U.S. Bank Visa^® Platinum Card Review

Thanks to its intro APR offer, the U.S. Bank Visa^® Platinum Card is a solid choice if you want to consolidate credit card debt with a balance transfer or if you need to finance an expensive purchase. Less valuable perks include cell phone insurance and the ability to choose your preferred payment date.

But once that intro term is up, you may want to look for a cash back or rewards credit card, since it lacks the ongoing value of a credit card rewards program and does charge a foreign transaction fee.

• Long intro APR on purchases

  With a long intro period on purchases, the U.S. Bank Visa^® Platinum Card is a great way to finance a large purchase and save money on interest. Cardholders receive a 0% intro APR for 21 billing cycles on Purchases, then a 18.24% - 29.24% (variable) APR.

• Long intro APR on balance transfers

  The U.S. Bank Visa^® Platinum Card comes with an equally long intro APR for balance transfers, which can make this card a good one for consolidating debt with a balance transfer. Receive a 0% intro APR for 21 billing cycles on Balance Transfers, then a regular 18.24% - 29.24% (variable) APR applies.

• Annual fee

  The U.S. Bank Visa^® Platinum Card charges a $0 annual fee. This is an important feature on a card with an intro APR, since an annual fee can significantly cut into your savings from the 0% offer. Also, you can keep the U.S. Bank Visa^® Platinum Card open even after you’ve paid down your balance, without having to pay for upkeep — this can help boost your credit score by, among other factors, giving you a better credit to debt ratio.

• Cell phone protection

  When you pay your cell phone bill with your U.S. Bank Visa^® Platinum Card every month, you get coverage for damage or theft up to $600, with a $25 deductible, for up to two claims ($1,200) per 12-month period. Your primary cell phone line, plus any secondary or additional lines are covered by this protection. One thing to note is that this coverage is secondary to any other phone insurance you have.

• Ability to choose your own due date

  If your payment date conflicts with other monthly obligations like your mortgage or auto loan, you can pick a date that works best for you.

• No rewards program

  You will not earn cash back or travel rewards with the U.S. Bank Visa^® Platinum Card. Although this card does offer a long intro APR for both purchases and balance transfers, there are balance transfer credit cards that offer both a long intro APR and rewards, like the Citi Double Cash^® Card.

• Balance transfer fee

  The balance transfer is either an introductory 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, either 5% of the amount of each transfer or $5 minimum, whichever is greater. If you are going to transfer a balance of $15,000 to the U.S. Bank Visa^® Platinum Card, the balance transfer fee is $150. It’s typically added to your balance and does count against your credit limit on the card.

  Balance transfer fees are pretty standard, but there are some no balance transfer fee cards available. These cards are few and far between and can be difficult to qualify for, but can save you more than $100 in fees on a large transfer. In our example below, we estimate that the First Tech Choice Rewards World Mastercard®, which has no balance transfer fee, offers more than $60 in additional savings on a $6,000 balance transfer over the U.S. Bank Visa^® Platinum Card.

  Savings on a $6,000 balance transfer

  Credit card	Balance transfer fee	Cost of balance transfer	Estimated savings*
  First Tech Choice Rewards World Mastercard®	$0	$0	$1,222
  Wells Fargo Reflect® Card	5%, min: $5	$180	$1,180
  Citi Simplicity® Card	There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5)	$180	$1,180
  U.S. Bank Visa® Platinum Card	An introductory 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, either 5% of the amount of each transfer or $5 minimum, whichever is greater.	$180	$1,161
  Wells Fargo Active Cash® Card	3% for 120 days from account opening, then up to 5%, min: $5	$180	$1,087

  *We estimate how much the average cardholder might save on a $6,000 balance transfer, assuming the card’s intro period, average APR, a $300 monthly payment and subtracting any fees involved, compared to carrying the same balance on another card.

• Foreign transaction fee

  This is a card you’ll want to leave at home when traveling abroad. The U.S. Bank Visa^® Platinum Card charges 3% of each foreign transaction

Compare it to the Wells Fargo Reflect^® Card

 
Similar to the U.S. Bank Visa^® Platinum Card, the $0-annual-fee Wells Fargo Reflect^® Card offers a 0% intro APR for 21 months from account opening and 0% intro APR for 21 months from account opening on qualifying balance transfers (followed by a 17.49%, 23.99%, or 29.24% Variable APR). This would be a good choice if having a few extra months to pay off your new dining room set or consolidated credit card debt would be helpful.

On the downside, there is no rewards program with the Wells Fargo Reflect^® Card. After you’ve paid off your intro APR purchases or balance transfers it probably makes sense to switch to a rewards credit card.

Compare it to the Citi Simplicity^® Card

 
The U.S. Bank Visa^® Platinum Card and the Citi Simplicity^® Card are similar in that they both have a $0 annual fee, neither offer a rewards program and both assess balance transfer fees. The Citi Simplicity^® Card offers a longer period of time in which to transfer your balance and gives you an intro APR of 0% intro APR for 12 months on Purchases (after that, a 18.49% - 29.24% (Variable) APR applies) and an intro APR of 0% intro APR for 21 months on Balance Transfers (after that, a 18.49% - 29.24% (Variable) APR applies).

Also, the Citi Simplicity^® Card does not assess late fees and there are no penalty APRs for missed payments. While it’s a good idea to make all your payments on time, you may enjoy the peace of mind in knowing that you won’t be penalized if you make a mistake.

Just know, the U.S. Bank Visa^® Platinum Card requires you to transfer your balance within the first 60 days of account opening to take advantage of the balance transfer intro APR offer. In contrast, the Citi Simplicity^® Card gives members four months to make use of the promotional APR period on balance transfers.

If you’re looking to finance a large expense like a home remodel or a repair bill or want to do a DIY debt consolidation by moving balances from high APR cards, then the U.S. Bank Visa^® Platinum Card could be a good choice for you. It will allow you to pay down your balance with less financial stress and without interest being added to the balance.

Since the card doesn’t offer any ongoing benefits or rewards, you should only consider it if you stand to benefit from having a card that offers zero interest for a limited time. For a card that offers a slightly shorter intro APR offer but also includes a sign-up bonus and rewards program, we suggest the Wells Fargo Active Cash^® Card.

No matter which credit card you choose, if you’re planning on doing a balance transfer, remember to initiate the transfer within the allowed period of time so you can take advantage of the promotional APR.