Reviews U.S. Bank Visa Platinum card review

U.S. Bank Visa Platinum card review

Published: March 23, 2017
See Full Card Details
Ratings Policy
Balance Transfer Rating:
3.8 rating
3.8 rating
3.8 / 5
Introductory Offer: 4.1
Net Value: 4.3
Features: 1.0

In a nutshell:

The U.S. Bank Visa Platinum card offers cardholders with excellent credit a below average minimum interest rate and reasonable terms, including no penalty APR, but its interest-free balance promotion is only available for one year.

Learn more about this card

0% Introductory Period
15 billing cycles

Transfer Fee
$5 or 3% (whichever is higher)

Introductory Purchase APR
0%

Regular APR
10.74-22.74%

Annual Fee
$0

Other Notable Features: Overdraft protection, auto rental insurance, flexible payments

Low Interest Rating:
3.8 rating
3.8 rating
3.8 / 5
Rates, Fees, Penalties: 4.2
Rewards: 0.0
Features: 1.0

In a nutshell:

The combination of a low APR and a 0 percent introductory APR make the U.S. Bank Visa Platinum card a good value for cardholders seeking to save money on interest.

Learn more about this card

Regular APR
10.74-22.74%

Introductory Purchase APR
0%

Introductory Balance Transfer APR
0%

Fees

  • No annual fee
  • 3% or $5 balance transfer fee (whichever is smaller)
  • 2-3% foreign transaction fee, depending on the currency
  • 4% or $10 cash advance fee (whichever is smaller)

Penalties

  • $38 late payment fee
  • $35 returned payment fee
  • No penalty APR

Other Notable Features: Overdraft protection, auto rental insurance, flexible payments

If you intend to carry a large balance on your next credit card, the U.S. Bank Visa Platinum card could be a good deal. It offers a relatively low starting APR for cardholders with excellent credit and a decent interest-free promotion. However, you’ll want to keep an eye on the fine print. Buried in the card’s terms and conditions page are a number of pricey fees, including a higher-than-average late payment fee and pricey cash advance and foreign transaction fees. The card’s maximum APR is also relatively high, making it a less-than-ideal choice for cardholders with mediocre credit.

Wide range of possible APRs
If your credit is excellent and you can qualify for the card’s lowest available rate, the U.S. Bank Platinum Visa card can be a good option. Rates start at just 10.74 percent, which is about average for a low interest rate card. U.S. Bank advertises a wide range of possible APRs, though, so it can be tough to guess which rate you’ll actually get once you apply. At 22.74 percent, the card’s maximum APR is high – especially if you plan to carry a balance.

Good balance transfer offer
The U.S. Bank Visa Platinum card does offer a decent balance transfer offer. If you want to consolidate your debt and pay it off more quickly, the U.S. Bank Visa Platinum card can be worth applying for – especially if you can qualify for a lower APR after the promotional period expires. U.S. Bank gives cardholders up to 15 months to transfer a balance without paying any interest. It also offers 15 months of interest-free purchases, so you can use the card right away without padding your balance with extra interest. Just be sure you can afford to repay the transferred balance in full before the end of the card’s promotional period. If you have more debt than you can afford to repay in less than a year, you may be better off with a more generous balance transfer card that offers a lengthier promotion.

A lot of fees
The biggest downside to the U.S. Bank Visa Platinum card is its multitude of pricey fees. Some fees are on the low end for a credit card. For example, the U.S. Bank Visa Platinum card charges just 3 percent to transfer a balance, and it doesn’t charge a penalty APR. However, its late-payment fee of $38 is significantly higher than what most low interest rate credit cards charge. The Visa Platinum card also charges a 3 percent foreign transaction fee, making it a poor choice to take with you when traveling. In addition, the Visa Platinum card charges a number of standard credit card fees, including a 4 percent cash advance fee and a $35 returned-payment fee. By contrast, many low interest rate cards charge significantly fewer fees.

Almost no perks
The U.S. Bank Visa Platinum card also doesn’t offer any noteworthy perks or standout rewards, making it harder to justify its higher APR for cardholders with less-than-perfect credit. The card offers auto rental insurance and standard card protections, such as zero fraud liability. It also offers customizable payments, making it a good choice for cardholders who need extra help accelerating their payments. However, it doesn’t offer any other standard credit card perks, such as travel emergency assistance, baggage insurance or price protection. Nor does it offer any card rewards.

Reasons to get it:

  • You plan to carry a balance and can qualify for the card’s lowest available rate.
  • You have a small amount of debt to transfer and want a card with a decent introductory promotion.
  • You already have an account with U.S. Bank and want a card with the same bank.

How to use it:

  • If this is the lowest-rate card you own, use this card for any purchases you can’t pay off in full.
  • If you plan to transfer a balance, divide the total amount you need to repay by 15 and try to repay slightly more than that each month.
  • Take advantage of the card’s flexible payments feature by setting up custom automatic payments that will help you shed debt more quickly.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information. 

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

See Full Card Details