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.
This move will give you time to pay down your credit card debt without worrying about it growing each month due to 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
Whether you already have a U.S. Bank credit card or are applying for the first time, starting a balance transfer with U.S. Bank is a simple process.
If you already have a U.S. Bank credit card:
- Log in to 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 the 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
A U.S. Bank balance transfer offer can be a great way to start tackling your debt, but there are a few things you should know before you apply:
- 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 in poor shape.
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. Luckily, there are a few things you can do before you apply for a U.S. Bank balance transfer card to improve your chances for approval:
- Get your spending under control. If you have a problem with spending now, that likely won’t change once you’ve transferred your balance. Address your spending now, so you don’t risk going even further into credit card debt.
- Pay off some of your credit card debt. Your credit utilization, meaning the percentage of your available credit that you’re using, is a key factor in qualifying for a credit card. While overwhelming debt is likely the reason you’re applying for the balance transfer in the first place, you can improve your chances of approval by reducing your debt to a more desirable credit utilization level.
- Avoid missed payments. A missed payment on your credit report will hurt your chances of qualifying for a balance transfer card. Make sure you continue making at least your minimum payments until the transfer is completed.
- Have a plan to pay off your debt. A mistake that many people make is transferring their balance and then not making a plan to pay off the balance before the 0% offer ends. The simplest tactic is to take the total amount you owe and divide it by the number of months of the 0% offer. Aim to pay off at least that much every month to ensure you pay off the full balance before interest starts accruing.
Top U.S. Bank balance transfer offers
U.S. Bank Altitude Go Visa Signature Card
- Balance transfer fee: 3% of the amount transferred or $5, whichever is greater.
- 0% introductory period: 12 billing cycles on purchases and balance transfers.
- Regular APR: 15.74% to 24.74% variable APR, 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 a 20,000-point welcome bonus when you spend $1,000 in the first 90 days. You can also earn 4X points on dining, 2X points on grocery, gas and streaming services and 1X points on everything else.
U.S. Bank Cash+® Visa Signature® Card
- Balance transfer fee: 3% of your transfer amount or $5, whichever is greater.
- 0% introductory period: 15 billing cycles on balance transfers (if you transfer a balance in the first 60 days of opening your account).
- Regular APR: 14.74% to 24.74% variable APR. See our review of the U.S. Bank Cash+® Visa Signature® Card for more information.
- Worth noting: This card offers a $200 bonus after you apply online and spend $1,000 in eligible purchases within the first 120 days of account opening.
U.S. Bank Visa Platinum Card
- Balance transfer fee: 3% of the amount you are transferring or $5, whichever amount is greater.
- 0% introductory period: 20 billing cycles on purchases and balance transfers.
- Regular APR: 15.24% to 25.24% variable APR. 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 zero-interest 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 zero-interest 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 in to 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 one for an update on your transfer’s status. While you’re waiting for your balance to transfer, continue to make your monthly payments on the original card so it doesn’t appear on your credit report as a missed payment.
A balance transfer can be a great tool to help you pay down credit card debt without being held back by high interest rates. U.S. Bank has several attractive balance transfer offers available now, some of which include welcome bonuses, spending rewards or long 0% introductory offers.
But remember, a balance transfer isn’t an automatic ticket out of debt. You’ll have to make sure your credit report is in good shape to qualify for a balance transfer offer. And once you complete the balance transfer, it’s critical that you have a plan in place to pay off your debt (ideally before the 0% offer period ends).