U.S. Bank Visa Platinum Credit Card
Do you carry a balance on a credit card? Do you pay the minimum payment every month but still can’t break the vicious cycle of owing money? If you’re serious about getting out of debt, you should consider a balance transfer card. Many cards on the market offer a promotional, interest-free period, and the U.S. Bank Visa Platinum card is one of them.
This credit card has one of the longest time periods for an introductory Annual Percentage Rate. You’ll have 18 billing cycles to pay off your balance with no interest after transferring it to this card. It is quite a generous offer and is enough for most consumers to eliminate debt.
Where this card is lacking is its overall benefits. It does, however, include cell phone protection. There isn’t much else, though. The card doesn’t offer any cash back or points. On the bright side, it charges no annual fee.
Credit card rewards are all the rage these days, and the U.S. Bank Visa Platinum card might not be on your radar. However, if you have debt and aren’t quite ready for a rewards card, this credit card might be a good option. Eliminating credit should be your top priority, so let’s take a look at how this card can help.
Features and Benefits
The biggest perk of the U.S. Bank Visa Platinum card is its low introductory balance transfer offer. With this card, you get to enjoy an interest-free life for the first 18 months after opening the account. Note that the balance transfer must be made within the first 60 days of being a card member in order to qualify for the promotional rate.
The 0% APR offer is valid for both purchases and balance transfers. After the promotional APR period is over, a standard rate of 10.99 to 22.99 percent will apply.
Additionally, cardholders who pay their cell phone bill with this card receive a cell phone protection benefit. If your phone is damaged or stolen, you’re covered for up to $600 per occurrence and $1,200 per 12-month period. A $25 deductible applies. The cell phone protection does not cover a loss, only damage and theft.
The U.S. Bank Visa Platinum Card does not charge annual fees.
What You Get
- 0% APR for 18 months on balance transfers and purchases
- No annual fee
- Cell phone protection of up to $600
- Free TransUnion credit score
- EMV chip technology
Saving on Purchases with U.S. Bank Visa® Platinum Card
The 0% APR applies to both balance transfers made in the first 60 days of opening the account and purchases made within the first 18 months. Because interest rates of 10.99 to 22.99 percent kick in after the promotional period is over, make sure you’re able to pay the balance back before then.
Are you remodeling your house? Or paying an expensive car repair bill? Perhaps, an emergency came up and you need the money quickly? With the U.S. Bank Visa Platinum card, you can spread out your payments over 18 months.
This card might be a better option than applying for a short-term loan with interest at a local bank. If you don’t think you can pay off the balance within 18 months, I do not recommend spending beyond your means.
Saving on Balance Transfers with U.S. Bank Visa® Platinum Card
Unfortunately, transferring a balance to this credit card isn’t free. A balance transfer fee of either 3 percent or $5 applies.
Say, you have a $1,000 balance on another card, and you’re paying 15 percent interest. It’ll cost you $30 to transfer it and then nothing for 18 months. That will save you quite a bit in the end.
If you keep the balance on that card and pay $55 every month, you’ll accrue about $142 in interest. So, after the balance transfer fee is factored in, transferring that balance to a 0% APR card will save you about $112.
Be Aware: What You need to Know
Keep in mind that the 0% APR applies to balance transfers made in the first 60 days of card membership only. After that, a higher interest will apply. For new purchases, the 0% APR is valid for the entire duration of the promo. The promotional rate does not apply to cash advances.
Your minimum payments will be applied to lower interest balances first, and all additional payments will apply to higher interest balances first. If you make a large purchase on your U.S. Bank credit card, I recommend making sure you can pay off the balance while the promotional APR terms still apply.
Best Ways to Use U.S. Bank Visa® Platinum Card
These are the best uses for the U.S. Bank Visa Platinum card.
Short Term LoanYes
Should You Keep the Card?
Carrying a card that allows you to pay off your balance with no interest for 18 months is incredibly helpful if you’re trying to ditch debt. But is this card worth keeping? Perhaps. The card costs nothing, which helps in the decision to use the card after the promotional period is over. But you should weigh all the pros and cons of keeping the card in your wallet.
The U.S. Bank Visa Platinum card will start charging interest on purchases made after 18 months, and your main goal is to get out of debt. If you plan on paying off the card every month after your debt is gone, you might want to apply for a rewards card and start using credit to your advantage. Luckily, there’s no shortage of cashback and travel cards available.
On the other hand, keeping an active credit card in good standing increases your average age of accounts along with your credit score, so closing it might not be the best idea, either. Because there’s no annual fee, you don’t lose anything by keeping the card open, but perhaps you shouldn’t use it often and instead focus on earning rewards with another card.
U.S. Bank Savings Calculators
If you’re still trying to decide if you should get the U.S. Bank Visa Platinum card, our interactive tools can help. Just input your current outstanding debt, estimated new purchases, APR and minimum monthly payments, and we’ll estimate the savings you’ll get for purchases and balance transfers made with the Visa card.
Let us know how you plan to use the card, and we’ll figure out how much you’ll save.
U.S. Bank Visa® Platinum Card
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Balance Transfer Calculator
Do you have outstanding debt? Here’s how much you’ll save by transferring it to the U.S. Bank Visa Platinum Card.
U.S. Bank Visa® Platinum Card
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Should You Get the U.S. Bank Visa Platinum Card?
The U.S. Bank Visa Platinum credit card is a solid choice for those looking to get out of debt. Paying no interest for 18 months can really help when you’re trying to pay off a big balance. Although I typically do not recommend applying for a new line of credit while carrying debt, this card can be a good option to get your finances back on track.
You have to be serious about your goal. Consolidate your balances into one place, look at the total sum owed and create a payment plan by diving that sum by 18 months. To avoid paying any interest in the future, you have to stick to the plan and pay off your debt within the promotional period. Otherwise, you’ll be hit with interest fees on the remaining balance. No matter how small that balance is, the interest will add up, and you don’t want to be on the wrong side of your goal when it happens.
To qualify for the U.S. Bank Visa Platinum card, you have to have a good credit score. Beware that you might not be approved for a high credit limit. If the balance you want to transfer is larger than the limit you’re approved for, you can call the bank and request a credit line increase. It might not always work, but there’s no harm in trying.
The downside of this card is that it doesn’t earn rewards and has barely any benefits, except for cell phone protection. Although balance transfer cards typically do not offer rewards, some do, like the Discover it – 18 Month Balance Transfer Offer card. That’s why it’s important to consider all your options when choosing a credit card.
Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.
- Customers who are approved for this card typically have a Good to Excellent credit score. If your score is at least 720, you’ve got a great chance of approval (yet, not guaranteed). If your credit score is lower, your results will vary. You might still be approved, but I recommend looking for ways to solidify your credit history first.To find out where you stand with the credit bureaus, check with one of the free services, such as Credit Karma or Credit Sesame. It’s always good to know your credit score before applying for an additional credit line.
- If for some reason you do not receive a large enough credit limit after being approved for this credit card, you can try calling U.S. Bank to request an increase. The bank might not offer a credit limit increase right away, but it might be possible to do so over time, depending on your score and overall credit history. If you use the card for emergencies only, the limit should cover your needs.
- To be eligible for the cell phone protection benefit, you must hold the U.S. Bank Visa Platinum card and pay your monthly cell phone bill with it. If you fail to use the card to make a payment, coverage is suspended until you use the card again. Setting up auto pay might be a good idea.Coverage starts on the first day of the calendar month after making the first payment. You can claim the benefit for theft or damage of your cell phone up to twice per year for up to $600 each incident (or up to $1,200 total per year). Loss is not covered, just theft or damage.A $25 deductible applies to each claim. Your phone and up to three phones on the same bill are eligible for the benefit, and it costs nothing to enroll.
- Depending on the card issuer and the card network, foreign transaction (FX) fees can vary from 1 to 3 percent per transaction. Unfortunately, the U.S. Bank Visa Platinum card charges an additional fee on top of each purchase made outside of the United States, which makes it undesirable for use abroad.Foreign transactions charged in U.S. dollars incur a fee of 2 percent, and transactions made in foreign currencies incur a fee of 3 percent. Foreign transaction fees might not be a huge deal for those cardholders who don’t travel internationally, but if you do, I recommend using another credit card that waives foreign transaction fees.
Looking for cash back or travel points? U.S. Bank offers different credit cards for different kinds of consumers. Let’s look at a few other options.
Other U.S. Bank cards
|U.S. Bank Altitude™ Reserve Visa Infinite® Card||FlexPerks® Travel Rewards Visa Signature® Card|
|Sign-up bonus||50,000 points||0 cashback||20,000 FlexPoints®||$150|
$0 introductory annual fee for the first 12 months, After that $49
|APR On Purchases||16.99% Variable±||10.99% to 22.99% Variable±||15.24% to 25.24% Variable±||15.24% to 24.24% Variable±|
|Second Year Value||$358||$0||$358||$240|
With the U.S. Bank Altitude Reserve Visa Infinite card, you can earn 50,000 points that are worth up to $746 when redeemed for airfare, hotel rooms and car rentals. You must spend $4,500 on the card in the first 90 days of membership to get the bonus.
This card earns three points per dollar spent on travel purchases and for digital wallet transactions, including Apple Pay, Android Pay, Samsung Pay and Microsoft Wallet. With the $400 yearly price tag, card members receive $325 in annual travel credits, TSA PreCheck/Global Entry application fee reimbursement, airport lounge access and a number of other travel perks. This premium card will benefit frequent travelers.
New U.S. Bank FlexPerks Travel Rewards Visa Signature card members can earn 20,000 points after spending $2,000 in the first four months. This card earns double points for airfare, gas, groceries and cellular phone bills. All other purchases earn one point per dollar.
This card’s annual fee of $49 is waived for the first year. The points can be used toward airfare as well as gift cards, statement credits and merchandise. This card is good for travelers who value flexible rewards.
The U.S. Bank Cash+ Visa Signature is a no-fee cashback credit card. It earns 5 percent cash back in two categories of your choice (capped at $2,000 per quarter), 2 percent back in another category of your choice and 1 percent back for all other purchases. You’ll get an extra .5 percent back on all purchases the first year you’re a card member.
What’s unique about this cashbac card is that you’re able to choose where you earn the most money back. There’s no limit to how much total cash back you can earn in a year, either. This is a good card for consumers who want to take control over how they earn rewards.
Compare 0% APR Cards
If you are ready to pay off credit card debt without paying another penny in interest, you might wonder what other options you have. Let’s review a few other balance transfer cards you might consider.
- Citi Simplicity® Card
0% introductory APR for 18 months, after that - 15.24% to 25.24% (Variable±)Read Review
- Wells Fargo Platinum Card
0% introductory APR for 15 months, after that - 16.40% to 26.24% (Variable±)
- Chase Slate® Credit Card
0% introductory APR for 15 months, after that - 16.24% to 24.99% (Variable±)Read Review
The Citi Simplicity card offers 21 months of 0% APR on both balance transfers and purchases. There are no late fees, penalty rates or annual fees to pay. Although this card’s no interest offer is one of the longest, it isn’t free to transfer that balance from another card. A balance transfer will cost you 3 percent of the total amount (minimum $5).
Additionally, cardholders can enjoy 24/7 customer service, extended warranty protection, Citi Identity Theft Solutions and Citi Price Rewind, among other perks. If you need a long time to pay off a big balance, this card could be the solution you’re looking for.
The Chase Slate card is another great balance transfer card for consumers looking to eliminate debt. The introductory offer of no interest lasts for the first 15 months on purchases and balance transfers.
This no-fee card even waives a balance transfer fee if you make it within 60 days of card membership. After that, a balance transfer fee is 5 percent of the amount transferred. With Chase, you can enjoy no penalty APR, free access to your FICO score and a chip-enabled credit card. Chase Slate is a great option for consumers looking to refinance their credit card debt.
The Wells Fargo Platinum Visa is yet another credit card option that offers a long 0% APR balance transfer period of 18 months. If you’re ready to pay down that balance, this no annual fee credit card is a decent option, but balance transfers aren’t free. It will cost you either $5 or 3 percent of the amount transferred, whichever’s greater, for the first 18 months. After that, the terms change to either $5 or 5 percent of the amount transferred, whichever’s greater.
Additionally, Wells Fargo offers cardholders benefits like roadside assistance, auto rental collision damage waiver and cell phone protection of up to $600 as long as you pay your cell phone bill with the card.
Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.
Excellent credit score
Card Terms and Conditions
There's a lot to consider as you think about how you're going to use the U.S. Bank Visa Platinum card. Will you transfer a balance, get a cash advance or make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this Visa card.
- Intro APR:
- 0% introductory APR for the first 18 billing cycles
- Intro APR for balance transfers:
- 0% introductory APR for the first 18 billing cycles for balances transferred within 60 days from account opening
- Ongoing APR:
- 10.99% to 22.99% Variable±
- Minimum Grace Period:
- 24 - 30 days
Cash Advance Features
- Ongoing APR:
- 24.99% Variable±
- Cash Advance Fee:
- Either 4% of the amount of each advance or $10 minimum, whichever is greater
Security and Protections
U.S. Bank customers are protected from fraud with $0 liability guarantee, and EMV chip technology helps further that security. With access to online banking and TransUnion credit score, it’s easy to monitor the accounts and verify all activity. Digital wallet technology is also available for those on the go.
- Account alerts:
- Set up alerts to be notified when large transactions occur, if there’s an unauthorized withdrawal and when your bill’s due.
- Zero Liability:
- You’ll never be liable for any fraudulent charge made to your account.
- Banking On the Go:
- Track your account with the mobile app
- EMV Chip Technology:
- Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
- Credit Score Reports:
- Monitor your credit history for unusual activity, including recently opened accounts and inquiries made on your history.
Additional Cardholder Benefits
Visa Signature Travel Benefits
- Auto Rental Collision Damage Waiver:
- Coverage for theft and collision for most rentals in the U.S. and abroad. Coverage is secondary to your personal insurance.
- Roadside Dispatch:
- Call Visa for roadside assistance, including lockout service, towing, jumpstart and gas delivery. Service charges apply.