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U.S. Bank Announces Expanded $30 Million Debit/Check Card Customer Reward and Incentive Program; Checking That Pays Now Has Four Ways to Reward U.S. Bank Customers

MINNEAPOLIS, Sep 3, 2003 (BUSINESS WIRE) -- At a time when other banks are discontinuing their debit or check card reward programs, U.S. Bank is expanding and enhancing its "Checking That Pays" program. Now, when U.S. Bank customers use their debit or check card for signature based (non-PIN) transactions as part of Checking That Pays, they can choose from one of four different reward programs.

"Our Checking That Pays program has been so successful with our customers that we made a decision to continue the program and give U.S. Bank customers additional choices as to how they want to be rewarded," commented Richard Davis, vice chairman of commercial and consumer banking for U.S. Bancorp, parent company of U.S. Bank. "While the environment of the debit card industry has changed, we want our customers to know that we appreciate their business. Our expanded Checking That Pays program now gives us four different ways to say 'thank you' to customers and hopefully will serve as an incentive to attract new customers."

During the month of August 2003, U.S. Bank rewarded nearly one million current Checking That Pays customers with their annual cash rebates. With the enhancements being added to U.S. Bank's unique customer incentive program, future customers will be able to opt for a cash rebate, WorldPerks(R) miles, points for merchandise/gift certificates or entries to win a Harley-Davidson(R) motorcycle.

The four check card products now available to U.S. Bank customers include the Cash Bonus Visa(R) Check Card, Visa Extras(R) for Check Card, WorldPerks Visa(R) Check Card and Harley-Davidson Visa Check Card. All four of these check card products are part of the Checking That Pays program that reward signature-based purchases.

Cash Bonus Visa Check Card - This is a cash rebate program very similar to U.S. Bank's previous Checking That Pays program. (With U.S. Bank's new multi-faceted and expanded reward program now being called Checking That Pays, the name of the cash rebate portion of the program was changed.) Customers will earn a 1/4 percent cash rebate every time they use their U.S. Bank Cash Bonus Visa Check Card on qualifying transactions. The Cash Bonus rebate program will be paid annually and customers can track the growth of their rebate through monthly updates that will appear on their checking account statement. There is no enrollment cost.

Visa Extras for Check Card - This is a points-based reward option in which customers will receive one reward point for each dollar on qualifying transactions. These reward points can be redeemed for gift certificates and merchandise at more than 50 retailers and restaurants nationwide. Participating companies include: The Gap, Old Navy, Barnes & Noble, Staples, Pizza Hut, Chili's Grill & Bar, Phillips, The Sharper Image, L. L. Bean, Pottery Barn, Toys "R" Us, Franklin Covey, Amazon.com and many others.

WorldPerks(R) Visa Check Card - U.S. Bank customers participating in this reward program earn one WorldPerks mile for every $2 in signature-based purchases they put on the card. WorldPerks miles earned may be redeemed for free travel on Northwest Airlines and other qualified WorldPerks Partner Airlines. There is no cap on the number of WorldPerks miles a customer can earn and the miles don't expire. As an added bonus, customers receive 4,000 Enrollment Bonus Miles upon account opening or transfer.

Harley-Davidson(R) Visa(R) Check Card - U.S. Bank customers with a Harley-Davidson Visa Check Card will have the chance win a motorcycle in the Harley-Davidson Visa Free Ride Sweepstakes. The H-D Visa Free Ride Sweepstakes gives away one new Harley-Davidson(R) motorcycle every month(a). For every $1 in net signature (non-PIN) purchases made on the Harley-Davidson Visa Check Card, customers earn one entry into the monthly drawing and one entry into the bonus drawing at the end of the year. New H-D Visa Check card customers will receive a $10 Chrome Cash Certificate, which can be used towards purchases at participating Harley-Davidson(R) dealerships.

Complete details of U.S. Bank's Checking That Pays reward programs are available at all U.S. Bank branches and on the Web at usbank.com. The new Checking That Pays program will rebate or reward U.S. Bank customers through the four options totaling approximately $30 million by the end of 2004.

U.S. Bancorp (NYSE:USB), with assets of $195 billion, is the 8th largest financial services holding company in the United States. The company operates 2,199 banking offices and 4,575 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.

(a) Harley-Davidson Visa Free Ride Sweepstakes: No purchase necessary. Sweepstakes ends 12/31/03. Open to legal U.S. residents age 18 and older. For details, see Official Rules at www.h-dvisa.com. Void where prohibited.


CONTACT:          U.S. Bank
                  Steve Dale, 612-303-0784
                  Teri Charest, 612-303-0732

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