- Centurion Member
- Posts: 1066
- Joined: Sat Feb 21, 2015 3:35 pm
- Location: Claymont, DE
There's rumors on MF that US Bank is coming out with a 1.5% cash back card. They're also releasing an $85 (I think) annual fee flexpoints card with 3x dining, 2x air travel and something else, etc.
I'm disappointed, mostly because the cash back market has gotten extremely lame lately. Every bank is just releasing a 1.5% cash back card and soon it feels like there will be no point to holding many cards because all of them are going to become the same thing. The rumor is that Chase is killing the 5% Freedom by the end of the year and switching people to the FU. I wouldn't be shocked if it were US Bank's plan as well, and same with Discover, who had also conveniently released a 1.5% card.
I may be reading too much into it, but it's clear banks don't favor the 5% categories (and I know why) and seem like they are trying hard to get people off of them. Other than the Costco Visa, there hasn't been anything released with category spending rewards lately (and even that just upgraded an existing reward structure). Just one 1.5% card after the other. Yes, their new flexpoints card is more than 1.5%, but it has a fee, so using it for cash back would require a ton of spending to justify, and for travel there's probably better cards out there.
Now it's possible that this new US Bank card is just completely separate from the Cash+, and will not impact it, but given the Cash+'s nerfs over time I'm skeptical. My guess is they want to be getting rid of it eventually. I would assume if they don't force switch people, they will continue watering down the categories to convince people to switch. I'd just like to see an issuer come out with something interesting, but more and more it looks like that isn't happening anytime soon.