Skip to Main Content

U.S. Bank Visa® Platinum Card review: Solid intro APR offer, but limited long-term value

Fend off interest for a while, but don’t expect to rack up rewards with this card.

 /  11 min
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for and how we rate our cards. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Snapshot

3.9

Bankrate rating
Info
Rating: 3.9 stars out of 5

Bottom line

The U.S. Bank Visa Platinum offers cardholders dedicated to paying down a balance a solid introductory offer on both balance transfers and new purchases, although its lack of rewards limits its long-term value.

Image of U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card

*
  • Introductory offer
    Rating: 5 stars out of 5
    5 / 5
    APR
    Rating: 5 stars out of 5
    5 / 5
    Fees
    Rating: 3 stars out of 5
    3 / 5
    Features
    Rating: 1 stars out of 5
    1 / 5
Good to Excellent (670 – 850)
Info
Recommended Credit

0% intro APR for 21 billing cycles on balance transfers

Balance transfer intro APR

18.74% - 29.74% (Variable)

Regular APR

N/A

Rewards rate

Info

$0

Annual fee

U.S. Bank Visa® Platinum Card Overview

Getting a head start on paying down existing credit card debt can be easier with a lengthy introductory APR period, and the U.S. Bank Visa® Platinum Card is a good choice if you need more than a year of breathing room to pay off your existing balance or finance new expenses.

While it’s not the best balance transfer card offer available, the U.S. Bank Visa Platinum card carries one of the better intro periods for both purchases and balance transfers. But like most balance transfer cards, its lack of rewards hinders its ongoing value after you’ve settled your balance. Before you make your decision, you should consider competing cards and even rewards cards with shorter intro APR offers to see which option will be more worthwhile in the long run.

  • Credit Card Cash Back
    Rewards
    • This card doesn’t offer rewards

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Credit Card Apr
    0% APR offer
    • 0 percent intro APR on purchases for 21 billing cycles
    • 0 percent intro APR on balance transfers (completed within the first 60 days) for 21 billing cycles
    • 3 percent balance transfer fee ($5 minimum)
    • 18.74 percent to 29.74 percent ongoing variable APR

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • No annual fee
    • 3 percent balance transfer fee ($5 minimum)
    • 3 percent foreign transaction fee
    • No penalty APR
    • U.S Bank ExtendPay® Fees (Monthly fee, disclosed upon enrollment, that doesn’t exceed 1.6 percent of the principal amount in a U.S. Bank ExtendPay® Plan or U.S. Bank ExtendPay® Loan)

    Expert Appraisal: Good
    See our expert analysis

  • Congrats

    Other cardholder perks

    • Cellphone protection (up to two $600 claims per 12-month period, $25 deductible)
    • U.S. Bank ExtendPay®

    Expert Appraisal: Unimpressive
    See our expert analysis

U.S Bank Visa Platinum pros and cons

Pros

  • Checkmark

    This card has no annual fee, which is ideal for keeping a focus on paying off debt.

  • Checkmark

    Its intro APR offer is relatively long, giving cardholders one of the longest breaks from interest on balance transfers and new purchases.

  • Checkmark

    Its lowest ongoing APR starts slightly below the current average credit card interest rate.

  • Checkmark

    It comes with cellphone protection when you pay your monthly phone bill with your card (up to two $600 claims per 12-month period, $25 deductible).

Cons

  • Doesn’t have a rewards program or a reward-based sign-up bonus, which limits its long-term value.

  • You must have good to excellent credit (670 to 850) for feasible approval, which reduces the number of eligible applicants.

  • The card has a limited number of perks and benefits compared to other balance transfer cards.

Why you might want the U.S Bank Visa Platinum

The U.S Bank Visa Platinum gets the job done as a balance transfer credit card. Its intro APR offers are competitive, it costs nothing to hold and you could end up with a relatively low ongoing APR.

Intro APR offer: Competitive intro offer that includes purchases and balance transfers

The intro APR period for this card is longer than the intro terms on other balance transfer cards and includes new purchases for the entire duration. The 0 percent intro APR period of 21 billing cycles falls right at the top of the pack, since the longest intro period can be up to 21 months and the shortest as low as 12 months. Then, the ongoing APR is 18.74 percent to 29.74 percent variable.

One of the best things about this intro offer is that it extends beyond balance transfers to include purchases. This way, you can transfer a balance or finance a larger purchase while saving on interest for both.

Rates and fees: A fairly low cost card all around

The U.S. Bank Platinum has fewer fees than other balance transfer cards. You won’t have to pay an annual fee just to hold the card or a penalty APR if you miss a payment. Limiting additional fees allows cardholders to focus on paying off their balance without worrying over extra costs.

The 3 percent ($5 minimum) balance transfer fee is on the low end of what you typically find on this kind of card. Some balance transfer cards have a transfer fee of up to 5 percent of the transferred balance. A lower balance transfer fee means less additional costs on your balance, lowering the overall cost of your debt payoff plan.

Why you might want a different balance transfer card

While the U.S Bank Visa Platinum is a good balance transfer card, it’s not the best available. The card’s lack of a rewards program and robust cardholder perks put a damper on this card’s overall value.

Rewards: No rewards program, low long-term value

You won’t earn rewards for purchases you make with the U.S. Bank Visa Platinum card. While this fact can be disappointing, it doesn’t automatically make this card a bad choice. As a balance transfer card, it can still help cardholders focus on reducing their debt instead of adding to it for the sake of earning rewards. However, a lack of rewards affects the longevity of the card’s value, which is something to keep in mind after the intro APR ends. Other cards, particularly some cash back and rewards cards, have generous intro APR periods on balance transfers and new purchases.

Cardholder perks: Minimal at best

The U.S Bank Visa Platinum card carries two noteworthy perks. The first is its cellphone protection coverage. By paying your cellphone bill each month with your card, U.S bank will cover any associated phones for up to $600 per eligible 

damage or loss claim — minus a $25 out-of-pocket deductible. U.S. Bank may reimburse you, or you could receive equivalent replacement phones from two possible claims each year for up to $1,200 in annual coverage.

The second perk is U.S Bank’s pay over time feature, the U.S. Bank ExtendPay® Plan. With this feature, you can divide large purchases into fixed monthly payments to pay off over time. Instead of interest, U.S. Bank charges a monthly fee that doesn’t exceed 1.6 percent of the purchase price (see terms). This feature can be especially handy for holiday shopping or travel expenses.

Aside from these two benefits, there isn’t much in the way of cardholder perks with the U.S. Bank Platinum. That said, the card’s intro APR periods are its best features and carry the bulk of its utility. Unless you plan to make the most of these features, you should find a different card with perks suited to your needs.

How the U.S Bank Visa Platinum compares to other balance transfer cards

The U.S. Bank Visa Platinum card has extended intro APR periods on both purchases and balance transfers, but depending on your long-term needs, it may not be the best option. Here are other competing balance transfer cards you can consider.

Image of U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Citi Double Cash® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Citi's secure site

Annual fee

$0

Intro offer

$200 cash back
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Wells Fargo Reflect® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Wells Fargo's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
Info

Who is the U.S Bank Visa Platinum right for?

If you identify with one of these profiles, the U.S. Bank Visa Platinum may be the card you need in your overall debt pay-off strategy. However, if this card isn’t right for you, you may have to do more research in choosing a balance transfer card.

Bankrate’s Take — Is the U.S. Bank Visa Platinum Card worth it?

The U.S. Bank Visa Platinum doesn’t have the lowest ongoing APR or best long-term value after settling your balance, but it’s a solid option if you just need an above-average timeframe to finish paying off your credit card debt.

Its cellphone protection and relatively low balance transfer fee give it an edge over other balance transfer cards, but a rewards card with a solid intro APR and sign-up bonus could be much more rewarding down the road.

Dig deeper: Is the U.S Bank Visa Platinum card worth it?

How we rated this card

Document
100+
Cards rated
Credit Card Apr
400+
APRs tracked
Search
3000
Data points analyzed
Credit Card Reviews
40+
Perks evaluated

Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of balance transfer / low interest and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score:

Frequently asked questions

Written by
Ashley Parks
Former Editor, Credit cards

As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.

Edited by Senior Editor, Credit Cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.