Posted by Chuck on April 6, 2017
Credit Card Offers

Published on April 6th, 2017 | by Chuck

52

U.S. Bank Rumored to be Entering the Premium Card Market with Altitude Reserve Card [Coming May]

There’s a somewhat substantiated rumor on FlyertalkĀ that US Bank will release a new premium card in May called the Altitude Reserve Card. And, yes, the card will be metal. šŸ˜‰

Before we dive into the details, let’s give a little proof to this from a trademark filing from US Bank from January 2017 for the card name US BANK ALTITUDE which was approved inĀ March. (HT:Ā d3vi0uzĀ on Flyertalk).

Other than that, we just have Flyertalk memberĀ lebowski2222’s wordĀ who saw the memo from a US Bank employee. The memo seems to have been sent out on April 4th, and employee training will begin on the 18th for a May release of the card.

Screen Shot 2017-04-06 at 2.59.39 PM

Signup BonusĀ 

The signup bonus will be 50,000 PointsĀ when you spend $4,500 in the first 90 days.

Unclear how the points will work, but Flyertalk reports that the 50k will be worth $750, perhaps toward travel (?). Time will tell.

We don’t know what the annual fee will be which is obviously an important question. Given the $325 travel credit (see below), it’ll likely come with a hefty fee in the $400-$600 range.

Points Earnings

  • Triple Points on travel purchases

Sounds like everything will earn 1x, which will apparently be worth 1.5% somehow, and travel will be 3x which should be worth 4.5% somehow.

Card Benefits

  • $325 Annual Travel Credit

We’ll have to see what works for the travel credit, and whether it goes with the cardmember year or the calendar year.

  • 12 free gogo wifi passes
  • Airport Lounge Access
  • TSA Pre-check
  • Black car and car rental service (?)
  • Visa Infinite Concierge service and more
  • Custom Engraved Metal Card

Our Verdict

No verdict, we’ll have to wait and see on this one. Let us know if you have any more information.



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romania2007
romania2007

so there was some substance to it:).

And I commented on flyertalk that this was probably a copy of Amex Obsidian rumour.

Bill
Bill

If it comes with $100 discount from Visa Infinite which CSR doesn’t have and AF is lower than 500, I might give it a go and drop CSR after 1st year. (And open it again after two years to cash out all UR earned from CF and CFU.)

P
P

How hard is it to get approved for a US Bank credit card?

Can’t wait for the unboxing blog posts.

jnrfalcon
jnrfalcon

Not too hard but hard to get what you want. They’ve been very good in the game of downgrading your card. Though they lowered the limit for getting a Visa Signature card from 5k to 1k or 2k last year, it’s still very unclear how the Visa Infinite card will be like.

P
P

Good to know.

J
J

I’ve actually got a $300 Cash+ Visa Signature. Good thing fast food is a 5% cash back category since that’s about all I can afford with the limit. Despite them touting its no preset spending limit feature as a Signature card, I tried to exceed the limit and got declined.

themanwhocan
themanwhocan

US Bank uses a TransUnion FICO Risk Score Classic 04 Bankcard 250 to 873 score, so if you have any new credit cards on your credit reports that are less than 6 months old, that can really hurt the 04 scores. I think US Bank gets a bad rap because of this, since people doing lots of frequent applications can get denied because of that.

mmgfarb
mmgfarb

“Lounge access” I’m assuming that’s a priority pass, because I’m sure we all need yet another one. šŸ˜Š

Sam
Sam

Along with tsa precheck…..

JL
JL

always more friends and relatives you can help out w/ the GE/TSA Pre credit. But priority pass is mehh..

mark
mark

They won’t stop until everyone in the US has Priority Pass access, which will eventually mean no-one has access.

Ben
Ben

It has to mean Priority Pass – the only other options are either AmEx (obviously not) or one of the big three airlines (if AA/UA aren’t letting their main bank partners have access with the Prestige/CSR, no way they would give it to Citi. DL is being more and more stingy with SkyClub access as well).

I do wish credit card companies would start varying the benefits a bit on their premium cards. Travel credit + PP membership + PreCheck/Global Entry + bonus points on travel and/or dining is getting a little boring ;-). It’s why I like the AmEx Plat – they are the only ones who offer hotel elite status, Uber credit, and a 4 hour grace period for Hertz returns.

Citi’s used to be a bit unique with Admirals Club access and the golf benefit, but the changes over the past year have significantly devalued it.

Dan
Dan

US Bank is very stingy with credit. I’d recommend opening a checking account before you apply.

stvr
stvr

Maybe Club Carlson, Aeromexico, LAN, Korean, and Avianca will be transfer partners?!?

Mser
Mser

Have low expectations as just about everything about USBank is second rate. But at least it’s hotting up the premium end of the sector and will keep pressure on Amex to up its game

Ender
Ender

doesn’t look as good as CSR IMO

Mike L
Mike L

Same here. I’d rather have the 3x on dining and the ability to transfer points from my other cards to get the 1.5x on travel than the extra $25 travel credit. Also, they should make the sign-up bonus 100k, I think that’s a main reason that a lot of people signed up for the CSR.

Elmer
Elmer

Yeah, it just might’ve been $1500 in free bonus for applying that drove the CSR to astronomical numbers; US Bank has probably done their research and figured out that $750 free bonus is likely to draw fewer freebie hunters.

NinjaX
NinjaX

i love how you say that without knowing anything about CSRs fate past year 1.

JL
JL

It looks like CSR, but without the UR transferability. CSR you are already earning 1x/3x, and redeem in the portal at 1.5cents/pt. Maybe a straight up [automatic] statement credit could make Altitude easier to use for the non-points junkies.

Darv
Darv

I don’t see anything here about Flexperks but I would think this new card would tie into that program. Hopefully they open up that program a little, tie cards together.

I’ve opened two Flexperks cards in the past year, most recently the Gold. I don’t think much of the Gold.

I also think US Bank doesn’t deserve a bad reputation on approvals/denials. I’m significantly over 5/24 and while they instantly denied me for the Gold recently, I called them same day and they agreed to reconsider. The card showed up in my profile a couple days later.

Thanks for reporting and great to hear about more competition.

jnrfalcon
jnrfalcon

I don’t agree with previous comments about why they got their rep. US Bank almost certainly pull 3 bureaus and was very annoying up until last summer when they won’t give you VS and downgrade you to Visa Platinum with a much worse sign-up/everyday bonus. That’s probably why everyone hates them.

Darv
Darv

By three bureaus do you mean the two smaller ones? I’m ignorant on those, don’t understand why people think they are important. Have they caused issues for people outside of US Bank?

They only pulled TU for me.

jnrfalcon
jnrfalcon

Experian, Equifax and TransUnion are all big credit evaluation organizations. But it’s interesting that they only pulled your TU. Maybe only Capital One was famous for 3 pulls? Anyway I feel the same like you. Most banks pull 2 bureaus, 3 isn’t something unacceptable. I don’t understand why people are so exaggerated about this…

Darv
Darv

Oh…yeah. No I meant the SageStream and ARS reports that DoC cites here:

https://www.doctorofcredit.com/things-everybody-should-know-about-us-bank-credit-cards/

I’ve never worried about those, only heard about them in relation to US Bank but US Bank has never given me issues.

NinjaX
NinjaX

youre confused with cap 1 dude. but anyway, US Bank gets a bad rap because they will bitch slap you hard when they feel like it. just go look on flyertalk and reddit.

jnrfalcon
jnrfalcon

I’m more anxious to see if they offer the VI airfare discount on this card. If not, it won’t be able to compete with CSR IMO.

sirtheta

Decisions, decisions. My only planned applications this month are a CitiBusiness AA Plat, once my inquiries start dying in late April (lame, I know). And I’m already holding off on personal cards or EQ pulls until mid-May so that I have a good shot at the Propel World. End-of-May, I’ll only have 4 cards in 6 months ā€“ I wonder what my shot at approval with US Bank is in that case?

Kind of excited to see the details on this new card, hopefully it’s not another SunTrust bust for me šŸ™

(https://www.reddit.com/r/churning/comments/5d382q/dp_no_suntrust_platinum_elite/)

William Charles

What do you already have in terms of U.S. Bank cards? Might be worth closing them now if you don’t want to keep long term (throw a bit of spend on them before closing).

sirtheta

To quote Edwin Starr, absolutely nothing. I’ve barely branched out in terms of issuers, close to 40% of my cards are just from American Express, lol

William Charles

Should be pretty easy to get approved then, I’m starting to think I need to hold an intervention for DoC writers, first Chuck not doing the $250 Wells Fargo/Merrilll+ bonuses and now this… Fingers crossed this Reserve card does come out and it can be your first!

William Charles

Oh boy!

Ihg newbie
Ihg newbie

If anyone, we need BoA to come into premium cc arena. They already have Alaska, Asiana, Virgin Atlantic, spirit and amtrak among others.
On a side note, I just got an email from us bank skypass cc on a new promo for spend $25 on amazon three times and get 2500 skypass miles.

Jeremy
Jeremy

I somehow doubt Korean as they are a UR transfer partner, but who knows, US Bank does issue the card in USA. Those airlines represent all 3 alliances and have great charts.

sirtheta

There’s plenty of precedent for multiple programs having the same transfer partners — British Airways, Singapore, and Air France/KLM are transfer partners of both UR and MR, and Virgin Atlantic is a transfer partner of UR, MR, and TYP. There are probably more that I don’t recall of the top of my head.

That said, it could easily go the other way — it depends on the details of Korean Air’s deal with Chase.

It’s hard to predict, so we’ll just have to wait for more details šŸ™‚

Jeremy
Jeremy

Good point!

NinjaX
NinjaX

sigh. why does everything have to be Reserved? cmon AMEX, just do it. go balls to da wall. Amex Platinum Stratosphere Reserved….

gawd damn has anyone looked at the entire lineup of Amex overseas products? ITS INSANITY… cmon USA markets!

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