Consumer complaint received 2024-02-09 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Problem with rewards from credit card
Company: U.S. BANCORP
State: NC

Complaint narrative:
US Bank abruptly closed my accounts for both the XXXX XXXX and the XXXX XXXX on XX/XX/23 claiming ambiguous reasons as to their justification. They then cited their terms and conditions that I allegedly agreed to, however they're unequivocally incorrect. As you can see from the application page from US Bank 's website ( https : //www.usbank.com/XXXX  ), there is absolutely no mention of any clauses where US Bank can close an account nor confiscate rewards. Using the link above, you can follow along at the end of this message with all the disclosures found on the webpage. You will see no terms exist prior to applying. 

Additionally, this is violation of the FDIC 's guidelines against 'Unfair and Deceptive Acts and Practices ' by engaging in unfair credit card lending practices by : 1 ) Not structuring their practices to enable customers to make informed decisions about the products and services they choose to purchase and use, and to operate under reasonably reliable expectations about any costs/consequences associated with those decisions. 

2 ) Enacting policy contrary to public policy. The state of New York expressly prohibits US Bank 's acts and are unlawful in the state of New York ( N.Y. Gen. Bus. Law 520-E ) " Beginning with the date on which notice is sent, the holder shall have ninety days to redeem, exchange, or otherwise use any credit card points that the holder accumulated at the time of such modification, cancellation, closure, or termination as permitted under the terms of the agreement or agreements between the holder and the issuer.. '' " It shall be unlawful for any agreement between an issuer and a holder, or any rewards program, to provide for the expiration, forfeiture or cancellation of credit card points prior to the expiration of the ninety day period set forth in subdivision two of this section. '' " Any agreement entered into by a holder that waives, limits or disclaims the rights set forth in this section shall be void as contrary to public policy. '' US Bank XXXX XXXX XXXX from 'https : //www.usbank.com/XXXX XXXX Lastly, the only section of the promotional page and application pages that remotely mentions terms and conditions of the program only has this to say XXXX XXXX XXXX XXXXusbank.com/XXXX XXXX XXXX  ) : " Upon approval, please refer to the materials received with your new card and the Program Rules in the online Rewards Center by logging in to usbank.com for additional information. '' This is nothing short of deceptive and abusive. 

All webpages and disclosures have been saved and screenshotted so as to preserve evidence. 

" U.S. Bank may change APRs, fees and other account terms in the future based on your experience with U.S. Bank National Association and its affiliates as provided under the Cardmember Agreement and applicable law. 

* The APR may vary, the variable APR for Purchases and Balance Transfers is 22.24 % - 29.24 % ( based on your creditworthiness ). The variable APR for Cash Advances is 29.99 %. Cash Advance fee : 5 % of each advance amount, {$10.00} minimum. Convenience Check fee : 3 % of each check amount, {$5.00} minimum. Cash Equivalent fee : 5 % of each cash amount, {$10.00} minimum. Balance Transfer fee : 3 % of each transfer amount, {$5.00} minimum. There is a {$1.00} minimum interest charge where interest is due. The annual fee is {$400.00}. Foreign Transaction fee : 0 % of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 0 % of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. U.S. Bank ExtendPay Fees : A monthly fee not to exceed 1.6 % of the original principal amount in a U.S. Bank ExtendPay Plan or U.S. Bank ExtendPay Loan. This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. U.S. Bank ExtendPay Fees are calculated based upon the original principal amount, Purchase APR, and other factors. When you make a payment, the amount up to your Minimum Payment is applied first to the monthly payment obligation for ExtendPay Plans and ExtendPay Loans if any, and then to non-Fixed Payment Program balances in the order of the lowest to highest APR. Any amount over your Minimum Payment is applied to balances in the order of highest to lowest APR. 

Net Purchases are Purchases minus credits and returns. Not all transactions are considered to be Purchases and eligible to earn Points, such as transactions posting as Convenience Checks ; Balance Transfers ; Advances ( including ATM withdrawals, wire transfers, traveler 's checks, money orders, foreign cash transactions, betting transactions, and lottery tickets ) ; interest charges and fees ; credit insurance premiums ; and transactions to ( i ) fund certain prepaid card products, ( ii ) buy currency from the XXXX XXXX, or ( iii ) buy cash convertible items. Upon approval, see your Cardmember Agreement for details. Purchases qualify for Points based on how merchants choose to classify their business and we reserve the right to determine which purchases qualify. 

Account must be open and in good standing ( not past due ) on the closing date of the billing cycle to earn and redeem rewards and benefits. Upon approval, please refer to your Cardmember Agreement or Rewards Program Rules in the online Rewards Center by logging into usbank.com for additional information. 

Footnote 1 One-time XXXX bonus Points will be awarded if you are approved for a new U.S. Bank XXXX XXXX XXXX XXXX XXXX and eligible Net Purchases totaling {$4500.00} or more are made to your Account within 90 days after Account opening. Points are earned on eligible Net Purchases. Please allow 1-2 billing cycles for your bonus Points to be credited to your Account. Existing or previous U.S. Bank XXXX XXXX XXXX XXXX cardmembers are not eligible if you have received a new account bonus for this product in the last five years. Use of the Card is subject to terms and conditions of the U.S. Bank XXXX XXXX XXXX XXXX Cardmember Agreement, which is provided at Account opening and may be amended from time to time. This offer may not be combined with any other bonus offer. 

Footnote 2 By clicking Apply, you authorize your wireless carrier to use or disclose information about your account and your wireless device, if available, to us or our service provider for the duration of your business relationship, solely to help us identify you or your wireless device and to prevent fraud. See our for how we treat your data. 

Footnote 3 Points are earned on eligible Net Purchases. U.S. Bank XXXX XXXX XXXX XXXX Cardmembers will earn 1 Point for every {$1.00} in eligible Net Purchases. In addition, you will earn 4 Points ( 5 Points total ) for every {$1.00} in eligible Net Purchases spent on prepaid car and hotel reservations purchased in the online XXXX XXXX XXXX using your U.S. Bank XXXX XXXX XXXX. Prepaid car and hotel reservations in the Rewards Center are not classified as a travel category merchant transaction and are not eligible to receive the additional points for that category. You will earn 2 Points ( 3 Points total ) for every {$1.00} in eligible Net Purchases during each billing cycle for transactions made directly with merchants who classify their business as a travel category transaction ( such as purchases made directly with airlines, hotels, car rentals, taxicabs, limousines, passenger trains and cruise line companies ), and for transactions using a mobile wallet. Mobile wallet is defined as the method of paying for a transaction by use of a mobile device ( in-store, in-app or online ) and includes XXXX XXXX, XXXX XXXX, and XXXX XXXX. If the transaction is an eligible mobile wallet transaction and an eligible travel category transaction, additional Points will only be awarded for one of the transaction types ( Points will be applied as mobile wallet, not travel ). Please allow 1-2 statement billing cycles for your bonus Points to appear on your credit card statement. Refer to the Rewards Center for full details. 

Footnote 4 Automatic statement credit ( s ) totaling up to {$320.00} will be applied to your Account when it is used for purchases made directly from a merchant that classifies itself as travel ( such as airlines, hotels, car rentals, taxicabs, limousines, passenger trains and cruise line companies ) and any merchant classified as a restaurant, fast-food restaurant or bar. Credit ( XXXX ) will be applied to the Account within 2-3 business days after the purchase posts to the Account. Account is eligible to receive a total credit amount of up to {$320.00} per Cardmember year ( based on Account opening date ). Purchases qualify based on how merchants choose to classify their business and we reserve the right to determine which purchases qualify.

Footnote 5 Cardmembers who enroll in the Priority Pass Select program will receive access for 12 months to airport VIP lounges worldwide that participate in the Priority Pass Select program. Enrollment with no membership fee is limited to one Cardmember per Account ( including authorized users ). Lounge visit fees apply. Please view the or visit the at for eligibility details, to register, and for full terms and conditions. Cardmembers must accept the Priority Pass Select Conditions of Use which are located at :. One Cardmember per Account may be enrolled as the member in the Priority Pass Select program, and their first eight visits are waived each Priority Pass Select membership year ( not Cardmember year ). Per person lounge visit fees will apply after free visits have been used. Lounge benefits, services and facilities differ by location and may only be available at an additional charge. 

Footnote 6 From time to time we may offer to you the benefit of our U.S. Bank ExtendPay Plans, which allow you to pay off balances in fixed monthly payments over time and still avoid paying interest charges on new Purchases. You may designate up to 50 % of your credit card line ( {$100.00} minimum ) in eligible credit card purchases and pay in monthly installments with just a small fixed monthly fee. Only Purchase balances are eligible for ExtendPay Plans. Transactions identified as Advances or Balance Transfers ( as defined in your Cardmember Agreement ), and any interest or fees, including Annual Fee, do not apply. The only Purchases that will appear as " Eligible Purchases '' in the enrollment process are Purchases that were made within 60 days prior to signing up for an ExtendPay Plan, are over {$100.00}, and are less than your Purchase balance when you sign up for an ExtendPay Plan. Any unpaid balance remaining on an ExtendPay Plan after the chosen pay-back period will be subject to the APR and minimum payment calculation for purchases outlined in the Cardmember Agreement.

Footnote 7 Certain terms, conditions and exclusions apply. Please view the for further card benefit details including full terms and conditions.

Footnote 8 Certain terms, conditions and exclusions apply. You must complete either the Global Entry and/or TSA PreCheck application ( s ) and pay the application fee ( s ) with your U.S. Bank XXXX XXXX XXXX XXXX card . For complete details on the TSA PreCheck program, including full terms and conditions, go to. The TSA PreCheck trademark is used with the permission of the U.S. Department of Homeland Security. Please view the for further card benefit details including full terms and conditions. 

Footnote XXXX Certain terms, conditions and exclusions apply. Please view the for further card benefit details including full terms and conditions. XXXX fraud liability is provided for unauthorized transactions ; you must notify U.S. Bank promptly of any unauthorized use. 

Footnote 10 No one can prevent all cybercrime or all identity theft.

Footnote 11 Cardmembers are responsible for the payment of any and all charges associated with any goods, services, reservations or bookings purchased or arranged by the Visa Infinite Concierge on Cardmembers ' behalf. Any such purchases or arrangements are solely between the Cardmember and the respective merchant, and XXXX is not a party to the transaction. All goods and services subject to availability. See full terms of service at. 

Footnote 12 Cash back is redeemed in the form of a statement credit or a deposit made to your U.S. Bank savings or checking account ( XXXX Points minimum redemption ). 

XXXX XXXX is a trademark of XXXX XXXX, registered in the U.S. and other countries. For a list of compatible XXXX XXXX devices, see. XXXX XXXX is a trademark of XXXX XXXX. XXXX XXXX is a trademark or registered trademark of XXXX XXXX XXXX XXXX Use only in accordance with law. App is downloadable from the XXXX XXXX XXXX 

The XXXX XXXX and XXXX XXXX are trademarks owned by and used with the permission of XXXX, XXXX. 

The creditor and issuer of this card is XXXX XXXX XXXX XXXX, pursuant to a license from XXXX XXXX XXXX, and the card is available to United States residents only. ''

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation