[ARTICLE] This new luxury card competes with Amex Platinum and Chase Sapphire Reserve

[mfarmer]

"U.S. Bank announced Thursday a new credit card: the U.S. Bank Altitude Reserve Visa Infinite Card “totally” and “unapologetically” competing with Chase and AmEx.

 

How it compares:

• $400 AF
• 50,000 point bonus sign up after $4,500 spend in the first 3 months (worth ~$750 in travel credits)
• Points pegged to be worth about 1.5 cents, when redeemed for travel through luxury travel agency Andrew Harper
• $325 annual travel credit automatically reimbursed for "airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines"
• Visa Infinite
• Only available to consumers who have U.S. Bank accounts. Customers must have an eligible bank account open for a minimum of 35 days before applying
• 3x points on any travel purchases, including flights, hotels and rental cars
• Reimbursement for TSA PreCheck
• Airport lounge access
• Misc. travel benefits such as $10k coverage for emergency evacuation and transportation, if travelers are injured during their travels and "car service just for cardholders"
• 3x points on any purchase made using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet

 

So... will YOU be applying for it!?

 

 

http://www.marketwatch.com/story/this-new-luxury-card-competes-with-amex-platinum-and-chase-sapphire-reserve-2017-04-20

[mfarmer]

For me... #1... I'm not a US Bank customer. So I'm not going jump the hurdles of opening a savings or checking account along with whatever fees or requirements that takes. Add in the factor of US Banks extreme (to me) conservative approach to new accounts, inquiries and existing credit and I'm OUT.

 

But even if not for those... I'd still be out. The offering simply does not distinguish itself from the other primary competitors:

• Sure $325 travel credit is better than Chase' $300; easier than AmEx' $200 for a named airline + $200/year Uber (parceled out $15/$35 each month)... but it's not THAT much better;
• Sure $400 is better AF than Chase' $450 and much better than AmEx' new $550... but it's not THAT much better
• 50k bonus points!? Meh. Simply doesn't compare to Chase' 100,000; is about even - in my mind - to 60k AmEx points
• And for a $4500 spend!? Uh... no. AmEx SPG $5k in 6 months is onerous... but SPG points are valuable. Everyone else is $3k spend in 3 months... fairly easily accomplished for most

​If and when they introduce a 100k bonus for new customers... I'd be in, but for now? Nope... I'll be sitting this one out. They - clearly, in my mind - are not REALLY trying to compete with Chase or AmEx... except in publicity.

Edited April 21, 2017 by mfarmer

[cv91915]

"U.S. Bank announced Thursday a new credit card: the U.S. Bank Altitude Reserve Visa Infinite Card “totally” and “unapologetically” competing with Chase and AmEx.

 

How it compares:

 

• $400 AF
• 50,000 point bonus sign up after $4,500 spend in the first 3 months (worth ~$750 in travel credits)
• Points pegged to be worth about 1.5 cents, when redeemed for travel through luxury travel agency Andrew Harper
• $325 annual travel credit automatically reimbursed for "airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines"
• Visa Infinite
• Only available to consumers who have U.S. Bank accounts. Customers must have an eligible bank account open for a minimum of 35 days before applying
• 3x points on any travel purchases, including flights, hotels and rental cars
• Reimbursement for TSA PreCheck
• Airport lounge access
• Misc. travel benefits such as $10k coverage for emergency evacuation and transportation, if travelers are injured during their travels and "car service just for cardholders"
• 3x points on any purchase made using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet

So... will YOU be applying for it!?

 

 

http://www.marketwatch.com/story/this-new-luxury-card-competes-with-amex-platinum-and-chase-sapphire-reserve-2017-04-20

The last thing I need is more bank accounts.

[mfarmer]

Right!?

[cv91915]

Right!?

Especially now that my employer will only permit 10 direct deposit accounts.

[credit_help]

 

"U.S. Bank announced Thursday a new credit card: the U.S. Bank Altitude Reserve Visa Infinite Card “totally” and “unapologetically” competing with Chase and AmEx.

 

How it compares:

 

• $400 AF
• 50,000 point bonus sign up after $4,500 spend in the first 3 months (worth ~$750 in travel credits)
• Points pegged to be worth about 1.5 cents, when redeemed for travel through luxury travel agency Andrew Harper
• $325 annual travel credit automatically reimbursed for "airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines"
• Visa Infinite
• Only available to consumers who have U.S. Bank accounts. Customers must have an eligible bank account open for a minimum of 35 days before applying
• 3x points on any travel purchases, including flights, hotels and rental cars
• Reimbursement for TSA PreCheck
• Airport lounge access
• Misc. travel benefits such as $10k coverage for emergency evacuation and transportation, if travelers are injured during their travels and "car service just for cardholders"
• 3x points on any purchase made using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet

So... will YOU be applying for it!?

 

 

http://www.marketwatch.com/story/this-new-luxury-card-competes-with-amex-platinum-and-chase-sapphire-reserve-2017-04-20

The last thing I need is more bank accounts.

What's one more direct deposit if you have been doing 100.

 

You're welcome to my US Bank Gold checking to direct deposit if you don't like opening checking accounts. :-)

 

Any other US Bank customers that have large credit limits: how did having a banking account affect your credit limits with US Bank?

 

My Cash+ is still at initial CL of $1,500- my lowest CL.

[cv91915]

 

 

"U.S. Bank announced Thursday a new credit card: the U.S. Bank Altitude Reserve Visa Infinite Card “totally” and “unapologetically” competing with Chase and AmEx.

 

How it compares:

• $400 AF
• 50,000 point bonus sign up after $4,500 spend in the first 3 months (worth ~$750 in travel credits)
• Points pegged to be worth about 1.5 cents, when redeemed for travel through luxury travel agency Andrew Harper
• $325 annual travel credit automatically reimbursed for "airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines"
• Visa Infinite
• Only available to consumers who have U.S. Bank accounts. Customers must have an eligible bank account open for a minimum of 35 days before applying
• 3x points on any travel purchases, including flights, hotels and rental cars
• Reimbursement for TSA PreCheck
• Airport lounge access
• Misc. travel benefits such as $10k coverage for emergency evacuation and transportation, if travelers are injured during their travels and "car service just for cardholders"
• 3x points on any purchase made using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet

So... will YOU be applying for it!?

 

http://www.marketwatch.com/story/this-new-luxury-card-competes-with-amex-platinum-and-chase-sapphire-reserve-2017-04-20

The last thing I need is more bank accounts.

What's one more direct deposit if you have been doing 100.

You're welcome to my US Bank Gold checking to direct deposit if you don't like opening checking accounts. :-)

Any other US Bank customers that have large credit limits: how did having a banking account affect your credit limits with US Bank?

My Cash+ is still at initial CL of $1,500- my lowest CL.

I'm using all 10 of my 10 DDs.

 

My Cash+ is at $47,000. It used to be a $25,000 FlexPerks Amex, which I combined with a $22,000 Club Carlson card before PCing it to the current product.

 

No banking relationship.

[Konrad2012]

Can't compete with Hege...

 

https://creditboards.com/forums/index.php?showtopic=591009

[alliswell]

FWIW, direct deposit is not a requirement for US Bank checking and there are no minimums as long as you have a CC with them. The fee is waived. They charge and credit my fee the same day.

[mfarmer]

Any other US Bank customers that have large credit limits: how did having a banking account affect your credit limits with US Bank?

 

My Cash+ is still at initial CL of $1,500- my lowest CL.

 

 

 

Curious to hear too. Because, from what I've heard as well. USB is stingy with their credit lines. CV, $25k on its own is impressive...what did you open the CL at?

 

 

 

My Cash+ is at $47,000. It used to be a $25,000 FlexPerks Amex, which I combined with a $22,000 Club Carlson card before PCing it to the current product.

 

No banking relationship.

[cv91915]

 

Any other US Bank customers that have large credit limits: how did having a banking account affect your credit limits with US Bank?

My Cash+ is still at initial CL of $1,500- my lowest CL.

 

 

 

Curious to hear too. Because, from what I've heard as well. USB is stingy with their credit lines. CV, $25k on its own is impressive...what did you open the CL at?

 

 

 

My Cash+ is at $47,000. It used to be a $25,000 FlexPerks Amex, which I combined with a $22,000 Club Carlson card before PCing it to the current product.

No banking relationship.

 

Both of the card limits listed were the original amounts that were assigned upon instant approval.

[takeshi]

Any other US Bank customers that have large credit limits: how did having a banking account affect your credit limits with US Bank?

No longer a customer but it didn't when I was. I never had bank accounts with them.

Edited April 21, 2017 by takeshi

[mendelssohn]

"U.S. Bank announced Thursday a new credit card: the U.S. Bank Altitude Reserve Visa Infinite Card “totally” and “unapologetically” competing with Chase and AmEx.

 

How it compares:

• $400 AF
• 50,000 point bonus sign up after $4,500 spend in the first 3 months (worth ~$750 in travel credits)
• Points pegged to be worth about 1.5 cents, when redeemed for travel through luxury travel agency Andrew Harper
• $325 annual travel credit automatically reimbursed for "airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines"
• Visa Infinite
• Only available to consumers who have U.S. Bank accounts. Customers must have an eligible bank account open for a minimum of 35 days before applying
• 3x points on any travel purchases, including flights, hotels and rental cars
• Reimbursement for TSA PreCheck
• Airport lounge access
• Misc. travel benefits such as $10k coverage for emergency evacuation and transportation, if travelers are injured during their travels and "car service just for cardholders"
• 3x points on any purchase made using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet

 

So... will YOU be applying for it!?

 

 

http://www.marketwatch.com/story/this-new-luxury-card-competes-with-amex-platinum-and-chase-sapphire-reserve-2017-04-20

 

I was looking to get this card and also get in with US Bank since I don't have any cards with them, but I'm going to apply for something else instead.

 

This product isn't competative with either the Amex Platinum or the C$R.

 

Platinum and C$R allow you to transfer points to travel partners which is where the real value is. This is 1.5 cpp no matter what, which I would consider the absolute minimum redemption value I would accept (and a poor one).

 

You only get 4 Priority Pass visits per year. Platinum and C$R are unlimited and you can bring guests. The Platinum also gives you access to Centurion Lounges and Delta as well if you are flying Delta.

 

The travel categories are duplicated by the C$R and also Citi Prestige, and the Amex Platinum has 5x on flights purchased directly with airlines.

 

You don't have to be a banking customer to apply with Amex, Chase or Citi.

 

Although the net AF is $75, it's still an AF that is unnecessary if you have a C$R.

 

The only unique thing is the 3x for mobile wallet purchases. I don't shop at most of the Apple Pay merchants and doubt I could spend enough to offset a net $75 AF. I bet US Bank also watches those transactions like a hawk for M$.

 

I would rank this card behind C$R, Amex Platinum, Amex Business Platinum and the Citi Prestige.

[Big Bear]

For me... #1... I'm not a US Bank customer. So I'm not going jump the hurdles of opening a savings or checking account along with whatever fees or requirements that takes. Add in the factor of US Banks extreme (to me) conservative approach to new accounts, inquiries and existing credit and I'm OUT.

 

Couldn't say it any better myself. Hard pass on this one.

[cv91915]

What happened to the in-flight wifi passes?

[ukaserex]

I won't be applying. I would go broke trying to spend that much money in such a short period of time. Unless they count IRA deposits as spending. That's the card I want - something that pays me for saving instead of spending.

[mfarmer]

I was looking to get this card and also get in with US Bank since I don't have any cards with them, but I'm going to apply for something else instead.

 

This product isn't competative with either the Amex Platinum or the Chase Sapphire Reserve.

 

Platinum and Chase Sapphire Reserve allow you to transfer points to travel partners which is where the real value is. This is 1.5 cpp no matter what, which I would consider the absolute minimum redemption value I would accept (and a poor one).

 

You only get 4 Priority Pass visits per year. Platinum and Chase Sapphire Reserve are unlimited and you can bring guests. The Platinum also gives you access to Centurion Lounges and Delta as well if you are flying Delta.

 

The travel categories are duplicated by the Chase Sapphire Reserve and also Citi Prestige, and the Amex Platinum has 5x on flights purchased directly with airlines.

 

You don't have to be a banking customer to apply with Amex, Chase or Citi.

 

Although the net AF is $75, it's still an AF that is unnecessary if you have a Chase Sapphire Reserve.

 

The only unique thing is the 3x for mobile wallet purchases. I don't shop at most of the Apple Pay merchants and doubt I could spend enough to offset a net $75 AF. I bet US Bank also watches those transactions like a hawk for Manufactured Spend.

 

I would rank this card behind Chase Sapphire Reserve, Amex Platinum, Amex Business Platinum and the Citi Prestige.

 

 

Really nice examination. And agree: I also would rank it behind C$R, AmEx Plat, AmEx Biz Plat and Citi Prestige.

 

​It may be that USB is looking to leverage all the recent attention of C$R and AmEx Plat and pretend that they're offering their existing customers an alternative... but if they think they're actually competing with the above, they're sorely mistaken.

 

​As US Bank's offering stands, at this point they're only competing with LuxuryCard (http://www.luxurycard.com), universally reviled as one of the worst benefit to cost "luxury" cards out there.

[Burgerwars]

I'm waiting for a no-annual fee Infinite card. Even with the credits you get for certain purchases, it's still something you must remember and do. I'm into "quantity" not "quality" in obtaining credit cards.

[ubercat]

USB has a whole mess full of new products. Not sure why. They should just stop messing around with products that were working for `em.

 

I won't app this card. I have a bunch of accounts with USB. My banking relationship does help with approvals because I get pre-approval offers for new products once in a while (as I'm sitting with my banker). I've merged credit lines a few times. Currently holding C+ and FMR.

[swimmingwithsharks]

I give them 6 months before they nerf the rewards, such as they are. Standard procedure at USBank. Do you want over or under on the timeframe?

 

I have a "Platinum" no-frills Visa with USB that started at a $3500 CL near the end of the 20th century. It has grown, through automatic CLIs which were soft pulls, to $24.5k. I only got the automatic CLIs when I had an open USB checking account, and I closed the checking account a few years ago in an attempt to simplify. I'm now back, after they offered me $200 to open a ckg account, and no fee with NO direct deposit, since I am a cardholder. I use the USB Visa once every 6 months. No further CLIs (yet) with the new checking account.

 

When I opened the new checking account (maybe 6 months ago?), the banker asked me if I'd like to "upgrade" to a rewards credit card. I declined, since I remember watching the nerfing of Cash+ live on CB.

 

So no Altitude Reserve for me. I'm enjoying my C$R.

[Konrad2012]

Until this card is officially released and the nuances are known, it's a blank. I read somewhere that FlexPerk points will have the ability to be transferred to this card at a 1:1 ratio. That could make this card compelling to some since the FlexPerk points have some strict redemption criteria.

 

I will also be interested in seeing if biz cc points can be transferred to this card. If so, you could tag team this Altitude card with a no-AF business card like the Business Edge Select that offers 3X on a multitude of business categories making it in effect a 4.5x card. There's some plays that theoretically could be interesting.

 

But at the end of the day, US Skank is US Skank.

[TampaDude]

No...screw US Skank...

[alliswell]

I give them 6 months before they nerf the rewards, such as they are. Standard procedure at USBank. Do you want over or under on the timeframe?

 

I have a "Platinum" no-frills Visa with USB that started at a $3500 CL near the end of the 20th century. It has grown, through automatic CLIs which were soft pulls, to $24.5k. I only got the automatic CLIs when I had an open USB checking account, and I closed the checking account a few years ago in an attempt to simplify. I'm now back, after they offered me $200 to open a ckg account, and no fee with NO direct deposit, since I am a cardholder. I use the USB Visa once every 6 months. No further CLIs (yet) with the new checking account.

 

When I opened the new checking account (maybe 6 months ago?), the banker asked me if I'd like to "upgrade" to a rewards credit card. I declined, since I remember watching the nerfing of Cash+ live on CB.

 

So no Altitude Reserve for me. I'm enjoying my Chase Sapphire Reserve.

Have you tried requesting a CLI online? You can request 6 months after the previous one. I THINK the magic number is $1500 if you don't want a hard pull.

 

Given the "nerfing" of Cash+, it has no AF. The Platinum has no AF. Why not the upgrade? I have the Platinum as well and don't intend to use it in the future but I'm thinking about a product change to the Cash+. I'm sorta confused about the 2% categories because the invitation isn't clear. I only got the Platinum to cancel out banking fees and since it serves no other purpose, I'm thinking a 2% cash back card with no AF is better than a card that the only perk is a $0 AF.

[althes]

I have kroger visa that they refuse to PC.

So not applying either.

Won't close it because its really old.

[swimmingwithsharks]

 

I give them 6 months before they nerf the rewards, such as they are. Standard procedure at USBank. Do you want over or under on the timeframe?

I have a "Platinum" no-frills Visa with USB that started at a $3500 CL near the end of the 20th century. It has grown, through automatic CLIs which were soft pulls, to $24.5k. I only got the automatic CLIs when I had an open USB checking account, and I closed the checking account a few years ago in an attempt to simplify. I'm now back, after they offered me $200 to open a ckg account, and no fee with NO direct deposit, since I am a cardholder. I use the USB Visa once every 6 months. No further CLIs (yet) with the new checking account.

When I opened the new checking account (maybe 6 months ago?), the banker asked me if I'd like to "upgrade" to a rewards credit card. I declined, since I remember watching the nerfing of Cash+ live on CB.

So no Altitude Reserve for me. I'm enjoying my Chase Sapphire Reserve.

 

Have you tried requesting a CLI online? You can request 6 months after the previous one. I THINK the magic number is $1500 if you don't want a hard pull.

 

Given the "nerfing" of Cash+, it has no AF. The Platinum has no AF. Why not the upgrade? I have the Platinum as well and don't intend to use it in the future but I'm thinking about a product change to the Cash+. I'm sorta confused about the 2% categories because the invitation isn't clear. I only got the Platinum to cancel out banking fees and since it serves no other purpose, I'm thinking a 2% cash back card with no AF is better than a card that the only perk is a $0 AF.

This is an interesting idea, thank you . . . Although the 2% is limited to certain (2 or 3??) categories that you have to manually select each quarter. I already have the Citi DC, so I'm not jumping through hoops for USB just to get 2% sometimes. And I've heard people have had trouble here with PC requests at USB (see the post after yours). Plus right now I'm on a travel rewards strategy (involving mostly Chase UR points and Hilton points) for a trip to Australia.

 

So for me, I keep the Platinum unchanged because it is so old (helping age) with no AF, the CL is in the mid-range of my TLs, and the free checking. I have other cards for rewards, and USB doesn't have rewards I want right now, but if I switch to cashback rewards in the future, I might do the Cash+. But by then, who knows how USB will have nerfed it again.