Does the U.S. Bank Platinum have the longest intro APR for a balance transfer card?

No. The U.S. Bank’s offer is fairly long, but it isn’t the longest intro APR offer among the best balance transfer credit cards.

What credit score do I need for the U.S Bank Platinum?

U.S. Bank recommends having a good to excellent credit score for feasible approval, which will range from 670 to 850 on the FICO scale.

How often does U.S. Bank increase credit limits?

Qualifying credit card accounts may be eligible for an automatic credit limit increase six months after you open an account (based on periodic account reviews) — though there is no certainty on when U.S. Bank will automatically boost credit limits.

Does the intro APR only apply to balance transfers?

No. The intro APR applies to both purchases and balance transfers with the U.S. Bank Platinum, so it’s ideal for financing upcoming large purchases and paying down transferred debt.

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.

Written by

Ashley Parks

Edited by

Courtney Mihocik

Nov 14, 2023 / 11 min

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

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.

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)

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.

Recommended Credit

Balance transfer intro APR

Regular APR

N/A

Rewards rate

Rewards rate is not available for this credit card.

Annual fee

On This Page

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.

Rewards
This card doesn’t offer rewards

Expert Appraisal: Unimpressive
See our expert analysis
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
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
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

This card has no annual fee, which is ideal for keeping a focus on paying off debt.
Its intro APR offer is relatively long, giving cardholders one of the longest breaks from interest on balance transfers and new purchases.
Its lowest 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).

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.

U.S. Bank Visa® Platinum Card

Bankrate Score

3.9

Annual fee

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)

Citi Double Cash® Card

Bankrate Score

4.2

See Rates & Fees , Terms Apply

Apply now

on Citi's secure site

Annual fee

Intro offer

$200 cash back

Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

Rewards rate

1% - 5%

Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

Recommended Credit Score

Good to Excellent (670 – 850)

Wells Fargo Reflect® Card

Bankrate Score

4.3

See Rates & Fees , Terms Apply

Apply now

on Wells Fargo's secure site

Annual fee

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)

The Citi Double Cash® Card card is one of the U.S. Bank Visa Platinum card’s fiercest competitors. It offers the same balance transfer intro APR period as the U.S. Bank Visa Platinum and rewards cardholders with up to 2 percent back on all purchases (1 percent when you buy, 1 percent when you pay). A rewards program like this gives the Double Cash card more long-term value than the U.S. Bank Visa Platinum, making it more worthy of a spot in your wallet after your intro APR period ends.

However, the Double Cash card is only worthwhile if you pay off your debt before the intro APR period ends and if you avoid carrying a large balance because interest charges can quickly diminish your potential cash back earnings. The intro APR for the Double Cash also doesn’t include new purchases. Even if you are earning rewards, you need to pay off your balance on time each month to avoid interest charges.

While U.S. Bank Visa Platinum is better if your priority is to save money on interest for a short period, whether you're making new purchases or paying down debt, the Citi Double Cash has better long-term value because it earns cash back on new purchases.
Though these two cards have similar features, the Wells Fargo Reflect comes with a longer intro APR offer on both purchases and qualifying balance transfers. If you want as much time as possible to pay down your balance, the Wells Fargo Reflect is the obvious winner between the two. The Wells Fargo Reflect may also carry a slightly lower interest rate after its intro APR period ends.

The U.S Bank Visa Platinum has a lower introductory balance transfer fee. Though you have less time to transfer a balance than you do with the Wells Fargo Reflect (60 days with U.S. Bank and 120 days with Wells Fargo), the 3 percent transfer ($5 minimum) fee on the U.S Bank Visa could save you a significant amount compared to the Wells Fargo Reflect’s 5 percent, minimum $5 balance transfer fee. For instance, a $1,000 balance transfer to the U.S. Bank Visa Platinum will cost $30 if you transfer it in the first 60 days. The same transfer to the Wells Fargo Reflect will cost $50, but you’ll have up to 120 days to transfer it to qualify for the intro APR.

These factors make the U.S. Bank Visa Platinum the more cost effective option in the short term, but the Wells Fargo Reflect’s longer intro APR offers are more closely aligned with a balance transfer card’s primary purpose: offering maximum time to pay down balances.

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.

The lack of a rewards structure could be a welcome benefit on the U.S Bank Visa Platinum for people who only want to do one thing with their balance transfer card: pay down debt with limited added costs. Without the possibility to earn rewards, cardholders can focus on paying down their balances and saving as much on interest as they can thanks to the card’s intro APR offers.
While you won’t often escape a balance transfer fee with a balance transfer card, the lower the fee is, the more cost-effective the card. People who want to add as little extra cost to their balance as possible will benefit from the U.S Bank Platinum's low balance transfer fee. There’s also no penalty APR on the card, so U.S Bank won’t automatically tack on an inflated APR if you happen to miss a payment (though you will have to pay a late payment fee up to $41 and likely suffer a hit to your credit score).
The U.S. Bank ExtendPay® Plan is an uncommon feature, especially among balance transfer cards. The plan allows you to pay off a large purchase (or several purchases) in equal payments on a payment plan. Instead of interest, U.S Bank charges a fixed monthly fee, which could be more cost-effective over time. If you are someone who might benefit from the opportunity to pay off a purchase on a payment plan, then the U.S Bank Visa Platinum is a great choice.

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

100+

Cards rated

400+

APRs tracked

3000

Data points analyzed

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:

The primary factor in a balance transfer or low-interest card’s rating is the quality of its introductory APR offer and ongoing APR. This includes both the introductory rate itself and the length of the intro APR on both balance transfers and new purchases.

For cards designed primarily for balance transfers, the intro APR offer on balance transfers has the largest impact on overall score. The quality of these cards’ intro APR on new purchases is also considered, but holds less weight than the intro APR on balance transfers.

For general low-interest cards, the intro APR offer on new purchases has the largest impact on overall score, followed by the ongoing APR and intro APR offer on balance transfers. This weighting assumes cardholders considering a card in this category will prioritize payment flexibility on new purchases or may need to carry a balance long term, whereas cardholders trying to pay off debt will opt for a dedicated balance transfer card.

The cards that score the highest in these categories tend to offer long 0-percent intro APRs on both balance transfers and new purchases as well as a lower-than-average low-end APR.
Along with evaluating each card’s intro APR offers, we score balance transfer and low-interest cards based on their fees.

Of primary importance is a card’s balance transfer fee, since this can play a large role in the total cost of a balance transfer. We rate each card’s balance transfer fee based on how it stacks up against the fee you’ll find on competing cards.

While this fee carries less weight when we assess general low-interest cards than dedicated balance transfer cards, it still factors into our evaluation since cardholders may decide to transfer debt to a low-interest card even if it offers no intro APR or an intro APR higher than 0 percent.

And while a lower balance transfer fee could save you more overall than a few extra months of 0-percent intro APR, this fee carries less weight in our scoring system than a card’s introductory APR and intro APR period. This is because many users prioritize getting as much time as possible to pay off debt while avoiding interest.

Our ratings also factor in the presence of annual, foreign transaction, cash advance and late payment fees, along with penalty APRs. Annual fees are weighted most heavily since these are the only “unavoidable” fees in the list and tend to be less common on dedicated balance transfer and low-interest credit cards.
While getting a generous intro APR offer and low ongoing APR are likely to be the biggest priorities for someone looking for a low-interest or balance transfer card, we also consider how much value a card can offer after its intro APR comes to an end.

Balance transfer and low-interest cards receive a higher rating if they also include an ongoing rewards program or unique and valuable perks. Such features make a card more useful long term and make it less likely you’ll need to apply for a new card (and temporarily hurt your credit score) after you pay off debt.

Frequently asked questions

No. The U.S. Bank’s offer is fairly long, but it isn’t the longest intro APR offer among the best balance transfer credit cards.
U.S. Bank recommends having a good to excellent credit score for feasible approval, which will range from 670 to 850 on the FICO scale.
Qualifying credit card accounts may be eligible for an automatic credit limit increase six months after you open an account (based on periodic account reviews) — though there is no certainty on when U.S. Bank will automatically boost credit limits.
No. The intro APR applies to both purchases and balance transfers with the U.S. Bank Platinum, so it’s ideal for financing upcoming large purchases and paying down transferred debt.