U.S. Bank | WorldPerks Visa Signature Card

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WorldPerks® Visa® Signature Card
Issued by U.S. Bank

WorldPerks� Visa� Signature Card

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Review

The WorldPerks® Visa®, issued by U.S. Bank, is ideal for those with excellent credit who travel regularly with Northwest Airlines® or any of their airline partners.

Through the rewards program, cardholders earn two miles for each dollar spent through Northwest Airlines® and one mile for each dollar spent on all other purchases. Up to five miles per dollar can also be earned at participating restaurants. Upon approval, up to 20,000 bonus miles are applied to the account. Earned miles can be redeemed for free travel with Northwest Airlines® or any of their partners. Although miles do not expire, there are some mileage restrictions. For instance, those who spend more than $80,000 in any calendar year or over $10,000 per billing cycle will be limited to one mile for every two dollars spent over that amount.

However, those who elect to have their credit card bill automatically paid in full each month (or are members of Northwest® WorldPerks® Platinum Elite, Gold Elite, or Silver Elite) will be exempt from all reward limitations.

Although the $90 annual fee is slightly high and the interest rate for purchases is above average for a reward card, the signature card has no pre-set spending limit. It is important to understand that the APRs for all transactions are tied to the highest Prime Rate during a three-month period. Due to this policy, the APRs may never reach the lowest possible interest rates. Cardholders should also be aware that the signature version of this card does not allow balance transfers.

In addition to the rewards program, cardholders can expect common signature card benefits offered by U.S. Bank, such as a personal concierge service, travel accident insurance, auto rental insurance, purchase protection services, and online account access. Nevertheless, this card has fewer benefits compared to other signature cards.

Therefore, those who can afford to pay in full each month (to avoid finance charges), plan to sign up for the auto-payment option (to avoid reward limitations), and will be able to earn a free ticket or other travel-related service within a two-year period (due to the high annual fee) will benefit most from what the WorldPerks® Visa® has to offer.

Updated: January 2, 2009

Most Attractive Feature(s) : Miles earned can be used with various airline partners; miles do not expire; no pre-set spending limit.

Least Attractive Feature(s) : APR based on highest Prime Rate during a 90-day period; miles reduced by 50% after $80,000 in annual spending (not applicable to all members).

Note: The review on this card was updated on January 2, 2009. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.

Specifics

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Category Definitions

Card Category: Reward - Airline

Annual Fee : $90*

Additional Cardholders : $0

Annual Fee Details : *Annual fee will be waived for the first year.

Grace Period : 20 - 25 Days

Minimum Credit Limit : See Important Notations

Maximum Credit Limit : See Important Notations

Late Payment Fee : $24 on balances up to $499.99; $39 on balances of $500 or more

Over-The-Limit Fee : None

Cash Advance Fee : 3%, $5 minimum (4%, $10 minimum for cash equivalent transactions)

Balance Transfer Fee : 3%, $5 minimum

Reward Program Details

Miles per Dollar : 1 Mile

Additional Miles : Up to 5 miles per dollar spent at select restaurants. Double miles on purchases made through Northwest Airlines®.

Mile Details : Miles earned can be redeemed for travel on Northwest Airlines®, KLM Royal Dutch Airlines®, Continental Airlines®, Alaska Airlines® and others.

Expiration : None

Yearly Limit : None (1 mile is awarded for every $2 spent if purchases exceed $80,000 per year or $10,000 per billing cycle.)

Bonus Miles: Approval : 20,000 Miles

Perks / Notations

Additional Perks

Various Internet account related services.
Up to $1,000,000 in travel accident insurance.
Auto rental insurance.
Extended warranty for purchases.
Purchase protection.
Various travel and emergency assistance services.
Personal concierge service.
Lost luggage insurance.
Roadside assistance.
Guaranteed airport parking.
Discounts on products and services at participating merchants and retailers.
See website for additional benefits.

Important Notations

The APR is based on the highest Prime Rate during a 90-day period.
The card has no pre-set spending limit; however, purchases are approved based on credit record, account history, and personal resources.
Northwest® WorldPerks® Platinum Elite, Gold Elite, Silver Elite members and WorldPerks® Visa® customers who select the full payment option (AutoPay) are exempt from all award limitations on miles earned.
See website for complete terms and conditions of card usage and application disclosure.

Cardholder Comments on WorldPerks® Visa® Signature Card

Average cardholder rating on this card: 3.44

Number of reviews posted: 8

Most recent review posted on: 6/21/2008

See what cardholders have to say about: WorldPerks® Visa® Signature Card

Additional Information

Apply Online for the WorldPerks® Visa® Signature Card.

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APR (Purchases) : 14.75%

The APR for purchases is based on the Prime Rate.

APR (Cash Advances) : 20.99%

The APR for cash advances is based on the Prime Rate.

Finance Configuration : Average Daily Balance (including new purchases)

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