U.S. Bank Visa® Platinum Card review

Bankrate Staff  in  Balance Transfer How we rate our cards  | 

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U.S. Bank Image

Recommended Credit Score

Good to Excellent (670 - 850)

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:
$0*
Purchase Intro APR:
0%* for 20 billing cycles on purchases*
Balance Transfer Intro APR:
0%* intro on BTs for 20 billing cycles
Regular APR:
13.99% - 23.99%* (Variable)
Terms and Restrictions Apply | Rates and Fees

Bankrate Rating

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our balance transfer category page.

 

Best for financing a large purchase

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $0
  • Purchase intro APR: 0 percent APR for 20 billing cycles
  • Balance transfer intro APR: 0 percent APR for 20 billing cycles
  • Regular APR: 13.99–23.99 percent variable

If you’ve ever had an unexpected expense and wondered how you would pay for it, the U.S. Bank Visa Platinum Card might be the answer. Although the card doesn’t offer a rewards program, it comes with one of the longest intro APR periods. Cardholders of the U.S. Bank Visa Platinum credit card enjoy a 0 percent intro APR for 20 billing cycles on purchases and balance transfers (13.99–23.99 percent variable APR thereafter)

Current sign-up bonus

With this card, there’s no official cash back bonus or points incentive. The welcome offer, however, provides an extra-long interest-free period. Having 20 interest-free billing cycles to finance a major purchase might make this card attractive enough all on its own. In today’s landscape, that’s one of the longest intro APR offers on the market.

Benefits

No annual fee and the offer of a lengthy 0 percent intro interest rate on purchases and balance transfers are just two of the U.S. Bank Visa Platinum benefits that make this card an option worth looking into.

0 percent intro APR on purchases

Paying no interest for 20 billing cycles is the main selling point of the U.S. Bank Platinum Visa card. The interest-free period is generous and provides cardholders with breathing room from finance charges while paying off a large expense. Afterward, your APR will be 13.99 percent–23.99 percent variable.

0 percent intro APR on balance transfers

The card also offers a lengthy interest-free period for transferred balances. The 0 percent intro APR applies to balance transfers made within 60 days of account opening and is valid for the first 20 billing cycles. Afterward, your APR will be 13.99 percent–23.99 percent variable.

However, there’s a balance transfer fee of 3 percent or $5, whichever is greater.

No annual fee

Applying for this card and holding onto it later won’t cost you anything. After you take advantage of the intro interest-free period and pay off the balance, you can treat it as a backup card without worrying about paying an annual fee or request to switch to a different card from the issuer.

Cell phone insurance

Not many cards provide cell phone insurance, but U.S. Bank Platinum Card still offers this perk. Cardholders who pay their cell phone bill with this card are automatically eligible for cell phone insurance. With a $25 deductible, the coverage protects against damage or theft up to $600.

Free credit score access

Once cardholders enroll in online banking, their TransUnion credit score is available at no cost. Email notifications alert cardholders when significant changes to the credit report occur.

Rates and fees

This card has no annual fee.

The U.S. Bank Visa Platinum Card provides those with excellent credit an intro APR of 0 percent for more than a year and a half—20 billing cycles—on both new purchases and balance transfers.

The 0 percent intro APR applies to U.S. Bank Platinum credit card balance transfers made within 60 days of account opening and is valid for the first 20 billing cycles.

The U.S. Bank Platinum Card’s 3 percent or $5 whichever is greater, balance transfer fee is unfortunate, but not at all uncommon.

After the intro period, the U.S. Bank Platinum credit card’s undiscounted variable APR is 13.99 percent–23.99 percent, depending on your creditworthiness.

This not a travel card, so the foreign transaction fees shouldn’t be a surprise. The U.S. Bank Platinum credit card foreign transaction fee is 2 percent of each foreign purchase transaction or foreign ATM advance transaction in U.S. dollars or 3 percent in a foreign currency.

How the U.S. Bank Visa Platinum Card compares to other low-interest cards

When looking for the best balance transfer card, it’s important to weigh your options.

The U.S. Bank Visa Platinum Card has one of the longest intro APR periods out there, both on balance transfers and new purchases. But, depending on your long-term needs, it may or may not be not be the best option for you.

If you want to earn cash back, you might want to consider another option like the Chase Freedom Unlimited®. Although you will have to pay interest on any transferred balances, you will benefit from the generous cash-back rewards program. The Wells Fargo Platinum card is another option that provides 18 months of 0 percent intro APR on purchases from account opening and qualifying balance transfers. Afterward, your APR will be 16.49 percent–24.49 percent variable.

U.S. Bank Visa Platinum Card Wells Fargo Platinum Card Chase Freedom Unlimited Card
Annual fee $0 $0 $0
Introductory period 0 percent intro APR for 20 billing cycles on purchases and balance transfers.   Balance transfer fees do apply. 13.99–23.99 percent variable interest thereafter. 0 percent introductory APR for 18 months on purchases from account opening and qualifying balance transfers. 16.49-24.49 variable APR thereafter. 0 percent intro APR for 15 months from account opening on purchases. 14.99–23.74 percent variable interest thereafter.
Rewards None None Cashback rewards:
  • 5 percent on travel purchases through Chase Ultimate Rewards
  • 3 percent on dining at restaurants, including takeout and eligible delivery services
  • 3 percent on drugstore purchases
  • 1.5 percent on all other purchases

Best cards to pair the U.S. Bank Visa Platinum Card with

Cards with the best rates rarely offer the best rewards. But who says you can’t have both?

Since the U.S. Bank Platinum Card doesn’t provide any cash back rewards, you can use that card for financing only and then use another card, like the Chase Freedom Unlimited card, for everyday purchases that you will pay in full each month. Because every little bit counts, the cash back you earn will make paying off the balance that much easier.

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

If you are looking for rewards, this card is obviously not for you. But if you have an outstanding credit card balance to pay off or want to finance a large purchase without getting killed with interest, this card is a good option.

Before applying for any balance transfer card, calculate how long it will realistically take to pay off the transferred balance. You can calculate this with a balance transfer calculator. If you need 20 months, then this card is perfect. If you don’t necessarily need that long, you might want to look for a card that has a shorter 0 percent offer but can provide benefits, like ongoing cash back rewards or a sign-up bonus.

Pros

  • No annual fee
  • intro APR on purchases and balance transfers
  • Cell phone insurance protects against damage or theft up to $600

Cons

  • No rewards
  • Balance transfer fee
  • Credit requirements are stringent
  • No rental car insurance
  • Foreign transaction fee

The information about the U.S. Bank Visa® Platinum Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.