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U.S. Bank Cash 365 American Express card review

U.S. Bank Cash 365 American Express card review

Published: November 15, 2017
Ratings Policy
Cash Back Rating:
2.8 rating
2.8 rating
2.8 / 5
Rewards Value: 2.2
Annual Percentage Rate: 1.7
Rewards Flexibility: 3.7
Features: 2.0

In a nutshell:

The U.S. Bank Cash 365 American Express card offers U.S. Bank customers a simpler way to earn cash back; however, the card’s higher APR limits its appeal.

Rewards Rate
1.5% on general purchases

Sign-up Bonus
Earn 0.5% more cash back on all your purchases in the first year 

Annual Fee
$0

Estimated Yearly Rewards Value ($1,325 monthly spend)
$265

APR
14.99-23.99% (variable)

Pros

  • No limit on the amount of cash you can earn
  • Cash doesn’t expire
  • Redeem as bank deposit, statement credit or gift card

Cons

  • Minimum redemption of $20
  • Can’t redeem cash for merchandise or travel

Other Notable Features: Emergency travel assistance, extended warranty, VIP access to entertainment and events, return protection, price protection, car rental insurance

No Annual Fee Rating:
2.8 rating
2.8 rating
2.8 / 5
Rewards Value: 2.3
Annual Percentage Rate: 1.7
Rewards Flexibility: 3.7
Features: 2.0

In a nutshell:

With a mere 1.5 percent rewards rate and no sign-up bonus, the U.S. Bank Cash 365 American Express card doesn’t offer much to recommend it over similar rewards cards.

Rewards Rate
1.5% on general purchases

Sign-up Bonus
Earn 0.5% more cash back on all your purchases in the first year 

Annual Fee
$0

Estimated Yearly Rewards Value ($1,325 monthly spend)
$265

APR
14.99-23.99% (variable)

Pros

  • No limit on the amount of cash you can earn
  • Cash doesn’t expire
  • Redeem as bank deposit, statement credit or gift card

Cons

  • Minimum redemption of $20
  • Can’t redeem cash for merchandise or trave

Other Notable Features: Emergency travel assistance, extended warranty, VIP access to entertainment and events, return protection, price protection, car rental insuranc

Rewards Rating:
2.6 rating
2.6 rating
2.6 / 5
Rewards Value: 2.0
Annual Percentage Rate: 2.3
Rewards Flexibility: 3.4
Features: 2.0

In a nutshell:

In a market crowded with cash back cards that earn a flat 1.5 percent rate, there’s not much to recommend the U.S. Bank Cash 365 card over its competitors.

Rewards Rate
1.5% on general purchases

Sign-up Bonus
Earn 0.5% more cash back on all your purchases in the first year 

Annual Fee
$0

Estimated Yearly Rewards Value ($1,325 monthly spend)
$265

APR
14.99-23.99% (variable)

Pros

  • No limit on the amount of cash you can earn
  • Cash doesn’t expire
  • Redeem as bank deposit, statement credit or gift card

Cons

  • Minimum redemption of $20
  • Can’t redeem cash for merchandise or travel

Other Notable Features: Emergency travel assistance, extended warranty, VIP access to entertainment and events, return protection, price protection, car rental insurance

If you want to earn a substantial amount of cash back, but don’t want to mess with a complex rewards scheme, a flat rate cash back card such as the U.S. Bank Cash 365 American Express is a good option. Instead of earning 2 to 5 percent cash back on certain types of purchases, you’ll be given 1.5 percent cash back on everything you spend. If you use your card for all or most of your purchases, that 1.5 percent cash back rate could net you a decent return.

The U.S. Bank Cash 365 American Express card doesn’t offer as high a sign-up bonus as some of its competitors, though, nor does it offer a singularly low interest rate. However, it’s a good pick for cardholders who prefer to bank with U.S. Bank or want an American Express card.

A solid rewards rate on every purchase

The U.S. Bank Cash 365 American Express card isn’t the most generous cash back card on the market. But it’s a good everyday card if you prefer to use the same card for all or most of your purchases. With a flat rate of 1.5 percent cash back on every purchase, you could take home a considerable amount if you use it frequently. For example, we estimate that cardholders who spend roughly $1,325 a month will earn around $271 a year. That’s a pretty good haul for a maintenance-free cash back card with no annual fee.

The U.S. Bank Cash 365 American Express card also works well for supplemental spending. If you typically use cards with higher rewards rates on popular spending categories, such as groceries and gas, you can juggle these with your Cash 365 card to earn a higher general rewards rate on purchases that don’t qualify for a bonus rate.

Great rewards rate in the first year

For a sign-up bonus, the Cash 365 card offers an additional half a percent cash back on all your purchases for a year, basically boosting the cash back rate on the card to 2 percent in the first year. For the average spender, this  adds up to a modest bonus amount (we estimate an extra $80 in the first year), and it doesn’t compare to – say – the sign-up offer on the Discover it card, which doubles all of your spending in the first year. However, the bonus is unlimited and — if you spend a larger than average amount than the card, could add up to a lot of extra cash back.

Decent balance transfer promotion

The Cash 365 also offers a short-term 0 percent APR on transferred balances. If you have a modest balance to pay down, this card could help you meet your goal. The promotion only lasts 12 months, though. If you have a large amount of debt to pay off, you may want to look for a more generous card.

Pricey APR

The Cash 365 card doesn’t offer a 0 percent APR on purchases either, and so you’ll have to be careful with how much you spend. The APR on the U.S. Bank Cash 365 card is relatively high. Cardholders with the best credit scores may qualify for a rate as low as 14.99 percent, which is somewhat below average for a cash back card. However, cardholders with lower scores could get hit with an APR as high as 23.99 percent, making it a dangerous pick for cardholders who are prone to carrying a balance.

Why get the U.S. Bank Cash 365 American Express card?

  • You want a significant return on your spending, but don’t want to bother with a complicated rewards scheme.
  • You have a deposit account with U.S. Bank and want to work with the same bank. 

How to use the U.S. Bank Cash 365 American Express card:

  • Use your card for all or most of your purchases – or take your time and only use your card for occasional expenses.
  • Wait until you’ve collected at least $20 before requesting a redemption.

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