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

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

May 22, 2023 / 8 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 . 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

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.

chance of approval

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.

Rewards
This card doesn’t offer rewards

Expert Appraisal: Unimpressive
See our expert analysis
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
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.
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).

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.

U.S. Bank Visa® Platinum Card

Bankrate Score

4.1

See Rates & Fees , Terms Apply

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

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.

Citi® Double Cash Card

Bankrate Score

4.2

See Rates & Fees , Terms Apply

Apply now

on Citi's secure site

Annual fee

$0

Intro offer

N/A

Rewards rate

2%

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

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.

Wells Fargo Reflect® Card

Bankrate Score

4.4

See Rates & Fees , Terms Apply

Apply now

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)

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.

Considering the Citi Double Cash offers the same balance transfer intro APR period as the U.S. Bank Visa Platinum, it poses some noteworthy competition. Along with getting a chance to chip away at your balance, you can also earn unlimited 2 percent rewards on all purchases (1 percent when you buy, 1 percent when you pay). A rewards structure gives the Double Cash card more long-term value and makes 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 can pay off your debt before the intro APR period ends and avoid carrying a large balance, since interest charges would quickly diminish your potential cash back earnings. The intro APR for the Double Cash also doesn’t extend to purchases, so even if you are earning rewards, you need to pay off your balance on time each month to avoid interest.

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 is a better card if you also want to earn rewards with responsible card use.
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.
One feature where the U.S Bank Visa Platinum does win out is the 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 with the Wells Fargo Reflect’s 5 percent, minimum $5 balance transfer fee.

These factors make the U.S. Bank Visa Platinum the more cost effective option, but the Wells Fargo Reflect’s longer intro offers could still take the cake when it comes to 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 of 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 put all focus into paying off 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?

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.

U.S. Bank Visa® Platinum Card review: Solid intro APR offer, but limited long-term value

The Bankrate promise

Snapshot

U.S. Bank Visa® Platinum Card

U.S. Bank Visa® Platinum Card Overview

Rates and fees

Other cardholder perks

U.S Bank Visa Platinum pros and cons

Pros

Cons

Why you might want the U.S Bank Visa Platinum

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

Rates and fees: A fairly low cost card all around

Why you might want a different balance transfer card

Rewards: No rewards program, low long-term value

Cardholder perks: Minimal at best

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

U.S. Bank Visa® Platinum Card

Citi® Double Cash Card

Wells Fargo Reflect® Card

U.S. Bank Visa Platinum vs. Citi® Double Cash Card

U.S. Bank Visa Platinum vs. Wells Fargo Reflect® Card

Who is the U.S Bank Visa Platinum right for?

Focused debt repayers

Cost-conscious debt reducers

People who favor payment plans

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

Frequently asked questions

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

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

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

Does the intro APR only apply to balance transfers?