U.S Bank offers the Cash+ card which allows you to choose two 5% cash back categories each quarter from a pre defined list on the first $2,000 in purchases. You also get to choose one 2% cash back category (although there are plenty of cards that earn 2% cash back or more). U.S Bank recently made a negative change to this card when restaurants went from a 5% cash back category to 2% cash back (which was a big deal, because previously this was the best card for restaurant purchases). Looks like they aren’t finished with the negative changes though.
[Read: 5%+ Cash Back Cards]
When your statement closes, you should receive the following notice:
Beginning April 1, 2015, the $25 Cash+ Bonus you receive when you redeem cash rewards for $100 or more in a single redemption will now be limited to one per the lifetime of the account. Currently, the $25 Cash+ Bonus has a limit of one per calendar year.
If you redeem before April 1st, 2015 I am not sure if you’ll be able to get the $25 bonus again once last time in 2016 or not. I’m going to redeem $100 before that date just to make sure. I’ve sent an e-mail to U.S bank for clarification.
Just spoke to U.S Bank’s media team and as long as you get the bonus before April 1st, 2015 you’ll be able to get it once more. My plan is to redeem $100 before April 1st and then get the bonus again sometime in 2016.
In the past you got the $25 bonus every time you redeemed $100 or more cash back, then they limited it to once per calendar year. Now they are making things even worse and you can only get it once per lifetime. It seems U.S Bank is intent on killing this product, I’ll continue to use mine for charity donations, but that’s about it.
If you don’t already have this card, I wouldn’t bother signing up for it but if you have another U.S bank card it might still make sense to downgrade that to this card as it has no annual fees.
Hat tip to ArmyVietVet from myFICO forums
