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The premium travel credit card market just got a little more crowded with the leaked details of a new premium card, the U.S. Bank Altitude™ Reserve Visa Infinite® Card. The card is aimed squarely to compete with The Platinum Card® from American Express, the Chase Sapphire Reserve®, and the Citi Prestige® Card. The new card will be a VISA Infinite card and brings a whole slew of perks and benefits.
The card comes with a 50,000-points sign up bonus after spending $4,500 on eligible purchases, in your first 90 days. The card doesn't come cheap, with an annual fee of $400. In addition, every authorized user will set you back $75 annually. You can redeem points against the annual fee; it will cost 35,000 points to offset the annual fee.
Earning and Burning with the Altitude Reserve
The Altitude Reserve earns 3X points on all mobile wallet purchases, both in store as well as eligible online and in-app purchases. It will also earn you 3X points on all travel purchases, although it does exclude those made with Online Travel Agencies. All other transactions earn 1X points. Points will have a value of 1.5¢, meaning at 3x you're getting a 4.5% return towards travel!
Perhaps even better than the high earn rates on the card, is the value when redeeming points. U.S. Bank recently introduced Real Time Mobile Rewards, which allows you to redeem points at 1.5¢ per point towards travel no matter where you made the purchase. No going through special portals or jumping hoops to redeem your points, simply purchase the best deal you can find, from any qualifying merchant, and you can redeem your points against the charge at 1.5¢ per piece. That is an awesome deal!
Card Benefits & Perks
As a VISA Infinite card, it comes with an extensive array of perks and benefits, including:
- 12 free GOGO inflight Wi-Fi passes
- $325 in Annual Travel Credits; these reset every calendar year and are applied automatically as statement credits on eligible charges
- Priority Pass Select Membership with a waived enrollment fee for one card member per account. It includes 4 free lounge visits and 4 free guest passes. After the 4 visits, members will be charged per visit
- $100 statement credit on TSA PreCheck to Global Entry enrollment fees (once every 4 years)
- $30 off and 15% discount on your first ride with GroundLink Black Car Service
- Use your points for flight time and aircraft upgrades at NetJets Private Aviation
- 30% discount on Silvercar Rentals, which are two days or longer. You need to pay for your rental with your Altitude Reserve Card
- $60 off and Pre-sales access to the James Beard Celebrity Chef Tour
- $25 food and beverage credit, as well as free continental breakfast and room upgrades, at hotels which are part of the Visa Infinite Luxury Hotel Collection
- Relais & Chateaux Boutique Luxury Hotels benefits after two nights, including accelerated access to the Club 5C program. Club 5C benefits include room upgrades and free continental breakfast at 120 properties. The benefits also include invitations to exceptional cultural and culinary events.
Unfortunately, typically overlooked, the Altitude Reserve will provide great travel insurance and protection including:
- Car rental Primary Collision Damage Waiver
- Up to $500 per ticket for Trip Delay Reimbursement. Delay must be at least 6 hours or require an overnight stay
- Up to $2,000 for Trip Cancellation/Interruption, when a trip is interrupted or canceled for a covered reason
- Up to $3,000 for Lost Luggage Reimbursement, if your checked baggage or carry-on or their contents are lost, due to theft or misplacement by the carrier.
- Up to $50,000 per year and $10,000 per claim Purchase Protection. The insurance covers items eligible items purchased with the Altitude Reserve Card for the first 90 days. Items will be reimbursed, repaired or replaced.
This is great news for the Premium credit card market — more competition with a different angle. The introduction of 3X earning on mobile wallet transaction could offer a huge advantage and bring a whole slew of small everyday purchases into your overall points tally. Although it remains to be seen whether all in-store mobile wallet purchases will be eligible or not. On the other hand, the card is not as generous with travel purchases as the Amex Platinum, which offers 5X points on hotels and airlines.
Source link: Frequent Miler
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