U.S. Bank FlexPerks Credit Cards Review (before January 2018)
Updated May 26, 2017. Please see our updated review here.
The Facts
In June 2016, US Bank revamped the FlexPerks card portfolio. The existing FlexPerks Travel Rewards Visa and Amex cardholders are grandfathered in. Currently, there are four FlexPerks cards: FlexPerks Select+ Amex, FlexPerks Travel Rewards Visa Signature, FlexPerks Gold Amex, FlexPerks Business Edge Travel Rewards Visa Signature.
FlexPerks Select+ American Express
FlexPerks Travel Rewards Visa Signature
FlexPerks Gold American Express
FlexPerks BUSINESS Edge Travel Rewards Visa Signature
The Math
First of all, in reality it is almost impossible to achieve 2 points per point when redeeming FlexPerks points and let's assume that you can realistically achieve 1.6 cents per point throughout our analysis. Even thought FlexPerks Select+ Amex has no annual fees, as it doesn't offer bonus categories, we will recommend Fidelity Visa or Citi Double Cash instead.
FlexPerks TR Visa vs. FlexPerks Gold Amex: The annual fee on Gold Amex is only $36 more than TR Visa, and it offers one major 3x category. Let's assume the bonus you receive from 2x categories are similar on both cards - TR Visa has cellphone and one of the categories you spend most from groceries/gas/airlines, while Gold Amex has gas and airlines. You only need to spend at least $2,250 a year in dining less charity to beat the $36 difference in annual fees and thus Gold Amex will be a better car for most consumers.
FlexPerks TR Visa vs. Fidelity Visa: FlexPerks TR Visa can seriously give Fidelity Visa a hard time since it returns 3.2% on the 2x categories and 1.6% on everything else. In order to equalize 2% cash back from Fidelity, assuming your spending on 2x categories is $A while your total spending is $B, you need 3.2% x $A + 1.6% x ($B - $A) = 2% x $B, i.e., A/B = 1/4, meaning that you bonus category spending needs to exceed 1/4 of your total spending. The math on FlexPerks Gold Amex vs Fidelity Visa is a bit more complex, but generally it is easier to beat Fidelity Visa as dining is a major 3x category.
The Conclusion
As long as your spending on the bonus categories exceeds a certain percentage of your total spending, FlexPerks TR Visa or FlexPerks Gold Amex will beat a 2% cashback card such as Fidelity Visa. For most consumers, FlexPerks Gold Amex is a better card than FlexPerks TR Visa. US Bank FlexPerks Gold Amex is rated as one of the Best Credit Cards for Rewards.
The Facts
In June 2016, US Bank revamped the FlexPerks card portfolio. The existing FlexPerks Travel Rewards Visa and Amex cardholders are grandfathered in. Currently, there are four FlexPerks cards: FlexPerks Select+ Amex, FlexPerks Travel Rewards Visa Signature, FlexPerks Gold Amex, FlexPerks Business Edge Travel Rewards Visa Signature.
FlexPerks Select+ American Express
- Annual Fee: none
- Signup Bonus: 10,000 points after spending $1,000 within 4 months of new account opening. Historical best bonus of this card: 10,000 points.
- Rewards: 1x everywhere else (up to $120,000 spent annually).
- Best Use of FlexPerks points: Like rewards program by other banks, US Bank's FlexPerks points can be redeemed for merchandise, gift cards, and cash at 1 cent per point. However, the best redemption rate is for airfare through US Bank's booking system (powered by Travelocity), which returns up to 2 cents per point. The redemption chart looks like: 20K = up to $400, 30K = up to $600, 40K = up to $800, 50K = up to $1,000, 70K = up to $1,400, 100K = up to $2,000, and so on. The trick is obviously try to keep your ticket value as close to the cut points ($400, $600, $800, etc.) as possible but not to exceed them.
FlexPerks Travel Rewards Visa Signature
- Annual Fee: 1st year free, $49 thereafter (can be offset by redeeming 3,500 points)
- Signup Bonus: 20,000 points after spending $2,000 within 4 months of new account opening. Historical best bonus of this card: 20,000 points.
- Application Landing Page
- Rewards: 3x on charitable donations, 2x on cellphone plus one category you spend most each month from gas, groceries, or airlines, 1x everywhere else (up to $120,000 spent annually).
- Best Use of FlexPerks points: Just like FlexPerks Select+ Amex, the best redemption option for FlexPerks points are for airfare booked through US Bank, at up to 2 cents per point. Visa Signature version offers an interesting add-on feature for the airfare redemption: with each ticket booked through US Bank, you will receive reimbursement for airline incidentals like check bag fee, onboard meals, etc., up to $25.
- Other Benefits: (1) No foreign transaction fees with an embedded EMV chip. (2) Visa Signature 24/7 Concierge Service. (3) Special privileges at over 900 luxury hotels worldwide through Visa Signature Luxury Hotel Collection. (4) Discounts (up to 25%) and Emerald Club membership at National Car Rental. (5) Discounts at BostonCoach limousine service.
- History: FlexPerks TR Visa has been around since 2009. In late 2014, US Bank introduced the Amex version, which added 2x on dining. At the same time, zero foreign transaction fees feature was added while the complimentary National Car Rental elite status and Hideaways Aficionado Club Silver Membership were removed. In mid 2016, UB Bank discontinued the TR Amex to new applicants, while introducing a higher annual fee Gold Amex. The TR Visa also received several changes including removal of the 3,500 points bonus for $24K annual spending, and the introduction of National Car Rental and BostonCoach benefits. In general, we consider this as slight devaluation of the card.
FlexPerks Gold American Express
- Annual Fee: $85 (can be offset by redeeming 5,000 points)
- Signup Bonus: 30,000 points after spending $2,000 within 4 months of new account opening. Historical best bonus of this card: 30,000.
- Application Landing Page
- Rewards: 3x on dining, 2x on airlines and gas, 1x everywhere else (up to $180,000 spent annually).
- Best Use of FlexPerks points: The same as FlexPerks Travel Rewards Visa Signature, i.e., up to 2 cents per point when redeeming for airfare through US Bank, with a $25 incidental credit for each ticket booked this way.
- Amex CONNECT benefits: (1) Luxury Hotel Program which offers special privileges at over 1,000 luxury hotels and resorts worldwide, including daily complimentary breakfasts for two, room upgrades upon availability, late check-out, and a hotel specific amenity. (2) 24/7 Concierge Service and savings for car rentals (up to 25% off), vacation packages (up to $100 off), cruise (up to $300 onboard credit), etc. (3) Automatic Global Entry ($100) or TSA PreCheck ($85) credit, every five years. (4) Complimentary Boingo Wi-Fi. (5) Amex Offers - savings in form of statement credit at select merchants when using your card; you need to connect your card with your facebook or twitter account at www.amexoffers.com/social. (6) Taste Global Dining Program - savings or benefits at 400+ restaurants worldwide. (7) Entertainment Access. (8) VIP Experiences (exclusive events, etc.) . (9) Amex Essentials (digital magazine). Please visit amexconnect.com/flexperksgold for details of the Amex CONNECT program.
- Other Benefits: (1) No foreign transaction fees with an embedded EMV chip. (2) Complimentary Andrew Harper Travel Club membership. (3) Emerald Club membership at National Car Rental. (4) Discounts at BostonCoach limousine service.
- History: this product was introduced in June 2016, replacing the old FlexPerks Travel Rewards Amex, with an increase of annual fees from $49 to $85.
FlexPerks BUSINESS Edge Travel Rewards Visa Signature
- Annual Fee: $55 for the account owner, waived for the 1st year; $10 for each employee. When you spend at least $24,000 per year, your next annual fees including employee's will be waived.
- Signup Bonus: 20,000 points after spending $2,000 within 4 months of new account opening. Historical best bonus of this card: 20,000 points most of the time.
- Application Landing Page
- Rewards: 3x on charitable donations, 2x on cellphone plus one category you spend most each month from gas, office supplies, or airfare, 1x everywhere else.
- Best Use of FlexPerks points: The same as FlexPerks Travel Rewards Visa Signature, i.e., up to 2 cents per point when redeeming for airfare through US Bank, with a $25 incidental credit for each ticket booked this way.
- Other Benefits: (1) No foreign transaction fees with an embedded EMV chip. (2) Automatic business savings with Savings Edge. (3) Special privileges at over 900 luxury hotels worldwide through Visa Signature Luxury Hotel Collection. (4) Discounts (up to 25%) and Emerald Club membership at National Car Rental.
The Math
First of all, in reality it is almost impossible to achieve 2 points per point when redeeming FlexPerks points and let's assume that you can realistically achieve 1.6 cents per point throughout our analysis. Even thought FlexPerks Select+ Amex has no annual fees, as it doesn't offer bonus categories, we will recommend Fidelity Visa or Citi Double Cash instead.
FlexPerks TR Visa vs. FlexPerks Gold Amex: The annual fee on Gold Amex is only $36 more than TR Visa, and it offers one major 3x category. Let's assume the bonus you receive from 2x categories are similar on both cards - TR Visa has cellphone and one of the categories you spend most from groceries/gas/airlines, while Gold Amex has gas and airlines. You only need to spend at least $2,250 a year in dining less charity to beat the $36 difference in annual fees and thus Gold Amex will be a better car for most consumers.
FlexPerks TR Visa vs. Fidelity Visa: FlexPerks TR Visa can seriously give Fidelity Visa a hard time since it returns 3.2% on the 2x categories and 1.6% on everything else. In order to equalize 2% cash back from Fidelity, assuming your spending on 2x categories is $A while your total spending is $B, you need 3.2% x $A + 1.6% x ($B - $A) = 2% x $B, i.e., A/B = 1/4, meaning that you bonus category spending needs to exceed 1/4 of your total spending. The math on FlexPerks Gold Amex vs Fidelity Visa is a bit more complex, but generally it is easier to beat Fidelity Visa as dining is a major 3x category.
The Conclusion
As long as your spending on the bonus categories exceeds a certain percentage of your total spending, FlexPerks TR Visa or FlexPerks Gold Amex will beat a 2% cashback card such as Fidelity Visa. For most consumers, FlexPerks Gold Amex is a better card than FlexPerks TR Visa. US Bank FlexPerks Gold Amex is rated as one of the Best Credit Cards for Rewards.