The US Bank Flexperks Travel Rewards Visa Signature card generally isn’t much to write home about. However, they’re running a promotion tied with the Olympics that makes this offer interesting.
In short, they’re giving bonus points tied to how many medals the US wins in the Olympics. The details aren’t important, but it looks like you will receive about 33,000 Flexpoints if you spend $2,500 on their card in the first 5 months. You’ll have lots of questions about this, so I’ll just run a little FAQ here:
Q: What the hell are Flexpoints?
A: US Bank’s proprietary rewards program.
Q: If this program were any good, I would’ve heard of it by now wouldn’t I?
A: Yes. And you’ve probably never heard of it by now….which suggests it’s not any good.
Q: So why are you telling us about this?
A: Because those Flexpoints can be used to purchase airfare on Travelocity.
A: That’s not a question. But I’ll answer anyway. You can exchange 20,000 Flexpoints for $400 in airfare. Or you can exchange 30,000 Flexpoints for $600 in airfare. Or 40,000 for $800 in airfare.
Q: Sounds great.
A: Yes and no. Please note that if your airfare costs $401 it will cost you 30,000 Flexpoints.
Q: That’s kinda crappy, no?
A: Yes. Remember, this is the kind of nonsense that has lead to you never hearing about this program before.
Q: So what’s the bottom line?
A: The 33,000 flexpoints you’ll earn are basically worth up to $600 in airfare. However, that is $600 in airfare in one shot, not a bunch of different tickets that add up to $600 over the course of time. In other words, buy 1 $500 ticket and you’ve used your points. Also, if your ticket costs $601 and you have 30000 points, you can’t buy the ticket at all. You can’t partially pay with points. It’s not a terrible deal, it’s just different than how most of us think about reward programs.
Q: Anything else positive to say?
A: Yes – they’ll give you $25 toward bag fees when you buy a ticket with Flexpoints.
Q: When does this expire?
A: Apply by August 31st
Q: What’s the annual fee?
A: Free the first year, $49 thereafter. But seriously, you’re not actually going to PAY to have this card are you?