U.S. Bank Smartly Card Nerfs 4% Earning
US Bank added restrictions for new U.S. Bank Smartly Visa Signature Card applicants earlier this year. At the time we noted that existing cardholders were spared, but it was unlikely to last long. This is a card that launched with up to 4% uncapped earning as long as long as you had $100K+ in deposits with the bank.
Now US Bank is informing grandfathered cardholders that their earning will be capped as well. The email says that starting 9/15/25, the original (4%) version of the card will:
- earn unlimited 2% cash back on every purchase with no caps
- earn up to an additional 2% cash back [the “Smartly Earning Bonus”] on your first $10,000 in eligible Net Purchases each billing cycle when paired with a U.S. Bank Smartly Savings account and average daily combined qualifying balances in U.S. Bank deposit, trust or investment accounts” with $100K+ in qualifying balance required for a total of 4% cash back
- exclude certain categories of purchases “from earning the Smartly Earning Bonus”: (1) “Education/school, gift cards, insurance, or tax”; (2) “Business-to-business transactions (i.e., advertising services, construction material suppliers, etc.)”; and (3) “Transactions using third-party bill payment services.” “These purchases will earn the base 2% cash back and are not calculated as part of the $10,000 billing cycle cap.”
HT: homeeconomist
