Considering a balance transfer to a U.S. Bank credit card? Here’s everything you need to know, including card options, fees, restrictions and tips for improving your chances of approval.
Are high interest rates causing the debt on your credit cards to soar? It might be time for a balance transfer to a credit card that offers an introductory 0% interest rate.
This move will give you time to pay down your credit card debt without worrying about it growing each month because of high interest rates.
If you’re considering transferring a balance to a U.S. Bank credit card, here’s everything you need to know, including rates, promotional periods, fees and odds of approval.
How to do a balance transfer With U.S. Bank
Starting a balance transfer with U.S. Bank is a simple process.If you already have a U.S. Bank credit card:
- Log into your account and click on the “My Accounts” tab at the top of the screen.
- Click “Request a Balance Transfer” in the “Take Action” drop-down menu on the left of the screen.
- Select your offer from the choices available to you.
- Provide information about the credit card from which you are transferring a balance. This should include card issuer, card number and the amount you want to transfer.
- Click “Submit” to initiate the balance transfer.
If you are applying for a new U.S. Bank card:
- Start an online credit card application for your new U.S. Bank credit card. You will be asked if you’d like to transfer a balance from one of your other credit cards. Select this option.
- Provide the account number and issuer of your existing card. Then list how much of that card’s debt you’d like to transfer to your new U.S. Bank credit card.
What you should know about a U.S. Bank balance transfer before applying
- You need to act fast. You’ll need to request your balance transfer within 60 days of opening your new U.S. Bank account. If you miss this deadline, that no-interest offer will disappear.
- You can’t transfer a balance from one U.S. Bank card to another card issued by U.S. Bank.
- The balance you transfer to a U.S. Bank card will not earn rewards points or cash-back bonuses. Those perks are reserved only for new credit card purchases.
- Approval isn’t guaranteed. U.S. Bank will look at your credit and finances during the application process. The bank could reject your request if your credit is too weak.
How to improve the chances of your balance transfer being approved
U.S. Bank will look at your credit score and debt-to-income ratio when determining whether to approve you for a balance transfer. If your credit score is low and your debts too high, you might struggle to earn this approval.
That’s why you’ll need to have your spending habits under control before you apply for a balance transfer. People who overspend tend to run up their credit card debt.
Having too much credit card debt also hurts your credit score. Finally, people are more likely to miss payments or make late payments if they are struggling with high credit card debt.
Matthew Zimmelman, an attorney in New York City who focuses on bankruptcy and other debt issues, said that he often sees clients who turn to balance transfers when their credit card debt is too high. The problem? These clients haven’t come up with a plan to pay off their debt before the 0% offer ends.
“Spending is a key part of the problem,” Zimmelman said. “The inability to control spending is often the reason why consumers have so much debt. People often use credit cards as a crutch. If you can’t control spending and stick to a tight budget, the debt will continue to mount.”
Transferring your debt will provide you with temporary relief from high interest rates. But it won’t solve your underlying debt problems.
Freddie Huynh, vice president with Freedom Financial Network in San Mateo, California, said that too many people transfer their debt but don’t come up with a plan to reduce their overspending.
Then, even if they pay off their credit card debt before the 0% balance transfer offer ends, they run up more credit card debt in the future.
“They are not confronting the real issue,” Huynh said. “Look at the reason behind the situation. If it’s living outside your means, balance transfers can give a false sense of progress on paying off debt. If you cannot control your spending, you might run up bills on both the old and the new card.”
Another mistake people make is not paying off the debt they’ve transferred before the 0% offer ends, said Cara Ivy, personal finance coach and owner of Harper Woods, Michigan-based The Ivy League. When the 0% offer ends, these people are left with their new card’s regular APR, which can be 20% or higher.
Others can’t resist the temptation and make new charges on the 0% card before paying off the debt they’ve transferred, Ivy said.
“Stop thinking of credit cards as a source of income,” Ivy said. “Most times we find ourselves with maxed-out credit cards, it’s because we treat our cards like cash instead of debt. It’s easy to swipe today, but that expense could cost you for months, sometimes years.”
Top U.S. Bank balance transfer offers
Ready to transfer high-interest-rate credit card debt to a U.S. Bank credit card? You’re fortunate: U.S. Bank is currently offering three 0% balance transfer cards.
U.S. Bank Altitude Go Visa Signature card
- Balance transfer fee: 3% of the amount transferred or $5, whichever is greater.
- 0% promotional period: 12 billing cycles.
- Regular APR: Variable 14.99% to 23.99%, depending on your credit. See our review of the U.S. Bank Altitude Go Visa Signature card for more details.
- Worth noting: This card offers 4 rewards points for every dollar you charge on takeout, food delivery and dining and 2 points for grocery store purchases, grocery deliveries, streaming services and gas station purchases. The card also comes with a $15 credit for streaming services.
U.S. Bank Cash+ Visa Signature
- Balance transfer fee: 3% of your transfer amount or $5, whichever is greater.
- 0% promotional period: 12 billing cycles.
- Regular APR: 13.99% to 23.99%. See our review of the U.S. Bank Cash+ Visa Signature card for more information.
- Worth noting: This card offers a $150 cash back welcome offer if you charge $500 within 90 days of opening your account. You can earn up to 5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories that you choose.
U.S. Bank Visa Platinum card
- Balance transfer fee: 3% of the amount you are transferring or $5, whichever amount is greater.
- 0% promotional period: 20 billing cycles.
- Regular APR: 14.49% to 24.49%. See our review of the U.S. Bank Visa Platinum card for more information.
- Worth noting: This is a basic card without many frills. That long 0% offer, though, is enticing.
Frequently asked questions about U.S. Bank balance transfers
What types of balances am I able to transfer with U.S. Bank?
You can transfer credit card debt from any card that is not a U.S. Bank credit card. You can also transfer debt from other loans such as personal loans, auto loans, student loans and home equity loans. Pay off those debts before the 0% offer ends or you’ll pay more in interest once your rate adjusts to the card’s normal APR.
How much debt am I able to transfer with U.S. Bank?
The amount you can transfer will depend on your new U.S. Bank card’s credit limit. You can’t transfer more than this limit. If your U.S. Bank card has a credit limit of $10,000, you can’t transfer more than this amount.
How do I check the status of my U.S. Bank balance transfer?
U.S. Bank says that it can take up to 14 days to complete a balance transfer. You can log into your U.S. Bank account to check on your transfer status during this time. If you don’t have an account, you can call U.S. Bank’s customer service number at 800-947-1444 and choose option 1 for an update on your transfer’s status.