabbing 4% cash back on every purchase – no limits, no categories. That’s right, a whopping 4% cash back on everything you buy.
Why it’s a Big Deal:
- Traditionally, credit cards offer high cash back rates on specific categories with limits. For example, Fidelity offers a 2% cash back, but the points are deposited into a Fidelity account. There are other 2% cash back credit cards available as well, but they also come with their own set of limitations.
- The U.S. Bank Smartly Visa Signature Card breaks the mold by offering unlimited 2% cash back on all purchases, with the potential to earn even more cash back. However, there are some requirements you need to meet to qualify for the full 4% cash back.
How to Qualify for 4% Cash Back:
- To earn the full 4% cash back, you’ll need a U.S. Bank Smartly Checking account, which comes with a manageable $6.95 monthly maintenance fee that can be waived under certain conditions, such as maintaining an average account balance of $1,500 or greater.
- Additionally, you must have an open qualifying U.S. Bank consumer credit card and combined monthly direct deposits totaling $1,000 or more.
- Investing more than $100,000 in U.S. Bank deposit, trust, or investment accounts through their Smartly Savings account can boost your cash back rate even further. You could earn 2.5% with a balance between $5,000 and $49,999, 3% between $50,000 and $99,999, and the full 4% with a balance of $100,000 or more.
Maximizing Your Cash Back Potential:
- Although placing $100,000 in a savings account might not be the most strategic move, one viable alternative to meet the balance requirement is opening a U.S. Bank self-directed investment account. This account offers 100 free online trades a year and can help you avoid the $50 annual account fee if you maintain a statement household balance above $250,000.
Is the U.S. Bank Smartly Visa Signature Card Worth it?
- The decision to pursue the U.S. Bank Smartly Visa Signature Card ultimately rests on your financial comfort level and spending habits. Consider how much you are willing to invest in U.S. Bank to maximize your cash back potential.
- While the hoops you need to jump through may seem daunting, the card’s potential for high cash back rewards, in addition to a new account bonus of up to $450 when you open a new checking account, could make it a worthwhile endeavor for some.
In a world where credit card offers can often feel too good to be true, the U.S. Bank Smartly Visa Signature Card stands out with its generous cash back rewards. If you’re willing to put in the effort to meet the requirements, you may find that the rewards are well worth it.
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