U.S. Bank Cash+ Visa Signature Review

Last updated February 13, 2022.

The Facts
  • Annual Fee: none
  • Signup Bonus: $200 when you spend $500 within the first 3 months of new account opening.
  • Application Landing Page
  • Rewards: 5% cash back on prepaid airfare & hotels & car rentals through US Bank's travel portal, 5% on the first $2,000 in combined purchases in the two categories you choose, 2% on gas & EV charging stations, groceries, or dining (choose one), and 1% everywhere else.  The current twelve 5% categories for you to choose from (subject to change) include fast food, select clothing stores, department stores, home utilities,  electronics stores,  furniture stores, sporting goods stores, gyms/fitness centers, car rentals, ground transportation, cell phones, and movie theaters.  Check out the list of bonus categories on US Bank website.  Note that you need to choose the categories every quarter; otherwise everything will earn just 1%.  Cash back rewards expire at the end of the calendar month 36 months after the billing cycle in which they were earned.
  • History: When introduced in June 2012, US Bank Cash+ was a real game changer as the first ever card that allows you to choose 5% categories including some lucrative categories such as restaurants, airlines, hotels, bill payment (telephone, cable, internet, gas, power, insurance, etc.); however within a year, US Bank made a few negative changes due to unexpected demand of the card: (1) these lucrative categories were gradually replaced by less exciting categories; (2) US started to limit the 5% bonus to the first $2,000 purchases made in the two categories combined each quarter; (3) the $25 bonus for $100+ redemption was also limited to once every year.  In February 2021, a new 36-month expiration policy was implemented, and the $25 bonus for $100+ redemption was removed completely.  In February 2022, prepaid travel through US Bank was added as a 5% bonus category.
  • Other Facts: When you apply, if you don't qualify the visa signature, they will give you US Bank Cash Rewards Visa Platinum which earns 1% everywhere.

​The Math

Obviously, for general spending, US Bank Cash+ won't come close to the 2% cashback offered by Citi Double Cash or Elan Fidelity Visa.

Also, US Bank Cash+ won't threaten two of our favorite category spending cards - Amex Blue Cash Preferred (6% on groceries with a $75 annual fee) and PenFed Visa (5% on gas) due to the lack of 5% in those categories.

US Bank Cash+ vs. Discover More and Citi Dividend: When introduced in 2012, Cash+ was a clear winner for most scenarios due to higher cashback (6.25% instead of 5%), truly unlimited cash back, and ultimate freedom the consumers have.  However, with the continuous cutbacks, we are disappointed to see the advantages Cash+ used to possess greatly diminishing.

US Bank Cash+ vs. Chase Freedom: When introduced in 2012 with the ultimate freedom in consumers' hands, Cash+ actually made Chase Freedom's name sound funny.  However, if you link your Freedom to a premium UR cards such as Sapphire Preferred, you can then transfer points to frequent traveler miles/points, which might quickly change your view.  The devaluation of Cash+ over the years certainly did not help it compete with Freedom. 

The Conclusion
We love the innovation and competition that US Bank brings into the cashback game with its Cash+ Visa.  When first introduced, its unlimited cash back with a variety of categories to choose from made us place Cash+ on Dr. Credit Card's Top List.  However we have been very disappointed to see the value of this card greatly decreased over the years, especially when you don't have groceries, gas, dining, airlines, hotels, or billpay in the 5% categories.