U.S. Bank Visa Platinum Card Review 2024
The U.S. Bank Visa Platinum Card offers a generous introductory interest-free period, making it an attractive option for those looking to manage large purchases or balance transfers without the burden of interest.
Detailed Review
U.S. Bank Visa Platinum Card Overview
Annual Fee: $0
Rewards Rate: None
Intro Offer: None
Intro APR: 0% for 18 billing cycles on purchases and balance transfers
Regular APR: 18.74%-29.74% Variable APR
Recommended Credit Score: 690-850 (Good – Excellent)
Pros and Cons
Pros
- No Annual Fee: One less thing to worry about.
- Intro APR Period: The lengthy 0% APR period on purchases and balance transfers can be quite beneficial.
- Cell Phone Insurance: Get coverage for your phone if you pay your bill with this card.
Cons
- No Rewards: This card doesn’t offer rewards, which might be a dealbreaker for some.
- Requires Good/Excellent Credit: Not an option if your credit score is below 690.
- No Bonus Offer: Unlike some cards, this one doesn’t come with a sign-up bonus.
Benefits and Perks
Lengthy 0% APR Promotion on Purchases
This card’s standout feature is its 0% introductory APR on purchases for 18 billing cycles. This can be incredibly useful if you’re facing a large expense and need time to pay it off without accumulating interest.
Balance Transfer Period
You can also take advantage of the 0% APR for balance transfers. However, keep in mind that there’s a balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, the fee increases to 5%.
Annual Fee of $0
The absence of an annual fee means you won’t have to worry about an extra charge just for having the card. Once you’ve utilized the introductory interest-free period to pay off your balance, the card won’t cost you anything to keep, though you might eventually switch to another card with better ongoing benefits.
Cell Phone Insurance
If you pay your cell phone bill every month with this card, you’ll get coverage for damage or theft up to $600, with a $25 deductible, for up to two claims per 12-month period. This covers your phone and additional lines on the account.
Drawbacks and Considerations
Other Cards Offer Longer 0% Periods
While the U.S. Bank Visa Platinum Card has a solid 0% period, other cards may offer longer periods. For instance, the Wells Fargo Reflect® Card offers a 0% intro APR for 21 months on purchases and qualifying balance transfers.
No Rewards
This card does not earn rewards, which means you won’t benefit from everyday spending. If you’re looking for a card that offers cash back or points, this might not be the right choice.
No Sign-Up Bonus
The lack of a sign-up bonus is another drawback. Many competing cards offer bonuses that can add significant value, especially if they also have long 0% APR periods.
Foreign Transaction Fee
This card charges a 3% fee on foreign transactions, making it a poor choice for international use.
Comparison to Other Cards
| Card Name | Annual Fee | Intro APR | Regular APR | Rewards Rate | Recommended Credit Score |
|---|---|---|---|---|---|
| U.S. Bank Visa Platinum Card | $0 | 0% for 18 billing cycles | 18.74%-29.74% Variable APR | None | 690-850 |
| Chase Freedom Unlimited® | $0 | 0% for 15 months | 20.49%-29.24% Variable APR | 1.5% cash back | 690-850 |
| Discover it® Cash Back | $0 | 0% for 15 months | 18.24%-28.24% Variable APR | 5% on rotating categories | 690-850 |
Benefits and Perks of Other Cards
- Chase Freedom Unlimited®: Offers 1.5% cash back on all purchases.
- Discover it® Cash Back: Provides 5% cash back on rotating categories each quarter, plus 1% on other purchases.
How To Decide If It’s Right For You
If you’re primarily looking for a card that offers a generous amount of time to pay down a new purchase or balance transfer, the U.S. Bank Visa Platinum Card could be a good fit. However, if you value rewards or travel perks, you might want to explore other options.
FAQs
What is the introductory APR for the U.S. Bank Visa Platinum Card?
The card offers a 0% introductory APR for 18 billing cycles on purchases and balance transfers.
Are there any rewards with the U.S. Bank Visa Platinum Card?
No, this card does not offer any rewards for spending.
Is there an annual fee for the U.S. Bank Visa Platinum Card?
No, there is no annual fee for this card.
What is the recommended credit score for the U.S. Bank Visa Platinum Card?
A credit score between 690-850 is recommended for this card, which ranges from good to excellent credit.
Does the U.S. Bank Visa Platinum Card offer cell phone insurance?
Yes, if you pay your cell phone bill with this card, you’ll receive coverage for damage or theft up to $600, with a $25 deductible.
Can I use the U.S. Bank Visa Platinum Card for balance transfers?
Yes, the card offers a 0% introductory APR for 18 billing cycles on balance transfers made within 60 days of account opening. A balance transfer fee applies.
The Bottom Line
The U.S. Bank Visa Platinum Card is a solid choice for those looking to take advantage of a lengthy 0% introductory APR period for both purchases and balance transfers. However, if you’re seeking a card with rewards, a sign-up bonus, or travel perks, you might want to consider other options.
