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U.S. Bank Visa Platinum Card Review
Our U.S. Bank Visa Platinum Card review goes into detail about the pros and cons of the credit card, as well as who should and shouldn’t apply for it.
- Introductory APR: 0% on balance transfers and purchases for 20 billing cycles.
- Variable APR (beyond introductory period): 14.49% – 24.49% on balance transfers and purchases.
- APR on Cash Advances: 25.99% Variable.
- Annual Fee: $0.
- Balance Transfer Fee: 3% of the balance transfer amount; minimum $5.
- Cash Advance Fee: 4% of the cash advance amount; minimum $10.
- Foreign Transaction Fee: 2 – 3% of the transaction amount, minimum $5.
- Late Payment Fee: Up to $40.
- Returned Payment Fee: Up to $40.
Pros vs. Cons of U.S. Bank Visa Platinum Card
- Very long (20 billing cycles) 0% introductory period applicable to both, balance transfers and purchases
- No annual fee
- Cell phone protection
- Access to CreditView
- No welcome bonus or rewards program
- Balance transfer fees of 3% of the transferred amount, or a minimum of $5
- Foreign transaction fee
Who Should Get The U.S. Bank Visa Platinum Card?
The card deserves a slot in your wallet if you are trying to cut down on finance charges on your current outstanding balances or upcoming purchases. The U.S. Bank Visa Platinum comes with an extra-long 0% introductory APR period for 20 billing cycles, provided you transfer the balances within 2 months of account opening. The credit score needed for U.S. Bank Visa Platinum is 670 – 850.
For this to become a real benefit, ensure that you prepare yourself for a disciplined approach and pay off your balances before the end of the promotional 0% APR period. When this period ends, you will pay a variable 14.49% – 24.49% APR based on your credit score.
While this is a great card for those looking to pay off their balances or expecting a big-ticket purchase, there is no rewards program or other perks on the U.S. Bank Visa Platinum card. Also, there are other cards from competing issuers that do not charge a balance transfer fee. This can save you a good amount upfront if you have a large outstanding balance. For example, if you transfer $15,000, you end up saving $450.
RELATED: US Bank Review.
U.S. Bank Visa Platinum Card Benefits and Features
- Extra-long 0% introductory APR period of 20 billing cycles
This is unquestionably the feature that sets the U.S. Bank Visa Platinum apart from the competition. The promotional 0% APR is one of the longest among other competing balance transfer credit cards and will help you save up a significant amount of interest while you pay off your balances.
The promotional APR also applies on purchases, which makes it perfect if you are looking to finance a big purchase for the short-term without incurring any finance charges.
Before you apply for a U.S. Bank Visa Platinum, ensure that you have a roadmap to pay off your balances (or at least significantly reduce them) by the time the introductory offer ends. When you do the math for how much you will want to pay off each month and how much you are saving, also factor in the 3% (or $5 minimum) balance transfer fee.
Note that you will need to transfer your balances within 60 days from account opening to become eligible for the 0% introductory APR on balance transfers.
- No annual fee
The card does not charge an annual fee. Even beyond the promotional 0% APR period, you could repurpose the card as a backup credit card, thanks to the $0 annual fee.
- Cell phone protection
The U.S. Bank Visa Platinum is among the select few cards that offer cell phone insurance to cardholders. However, there are certain terms, conditions, and exclusions.
- To become eligible for cell phone insurance, you will necessarily need to pay your monthly phone bill using the U.S. Bank Visa Platinum card.
- The policy covers theft or damage of a maximum of $600 for up to 2 claims per annum (i.e. $1,200 in total), with a deductible of $25.
- The policy will cover up to 4 cell phones.
- The offered insurance policy is secondary, and will only kick in once you exhaust any other active cell phone insurance policies you have. However, the credit card’s insurance policy will reimburse you for the deductible applicable on your primary insurance (minus the deductible of $25 on the credit card’s policy).
- The credit card’s cell phone insurance, like any other cell phone protection plan, does not cover the loss of cell phones.
- CreditView – Access to Credit Score
You will be able to access your credit score with CreditView – a credit checking tool from TransUnion, once you are enrolled with the bank’s online banking facility. The tool will also send alerts as and when your credit score changes significantly.
What Makes Other Cards Better Than The U.S. Bank Visa Platinum Card?
- No bonus for new cardholders
Other comparable cards, even those with just as long an introductory APR period, do offer at least some bonus to new cardholders. However, the U.S. Bank Visa Platinum offers no such bonus.
- Absence of a rewards program
Although the U.S. Bank Visa Platinum is a perfect card for individuals with accumulated debt, it does not offer much value for others since it does not have any rewards program.
If you stay on top of your bill payments and do not have any debt, you may be better off with cards like the Quicksilver Cash Rewards card from Capital One. It offers a decent 15-month 0% introductory APR period, 1.5% cashback on all purchases, and a new cardholder bonus. Alternatively, you can refer to our discussion on comparable credit cards in the following sections.
- Fee on balance transfers
Given that the card is best suited for leveraged individuals who are looking to cut down on their debt using the long introductory 0% APR period, the balance transfer fees can become an issue.
Balance transfers to the U.S. Bank Visa Platinum cost 3% of the balance transferred (or $5 minimum). If you transfer a large amount, the fee could take a big bite out of the amount you are going to save up through the 0% APR.
- Fees on foreign transactions
The fees on foreign transactions are not completely unexpected given that this is not a travel card. On foreign purchases and foreign ATM advance transactions, the card levies:
- USD transactions: 2%
- Foreign currency transactions: 3%
U.S. Bank Visa Platinum vs. Other U.S. Bank Cards
- U.S. Bank Visa Platinum vs. U.S. Bank Cash+ Visa Signature
If you are a loyal U.S. Bank customer, you may choose to stick with a U.S. Bank credit card. Depending on your current situation, the U.S. Bank Cash+ Visa Signature may be a better card for you than the U.S. Bank Visa Platinum. While the Cash+ comes with a shorter introductory APR period of 12 months, it brings the added benefit of tempting cashback offers.
As a Cash+ Visa Signature user, you will have the option of choosing 2 categories each quarter on which you will earn 5% cashback (with a $2,000 cap), 1 category on which you will earn 2% cashback (no cap), and 1% cashback on all other purchases. These features make U.S. Bank Cash+ Visa Signature one of the most customizable cashback credit cards out there. To sweeten the deal further, new cardholders receive a bonus of $150 upon spending $500 towards eligible net purchases, provided such amount is spent during the initial 90 days from the date of account opening.
- U.S. Bank Visa Platinum vs. U.S. Bank Altitude Go Visa Signature
If you are comfortable with a shorter, 12-month introductory APR period, the U.S. Bank Altitude Go Visa Signature is a rewards card that brings a slew of other features which can save you a good chunk of your spending. The promotional 0% APR applies on both purchases and balance transfers and converts to a variable 14.99% – 23.99% APR beyond the promotional period.
Spending $1,000 within 90 days of account opening will make you eligible for earning 20,000 bonus points. The 20,000 points ($200 in value) may be redeemed towards travel, gift cards, and more. The card offers 4X points for spends towards dining, food deliveries, and takeout, and 2X points for spends towards streaming services, gas stations, and grocery deliveries or grocery store purchases. All other eligible purchases will earn you 1 point for each dollar spent. Also, these points do not expire.
U.S. Bank Visa Platinum vs. Competitors’ Cards
- U.S. Bank Visa Platinum vs. Chase Slate
If your goal is to obtain a decent balance transfer card, the Chase Slate is another excellent option, albeit with a relatively shorter promotional 0% APR period. What differentiates Chase Slate, though, is that it offers a 60-day period after account opening during which it does not charge any balance transfer fees (5% thereafter, or minimum $5).
For most users, the savings from the balance transfer fee will more than offset the 5 months of interest paid owing to the shorter introductory 0% APR period. The Chase Slate does not come with a rewards program either, so if you are looking for a card that provides ongoing value, take a look at the Citi Double Cash card, discussed next.
- U.S. Bank Visa Platinum vs. Citi Double Cash
Citi Double Cash is a perfect fit for users looking to benefit from a rewards program long after their 0% APR period terminates. The card offers a 1% cashback twice (effectively 2%) – you get 1% cashback on all your purchases, and an additional 1% when you pay your credit card bill. What’s more, the card does not charge any annual fee. Note that the cardholders do not earn a cashback on balance transfers.
The Citi Double Cash also offers an 18-month 0% APR period and charges a 3% (minimum $5) balance transfer fee. The offer, however, applies only to balance transfers and not purchases. The card makes up for it, of course, with a great rewards program. Beyond the introductory 0% APR period, Citi Double Cash charges a variable APR of 13.99% – 23.99%.
Frequently Asked Questions (FAQs)
We answer some of the most common questions in our U.S. Bank Visa Platinum Card review:
What are my U.S. Bank Visa Platinum card approval odds?
Individuals with excellent credit (750 and above) are most likely to be approved for the U.S. Bank Visa Platinum card. If you have a low credit score, you may still be able to get the U.S. Bank Visa Platinum. Particularly if you are underleveraged and have a healthy, stable income.
How long is the U.S. Bank Visa Platinum grace period?
A grace period refers to the time you have to pay off the purchases made using the credit card before the interest on those outstanding balances begins to accrue. On the U.S. Bank Visa Platinum, you get a 24 day grace period. Note that the grace period applies only to purchases. For cash advances and balance transfers, the interest will begin to accrue immediately.
What about U.S. Bank Visa Platinum card rewards?
The U.S. Bank Visa Platinum is a balance transfer card and does not offer a rewards program. If you are looking for a card with a rewards program, take a look at the U.S. Bank Cash+ Visa Signature, U.S. Bank Altitude Go Visa Signature, and Citi Double Cash (discussed in the previous sections).
What is the U.S. Bank Visa Platinum card phone number?
You can get in touch with U.S. Bank for information about the card on 1-800-285-8585. Alternatively, if you already have a U.S. Bank account, you can log in to the online banking portal and communicate via secured mail.
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