U.S. Bank Cash+™ Visa Signature® Credit Card Review

Oct 05, 2016 | Be First to Comment!

U.S. Bank Cash+ Visa Signature Credit Card

Earning cash back with a rewards credit card is an easy way to save on the things you buy. It’s even better when you can pick and choose which purchases you want to earn the most cash back on.

The U.S. Bank Cash+™ Visa Signature® Credit Card lets you decide which spending categories you want to get the biggest cash back bonus in. This card is an excellent choice for everyday spenders who want the most value possible out of their cash back rewards.

Cash back rewards, no annual fee top the list of main features

When you’re comparing cash back credit cards, it’s easy to assume that they’re all the same. It’s not until you take a look at their finer points that you see what makes one card more of a stand out than others.

Customized cash back rewards: The best reason to choose this card

The main highlight of the U.S. Bank Cash+™ Visa Signature® Card is its cash back rewards program. This card offers cash rewards at three different levels and every single purchase earns at least 1% cash back. Here’s a brief overview of the rewards you can earn:

  • 5% cash back on the first $2,000 in net purchases each quarter on two categories you choose
  • 2% cash back on one everyday category you choose
  • 1% cash back on all other purchases

At the 5% cash back bonus level, the spending categories include:

  • Selected clothing stores
  • Cell phone services
  • Electronics stores
  • Car rentals
  • Bookstores
  • Fast food restaurants
  • Department stores
  • Movie theaters

You get to choose two of these each quarter and they rotate regularly so you can swap them out, depending on how your spending habits change.

Tip: Use your card at electronics stores and bookstores to earn cash back when you pick up gift cards to your favorite merchants. For example, Best Buy sells gift cards to major retailers and restaurants like Amazon, Starbucks and Chili’s.
At the 2% bonus level, you have three categories to choose from: gas stations, grocery stores and restaurants. Remember, you only get to pick one so consider how much you spend on gas, groceries and dining out each month to make sure you’re getting the most bang for your buck.

Another important caveat to keep in mind is that you have to choose your 5% and 2% bonus categories every quarter. If you don’t log-in to your online account and update your selections every three months, you’ll only earn 1% back on everything you spend.

In case you need a little more convincing, here’s an example of how much money you can earn back with this card each year. Let’s say you max out the 5% bonus every quarter, spend $5,000 at the 2% bonus level and another $3,000 at the 1% level. That adds up to:

$8,000 x 5% back = $400

$5,000 x 2% back = $100

$3,000 x 1% back = $30

Total cash back: $530

While the 5% bonus is limited to $8,000 in purchases each year, there’s no limit on how much cash back you can earn in the 2% and 1% categories. If you’re a heavy spender who does a lot of shopping at grocery stores or gas stations or you plan to use the card for travel, the sky’s really the limit on how much cash back you can rack up.

Card rates and fees explained

Any time you’re thinking of getting a new credit card, you want to read the fine print first. We’ve summed up the most important things you need to know about the U.S. Bank Cash+™ Visa Signature® Card’s rates and fees.

Annual percentage rate (APR)

Your ongoing APRs for purchases and balance transfers (ranging from 13.24% to 24.24%) are based on your credit so you’ll need a higher score to lock in a lower APR. Interestingly, the card has no penalty APR, which means your interest rate won’t increase because of a late payment.

If you think you may carry a balance on the card at any point, calculate how much the interest will cost first. Over time, the amount you pay in interest could negate any cash back rewards you’re earning.

U.S. Bank Cash+™ Visa Signature® Credit Card Fees

U.S. Bank Cash Visa Signature Credit Card Fee
Annual fee None
Balance transfer fee $5 or 3% of the transfer amount, whichever is greater
Cash advance fee 3% to 4% or a minimum of between $5 and $20, based on the advance amount and transaction type
Late payment fee Up to $37
Foreign transaction fee 3% for transactions completed in a foreign currency
Returned payment fee Up to $35
Overlimit fee None

As you can see, the U.S. Bank Cash+™ Visa Signature® Card has quite a few fees to be aware of. The 3% foreign transaction fee, in particular, is one you want to pay attention to if you’re planning on using this card for an international trip. That fee adds another $30  to every $1,000 you spend outside the U.S.

Additional Card extras

To round out our review, here are the details on everything else the U.S. Bank Cash+™ Visa Signature® Card has to offer.

Visa Signature® benefits

Visa Signature membership comes with a laundry list of perks and protections, including:

  • 24/7 concierge service
  • Complimentary discounts and upgrades at top hotels, resorts and cruise lines
  • Discounts when you shop at select premium retailers
  • Exclusive access to selected sporting and entertainment events, including discounted golf packages
  • Lost luggage reimbursement
  • Car rental damage insurance

All of these are included in your account at no extra charge and they can come in handy if you’re traveling or just hoping to enjoy a night on the town.

Fraud protection

U.S. Bank protects your Cash+™ Visa Signature® Card in a few different ways. First, they offer constant account monitoring to look for signs of fraudulent activity. U.S. Bank credit cards also come with a built-in EMV chip, which ensures your information is secure when you pay at the checkout.

If your card ends up being compromised, you won’t be held responsible for any charges an identity thief makes. U.S. Bank offers card members a $0 liability guarantee on unauthorized purchases.

Overdraft protection

Existing U.S. Bank customers have the option of linking their checking account to their U.S. Bank Cash+™ Visa Signature® Card as a form of overdraft protection. If you don’t have enough cash in checking to cover a debit card purchase, your U.S. Bank Cash+™ Visa Signature® card is there to cover it so you don’t get hit with an expensive overdraft fee. There’s no added cost to take advantage of this benefit.

Final verdict: The U.S. Bank Cash+™ Visa Signature® Card is ideal for cash back lovers

The U.S. Bank Cash+™ Visa Signature® Card is a natural choice for anyone who desires more control over their cash back rewards. This card packs a lot of earning potential and the lack of an annual fee just makes it that much more appealing.

On the other hand, we wouldn’t encourage you to pick this card if you do most of your spending on travel. For that, a travel rewards credit cards would be more appropriate.

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