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USBank FlexPerks double nerf

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rated:
Effective January 1 2018, FlexPerk redemption value tops out at 1.5¢ per point instead of 2¢ per point, so a 25% devaluation.

Also, for the USBank Travel Rewards FlexPerks card, charitable contributions will only earn 2x points instead of 3x points.  

Between the two nerfs, that cuts my rewards on charitable contributions in half, from a reward level of 6% to a reward level of 3%.  I run about $10k of contributions yearly through this card, so between the two nerfs, that means a value loss about $300 per year for me.  I will probably just do a large travel-based redemption, cash out the rest and close the card (actually cards, since DW and I each have one).  It will probably also mean moving back to making charitable contributions direct from checking.  When I was getting 6% back, it made sense to put charges on this CC, because what I was earning was far more than the swipe fees that the charity was incurring.  But at 2-3%, it's barely break-even.

It's disappointing, but hey, that's the thing about the rewards game, ever-changing.

Chris.
 

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rated:
we'll see how this impacts Kiva loans

rated:
imbatman said:   we'll see how this impacts Kiva loans
LOL.  So people were using Kiva to game this card?  Make a loan, then withdraw the funds once paid back.  Make 6% on what is theoretically a non profit loan?  We've actually made a bunch of loans through Kiva and, of course, funded with our USBank Travel Rewards card; why not?  But we've never pulled money out, just keep rolling it back into other loans.  I'd have to do the math, but with a number of our loans having gone bad, I'm pretty sure even with a 6% rewards payout, Kiva would still be a net cost.

Chris.

rated:
I figured that was the 10k/year you've been spending....
I don't remember where I read it, but their premium client FlexPerks cards will still get 3x on charitable contributions (probably means you have to have 100k+ in USBank accounts). can't find that right now though.

rated:
I closed mine because, I could not justify the annual fee vs the benefit. I know closing my US Bank Travel Rewards FlexPerks card was successful. I have three credit bureau credit reports that say so. Still ... a couple of weeks later, I got the notice the annual fee would be applied in August. SNAFU.

rated:
JW10 said:   I closed mine because, I could not justify the annual fee vs the benefit. I know closing my US Bank Travel Rewards FlexPerks card was successful. I have three credit bureau credit reports that say so. Still ... a couple of weeks later, I got the notice the annual fee would be applied in August. SNAFU.

We always pay the a/f with points, and in prior years, Usbank has always provided enough special bonus offers throughout the year to more than pay for the annual fee. But not this year. Bonus offers seem to have dried up. Time to move on.

Chris

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