Update: In addition to the branch offer originally discussed below, US Bank has temporarily increased their public offer to 20,000 points after $3,500 in spend.

When I performed my first multi-credit card round last spring, one of the cards that I never really knew much about was the US Bank FlexPerks Travel Rewards Visa Signature card. At the time I received a targeted offer in the mail, granting me:

• 20,000 FlexPerks after $500 spend in 90 days
• $25 credit towards in-flight purchases of baggage fees
• No annual fee the first year; $49 thereafter
• 0% interest on purchases for 12 months

Normally, I would not give much of a second look at a card only offering 20,000 points. However, the terrific aspect of the US Bank FlexPerks program is the rewards value. Each point is worth $0.02 of value, making my 20,000 points worth $400 towards travel. You simply book your reward via the US Bank FlexPerks program, and the points can be used towards the balance.

There are some tricks to maximizing your redemptions, but as long as the value of the flight is within certain ranges of the point spreads, it is easy to maximize.

I also opened up a Business version of the same card at the same time, which I received the best offer by calling in and receiving 17,500 bonus points by spending $2,500 in 90 days. The spend was a bit more than I was initially told, but we still made it happen.

As a result, after all the spend, we are sitting on just over 43,500 points, which equates to $800 towards airfare for 40,000 points. Not a bad return for opening up a couple of credit cards. With any luck that will be at least 3 domestic tickets for our family!

Since I opened my cards, there have been some better and worse offers floating around.

2012 Olympics 33,150 FlexPerks Offer; however, you had to spend a minimum of $2,500 in the first five months to qualify.

20,000 FlexPerks Public Offer after $500 in purchases within 90 days.

17,500 FlexPoints via referral, US Bank website, or affiliates after $2,500 or more within five months from account opening.

See a pattern? The minimum spend on this offer keeps getting more and more expensive.

Want the current best offer on the US Bank FlexPerks Travel Rewards Visa Signature card?

When I was in my local US Bank branch recently, I stumbled upon a “better” offer of the FlexPerks card. Unfortunately, the only way to apply is by visiting a local branch, as there is no current way to apply online from home.

Earn 20,000 FlexPerks = $400 in airline tickets after spending $3,500 within 4 months. So now US Bank is back to the same bonus as a year ago, yet offering it only after spending 7 times the amount of money, and within a month less of current online offers. Not quite the offer I was anticipating.

Update: US Bank is now offering a public 20,000 point offer on their website without having to go into the branch.

So which is right for you?

It all boils down to can you swing the extra minimum spend $3,500 versus $2,500 for an extra 2,500 points, not including the points earned from spend?

The 17,500 FlexPerks offer for $2,500 in spend earns you the 20,000 points needed for a $400 reward ticket.

The 20,000 FlexPerks offer for $3,500 in spend will earn you 23,500 points, enough for your $400 reward ticket, plus the second year annual fee.

If you plan on redeeming your points for airfare sooner than later, I think the 17,500 offer may be the way to go.

If you already have the US Bank FlexPerks card, do not forget to check your email to see if you were targeted for 3,500 bonus FlexPoints.

Save Money, Travel More!

Source: US Bank Branch Office

4/29/13- Originally published