It’s nothing new for a cash-back bank card to mix bonus rewards on purchases with particular retailers and broader cash-back earnings in general-spending classes like gas, eating places, or journey. Two of my favourite retailer bank cards, the Amazon Prime Rewards Visa Signature Card and the Costco Anyplace Visa by Citi, do that very nicely.

It’s a bit uncommon — although welcome — for a cash-back card to allow you to select from which retailers you earn bonus rewards. And much more uncommon for a similar card to allow you to select your bonus general-spending classes. 

The U.S. Financial institution Shopper Money Rewards™ Visa Signature® Card does each, so it’s a bona fide breath of recent air within the cash-back bank card house. It’s not good — its flexibility provides complexity, and it has an annual price after the primary yr. However for those who’re not impressed by your different cash-back card choices, it’s positively value trying out.

What Is the U.S. Financial institution Shopper Money Rewards Visa Signature Card?

The U.S. Financial institution Shopper Money Rewards Visa Signature Card is a cash-back bank card that earns as much as 6% money again on eligible purchases.

You possibly can earn 6% again on purchases along with your selection of two taking part retailers, 3% again on purchases in your selection of spending class, and 1.5% again on all different eligible purchases. Quarterly spending limits apply to the 6% and three% tiers. You possibly can replace your selection of retailer and spending class every quarter as nicely.

The Shopper Money Rewards Card has a $0 introductory annual price for the primary yr, then a $95 annual price annually thereafter. It has a pleasant sign-up bonus for brand new cardholders and another perks value mentioning too.

What Units the U.S. Financial institution Shopper Money Rewards Visa Signature Card Aside?

The Shopper Money Rewards Card stands out for a number of causes:

• 6% Money-Again Tier Targeted on Particular Retailers. Not like most cash-back bank cards that aren’t cobranded (or sponsored by a selected service provider), the Shopper Money Rewards Card has a cash-back tier that pays solely in your selection of two taking part retailers. Should you spend closely with any on the checklist, you’ll be able to actually rack up the rewards right here.
• 5.5% Money Again on Pay as you go Lodge and Automotive Leases Booked By way of U.S. Financial institution. The Shopper Money Rewards Card has the very best cash-back charge for pay as you go journey of any main cash-back bank card. The one catch is you must e book by means of U.S. Financial institution’s journey portal.
• Versatile Redemption Choices, Together with Prompt Money Again. The Shopper Money Rewards Card has the standard lineup of versatile cash-back redemption choices, plus a novelty: prompt redemption that instantly reduces your web out-of-pocket value for eligible purchases.

Key Options of the U.S. Financial institution Shopper Money Rewards Visa Signature Card

These are an important options of the Shopper Money Rewards Card: sign-up bonus, common cash-back program, credit score necessities, charges, and extra.

Signal-up Bonus

Earn a one-time bonus value $250 after you spend $2,000 in eligible purchases throughout the first 120 days of account opening. The qualifying spend interval stretches a bit longer than most different cash-back playing cards — 4 months as a substitute of three months.

Incomes Money Again

The Shopper Money Rewards Card has a multitiered (and admittedly complicated) cash-back program. 

6% Money-Again Tier

First, you earn 6% money again on the primary $1,500 in mixed eligible purchases every quarter with two retailers of your selecting. Taking part retailers embrace (however aren’t restricted to):

• Apple
• Amazon.com
• Finest Purchase
• Chewy.com
• Disney
• Residence Depot
• Ikea
• Kohl’s
• Lowe’s
• Macy’s
• Restoration {Hardware}
• Goal
• Walmart
• Wayfair

U.S. Financial institution has a persuasive graphic exhibiting how purchases with numerous retailers in its 6% cash-back tier examine towards these retailers’ retailer bank cards. Disregarded is the truth that most retailers’ retailer bank cards don’t cap rewards potential, because the Shopper Rewards Card does:

You possibly can change your chosen retailers every quarter if you want. You have to activate your bonus cash-back earnings every quarter in any case, in order that’s alternative to verify your previous alternatives nonetheless be just right for you or replace accordingly.

3% Money-Again Tier

Subsequent, you earn 3% money again on purchases in your selection of general-spending class, similar to gasoline and EV charging stations, utilities, and wholesale golf equipment. You possibly can select a single class every quarter and should activate to obtain 3% money again.

As with the 6% tier, bonus cash-back eligibility tops out at $1,500 in class spending every quarter.

Even with the cap, the one-two punch of the three% and 6% tiers gives wonderful annual cash-back incomes potential. Utilizing U.S. Financial institution’s cash-back calculator, we see most potential 3% and 6% tier earnings of $540: $360 at 6% and $180 at 3%. Add within the one-time welcome bonus and also you’re $790 in whole first-year earnings earlier than you spend a dime within the 1.5% and 5.5% tiers.

5.5% Money-Again Tier

It is a mini-tier that features solely pay as you go lodge and automotive rental bookings made by means of the U.S. Financial institution Reward Middle. To earn 5.5% money again on these purchases, you could seek for, e book, and pay for eligible journey purchases there — in a roundabout way with the lodge or automotive rental firm, nor with some other third-party journey reserving engine.

1.5% Money-Again Tier

All different eligible purchases earn limitless 1.5% money again. This consists of purchases above the quarterly spend caps within the 3% and 6% tiers, and purchases that will usually qualify for these tiers however don’t since you didn’t activate that quarter.

Turning again to U.S. Financial institution’s cash-back calculator, see how a modest annual spend of $12,000 within the 1.5% catch-all tier and $2,400 within the hotels-and-cars tier add up if we proceed to max out the three% and 6% tier spends:

Redeeming Money Again

You possibly can redeem gathered money again for assertion credit, reward or rewards playing cards, and deposits to a linked U.S. Checking account. Fairly customary for a cash-back bank card

However essentially the most handy possibility shouldn’t be customary: Actual-Time Rewards, a particular U.S. Financial institution characteristic that immediately redeems money again on purchases as you make them. If you make a purchase order eligible for Actual-Time Rewards, you’ll obtain a textual content message asking if you wish to redeem towards it. Reply “REDEEM” and also you’re good to go. 

You have to have sufficient rewards to cowl the total quantity of the acquisition, so Actual-Time Rewards is finest for smaller transactions.

Vital Charges

This card has a $95 annual price after the primary yr. Overseas transactions value 3% of the full transaction quantity.

Credit score Required

U.S. Financial institution doesn’t present a selected minimal credit score rating for this card. It does say candidates want good or higher credit score to qualify. In case your credit score rating is under 720 or so, you will have bother getting your utility authorised.

Benefits of the U.S. Financial institution Shopper Money Rewards Visa Signature Card

These are the very best arguments in favor of the Shopper Money Rewards Card. Resolve for your self in the event that they outweigh the downsides.

• A number of Alternatives to Earn Bonus Money Again on On a regular basis Spending. The Shopper Money Rewards Card has three essential cash-back tiers and one mini-tier for pay as you go inns and automotive leases booked by means of U.S. Financial institution. And the three% and 6% tiers are customizable. Backside line: You possibly can fine-tune your cash-back expertise right here in a method that’s not attainable with most different playing cards.
• 5.5% Money Again on Pay as you go Lodges and Automotive Leases Booked By way of U.S. Financial institution. That is the very best charge on pay as you go journey purchases made by means of a significant bank card issuer’s on-line reserving portal. It’s higher than Chase, whose 5% return on pay as you go journey was beforehand the gold customary.
• Good Baseline Money-Again Charge (1.5%). This card’s baseline cash-back charge is first rate at 1.5%. That’s higher than the 1% baseline many different playing cards supply.
• Strong Welcome Provide. This card’s one-time welcome supply is strong too. With a average early spend threshold and an additional month to get there, it needs to be practical for many new cardholders too.
• Versatile Redemption Choices. The actual standout right here is Actual-Time Rewards, which helps you to redeem gathered rewards on the level of sale — in particular person or on-line.

Disadvantages of the U.S. Financial institution Shopper Money Rewards Visa Signature Card

The Shopper Money Rewards Card does have a number of notable downsides.

• Has a $95 Annual Payment After the First 12 months. The Shopper Money Rewards Card has a $0 introductory annual price for the primary yr. Then the enjoyable ends, and also you pay $95 per yr transferring ahead. Should you max out the three% and 6% tiers (and even come shut), you’ll nonetheless come out forward, however the price eats into your revenue nonetheless.
• Rewards Program Is Difficult and Requires Some Work From Cardholders. The Shopper Money Rewards Card’s rewards program is extra sophisticated than the typical cash-back card’s. It additionally requires guide activation every quarter. If you’d like a real set-it-and-forget-it rewards card, this ain’t it.
• 6% Money-Again Class Has a Restricted Variety of Taking part Retailers. The saving grace is that a few of these taking part retailers are among the many greatest round: Walmart, Amazon, Finest Purchase, Goal, Residence Depot, Apple. Nonetheless, the restricted choice is a constraint.
• No 0% APR Intro Provide. This card lacks a 0% APR intro supply for purchases or steadiness transfers. That’s a typical characteristic of different cash-back playing cards and a transparent draw back.

How the U.S. Financial institution Shopper Money Rewards Visa Signature Card Stacks Up

The Shopper Money Rewards Card is sort of its personal factor, however it’s most much like different cash-back playing cards with rotating or customizable bonus classes. See the way it stacks as much as Financial institution of America’s customized money again providing: the Financial institution of America® Personalized Money Rewards Credit score Card.

Different Alternate options to Contemplate

The Shopper Money Rewards Card has another shut opponents too. Look into these playing cards earlier than you apply: