The U.S. Bank Cash+ Visa Signature is a “choose your own category” card which offers up to 5% cash back on purchases. Unlike standard rotating-category cards, you can choose two categories (out of 12 options) to get the 5% earn rate, instead of one random category. You can also look into a close alternative, the Max Cash Preferred, for similar benefits.
FEATURES AT A GLANCE
- No annual fee
- 2% foreign transaction fee (when paying in U.S. dollars overseas) or 3% foreign transaction fee (when paying via foreign currency)
- 5% cash back on two categories of your choice (up to $2,000 in combined quarterly spending)
- 5% cash back “on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center”
- 2% cash back on an “everyday” category of your choice
- 1% cash back on everything else
- Gyms and fitness centers (24 Hour Fitness, Equinox, Weight Watchers, etc.)
- Fast Food (Burger King, Chipotle, Subway, etc.)
- Ground transportation (Amtrak, Greyhound, Lyft, Uber, etc.)
- TV, internet and streaming services (Charter, DISH, Netflix, Spotify, etc.)
- Cell phone providers (AT&T, Sprint, T-Mobile, Verizon, etc.)
- Home utilities (Duke Energy, Pacific Gas and Electric Company, Waste Management Co., etc.)
- Movie theaters (AMC, Fandango, Regal, etc.)
- Furniture Stores (Ashley, Ethan Allen, Ikea, etc.)
- Department Stores (Bon-Ton, Kohl’s, Macy’s, etc.)
- Clothing Stores (American Eagle, Banana Republic, Express, etc.)
- Electronics Stores (Apple Store, Best Buy, Newegg, etc.)
- Sporting Goods Stores (Bass Pro, Cabela’s, Dick’s, etc.)
- Dining (including delivery services like Doordash and UberEats)
- Gas (including in-store purchases at locations like 7-Eleven or QuikTrip)
- Grocery (including delivery services like Instacart and Jet)
SIGN UP BONUS
As of January 2022, you can earn a $200 sign-up bonus for spending $1,000 within 90 days. This is a 20% RoS (Return on Spend).
U.S. Bank has occasional sign-up bonuses for checking accounts too, up to $400. Or if you check with your friends who already use the bank, there may be referral offers.
OTHER BENEFITS OF THE CASH+ CARD
- Visa Signature benefits
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
U.S. Bank (USB) is reportedly difficult to get approved with. On top of that, they have regional restrictions. Some people may find it difficult (or impossible) to get credit cards or bank accounts. If you don’t live within 50 miles of a bank branch, they may automatically deny your application. People have reported that opening a brokerage account (IRA) can get around this requirement, and start a banking relationship, but YMMV.
Read below (“alternatives”) to see how normally-ineligible people can get an identical version of the Cash+ card.
Financial blog Doctor of Credit recommends freezing your SageStream & ARS credit reports before applying for cards, and unfreezing to apply for U.S. Bank checking accounts. To apply for the USB Altitude Reserve, you first need to be a bank customer for at least 35 days.
Aside from this, U.S. Bank doesn’t have a hard limit on how many credit cards you can have with them. Just that the more USB cards you have, the more difficult it becomes to get more USB cards.
MAXIMIZING REWARDS WITH THE CASH+ CARD
For earning rewards, Cash+ gives straight cash back, so there aren’t any special strategies for increased value. You’re just limited to $2,000 in spending each quarter ($8,000 per year). Both of your 5% categories are combined for these calculations. If you max out the spending cap every time, you’ll get $400 in annual cash back. The Cash+ only earns 1% cash back for anything over the quarterly spending limit.
Points expire after 36 months.
The Gold Checking account is free for anyone with an open U.S. Bank personal loan or credit card. Some people start their U.S. Bank relationship by opening a no-fee card like Altitude Go or Cash+. Then getting a checking account sign-up bonus later.
ALTERNATIVES TO THE CASH+
If you don’t live within U.S. Bank’s footprint, many credit unions carry a version of the Cash+ card called the “Visa Signature Max Cash Preferred.” These are issued by a subsidiary of U.S. Bank called Elan Financial Services and should be available nationwide. The cards are nearly identical and you can still get two 5% cash back categories. Max Cash Preferred has a lower sign-up bonus, so it’s best to get Cash+ when possible. Or try to get both so you can choose four 5% categories. The cards have enough differences (in certain situations) that it’s fine to have both.
All 2% cash back categories (and 1% “other”) are useless features. You can earn at least 2% cash back on all purchases with any of the best everyday cards. Only the 5% categories are worth considering on this credit card.
The Cash+ is one of the best year-round cards in most of its categories. This includes:
- Gyms and fitness centers
- Home utilities
- Movie theaters
- Furniture Stores
- Department Stores
- Clothing Stores
- Electronics Stores
- Sporting Goods Stores
It doesn’t have much competition here. The closest alternatives to Cash+ usually earn 3% cash back at best. One consideration is the Venmo card since its utilities/streaming category is very diverse.
For the “fast food” category, any decent dining card is likely better. Several options can earn 4% cash back or higher, and are more flexible to use. This also covers the Cash+ having 2% cash back at non-fast-food restaurants.
With cell phone providers, other credit cards may include free cell phone insurance when paying your bill with that card. It could be worth having those options instead, even if they earn less cash back.
For “TV, internet and streaming services” close alternatives might earn more cash back.
Finally, the “ground transportation” category. This is potentially redundant for those who carry a premium travel card like the Chase Sapphire Reserve or U.S. Bank Altitude Reserve. And for people who prefer no-fee cards, some travel cards are more flexible since they get 3% cash back on hotels/airfare too. Higher cash back vs higher flexibility will depend on your preferences. The Cash+ did add the ability to get unlimited 5% cash back on airline/hotel bookings, but only through US Bank’s website, which isn’t ideal.
CONCLUSION
The U.S. Bank Cash+ (or Max Cash Preferred) is a flexible high-earning credit card which most people can find useful. Getting 5% cash back in two categories is a rare benefit, and U.S. Bank’s categories are generally good. “Gyms and fitness centers” is an example of an essential category. Some people might benefit from having multiple cards so they can get even more cash back. Being able to change your categories adds even more flexibility.
People considering store-specific retail cards should look into the Cash+ first. Most store cards offer 3-5% cash back (or a small discount) at that particular store, and few other benefits. Cash+ instead offers 5% back at every store in that niche plus a second 5% category. Much more flexible to use Cash+ (which is likely to have a better sign-up bonus too).
Overall, the Cash+ is a credit card which almost anyone can effectively use.
We rate the Cash+ card 5 out of 5 stars. ⭐⭐⭐⭐⭐
Note: This review was last updated in January 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 take advantage of our personalized consulting services!