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

Fend off interest for awhile, but don’t expect to rack up rewards with this card. Written by India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has Nov. 9, 2022 Edited by Credit Cards Editor Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Nov. 9, 2022

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Snapshot

3.6 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon 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 viability. on U.S. Bank's secure site

U S Bank Visa® Platinum Card

Rewards rate Annual fee Intro offer Intro offer is not available to this U.S. Bank credit card Regular APR Recommended Credit Score 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.

U S Bank Visa® Platinum Card Overview

Getting a head start on 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 or finance new expenses. While it's not the offer on the market, the Visa Platinum card carries one of the better zero-interest intro periods for both purchases and balance transfers available. 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.

What are the pros and cons

Pros

Offers a solid intro APR offer on both purchases and balance transfers Ongoing 18.24 percent to 28.24 percent (variable) APR is slightly below average Solid cellphone protection perk when you pay your monthly phone bill with your card

Cons

No rewards programs or reward-based sign-up bonus limits long-term value 3 percent balance transfer fee ($5 minimum; balance transfers must be within the first 60 days) 3 percent foreign transaction fee (2 percent if transaction abroad is in U.S. dollars)

A deeper look into the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: N/A Annual fee: $0 Purchase intro APR: 0 percent APR for 18 billing cycles Balance transfer intro APR: 0 percent APR for 18 billing cycles (must be within first 60 days) Regular APR: 18.24 percent to 28.24 percent (variable)

Current welcome offer

The U.S. Bank Visa Platinum card doesn't include a welcome offer. Instead, the card is entirely focused on its intro APR offer. As long as your transfers are within the first 60 days, both purchases and balance transfers are shielded from interest for 18 billing cycles. Be aware that if you plan to make a balance transfer, there will be a 3 percent or $5 minimum transfer fee, whichever is greater.

Rewards rate

Unfortunately, the U.S. Bank Visa Platinum doesn't earn rewards on spending. While this can be disappointing, it doesn't automatically make this card bad. It can be an opportunity for cardholders to focus on reducing their debt, instead of adding to it to earn rewards. Still, it does affect the longevity of the card's value, which is something to keep in mind after the intro APR ends.

Other cardholder perks

Like other cards invested wholeheartedly into zero-interest, the Visa Platinum's barebones benefits don't make a convincing case to hold onto it after your balance is clear. The lengthy intro APR is the U.S. Bank Visa Platinum card's main selling point, but there are a couple of other features of note.

Solid intro APR offer

While this is a solid intro APR period, it falls short of the longest offers on the market. Both the and the beat it. The BankAmericard offers a 0 percent introductory APR for 21 billing cycles for balance transfers made in the first 60 days, after which a 14.99 percent to 24.99 percent variable APR applies (3 percent fee, minimum $10 applies). Meanwhile, the Reflect card offers a 0 percent intro APR of up to 21 months on both purchases and qualifying balance transfers from account opening if you make your minimum payments on time during the intro period, followed by a 16.74 percent to 28.74 percent variable APR thereafter (balance transfers must be within the first 120 days to qualify for the intro rate and fee of 3 percent then a balance transfer fee of up to 5 percent, minimum $5).

Cellphone protection

By paying your cellphone bill each month with your card, the associated phones on it are covered for up to $600 per eligible damage or loss claim - minus a $25 out-of-pocket deductible. You may be reimbursed or receive equivalent replacement phones from two possible claims each year for up to $1,200 in annual coverage.

Pay over time

With this feature, you can divide large purchases into fixed monthly to pay off over time. These purchases are shielded from interest (see terms) and instead have a monthly fee that doesn't exceed 1.6 percent of the purchase. This feature can be especially handy for holiday shopping or travel expenses.

Rates and fees

The U.S. Bank Visa Platinum offers a 18-billing cycle intro APR offer on purchase and balance transfers, plus a variable APR afterward as low as 18.24 percent (or as high as 28.24 percent). The low end of this range is a bit lower than the , but not by enough to justify carrying a balance long term. Just be sure to transfer your balances during your first 60 days to qualify, and to never miss a payment due date. Otherwise, you may lose your zero-interest offers and experience an up to $40 late payment fee - but no penalty APR, fortunately. You should also be aware of its 3 percent ($5 minimum) balance transfer fee, which is on the lower end of the typical 3 to 5 percent range, and 3 percent foreign transaction fee. The foreign transaction fee drops to 2 percent for purchases you make abroad in U.S. dollars, but keep in mind the additional currency conversion fee will probably end up being more expensive than the foreign currency 3 percent fee. Still, coupled with no annual fee, this rate makes it a relatively low-cost card.

How the U S Bank Visa Platinum Card 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 it may not be the best option for you, depending on your long-term needs.

U S Bank Visa® Platinum Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on U.S. Bank's secure site Annual fee Intro offer Intro offer is not available to this U.S. Bank credit card Rewards rate Recommended credit 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

on Citi's secure site Annual fee Intro offer For a limited time, earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening. Rewards rate 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 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

on Wells Fargo's secure site Annual fee Intro offer Intro offer is not available to this Wells Fargo credit card Rewards rate Recommended credit 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.

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

Considering the also offers a 0 percent intro balance transfer APR for 18 months (variable 17.74 percent to 27.74 percent thereafter), it may be a better choice than the U.S. Bank Visa Platinum. Along with getting a chance to chip away at your balance, you'll enjoy unlimited up to 2 percent cash back on all purchases (1 percent back when you buy, plus 1 another percent when you pay). That should give the card a ton more long-term value and more worthy of a spot in your wallet after your intro APR period ends.

U S Bank Visa Platinum vs Wells Fargo Reflect Card

The Wells Fargo Reflect card comes with a longer intro APR offer on both purchases and balance transfers than the U.S. Bank Visa Platinum, so if you're looking for as much time as possible to pay down your balance, it's the obvious winner between the two. Both cards offer a 3 percent balance transfer fee with a $5 minimum (the Reflect card's increases to 5 percent and disqualifies transfers for the intro APR after the first 120 days) and the same level of cellphone protection against damage or theft.

Best cards to pair the U S Bank Visa Platinum Card with

If you need one of the longest intro APR periods available to pay off debt, focusing your efforts on whittling away your balance before applying for more cards will be more rewarding in the long run. When the time comes, you'll have an easier time tailored to your biggest expenses. One example of a rewards card that could pair well with your U.S. Bank Platinum is the . The card charges no annual fee and your highest earning spending category is automatically chosen based on your top eligible spending category each billing cycle (up to the first $500 spent, then 1 percent). This way, you might be able to skip the extra time it would take to strategize a spending plan to maximize earnings.

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 you settle your balance, but it's a solid option if you just need an above-average timeframe to finish off your 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 upfront and down the road.

Frequently Asked Questions

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

No. Though the U.S. Bank’s offer is fairly long, it isn’t the longest of the intro APRs among the . That distinction goes to the BankAmericard credit card and the Wells Fargo Reflect Card.

What credit score do I need to be approved for the U S Bank Platinum

The recommended score for approval is good to excellent, which can be anywhere from 670 to 850 on the FICO scale.

Does the intro APR only apply to balance transfers

No. There is an intro APR on both purchases and balance transfers with the U.S Bank Platinum, so it’s ideal for financing new, large purchases and for paying down transferred debt.

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Written by India Davis India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic. Edited by Credit Cards Editor

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