Is U.S. Bank Visa Platinum a cash back credit card?

The U.S. Bank Visa® Platinum Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the U.S. Bank Platinum.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the U.S. Bank Platinum, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the U.S. Bank Platinum credit score requirement. You can check your credit score for free on WalletHub.

You can get cash back from a credit card by earning cash back rewards on purchases or taking out a cash advance. But most credit cards do not allow you to get cash back at the register when checking out at a store. That’s more of a debit card thing, though there are a few exceptions. For example, Discover cards have a feature called that allows cash back at some store registers.… read full answer

Cash rewards credit cards give you a percentage of your purchases back as a statement credit, check or a deposit into your bank account. Cash advances, on the other hand, allow you to withdraw money from your credit line. Cash back rewards essentially have zero drawbacks, as long as they don’t lead you to overspend, but cash advances usually come with very high interest rates and fees.

For either option, it’s good to know what you’re getting into so you can maximize the pros and dodge the cons.

• Cash back rewards. Cash back is one of three major credit card rewards currencies, along with points and miles. And cash back is the simplest of the trio. You’ll generally earn at least 1% cash back on every purchase, or 1 cent for every $1 you spend. Some cards also offer higher rates in specific bonus spending categories.
• Mobile payment app. Applications such as Venmo and Cash App allow you to add your credit card for funding, and both charge a 3% fee every time you send a payment with a credit card to a person you’re connected with on the app. So it’s possible to make a payment to a friend or family member in the app via your credit card and have the person give you that money in return, either as cash or as credit through the app. If you link your checking account to the app, you could then transfer the funds there and make an ATM withdrawal. This method could potentially allow you to get cash from your credit card without paying a cash advance fee or a cash advance APR. That said, the Venmo website suggests that your card issuer could see this as a cash advance, so it’s best to call your card issuer and find out before trying this.

• Cash advance. A cash advance lets you use your credit card like it’s a debit card and take money out of an ATM. But there’s a huge catch. First, you’re going to have to pay a fee, often 3-5% of the amount you take out. And then on top of that, the credit card company immediately starts charging you interest on both the balance and the fee, at a rate usually above 20%. That interest compounds daily, too, meaning interest applies each day to your principal balance and any unpaid interest and fees from previous days. In other words, cash advances are expensive.To do a cash advance, you’ll either need to call the number on the back of your card to set up your PIN (which will make the card usable at an ATM), or go to a bank location associated with your credit card company and ask the teller in person, with your valid photo ID. You can also request credit access checks from your card issuer, which operate like normal checks except the funds come out of your credit line.

Cash advances in general are a pretty undesirable option, and you should only do one if you’re in an emergency and need cash right away.

On the other hand, cash back credit cards are everywhere, and there’s no financial risk involved in using one responsibly. Plus, they’re available to people of all credit levels. And they’re also the only type of reward that can’t be devalued by the credit card company, because you’re just earning money - $1 will always be $1.

• For excellent credit: Citi® Double Cash Card – 18 month BT offer
• For good credit: Chase Freedom Flex℠
• For fair to limited credit: Capital One QuicksilverOne Cash Rewards Credit Card
• For rebuilding credit: Discover it® Secured Credit Card
• For students: Journey Student Rewards from Capital One
• For business: Capital One® Spark® Cash for Business

Cash back is a benefit that gets you a discount for certain purchases. In the context of credit cards, cash back is a type of credit card rewards. You can earn cash back through signup bonuses for meeting certain spending requirements, or through ongoing rewards, as a percentage of the amount spent on qualifying purchases. Some credit cards also offer cash back anniversary bonuses in the form of statement credit for qualifying purchases.… read full answer

Cash back credit cards make for a great addition to anyone’s wallet because they provide a straightforward earning and redemption mechanism in a currency that cannot be devalued by a credit card company. The best cash back credit cards tend to be those that keep things simple by providing attractive flat earning rates across all purchases, or those that offer higher rates in your biggest spending categories. Cash back credit card rewards can usually be redeemed for statement credits, bank account deposits or paper checks, depending on the credit card company.

Other types of cash back

Some also think of getting cash from a credit card's credit line, like withdrawing cash from an ATM, as cash back. This type of transaction is considered a cash advance and should be avoided. Cash advances are extremely expensive transactions that are subject to fees and a cash advance APR that applies immediately, with no grace period.

Aside from credit card rewards and cash advances, cash back could also refer to money that you get at a store register when you’re checking out. But you can pretty much only do this when using a debit card to pay. The money is added to your purchase amount and debited from your bank account. Some stores have a limit on the amount too and not every store will let you do it.

Some car dealerships offer “cash back” when you’re buying a car, too. It’s basically just a rebate on the car. You can usually get it as a check or as a discount on your down payment.