US Bank Devalues FlexPerks Rewards
US Bank FlexPerks Rewards can be used for travel purchases for a value of 1.5 cents each through Real-time Rewards. But now, US Bank seems to have devalued FlexPerks Rewards without any notice.
There’s several reports on FlyerTalk that you now get a value of just 1 cent per points when redeeming FlexPerks for travel. The change likely went into effect at the beginning of March.
“A Delta purchase for $417.60 cost 41,760. I spoke to US Bank and was told that as of March 1, the rate for all Real-Time Rewards redemptions will be 1c per point” writes one member. And he was also told that letters will probably be sent out.
The change could be due to the FlexPerks cards being discontinued, and two new Altitude cards coming soon, as reported by Doctor of Credit. Redemptions for Altitude Reserve cardholders are not affected by this devaluation, so they can still continue redeeming points at 1.5 cents each.
Conclusion
A sneaky way to make changes to a program. People collect points thinking they can use them at a certain value and then find out that their points have been devalued without any notice.
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[…] hit as US Bank Devalues Flex Perks Rewards. Reader Tino left this comment which of course makes sense but credit card sales bloggers would not […]
Ah, the old “up to” argument. If you are using a credit card to pay for gas, ubers, etc when you can buy equivalent gift cards for 10-15% off (i.e., real cash), you can’t do basic financial math. Outside of those categories, the funny money is almost always worth less than 2% cash.
I don’t need to do the math because I make enough to not waste my time doing any MF or gift card bs. 😀
@Tino, because with Altitude Reserve points, you can earn up to 3 points per $. Redeeming them at 1.5 means 4.5% value. 4.5% > 2%
What you say is contradictory. Altitude Reserve currently redeems at 1.5 cents/pt for travel. Will that continue at 1.5 cents or devalue to 1 cent?
Looks like it is continuing at 1.5 cents for now. I have updated the post – sorry about that Jeff.
I’m still seeing 1.5% with my Amex FP online
When you can get a fee-free card that offers 2% cash back, why on earth is anyone still accumulating funny money that can only be redeemed at the issuer’s terms, which can be changed/eliminated at will?
Because if you play it right you can get 4.5%-7.5% on a lot of purchases.