US Bank FlexPerks Cash Rewards Visa Platinum Review | CreditShout

US Bank FlexPerks Cash Rewards Visa Platinum Review

By Kevin / December 22, 2010
US Bank FlexPerks Cash Rewards Visa Platinum Review

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Verdict:

This card offers cash rewards rather than airline miles or redemption points. The amount of the cash back reward is 1% of the total purchase amount.

This is definitely different from many other rewards cards, and even though 1% doesn’t sound like a lot, depending on how often you use the card, it can eventually add up.

Even with this unusual “perk”, however, this card has some high fees associated with it. You may need the cash you earn to pay those fees.

Overview:

The U. S. Bank FlexPerks Cash Rewards Visa Platinum is one of several FlexPerk cards offered by U. S. Bank.

As mentioned earlier, unlike other reward credit cards, this one offers cash back, and redemption can start as soon as $20 in cash has been earned.

How This Card Works:

The card works by giving the cardholder cash back for purchases. For a limited time, up to 3% in cash back rewards can be earned on (vehicle) gasoline purchases, and 1% on all other purchases.

Travel and Shopping Benefits:

Because the card gives cash back, you don’t have to go through the hassle of waiting until you have enough points to redeem for specific merchandise, as you would with other rewards points cards. You actually get cash back.

However, because the whole intent is to use the card, the U. S. Bank FlexPerks Cash Rewards Visa Platinum card just happens to be accepted at the U. S. Bank shopping mall (otherwise known as select merchants.)

Fees:

One word can be used to describe the fees on this card…exorbitant.

Although there is no annual fee, they don’t need one because they make it up in transaction fees which start at $5 or 3% to 4% of the transaction amount.

This may sound similar to other cards, but from there, it just gets worse.

ATM cash advances and regular cash advances are $10 or 4% of the amount, whichever is greater, and can even be as high as $20 or 4%, whichever is greater.

Pros:

  • Cash back instead of rewards points or airline miles
  • Can use cash to pay on statement balance or to spend elsewhere

Cons:

  • Exorbitant fees, which actually negate the cash back incentive.
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