Anyone shopping around for a credit card this summer has a lot of new choices at their disposal.
Case in point: U.S. Bank announced on Monday that it’s now offering two new co-branded American Express credit cards.
The U.S. Bank Cash 365 American Express Card is a cash back credit card that mirrors other new entrants to the increasingly crowded cash-back marketplaces. Like the recently released Chase Freedom Unlimited and Wells Fargo Cash Wise Visa credit cards, the Cash 365 offers 1.5% cash back on net purchases with no limit or expiration dates on the amount of cash back earned and no annual fee.
It features a purchase annual percentage rate (APR) between 13.24% and 23.24%, depending on creditworthiness. U.S. Bank is offering new cardholders a 0% introductory APR for the first 12 billing cycles for balances transferred within 30 days from account opening. After that, the balance transfer APR mirrors the purchase APR.
The other new offering, the U.S. Bank FlexPerks Gold American Express Card, is a travel-centric rewards card that offers three points per dollar on dining purchases, two points per dollar on airline and gas net purchases and one point per dollar on all other purchases. Cardholders also get a Global Entry or TSA Pre✓ application fee credit and a complimentary Boingo Wi-Fi membership.
The card carries an $85 annual fee and an APR between 14.24% and 24.24%, depending on creditworthiness. Like many other travel rewards credit cards, there are no foreign transaction fees. (You can read more about the best travel rewards credit cards in America here.)
Of course, if in the market for some new plastic this summer (or beyond), you’ll want to carefully read the terms and conditions of any credit card you are considering to be sure it’s right for you. (Rewards credit cards, for instance, tend to carry higher APRs and fees, so they’re generally not an ideal fit for anyone prone to carrying balances.) And you should also check your credit score before applying to get an idea of whether you can qualify for a particular credit card. Otherwise, you risk dinging your score via a hard inquiry for no reason.
Remember, a good credit score can help you qualify for the better cards on the market, so if your credit is looking a little lackluster, you may want to hold off on applying for any credit until your score improves. You can generally fix your credit by disputing errors on your credit report, identifying your credit score killers and creating a game plan to address them. (You can see how your credit currently fares by viewing your free credit report summary, updated each month, on Credit.com.)
At publishing time, the Chase Freedom Unlimited as well as American Express products are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
Image: Todor Tsvetkov