U.S. Bank Altitude Reserve 3X Mobile Wallet & More
A couple of weeks ago I covered some rumors/leaked details that have emerged about a new possible premium credit card from U.S. Bank that is set to hit the market in May. At the time we heard some vague details, but everything was not yet confirmed. While we still do not yet have official confirmation, some more detailed information has made it to Reddit via Travel After Work.
Let me start with the
good great part. One of the leaked rumors we saw was that the U.S. Bank Altitude Reserve will earn 3X points in both the “Travel” and “Mobile Wallet” categories. At the time we didn’t know what would count as purchases in those categories, but now we do. Today’s leak confirms the great news.
Earn 3X points per $1 for eligible net travel purchases made directly with airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise line companies.
Earn 3X points per $1 for eligible net mobile wallet purchases when using the Altitude Reserve card with your mobile device to pay through Apple Pay,® Android Pay,™ Samsung Pay and Microsoft Wallet.
Earning 3X on travel is nothing new (the Sapphire Reserve earns the same for example), however the 3X on Mobile Wallet purchases is huge. Now that we know this includes Android, Samsung and Apple Pay, I almost want to cry. Those technologies are accepted at a ton of merchants with the list growing everyday.
The U.S. Bank Altitude card will supposedly come with a $400 annual fee. This fee is partially offset by a $325 travel credit. According to this leak, the credit will be automatically applied to your account.
Account holders can earn up to $325 every cardmember year in automatic statement credits for travel purchases made directly from airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines.
If this leak is correct, then the credit will be issued per cardmember year and thus you won’t be able to “double dip” in the first year like you can with the Sapphire Reserve and American Express Platinum cards since those cards issue a credit once per “calendar year”.
As was previously rumored, the bonus will apparently be as follows:
Earn 50,000 points after spending $4,500 in eligible net purchases within the first 90 days of account opening.
The points earned by this card are apparently not FlexPoints. They will be worth 1.5 cents each when booking travel and will have variable value when redeeming for gift cards, merchandise or cashback.
Points can be redeemed for travel as well as gift cards, merchandise, entertainment, cash back, magazines and more, starting at just 1,000 points. 1 point is worth 1.5 cents when redeeming for travel. 10,000 points are worth $150 in airfare, hotel stays, car rental or other travel awards.
Among the other things we “know” are:
- Comes with 12 free Gogo internet passes per year.
- Comes with Priority Pass Select, but only includes 4 visits per year. (Including one guest.) Additional visits will cost money.
- No foreign transaction fee.
- Pretty good travel and shopping protection.
- Visa Infinite Benefits
- Silvercar Discount
According to this leak, only current U.S. Bank customers are eligible to get this card and you won’t be able to convert from another card. There will be some exceptions made for new customers though.
Altitude Reserve is exclusively offered to U.S. Bank customers who have an eligible consumer U.S. Bank account relationship open a minimum of 35 days prior to submitting an application. You must be a U.S. Bank customer in order to be approved for this card.
Eligible consumer U.S. Bank account relationship means: The Checking or Savings account, Certificate of Deposit, Mortgage, Home Equity Loan, Home Equity Line of Credit, Auto/Boat/RV Loan, Personal Loans and Lines, Private Banking account or Consumer Credit Card issued by U.S. Bank.
While this information is still in the “leaked rumor” stage, I have heard from several people that this card is indeed coming. The details in this leak are consistent with what we have heard as well. I suspect many of you will be excited to add this card to your portfolio.
What are your thoughts? Are 3X Mobile Wallet earnings combined with 1.5 cent value towards travel a gamechanger?