The U.S. Bank Smartly™ Visa Signature® Card is one of a handful of cards that earn at least 2% cash back on every purchase. You can even double the rewards you earn (up to 4% cash back everywhere), but the requirements are complicated — and there's a steep opportunity cost.
To qualify for additional rewards beyond 2% cash back, you must have or open a U.S. Bank Smartly® Savings account with a $25 minimum opening deposit and have at least $10,000 in a U.S. Bank Smartly® Checking account and/or a Safe Debit account.
The Smartly Visa also features a potentially valuable intro APR, so it offers more than the ability to earn rewards.
CNBC Select covers what you need to know about the card, from its benefits to its rates and fees, and comparable alternatives to consider.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn unlimited 2% cash back on every purchase
- Up to additional 2% cash back on your first $10,000 in eligible Net Purchases each billing cycle when paired with U.S. Bank Smartly® Savings account plus qualifying balances in U.S. Bank Smartly® Checking and/or Safe Debit account.
- These cash back rates can be obtained when rewards are redeemed into an eligible U.S. Bank deposit account.
- No Annual Fee
- 0% introductory APR on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR applies, currently 17.74%-27.99%.
- Get your cash back directly deposited into your U.S. Bank checking or savings accounts, as a statement credit, a rewards card, merchant gift cards and more.
- Terms and conditions apply.
Balance transfer fee
Either 5% of the amount of each transfer or $5 minimum, whichever is greater.
Foreign transaction fee
3% of each foreign transaction
Welcome bonus
The U.S. Bank Smartly Visa Signature Card doesn't have a welcome bonus. If you're interested in a card that offers this perk for new cardholders, check out our list of the best credit card sign-up bonuses.
Benefits and perks
The U.S. Bank Smartly card doesn't offer much in the way of additional benefits, but you can take advantage of roadside dispatch, travel and emergency assistance and access to complimentary GigSky mobile data plans.
The most valuable benefit for new cardholders is a 0% intro APR on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR of 17.74% to 27.99% applies. The intro APR only applies to balance transfers completed in the first 60 days of account opening, and there's a balance transfer fee of 5% of each transfer with a $5 minimum.
How to earn and redeem rewards
Earning
The way you earn rewards with the Smartly Visa is complicated. It's a cash back card, but you earn cash back as points, and you'll receive at least 2X points on spending.
You can earn up to an additional 2% cash back (2X additional points) on your first $10,000 in eligible net purchases each billing cycle. To qualify for additional rewards, you must have or open a U.S. Bank Smartly® Savings account with a $25 minimum opening deposit and have at least $10,000 in a U.S. Bank Smartly® Checking account and/or a Safe Debit account.
You'll earn rewards based on your qualifying balance in these eligible accounts (Smartly Checking and Safe Debit):
- 2.5% back with a qualifying balance of $10,000 to $49,999.99
- 3% back with a qualifying balance of $50,000 to $99,999.99
- 4% back with a qualifying balance of $100,000 or more
Being able to earn up to 4% cash back everywhere is exceptional; however, the opportunity cost is steep. While the Smartly Savings account has an APY, you earn no interest on Smartly Checking or Safe Debit account balances.
To put this in perspective, $100,000 deposited into a high-yield savings account with a 4% APY would earn over $300 a month in interest. With the $10,000 monthly limit on the bonus cash back, you could only earn a maximum of $200 in additional rewards each month.
U.S. Bank Smartly® Savings
Annual Percentage Yield (APY)
Up to 4.10% APY, when you have a Bank Smartly® Checking or Safe Debit account and a combined qualifying balance of $25,000+.
Minimum balance
$25 to open
Monthly fee
$5 per month, with options to waive
Overdraft fees
$36 per item amount of $5.01 or more, no charge for amount of $5 or less. Maximum of three overdraft fees per day. No overdraft fee when your balance is negative $50 or less.
Offer checking account?
Yes
Offer ATM card?
Yes
ATM fees
None for U.S. Bank ATMs; $2.50 surcharge for non-U.S. Bank ATMs
Terms apply.
Pros
- High APY
- Options to waive the monthly fee
Cons
- You'll need a high combined balance to get the best APY
U.S. Bank Smartly® Checking
Annual Percentage Yield (APY)
None
Minimum balance
$25 minimum deposit
Monthly fee
$6.95 monthly service fee, with options to waive
Free ATM network
4,700 U.S. Bank ATMs
ATM fee reimbursement
None
Overdraft fee
Consumer checking accounts assessed an Overdraft Paid Fee may qualify for a fee waiver
Mobile check deposit
Yes
Terms apply.
Pros
- Low minimum deposit
- Options to waive monthly fee
- Overdraft assistance
Cons
- No APY
- $25 minimum deposit
- Monthly fees, but there are options to waive
- No reimbursement for out-of-network ATM fees
Redeeming
You can redeem your rewards for the following:
- Direct deposit to an eligible U.S. Bank deposit account
- Statement credit
- Prepaid U.S. Bank Rewards Card
- Merchandise
- Gift cards
- Travel booked through the U.S. Bank travel center
With this card, how you redeem your rewards matters. To receive the full value (1 cent per point), you'll need to choose the direct deposit option. Again, this requires a U.S. Bank deposit account, so for anyone who doesn't have that, the cash back you earn isn't actually worth 2% of your purchase.
Rates and fees
The U.S. Bank Smartly card has no annual fee. There's a 3% foreign transaction fee, and late or returned payments may incur a fee of up to $41.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
Card comparison
U.S. Bank Smartly™ Visa Signature® Card vs. Wells Fargo Active Cash® Card
If you don't have a U.S. Bank deposit account, the Wells Fargo Active Cash® Card makes more sense to own.
It earns 2% cash rewards on purchases, and you don't need a Wells Fargo Checking or Savings account to receive the full value. Plus, the Active Cash has a generous intro APR offer and a welcome bonus worth $200 in cash rewards (after spending $500 within the first three months).
The card also features cell phone protection and rental car coverage, which aren't available with the Smartly Visa.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
- High flat-rate return on purchases
- Intro-APR for purchases and qualifying balance transfers for a year
- No annual fee
- Cell phone protection
- Has a foreign transaction fee
- Limited redemption options unless you pair it with a Wells Fargo card that allows point transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.49%, 24.49%, or 28.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don't expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
3% intro for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
3%
U.S. Bank Smartly Visa vs. Citi Double Cash® Card
The Citi Double Cash® Card has several advantages over the U.S. Bank Smartly card, and it earns at least 2% cash back on every purchase (1% back when you buy and 1% back when you pay).
With the Citi Double Cash, you can easily redeem your rewards for statement credits, direct deposits and more. However, you technically earn cash back as ThankYou® Points, which means you can also transfer your rewards to Citi's travel partners.
Although the transfer ratios are lower than what you get with premium Citi travel cards, the list of partners is robust. You can transfer Citi ThankYou® Points to American Airlines AAdvantage, Flying Blue (Air France and KLM), Qatar Airways Privilege Club and many more.
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- No annual fee
- Travelers face a foreign transaction fee
- Intro APR only applies to balance tranfer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% - 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
Is the U.S. Bank Smartly card right for you?
The U.S. Bank Smartly Visa's 2% cash back everywhere is appealing, and it can make sense if you're already part of the U.S. Bank ecosystem. The opportunity to earn elevated cash back may be valuable for some people at the lowest tier, which only requires a $10,000 balance and gets you 2.5% back on the first $10,000 in purchases each month. Beyond that, the deposit requirements may not justify the opportunity cost of forgoing higher yields in a high-yield account.
The Achilles heel of this card is that you must have an eligible U.S. Bank deposit account to redeem your rewards at full value. Without that, it's not a 2% cash back card. For most people, a card like the Wells Fargo Active Cash or Citi Double Cash Card will be just as rewarding without any of the hoops to jump through.
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