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U.S. Bank isn't as big a player in the rewards credit card space as Chase or Amex, but it's just launched a new product that could give well-known cards some competition.

The U.S. Bank Altitude® Connect Visa Signature® Card is now open for applications and it's offering a welcome bonus of 50,000 points after you spend $3,000 on purchases in the first 120 days of account opening. There's a $95 annual fee, but it's waived the first year.

Each point is worth 1 cent toward cash back, travel, gift cards, or merchandise, so this bonus is worth $500 in rewards. For ongoing earning, the card has solid bonus categories that are appealing whether you're traveling or sticking close to home, including an uncapped 4x points on travel and at gas stations.

It also comes with a wide range of perks, including up to $30 in annual streaming credit, Global Entry or TSA PreCheck application fee credit, cell phone protection, and Visa Signature benefits.

Here's what to know if you're considering applying for the card.

Along with a welcome bonus worth $500, the U.S. Bank Altitude® Connect Visa Signature® Card offers a variety of bonus categories that can help you earn more rewards for your everyday spending.

You'll earn:

There are plenty of credit cards that earn more rewards for groceries, dining, and streaming — for example, the American Express® Gold Card earns 4x points on restaurants worldwide and on up to $25,000 per year at U.S. supermarkets (then 1x), and the Blue Cash Preferred® Card from American Express offers 6% back on select U.S. streaming subscriptions and on up to $6,000 per year at U.S. supermarkets, then 1% (cash back is received in the form of Reward Dollars).

However, the 4x return on travel and at gas stations offered by the U.S. Bank Altitude® Connect Visa Signature® Card is pretty compelling. There are other cards that are strong earners in these categories, like the Citi Premier® Card, which earns 3x at gas stations and on airfare and hotels — but there aren't many cards that do better on both travel and gas.

Sometimes — including now through June 30, 2021 — gas stations are included in the rotating 5% back bonus categories on the Chase Freedom Flex? and Chase Freedom® (no longer available to new applicants) cards, but those categories change every quarter and are capped to $1,500 in combined purchases when you activate (then 1% back).

The U.S. Bank Altitude® Connect Visa Signature® Card could be a good addition to your wallet if you don't already have cards that earn a bonus in these categories.

Streaming, in particular, isn't often included as a credit card bonus category, and if you've been spending a lot more on services like Netflix or Spotify during the pandemic, there's another reason the card could be worth a look. Each 12-month period, as long as you've used the card to pay for eligible streaming services in the previous consecutive 11 months, you'll receive a $30 credit.

Qualifying services include:

Cardholders are also eligible for a statement credit every four years toward the Global Entry ($100) or TSA PreCheck ($85) application fee. These programs can save you a lot of time waiting in line at the airport, but if you're already enrolled you can always use your card to pay for someone else's application and still receive the credit. International travelers can save money when they use the card overseas, too, because it doesn't add foreign transaction fees.

Another perk that's becoming more common on rewards credit cards is cell phone protection. When you use the U.S. Bank Altitude® Connect Visa Signature® Card to pay your wireless bill, you're eligible for up to $600 in coverage if your phone is damaged or stolen. There's a $100 deductible with a maximum of one claim per year.

The U.S. Bank Altitude® Connect Visa Signature® Card also offers a range of Visa Signature benefits, including concierge services, a golf program, access to exclusive food and wine events, and Visa Signature Luxury Hotel Collection perks. Cardholders also receive protections like roadside dispatch and travel emergency assistance services.

Jasmin Baron is an associate editor at Personal Finance Insider, where she helps readers maximize rewards and find the best credit cards to fit their lifestyles. She has covered credit cards, points and miles, and loyalty programs for over seven years, and she's a Certified Educator in Personal Finance (CEPF).