U.S. Bank Visa Platinum Review
The U.S Bank Visa Platinum benefits include one of the longest introductory 0% APR offers in the market. If you want to make a major purchase or consolidate debts and enjoy a long interest-free period, the U.S Bank Visa Platinum Card is a great option.
If you are looking for a balance transfer card, U.S. Bank Visa Platinum is rated as one of the best in the market. The 0% APR for 20 billing cycles on both purchases and balance transfers means that you can get an extended interest-free period to pay off debts or large purchases. The U.S. Bank Visa Platinum benefits also include cell phone protection, which sets it apart from other balance transfer cards. However, for those looking for a card that will earn rewards, this may not be the card for you. Our U.S. Bank Visa Platinum review outlines some of the key highlights of this card and explains what may make it a suitable option for you.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Has Rewarding Welcome Offer
- Credit NeededGood-Excellent
U.S. Bank Visa Platinum at a Glance
The main selling point of the U.S. Bank Visa Platinum Card is that it offers the longest introductory 0% APR for both purchases and balance transfers in the market. This means that you can save hundreds of dollars if you use this card for all your large purchases for the duration of the offer. You can also save on interest on your debts by transferring your balance to this card and paying it off interest-free within the first 20 billing cycles.
- U.S. Bank Visa® Platinum Card
An excellent balance transfer card with no annual fees and an extended intro APR offer
- Good-ExcellentCredit Needed
- 0% APR on new purchasesAPR Offer
- 20 monthsAPR Offer Duration
- 0% Intro APR on balance transfersBalance Transfer Offer
Pros & Cons Explained
U.S. Bank Visa Platinum benefits may not be the best fit for everyone, so it is important to weigh all the pros and cons before signing up for this card.
- Long 0% intro APR periodThe U.S. Bank Visa Platinum Card gives you a 0% APR for 20 billing cycles. This means you have almost two years to pay off large purchases or debts interest-free.
- Cell phone protectionIf you use your U.S. Bank Visa Platinum Card to pay your mobile phone bill, your phone will be covered against theft or damage.
- No annual feeYou will not have to pay any annual fees on your U.S. Bank Visa Platinum Card. This is especially important if you want to use this card to pay off debt and are not looking to incur any additional costs.
- 3% balance transfer feeAfter the intro period, transferring your balance to U.S. Bank Visa Platinum has a 3% balance transfer fee, so depending on the amount you want to transfer, the cost may be quite high.
- Limited valueThis card has limited perks other than the 0% APR for 20 billing cycles. This means that it will mostly benefit you for the duration of the intro offer. Beyond that, the card has limited rewards.
- No rewards programThe U.S. Bank Visa Platinum Card does not have a rewards program.
The U.S. Bank Visa Platinum Card is on the list of MoneyGeek’s best balance transfer cards. If you would like to see how U.S. Bank Visa Platinum stacks up against other cards in this category, we analyzed and reviewed the best balance transfer cards.
Other Features Explained
While the U.S. Bank Visa Platinum benefits may be limited in terms of rewards, for people looking for a card to make big purchases or pay off debt, this is one of the best options. Some of the key features of this card include:
- Card FeatureDescription
- 0% APR financing for 20 monthsWith the U.S. Bank Visa Platinum Card, you get 0% APR on your purchases and balance transfers for the first 20 billing cycles. To get the 0% APR offer on your balances, the transfers should be made within 60 days of receiving your card. Since the 0% APR means you can pay off your debts or larger purchases interest-free for up to 20 months, this card is ideal if you want to extend payments over time without the added cost of accruing interest.
- Cell phone protectionOne of the standout features of the U.S. Bank Visa Platinum Card is its cell phone protection coverage. If you pay your phone bills using this card, you will be covered for cellphone theft or damage up to $600 with a $25 deductible. You can get coverage of up to four phones with this protection, provided you pay your bills using the U.S. Bank Visa Platinum Card.
- Customer experienceAs a cardholder, you will have 24/7 account access through online banking or the U.S. Bank mobile app. You can manage your payment, check your balance and view transactions online at any time.
"If you have remodeling costs coming up, this card is a good one to put them on. 20 billing cycles without interest is fantastic." - Alene Laney, Credit Card Journalist
Understanding the Fine Print
Like other balance transfer cards, the U.S. Bank Visa Platinum Card has fees that you need to be aware of including:
- Card FeatureAmount or Rate
- Annual Fee$0
- Balance Transfer Fee3%
- Balance Transfer APR14.49%–24.49%
- Late Fees$40.00
After the first 20 billing cycles when the 0% introductory APR applies, the regular APR for purchases and balance transfers is 14.49%–24.49% depending on factors such as your credit score.
APR for Cash Advances
Cash advances have a 25.99% APR and a cash advance fee of 5% of the advance amount with a $10 minimum. The introductory 0% APR does not apply for cash advances.
Balance Transfer Fee
After the intro period, you will pay 3% of each transfer amount when you transfer your balances to U.S. Bank Visa Platinum. This means that it is important to compare the balance transfer fee you will pay versus the savings on interest that you will make to see if it makes sense to transfer your balance.
Foreign Transaction Fee
The U.S. Bank Visa Platinum Card has a foreign transaction fee of 3%.
The U.S. Bank Visa Platinum Card does not have any annual fees.
If you would like to find out more about your card, you can find information on fees, transaction charges, interest rates and other important details from any of these sources:
- The U.S. Bank Visa Platinum Card website
- Your latest billing statement
- The U.S Bank mobile app and your online account
Who Should & Shouldn’t Consider U.S. Bank Visa Platinum?
Other Considerations for U.S. Bank Visa Platinum
U.S. Bank Visa Platinum is a balance transfer card and will not offer much value if you are looking to earn cash back or rewards.
Things to Consider if This Will Be Your First or Only Credit Card
If this will be your first or only credit card, it is important to consider the following:
U.S. Bank Visa Platinum approval requires a good credit score of at least 670. If your credit score is below this, you may not be approved for this card. However, other factors such as your income will also be considered.
You may want to go with another option if you want a card that allows you to earn rewards and cash back on your purchases. The U.S. Bank Visa Platinum Card has no cash back offers and will not earn you any reward points.
Things to Consider if This Will Be an Additional Card in Your Wallet
If the U.S. Bank Visa Platinum is your secondary card, keeping the following in mind will help you make the best of it.
Longest 0% Intro APR
You can transfer balances from your other cards to the U.S. Bank Visa Platinum Card to take advantage of the 20-month interest-free period. This will allow you to pay your debt over an extended period without paying any interest.
Flexible Payment Schedule
The U.S. Bank Visa Platinum Card allows you to choose your payment due date so you can select a schedule that suits you best. This means if you have multiple cards, you will be able to stagger or bundle the payments depending on what works for you.
MoneyGeek uses a thorough review process to determine the best credit cards for different consumer profiles based on card fees, interest rates, rewards, benefits and more. Our comprehensive six-step process involves collecting credit card information, standardizing data point weights, establishing the cards' value and ranks for different categories, reviewing data monthly and reprocessing rankings, among other key rating factors.
How U.S. Bank Visa Platinum Compares to Other Cards
If you are looking for a balance transfer card with zero annual fees and a long 0% APR offer, it is hard to beat the U.S. Bank Visa Platinum Card. Since most balance transfer cards tend to have similar features, the 20-month 0% APR offer gives U.S. Bank Visa Platinum an edge over the competition. However, competitors such as Citi Diamond Preferred also offer solid benefits.
In-Depth Credit Card Comparisons:
U.S. Bank Visa Platinum Card
- Annual fee: $0
- Regular APR: 14.49%–24.49%
- Foreign transaction fee: 3%
- Intro APR: 0% for 20 months
- Rewards: None
- Mini verdict: Best card for paying down debt
Citi Diamond Preferred Card
- Annual fee: $0
- Regular APR: 13.74%–23.74%
- Foreign transaction fee: 3%
- Intro APR: 0% for 18 months
- Rewards: Citi Easy Deals program
- Mini verdict: Best option if you want a balance transfer card that also earns rewards
Other Helpful Decision-Making Q&As
If you think the U.S. Bank Visa Platinum Card is the right balance transfer card for you, you can find more details on this card in the answers to these commonly asked questions
Still not sure about this card? Consider these options.
U.S. Bank Visa Platinum is one of the best balance transfer cards available. At no annual cost and with the longest 0% APR intro offer in the market, this card will suit anyone looking to pay down debt or make large purchases and pay them off interest-free over an extended period. However, if you are not sure that this is the card for you, you can compare it with similar cards such as the Wells Fargo Platinum or the Citi Double Cash Card to find the most suitable option for your spending habits.
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- U.S. Bank. "U.S. Bank Visa Platinum." Accessed August 31, 2021.
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