U.S. Bank Smartly Card Review: Lucrative Option for Loyalists
The Bottom Line
4.7
The potential to earn an eye-popping 4% rewards rate makes it a best-in-class option, though you’ll need to meet steep balance requirements to earn it. But even the base rewards rate of 2% is very good.
Rates, fees and offers
Annual fee
$0
Rewards rate
2%-4%
Bonus offer
None
Intro APR
0% intro APR for 12 billing cycles on purchases and balance transfers
Ongoing APR
APR: 18.74%-28.99% Variable APR
Cash Advance APR: 31.49%, Variable
Balance transfer fee
Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Foreign transaction fee
3% of each foreign transaction
More details from U.S. Bank
- Introducing the U.S. Bank Smartly™ Visa Signature® Card – Earn unlimited 2% cash back on all eligible purchases – and that’s just the beginning! Plus, if you have a U.S. Bank Smartly® Savings account and average daily combined qualifying balances in U.S. Bank deposit, trust or investment accounts, you can earn one more:
- Earn a total of 2.5% cash back. Get a 25% Smartly Earning Bonus with a qualifying balance between $5,000 - $49,999.
- Earn a total of 3% cash back. Get a 50% Smartly Earning Bonus with a qualifying balance between $50,000 - $99,999.
- Earn a total of 4% cash back. Get a 100% Smartly Earning Bonus with a qualifying balance of $100,000 or more.
- Enjoy a 0% introductory APR on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR, currently 18.74%-28.99%.
- No limit on total rewards earned.
- Rewards do not expire unless there is no reward, purchase, or balance activity for 12 statement cycles.
- Terms and conditions apply.
Pros and Cons
Pros
No annual fee
High rewards rate
Relationship rewards for customers
Intro APR period
Cons
Complicated rewards
Must be banking customer for highest rates
No bonus offer
Detailed Review
The $$0-annual-fee U.S. Bank Smartly™ Visa Signature® Card earns an unlimited 2% cash back that puts it on par with the best flat-rate cash back credit cards on the market. However, what makes the card stand out is that its base rate can jump to 2.5%, 3% and even 4% back for holders who meet certain balance requirements.
But there’s no such thing as a free lunch. The caveat here is that to earn the card’s bonus rates, you must pair it with a U.S. Bank Smartly® Savings account and carry a minimum amount across eligible U.S. Bank accounts — at least $5,000 to boost your earnings rate to 2.5% and at least $100,000 to get the outstanding 4% back. Plus, to get the full value of your cash back, which is earned as points, you must deposit your rewards into a U.S. Bank account.
If you bank with U.S. Bank and meet the steep balance requirements to snag the higher rewards rate, the card is an outstanding option. If you don’t bank with U.S. Bank, other cash back card options can offer more value.
U.S. Bank Smartly™ Visa Signature® Card: Basics
Card type: Cash back.
Annual fee: $0.
Sign-up bonus: None.
Rewards: 2% to 4% cash back:
An unlimited 2% cash back on every purchase, which gets elevated to 2.5% cash back if you have $5,000 to $49,999 in U.S. bank balances; 3% cash back if you have $50,000 to $99,999 in balances; and 4% cash back if you have $100,000 or more in balances.
Interest rate: 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 18.74%-28.99% Variable APR.
Balance transfer fee: 3% of the amount of each transfer or $5, whichever is greater.
Foreign transaction fee: 3%.
Compare to Other Cards
Benefits and Perks
Potentially rich rewards
Cardholders can effectively double their rewards rate and earn a hard-to-beat unlimited 4% cash back on all purchases. But there are steep balance requirements to do so.
Consumers who have a Bank Smartly® Savings account and at least $5,000 across eligible personal U.S. Bank accounts, including U.S. Bank deposit, trust or investment accounts, can earn a "Smartly Earning Bonus" on top of the card’s 2% base rate. To get the bonus you must have the following combined balances across eligible U.S. Bank accounts:
If you have $5,000 to $49,999 in balances: You earn a 25% rewards bonus to get a rate 2.5% cash back.
If you have $50,000 to $99,999 in balances: You earn a 50% rewards bonus to get a rate of 3% cash back.
If you have $100,000 or more in balances: You earn a 100% rewards bonus to get a rate of 4% cash back.
Note that to qualify for these higher rates, not only must you open a Bank Smartly® Savings account, which requires a $25 minimum balance, but you’re also required to keep the aforementioned average daily combined balances for the previous three months.
Introductory 0% APR offer
The U.S. Bank Smartly™ Visa Signature® Card comes with a 0% intro APR period on purchases and balance transfers which can help holders pay down debt transferred from another card or pay off large purchases. New cardholders get a 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 18.74%-28.99% Variable APR.
No annual fee
It doesn't cost anything to carry the U.S. Bank Smartly™ Visa Signature® Card. The combination of its high flat rate, $0 annual fee and interest-free period makes it a solid contender among the top flat-rate cash-back cards on the market.
Drawbacks and Considerations
Rewards are tied to U.S. Bank
Not only must you bank with U.S. Bank to get the card’s elevated rates. But even to get the full value of the base 2% cash back rate, you’ll need to have a U.S. Bank account.
That’s because even though the U.S. Bank Smartly™ Visa Signature® Card is considered a cash back card, it earns cash back rewards as points. And to get the full value of those points, you must redeem them as a deposit into an eligible U.S. Bank account.
In other words, when redeemed as a deposit this way, points are worth their full value of 1 cent apiece. But when you redeem points for other options like statement credits or gift cards, you may get a lower value per point.
High balance requirements for elevated rewards
To earn the U.S. Bank Smartly™ Visa Signature® Card’s highest possible rate of 4% back, you’ll need at least $100,000 in balances — that’s a steep requirement that could be a hurdle for some. Even the card’s less lucrative 2.5x and 3x rates require balances of $5,000 and $50,000, respectively.
Yes, eligible U.S. Bank accounts include investment accounts, trust accounts and IRAs which can help you when it comes to meeting the required balance amounts. But still, those who don’t have enough funds won’t be able to get the most value out of the card.
Plus, keep in mind that business and commercial accounts don't qualify for the earnings bonus, nor do accounts owned by authorized users.
No sign-up bonus
The U.S. Bank Smartly™ Visa Signature® Card doesn't come with a welcome offer for new applicants. Many of the best cash back cards offer bonuses, which can help new cardholders rack up rewards quickly.
How To Decide If It's Right For You
The potential to earn an unlimited 4x, 3x, or even 2.5x back on all your spending is hard to beat. But the U.S. Bank Smartly™ Visa Signature® Card is really only valuable for those who already have accounts open with U.S. Bank and have enough money saved with the institution. Of course, non-U.S. Bank customers who have enough in assets can consider moving their accounts to the banking company, but this requires a bit of work and can be less safe than splitting your balance between accounts at different banks.
Earn 2% cash back on all qualifying purchases that can be redeemed in a variety of ways. The card also offers a sign-up bonus and 0% APR promotion for purchases and balance transfers.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
