As if you needed another reason to watch the Olympics, US Bank is currently offering a fun promotion that ties the sign up bonus you’ll receive to the number of medals that the US wins in London.

When you sign up for a new FlexPerks Travel Rewards Visa Signature card by August 31, 2012 and spend $2,500 within the first 5 months, you’ll receive 500 bonus FlexPoints for each gold medal the US wins, 250 points for each silver and 100 for each bronze. Based on the United States’ medal count so far, it’s projected that the bonus should be worth approximately 30,000 FlexPoints when all is said and done. 30,000 FlexPoints can be redeemed for either $300 in statement credit or up to $600 towards airfare.

Update 8/13: With the Olympics now complete, we now know the bonus will total 33,150 FlexPoints, or up to $663 towards airfare.

FlexPerks Travel Rewards Benefits
The card earns 2 FlexPoints per dollar spent on gas, groceries and airfare–whichever of these categories you spend the most in a given billing cycle–as well as 2 points per dollar spent on telecommunication services or products. All other eligible purchases will earn 1 FlexPoint per dollar.

A few other noteworthy benefits of the card include:

• EMV Chip Technology – Enjoy improved acceptance in Canada and overseas
• $25 airline allowance with each award ticket means you’ll be reimbursed up to $25 toward incidental airline expenses, such as baggage fees or in-flight food and drinks charged to your card.
• Earn Triple FlexPoints for your charitable donations
• Internet Banking customers receive their Experian® Credit Score for free

The card has a $49 annual fee, which is waived for the first year. It is also possible to switch your card to the U.S. Bank FlexPerks® Select Rewards Visa® Card after the first year, which does not carry an annual fee. That card, however, earns only 1 point per $2 spent.

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