New Ameriprise Credit Card Offers 2.5% Cash-Back, but There’s a Catch

Ameriprise is out with a new rewards card that sports a 15,000-point welcome offer and earns unlimited 2.5% cash-back. Yes, all of that looks very attractive, but there’s a catch you should be aware of before deciding to apply.

Here’s what you need to know.

Ameriprise Premier Visa Signature Card Details

The Ameriprise^® Premier Visa Signature^® credit card just launched with a welcome offer of 15,000 bonus points after spending $1,500 on eligible purchases within the first 90 days of account opening, plus unlimited 2.5% cash-back on purchases.

The card earns 2 Reward Points for every $1 spent, but cardholders who transfer their points to an eligible Ameriprise account will receive a 25% bonus, resulting in the 2.5% cash-back rate.

As far as benefits, the Ameriprise Premier Visa Signature card offers plenty, including:

• 2 Reward Points for every $1 spent, redeemable for statement credits, gift cards, travel, merchandise, and cash-back into Ameriprise accounts
• 25% points bonus when transferring to eligible Ameriprise accounts
• No foreign transaction fees
• Priority Pass membership
• Trip delay insurance
• Trip cancellation and interruption insurance
• Baggage delay insurance
• No preset spending limit

The Ameriprise Premier Visa Signature card has a $150 annual fee, which is waived for Ameriprise  Achiever Circle Elite clients.

Is the Ameriprise Premier Visa Worth It?

For most people, especially travelers, the Ameriprise Premier Visa Signature card likely won’t make sense.

While 2.5% cash back sounds nice, to unlock that rate, cardholders must transfer their points to an eligible Ameriprise account in 30,000-point increments, worth $375.

Thanks to the 15,000-point welcome offer, the first cash-out requires about $7,500 in spending. After that, each redemption will require $15,000 in spending before you can get the full value of the points.

Eligible Ameriprise accounts include brokerage accounts, Cash Reserve Certificates, and the ONE Financial Account. IRAs, other retirement plans, and 529 plans don’t qualify. Additionally, points expire after 5 years.

If you are an Ameriprise client with hefty spending and an eligible account to deposit into, this card could be an attractive option, especially in the first year. But after that, a flat 2% cash back card with no annual fee could make more sense.

Final Thoughts

The Ameriprise Premier Visa Signature card just launched with a 15,000-point welcome bonus and 2.5% cash-back.

With a $150 annual fee that’s only waived for select Ameriprise clients and a 30,000-point threshold for cashing out at the elevated rate, this card should not be the first pick for most people. A simple 2% cash-back card with no annual fee will almost certainly be a better value.