U.S. Bank is giving customers the power to earn more cash back from their credit card payments by introducing the U.S. Bank+ Visa Signature Card. The card allows holders to select different categories of merchandisers that they will earn either five or two percent cash back from. U.S. Bank (assets $341 billion) said in a statement that choosing different merchandisers this way will help customers maximize their cash back earnings.
"We know that earning cash back is attractive to customers," Cliff Cook, the chief marketing officer for U.S. Bank Retail Payments Solutions, said in the statement. "The New U.S. Bank Cash+ Visa Signature Card gives cardholders complete control in selecting their cash back categories based upon their spending habits and rewards them generously for using their card to make purchases."
Cardholders must select the categories of merchandisers that they earn the most cash back from each quarter. They can choose two categories that earn them five percent cash back such as department stores, home improvement, restaurants, airlines, hotels or electronic stores. They also select a two percent cash back "everyday spend" category that includes gas stations, grocery and drug stores. Finally, customers also earn back one percent from the net total of all of their other purchases.
The card comes with no earning limit and users receive a $25 bonus if they redeem $100 or more at one time. Users can also select if they want to receive their cash back in a statement credit or a deposit in a U.S. Bank checking, savings or Money Market account; and customers can also receive their cash back in a U.S. Bank Rewards Card with a minimum redemption of $20.
Along with the card U.S. Bank is introducing tools that customers can use to help maximize their cash back such as the Cash+ calculator. Users also receive emails, text messages or Facebook reminders to select their categories each quarter. The Minneapolis-based bank also launched a Cash+ Facebook page to allow customers to stay informed on what is happening with the bank and the cardholders community. U.S. Bank customers can sign up for the card on the bank's website or at any of the bank's branches.