As of 9/15/25, my US Bank Smartly credit card was downgraded from 4% cash back for my situation to the more restrictive version of the negative changes to the US Bank Smartly credit card, which matches what is available to new applicants. In other words, a 2% cash back card. Going for any higher cash back rewards tier would actually lose you money due to the interest you must give up on your bank balances.
US Bank changed the terms of their product less than 6 months after many people applied and opened multiple new accounts, including myself. Rather disappointing, although I would have accepted the less restrictive version. But now, since I can get better cash back elsewhere, it was time to tear down the US Bank relationship that I had previously been incentivized to build.
Before 9/15/25, I had:
- Smartly Checking account with active deposits and withdrawals.
- Smartly Savings account.
- Smartly Credit Card with thousands of dollars in monthly transactions.
- US Bancorp Investments Self-Direct Brokerage account with $100,000+ in assets.
After the negative changes, I will have:
- Smartly Checking with $5 balance.
Smartly Savings(closed).- Smartly Credit Card with no regular activity.
US Bancorp Investments Self-Direct Brokerage account(closed).
This minimal setup keeps a few accounts open for possible future use, but in the meantime there will be no regular activity and no fees. The US Bank Smartly Checking has a $12 monthly fee that can be waived with a U.S. Bank Smartly credit card. The US Bank Smartly credit card itself has no annual fee. I’ll make a transaction on the checking and the credit card once a year to maintain activity and prevent closure. Hibernation mode.
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Why not PC your smartly CC to a card that you’d actually use?
What would you recommend? Nothing really caught my eye for a product change. These days I have a pretty high bar for a regular use card. It’s either boring BofA 2.6%+ or whatever bonus card I’m doing. The Cash+ is too niche in its 5% categories for me, and they made Altitude Reserve a lot worse recently as well.
I would say best options are either Altitude Connect (get some free priority pass lounge visits every year or Cash+ set to utilities. Isn’t electricity expensive in Hawaii? 😀
Is there a reason to bother to keep the checking account open? And even the Smartly as a 2% card? if none of their other cards interest you, i guess I’d see no real point to keep any of these products open. Other than just in case US Bank comes out with something that you’d want to PC to in the future.
US Bank has made it hard to open an account from certain states in the past, unless you had some sort of foot in the door. Who knows, maybe they will create something worthwhile again.
I also closed both USB savings and checking accounts, and not to use the CC. USB negatively changes the terms in less than 6 months is very disappointing.
What’s the best cash back card for high yearly spends? Currently have several unlimited 2%…
I personally stick with the BofA Travel since I get flat 2.62% cash back everywhere and no foreign transaction fees. Customized cash adds bonus categories. You have to have 100k in assets, which you can hold as low-cost index ETFs at Merrill Edge. Here is the full suite to explore:
Thanks been following the blog for who knows how long maybe 2010. Thanks for putting out such great content!
Wow 🤩 Thanks for reading!
Any way to close checking /savings accounts online? Or do you have to call? Hopefully this can be done not in person…