In late October 2022, U.S. Bank released a new credit card, the Shopper Cash Rewards Visa Signature. It has a small annual fee and potentially high cash back for shoppers. The flexibility of the card to choose your own categories is both a pro and a con. Is the card for you? Let’s examine the features and benefits.
FEATURES AT A GLANCE
- $95 annual fee (waived the first year)
- 3% foreign transaction fee
- 6% cash back on your choice of 2 retailers ($1,500 quarterly spending limit)
- 5.5% cash back on hotel and car rental reservations booked through U.S. Bank’s website
- 3% cash back on your choice of an “everyday” category ($1,500 quarterly spending limit)
- 1.5% cash back on everything else
Eligible retailers for the 6% cash back category:
- Ace Hardware
- Apple
- Amazon.com
- Anthropologie
- Bed, Bath, & Beyond
- Best Buy
- Chewy.com
- Crate & Barrel
- Disney
- Home Depot
- Ikea
- Kohl’s
- Lowe’s
- Lululemon
- Macy’s
- Menards
- Nordstrom
- Pottery Barn
- QVC
- Restoration Hardware
- Target
- Walmart
- Wayfair.com
- Williams Sonoma
List of retailers is subject to change.
Eligible “everyday” categories for 3% cash back:
- Bills and home utilities
- Gas and EV charging stations
- Wholesale clubs (including Costco and Sam’s Club)
This list is also subject to change.
SIGN UP BONUS
This card offers a $250 bonus after spending $2,000 in the first 120 days, a solid 12.5% RoS (Return on Spend). Plus, you’ll earn between $30 and $97.50 cash back on that $2,000.
OTHER BENEFITS OF THE SHOPPER CASH REWARDS CARD
- Visa Signature benefits
- (Specifics aren’t listed on U.S. Bank’s website)
- U.S. Bank Real Time Rewards
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
U.S. Bank is regionally limited and prefers applicants who haven’t opened a new account in the past 6-12 months.
“You must enroll each quarter into two retailers and one purchase category of your choice, or all net purchases (purchases minus returns or credits) will earn no more than 1.5% Cash back. Allow up to 3 business days for registration to take effect before you will be eligible to earn 3% Cash Rewards and 6% Cash Rewards.”
MAXIMIZING REWARDS WITH THE SHOPPER CASH REWARDS CARD
The 6% and 3% categories are calculated separately when it comes to the spending limit. You can spend up to $1,500 per quarter in both ($3,000 total spent) before reverting to 1.5% cash back. This is effectively a $500 per month spending limit ($6,000 per year) for both 6% and 3% categories.
This is an ideal card to get when you have a large upcoming purchase. Say you need to spend $1,300 at Ikea – getting 6% cash back is a good deal.
ALTERNATIVES TO THE SHOPPER CASH REWARDS
The closest analogue to Shopper Cash Rewards (SCR) for 6% back is the AMEX Blue Cash Preferred, which has the same $95 annual fee. But they don’t have any overlap outside of the Blue Cash getting 3% back on gas. If you don’t mind annual fees, combining both of these cards could make a strong wallet.
Then there’s the fee-free AMEX Blue Cash Everyday. This gets 3% cash back on groceries, gas, and online retail purchases, up to $6,000 spent annually in each category. Despite the lower cash back rate, this is a better deal for low spenders.
Examples:
- 3% cash back on $1,000 = $30
- 3% cash back on $3,000 = $90
- 3% cash back on $4,000 = $120
- 3% cash back on $6,000 = $180
- 6% cash back on $1,000 minus a $95 annual fee = $-35
- 6% cash back on $3,000 minus a $95 annual fee = $85
- 6% cash back on $4,000 minus a $95 annual fee = $145
- 6% cash back on $6,000 minus a $95 annual fee = $265
For retail purchases, 6% cash back is almost always the best rate available. SCR is a five-star card for the first year when it’s fee-free. However, with the $95 annual fee AND quarterly spending limits, other cards could be better long-term. Alternatives include the US Bank Cash+ and Elan Max Cash Preferred, which both earn 5% at select retailers. These two cards are also good for the “bills and home utilities” category.
Some store cards are reasonable, like the Amazon Visa (if you have Prime).
For the “everyday” categories, there are a few more cards to look at. The Venmo Visa and Huntington Voice can work for either Wholesale clubs or Bills and home utilities
Gas and EV charging stations:
For a general-use card, any of the best everyday cards will work. You’ll want to earn at least 2% cash back on all purchases. If you travel often, we recommend the Capital One Venture X Visa Infinite since it’s effectively fee-free and earns up to 10x points on purchases.
The SCR’s 1.5% cash back isn’t far off from 0.5% though. It’s in line with lower-tier everyday cards like the Capital One Quicksilver. Losing 0.5% cash back might be worthwhile just to not carry another card.
CONCLUSION
The U.S. Bank Shopper Cash Rewards Visa is decent for what it promises. It’s a shopping card that earns high cash back. People who don’t want more than 1 or 2 cards will like this.
It does put itself in a strange space, though. It’s best for high earners due to the annual fee, yet there are quarterly spending limits to deter high spending. You’ll have to keep track of your spending if you want to maximize the card. This is easy with apps like Intuit Mint or Personal Capital. Still, it does require more time investment than simpler cards, especially since you need to manually choose multiple categories every quarter. No-fee 5% cards (or even 3% cards) may be better for a lot of people.
Overall, this card has a lot of potential, but it needs the user to work for those rewards. Most people will be able to successfully use this (if only in the short term) but it may not be for everyone.
We rate the Shopper Cash Rewards card 4 out of 5 stars. ⭐⭐⭐⭐
Note: This review was last updated in October 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to benefit from our personalized consulting services!