
https://www.usbank.com/credit-cards/ban ... -card.html
100k in assets held at US Bank earns 4% back on purchases.
Have "Combined Balances" with U.S. Bank in open consumer checking account(s), money market savings account(s), savings account(s), CDs and/or IRAs, U.S. Bancorp Investments and personal trust account(s) (business accounts, commercial accounts, and the Trustee only (IFI) client relationship do not qualify):
Between $5,000 - $49,999.99, to earn a total of 2.5 Points per $1 (a base of 2 Points plus the Smartly Earning Bonus of 0.5 Points),
Between $50,000 - $99,999.99, to earn a total of 3 Points per $1 (a base of 2 Points plus the Smartly Earning Bonus of 1 Point), or
$100,000 or more to earn a total of 4 Points per $1 (a base of 2 Points plus the Smartly Earning Bonus of 2 Points).
It might still work for the buy and hold investor who does a lot of credit card spending though. Trading fees discourage frequent trading, which can actually save you money in the long run.Bosro wrote: Thu Sep 05, 2024 3:40 pm you can hold 100k VTI. Just like I do for preferred rewards at BOA currently.
Fee Schedule for a brokerage account is not great though.
https://www.usbank.com/investing/online ... -fees.html
Bosro wrote: Thu Sep 05, 2024 3:40 pm you can hold 100k VTI. Just like I do for preferred rewards at BOA currently.
Fee Schedule for a brokerage account is not great though.
https://www.usbank.com/investing/online ... -fees.html
Seems fine for most Bogleheads. The account fee is annoying, but just mentally lump it into the credit card annual fee and then determine if it's worth it for you.100 free online stock or ETF trades per year with a U.S. Bancorp Investments Self-Directed Brokerage Account enrolled in paperless document delivery and a U.S. Bank SmartlyTM Checking account offered by our affiliate U.S. Bank.
Agreed. I worry (not much, but at least think about it) that BofA will scale back 2.625%.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
US Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
Most americans aren't even going to be able to reach the 2.5% cb with the 5k balance tier. 3%cb/$50k bal would be unimaginable for most of the people I know IRL. So 4% cb/$100k bal is not going to be very utilized, IMO, and makes for a good advertisement for a not-particularly-popular bankGryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
Which card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pmUS Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
Altitude Reserve gets you 3 points per dollar spent using mobile wallet and you can redeem at 1.5 cents per point. Mobile wallet seems restrictive until realize almost all in-person transactions can be made with mobile wallet and now most online merchants accept some form of mobile wallet. The only places you can’t consistently earn 4.5% are sit-down restaurants in the US and on Amazon.Gryphon wrote: Thu Sep 05, 2024 5:27 pmWhich card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pmUS Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
Redeem for what? Dollars, or some travel portal or other marked up sales portal?beardsicles wrote: Thu Sep 05, 2024 5:56 pmAltitude Reserve gets you 3 points per dollar spent using mobile wallet and you can redeem at 1.5 cents per point. Mobile wallet seems restrictive until realize almost all in-person transactions can be made with mobile wallet and now most online merchants accept some form of mobile wallet. The only places you can’t consistently earn 4.5% are sit-down restaurants in the US and on Amazon.Gryphon wrote: Thu Sep 05, 2024 5:27 pmWhich card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pmUS Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
It's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.Leesbro63 wrote: Thu Sep 05, 2024 6:36 pmRedeem for what? Dollars, or some travel portal or other marked up sales portal?beardsicles wrote: Thu Sep 05, 2024 5:56 pmAltitude Reserve gets you 3 points per dollar spent using mobile wallet and you can redeem at 1.5 cents per point. Mobile wallet seems restrictive until realize almost all in-person transactions can be made with mobile wallet and now most online merchants accept some form of mobile wallet. The only places you can’t consistently earn 4.5% are sit-down restaurants in the US and on Amazon.Gryphon wrote: Thu Sep 05, 2024 5:27 pmWhich card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pmUS Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.Gryphon wrote: Thu Sep 05, 2024 5:02 pm 4% back on all purchases with no spending cap seems a little bit too good to be true. I wouldn't be surprised if the bonus points for funds on deposit wind up being a teaser rate that gets scaled back after the launch.
And if one’s travel plans change and you have to cancel your previously redeemed travel purchase…Watts wrote: Thu Sep 05, 2024 6:37 pmIt's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.Leesbro63 wrote: Thu Sep 05, 2024 6:36 pmRedeem for what? Dollars, or some travel portal or other marked up sales portal?beardsicles wrote: Thu Sep 05, 2024 5:56 pmAltitude Reserve gets you 3 points per dollar spent using mobile wallet and you can redeem at 1.5 cents per point. Mobile wallet seems restrictive until realize almost all in-person transactions can be made with mobile wallet and now most online merchants accept some form of mobile wallet. The only places you can’t consistently earn 4.5% are sit-down restaurants in the US and on Amazon.Gryphon wrote: Thu Sep 05, 2024 5:27 pmWhich card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pm
US Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.
Yep, exactly. Book travel with any US-based merchant and then redeem the points against the transaction.Watts wrote: Thu Sep 05, 2024 6:37 pmIt's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.Leesbro63 wrote: Thu Sep 05, 2024 6:36 pmRedeem for what? Dollars, or some travel portal or other marked up sales portal?beardsicles wrote: Thu Sep 05, 2024 5:56 pmAltitude Reserve gets you 3 points per dollar spent using mobile wallet and you can redeem at 1.5 cents per point. Mobile wallet seems restrictive until realize almost all in-person transactions can be made with mobile wallet and now most online merchants accept some form of mobile wallet. The only places you can’t consistently earn 4.5% are sit-down restaurants in the US and on Amazon.Gryphon wrote: Thu Sep 05, 2024 5:27 pmWhich card is that? I see they have several cards that go 4% or higher, but they're either restricted to specific spending categories or they have spending caps.beardsicles wrote: Thu Sep 05, 2024 5:12 pm
US Bank has another card that can net you 4.5% relatively easily and it hasn’t been touched in years.
Hmm. This is worth keeping an eye on!mhc wrote: Thu Sep 05, 2024 3:50 pm Looks like one could hold $250k in taxable account and receive 100 free trades per year and have no fees.
A 4% cash back on everything CC sounds pretty good to me. This would be enough to overcome fees for using a credit card. I frequently see fees of close to 3% for CC.
This, in addition to a FTF, an annual fee is apparently up in the air at this point based on some of the Youtubers.Harmanic wrote: Thu Sep 05, 2024 5:52 pm I didn't see any disclosures about foreign transaction fees, subs, etc. Maybe when it gets closer to launch.
I'm a month into the USBAR system and am loving it so far. I have unredeemed points in my account that I'll surely use organically in the several months from now or I am considering making some highly speculative refundable travel plans now and inevitably changing my mind. What do you USBAR veterans do when you have points accrued but no immediate travel plans in the coming several months?HooCares wrote: Thu Sep 05, 2024 6:40 pmAnd if one’s travel plans change and you have to cancel your previously redeemed travel purchase…Watts wrote: Thu Sep 05, 2024 6:37 pm It's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.![]()
When points accrue and I have no travel plans I make some refundable travel plans that happen to cost just about the same that my points balance is and redeem my points. And then I decide I don't want those travel plans anymore and cancel for refund.FrugalProfessor wrote: Fri Sep 06, 2024 10:17 amI'm a month into the USBAR system and am loving it so far. I have unredeemed points in my account that I'll surely use organically in the several months from now or I am considering making some highly speculative refundable travel plans now and inevitably changing my mind. What do you USBAR veterans do when you have points accrued but no immediate travel plans in the coming several months?HooCares wrote: Thu Sep 05, 2024 6:40 pmAnd if one’s travel plans change and you have to cancel your previously redeemed travel purchase…Watts wrote: Thu Sep 05, 2024 6:37 pm It's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.![]()
For those veterans in the USBAR system, do you consider this new 4% card to be a complement or a substitute card? If there is no AF on this new card (complete speculation, of course), the break-even to justify the net $75AF for the USBAR would be computed as $75/(0.045-0.04)=$15k/year.
My biggest gripe with the USBAR is the gimmick that its true power is unlocked with tap-to-pay (and the small nuisance of the inability to redeem points immediately if no travel plans are imminent). While I'm planning on utilizing it to pay for big purchases like property tax, college tuition, car registration fees, it would be much easier to perform those transactions online without having to show up in person. It's easy for me to justify the hassle of showing up when I'm earning a 4.5%-2.625%=1.875% spread relative to the BoA PR card, but I think it is much harder to justify the hassle when earning a 4.5%-4%=0.5% spread on those transactions relative to this new 4% card.
I don't think I'd miss the perks of the USBAR too much of primary rental car insurance, 8 priority pass visits, and tsa precheck/global entry....
Thinking out loud, I could easily see my future setup as 8 x BoA 5.25% cash rewards cards + 1 x US Bank 4% card as the catch-all "other." That would be an incredible setup. By the way, I've recently started to use my BoA cards in my digital wallet and it's great because you don't have to lug around a new card for gas/restaurants/travel/etc.
Thanks for the feedback! I think I'll book some refundable travel soon because organic travel is still several months away.HooCares wrote: Fri Sep 06, 2024 10:23 amWhen points accrue and I have no travel plans I make some refundable travel plans that happen to cost just about the same that my points balance is and redeem my points. And then I decide I don't want those travel plans anymore and cancel for refund.FrugalProfessor wrote: Fri Sep 06, 2024 10:17 amI'm a month into the USBAR system and am loving it so far. I have unredeemed points in my account that I'll surely use organically in the several months from now or I am considering making some highly speculative refundable travel plans now and inevitably changing my mind. What do you USBAR veterans do when you have points accrued but no immediate travel plans in the coming several months?HooCares wrote: Thu Sep 05, 2024 6:40 pmAnd if one’s travel plans change and you have to cancel your previously redeemed travel purchase…Watts wrote: Thu Sep 05, 2024 6:37 pm It's a really nice system. You actually can shop for travel anywhere. Once the travel purchase posts, you can then negate the purchase with your points.![]()
For those veterans in the USBAR system, do you consider this new 4% card to be a complement or a substitute card? If there is no AF on this new card (complete speculation, of course), the break-even to justify the net $75AF for the USBAR would be computed as $75/(0.045-0.04)=$15k/year.
My biggest gripe with the USBAR is the gimmick that its true power is unlocked with tap-to-pay (and the small nuisance of the inability to redeem points immediately if no travel plans are imminent). While I'm planning on utilizing it to pay for big purchases like property tax, college tuition, car registration fees, it would be much easier to perform those transactions online without having to show up in person. It's easy for me to justify the hassle of showing up when I'm earning a 4.5%-2.625%=1.875% spread relative to the BoA PR card, but I think it is much harder to justify the hassle when earning a 4.5%-4%=0.5% spread on those transactions relative to this new 4% card.
I don't think I'd miss the perks of the USBAR too much of primary rental car insurance, 8 priority pass visits, and tsa precheck/global entry....
Thinking out loud, I could easily see my future setup as 8 x BoA 5.25% cash rewards cards + 1 x US Bank 4% card as the catch-all "other." That would be an incredible setup. By the way, I've recently started to use my BoA cards in my digital wallet and it's great because you don't have to lug around a new card for gas/restaurants/travel/etc.
I call every year and US Bank is pretty good at throwing me 5000 points not to cancel so the USBAR is essentially free.
We have 2 SYW Mastercards so that is what the majority of our spend goes on. I use both of those cards and my wife uses the USBAR that's saved in her phone since she's not into playing games.
I assume at some point I'll reach a breaking point with credit card games, but I haven't yet in the last 15 years. I don't particularly care about everyday rewards because all my spend earns much more than 4%. It's all about signup bonuses or special offers for me -- and much more on the special offers these days. This year I'll net roughly 30% cash back on my credit card spend.
Double the cashback. For example, this month we should receive:FrugalProfessor wrote: Fri Sep 06, 2024 11:04 am
Thanks for the feedback! I think I'll book some refundable travel soon because organic travel is still several months away.
I recently picked up my first SYW Mastercard thanks to this forum. I can't say it has won me over yet (it's so weird...like the SOS help I've fallen and I can't get up device advertisement on the last page of my credit card statement), but I am starting to get those random offers and can see how if you stick to those that you can easily net 10% cash back.
Can you elaborate on why you have 2x SYW cards? Is it to double the space of your effective offers? Or are there other caps that you are circumventing?
Beginning October 7, 2024, you can review the full revised disclosure at usbank.com/CPI-upcoming-version, by calling 24-Hour Banking at 800-USBANKS (872-2657) or by visiting your local U.S. Bank branch. We accept relay calls.
Here's what you should know:
· Adding two additional ways to waive the Monthly Maintenance Fee for the U.S. Bank Smartly® Savings account: o Presence of a U.S. Bank SmartlyTM Visa Signature® Card, or
o Account holder(s) age 17 or younger
· The Monthly Maintenance Fee will be waived on all U.S. Bank Smartly® Savings accounts with the presence of a U.S. Bank Smartly® Checking or Safe Debit account.
· The U.S. Bank SmartlyTM Visa Signature® Card will be added as an option to qualify for the U.S. Bank Smartly® Savings Interest Rate Bump.
· Clarification is being added to the combined qualifying balances for the Bank Smartly® Savings Interest Rate Bump.
· The Standard Savings account will no longer be available for new accounts or upgrades in the future.
· Under U.S. Bank Smart Rewards® Other Product Benefits, the following benefits will be updated:
o The Monthly Maintenance Fee will be waived on existing Standard Savings accounts
o The Standard Savings Interest Rate Lift will only apply to existing Standard Savings accounts
SnowBog wrote: Sun Sep 08, 2024 12:47 amFWIW it looks like ATM reimbursements are part of their "Smart Rewards" tiers, initially 4 per period (@ Primary) and up to unlimited (@ Premium - which requires $100k+ balance @ US Bank/brokerage). https://alliance.usbank.com/en-us/state ... wards.htmlthe_wiki wrote: Wed Sep 04, 2024 9:57 amAlso it looked like they had a selection of free to trade mutual funds, but not sure which fund companies.Lastrun wrote: Wed Sep 04, 2024 7:44 amCouple of other issues:tj wrote: Tue Sep 03, 2024 4:54 pm Well this would be a gamechanger:
https://www.usbank.com/credit-cards/ban ... OTHI_72833
Brokerage has a $50 annual fee apparently if under $250K, so that will need to be factored in.
100 free trades then $4.95 a trade after that, probably not an issue for most.
Is there a FTF on this card? Can’t tell. That would be a killer for me.
Domestic ATM reimbursement? Not a big deal, but…..
Interested though.
If a 4% card had a $50 annual fee, I'd pay it, so broker account fee not really an obstacle. However, there is no clear statement that the Visa card will not also have an annual fee.
Both of their other cashback cards have 3% FTF.
No ATM reimbursement, but US Bank has ATMs at every 7-11.
Another potentially interesting benefit - at least for me - is free access to Greenlight for debit cards for kids. This was something I had setup a while back, and had kept as it gave me access to Greenlights [up-to] 3% cashback family card. With their credit card ending, I was thinking of stopping my subscription (can get a kid's debit card from other places for free). But if its "free" as part of a US Bank account - and that US Bank account ends up being needed (along with > $100k across US Bank) to get US Bank's 4% credit card - that's a "win/win" for me...
Compared to my prior setup, the US Bank 4% card [when released, and I meet the 4% tier requirements] would result in:I've already registered on the waitlist and created my "checking" account. I'm holding off on transferring assets to reach their "Premium" tier (for the 4% rate) until they either offer a transfer bonus - or we get access to their credit card where the tier matters.
- + 1.375% extra cashback on everyday purchases (no special categories/cards), from my 2.625% BoA Unlimited Card
- Save $60/year on Greenlight service (included with US Bank) - "free" debit cards for kids (when primary funding source is US Bank)
- Save $95/year fee on Savor - as we'd get 4% on all purchases - including dining
- [Related to above/Savor] Get + 1% - 3% extra cash back on non-dining purchases made on Savor
- Consolidate down to 1 primary credit card (which easily fits in my phone case), removing/replacing cards such as:
- Bank of America: Unlimited Cashback [w/ Platinum]: 2.625% (best "unlimited" card I have right now, and no need to maintain BoA relationship/honor tier - can move those assets to US Bank for a better credit card)
- Bank of America: Customized Cashback [w/ Platinum]: 5% on selected category (we don't utilize this as we probably could/should - and for unlimited cash back on all categories [no mystery as to where something gets coded] for 4% [vs 5%] - we can live without...)
- Capital One: Savor: 4% on dining @ $95/fee
- Capital One: Walmart: 5% - as their Walmart/5% cashback is ending anyway
- Greenlight: Family Card: 3% - which has ended anyway...
- [up-to] $450 sign-up bonus on their Smartly Checking account, if done before 9/26: https://bankbonus.com/promotions/us-ban ... nus-offer/
But so far, really like the idea of a simple, single, 4% unlimited cash back card - with no categories/hoops to manage monthly. (Yes, definitely some setup hoops to create all the accounts, get signup bonus, avoid monthly feeds. But not something I need to manage long-term - mostly one-time setup...) FWIW I don't plan on "moving" any of my banking to US Bank with this... I'll treat it much like the BoA/Merrill setup - do the minimum needed to get the additional cash back - and leave the rest of my banking/setup in place with other institutions.
An issue still open is whether the card will have a foreign transaction fee. While I personally doubt it, other posters on other forums have also questioned whether there will be a cap on the 2% boost.TheRoundHeadedKid wrote: Mon Sep 09, 2024 1:16 pm It looks like this is better than the Bank of America Unlimited Cash Rewards Visa (with Platinum Honors Tier). 4% vs 2.625%. ......
If this card doesn't have any gotchas, it doesn't matter if it has a FTF for most Bogleheads I'd wager. Especially if you can pay taxes on it. You can always use a different card with no FTF. Like the Chase Amazon Visa that many have for Amazon purchases. Even if we're all dumping our BOA Premium rewards.Lastrun wrote: Mon Sep 09, 2024 3:48 pmAn issue still open is whether the card will have a foreign transaction fee. While I personally doubt it, other posters on other forums have also questioned whether there will be a cap on the 2% boost.TheRoundHeadedKid wrote: Mon Sep 09, 2024 1:16 pm It looks like this is better than the Bank of America Unlimited Cash Rewards Visa (with Platinum Honors Tier). 4% vs 2.625%. ......
So BofA is $95 fee for Premium Rewards card 2.625%/3.5%
US Bank would be $50 account fee (assets under $250K) and 4%.
So very possibly much better, but for me personally, a FTF would be a killer.
FWIW while it seems like there is no annual fee on the card, there could be other costs...TheRoundHeadedKid wrote: Mon Sep 09, 2024 1:16 pm It looks like this is better than the Bank of America Unlimited Cash Rewards Visa (with Platinum Honors Tier). 4% vs 2.625%. It has been reported it does not have an annual fee. I am glad I didn't apply for the BofA UCR when I got a preapproved letter for it in the mail a few months ago. I've just signed up on the US Bank waiting list. I should get an email as soon as the credit card is available.
You could be right, or you could be wrong and I base the latter on the agonizing number of posts about foreign ATM reimbursements on this forum. If I worry about a $5 foreign ATM fee would I not be worried about a 3% FTF (note that this is the fee US Bank charges on their 2 cash back non-travel cards).Gadget wrote: Mon Sep 09, 2024 4:57 pmIf this card doesn't have any gotchas, it doesn't matter if it has a FTF for most Bogleheads I'd wager. Especially if you can pay taxes on it. You can always use a different card with no FTF. Like the Chase Amazon Visa that many have for Amazon purchases. Even if we're all dumping our BOA Premium rewards.Lastrun wrote: Mon Sep 09, 2024 3:48 pmAn issue still open is whether the card will have a foreign transaction fee. While I personally doubt it, other posters on other forums have also questioned whether there will be a cap on the 2% boost.TheRoundHeadedKid wrote: Mon Sep 09, 2024 1:16 pm It looks like this is better than the Bank of America Unlimited Cash Rewards Visa (with Platinum Honors Tier). 4% vs 2.625%. ......
So BofA is $95 fee for Premium Rewards card 2.625%/3.5%
US Bank would be $50 account fee (assets under $250K) and 4%.
So very possibly much better, but for me personally, a FTF would be a killer.
IRA fee should be waived with the Smartly Plus Tier ($50K+ average balance).3000 wrote: Thu Sep 05, 2024 7:52 pm So unless there is an annual fee for the credit card the only potential fee is $50 a year on an IRA balance under $250k which could be offset by a credit card sign up bonus (if it has one) or a new account bonus.
That’s awesome! Thank you!Lyrrad wrote: Tue Sep 10, 2024 10:31 pmIRA fee should be waived with the Smartly Plus Tier ($50K+ average balance).3000 wrote: Thu Sep 05, 2024 7:52 pm So unless there is an annual fee for the credit card the only potential fee is $50 a year on an IRA balance under $250k which could be offset by a credit card sign up bonus (if it has one) or a new account bonus.
https://www.usbank.com/bank-accounts/ch ... wards.html
Just wanted to point out the footnote and see if anyone can interpret it better than me...3000 wrote: Tue Sep 10, 2024 11:15 pmThat’s awesome! Thank you!Lyrrad wrote: Tue Sep 10, 2024 10:31 pmIRA fee should be waived with the Smartly Plus Tier ($50K+ average balance).3000 wrote: Thu Sep 05, 2024 7:52 pm So unless there is an annual fee for the credit card the only potential fee is $50 a year on an IRA balance under $250k which could be offset by a credit card sign up bonus (if it has one) or a new account bonus.
https://www.usbank.com/bank-accounts/ch ... wards.html
I'm not certain if this means the Checking account itself needs to be at the Plus level, or if the balance is the IRA would meet this qualification...Maintaining an open U.S. Bank Smartly® Checking account enrolled in the Smart Rewards® Plus tier, at a minimum, is required to waive the IRA annual fee. The IRA annual fee waiver does not apply to Personal Trust IRAs.
My working theory is you either need > $50k in Checking/Savings and/or a combined balance (including IRA/Brokerage) > $250k. But $50k in IRA/Brokerage alone isn't enough... But maybe I'm reading it wrong.Annual account/IRA fees may be waived for clients with a statement household balance > $250k.
I think it's complicated, since there's several different US Bank products with different fees, and fee waivers, and balance requirements.SnowBog wrote: Tue Sep 10, 2024 11:27 pmJust wanted to point out the footnote and see if anyone can interpret it better than me...3000 wrote: Tue Sep 10, 2024 11:15 pmThat’s awesome! Thank you!Lyrrad wrote: Tue Sep 10, 2024 10:31 pmIRA fee should be waived with the Smartly Plus Tier ($50K+ average balance).3000 wrote: Thu Sep 05, 2024 7:52 pm So unless there is an annual fee for the credit card the only potential fee is $50 a year on an IRA balance under $250k which could be offset by a credit card sign up bonus (if it has one) or a new account bonus.
https://www.usbank.com/bank-accounts/ch ... wards.html
I'm not certain if this means the Checking account itself needs to be at the Plus level, or if the balance is the IRA would meet this qualification...Maintaining an open U.S. Bank Smartly® Checking account enrolled in the Smart Rewards® Plus tier, at a minimum, is required to waive the IRA annual fee. The IRA annual fee waiver does not apply to Personal Trust IRAs.
Especially since another link states that a balance > $250k is required... https://www.usbank.com/investing/online ... -fees.html
My working theory is you either need > $50k in Checking/Savings and/or a combined balance (including IRA/Brokerage) > $250k. But $50k in IRA/Brokerage alone isn't enough... But maybe I'm reading it wrong.Annual account/IRA fees may be waived for clients with a statement household balance > $250k.
While I share many of your concerns, I'm not sure even if true, these change my positive outlook...anon_investor wrote: Wed Sep 11, 2024 8:17 am This 4% cashback card is definitely interested, even with all the hoops to jump through. I do have some concerns:
-Will the 4% cashback be unlimited, or will US Bank cap it (maybe in the future), similar to how the Alliant CC offered 2.5% cashback but had a monthly spending cap?
-Will the 4% cashback include tax payments (I believe some CCs don't count that as a purchase)?
-Will this 4% cashback and/or the Smartly Rewards program ultimately get nerfed or cancelled, it seems very new and a cost leader to bring in assets to US Bank, will it have staying power?
-What kind of credit limit will US Bank offer on this CC? US Bank has been notorious about issuing low credit limits on their Cash+ CC. A low credit limit, may make the 4% cashback CC unusable.
I agree all 4 are risks, but 1 and 3, 1 as relates to what USB *may* do in the future, are true of every rewards program. BOA might 'nerf' their currently sweet set up too, as has been rumored they were about to before (but didn't so far), and the fact it's been around for years now doesn't guarantee its future. BOA pays close to 4% average on our 'normal' (excluding est tax) CC spending, it's not obviously unaffordable.anon_investor wrote: Wed Sep 11, 2024 8:17 am This 4% cashback card is definitely interested, even with all the hoops to jump through. I do have some concerns:
1. Will the 4% cashback be unlimited, or will US Bank cap it (maybe in the future), similar to how the Alliant CC offered 2.5% cashback but had a monthly spending cap?
2. Will the 4% cashback include tax payments (I believe some CCs don't count that as a purchase)?
3. Will this 4% cashback and/or the Smartly Rewards program ultimately get nerfed or cancelled, it seems very new and a cost leader to bring in assets to US Bank, will it have staying power?
4. What kind of credit limit will US Bank offer on this CC? US Bank has been notorious about issuing low credit limits on their Cash+ CC. A low credit limit, may make the 4% cashback CC unusable.