US Bank Smartly Credit Card Review: 4% Cashback on Everything! (Coming Soon)
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Benefits
- Unlimited 2% cash back on every purchase + up to an additional 2% cash back when paired with a US Bank savings account or investment account:
- Earn a total of 2.5% cashback with a qualifying balance of $5,000 – $49,000;
- Earn a total of 3% cashback with a qualifying balance of $50,000 – $99,000;
- Earn a total of 4% cashback with a qualifying balance of $100,000 or more.
- US Bank Smartly Savings currently (2024.9) has an APY 4.10% (if your balance is $25,000 or more), which is quite competitive among savings accounts. US Bank Self-Directed Investing has an annual fee of $50, it has 100 free trades per year, therefore if you just invest in VOO and never trade again then there’s not much cost.
Disadvantages
- We are not sure yet whether the 4% cashback is unlimited, or how much is the limit.According the current wordings on the official page, it seems like unlimited.
- We are not sure yet how much is the annual fee.
- We are not sure yet how much is the welcome offer.
- We are not sure yet when it will become available.
Recommended Application Time
- We recommend you apply for this card after you have a credit history of at least two years and you are very comfortable with the credit card game.
Summary
If the 4% cashback is unlimited, or the limit is huge, then obviously this is a fantastic card for big spenders.There are too many unknowns yet, let’s wait and see.If you are interested, you can join the waitlist now.
After Applying
If you see the 7-10 days message, it just means they will do a manual review and the outcome could be either approved or denied.
Historical Offers Chart
Not available yet.
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Frequently Asked Questions
Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.
However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.
Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.
Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.
