MINNEAPOLIS, Minn.—Credit unions playing in the credit card rewards space just got some big, new competition.
In addition to battling the popular Chase Sapphire Reserve, Citi Prestige and American Express Platinum cards, CUs must also now take on the new competitor from U.S. Bank—the Altitude Reserve Visa Infinite Card.
New Altitude Reserve cardholders receive a bonus of 50,000 points when they sign up and spend $4,500 in the card's first 90 days. Points are worth about 1.5 cents when redeemed for travel, which makes the sign-up bonus worth $750 in travel credits. Cardholders also get a $325 annual travel credit that is easy to cash in: consumers don't have to redeem them with certain airlines or hotel chains, but receive an automatic reimbursement when they make $325 in purchases on airlines, hotels, car rental companies, taxis, limousines, passenger trains and cruise lines.
The card has a $400 annual fee.
The bank said the card is also the first to offer 3X points for both travel and mobile wallet purchases using Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet.
“We know from customer feedback that any serious premium rewards card must offer accelerated rewards earning, market leading travel redemption value and something new to capture the imagination. We have delivered that and more with U.S. Bank Altitude Reserve,” said John Steward, President of Retail Payment Solutions at U.S. Bank, in a statement.
In addition to the travel credits and 3X points, the U.S. Bank Altitude Reserve is “stacked with a host of time and money saving benefits that can make travel pleasurable again,” the bank said, including full service travel planning from Andrew Harper, TSA PreCheck or Global Entry application fee reimbursement, airport lounge access with Priority Pass, complimentary onboard Wi-Fi, “and great values on luxurious accommodations and premium rental cars.
More than 900,000 people signed up for Chase Sapphire Reserve in the fall of 2016 alone. It offered a 100,000-point sign-up bonus when it launched, which it later reduced to 50,000. In response, American Express this spring boosted its Platinum sign-up bonus from 40,000 to 60,000 points. The U.S. Bank card comes in metal, as both Chase and American Express's cards do, noted MarketWatch.