Several of the new credit card products being issued in 2012 are confirming what Chase’s David Gold told us several weeks ago: cash-back rewards programs are heating up, and attracting many competitors.

The newest addition to the space is a card from U.S. Bank “” the Cash+ Visa Signature Card. The giveback percentages are similar to other cards on the market, but what’s different is that the Cash+ card lets consumers decide how to earn those rewards. Consumers choose two categories for five percent back, one for two percent back, and earn one percent back on all other purchases.

U.S. Bank Senior Vice President Lynn Heitman says the firm’s consumer research has overwhelmingly shown that consumers want more choice when it comes to rewards programs, and that the Cash+ card is part of a larger strategy to give consumers the tools they need to save more.

Several of the new credit card products being issued in 2012 are confirming what Chase’s David Gold told us several weeks ago: cash-back rewards programs are heating up, and attracting many competitors.

The newest addition to the space is a card from U.S. Bank — the Cash+ Visa Signature Card. The giveback percentages are similar to other cards on the market, but what’s different is that the Cash+ card lets consumers decide how to earn those rewards. Consumers choose two categories for five percent back, one for two percent back, and earn one percent back on all other purchases.

U.S. Bank Senior Vice President Lynn Heitman says the firm’s consumer research has overwhelmingly shown that consumers want more choice when it comes to rewards programs, and that the Cash+ card is part of a larger strategy to give consumers the tools they need to save more.

Listen to the audio interview with Ms. Heitman below.

Lynn Heitman
Senior Vice President, Retail Payment Solutions

U.S. Bank

As senior vice president for U.S. Bank Retail Payment Solutions, Lynn Heitman is responsible for the U.S. Bank branded credit and debit card portfolios. In this role, she manages strategic development, product management, pricing and marketing driving the growth and profitability of these payments portfolios.

Lynn’s career in the payments industry spans 25 years beginning with the management of some of the first Affinity credit card programs in the 1980s. Over the past 25 years, Lynn has worked in several areas of financial services including commercial lending, commercial deposits and consumer loan banking, along with almost every aspect of the payments industry including merchant services, agent banking, debit and prepaid cards, commercial cards, cobrand credit cards, and affinity credit cards.

Lynn earned a bachelor’s degree from the University of Wisconsin-Milwaukee and an MBA from Marquette University.

U.S. Bancorp (NYSE: USB), with $341 billion in assets as of March 31, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,061 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 and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.