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Inside Flyer interviews the man behind the card that US Bank is introducing to the premium market: the Altitude Reserve Card.
Before all the details were out Frequent Miler called it the “Sapphire Reserve killer” though while an attractive value proposition I don’t think that’s quite right.
Randy Petersen interviewed John Steward, the president of Retail Payments at U.S. Bank, about the card and he pushed back bashfully on the comparison to Chase’s $450 premium Sapphire Reserve card as well.
I wouldn’t go as far to say that it’s the Sapphire Reserve Killer, but I will say that we are unapologetically entering the luxury card space. We strongly believe the U.S. Bank Altitude Reserve Visa Infinite® Card offers a more compelling value proposition than can be found anywhere else, so cardmembers can indulge in their specific traveling pleasures and get handsomely rewarded for doing so. I will also say the recent competition among luxury rewards cards is a very healthy and positive step for consumers.
Here are key details of the card:
- 50,000 point signup bonus after $4,500 spend in 90 days
- $400 Annual Fee
- $325 Annual Travel Credit
- Triple points on travel and mobile wallet purchases so anywhere you can use AndroidPay or ApplePay you’ll earn 3x.
- Points don’t transfer to miles but are worth up to 1.5x when redeemed for travel
- Priority Pass Select card with 4 visits per year not unlimited
- Engraved stainless steel card
- Authorized users are $75, and don’t get Priority Pass
- You can transfer Flexperks points to this card (but not the other way around)
Signups will be available May 1 but you must be a US Bank customer to apply. You can open a new account with US Bank, but then have to wait 35 days to apply for the card.
In the interview Steward dishes on who the card is targeted towards, and that they’ll be monitoring the 3 points per dollar on mobile wallet purchases — that’s probably the thing that sets the card apart, an effective 4.5% rebate towards travel for those who use it broadly. He says they haven’t rules out points transfers to miles, and that they considered naming the card Spectre like from James Bond.