U.S. Bank customers with excellent credit who want to earn cash-back rewards without a complicated rewards structure will find this card a good fit. Those who want an American Express-affiliated card or prefer to bank with U.S. Bank will enjoy this option. While the rewards system is simple, cardholders have a few flexible redemption options that let you take advantage of the rewards you’ve racked up.
Easy-to-earn welcome offer
No annual fee
Potentially high APR
Better balance transfer offers exist
- Easy-to-earn welcome offer: The $150 welcome offer is a nice early boost to your cash rewards. Plus, you’re only required to spend $500 to earn it, making the bonus pretty easy to get without dramatically increasing your spending.
- No annual fee: With no annual fee, you can use the credit card to earn cash-back rewards at no additional cost. The only fees are transaction-based fees, all of which can be avoided depending on how you use the card.
- Potentially high interest rate: Depending on your credit score and other financial details, you could end up with a relatively high APR, which would make carrying a balance expensive.
- So-so balance transfer offer and no introductory interest offer on purchases: If you need more time to pay off a bigger balance, this may not be the card for you. Some balance transfer offers extend for as long as 18 or 21 months, but this one only goes for a year. Also, some competing cards offer introductory 0% interest deals on balance transfers and on purchases (which this card does not).
U.S. Bank Cash 365 American Express Card’s Welcome Offer
The U.S. Bank Cash 365 is right in step with the competition when it comes to the welcome offer. You’ll earn $150 by spending $500 on purchases in the first 90 days of opening your account. You’ll need to shop around to find a no-annual-fee card with 1.5% earnings rate if you want to earn more for the same amount of spending.
Purchases made on the U.S. Bank Cash 365 American Express Card earn a flat 1.5% cash back. If you spend $1,000 a month on card purchases, for example, you could earn $180 in rewards in a year. Someone who wants to enjoy the perks of cash-back rewards without the hassle of figuring out how to maximize rewards will appreciate the simple rewards structure.
There’s no limit to the rewards you can earn and your points don’t expire.
You have a few choices for redeeming your rewards, which is always a plus. You can redeem your “rebates” for a statement credit; direct deposit into a U.S. Bank checking, savings account, or money market account; or have them loaded onto a U.S. Bank Rewards Visa Card. You can monitor and manage your rebates online or via the app.
Unlike the other redemption options, U.S. Bank Visa rewards must be redeemed with a $20 minimum redemption and in $5 increments. You can use your rewards card anywhere Visa is accepted to make purchases, but you won’t be able to withdraw cash from the card.
How to Get the Most Out of This Card
If you decide to use the card for the balance transfer, keep in mind the promotional period lasts 12 billing cycles, which could be fewer than 12 calendar months. There are more generous balance transfer credit cards on the market if you need more time to pay off a balance.
Depending on the credit limit U.S. Bank sets, you might be better off waiting to transfer a balance while earning the welcome offer in the first 45 or so days the account is open. This way you won’t have to worry about the balance transfer taking up too much of your available credit. You have 60 days to transfer the balance under the introductory rate. Redeeming your rewards as a statement credit or bank deposit gives you more flexibility than redeeming for a rewards Visa since there’s no minimum redemption requirement.
This card could double as a secondary rewards card to supplement another card with a higher earnings rate for travel purchases, for example, or restaurants, but a lower base rate of 1% on other purchases. By carrying both, you earn an extra half a percent on purchases that would only earn 1% cash back with the other rewards card.
U.S. Bank Cash 365 American Express Card’s Excellent Perks
The U.S. Bank Cash 365 isn’t loaded with a ton of travel benefits, but it does come with one perk that our editors consider an excellent perk.
- Travel accident insurance: Receive travel accident insurance for you and your family when you use your card to purchase travel on common carriers like trains, planes, buses and ships.
U.S. Bank Cash 365 American Express Card’s Other Features
- Rental car collision insurance (secondary to your own policy)
- Refund when merchant won’t accept returned item
- Lowest advertised price match
- Extended warranties
- Travel and emergency hotline
- Sports, music, and event ticket presales
Each year, J.D. Power conducts a credit card satisfaction study measuring customer satisfaction with credit card issuers in key factors like interaction, credit card terms, and communication. U.S. Bank ranks eighth in the latest edition (out of 11 big banks studied).
Despite the poor showing, U.S. Bank does offer a few features for an improved customer experience. Cardholders can manage their account via the mobile app and enjoy 24/7 U.S.-based customer service, access to a free TransUnion credit score (VantageScore), and some budgeting and expense tracking tools.
The U.S. Bank Cash 365 American Express Card comes with industry-standard security features like fraud monitoring, chip technology, and zero fraud liability.
U.S. Bank Cash 365 American Express Card’s Fees
The U.S. Bank Cash 355 American Express doesn’t come with a lot of fees—there’s no annual fee and no penalty interest rate if you make a late payment. If you use your credit card for international purchases, you’ll be charged a 2% foreign transaction fee if the purchase is made in U.S. dollars or 3% if the purchase is made in a foreign currency.