Any cash back strategy should seriously consider the US Bank Cash+ card. Not only does it offer 5% back on two categories per quarter up to $2000 per quarter in spending, but US Bank offers a nice 30% sign up bonus of $150 back on the first $500 of spending.
US Bank Cash+ offers unique quarterly categories compared to Discover, and so they work well together. Unlike Discover, US Bank allows you to pick the same categories from quarter to quarter. Here are the US Bank Cash+ categories – I manually choose two per quarter (takes 10 seconds):
- Home Utilities (my choice)
- Gym Memberships (my choice)
- Cell Phone Providers
- TV, Internet, Streaming Services
- Sporting Goods Stores
- Department Stores
- Movie Theaters
- Fast Food
- Electronics Stores
- Furniture Stores
- Select Clothing Stores
- Ground Transportation
I don’t know of any other mainstream card that offers rewards on home utilities. It’s also very rare to find high rewards for sporting goods, gym memberships and some of the other categories.
In addition, the card offers 2% back on your choice of:
- Grocery Stores
- Gas Stations
You can have more than one US Bank Cash+ card, and so it’s feasible to cover four or even six of the categories every quarter.
In 2019, I spent about $4,000 on gym membership and home utilities and earned ~$200 in cash back. That’s $120 more than I would have earned with a simple 2% card.