US Bank 4% Smartly Visa Credit Card

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exarkun
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Re: US Bank 4% Smartly Visa Credit Card

Post by exarkun »

Anyone know if you can connect a US Bank Roth IRA to Quicken? I'm not seeing it show up in the list of accounts; only checking, savings, and credit card show up.
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rationalist_ps
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Re: US Bank 4% Smartly Visa Credit Card

Post by rationalist_ps »

Jonezez wrote: Fri Jan 31, 2025 1:07 pm

Card opened November, $20K CL.
Recently applied for CL increase online, FICO score 800+.
Hard credit-pull from Transunion.

CL increase declined, stated need 6 months of payements.

Interesting how some have had success with CL increase with < 6 months of payments!
Bottomline is that US Bank has a lot of room for improvement. Everything is extra slow with US bank. I got the card in November. got CL increase in December. Now made my first payment about 3 days ago. Money withdrawn from Vanguard Cash plus account two days ago. But US bank put a 7 day hold on the payment apparently. My credit card gets declined now because I hit the credit limit.
I prefer probabilistic thinking over stories. The former emphasizes uncertainty around future outcomes (as well as in judging past outcomes), while stories tend to anchor on one view. - Antti Ilmanen
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rationalist_ps
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Re: US Bank 4% Smartly Visa Credit Card

Post by rationalist_ps »

Nov. 18th - Credit card approved.
Nov. 26th - Successfully Transferred $98,000 to US Bank brokerage account. (made a stupid mental calculation error in summing up values of 3 individual TIPS Bonds).
Nov. 27th - the US Bank website said I am eligible for 3% cash back because my balance is between 50,000 and 100,000.
Dec. 3rd - transferred another $20,000 for a total of about $118,000
Balance has stayed above $110,000 since then.
But, US Bank has still not bumped my cash back to 4%.
Called them a few times.
US Bank is a slow behemoth. Yikes.
Is anyone else having this problem, not getting upgraded to 4% cash back tier despite having more than $100,000 in a brokerage account?
Please let me know.

Paddy
Last edited by rationalist_ps on Fri Jan 31, 2025 4:43 pm, edited 1 time in total.
I prefer probabilistic thinking over stories. The former emphasizes uncertainty around future outcomes (as well as in judging past outcomes), while stories tend to anchor on one view. - Antti Ilmanen
Laundry_Service
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Re: US Bank 4% Smartly Visa Credit Card

Post by Laundry_Service »

Currently on the phone for over an hour trying to get my 14300(+250 fee) tax payment approved. Pushed the money from Fidelity yesterday and have my full balance available today but the large charge, even under but close to my $15k credit limit has apparently locked my card. They sound like it's not a problem, but I hope I don't have to do this every month.
jst
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Re: US Bank 4% Smartly Visa Credit Card

Post by jst »

Jonezez wrote: Fri Jan 31, 2025 1:07 pm
tj wrote: Fri Jan 31, 2025 11:50 am ^ Yeah I'd always recommend checking online rather than relying on phone support.
Card opened November, $20K CL.
Recently applied for CL increase online, FICO score 800+.
Hard credit-pull from Transunion.

CL increase declined, stated need 6 months of payements.

Interesting how some have had success with CL increase with < 6 months of payments!
I'm planning to ride it out for six months and ask again for an increase, but I also expect the 4% to be nerfed by then.
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rationalist_ps
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Re: US Bank 4% Smartly Visa Credit Card

Post by rationalist_ps »

Laundry_Service wrote: Fri Jan 31, 2025 3:24 pm Currently on the phone for over an hour trying to get my 14300(+250 fee) tax payment approved. Pushed the money from Fidelity yesterday and have my full balance available today but the large charge, even under but close to my $15k credit limit has apparently locked my card. They sound like it's not a problem, but I hope I don't have to do this every month.
Welcome to the world of US Bank!
At least I am not being singled out. :happy
I prefer probabilistic thinking over stories. The former emphasizes uncertainty around future outcomes (as well as in judging past outcomes), while stories tend to anchor on one view. - Antti Ilmanen
plmd
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Re: US Bank 4% Smartly Visa Credit Card

Post by plmd »

Laundry_Service wrote: Fri Jan 31, 2025 3:24 pm Currently on the phone for over an hour trying to get my 14300(+250 fee) tax payment approved. Pushed the money from Fidelity yesterday and have my full balance available today but the large charge, even under but close to my $15k credit limit has apparently locked my card. They sound like it's not a problem, but I hope I don't have to do this every month.
I had a similar problem on the 15th when I was trying to squeeze in one more tax payment. The card wasn't locked completely, since I was able to make a small $5 Amazon reload as a test. Had to wait almost an hour to speak with someone in the fraud department, but they had me try the tax payment again while on the phone with them, and it went through.
EricGold
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Re: US Bank 4% Smartly Visa Credit Card

Post by EricGold »

plmd wrote: Fri Jan 31, 2025 4:56 pm
Laundry_Service wrote: Fri Jan 31, 2025 3:24 pm Currently on the phone for over an hour trying to get my 14300(+250 fee) tax payment approved. Pushed the money from Fidelity yesterday and have my full balance available today but the large charge, even under but close to my $15k credit limit has apparently locked my card. They sound like it's not a problem, but I hope I don't have to do this every month.
I had a similar problem on the 15th when I was trying to squeeze in one more tax payment. The card wasn't locked completely, since I was able to make a small $5 Amazon reload as a test. Had to wait almost an hour to speak with someone in the fraud department, but they had me try the tax payment again while on the phone with them, and it went through.
I have about a $100k tax payment due April 15th I would love to pay with this credit card but my $15k credit line puts me smack dab in the same problem as you two. Since others have written that 'credit cycling' is likely to lead to adverse action by the bank I hesitate to use the card for much more than about a single $10k payment a month. I'll be smarter about this next year and spread out my tax payments .. if the card still has these terms.
Laundry_Service
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Re: US Bank 4% Smartly Visa Credit Card

Post by Laundry_Service »

My call took around an hour and they had me try again while on the phone with me. Everything went through fine after. For my tax paying strategy I think I'm going to pay as much as I can on my Smartly and PayPal credit card for what's left which as a single person I think I'll only be able to use once per quarter via ACI at 1.85%.
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

Hey for those who were successful with the ACH transfer from Schwab to Smartly Checking for the $450 bonus, how exactly did you setup the ACH transfer on the Schwab side?
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

guppyguy wrote: Sat Feb 01, 2025 5:37 pm Hey for those who were successful with the ACH transfer from Schwab to Smartly Checking for the $450 bonus, how exactly did you setup the ACH transfer on the Schwab side?
I'm not sure what you're asking.

Just make sure you ACH push from a brokerage account and not a bank account.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

For those who did a product change from another US Bank card to smartly, did you get the 0% for 12 months promo rate on your smartly card?
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

jeffyscott wrote: Sun Feb 02, 2025 5:26 am For those who did a product change from another US Bank card to smartly, did you get the 0% for 12 months promo rate on your smartly card?
I don't think so.
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

tj wrote: Sat Feb 01, 2025 9:40 pm
guppyguy wrote: Sat Feb 01, 2025 5:37 pm Hey for those who were successful with the ACH transfer from Schwab to Smartly Checking for the $450 bonus, how exactly did you setup the ACH transfer on the Schwab side?
I'm not sure what you're asking.

Just make sure you ACH push from a brokerage account and not a bank account.
Okay from Schwab brokerage not the bank. So I setup Smartly Checking as an external account in Schwab and it goes thru the test deposit cycle…basically just like any other transfer out of Schwab?
The ACH name just made me pause because it is not titled as such on the Schwab side. I thought there was another transfer menu somewhere I was missing.

Thanks.
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

guppyguy wrote: Sun Feb 02, 2025 10:52 am
tj wrote: Sat Feb 01, 2025 9:40 pm

I'm not sure what you're asking.

Just make sure you ACH push from a brokerage account and not a bank account.
Okay from Schwab brokerage not the bank. So I setup Smartly Checking as an external account in Schwab and it goes thru the test deposit cycle…basically just like any other transfer out of Schwab?
The ACH name just made me pause because it is not titled as such on the Schwab side. I thought there was another transfer menu somewhere I was missing.

Thanks.
Electronic Fund transfer and ACH are the same. Also IIRC, you want to future date it. That is, don't schedule a transfer for the same day.
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

Anybody get a Smartly Visa for their spouse as well (not joint, two household USB CC)?

If so, can you see the other's spending on the USB website plan and track section?

I'm trying to get a centralized view of all spending.
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

guppyguy wrote: Sun Feb 02, 2025 7:33 pm Anybody get a Smartly Visa for their spouse as well (not joint, two household USB CC)?

If so, can you see the other's spending on the USB website plan and track section?

I'm trying to get a centralized view of all spending.
I would be surprised if you can see someone else's account on your log in when it's not a joint account.
bople
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Re: US Bank 4% Smartly Visa Credit Card

Post by bople »

tj wrote: Sun Feb 02, 2025 7:34 pm
guppyguy wrote: Sun Feb 02, 2025 7:33 pm Anybody get a Smartly Visa for their spouse as well (not joint, two household USB CC)?

If so, can you see the other's spending on the USB website plan and track section?

I'm trying to get a centralized view of all spending.
I would be surprised if you can see someone else's account on your log in when it's not a joint account.
Go to https://onlinebanking.usbank.com/digita ... red-access and you can setup read-only access for anyone.
BD w/ Kung-Fu Grip
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Re: US Bank 4% Smartly Visa Credit Card

Post by BD w/ Kung-Fu Grip »

jeffyscott wrote: Sun Feb 02, 2025 5:26 am For those who did a product change from another US Bank card to smartly, did you get the 0% for 12 months promo rate on your smartly card?
No.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

bople wrote: Mon Feb 03, 2025 10:03 am
tj wrote: Sun Feb 02, 2025 7:34 pm

I would be surprised if you can see someone else's account on your log in when it's not a joint account.
Go to https://onlinebanking.usbank.com/digita ... red-access and you can setup read-only access for anyone.
That doesn't include credit cards.
viewtopic.php?p=8127324#p8127324

The only solution at US Bank seems to be making the credit card joint.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

BD w/ Kung-Fu Grip wrote: Mon Feb 03, 2025 10:07 am
jeffyscott wrote: Sun Feb 02, 2025 5:26 am For those who did a product change from another US Bank card to smartly, did you get the 0% for 12 months promo rate on your smartly card?
No.
tj wrote: Sun Feb 02, 2025 9:18 am I don't think so.
Thank you both for responding.

I'd thought of maybe doing that to get two accounts (one in each spouse's name) and cash in on the 0% some more after filling up one card. Since there'd be no additional benefits, I think we'll instead just make the card we have a joint account.
bople
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Re: US Bank 4% Smartly Visa Credit Card

Post by bople »

jeffyscott wrote: Mon Feb 03, 2025 10:55 am
bople wrote: Mon Feb 03, 2025 10:03 am
Go to https://onlinebanking.usbank.com/digita ... red-access and you can setup read-only access for anyone.
That doesn't include credit cards.
viewtopic.php?p=8127324#p8127324

The only solution at US Bank seems to be making the credit card joint.
It works for credit cards. Here is a screenshot from an account that is sharing the Altitude Reserve card and I see on my Dashboard.
Image
Last edited by bople on Sat Feb 08, 2025 6:45 pm, edited 1 time in total.
Leesbro63
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Re: US Bank 4% Smartly Visa Credit Card

Post by Leesbro63 »

So my card "closed" yesterday, on Feb 2nd. But my available rewards, to redeem, is still zero. I did redeem rewards at the beginning of January. My Bank of America card posts the redeemable rewards at the same time that the card "closes" each month. This seems to be something a bit different. Anyone know what's going on?
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

bople wrote: Mon Feb 03, 2025 11:11 am
jeffyscott wrote: Mon Feb 03, 2025 10:55 am

That doesn't include credit cards.
viewtopic.php?p=8127324#p8127324

The only solution at US Bank seems to be making the credit card joint.
It works for credit cards. Here is a screenshot from an account that is sharing the Altitude Reserve card and I see on my Dashboard.
Seems like they changed the policy. In my account I can go through the steps to share access and credit card accounts now show up as shareable. They did not before when I tried but did not complete the process.

However, we can find no way to change previous share settings in order to share access to the credit card. That is in my spouse's name and when she set up sharing with me, the credit card was not allowed to be included.
Leesbro63
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Re: US Bank 4% Smartly Visa Credit Card

Post by Leesbro63 »

Here is another data point of a good thing, good information: When I set up my USBank savings account, I linked it with my primary checking account at PNC Bank. Today I got my reward points for the prior month and redeemed them. They redeemed immediately to available cash in the savings account, which I then transferred, via an external transfer to my PNC account. The money moved instantly and I can see it in my PNC account (immediately). I never had bank or brokerage transfers happen instantly like that. Fidelity usually gets money to my PNC Bank account the same day, but not instantly. Everyone else is usually overnight.
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indexfundfan
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Re: US Bank 4% Smartly Visa Credit Card

Post by indexfundfan »

Leesbro63 wrote: Tue Feb 04, 2025 9:39 am Here is another data point of a good thing, good information: When I set up my USBank savings account, I linked it with my primary checking account at PNC Bank. Today I got my reward points for the prior month and redeemed them. They redeemed immediately to available cash in the savings account, which I then transferred, via an external transfer to my PNC account. The money moved instantly and I can see it in my PNC account (immediately). I never had bank or brokerage transfers happen instantly like that. Fidelity usually gets money to my PNC Bank account the same day, but not instantly. Everyone else is usually overnight.
This is interesting. Perhaps a Fednow thing? The other way I know of to move money instantly is to use Zelle.

Did you submit the transfer request on US Bank or PNC?
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5150
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Re: US Bank 4% Smartly Visa Credit Card

Post by 5150 »

Vanguard lowered internal maintenance fees for VUSXX from 0.09% to 0.07%. Can keep funds for US Bank investment in VUSXX for no cost as well.
Leesbro63
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Re: US Bank 4% Smartly Visa Credit Card

Post by Leesbro63 »

After I did a withdrawal, my savings account went below $100. I got some a phone notification that implied that I sent it to notify me if the account goes below $100. I don't remember doing that. I still have $100,000+ in a CD at the bank. Will having their savings account below $100 incur me any new fees? Is there some other problem with a sub-$100 savings account there?
yougotitdude
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Re: US Bank 4% Smartly Visa Credit Card

Post by yougotitdude »

5150 wrote: Tue Feb 04, 2025 10:04 am Vanguard lowered internal maintenance fees for VUSXX from 0.09% to 0.07%. Can keep funds for US Bank investment in VUSXX for no cost as well.
Didn't know that about US Bank. Thanks!
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

Leesbro63 wrote: Tue Feb 04, 2025 12:04 pm After I did a withdrawal, my savings account went below $100. I got some a phone notification that implied that I sent it to notify me if the account goes below $100. I don't remember doing that. I still have $100,000+ in a CD at the bank. Will having their savings account below $100 incur me any new fees? Is there some other problem with a sub-$100 savings account there?
Did you go into the account notification settings and check if you had a notification turned on?
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

Hey what's the minimum account balance in USB Brokerage for purchasing either GABXX or VUSXX without a fee? 100K or something less?
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

guppyguy wrote: Tue Feb 04, 2025 1:56 pm Hey what's the minimum account balance in USB Brokerage for purchasing either GABXX or VUSXX without a fee? 100K or something less?

I would assume a negligible amount. $25?
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

There's supposedly no transaction fees on any money market funds, no minimum balance for that. But the brokerage account is subject to an annual fee of $50. That annual fee is waived if the brokerage account has $100K.

Neither of these policies seems to be stated on any official website or document, except that the annual fee waiver criteria for retirement accounts did appear on December statements.
SnowBog
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Re: US Bank 4% Smartly Visa Credit Card

Post by SnowBog »

jeffyscott wrote: Tue Feb 04, 2025 2:28 pm There's supposedly no transaction fees on any money market funds, no minimum balance for that. But the brokerage account is subject to an annual fee of $50. That annual fee is waived if the brokerage account has $100K.

Neither of these policies seems to be stated on any official website or document, except that the annual fee waiver criteria for retirement accounts did appear on December statements.
I was going to say, the only "official" documents I've seen say fee waived on $100k IRA or $250k taxable...

But others have noted they've been told different info. Guess we'll all find out when they apply the annual fee.
tj
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Re: US Bank 4% Smartly Visa Credit Card

Post by tj »

SnowBog wrote: Tue Feb 04, 2025 2:31 pm
jeffyscott wrote: Tue Feb 04, 2025 2:28 pm There's supposedly no transaction fees on any money market funds, no minimum balance for that. But the brokerage account is subject to an annual fee of $50. That annual fee is waived if the brokerage account has $100K.

Neither of these policies seems to be stated on any official website or document, except that the annual fee waiver criteria for retirement accounts did appear on December statements.
I was going to say, the only "official" documents I've seen say fee waived on $100k IRA or $250k taxable...

But others have noted they've been told different info. Guess we'll all find out when they apply the annual fee.
Lots of people would call and complain because they were specifically told no fee with $100k. I don't expect to be charged an annual fee on that brokerage account. I'm surprised they don't just waive it in the Smart Rewards.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

tj wrote: Tue Feb 04, 2025 2:54 pm I don't expect to be charged an annual fee on that brokerage account.
Yes, I would agree that it is safe to be quite certain of no fee with $100K in taxable. It would be strange to waive it for retirement accounts and not for taxable. And it's now been documented for retirement accounts as posted here:

viewtopic.php?p=8195701#p8195701
jeffyscott wrote: Tue Jan 07, 2025 9:56 am Annual IRA Fee Notice – The 2024 Annual IRA Custodial Fee of $50 will be assessed to brokerage retirement accounts during the fourth quarter of 2024. Accounts exempt from this fee are as follows:
1) Accounts opened after August 31, 2024.
2) Accounts owned by an individual with total retirement account assets of $100,000 or greater on August 31, 2024.
3) Accounts owned by an individual with total combined retirement and non-retirement account assets of $250,000 or greater on August 31, 2024.
greenman1
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Re: US Bank 4% Smartly Visa Credit Card

Post by greenman1 »

exarkun wrote: Fri Jan 31, 2025 3:04 pm Anyone know if you can connect a US Bank Roth IRA to Quicken? I'm not seeing it show up in the list of accounts; only checking, savings, and credit card show up.
In Quicken, when you add the account, select "U.S. Bank & U.S. Bancorp Inv." as the financial institution. I was able to add my Roth IRA by doing that.
SnowBog
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Re: US Bank 4% Smartly Visa Credit Card

Post by SnowBog »

jeffyscott wrote: Wed Feb 05, 2025 9:05 am Yes, I would agree that it is safe to be quite certain of no fee with $100K in taxable. It would be strange to waive it for retirement accounts and not for taxable. And it's now been documented for retirement accounts as posted here:
viewtopic.php?p=8195701#p8195701
jeffyscott wrote: Tue Jan 07, 2025 9:56 am Annual IRA Fee Notice – The 2024 Annual IRA Custodial Fee of $50 will be assessed ... Accounts exempt from this fee are as follows:
3) Accounts owned by an individual with total combined retirement and non-retirement account assets of $250,000 or greater on August 31, 2024.
I don't follow the logic on this one...

What you posted matches what's on their website, which in every location I've seen it lists the non-retirement balance at $250k to waive the $50 fee. The $100k threshold only applies to retirement accounts. Is that "strange", sure... But that's what the documentation says... https://www.usbank.com/investing/online ... -fees.html
Footnote 6 Annual account/IRA fees may be waived for clients with a statement household balance > $250k.
To my knowledge, the only "evidence" that we've had for the $50 fee getting waved on taxable accounts < $250k is a verbal discussion with someone on customer support. I wouldn't hold my breath on that meaning anything... Sounds like others aren't either: https://thefinancebuff.com/us-bank-smar ... annual-fee

On the positive, I highly doubt the people qualifying for the 4% cash back will be materially impacted if they get a "surprise" $50 fee; and as others have previously pointed out, even with the fee, if you have enough credit card spend you'll come out ahead of other [single-card] option anyway. But I wouldn't plan on successfully getting out the pitchforks and telling US Bank they made a mistake when the documentation is clear and consistent.

FWIW - I hope I'm wrong... I've currently parked enough stocks at US Bank to meet the higher threshold, and I wouldn't mind moving some of them back to my primary brokerage (for simplicity). I figured it was worth leaving them there to get the $50 fee waived, but if I could hold 60% less shares there for the same benefit - that would be great too... And I would have been fine "rolling the dice" and paying the $50 fee if the customer service reps were wrong, but figured it took no more effort to move $250k of stocks than $100k (and was lucky that I had enough to move [FWIW moved over from BoA where it was there for their PR bonuses]), and since the documentation clearly states $250k - that's what I'd use. (The silly things we do for $50/year... Not too dissimilar to the "Free TurboTax" threads for Fidelity... :sharebeer )
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

SnowBog wrote: Wed Feb 05, 2025 11:03 am (The silly things we do for $50/year... Not too dissimilar to the "Free TurboTax" threads for Fidelity... :sharebeer )
Yeah... the phrase "good enough" should be plastered on the wall somewhere in my house :)
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

SnowBog wrote: Wed Feb 05, 2025 11:03 am What you posted matches what's on their website, which in every location I've seen it lists the non-retirement balance at $250k to waive the $50 fee. The $100k threshold only applies to retirement accounts. Is that "strange", sure... But that's what the documentation says... https://www.usbank.com/investing/online ... -fees.html
Well you edited out the part that doesn't match . AFAIK, there is no USBI website that says there is a fee exemption for: Accounts owned by an individual with total retirement account assets of $100,000 or greater

Where do you see anything saying there is a waiver at $100K at your link (or anywhere else)? Your link only say's $250K household, just like my statement does in item 3.

Again, IFAIK, the $100K is not in "writing" anywhere except on my (and I presume other's) December IRA brokerage account statement. There is a smartly rewards waiver for Bank IRA accounts, but that's $50K $20K (it appears they lowered the threshold for that) and does not apply to brokerage IRAs.
https://www.usbank.com/bank-accounts/ch ... wards.html
guppyguy
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Re: US Bank 4% Smartly Visa Credit Card

Post by guppyguy »

If I've got 110K on the brokerage side of USB in VUSXX, and wanted to get 10K out this week via an external account (another bank or Fidelity CMA), what is the best way? Is the low ACH push restrictions applicable on the brokerage as well?

Still trying to decide whether how to characterize the 100K requirement, as a set/forget VTI option or another cash reserve for bigger purchases. If I can't get out more than 3K per week then that is a problem.
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Re: US Bank 4% Smartly Visa Credit Card

Post by lstone19 »

jeffyscott wrote: Wed Feb 05, 2025 11:51 am Again, IFAIK, the $100K is not in "writing" anywhere except on my (and I presume other's) December IRA brokerage account statement.
Are we so enamored of ephemeral websites that we consider them more authoritative than a printed or printable document? They put it in writing on your statement and labeled it "Annual Fee Notice" so I'd consider it to be authoritative until they change the notice on the statement.
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Re: US Bank 4% Smartly Visa Credit Card

Post by SnowBog »

jeffyscott wrote: Wed Feb 05, 2025 11:51 am
SnowBog wrote: Wed Feb 05, 2025 11:03 am What you posted matches what's on their website, which in every location I've seen it lists the non-retirement balance at $250k to waive the $50 fee. The $100k threshold only applies to retirement accounts. Is that "strange", sure... But that's what the documentation says... https://www.usbank.com/investing/online ... -fees.html
Well you edited out the part that doesn't match . AFAIK, there is no USBI website that says there is a fee exemption for: Accounts owned by an individual with total retirement account assets of $100,000 or greater

Where do you see anything saying there is a waiver at $100K at your link (or anywhere else)? Your link only say's $250K household, just like my statement does in item 3.

Again, IFAIK, the $100K is not in "writing" anywhere except on my (and I presume other's) December IRA brokerage account statement. There is a smartly rewards waiver for Bank IRA accounts, but that's $50K $20K (it appears they lowered the threshold for that) and does not apply to brokerage IRAs.
https://www.usbank.com/bank-accounts/ch ... wards.html
My edit was to try to keep the relevant line visible without scrolling... It wasn't intentionally to hide it...

But I don't see what the one has to do with the other... I personally don't have an IRA (nor plan to) at US Bank, so I haven't been paying attention to its threshold... It would be "strange" if the fee waiver is only listed on your brokerage statement... But I still don't see what an IRA $100k limit has to do with the clearly written $250k limit on non-retirement balances.

As I read it, one of the following applies:
  • You owe $50 on an annual fee
  • Unless you have total retirement account balance of $100k or greater
  • Or you have a combined balance of $250k or greater
I don't have any "retirement" account balance, so the latter item applies to me, which everywhere I've seen says the threshold to avoid the fee is $250k.
lstone19 wrote: Wed Feb 05, 2025 12:04 pm
jeffyscott wrote: Wed Feb 05, 2025 11:51 am Again, IFAIK, the $100K is not in "writing" anywhere except on my (and I presume other's) December IRA brokerage account statement.
Are we so enamored of ephemeral websites that we consider them more authoritative than a printed or printable document? They put it in writing on your statement and labeled it "Annual Fee Notice" so I'd consider it to be authoritative until they change the notice on the statement.
Fine - use the statement - which says the exact same thing, unless you have an IRA balance of $100k+ or a combined balance of $250k+ - you'll be charged a $50 fee...

(Now admittedly, I'm not clear what the "accounts opened after August 31, 2024 reference means... My working theory is they only assess the fee once a year, presumably sometime in August/September, so that's just calling out that "new" accounts won't get the fee, until presumably we get to the "new year" [which seems to be August/September] where this likely gets updated to reflect 2025...)
Gadget
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Re: US Bank 4% Smartly Visa Credit Card

Post by Gadget »

guppyguy wrote: Wed Feb 05, 2025 12:03 pm If I've got 110K on the brokerage side of USB in VUSXX, and wanted to get 10K out this week via an external account (another bank or Fidelity CMA), what is the best way? Is the low ACH push restrictions applicable on the brokerage as well?

Still trying to decide whether how to characterize the 100K requirement, as a set/forget VTI option or another cash reserve for bigger purchases. If I can't get out more than 3K per week then that is a problem.
You have to pull from somewhere else. In my case, I had to pull from Fidelity where I have no such limits. It always takes longer for an ACH pull to settle. And places like Fidelity have extended hold times for some people (not me yet). But that is still much faster than trying to transfer the tiny amounts allowed by US Bank weekly...
SnowBog
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Re: US Bank 4% Smartly Visa Credit Card

Post by SnowBog »

guppyguy wrote: Wed Feb 05, 2025 11:19 am
SnowBog wrote: Wed Feb 05, 2025 11:03 am (The silly things we do for $50/year... Not too dissimilar to the "Free TurboTax" threads for Fidelity... :sharebeer )
Yeah... the phrase "good enough" should be plastered on the wall somewhere in my house :)
FWIW, I pay PlanVision for advice - and a safety net for my spouse if I'm not around to ask questions of... But looking back on nearly all of my initial questions to them, every time I'd get some - maybe I should do this idea, their response was basically "you could, but it makes no meaningful difference, your plan is good enough.

On the investment side, I think that message has sunk in fairly well...

But on fiddling with saving a $50 annual fee (which isn't even a rounding error in our annual spending), or saving $50 on TurboTax - it's still a bit sad the hoops I'll let myself jump through...
Gadget
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Re: US Bank 4% Smartly Visa Credit Card

Post by Gadget »

SnowBog wrote: Wed Feb 05, 2025 12:18 pm
But on fiddling with saving a $50 annual fee (which isn't even a rounding error in our annual spending), or saving $50 on TurboTax - it's still a bit sad the hoops I'll let myself jump through...
It's part of being a good boglehead...

-Market tanks and you lose a few hundred grand or more - meh, it happens. stay the course
-You can save investment fees by a few basis points in one fund vs another to save a few hundred a year - jump through as many hoops as it takes
-You can save a few hundred a year with the tax efficiency of one money market fund vs another - spend enough time researching on this site to ensure that your dollars saved vs time spent researching is less than a penny per hour
-You can jump through a million hoops for brokerage or credit card bonuses - free money, worth the hassle for some people
-You no longer get a free $50 Turbotax perk from Fidelity - bring in the pitchforks, it's time to riot
-An advisor like Edward Jones wants to manage your money - an act of war has been declared against you and your family
lstone19
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Re: US Bank 4% Smartly Visa Credit Card

Post by lstone19 »

SnowBog wrote: Wed Feb 05, 2025 12:12 pm
lstone19 wrote: Wed Feb 05, 2025 12:04 pm

Are we so enamored of ephemeral websites that we consider them more authoritative than a printed or printable document? They put it in writing on your statement and labeled it "Annual Fee Notice" so I'd consider it to be authoritative until they change the notice on the statement.
Fine - use the statement - which says the exact same thing, unless you have an IRA balance of $100k+ or a combined balance of $250k+ - you'll be charged a $50 fee...

(Now admittedly, I'm not clear what the "accounts opened after August 31, 2024 reference means... My working theory is they only assess the fee once a year, presumably sometime in August/September, so that's just calling out that "new" accounts won't get the fee, until presumably we get to the "new year" [which seems to be August/September] where this likely gets updated to reflect 2025...)
I was only addressing the IRA fee part of this as I do not have nor do I have any plans to have a taxable brokerage account at USB - fees on taxable brokerage accounts are a big don't care for me.

I thought the fee notice on my IRA statement was self-explanatory. It says "Annual IRA Fee Notice– The 2024 Annual IRA Custodial Fee of $50 will be assessed to brokerage retirement accounts during the fourth quarter of 2024. Accounts exempt from this fee are as follows:
1) Accounts opened after August 31, 2024.
2) Accounts owned by an individual with total retirement account assets of $100,000 or greater on August 31, 2024.
3) Accounts owned by an individual with total combined retirement and non-retirement account assets of $250,000 or greater on August 31, 2024.

Putting all three together, it is obvious to me that August 31, 2024 was the date accounts were evaluated for fees. And as it says, the fee will be charged in the fourth quarter (not your August/September working theory). For the exemption for accounts opened after August 31, it's probably a simple "no account, no fee." Plus many financial institutions do not charge fees on new accounts to give you time to bring them up to the needed balance. There's also the issue if USB compiles the list of accounts to charged on August 31, how do you list an account which does not yet exist.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

lstone19 wrote: Wed Feb 05, 2025 12:04 pm
jeffyscott wrote: Wed Feb 05, 2025 11:51 am Again, IFAIK, the $100K is not in "writing" anywhere except on my (and I presume other's) December IRA brokerage account statement.
Are we so enamored of ephemeral websites that we consider them more authoritative than a printed or printable document? They put it in writing on your statement and labeled it "Annual Fee Notice" so I'd consider it to be authoritative until they change the notice on the statement.
I think you misunderstood the point. There is nowhere that US Bank stated this waiver in writing until it appeared in December on the statement. I and others had been told verbally that this waiver exists prior to it's appearance on December statements.

Similarly those with taxable accounts have been told verbally that the $50 fee is waived with $100K in a brokerage account. This waiver is also not stated in writing anywhere.

The verbally stated waiver for IRAs turned out to be true. Thus my thought that it's pretty safe to assume the verbally stated waiver will also be true for taxable.

My further assumption is that the taxable account fee is charged at different time of year and so will appear on those statements around that time.
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Re: US Bank 4% Smartly Visa Credit Card

Post by lstone19 »

jeffyscott wrote: Wed Feb 05, 2025 1:06 pm
lstone19 wrote: Wed Feb 05, 2025 12:04 pm

Are we so enamored of ephemeral websites that we consider them more authoritative than a printed or printable document? They put it in writing on your statement and labeled it "Annual Fee Notice" so I'd consider it to be authoritative until they change the notice on the statement.
I think you misunderstood the point. There is nowhere that US Bank stated this waiver in writing until it appeared in December on the statement. I and others had been told verbally that this waiver exists prior to it's appearance on December statements.
You're right, I guess I did miss your point. I opened my USB accounts in December (so I have no statements before December to see if that fee notice was there). What they were saying before December is another giant don't care to me since it has no relevance to me.
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jeffyscott
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Re: US Bank 4% Smartly Visa Credit Card

Post by jeffyscott »

lstone19 wrote: Wed Feb 05, 2025 1:09 pm
jeffyscott wrote: Wed Feb 05, 2025 1:06 pm

I think you misunderstood the point. There is nowhere that US Bank stated this waiver in writing until it appeared in December on the statement. I and others had been told verbally that this waiver exists prior to it's appearance on December statements.
You're right, I guess I did miss your point. I opened my USB accounts in December (so I have no statements before December to see if that fee notice was there). What they were saying before December is another giant don't care to me since it has no relevance to me.
Nope, no fee notice was on November IRA statements nor is it on January's. And those with taxable accounts have reported that there is nothing on their statements regarding a fee waiver.
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