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Intriguing New Credit Card From U.S. Bank

Several cash-back credit cards offer customers bonus rewards in rotating categories that change each quarter.

But they usually put strict limits on how much cash you can earn. So, while it sounds nice to earn 5% back instead of the standard 1%, you usually only earn the higher amount on the first $1,500 or so of spending.

U.S. Bank’s new no-fee Cash+ Visa card gives you the option of earning bonus rewards in three categories each quarter, not just one. Even better, there’s no limit on how much cash you can earn.

And if you’re willing to wait until you’ve earned $100, you get a $25 bonus, which will be issued in the form of a U.S. bank prepaid card.

Here’s a look at the credit card details:

APR 13.99% to 23.99%; 0% for six months on balance transfers.
National Average APR 14.91% (source: CreditCards.com)
Annual Fee None
Rewards 5% back in two rotating categories, such as department stores, restaurants and travel; 2% cash back in “everyday” purchase categories like gas and groceries; 1% on all other purchases. $25 bonus if you redeem $100 or more in rewards.
Verdict This is the first cash-back card to pay bonus rewards in multiple rotating categories with no limits and no minimum redemption amounts.

Each quarter, you would select two categories in which you’d earn 5% cash back.

The current categories include:

  • Department stores
  • Restaurants
  • Home improvement stores
  • Electronics stores
  • Airlines
  • Hotels
  • Online bill payment
  • Fast food
  • Furniture stores
  • Car Rental
  • Charity
  • Movie theaters

The available categories are subject to change each quarter, according to the fine print.

You’d also select one category — currently including gas stations, grocery stores and drug stores — that earns 2% back.

All other purchases earn 1% back.

As an example, you would earn $100 per quarter if you spend $500 in home improvement stores, $500 at restaurants, $1,250 on groceries and $2,500 on all other purchases.

You must enroll each quarter in the categories of your choice; otherwise you earn no more than 1% back.

Once you enroll on the card’s website, you’ll receive email or text alerts to remind you when it’s time to switch.

Rewards are redeemable as a statement credit, a deposit into your U.S. Bank deposit account or a cash card.

The latter requires a $20 minimum redemption.

The card has no annual fee. The APR ranges from a variable 13.99% to 23.99%, depending on your credit score. There’s a 0% introductory rate for six months on balance transfers made within the first 90 days you have the card.

Compare it with the rewards credit card offers in our database.

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