The U.S. Bank Cash+ Visa Signature Card is noteworthy for a generous 5% cash back offer that allows you the freedom to choose two broad-based categories where you’ll earn that top rate on your first $2,000 in eligible combined net purchases each quarter. You also can earn 2% on another category of your choosing and 1% cash back on all other purchases.
If you like to travel, you can also save 5% when booking prepaid air, hotel, and transportation through the U.S. Bank Travel Rewards Center. However, this is offset by a 3% foreign transaction fee when using this card overseas.
If you’re smart about using the U.S. Bank Cash+ Card, you can rack up some impressive savings and enjoy considerable and highly flexible benefits.
U.S. Bank Cash+ Visa Signature Card Overview
The 5% cash back offer is the star for this card. Be aware that you get to pick the categories, but only from U.S. Bank’s list of available options for that particular quarter.
The categories are subject to change, and you’ll only earn the bonus rate on purchases made after you register your category choices for the quarter.
In addition to the 5% cash back quarterly rewards offer, service members will also enjoy the benefits of a worthwhile signup bonus by earning $200 after spending $1000 or more within 120 days of opening an account. Another perk worth noting is that this card has no annual fee.
The way to maximize the benefits of the U.S. Bank Cash+ Card is to pay off your purchases in full. Otherwise, you’ll be stuck paying a fairly high-interest rate of up to 29.74% variable APR for the privilege of carrying a balance forward from month to month.
If you want to transfer over balances from other accounts, this card has an above-average 0% introductory APR for the first 15 billing cycles. After that, you’ll pay 19.74% to 29.74% based on your creditworthiness when you open your account.
To give you the best chance for approval, you’ll need to have a credit score of at least 690, make a minimum of $50,000 annually, and have a good credit history, among other factors.
Compare the rates, fees, and rewards of top credit cards for military servicemembers and veterans, including cards with waived annual fees under the SCRA.
How Military Members Can Benefit From Using the U.S. Bank Cash+ Visa Signature Card
While the U.S. Bank Cash+ Card is widely accepted overseas, the 3% foreign transaction fee is a big drawback for service members stationed out of the U.S. However, if you’re a service member or veteran raising a family and have a fair amount of ongoing daily expenses, you’ll love the 5% cash back by category option that makes this card a winner.
If you’re planning a trip out of the country, you can also enjoy 5% cash back when you book prepaid travel, hotels, and car reservations through the U.S. Bank Rewards Travel Center. However, while this card has no annual fee, you will incur a 3% foreign transaction fee when traveling abroad.
You should also be aware of the Military Lending Act as a service member.
Federal law provides important protections to Armed Forces members and their dependents relating to extensions of consumer credit. Generally, the cost of consumer credit to an Armed Forces member and their dependents may not exceed an annual percentage rate of 36%. U.S. Bank may charge as much as 29.99% for some transactions under its current terms, so this should not be a problem when using this card.
The 36% rate must include, as applicable to the credit transaction or account: the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than specific application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
U.S. Bank Cash+ Visa Signature Card Perks & Benefits
One of the most attractive benefits of the U.S. Bank Cash + card is that you can customize 5% rewards categories based on your spending.
Cardholders can select bonus categories based on their spending. You can also repeat the same bonus categories each quarter as long as they’re still available as choices for that quarter. The 5% cash back applies to the first $2,000 in combined eligible purchases each quarter.
Here is the complete list of the 5% categories:
- Fast food
- Home utilities
- TV, internet, and streaming
- Department stores
- Cell phone providers
- Electronics stores
- Sporting goods stores
- Movie theaters
- Gyms/fitness centers
- Furniture stores
- Ground transportation
- Select clothing stores
Get 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, and 1% cash back on all other eligible purchases. Redeem cash back anytime online as a statement credit, a rewards card, or directly deposited into a U.S. Bank checking or savings account
Earn 5% cash back on prepaid air, hotel, and car reservations booked directly in the U.S. Bank Rewards Travel Center.
0% interest on purchases and balance transfers during a 15-month introductory period. After that, a variable APR of 19.49% to 29.49% will apply. There is a 3% fee for each transfer or $5, whichever is greater.
Earn a $200 rewards bonus after you apply online and spend $1,000 in eligible purchases within the first 120 days of account opening.
Pay over time with a U.S. Bank ExtendPay Plan. This lets cardholders divide eligible purchases into equal monthly payments with no interest during a chosen repayment period. However, you will pay a small, fixed monthly fee.
Earn cash back when making purchases at over 1,100 online stores through the Rewards Center Shopping Deals.
The U.S. Bank Cash+ Card is eligible for Real Time Rewards, a redemption method that instantly turns purchases into rewards.
U.S. Bank Cash+ Visa Signature Card Credit Limit
U.S. Bank will review your personal credit information, including income, outstanding debts, credit history, and other factors, before deciding on a credit limit. U.S. Bank does not publicly state those minimum and maximum credit limits.
U.S. Bank Cash+ Visa Signature Card Rates and Fees
- $0 annual fee.
- 3% foreign transaction fee.
- 0% introductory APR for the first 15 billing cycles. After that, 19.74% to 29.74% based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.
- Your due date is 24 – 30 days after the close of each billing cycle. You are not charged interest on new purchases if you pay your entire balance or Plan Adjusted Balance if you have any Fixed Payment Program balance(s) in full by the due date each month.
- 0% introductory APR for the first 15 billing cycles for balances transferred within 60 days from account opening. After that, 19.74% to 29.74% based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate. You are charged 3% of the amount of each transfer or $5 minimum, whichever is greater.
- Cash advance fee is 5% of the amount of each advance or $10 minimum, whichever is greater. APR for cash advances is 29.99%. This APR will vary with the market based on the Prime Rate.
- U.S. Bank ExtendPay monthly fees will not exceed 1.6% of the original principal amount in a U.S. Bank ExtendPay Plan or U.S. Bank ExtendPay Loan. This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance.
- Late and return payment fees are up to $41 per transaction.
Earning & Redeeming Rewards with the U.S. Bank Cash+® Visa Signature® Card
Cardholders can customize 5% rewards categories based on their spending in 12 categories.
Bonus categories can be repeated each quarter as long as they’re still available as choices for that quarter. The 5% cash back applies to the first $2,000 in combined eligible purchases each quarter. That’s potentially an extra $400 in bonus rewards per year if you hit the spending cap each quarter.
You can also select an additional category and get unlimited 2% cash back. Categories in this option are for purchases such as gas stations, restaurants, and grocery stores.
Unlike the 5% spending categories, these rewards aren’t capped. You will earn 1% on all other purchases outside of these categories.
In addition to the categories you choose, you can also earn 5% cash back on prepaid air, hotel, and car booking made through the issuer’s Rewards Center.
You can redeem cash back rewards online through the U.S. Bank Rewards Center or by calling the Cardmember Services number on your U.S. Bank Cash+ Card or (888) 229-8864.
Applying for the U.S. Bank Cash+ Visa Signature Card
To enhance your chances for approval, you’ll need a credit score of at least 690 or higher, an annual income of at least $50,000, and relatively little debt.
While your credit score is an important factor, plenty of other things will impact your chances for approval, such as your income, existing debt load, number of open accounts, recent credit inquiries, employment status, and housing status.
Applicants must also be 18, with a U.S. mailing address and an SSN or ITIN.
You may get a decision in as little as 60 seconds when applying online.
Is the U.S. Bank Cash+ Visa Signature Card Worth It?
For those who like to take an active role in maximizing their credit card rewards, the U.S. Bank Cash+ Card is an attractive addition to your wallet. The generous 5% cash back offer for specific categories and an additional 2% cash back category means you can rack up some impressive savings when using the card to full advantage.
You can further enhance your rewards with a $200 credit after spending $1000 on your card in the first three months after activation.
That’s a big plus for service members on a budget or who have families and are trying to make every dollar count.
Another plus is no annual fee, but if you’re an active duty member who is posted overseas, you may want to look at pairing this card with another that offers $0 foreign transaction fees vs. this one that has a 3% fee.
You also get a 0% intro APR on purchases and 0% intro APR on balance transfers, but you will pay a 3% fee, so these transactions are not completely free.
Another thing to consider is that you can redeem your rewards for cash instead of being limited to a statement credit, but only if you have a bank account with U.S. Bank.
When used properly, the U.S. Bank Cash+ Card can be a great way for veterans and service members to save money on a variety of purchases.
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