Get up to 4% cashback on all purchases with the U.S. Bank Smartly Visa Signature Card.

To earn a higher cash-back rate on everyday purchases, you may be restricted to specific spending categories or have a spending limit. The top flat-rate cash-back credit cards offer 1.5% or 2% back on all purchases.

U.S. Bank is offering a waitlist for its Smartly™ Visa Signature® Card, which allows customers to earn up to 4% cash back on all purchases with no limits. The cashback rate will depend on the amount of money in your U.S. Bank Smartly® Savings account, and you must have this account to receive an elevated return.

If you don't want to wait, you need to know about the card and the alternative options you can apply for now.

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U.S. Bank Smartly Visa Card details

U.S. Bank announced that its Smartly Visa Signature Card will have no annual fee and will be available later in 2024, although an exact launch date is not yet known. The card is designed for individuals with good to excellent credit, with FICO scores of 670 and above.

The U.S. Bank Smartly™ Visa Signature® Card offers an uncapped 2% cash back everywhere, but its true potential lies in pairing it with a U.S. Bank Smartly® Savings account for a boosted return of up to 4%.

The cash-back rate earned with this card is determined by the average daily combined balance across U.S. Bank deposit accounts, investment accounts, and personal trusts, regardless of whether the deposits are in savings accounts.

The cash-back tiers are as follows:

• $5,000 to $49,999 unlocks 2.5% total cash back on all purchases
• $50,000 to $99,999 unlocks 3% total cash back on all purchases
• $100,000 or more unlocks 4% total cash back on all purchases

Average daily balances from the past three months are used to calculate combined balances.

U.S. Bank announced to CNBC Select that they will not offer a welcome bonus, but will provide a valuable introductory APR offer for purchases and balance transfers.

As a Visa Signature card, you can expect benefits such as roadside dispatch, auto rental collision damage waiver, extended warranty protection, and access to the Visa Signature Luxury Hotel Collection.

The U.S. Bank Smartly® Savings account earns up to 4.10% APY when paired with an eligible account, such as the U.S. Bank Smartly® Checking or Safe Debit account, and has a combined qualifying balance of $25,000 or more. This combination is worthwhile even if you don't hit the highest tier.

Consider shopping for a high-yield savings account because there may be alternatives with higher APYs.

If you're looking for a high-yield savings account with no monthly or overdraft fees, Western Alliance Bank's offering of 5.20% APY is a notable choice. However, if you require a full-service bank with checking and credit card options, U.S. Bank may be a better fit.

Alternative cards you can get now

While other banks offer similar programs for increasing rewards by banking with your card issuer, they are not as generous as this one.

The Bank of America Preferred Rewards program offers a credit card rewards bonus of up to 75%. If you have the Bank of America Unlimited Cash Rewards Card and qualify for the highest Platinum Honors Tier, you will earn 2.62% cash back on your purchases. To qualify for this return, you must maintain a three-month combined average daily balance of $100,000 or more in your Bank of America and Merrill accounts.

Several credit cards, including the Wells Fargo Active Cash® Card, provide a straightforward 2% cash rewards on purchases with no minimum deposit requirements and no annual fee.

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The information about the Bank of America® Unlimited Cash Rewards Card has been gathered independently by Select and has not been reviewed or approved by the card issuer before publication.