U.S. Bank Woos Customers Who Live Life “On the Go” with New U.S. Bank Altitude Reserve Visa Infinite Credit Card

First to offer triple points for mobile wallet purchases

MINNEAPOLIS–(BUSINESS WIRE)–Recognizing that today’s busy professionals live life on the go and
value little touches of luxury along the way, U.S. Bank (NYSE: USB) has
introduced the U.S. Bank Altitude Reserve Visa Infinite® credit card.
The new premium card includes the industry’s highest travel credit at up
to $325 per each cardmember year, awarded automatically when the card is
used to purchase travel related servicesⁱ, and is the first
to offer 3X points for both travel and mobile wallet purchases using
Apple Pay®, Samsung Pay, Android Pay™ and Microsoft Walletⁱⁱ.

“We know from customer feedback that any serious premium rewards card
must offer accelerated rewards earning, market leading travel redemption
value and something new to capture the imagination. We have delivered
that and more with U.S. Bank Altitude Reserve,” said John Steward,
President of Retail Payment Solutions at U.S. Bank. “This card provides
on-the-go professionals an unmatched combination of innovative and truly
valuable rewards, paired with concierge level service and small oases of
luxury that help make life that little bit more rewarding and
pleasurable every day.”

In addition to easy-to-use benefits like travel credits and 3X points
for travel and mobile wallet purchases, U.S. Bank Altitude Reserve is
stacked with a host of time and money saving benefits that can make
travel pleasurable again, including full service travel planning from
Andrew Harper, TSA PreCheck® or Global Entry® application fee
reimbursement, airport lounge access with Priority Passⁱⁱⁱ,
complimentary onboard Wi-Fi^iv and great values on luxurious
accommodations and premium rental cars.

“The U.S. Bank Altitude Reserve Visa Infinite Credit Card offers
cardholders premium lifestyle and protection benefits that help ensure
its customers experience the best that life has to offer effortlessly
and with the highest degree of service,” said TS Anil, Head, Global
Product, Visa Inc.

Alongside its sleek, metal profile, U.S. Bank Altitude Reserve also
offers an enrollment bonus of 50,000 points – a $750 travel redemption
value. New cardmembers simply need to spend $4,500 in the first 90 days^v.
The Altitude Reserve card is currently available exclusively for U.S.
Bank customers for a $400 annual fee^vi. To experience the
U.S. Bank Altitude Reserve card, click here
for a 360 virtual reality experience. Additional details for the card
and an online application can also be found at www.usbank.com/altitude.

About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB),
with $450 billion in assets as of March 31, 2017, is the parent company
of U.S. Bank National Association, the fifth largest commercial bank in
the United States. The Company operates 3,091 banking offices in 25
states and 4,838 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

The third party trademarks appearing herein are the property of their
respective owners.
Apple Pay is a trademark of Apple Inc.,
registered in the U.S. and other countries.
Android Pay is a
trademark of Google Inc.
Samsung Pay is a trademark of
Samsung Electronics Co., Ltd. Used only in accordance with law.

The creditor and issuer of the U.S. Bank Altitude Reserve Visa Infinite®
Card is U.S. Bank National Association, pursuant to a license from Visa
U.S.A. Inc.

“Safe Harbor” Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding U.S. Bancorp’s
business which are not historical facts are “forward-looking statements”
that involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see “Risk Factors” in the
Company’s Annual Report or Form 10-K for the most recently ended fiscal
year.

ⁱ A statement credit will automatically be applied to a
cardmember’s Account when the card is used for qualifying Net Purchases
directly with travel merchants, up to a total of $325 in statement
credits each cardmember year. Purchases qualify as travel based on the
category code merchants select to classify their business. U.S. Bank
cannot control how merchants choose to classify their business or
transactions and reserves the right to determine which Purchases will
qualify and in which category. Net Purchases during each billing cycle
will be calculated and a corresponding statement credit will be applied
to the cardmember’s Account the next time it cycles. See footnote 2,
below, for details on qualifying Net Purchases.

ⁱⁱ U.S. Bank Altitude Reserve Visa Infinite Cardmembers will
earn 1 Point for every $1 in qualifying Net Purchases. Cardmembers will
earn 2 additional Points for every $1 in qualifying Net Purchases during
each billing cycle for transactions made directly with merchants who
classify their business as a travel category transaction, 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). 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). Points are earned on
qualifying Net Purchases. Net Purchases are purchases minus credits and
returns. Qualifying purchases do not include Convenience Checks, Balance
Transfers, Advances (including, but not limited to, wire transfers,
traveler’s checks, money orders, foreign cash transactions, and ATM
disbursements), Interest Charges and Fees, credit insurance charges, or
transactions to fund certain prepaid card products. We reserve the right
to adjust the number of Points for Purchases or to stop issuing Points
for Purchases on the Account, upon notice to you. Refer to the U.S. Bank
Altitude Reserve Visa Infinite Cardmember Agreement for full details.

ⁱⁱⁱ Terms, conditions and exclusions apply. For more
information, refer to usbank.com/altitude.

^iv Restrictions apply; registration of eligible account
required prior to flight. For more information, refer to
usbank.com/altitude.

^v One-time 50,000 bonus Points will be awarded when
cardmember is approved for a new U.S. Bank Altitude Reserve Visa
Infinite Card and eligible Net Purchases totaling $4,500 or more are
made to the new account within 90 days from account opening. Points are
earned on qualifying Net Purchases. See footnote 2, above, for details
on qualifying Net Purchases. Bonus Points are credited to U.S. Bank
Altitude Reserve Visa Infinite accounts in about 6 – 8 weeks.
Cardmembers are eligible to receive one-time bonus Points for each new
U.S. Bank Altitude Reserve Visa Infinite account type. Existing and
previous U.S. Bank Altitude Reserve Visa Infinite accounts do not
qualify for bonus Points for a similar account type. One-time bonus
Points do not apply toward account upgrades. Use of the U.S. Bank
Altitude Reserve Visa Infinite Card is subject to terms and conditions
of the U.S. Bank Altitude Reserve Visa Infinite Cardmember Agreement,
which may be amended from time to time. This offer may not be combined
with any other bonus offer. Offer is subject to credit approval.

^vi The APR may vary and, as of 5/1/17, the variable APR for
Purchases and Balance Transfers for U.S. Bank Altitude Reserve Visa
Infinite is 16.49%. The variable APR for Cash Advances is 24.74%. Cash
Advance fee: 4% of each advance amount, $10 minimum. Convenience Check
fee: 3% of each check amount, $5 minimum. Cash Equivalent fee: 4% of
each cash amount, $20 minimum. Balance Transfer fee: 3% of each transfer
amount, $5 minimum. There is a $2 minimum interest charge where interest
is due. Annual fee: $400 for U.S. Bank Altitude Reserve Visa Infinite.
Additional Card fee: $75 annually per additional card issued. Foreign
Transaction fee: 0% for 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. We
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.

Contacts

William Mills Agency
Debbie Harris, 678-781-7220
debbie@williammills.com
or
U.S.
Bank
Holly Maddox, 404-632-6088
holly.maddox@usbank.com