Credit Card News
U.S. Bank Halts New Applications for Altitude Reserve Card
U.S. Bank is no longer allowing new applications for its premium travel card.
About the U.S. Bank Altitude Reserve and update:
Earlier this week, U.S. Bank removed the Altitude Reserve card application from its site. Not only is the product no longer listed on the bank’s cards page but clicking the card link from search will also forward visitors to the personal cards landing page.
The U.S. Bank Altitude Reserve was a premium travel card, carrying an annual fee of $400. However, the card included a $325 annual credit that could be used for travel or dining purchases. As for travel perks, the card does include up to 8 complimentary visits per year to Priority Pass lounges.
However, the most unique aspect of the U.S. Bank Altitude Reserve card was its rewards categories. Specifically, the card allowed customers to earn 3x points on purchases made using mobile wallets such as Apple Pay, Google Pay, and Samsung Pay. Meanwhile, cardholders can/could also earn 5x points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center and 1x points on all other purchases. These points could also be redeemed for 50% more value when used for eligible travel purchases.
In context:
The removal of the U.S. Bank Altitude Reserve coincided with the launch of a new U.S. Bank credit card: The Bank Smartly card. With this product, cardholders can earn up to 4% back on all purchases — although the rewards earning tier is determined by the balance in a customer’s linked U.S. Bank deposit, trust, and investment accounts. While the card earns 2% back by default, those who qualify for the following tiers can increase this amount:
- 2.5% back: $5,000 – $49,999
- 3% back: $50,000 – $99,999
- 4% back: $100,000 or more
Another recent shake-up at U.S. Bank involves the Altitude Connect card. In September, the bank lowered the card’s annual fee from $95 to $0, but also lowered the value of the card’s point to 0.8¢ (rather than 1¢ each) among other changes.
My thoughts:
The Altitude Reserve card was one I’ve long had my eyes on thanks to that 3% back on mobile wallet purchases category. Yet, I never went through with getting it since I already have a few expensive premium cards to my name. As rumors started swirling about the card’s removal, I gave it one last thought… and decided to pass once again. That’s partially because, while it seems that the card will remain active for current users at this time, who’s to say how long that will go for?
Another reason I decided not to go for it is that I’m still waiting for the Robinhood Gold card to become available to me. That card will offer 3% across the board — whether used via a mobile wallet or not. And while there’s not an option to redeem for 50% greater value like there was with the Altitude Reserve, there is no annual fee to worry about (outside of Gold’s membership fee, that is).
Even though I wasn’t a cardholder, I’ll definitely miss the U.S. Bank Altitude Reserve and will hold out hope that, perhaps, new applications will open again after all.
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