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The US Bank Cash Rewards Visa Platinum was last reviewed on : 20th September 2006
Summary - 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. Find out more about this card and our alternative recommendations.
Rebate Formula - 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.
Fees - 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 average daily balance method is used to calculate monthly balances. New cardholders get an introductory 0% apr for six months on both purchases and balance transfers.
Verdict - I do not recommend the US Bank Cash Rewards Visa Platinum at all because it has a lousy rebate formula. Most tiered rebate cards compensate you to some form. For example, the Blue Cash from American Express allows you to earn 5% rebates on everyday purchases and 1.5% on other purchases once your annual spending exceeds $6,500. The Discover Platinum Card also pays only 1% rebates after $3,000 in annual spending. But they compensate that by allowing you to double the value of your cash rebates and even let you earn 5% rebates for purchases with certain merchant partners.
If you just looking for a basic cash rebate card, then a card like the Chase Free Cash RewardsSM Visa® Card, which pays you 1% rebates for all net purchases (with no annual fee) is a much better card. If you spend a lot on your card, then I would recommend the Blue Cash® from American Express .
| US Bank Cash Rewards Visa Platinum |
| Rebate Formula |
$0 to $1,000 - 0.25%
$1,001 to $2,000 - 0.50%
$2,001 to $3,000 - 0.75%
Above $3,000 - 1% |
| Caps on Rebates |
Earn up to $350 in on year |
| Cost/Fees/Interest rates |
| Introductory rate |
0% for 6 billing cycles (purchases and balance transfer) |
| Annual Fee |
No annual fee for first year
Thereafter, $40.00 if card is not used |
| Purchase APR |
Prime Rate plus 3.99% to 14.99% |
| Balance Transfer APR |
Prime Rate plus 3.99% to 14.99% |
| Cash Advance APR |
Prime Rate plus 15.99% (min is 20.99%) |
| Penalty/Default Rate APR |
23.99% |
| Min Finance Charge |
$2.00 |
| Grace Period |
20 to 25 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Balance Transfer Fee |
3% of transaction (min is $5.00) |
| Cash Advance fee |
4% min $10.00 |
| International Transaction Fee |
3% of US Dollar Amount |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$15.00 - $0 to $99.99
$29.00 - $100 to $999.99
$39.00 - $1000 and above |
We do not recommend the US Bank Cash Rewards Visa Platinum. Get the Chase Free Cash RewardsSM Visa® Card instead.
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