
U.S. Bank Visa® Platinum Card
Rewards rate
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Intro offer
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Fend off interest for a while, but don’t expect to rack up rewards with this card.
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4.1
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.
Rewards rate
N/AAnnual fee
Intro offer
N/APay over time APR
Regular APR
Getting a head start on paying down your 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. That said, its lack of rewards means it doesn’t offer much 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.
Expert Appraisal: Unimpressive
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Expert Appraisal: Good
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Expert Appraisal: Good
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Expert Appraisal: Unimpressive
See our expert analysis
This card has no annual fee, which is ideal for keeping a focus on paying off debt.
Offers a solid intro APR offer compared to other balance transfer cards.
Its ongoing APR starts slightly below the current average credit card interest rate.
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).
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.
Has limited perks and benefits compared to other balance transfer cards.
The U.S Bank Visa Platinum gets the job done as a balance transfer credit card. Its intro APR offers are competitive and the cost for carrying the card is relatively low.
While the intro APR offer for this card isn’t the longest available, it is competitive compared to other balance transfer cards. The 0 percent intro APR period of 18 billing cycles falls in the middle of the pack, since the longest intro offers run up to 21 months and the shortest can be as short as 12 months. Then, the ongoing APR is 19.49 percent to 29.49 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.
The U.S. Bank Platinum has few fees that fall outside of what’s standard on a balance transfer card. 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 standard, since 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.
While the U.S Bank Visa Platinum is a good balance transfer card, it’s not the best available. The lack of a rewards program and scarce cardholder perks put a damper on this card’s overall value.
Unfortunately, the U.S. Bank Visa Platinum doesn’t earn rewards for spending. While this can be disappointing, it doesn’t automatically make this card a bad choice. It can help cardholders focus on reducing their debt instead of adding to it for the sake of earning rewards. Still, it does affect the longevity of the card’s value, which is something to keep in mind after the intro APR ends.
There are only two worthwhile perks to mention about the U.S Bank Visa Platinum. 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. Since the card lacks perks, it may have even less value for many people.
The U.S. Bank Visa Platinum card has one of the longest intro APR periods on both purchases and balance transfers out there, but depending on your long-term needs, it may not be the best option. Here are other competing balance transfer cards you can consider.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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.
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?
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