Great Card If
- You’re able to earn up to 4% cash-back on up to $10,000 of purchases each billing cycle through combined balances in eligible U.S. Bank consumer checking accounts.
- You want a card with no annual fee.
Don’t Get If
- You prefer a travel rewards card.
- You don’t qualify for the boosted cash-back rates.
U.S. Bank Smartly Card: Is It Worth It?
Prefer earning cash-back rewards over travel rewards? You’d be hard-pressed to find a cash-back rewards card better than the U.S. Bank Smartly card, depending on the amount of funds you hold in eligible U.S. Bank accounts.
That is because those with $100,000 or more in funds in a Smartly Checking account and/or Safe Debit account earn a massive 4% cash-back on purchases — on a maximum of $10,000 in eligible net purchases each billing cycle. If you were to reach the max each billing cycle, that is $4,800 cash-back annually with a $0 annual fee.
U.S. Bank Smartly Card Top Benefits
Like most no-annual-fee, cash-back rewards cards, the U.S. Bank Smartly card offers few benefits. The best one, by far, is that eligible cardholders can earn up to 4% cash-back on purchases.
Here is how it works:
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Assets With U.S. Bank | Cash-Back Earning Boost | Cash-Back Rate on All Purchases |
Less than $9,999.99 | None | 2% |
$10,000 to $49,999.99 | 25% | 2.5% |
$50,000 to $99,999.99 | 50% | 3% |
$100,000 or more | 100% | 4% |
The cash-back earning boost applies to up to $10,000 in purchases each billing cycle. After that, you earn 2% cash-back until the next billing cycle.
In order to qualify for a boosted cash-back rate, you must:
- Have or open a U.S. Bank Smartly Savings account with a minimum opening deposit of $25.
- Have combined qualifying balances with U.S. Bank in a consumer Smartly Checking and/or Safe Debit account. (Funds in other consumer accounts at U.S. Bank, such as a savings account, do not qualify.)
- Business accounts, commercial accounts, and trustee-only client relationships do not qualify.
Depending on how much you spend on your credit cards each month, this perk alone could be hugely lucrative for you, as most other cash-back rewards cards cap out at 2% back on all purchases. By qualifying for the 4% back category with the U.S. Bank Smartly card, you earn twice as much cash-back as you’d earn with competing 2% back cards on up to $10,000 each billing cycle.
There are some purchases that do not qualify for the cash-back earning boosts: education and school, gift cards (including discount gift card sites), insurance, tax, business-to-business transactions, and transactions using third-party bill payment services. The cash-back rate for these is 2% and they do not count as part of the $10,000 bonus earnings billing cycle cap.
Best Ways To Earn and Redeem Your Cash-Back Rewards
To earn as much cash-back as possible, use your U.S. Bank Smartly card for as many purchases as you can, especially if you qualify for the 4% cash-back on purchases on up to $10,000 each billing cycle. Additionally, U.S. Bank gives cardholders access to cash-back deals, where you can earn even more cash-back at retailers, restaurants, and more. The offers repeatedly change, so you’ll want to check your account at least once a month, if not more, and activate the deals you may use.
Once you’re ready to redeem your cash-back, U.S. Bank allows you to do so directly into your U.S. Bank checking or savings account, as a statement credit, toward merchant gift cards, as a charitable contribution, or in other ways.
Alternative Cards to the U.S. Bank Smartly Card
If you’re looking to earn even more cash-back on the items you spend the most on, the Bank of America Customized Cash Rewards card would be a good option.
The card earns 3% back in the category of your choice, including gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drugstores and pharmacies; or home improvement and furnishings. Plus, it earns 2% cash-back at grocery stores and wholesale clubs.
However, similar to the U.S. Bank setup, Bank of America offers its Preferred Rewards program and allows you to boost your cash-back rate by up to 75%. This means you can earn up to 5.25% back on your top purchase category and 3.5% back at grocery stores and wholesale clubs, with a $0 annual fee. That said, these purchases are limited to the first $2,500 in combined purchases each quarter.
Another great $0-annual-fee, cash-back rewards card that allows you to optimize for the items you spend the most on is the Citi Custom Cash card. With it, you earn 5% cash-back on your top eligible spend category each billing cycle up to $500 spent.
Eligible categories include restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment. Plus, you can switch categories from month to month to plan ahead for any upcoming large expenses.
