Encore, a new rewards program from U.S. Bank, gives small businesses two ways to earn points that can be redeemed for travel, cash back, and more.
When businesses sign up for a U.S. Bank Payment Solutions merchant account and also have a U.S. Bank Business Edge Rewards credit card, they can earn rewards in two different ways. Each time a business processes a customer payment using their U.S. Bank merchant account, they will earn cash back, points, or FlexPoints, depending on the type of credit card they have. And whenever they use their U.S. Bank credit card to make a purchase, they will earn rewards as well.
How it works
To maximize point earning through the new program, businesses have to do three things:
- First, they’ll apply for a U.S. Bank Business Edge Rewards Credit Card. There are three types of cards to choose from: the U.S. Bank Business Edge Cash Rewards card, the U.S. Bank Business Edge Select Rewards card, and the U.S. Bank FlexPerks Business Edge Travel Rewards card.
- Second, businesses need to open a U.S. Bank Payment Solutions merchant account to process customer payments.
- Third, they enroll in the program through USBankBusinessRewards.com.
After completing these steps, each time they process a card transaction the amount of the purchase will go toward earning rewards. When cardholders use their U.S. Bank cards to make purchases, they will also earn rewards.
Depending on which card they have, businesses will get cash or points for every $1,000 they process in credit card sales each month. The Cash Rewards card earns 60 cents per $1,000 in sales, and the Select Rewards card and FlexPerks cards each earn 50 points (or “FlexPoints,” in the case of the FlexPerks card) per $1,000 in sales transactions.
Making purchases with the business credit card is the second way to earn points. With the Select or FlexPerks cards, cardholders earn two points per dollar spent in certain bonus categories, and one point per dollar on all other purchases. Cash Rewards customers get 3% cash back in bonus categories and 1% back on all other purchases.
Rewards are limited to 20,000 points or $240 cash back per month.
Regular points from the Select card can be redeemed for gift cards or merchandise. Points can be redeemed for certain items starting at 1,500. At the 2,500-point level, there is more flexibility in redemption with the U.S. Bank “Choose Your Own Rewards” program. Things like groceries, appliances, and electronics are available in the Select Rewards catalog.
The FlexPerks card offers travel rewards in return for FlexPoints earned. To give an idea of the value, 20,000 FlexPoints can be redeemed for one airline ticket worth up to $400.
Cash rewards are redeemable for statement credits or cash back when they reach the minimum redemption level.