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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.

 /  8 min
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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 . 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

4.1

Bankrate rating
Info
Rating: 4.1 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
chance of approval
Info

U.S. Bank Visa® Platinum Card

Rewards rate

N/A

Annual fee

Intro offer

N/A

U.S. Bank Visa® Platinum Card Overview

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.

  • 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 18 billing cycles
    • 0 percent intro APR on balance transfers (completed within the first 60 days) for 18 billing cycles
    • 3 percent balance transfer fee ($5 minimum)
    • 19.49 percent to 29.49 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

    Offers a solid intro APR offer compared to other balance transfer cards.

  • Checkmark

    Its 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.

  • Has limited 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 and the cost for carrying the card is relatively low.

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

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.

Rates and fees: A fairly low cost card all around

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.

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 lack of a rewards program and scarce cardholder perks put a damper on this card’s overall value.

Rewards: No rewards program, low long-term 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.

Cardholder perks: Minimal at best

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.

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

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.

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

N/A

Rewards rate

2%
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?

Frequently asked questions

Written by
Ashley Parks
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

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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.