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U.S. Bank Extends Cash Rebate Program to Credit Card Customers

MINNEAPOLIS, Nov 21, 2002 (BUSINESS WIRE) -- U.S. Bank is taking its exclusive Checking That Pays program one step further and introducing the U.S. Bank Cash Rewards Visa Credit Card, which offers customers a cash rebate of up to one percent on purchases made with the card. Since many people use their credit card for major purchases - such as furniture or travel - the rebate can add up quickly.

"Customers can earn rewards everyday when they use the U.S. Bank Cash Rewards Visa Credit Card," said Patricia Wesner, executive vice president of U.S. Bank Retail Payment Solutions. "The success of our other rewards programs and Checking That Pays told us that customers would surely enjoy earning a rebate on purchases that they would traditionally make with a credit card. There are no points to track and the rebate check is sent to the customer automatically, which makes participation easy."

Just like Checking That Pays, the U.S. Bank Cash Rewards Visa Credit Card rebate is tiered so customers earn a .25 percent rebate on the first $1,000 spent, .50 percent on the next $1,000, .75 percent on the next $1,000 and a full one percent on the balance. For instance, someone who spends $810 a year on gas, $7,300 on groceries, $1,350 on clothes, $530 on entertainment, $3,400 on vacation and $1,400 on auto repairs totaling $14,790 would receive a rebate of $132.90. Customers can earn up to $350 in rebates.

U.S. Bank Cash Rewards Visa Credit Card customers will receive an introductory, low-interest rate on all purchases made in the first six months, and there is no annual fee as long as one purchase is made with the card each year. The card offers all the benefits of standard U.S. Bank Visa cards, including acceptance at 25 million ATM and merchant locations that accept Visa worldwide, rental car discounts, liability protection and 24-hour customer service. In addition, U.S. Bank participates in Verified by Visa, which extends password protection to purchases made on the Internet at participating merchants.

Customers can pick up a Cash Rewards application at any U.S. Bank branch, on the Internet at usbank.com, or they can apply by phone at 1-888-777-4444, option 8105.

U.S. Bancorp, with assets in excess of $174 billion, is the 8th largest financial services holding company in the United States. The company operates 2,133 banking offices and 4,680 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:          U.S. Bank
                  Teri Charest, 612/303-0732

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"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.

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