Turns Out, Airline Devaluations Aren’t All You Have To Worry About: U.S. Bank Devalues Credit Card Benefits

For a while, America’s fifth-largest bank was making huge headway in the credit card space — launching exciting and competitive products. But over the last year, U.S. Bank has extinguished all that was interesting about its up-and-coming credit business — a cautionary tale in choosing just one bank or credit card.

• U.S. Bank is devaluing the earnings rates across several cards, including its Altitude Go and Altitude Connect; redeeming for statement credits is now worth just 0.75 cents per point.
• To cash out at 1 cent per point, like before, you now need a U.S. Bank checking or savings account — and those accounts may come with fees.

The problem with points: While there are ways to unlock the same value as before — by opening a bank account or cashing out through Amazon or another option — the changes still represent a tacit devaluation. You used to only have to worry about devaluations from airlines. Now, credit card companies like U.S. Bank are offering a friendly reminder: ‘points’ today might not be the same tomorrow.