US Bank has revealed plans to launch a new cash-back credit card, and it has the potential to earn cardholders hundreds in cash back every year. Although we’re still in the dark about most of the card’s details, the high earning rates at popular merchants (such as Amazon, Disney, Lowe’s, and Target) appear promising.
The U.S. Bank Shopper Cash Rewards™ Visa Signature® Card isn’t currently accepting applications, but you can join the waitlist.
Here’s what we know so far.
US Bank Shopper Cash Rewards Visa Signature Card earning rates
The U.S. Bank Shopper Cash Rewards™ Visa Signature® Card earns bonus cash back at popular retailers. You must choose which two retailers you’d like to earn the most cash back in (6%) based on where you do the majority of your shopping, and another “everyday” (3%) category you can change every quarter.
But keep in mind that some bonus spending categories have spending limits.
Here’s what you’ll earn with the U.S. Bank Shopper Cash Rewards™ Visa Signature® Card:
- 6% back at two eligible retailers of your choice, up to $1,500 spent in combined purchases each quarter (then 1.5% back)
- 5.5% back on prepaid car and hotel reservations booked through the US Bank Rewards Center
- 3% back in a popular spending category of your choice (wholesale clubs, gas and EV charging stations, or bills and home utilities), up to $1,500 each quarter (then 1.5% back)
- 1.5% cash back on all other eligible purchases
Don’t worry if you’re shopping preferences change, as cardholders get the flexibility to change their spending categories every quarter.
Earning potential breakdown
A $1,500 quarterly cap equates to around $375 spent per month. Lots of folks spend about that much in stores like Amazon and Walmart each month anyway, so maximizing rewards will be attainable for a majority of cardholders.
When you earn 6% back at two eligible retailers of your choice each quarter (up to $1,500 in combined purchases), you can earn up to $90 in bonus cash back each quarter and up to $360 per year.
Similarly, the 3% back everyday category of your choice (up to $1,500 per quarter) can earn up to $45 in bonus cash back per quarter and up to $180 per year.
That means you can earn up to $540 in bonus cash back each year — plus whatever you earn on prepaid US Bank Rewards Center travel bookings (5.5%) and on all other purchases (1.5%).
What we don’t know about the new US Bank card
The U.S. Bank Shopper Cash Rewards™ Visa Signature® Card website says the card is “coming soon,” but there has yet to be an official release date. It’s still unknown whether or not the card will charge an annual fee, or how big the welcome bonus offer is. Users on forums like myFICO and Reddit are speculating that the card will charge an annual fee because of its high earning rates, but as of right now, there’s been no official annual fee information released.
The card will be most appealing as a no-annual-fee rewards card. But a moderate annual fee (such as $95 per year) could potentially be worth it, depending on your spending habits and other factors that are yet to be determined, such as the card’s welcome bonus and additional benefits.
In any case, the U.S. Bank Shopper Cash Rewards™ Visa Signature® Card will be a strong alternative to other cash-back cards, particularly the Amazon Prime Rewards Visa Signature Card (5% back at Amazon with a Prime Membership) and U.S. Bank Cash+® Visa Signature® Card (5% back on two eligible choice categories each quarter up to spending limits).
It could also be very competitive with the Blue Cash Preferred® Card from American Express, which earns 6% back on the first $6,000 in U.S. supermarket spending each year (then 1% back), 6% back on select U.S. streaming services, 3% back on U.S. gas stations and transit, and 1% back on all other eligible purchases (cash back is earned in the form of Rewards Dollars).