【2021.4 Update】According to DOC, the Altitude Connect will launch on May 10. The welcome bonus is 50,000 points after spending $5,000 within 120 days. Unlike the Altitude Reserve, you do not need to be a US Bank customer to apply. It does not look like US Bank plans to add airline transfer partners, but hopefully the points earned on this card will be compatible with Altitude Reserve, which would make them worth 1.5x as much.
The Altitude Go was already launched earlier, though it does not seem to have generated much buzz. See below:
U.S. Bank Altitude Go Credit Card
4% on dining; $15 annual streaming credit; no annual fee!
- Welcome bonus: 20,000 points (spend $1,000 in 90 days)
- Rewards: Dining/takeout/delivery 4x; supermarkets, gas, and streaming services 2x
- Redemption: Cash back
- Annual fee: $0
- Apply now>>
【2020.5 Update】According to DOC, Altitude Go will launch on June 8. Connect will launch later in the summer.
【2020.3 Update】The official product pages are now out, but clicking the application links shows "offer expired." The card benefits and welcome bonuses are basically in line with the earlier leaks, so the online applications will probably also come with 20,000/50,000-point bonuses since the pages already mention them. It looks like the detailed terms for each benefit are still not live yet, so the pages were probably not fully finished.
- DOC continued reporting that due to the COVID-19 pandemic, these two cards would be delayed until June 8. The 20,000/50,000 welcome bonuses would only be available in-branch, and it is still unclear what the online welcome bonuses would be. Most importantly, the points on these two cards are worth 1 cent each and cannot be transferred to Altitude. In addition, neither card has foreign transaction fees, and both are metal cards. The streaming credit also requires 12 consecutive months of payment. Personally, this change feels pretty odd. At a time when other banks are building unified points ecosystems, US Bank is launching two new cards under the Altitude name but with non-transferable points, which is hard to understand.
US Bank Altitude Go Credit Card
- Welcome bonus: 20,000 points after spending $1,000 in 3 months
- No annual fee
- 4x on dining and takeout; 2x on grocery stores, gas, and streaming services
- $15 annual streaming credit, awarded after paying for 11 consecutive months of streaming bills, with reimbursement in the 12th month
- 0% intro APR for 12 months on purchases and balances transfers
- Product page
US Altitude Connect Credit Card
- Welcome bonus: 50,000 points after spending $3,000 in 4 months
- $95 annual fee, waived for the first year
- 5x on prepaid hotels and car rentals booked through the Altitude Rewards Center
- 4x on travel and gas
- 2x on grocery stores, dining, and streaming services
- $30 annual streaming credit, awarded after paying for 11 consecutive months of streaming bills, with reimbursement in the 12th month
- Product page
【2020.3 Update】The Aeromexico Card will be discontinued in May 2020, and existing cardholders will be automatically converted to the US Bank Visa Signature Rewards. US Bank does not currently have this card, so it is likely a new product to be launched later. This card earns 3x on gas and groceries, 2x at restaurants and clothing stores, and 1x on everything else. Points can be redeemed for flights, hotels, and car rentals (presumably through US Bank Travel), and can also be redeemed for gift cards and cash back. It sounds fairly similar to how Altitude Rewards points can currently be used. However, based on the name, it is not part of the Altitude lineup, so it likely will not belong to that same points family.
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Recent US Bank Credit Card News Roundup
US Bank has made quite a few changes to its credit cards recently, and there have also been various rumors and leaks. Here is a quick summary:
- Reports Of US Bank Devaluing Real Time Flexperks Rewards To 1c/p: Previously, points earned on Flex cards were worth 1.5c/p when redeemed via Realtime Rewards (make a purchase first, then redeem points through a text message). But starting March 1, the value dropped to 1c/p. However, for the Altitude Reserve, redemptions this way are still worth 1.5c/p.
- Altitude Reserve adds 5x points on car rentals and hotel purchases: This card now earns 5x on prepaid car rentals and hotels booked through the US Bank Travel site. At a point value of 1.5c/p, that is effectively a 7.5% return, which is a very nice enhancement.
- US Bank Flexperks points cards are being discontinued: Applications end on March 9 for Cash 365, Flexperks Travel Visa (Consumer), and Flexperks Select+, though they were still available at the time.
- US Bank To Launch Two New Altitude Cards: These two cards may replace the discontinued Flexperks cards.
Most of this information came from US Bank employees, so it should be fairly reliable.
What Is US Bank Trying to Do?
US Bank's in-house credit card lineup is still fairly messy. There are cash back cards like Cash 365 and Cash+; there are Flexperks points cards like Flexperks Gold, Platinum, and Select+, whose welcome bonuses were tied to Team USA medal counts at the Summer and Winter Olympics every two years; and there is also the premium Altitude Reserve, which has its own separate points system (though apparently there may be an option to transfer to the Flex system).
Judging from these card changes, US Bank seems to be discontinuing two Flexperks cards, adding two Altitude cards, and strengthening the Altitude lineup. My personal take is that US Bank wants to build a low-mid-high card ecosystem similar to Chase UR and also unify its points system. In addition, Altitude Reserve is on the Visa network, so these two new cards will likely also be Visa cards. My guess is that the system could look something like this:
- Altitude Gold: no annual fee, 1x on all purchases (similar to the old Flex Select)
- Altitude Platinum: $99 annual fee, 2x in whichever category you spend the most among airfare, groceries, or gas; 2x on mobile phone service; 2x on charity; 1x on everything else. Points worth 1c/p, or 1.25c/p when redeemed through US Bank Travel (similar to the old Flex Travel)
- Altitude Reserve: $400 annual fee, 5x on car rentals and hotels, 3x on travel, airline credits (the current Altitude Reserve). Redemptions through US Bank Travel at 1.5c/p.
Based on current information, it seems US Bank does not plan to merge the new cards' points into Altitude Reserve.
The old AMEX version of Cash 365 may move over to Visa. If that happens, it could potentially become a no-annual-fee card earning 1.5x Altitude points in the future, similar to Freedom Unlimited.
Existing cardholders may be able to convert automatically or proactively into these product families, with their points also moved into the new system.
Should You Apply Now?
Flex Gold is still around for now and may not disappear on March 9; it could remain available longer. Flex Select has a rather weak welcome bonus, so it is probably not worth applying for. If you really do not have any new cards to apply for and you already have Altitude Reserve, then Flex Travel may still be worth considering. The 25,000-point bonus would be worth $375, and the annual fee is waived the first year. My guess is that the new cards and old cards will not conflict with each other; otherwise, there would not be much point.
Cash 365 does not seem especially compelling, since there are already plenty of cards with welcome bonuses above $150, and its long-term potential does not appear very high.
