The rumors seem true and U.S. Bank seems to be ready to compete with the Chase Sapphire Reserve!
Those are the detailed benefits of the new card (according to Wallaby):
– 50,000 points after spending $4,500 in eligible net purchases within the first 90 days of account opening. This is a one per lifetime enrollment offer worth $750 in travel. There are no higher targeted bonuses available.
– The annual fee is $400 for the primary cardmember and each additional card is $75 annually. The cardmember can redeem 35,000 points to offset the cost of their annual fee plus any additional card fee(s)
$325 annual (cardmember year) travel credit for purchases made directly from airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines. A corresponding statement credit will be applied to the account the next time it cycles
– Gogo Pass: 12 complimentary inflight Gogo Wi-Fi access passes per year
– The minimum credit line will be $5,000, not $10,000 like other Visa Infinite cards
– The 3X on travel will only work directly with airlines, hotels, rental car companies etc., not online travel agencies like Trivago, Expedia, Priceline, etc.
– The 3X on mobile payments is for NFC in-store transactions and eligible in app and online purchases.
Points will never expire
The details still seem to be in flux. It is not yet clear if the travel credit is per calendar or cardmember year.
The card also comes with a number of benefits – none of them stand out (there is the obligatory TSA Pre/ Global Entry credit of course). The Priority Pass is capped at 4 free lounge visits (incl. a guest) – that seems an odd idea.
Potentially you can transfer the new Altitude Points 1:1 to Flexperks and vice versa and use the respective portal to redeem them. Flexperks can be redeem at 2 cents per point but only in certain brackets of ticket value (i.e. $400 or $800).
The card is ONLY OPEN to existing customers incl. checking and credit card customers. I does have a Flexperks card and I was targeted for a $200 bonus when opening a checking account. Those have no fees as long as you have the credit card.
The sign-up bonus is great with up to $750 inf flights (or if Flexperks transfer will be possible – $1,000 in flights) and we shall see how the card works in everyday spend.