U.S. Bank launched a new credit card, called the U.S. Bank Shopper Cash Rewards Visa Signature Card. With the Shoppers Cash Card you earn up to 6% cashback at many popular retailers, including Amazon and Walmart. But is it really worth it? Let’s dive in.
Welcome bonus
The Shoppers Cash Card has a limited time welcome bonus of $250 after you spend $2,000 within the first 120 days.
Annual fee
The card has a $95 fee which is waived the first year.
6% Rewards
You earn 6% cashback at two retailers of your choice on up to $1,500 in combined purchases each quarter.
Eligible retailers are
- 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®
6% cashback at Amazon, Walmart, etc. seems like a lot, but if you crunch the numbers, the picture changes. The max you earn 6% cashback on is $6,000 spent per year ($1,500 each quarter) that totals $360 in cashback. But after deducting the $95 annual fee, you’re left with only $265. So the actual rate of cashback is 4.4%, not 6%.
You would get more out of earning 5% cashback at Amazon with any of the Amazon cards, and 5% at Walmart with the Walmart Card, etc.
Other reward categories
You earn 5.5% cashback on prepaid car and hotel reservations booked directly in the US Bank Rewards Center.
You earn 3% on your first $1,500 in eligible purchases on your choice of one everyday category (like wholesale clubs, gas and EV charging stations, bills and utilities).
You earn 1.5% cashback on all other purchases.
U.S. Bank logo lights up
U.S. Bank is releasing a limited version of the card on which the U.S. Bank logo lights up during contactless transactions using LED technology. The LED version of the card is available to select cardholders while supplies last. Cardholders who do not receive the LED version may be able to upgrade to the LED version in the future, pending availability.
Conclusion
The U.S. Bank card at a glance sounds very exciting, but when you dig deeper, it’s not, (except for being a nice toy 😉 ) because you pay an annual fee of $95 which reduces the cashback to 4.4% on these popular stores.
The $95 annual fee ends up having a significant affect on the cashback rate. Instead of the seemingly 6% cashback, it reduces it to 4.4%, which is not that exciting anymore.
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