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.