Updated: July 22, 2024
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Initiating a balance transfer with U.S. Bank is simple. You can do it online, and it’s usually completed within 14 days.
U.S. Bank is one of the few issuers that offers a card with a 0% introductory APR on balance transfers for 21 months, one of the longest no-interest periods on the market. The extended 0% intro APR period is ideal for consolidating debt while avoiding interest charges.
Doing a balance transfer with U.S. Bank is a simple online process. New and existing cardholders go through the same process. If you don't already have a U.S. Bank card, you need to apply for one first.
U.S. Bank typically processes balance transfers within 14 days. You'll know the transfer is complete when the balance shows up on your U.S. Bank account. To avoid late fees and penalties, continue paying your old card regularly until you can confirm that the transfer went through.
To monitor the progress of your balance transfer, log in to your U.S. Bank account. You can view the status of your transfer in the "Account Services" section or by contacting U.S. Bank customer service at 800-872-2657.
Before selecting a U.S. Bank card for a balance transfer, it's important to know the applicable terms and conditions.
Processing Time
Balance transfers with U.S. Bank are usually completed within 14 days.
Balance Transfer Amount
You can transfer up to your available credit limit.
Introductory Period
You must complete your balance transfer within 60 days of account opening to benefit from the 0% intro APR offer.
Balance Transfer Fee
A fee of 3% to 5% of the transfer amount applies, with a $5 minimum.
Regular APR
After the introductory period, the APR will be between 18.24% and 29.74% (variable), depending on your creditworthiness.
Transfer Restrictions
Transfers between U.S. Bank cards are not permitted.
Credit Score
You’ll need a good to excellent credit score to qualify for a US Bank card.
Top balance transfer cards often feature an extended 0% intro APR period on balance transfers, minimal balance transfer fees and no annual fees. A long no-interest period gives you more time to pay off your balance without accruing interest, and reduced fees help lower the expense of moving your balance.
If you’re looking for the best U.S. Bank balance transfer card, the U.S. Bank Visa® Platinum card is a stand-out choice. It offers a 0% intro APR period on balance transfers for 21 months, one of the longest on the market. It doesn’t have an annual fee, but you have to pay a 5% (or $5, whichever is higher) fee for each transfer you make.
For a well-rounded balance transfer card, the U.S. Bank Cash+® Visa Signature® card is an alternative. It features a 15-month 0% intro APR offer on balance transfers and no annual fee. Notably, it comes with up to 5% cash back on two categories of your choice, 2% cash back on your chosen everyday category and 1% cash back on all other purchases. Its balance transfer fee is also lower at 3% (or $5, whichever is higher).
The best approach when paying off a 0% APR balance transfer is to divide your balance by the number of months the promotion lasts, then pay that amount each month. Although you are paying more than the minimum payment each month, you will be on track to pay off the balance before the 0% APR ends. — Lee Huffman, credit card expert at BaldThoughts.com
We answer some commonly asked questions about balance transfers with U.S. Bank to help clarify the process and provide you with the knowledge to make an informed decision.
A balance transfer with U.S. Bank is typically processed within 14 days. It's important to continue making payments on your old account until the transfer is confirmed to avoid late fees.
Yes, your transfer amount cannot exceed your total credit available. It's crucial to know your credit limit before initiating a transfer.
If you’re looking to transfer to a business card, call U.S. Bank at 888-485-4545. It will determine if you’re eligible and provide the next steps.
A balance transfer might briefly reduce your credit score because of the hard inquiry that comes with applying for a new card. Yet, a balance transfer can enhance your credit score over time if handled properly and responsibly.
Moving your balance to a U.S. Bank card could be a savvy financial strategy, especially if you're eyeing a 0% APR intro offer on balance transfers. It's a chance to streamline your debts and save on interest. However, it's not without its trade-offs.
Remember, you should weigh the allure of a no-interest period against your ability to pay off the balance before the promo period ends. Your financial situation is unique, and your specific conditions will determine whether a balance transfer is the best move in managing your credit card debt.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
