One of The Worst Cards We Have Reviewed - The US Bank Cash Rewards Visa Platinum is one of the worst cash rebate credit cards I have come across. It has a tiered rabate formula whose maximum rebates you can earn is only 1%. Furthermore, US Bank will charge you a $40.00 annual fee unless you use your card. But fortunately, this card has been replaced and is no longer available. We are keeping records of this review for history sake!
Tiered To Earn 1% - The US Bank Cash Rewards card has a tiered rebate formula. For spending up to $1,000, you earn 0.25% rebates. For spending between $1,001 and $2,000, you earn 0.50% rebates. For spending between $2,001 and $3,000, you earn 0.75% rebates. You earn 1% rebates when your annual spending exceeds $3,000. You can earn up to $350 in cash rebates every year. Your rebate check will be sent to you at the end of your anniversary year.
Non Usage Fee? - There is no annual fee for the first year. Thereafter, if you use your card, you will not pay any annual fee. But if you do not use your card, you will incur an annual fee of $40.00. The apr ranges from prime rate plus 3.99% to 14.99%.
The Rebate Formula Rings A Bell - When I went over the rebate formula, I could almost recall another card having the exact same formula. Then I remembered that the Discover More Card had the same tiered formula. However, there is a big difference between Discover and US Bank. Though they have the same formula, Discover offers a 5% quarterly rotating category which allows you to earn 5% rebates for spending on a few expense categories during a given quarter. Furthermore, Discover has an online shopping portal called shopdiscover, which allows you to earn 5% to 20% rebates when you shop with their merchant partners. So even though Discover has a tiered formula, they given you many other ways to earn more than 1% cash back.
Tiered Formula With A 1% Maximum Rebate Is Unacceptable - You should kind of I suspect how I'm going to rate this card now - TERRIBLE is the answer. In my opinion, 1% cash back is the least any cash back card can offer. For a card to have a tier system and yet only max out at 1% is simply unthinkable. The very average cards pay just 1% and those cards do not even make it on our recommended list.
The best cards pay 1% on regular purchases, but gives you the opportunity to earn more than 1% on certain expense categories. For example, in today's world, the Blue Cash Everyday allows you to earn 3% on groceries, 2% on gasoline. The Chase Freedom and Citi Dividend Card are two other great cards just like Discover More.
Avoid This Card At All Cost! - This is probably one of the worst cash back cards I've ever reviewed (and sadly speaking, there were a couple like that). But fortunately, this card has been discontinued by US Bank. They have replaced it with another cash back card called the FlexPerks Cash Back. Though it is an improvement over this version, it only plays 1% cash back (pretty ordinary by today's standards).