Key takeaways
- The U.S. Bank Visa Platinum Card is exceptional for paying down high-interest debt, offering an attractive 0 percent introductory APR rate for 21 billing cycles on qualifying balance transfers and new purchases (then a 18.74 percent to 29.74 percent variable APR) .
- It also offers cellphone protection benefits — a perk not commonly found on balance transfer credit cards.
- However, the card does not include the ability to accumulate rewards, which makes it less valuable in the long run compared to some other balance transfer cards.
TheU.S. Bank Visa® Platinum Card* is an attractive option if you’re looking for a balance transfer card. It offers an exceptionally lengthy 0 percent introductory APR: 21 billing cycles on balance transfers (when completed in the first 60 days) and on new purchases (variable APR 18.74 percent to 29.74 percent thereafter). That makes it a great addition to your wallet if you’re looking to pay down debt while avoiding expensive interest rates. Plus, you won’t have to worry about an annual fee, which saves you money in the long run.
However, while the U.S. Bank Visa Platinum card does come with a great 0 percent introductory offer, the card falls short of othertop balance transfer cards with its lack of a rewards program or welcome offer. Keep this in mind when deciding whether this card is right for you.
U.S. Bank Visa Platinum intro APR benefits
While the U.S. Bank Visa Platinum Card doesn’t have as long a list of benefits as some other cards, its 0 percent intro APR is remarkable. A long intro period of 21 months makes it a valuable choice for paying off high-interest debt.
0% intro APR on balance transfers
The 0 percent intro APR offer on balance transfers is easily the strongest benefit associated with the U.S. Bank Visa Platinum Card. For a long 21 billing cycles, you’ll enjoy a 0 percent intro APR on balance transfers made within the first 60 days of opening the card. After, the ongoing variable APR is 18.74 percent to 29.74 percent, which is about average, according tocurrent interest rates.
If you’re looking to pay down debt over an extended period of time while avoiding expensive interest rates, this is a good card to consider. Even considering the balance transfer fee of 5 percent of each transfer amount ($5 minimum), it could end up saving you a large amount of money in the long run with the APR offer alone.
0% intro APR on new purchases
The 0 percent introductory APR offer also applies to new purchases, meaning you’ll avoid paying interest on new purchases made with the card for the first 21 billing cycles. Though this gives you a good opportunity to pay off a large purchase over time, you should still avoid spending more than you can afford. After the 21 billing cycles are up, your purchases are subject to the 18.74 percent to 29.74 percent variable APR.
It’s true that this card’s primary benefit is its intro APR offer; however, it does feature a few additional perks that could save your money.
Cellphone protection
If you pay your cellphone bill each month with your U.S. Bank Visa Platinum card, you’re eligible to receive cellphone protection on phones associated with the bill. Coverage for stolen or damaged phones is up to $600 per eligible incident. You can claim the reimbursem*nt twice a year, so, in total, you could receive up to $1,200 in annual coverage (minus a $25 deductible each time).
Visa fraud protection
Another benefit you’ll receive through this card is fraud protection. Visa will monitor your account in real time and send you a notification if suspicious activity is detected. Stopping fraudulent activity in its tracks is easy with this standard Visa benefit.
U.S. Bank Visa Platinum additional benefits
No annual fee
You won’t have to worry about dishing out extra cash each year to cover an annual fee. This is another way the U.S. Bank Visa Platinum card can save you money in the long run.
Free credit score access
The U.S. Bank Visa Platinum Card also makes it easy to keep track of your credit score. The card comes with free access to your VantageScore from TransUnion and keeps you informed of any major changes to your score.
Although most lenders use the FICO score to make loan decisions, this is still a good benefit as it helps you understand where your credit score stands.
Maximizing the U.S. Bank Visa Platinum Card
The best way to maximize U.S. Bank Visa Platinum Card benefits is to use the card topay off debt within the introductory period. The 0 percent introductory APR offer can help you pay off existing balances while avoiding expensive interest rates. However, you need to pay off the balance within the first 21 billing cycles or you’re stuck with an ongoing variable APR of 18.74 percent to 29.74 percent. Keep in mind that taking advantage of a balance transfer means you’ll pay a balance transfer fee of 5 percent of the amount of each transfer ($5 minimum).
The lack of purchase rewards diminishes the value of the U.S. Bank Visa Platinum card after you’ve finished paying off debt. To maximize the benefits of this card, you might consider pairing it with a top cash back card for your regular purchases while you work on paying down a balance transfer or large purchase on this card..
For instance, theCiti Double Cash® Card offers 2 percent cash back on all purchases — an unlimited 1 percent cash back when you buy, plus an additional 1 percent when you pay for those purchases. It also comes with a 0 percent intro APR offer for balance transfers for 18 months. After that, the variable APR is 19.24 percent to 29.24 percent, based on your creditworthiness.
The bottom line
Overall, the U.S. Bank Visa Platinum card is a decent choice for paying down existing debt due to its lengthy intro APR offer for 21 billing cycles. Yet it’s missing the rewards and benefits that some other intro 0 percent APR cards feature, which cuts into its long-term value. Is the U.S. Bank Visa Platinum worth it? Consider how you’ll use the card and maximize the benefits to know whether it’s the right choice for you.
*Information about the U.S. Bank Visa® Platinum Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.
