U.S. Bank is set to launch the Smartly Visa Signature card and this will earn up to 4% back on all purchases. Card details as follows:
- Earn 2% cash back on all purchases
- Earn up to an additional 2% cash back when paired with a U.S. Bank smartly savings account.
- Earn 2.5% total cash back when you have a qualifying balance of $5,000 – $49,999
- Earn 3% total cash back when you have a qualifying balance of $50,000 – $99,999
- Earn 4% total cash back when you have a qualifying balance of $100,000+
There are a few things that are unclear such as whether there is an annual fee, is there a cap on the additional up to 2% cash back and if there will be a sign up bonus or not. The Smartly account itself earns 4.1% APY when you also have a Smartly checking account and a balance of $25,000+ so this is competitive with the best high yield savings accounts, can also have the money in their investment account. This has the potential to be big, worth signing up for the wait list in case they offer a better than normal sign up bonus for those that do.
Source: doctorofcredit.com