Today’s Card Madness matchup again features two no annual fee credit cards. If you’ve been following along this is will be the fifth and final matchup of the no annual fee category. Today’s matchup is between two cards from US Bank. Similar to other rounds we are again comparing a cash back card and a traditional rewards card. Today it’s the US Bank Cash+ card vs. the US Bank FlexPerks Select+.
In the interest of full disclose, I have high hopes for the FlexPerks Select+ card. I recently reviewed the FlexPerks Gold card and was surprised by how much value card holders can get from FlexPoints if used effectively.
US Bank Cash+ Visa Signature
I couldn’t believe how little coverage the US Bank Cash+ card received from other credit card websites/blogs. The card offers some incredible Cash Back earning potential when bonus categories are maximized. Additionally, US Bank allows card holders to select bonus categories which cater to their spending habits. Card holders can easily get well over $400 in annual Cash Back if they maximize the bonus categories affiliated with the Cash+ card. With that, let’s review what makes this cash back card so lucrative.
Key Benefits
- 5% Cash Back, on the first $2,000 spent quarterly, on two pre-selected categories.
- 2% Cash Back, on all purchases, on one pre-selected category.
- 1% Cash Back on all other purchases.
- No Annual Fee
- 0% APR for the first 12 billing cycles.
- No limit on the total amount of Cash Back earned.
- $100 Sign-up bonus for new card holders who spend $500 in the first 90 days.
The summary above is from the US Bank website. Additionally, one interesting ‘benefit’ is as follows per US Bank’s website:
If you do not qualify for the U.S. Bank Cash+ Visa Signature Card, you will automatically be considered for the U.S. Bank Cash+ Visa Platinum Card which earns the same cash back on all net purchases as the Cash+ Visa Signature Card but does not offer the Visa Signature benefits.
Benefits Overview
Apologies in advance if this section runs a bit long, but I want to make sure I fully explain this cards lucrative benefits.
Each quarter, US Bank Cash+ card holders must enroll in two 5% Cash Back categories and one 2% Cash Back category. 5% categories include Cell Phones, Car Rentals, Fast Food, Department Stores, Movie Theaters, and a few other found here. 2% categories are more limited to just Gas Stations, Restaurants, and Grocery Stores. 5% Cash Back is limited to your first $2,000 in quarterly spend, but card holders earn unlimited 2% Cash Back.
Overall, this benefit could be incredibly valuable if maximized. Maxing out the 5% quarterly cash back will earn at least $400 in annual Cash Back. The best part is that you are able to select categories quarterly. Adjusting categories is great if your spending habits change or you find a more rewarding card for a specific category. 2% Cash Back is unlimited and could also prove extremely valuable. Card holders who do not select bonus categories earn 1% Cash Back on all purchases.
One limitation of this card is that Cash Back can only be redeemed in the form of statement credits, gift cards, or deposited into a US Bank account.
US Bank Cash+ Summary
Although this card can be incredibly rewarding, cardholders must make sure to enroll in bonus categories quarterly. I’m not exactly sure if US Back will provide quarterly reminders to customers or not so it would be wise to set up a personal reminder. So long as card holders make quarterly selections and maximize the 5% Cash Back and 2% Cash Back bonus categories I could easily see the average person get at least $500 of annual Cash Back from this card. I don’t like that the card limits redemptions in the form of statement credits or into a US Bank checking account. It would be nice to deposit the Cash Back into any bank account, but US Bank limits this option.
All in all, this card is one of the more interesting Cash Back cards reviewed during Credit Card Madness. I’m not sure if this card is a great fit for everyone as the bonus categories are quite specific. However, the card is definitely a great option for consumers who don’t earn bonus points or cash back on other cards for the bonus eligible categories. Either way, anyone considering the US Bank Cash+ card should analyze their annual spend to determine if they can sensibly maximize the 5% quarterly bonus Cash Back. If so the card is definitely worth opening in my opinion.
Note: US Bank also offers the US Bank Cash 365 Card which offers a flat 1.5% Cash Back on all purchases with no annual fee. I consider the card less valuable than the Cash+ card, but is still a decent option for anyone looking for a more simple to use cash back credit card.
US Bank FlexPerks Select+
Similar to other match-ups in the no annual fee card round the second card from US Bank is a more traditional rewards card. The FlexPerks Select+ card from US Bank allows card holders to earn valuable FlexPoints. Flexpoints redeemed through statement credits for airfare purchases offer maximum value. Anyone interested in earning rewards toward travel should at least consider enrolling in a FlexPerks rewards card from US Bank.
Key Benefits
- Earn 1 FlexPoint per $1 spent on all eligible purchases.
- No Annual Fee.
- Earn 10,000 FlexPoints as a sign-up bonus after spending $1,000 in the first 120 days following account opening.
Benefits Overview
Well, that was disappointing. Honestly, before I started this matchup I had no idea how little the FlexPerks Select+ card had to offer. It’s especially disappointing considering how much I love the FlexPerks Gold card.
Although the benefits are lacking, FlexPoints are very valuable when redeemed for airfare. Airfare redemptions rates are tiered by the cost of the ticket. For example all airline purchases less than $400 cost 20,000 FlexPoints. Airfare from $401 to $600 cost just 30,000 FlexPoints. FlexPerks also makes it easy to maximize value since you can choose which charges to apply points too. If an airline ticket comes out to $401, you can opt not to use 30,000 FlexPoints. Likewise, you can wait until a $398 charge appears to apply the 20,000 points and get nearly $0.02/point of value. Since points offset airfare charges, card holders continue to earn airline miles and elite qualifying miles when flying.
US Bank FlexPerks Select+ Summary
As I mentioned, after reviewing the FlexPerks Gold card a few weeks ago I had high hopes for this card. I knew the card did not have an annual fee and that the benefits would be reduced, but it appears US Bank slashed benefits altogether. FlexPerks is definitely a program worth looking into, but this card isn’t the best option to earn FlexPoints. With that, it is time to declare a winner.
And The Winner Is!
Clearly this does not come as a surprise, but the winner of this round is the US Bank Cash+ card. As I have mentioned in previous match-ups, it is hard to derive a total value of points or cash back without knowing an individuals spending habits. Comparing these two cards however, is fairly straightforward. It would require $20,000 of spend to earn the 20,000 FlexPoints needed to get at best $400 in value from the FlexPerks Select+ card. Maximizing the 5% quarterly bonus categories easily yields at least $400 (in cash) after spending just $8,000. Just make sure if you open a Cash+ card that you select your bonus categories monthly.
Featured Images Courtesy of US Bank
