U.S. Bank Balance Transfers: An In-Depth Guide
Carrying out a balance transfer to a U.S. Bank credit card is relatively straightforward and can lead to savings if you're prudent with your payments. However, your request remains subject to approval.
The 0% APR credit cards for balance transfers that U.S. Bank offers may lead to savings because they do not charge any interest on transferred balances for a predetermined time period. You may use these cards to transfer balances from credit cards and to pay off different types of loans issued by other lenders.
You may initiate a U.S. Bank balance transfer via the bank's website or mobile app. Whether or not the bank approves your request depends on multiple factors, such as your credit score and payment history. If U.S. Bank denies your request, consider looking at what other alternatives, such as personal loans, have to offer.
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Submit your balance transfer request through U.S. Bank's website or mobile app.
U.S. Bank 0% APR offers on balance transfers extend to up to 24 months.
0% APR offers apply on balances transferred within 60 days of account opening.
How Does a U.S. Bank Balance Transfer Work?
Choosing from U.S. Bank's balance transfer credit cards requires that you pay attention to your specific requirements. The maximum amount you may transfer will depend on your available credit because you cannot exceed this limit. When you submit your balance transfer request, you need to provide some basic information. This includes the name of your credit card/loan provider, the account number and the amount you wish to transfer.
U.S. Bank states that it takes up to 14 days to complete balance transfers. Upon approval, it sends payments directly to your creditors and informs you of the same by sending you a letter.
Know How Much You Owe
It is important to look at all your outstanding balances before requesting a credit card balance transfer. Ideally, you should try to transfer balances from high-interest debt first. Knowing how much you owe is crucial because that will help you determine which balances to transfer based on your U.S. Bank card's credit limit. The bank does not have published guidelines around the maximum amount you may transfer. However, as with most other credit card providers, you may expect to transfer up to your card's available credit limit. But remember that you'll need to account for balance transfer fees.
Choose a Balance Transfer Credit Card
Choosing from the top balance transfer cards requires paying attention to different aspects. For instance, are you looking for an intro APR offer with a long duration, or would you rather get a rewards card with a shorter intro APR offer?
0% introductory APR
Taking advantage of any of the current balance transfer offers from U.S. Bank will mean you will pay no interest on the amount transferred for a set time. Paying off the entire amount or a significant portion of it before the promo period ends can help you save on interest charges. You need to start paying interest charges only if there's an outstanding balance at the end of the promo period.
Long introductory APR
It is tough to find cards with 0% on balance transfers for 24 months, and that's what you get through the U.S. Bank Visa® Platinum Card. You also get to choose from cards that have 0% APR offers on balance transfers for 12 and 15 months. By opting for a card with a 24-month APR offer over one with 12 months, you get more time to repay the transferred balance without paying interest charges. You also can make lower monthly payments.
Low ongoing APR
If you plan to take more time than made available through U.S. bank balance transfer cards to repay your debt, you may want to consider getting a card that comes with a low ongoing APR. With any such card, you will benefit by paying a low ongoing APR for as long as you take to repay your transferred balance. The APR you qualify for depends on your credit score and other factors. The U.S. Bank Cash+ Visa Signature Card comes with the lowest possible APR the bank currently has to offer. Incidentally, this card comes with a 0% APR offer on balance transfers for 15 months.
Low or no balance transfer fees
If you're looking for credit cards with no balance transfer fees, you’ll want to check what other issuers have to offer. All U.S. Bank credit cards charge 3% of the transferred amount or $5, the greater of the two, as balance transfer fees.
Request a Balance Transfer
If you wish to make use of a U.S. Bank balance transfer offer, you need to transfer any desired balance to your new card within 60 days from account opening. If you know details of the accounts you wish to transfer balances from, you may provide this information along with your application for a new card. If not, you may submit your balance transfer request later. You may do this by using the bank's website or mobile app. Calling the number on the back of your card or the U.S. Bank credit card customer service number to initiate the process is also an option.
No matter how you submit your request, the information you need to provide remains the same. It includes the name of the creditors, account numbers you wish to transfer balances from and the amounts you wish to transfer. Depending on the specifics of your case, U.S. Bank might take up to 14 days to process your request.
Take a close look at your creditworthiness and payment history before requesting a balance transfer because U.S. Bank will check both to determine if it should approve your request.
Prepare a Payment Schedule
Come up with a payment plan that allows you to pay off the transferred balance in full before the intro APR period ends. Creating a plan in advance can help you understand how much time you may need to completely pay off the balance and, therefore, help you decide whether to apply for a 12-, 15- or 24-month balance transfer card. Remember that a longer 0% APR offer translates into you being able to make smaller monthly payments. If you pay off your transferred balance before the end of the promo period, you pay no interest charges at all.
If you feel you might not be able to pay off the transferred balance in full before the promo period expires, your focus should be to pay off as much as possible without incurring further debt. Remember, you'll need to start paying interest toward any outstanding balance once the promo period ends.
Factor in the balance transfer fee because it adds to the total amount you need to repay. For example, if you transfer $15,000 and need to pay 3% as balance transfer fees, the initial outstanding balance on your new card will be $15,450.
U.S. Bank’s Best Balance Transfer Credit Cards
The best credit cards for balance transfers tend to come with more than 0% APR offers. For instance, you may select a U.S. Bank balance transfer card that offers cash back or rewards. You may even qualify for a spend-based welcome bonus.
- U.S. Bank Altitude® Go Visa Signature® Card
Solid dining rewards card with no annual fee
- ExcellentRecommended Credit
- $0Annual Fee
- 1–4 Points per $1Rewards Rate
- 4xRewards Rate on Dining
- 2xRewards Rate on Gas
- U.S. Bank Visa® Platinum Card
An excellent balance transfer card with no annual fees and an extended intro APR offer
- Good-ExcellentRecommended Credit
- 0% Intro APR on new purchasesAPR Offer
- 18 billing cyclesAPR Offer Duration
- 0% Intro APR on balance transfersBalance Transfer Offer
- 18.24% – 28.24% (Variable)APR
U.S. Bank Altitude® Go Visa Signature® Card
The no-annual-fee Altitude Go Visa Signature Card comes with a 0% APR offer on purchases and balance transfers for the first 12 billing cycles. You get 20,000 bonus points by spending $1,000 on purchases in the first 90 days. Depending on the categories of your purchases, you stand to earn 4x, 2x or 1x points per dollar.
U.S. Bank Cash+ Visa Signature Card
The Cash+ Visa Signature Card's 0% APR offer applies on purchases and balances transfers for the first 15 billing cycles. Spending $1,000 on eligible purchases within the first 120 days brings with it a $200 rewards bonus. Category-based spending gives you the ability to earn up to 5% cash back. This card comes with no annual fees.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card has one of the longest 0% APR offers you will currently find. This card charges no interest on purchases and balance transfers for the first 24 billing cycles. The fact that it does away with annual fees is a definite plus. This card also comes with complimentary cell phone protection.
How Much You Can Save With a Balance Transfer
Carrying out a balance transfer brings with it the potential to save money, although how much you may save depends on multiple factors. These include the amount you wish to transfer, the debt's existing interest rate, the time you'll need to repay the debt completely and your ability to make timely payments.
- How Much You Will Pay With Your Current Credit CardHow Much You Will Pay When You Transfer Your Balance
Current outstanding balance: $15,000
Regular APR: 14.99%
Monthly payment: $800
Time required to pay off the balance: 22 months
Total amount to pay: $17,196.87
Balance transfer amount: $15,000
Balance transfer fee: 3%
Intro APR: 0% for 24 months
Regular APR: 15.24%
Monthly payment: $800
Time required to pay off the balance: 20 months
Total amount to pay: $15,450.00
Total savings: $1,746.87
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
What to Know Before Requesting a Balance Transfer with U.S. Bank
While most credit card providers follow a fairly similar process when carrying out balance transfers, there are often small differences in guidelines. Therefore, it's good to know just what to expect if you choose to carry out a balance transfer with a U.S. Bank credit card.
- You may transfer balances from credit cards and personal loans issued by other creditors.
- Transferring balances between U.S. Bank credit cards is not possible.
- Balance transfers must post to your account within 60 days of account opening to qualify for the intro APR offer.
- Balance transfers don't earn rewards or cash back.
- Not all U.S. Bank balance transfer cards offer rewards/cash back.
- U.S. Bank may take up to 14 days to process your balance transfer request.
- You should keep making payments toward your old accounts until the balance transfer process is complete and there are no outstanding balances left on the accounts.
- Once the promo period ends, any outstanding balance will start accruing interest.
- You might need to pay interest charges on purchases until you pay off the transferred balance in full.
Following a few simple measures may increase the likelihood of you being able to pay off what you owe. Using a balance transfer properly can help you avoid interest charges and hasten the process.
- Compare the top balance transfer cards across parameters such as intro APR offers, balance transfer fees, annual fees, rewards and added benefits.
- Create a payment plan to pay off the entire amount you transfer before the promo period ends.
- Make your payments well before due dates to avoid late fees.
- Don't build more debt before you pay off what you already owe.
Pros and Cons of Balance Transfer
While carrying out a balance transfer comes with advantages, there are possible drawbacks that you need to be aware of as well.
- You can save on interest charges.
- You might be able to get rid of your debt sooner.
- You may transfer balances from credit cards and/or personal loans.
- You may get better perks and features from your new card.
- You might see an improvement in your credit score.
- U.S. Bank balance transfer cards don't have penalty APRs.
- U.S. Bank may reject your balance transfer request after you get a new card.
- The duration of the 0% APR offers varies from one card to the next.
- You need to pay 3% of the amount you transfer as balance transfer fees.
- Indiscriminate use of your new card can cause your credit score to drop.
What if My Balance Transfer Request Is Denied?
There is no guarantee U.S. Bank will approve your balance transfer request even if it approves your application for a new card. Fortunately, if that happens, there are a few other options to explore. These include personal loans, debt management plans and cash advances.
- Personal loan. Most personal loan providers give you the freedom to use the funds you receive for practically any legitimate purpose, and instances of people using personal loans to consolidate their high-interest debt are common. When compared to credit cards, personal loans tend to come with considerably lower APRs as well as noticeably higher credit limits.
- Debt management plan. A debt management plan is best suited for individuals who are going through tough financial times. This requires working with a nonprofit credit counseling agency that negotiates better terms with your existing creditors. That may result in lower interest charges and the waiving of late fees. The agency you select should ideally be accredited by the National Foundation for Credit Counseling.
- Cash advance. Using a cash advance from one credit card to pay off another is not a good idea. A cash advance starts accruing interest charges from the date of the transaction, and there's a good chance you'll need to pay a cash advance fee. Consider taking this path only if you wish to avoid a steep late fee and are confident that you'll be able to repay the entire cash advance amount in a few days.
- Balance TransferPersonal LoanCash AdvanceDebt Management Program
To pay off debt in
up to 24 months
through an intro 0%
To repay debt
over a longer
To deal with financial
Online or over the
Online or over the
Online, over the
phone, at an ATM
or at a branch
Online or over the phone
At least minimum
At least minimum
A single combined monthly
At the end of or in
the absence of an
intro APR offer,
typically the same
as purchase APRs
4.99% to 35.99%
7.04% to 35.89%
Up to your U.S.
available credit limit
Up to $100,000
percentage of a
No minimum or maximum
Other Questions You May Have About Balance Transfers With U.S. Bank
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