For years, U.S. Bank had no airline or hotel transfer partners at all — just a fixed rate no matter which card you held. In August 2026, that changed. U.S. Bank launched real transfer partners. Within 24 hours, two of the four disappeared.
Here's exactly what happened, and what U.S. Bank's rewards program actually offers.
A quick history
U.S. Bank's travel cards used to run under the "FlexPerks" name before the current Altitude lineup replaced it between 2017 and 2021. Until August 2026, there was no way to transfer a U.S. Bank point to an airline or hotel.
The card lineup
- **Altitude Go** (no annual fee) — 4x dining/takeout/delivery, 2x grocery/gas/streaming.
- **Altitude Go Secured** (no fee) — same earning structure as Go, for building or rebuilding credit.
- **Altitude Connect** (no annual fee) — 4x travel/gas/EV charging, 2x dining, plus Priority Pass Digital lounge access.
- **Altitude Reserve** ($400/year) — closed to new applicants since November 2024. Existing holders only.
- **Business Altitude Connect** ($0 intro, $95 after) — 4x travel/gas, 5x prepaid hotel/car through their own portal.
- **Business Altitude Power** ($195) — 2x uncapped on everything.
- **Business Leverage** ($95, waived year one) — 2x on whichever two categories you spend the most in each cycle, from a rotating list.
What a U.S. Bank point is worth
The Points Guy's monthly points-valuation table — which covers Chase, Amex, Citi, Capital One, and Bilt — does not include U.S. Bank. For everyday cardholders, a point is worth around 1 cent, or up to 1.5 cents through the U.S. Bank travel portal on the Connect card.
On December 15, 2025, U.S. Bank cut Altitude Reserve's travel redemption value from 1.5 cents to a flat 1 cent, and restricted its $325 annual travel credit to bookings made through their own portal instead of any travel purchase.
The August 2026 transfer partners
On August 11, 2026 — about eight months after U.S. Bank first announced it was coming — the bank launched transfer partners: Air France-KLM Flying Blue, Ethiopian Airlines ShebaMiles, Qantas Frequent Flyer, and Accor Live Limitless, with Avianca LifeMiles added shortly after. Most transfer at a 1:1 ratio; Accor is 2:1.
Within about 24 hours, Flying Blue and Qantas were pulled offline, which U.S. Bank attributed to IT issues. Flying Blue returned August 17. Qantas returned August 27.
Every one of these transfer partners is exclusive to the Altitude Reserve card, which has been closed to new applicants since November 2024. For someone who does not hold an Altitude Reserve card, this launch does not add any transfer options.
Domestic vs. international redemption
The fixed 1-cent-to-1.5-cent redemption applies to any travel purchase, with no blackout dates. The new transfer partners are aimed at international, premium-cabin travel, but access is limited to existing Altitude Reserve cardholders.
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Next up in this series: Wells Fargo — Just The Facts