US Bank offers two Cashback Visa cards: 1) Cash Rewards which earns 1% flat without categories. This one is a Visa card, non-Signature. 2) Cash+ which earns 1% everywhere and also has 5% categories (you choose one from categories such as dining, electronics, car rentals, etc.). This one is a Visa Signature card.
Currently, when applying for the Cash+ card, the system gives notice that you may actually end up with the Cash Rewards if you aren’t worthy of a Visa Signature card (usually, if you don’t get a $5,000 credit limit it won’t be a Signature).
If you do not qualify for the U.S. Bank Cash+ Visa Signature Card, you will automatically be considered for the U.S. Bank Cash Rewards Visa Card that earns 1% cash back on all net purchases, but does not offer the 5% and 2% Cash+ Categories.
MyFico member 14Fiesta saw a memo which indicates that beginning June 20th all Cash+ applications will get the 5% rewards card and the Cash Rewards won’t be given for new applications at all. Those who get lower credit limits might not get a Signature card, but at least it will have the 5% categories.
It’s not clear if current Cash Rewards members will be upgraded to the Cash+ card as well. I personally have one of these from way back, hoping for the best.
US Bank is also reportedly launching two new credit card products on June 20th: a 1.5% cashback card and a Flexperks Amex which earns 3x on dining.
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