Consumer complaint received 2025-08-05 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: U.S. BANCORP
State: SC

Complaint narrative:
I am filing this complaint to formally report what I believe is a deliberate and deceptive scheme by US Bank in the marketing and subsequent devaluation of its Smartly Visa credit card. 

I applied for and opened this credit card account six months ago based on clearly advertised terms : that a customer could qualify for elevated cash back rewards by maintaining {$100000.00} in total relationship assets with U.S. Bank. At the time, this included savings and brokerage accounts, a fact confirmed in U.S. Bank 's own promotional materials and account terms. 

Now, U.S. Bank has abruptly changed this requirement, stating that the {$100000.00} must be held exclusively in a non-interest-bearing checking account. This revision is both illogical and punitive, amounting to a hidden $ XXXX annual cost based on the opportunity loss of interest income from a high-yield savings account. 

This bait-and-switch tactic appears to be part of a coordinated strategy : attract new customers under generous-sounding terms, then retroactively impose stricter, less beneficial conditions once a customer base has been built. Not only does this practice violate basic principles of good faith, it creates significant financial harm for responsible consumers who made informed decisions based on the original terms. 

Making matters worse, U.S. Bank appears to be selectively enforcing these new terms. Some customers report being allowed to continue using savings and investment balances to qualify, while others, like myself, are being denied that option. This inconsistency raises further questions about discrimination, fairness, and transparency. XXXX XXXX  : XXXX ) This comes on top of other significant downgrades : the previously unlimited 4 % cashback has now been capped at {$10000.00} in monthly purchases, and major spending categories such as insurance, bill pay, and XXXX transactions, which have been excluded from bonus earnings. These compounded changes diminish the value of the card and betray the expectations set at account opening. 

These changes were poorly communicated and drastically reduce the value of the card. Together, they suggest a calculated plan to deprecate the product after acquiring customer assets under false pretenses. 

I am requesting that the CFPB investigate this matter as a case of deceptive marketing and unfair practices. Specifically, I ask that : 1. US Bank be required to honor the original terms for customers who opened accounts before the change was implemented.

2. US Bank be held accountable for misleading representations regarding what qualifies as " total relationship assets. '' 3.Enforcement actions be considered to prevent similar practices across the industry. 

This is not simply an inconvenience ; it is a breach of consumer trust and a pattern of behavior that deserves regulatory scrutiny.

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