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U.S. Bank Expands Card Rewards to Put EV Charging Transactions on Par With Gas
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
U.S. Bank has enhanced its credit card rewards, allowing cardmembers to earn up to 4x points or 4% cash back on electric vehicle (EV) charging transactions, aligning them with gas purchases. This update applies to both business and consumer credit cards. With around 45,000 public EV charging stations in the U.S., the bank aims to meet evolving customer needs as fueling options diversify. The U.S. Bank Altitude Connect® Visa Signature® Card exemplifies this new benefit, offering equal rewards for gas and EV charging.
Positive
Expansion of rewards for EV charging transactions enhances customer satisfaction.
Equal reward structure for EV charging and gas station purchases encourages EV adoption.
U.S. Bank's recognition as a leader in digital innovation and customer service may enhance brand loyalty.
Negative
None.
Cardmembers who receive points for gas station purchases can now earn up to 4x points or 4% cash back for EV charging
MINNEAPOLIS--(BUSINESS WIRE)--
U.S. Bank wants to make sure all drivers – regardless of what they drive – are rewarded for their purchases. That is why U.S. Bank has expanded the rewards on its business and consumer credit cards that reward cardmembers for gas station purchases to include equal rewards for electric vehicle (EV) charging transactions.
While many EV owners charge their vehicles at home, there are times on longer trips where they may use a public charging station. Cardmembers can now earn up to 4x points or 4% cash back for their EV charging transactions, depending on the terms and conditions of the rewards offered when using their cards for gas station purchases.
“We have expanded our card rewards to put EV charging transactions on par with gas,” said Steve Mattics, head of U.S. Bank Retail Payment Solutions. “We are continuously evaluating our credit card offerings to ensure we provide meaningful rewards to our customers, and as options for fueling vehicles expand from gas to a mix of gas and electric charging, we are making sure that our cards follow our customers’ needs and preferences.”
Mattics noted that, as an example, the U.S. Bank Altitude Connect® Visa Signature® Card provides cardmembers with 4X points for purchases at gas stations. Using this same card, cardmembers can now earn the same point value for their EV charges.
The United States has approximately 45,000 public EV charging stations, according to the U.S. Department of Energy.
About U.S. Bank U.S. Bancorp, with nearly 70,000 employees and $567 billion in assets as of September 30, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
