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U.S. Bank and Cabela's Launch Rewarding Debit Card Just in Time for Summer Outdoor Fun

MINNEAPOLIS & SIDNEY, Neb.--(BUSINESS WIRE)--June 5, 2006--U.S. Bank and Cabela's have partnered to introduce the Cabela's Visa Check Card, issued by U.S. Bank. The card rewards cardholders with Cabela's Check Card Points for signature (non-PIN) purchases made with the card at Cabela's or any other merchant that accepts Visa debit. These points are then redeemable for Cabela's Gift Cards.

The card, which depicts a float plane resting on a lake nestled among the mountains, gives loyal Cabela's catalog subscribers a new way to show their pride in the great outdoors, while also rewarding them for making signature purchases with the Cabela's Check Card on everyday purchases.

"U.S. Bank is one of few financial institutions that continues to partner with outstanding organizations like Cabela's to offer great check card reward programs in a way that demonstrates the customer's affinity to the organization," said John Owens, senior vice president of debit products at U.S. Bank.

Cabela's Check Card Points are earned on all signature purchases. Cardholders earn one point for every $2 spent at Cabela's stores, online or by phone using the Cabela's Visa Check Card. Cardholders also earn one point for every $3 spent at other merchant locations. Customers receive a $10 Cabela's gift card for every 1,000 points.

"This program will complement, not replace, our Cabela's Club Visa program, which has been an incredible success," said Ralph Castner, Cabela's chief financial officer. "Many Cabela's customers don't use credit cards, or prefer to use a check card instead of credit cards for some types of purchases, and this will allow them to earn free Cabela's gear. It is also exciting that the reward structure for this Check Card is "best of class" in comparison to other check card products."

"U.S. Bank and the Cabela's organization have a long-standing relationship, which we hold in very high regard. This is one reason why we are thrilled to extend our service and rewards to all Cabela's customers with the Cabela's Visa Check Card," said Steve SaLoutos, senior vice president of consumer products at U.S. Bank.

Card information is available at any Cabela's or U.S. Bank location today, and will be promoted in Cabela's catalogs as well as online in July. The card is connected to a U.S. Bank checking account, which can be opened in person at any U.S. Bank branch, by phone at 1-800-USBANKS or online at www.usbank.com.

Cabela's Incorporated, headquartered in Sidney, Nebraska, is the world's largest direct marketer, and a leading specialty retailer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's(R) has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter(R). Through Cabela's well-established direct business and its growing number of destination retail stores, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's Club(R) VISA credit card, which serves as its primary customer loyalty rewards program.

U.S. Bancorp (NYSE:USB), with assets of $210 billion, parent company of U.S. Bank, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank
Teri Charest, 612-303-0732
teri.charest@usbank.com
or
Cabela's
Joe Arterburn, 308-255-1204
joe.arterburn@cabelas.com

SOURCE: U.S. Bank

"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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