2021 Review: The U.S. Bank Visa Platinum Card – Best 0% APR Offer?
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U.S. Bank Visa® Platinum Card
The U.S. Bank Visa Platinum Card provides a 0% APR offer for 20 billing cycles on purchases and balance transfers, then 14.49% - 24.49%* Variable. It’s one of the longest APR offers available. However, there are no rewards and few benefits.
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Our Rating: 5 Out of 5 Stars
We give the U.S. Bank Visa® Platinum Card 5 out of 5 Stars. It could be very useful for people looking to avoid interest charges.
Why We Like It
- 0% APR for 20 billing cycles on purchases and balance transfers, then 14.49% - 24.49%* Variable to help you save money
- No annual fee
- Cell phone protection
Why It Could Be Better
- Balance transfer fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- No rewards
- Limited benefits
The U.S. Bank Visa Platinum Card is a strong contender if you’re in the market for a balance transfer credit card, or want to avoid interest charges on new purchases.
However, because there are no rewards and limited benefits, those are likely the only reasons you’d consider a card like this.
If you have a credit card balance that’s accruing interest and unnecessarily costing you money, you can move that balance to this card where it’ll accrue no interest for a set amount of time. Balance transfers are an effective way to deal with credit card debt.
The same is true for the new purchases you make with your card. If you have any large expenses planned, like a new stove or refrigerator or TV, you can put them on the U.S. Bank Visa Platinum and pay them down while they accrue no interest.
While the U.S. Bank Visa Platinum features some useful perks, like the ability to check one of your credit scores and the more uncommon cell phone protection, the main draws of the card are its introductory APR periods.
Learn what balance transfers are, how they can help, and how to use one. How to Transfer a Balance on a Credit Card: Lower Your APR, Pay Less MoneyInsider Advice: Getting the Most Out of Your Card
- Take advantage of the 0% intro APR periods: The introductory periods are this card’s best features. Transfer a balance over and pay it down faster because it won’t be growing from interest, or use this card for a purchase and pay it off over time. Either way, you’ll be able to save money by avoiding interest charges.
- Be mindful of the balance transfer fee: You’ll be required to pay a fee for each balance you transfer. However, depending on the size of the balance and the terms, the fee might be worth it in comparison to the money you’d save by avoiding interest charges.
- Protect your phone: The U.S. Bank Visa Platinum comes with cell phone insurance, meaning if your phone is damaged or stolen, you can call 1-866-894-8569 to file a claim. You’re covered by up to $600 per claim, with two claims per year, for a total of $1,200. You’ll need to pay for your cell phone bill with your card to qualify.
- Keep an eye on your credit: Check your VantageScore credit score, based on your TransUnion credit report, using U.S. Bank’s free tool. That way you’ll know if you’re making all the appropriate payments and managing your accounts well.
- Consider pairing with another card: Because this card doesn’t offer any rewards, it wouldn’t be a bad idea to pair it with a general rewards card. If you’re planning to use it for a balance transfer or a large purchase, you won’t want to increase the balance with more purchases if you’re working to pay it down.
The Benefits
There are few benefits attached to the U.S. Bank Visa Platinum card, however, there might be a few more than what we have listed below. Because it’s a Visa Platinum, cardholders will likely get a selection of Visa Platinum benefits, like shopping and travel protections.
- Monitor one of your credit scores: See your VantageScore credit score based on your TransUnion credit report.
- Cell phone protection: If your phone is damaged or stolen, you can file a claim to have it repaired or replaced. Call 1-866-894-8569 to file a claim. $600 per claim, two claims per year, for a total of $1,200.
The Terms & Fees
| Purchase APR | Balance Transfer APR | Cash Advance APR |
|---|---|---|
| 0% for 20 billing cycles on purchases, then 14.49% - 24.49%* Variable | 0% for 20 billing cycles on balance transfers*, then 14.49% - 24.49%* Variable | 25.99% |
| Annual Fee | Foreign Transaction Fee |
|---|---|
| $0* | 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency |
| Balance Transfer Fee | Cash Advance Fee |
|---|---|
| Either 3% of the amount of each transfer or $5 minimum, whichever is greater | 4%, $10 minimum |
| Penalty APR | Late Fee | Returned Payment Fee |
|---|---|---|
| None | Up to $40 | Up to $35 |
As stated above, the best features of the U.S. Bank Visa Platinum Card are its long intro periods for balance transfers and purchases. It’s very important that you make all of your monthly payments on time, or you could risk losing these promotional APRs.
The other aspect here to be aware of is the balance transfer fee. That means you’ll be required to pay an amount of each transfer you plan to make. So if the balance transfer fee is 3%, and you’re moving over a balance of $2,000, your fee would be $60. But depending on the interest rates involved, that fee could pale in comparison to the money you’d have to pay from interest charges if you didn’t move the balance over.
Insider tip
There are cards that feature no balance transfer fee and offer 0% APR periods that might be more beneficial to you, although the interest-free periods tend to be shorter.
The Bottom Line
The U.S. Bank Visa® Platinum Card is a strong contender if you need to take advantage of a balance transfer or want to avoid paying interest on a new purchase.
By taking advantage of a balance transfer, or using this card for any large purchases, whether they be appliances or vacations or anything else, you can save yourself a lot of money by avoiding interest charges on your balance. That means you’d have less debt to worry about with more time to pay it off, and more money to spend in other aspects of your life.
But because there aren’t any rewards and few benefits, there’s really little other reason to get a card like this. If you do get it, it’d be a good idea to pair it with another card that does feature rewards. Especially if you need to move a balance over, because you won’t want to add any new purchases to a balance you’re trying to pay down.
How Do I Apply for the U.S. Bank Visa Platinum Card?
Follow the link below to be taken to the credit card issuer’s website. From there you can apply, securely, with all the necessary information. You should hear back pretty quickly whether you’ve been approved or denied.
What Credit Scores Do I Need for the U.S. Bank Visa Platinum Card?
It’s recommended that you have fair credit before applying for this card.
To have fair credit, your credit scores would have to fall within the ranges of 580–669 for FICO and 650–699 for VantageScore.
However, there are other factors that go into the decision. The card issuer will take into account your annual income, monthly rent or mortgage payment, and more when figuring out your creditworthiness. This additional information could lead to your approval even if your scores are lower than those ranges.
But that also means even if your scores are higher, you could still be denied.
Qualifications and Requirements
- Must be 18 to apply
- Personal information: Name, date of birth, Social Security number, country of citizenship
- Address and contact information: Email, phone number, address, housing status (rent or own)
- Financial information: Monthly rent or mortgage payment, employment status, total annual income, source of income
Frequently Asked Questions
What is the U.S. Bank Visa Platinum’s credit limit?
It’s hard to say for sure because your credit limit will depend on several factors. These include your income, your credit scores, your credit history, and more. However, if you get a credit limit you don’t like, you can request an increase.
Does the U.S. Bank Visa Platinum Card charge a balance transfer fee?
Yes, the U.S. Bank Visa Platinum Card has a fee of:
- Either 3% of the amount of each transfer or $5 minimum, whichever is greater
You can check out all of the terms & fees right here.
Alternatives to the U.S. Bank Visa Platinum Card
The Citi® Double Cash Card – 18 month BT offer (Review) is a cash rewards credit card with a surprisingly long 0% intro APR for balance transfers.
The Double Cash card offers a long 18 months on Balance Transfers for it’s balance transfer period (and then your rate switches to 13.99% – 23.99% (Variable)), though slightly shorter than the U.S. Bank card’s offer.
The other main differences are that the Double Cash features a rewards program and has no intro 0% APR for purchases.
The U.S. Bank Visa Platinum is probably the better choice for a balance transfer card, considering it gives you more time to pay it down. And if you need to make any new purchases, you could do so and have them accrue no interest.
However, the Double Cash would be a good card to pair with the U.S. Bank Visa Platinum. You can pay your balance down at no interest with the U.S. Bank card and use the Double Cash to pay for any new purchases and earn rewards for them. You could even avoid interest with its grace period, as long as you’re paying your bill in full each month (which you should always be doing, unless you have a 0% rate).
| Spending Rewards |
|---|
|
- Free FICO credit score: See your Equifax-based FICO Bankcard Score 8 on statements, online, and by mobile app.
- Citi Concierge: Get restaurant suggestions, reservations, travel arrangements, shopping research, and more.
- Citi Entertainment: Get preferred access and pre-sale tickets to events and experiences, from music to movies.
- Purchase APR: 13.99% – 23.99% (Variable)
- Balance Transfer APR: 0% for 18 months on Balance Transfers, then 13.99% – 23.99% (Variable)
- Balance Transfer fee: Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum
- Annual fee: $0
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
Citi is a Credit Card Insider advertiser.
The U.S. Bank Cash+™ Visa Signature® Card features both an intro 0% APR balance transfer offer and a rewards program.
The 0% APR period is shorter than what the U.S. Bank Visa Platinum Card offers, but you’ll gain a pretty flexible rewards program. And while there isn’t a 0% rate for purchases, there is a grace period (like most cards). Meaning as long as you’re paying your statement balance in full each month, the purchases you make won’t accrue any interest.
Uniquely, you can choose two 5% cash back categories (on your first $2,000 in combined net purchases each quarter, then 1%) and one 2% “everyday” category each quarter. The 5% categories cover things like streaming services and gym memberships, and the 2% categories cover expenses like gas and groceries.
Despite being shorter, the balance transfer offer could still be used to avoid interest charges, provided you can pay off the balance in time. And unlike the U.S. Bank Platinum card, you’d earn rewards for your purchases.
Or you could always use them together. While the Visa Platinum card is taken up by a transferred balance, use the Cash+ Visa Signature to make purchases and earn rewards.
| Spending Rewards |
|---|
|
|
|
| Introductory Bonus |
|---|
|
You can pick from any two of these:
| 5% Cash Back Categories | ||
|---|---|---|
| TV, Internet, Streaming Services | Cell Phone Providers | Department Stores |
| Electronics Stores | Fast Food | Furniture Stores |
| Gyms/Fitness Centers | Ground Transportation | Home Utilities |
| Movie Theaters | Select Clothing Stores | Sporting Goods Stores |
And one of these:
| 2% Cash Back Categories | ||
|---|---|---|
| Gas Stations | Grocery Stores | Restaurants |
- Free credit score: See your VantageScore 3.0 based on your TransUnion credit report.
- Visa Signature Concierge: Call for personal assistance with travel bookings, dining reservations, business services, and more.
- Visa Signature Luxury Hotel Collection: Get perks at select hotels like a $25 food and beverage credit and room upgrades when available.
- Travel protections: Travel accident insurance, lost luggage reimbursement, and roadside dispatch
- Shopping protection: Purchase security
- Balance Transfer APR: 0% for 12 billing cycles on Balance Transfers*, then 13.99% - 23.99%* Variable
- Balance Transfer fee: 3%
- Annual fee: $0*
- Earn up to $550 cash back in the first year.
- $150 bonus after spending $500 in eligible net purchases within the first 90 days of account opening.
- 5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!
- 2% cash back on your choice of one everyday category, like gas stations or grocery stores.
- 1% cash back on all other eligible net purchases.
- No limit on total cash back earned.
- 0% Intro APR* on balance transfers for 12 billing cycles. After that, a variable APR currently 13.99% – 23.99%
- No annual fee*
- Great Offer from U.S. Bank, a 2020 World’s Most Ethical Company® – Ethisphere Institute, February 2020
The Wells Fargo Platinum card (Review) is pretty close to the U.S. Bank Visa Platinum Card, however the intro 0% APR periods are slightly shorter.
Like the U.S. Bank card, there aren’t any rewards to be earned here, so the main focuses are the two 0% intro APR periods for purchases and balance transfers. You won’t accrue interest for 18 months for both purchases and balance transfers, then the rate will jump to 16.49%-24.49% Variable and 16.49%-24.49% Variable, respectively.
If you have outstanding debt with U.S. Bank, you typically won’t be able to transfer it to a U.S. Bank card. That means if you need a balance transfer, you’d need a card from a different issuer, like Wells Fargo for instance.
However, the balance transfer fee for the Wells Fargo card is:
- 3% intro for 120 days, then 5%
Other than that, these two cards have very similar benefits, so the choice will likely come down to if you have outstanding debt with U.S. Bank and how much time you’d like for your intro 0% APR periods.
- Free FICO credit score: See your FICO Score 9, based on your Experian credit report.
- Travel protections: Rental car insurance, travel accident insurance, roadside dispatch, and travel and emergency assistance services
- Cell phone protection: Get insured for up to $600 in damages or theft when you pay your monthly phone bill with the card; subject to a $25 deductible.
- Purchase and Balance Transfer APR: 0% for 18 months, then 16.49%-24.49% Variable
- Balance transfer fee: 3% intro for 120 days, then 5%
- Annual fee: $0
- 18 months of 0% intro APR from account opening on purchases and qualifying balance transfers; after that your variable APR will be 16.49% to 24.49%
- $0 Annual Fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum card
- Easy access to your FICO® Credit Score with Wells Fargo Online®
- Monitor your spending, purchases and any suspicious activity with text and email alerts and notifications
- Convenient tools to help create a budget and manage your spending with My Money Map
- Select “Apply Now” to learn more about the product features, terms and conditions
The Wells Fargo Cash Wise Visa® card (Review) offers a flat cash back rate in addition to intro APR periods for both purchases and balance transfers.
While the intro periods are shorter than what the U.S. Bank card features, you will earn rewards for your purchases. And, you’ll get a slight boost in rewards if you take advantage of mobile wallets like Apple Pay or Google Pay. So if you think you’ll be able to pay your balance off within the given 0% APR periods, this card would help you avoid interest charges and be more rewarding.
The benefits might even end up being a little better than what the U.S. Bank card offers, depending on which version of the card you’re issued.
If your beginning credit limit is $5,000 or above you’ll likely be issued the Visa Signature version, which features better shopping and travel protections. If your credit limit is below $5,000, you’ll probably be issued the Visa Platinum version, which likely has the same protections as the U.S. Bank card.
| Spending Rewards |
|---|
|
|
| Introductory Bonus |
|---|
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- Access to your FICO Credit Score: See your Experian-based FICO Score 9 to help monitor your credit.
- Earn More Mall: Find offers to earn more cash back at select retailers in the Wells Fargo Earn More Mall.
- Cell Phone Protection: Get protected with up to $600 in coverage from theft or damage when you use your Wells Fargo card to pay your monthly cellular telephone bill.
- Purchase and Balance Transfer APR: 0% for 15 months, then 14.49%-24.99% Variable
- Balance Transfer fee: 3% intro for 120 days, then 5%
- Annual fee: $0
Visa Platinum Benefits
- Extended Warranty: Doubles an eligible manufacturer’s warranty protection up to one additional year, for warranties of three years or less
- Auto Rental Collision Damage Waiver: Provides coverage for collision damage and theft of eligible rented vehicles, when you decline the rental company’s own insurance
- Travel and Emergency Assistance Services: A variety of services like medical and legal referrals, emergency transportation or ticket replacement, and pre-trip assistance
Visa Signature Benefits
- Purchase Security: If an eligible item you buy is lost or damaged, you could be reimbursed by sending in a claim.
- Travel Accident Insurance: You, your spouse, and unmarried dependent children are insured against loss of life, limb, sight, speech, or hearing when traveling by common carrier.
- Lost Luggage Reimbursement: Provides reimbursement to cover the cost of lost or damaged luggage under eligible situations
- Roadside Dispatch: Call 1-800-847-2869 for services like towing, tire changing, and fuel delivery.
- Earn a $150 cash rewards bonus after spending $500 in the first 3 months
- Earn unlimited 1.5% cash rewards on purchases
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49% to 24.99% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
- 1.8% cash rewards on digital wallet purchases including Google Pay™ or Apple Pay® during the first 12 months from account opening
- $0 annual fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® card
- No category restrictions or sign ups and cash rewards don’t expire as long as your account remains open
- Select “Apply Now” to learn more about the product features, terms and conditions
Do you have the U.S. Bank Visa Platinum Card? Has it helped you avoid interest charges? Let us know how effective it’s been in the comments below!
If you're looking for more in-depth information about balance transfers, we have the perfect guide for you. How Credit Card Balance Transfers Work
Evan Zimmer
Evan graduated from SUNY Oswego with a degree in journalism and creative writing. In his professional writing career, he strives for precision and comprehension in his work. He’s written news articles, blog posts, and copy, working across a slew of different mediums. With in-depth research and great care for accuracy and detail, he now works to bring you the most up-to-date credit information.
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