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US Bank Ups Card Rewards for EV Charging

US Bancorp Eyes Expanding Business Payments
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The US bank announced Monday (January 10) that it’s adding new rewards for business and consumer credit cards for gas station purchases to help charge electric vehicles (EV).

“We’re expanding our card rewards to bring electric vehicle charging transactions on par with gas,” said Steve Matteis, U.S. Bank’s head of retail payment solutions, in the announcement. “We are constantly evaluating our credit card offerings to ensure that we offer meaningful rewards to our customers, and as our vehicle fueling options expand from gas to a combination of gas and electric charging, we make sure that our cards match our customers’ needs and preferences.”

The release says many electric vehicle users charge their cars at home, but on long trips, a public charging station may be necessary. With the US Bank update, there may be more rewards, including 4% cashback for their electric car charging transactions.

According to Matix, the US Bank’s Visa Signature Connect card gives cardholders four times as many points of purchase at gas stations.

There are about 45,000 public charging stations for electric vehicles in the United States, according to the US Department of Energy reports.

In other electric vehicle news, electric vehicle maker Rivian said its vehicles will feature connected services that address the entire lifecycle of a vehicle.

Read more: The electric vehicle manufacturer expects recurring revenue from connected services

The services will include a commercial vehicle fleet management platform, along with membership services for consumer vehicles.

Rivian has raised $13.7 billion in total revenue through its initial public offering (IPO) as of November. The company delivered a pickup truck in September and an SUV in December, and plans to roll out a commercial delivery truck.

Rivian CEO RJ Scaringe said consumer and commercial products will come with value-added services to help with vehicle lifecycles.

“Beginning with a clean sheet, we have built a vertically integrated ecosystem consisting of our vehicle technology platform, cloud infrastructure, product development and operational capabilities, and products and services,” Scaringe said.

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