U.S. Bank Visa® Platinum Card review

U.S. Bank Visa® Platinum Card review

Updated: September 3, 2021

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Updated: September 3, 2021

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When you click “See my approval odds” we’ll run a soft credit check to determine if you have Excellent, Good, Low, or Poor odds of being approved for cards on our site. Approval Odds serves as a guide to help you find the right credit card and will never affect your credit score.
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Ratings Policy
Balance Transfer Rating:
4.2 rating
4.2 rating
4.2 / 5
Introductory Offer5.0
Rewards0.0
Features1.0
Issuer Customer Experience3.5

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, and a long introductory period.

 

See Rates and Fees

 

Learn more about this card

0% Introductory Period
20 billing cycles

Excellent

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

Excellent

Introductory Purchase APR
0% for the first 20 billing cycles

Excellent

Regular APR
14.49%-24.49% (variable)

Average

Annual Fee
$0

Excellent

U.S. Bank Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 786 (90% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.7/5
  • Apple Store mobile app rating: 4.8/5
Very Good

Other Notable Features: $600 cellphone protection ($25 deductible), auto rental insurance, flexible payments

Low Interest Rating:
3.9 rating
3.9 rating
3.9 / 5
Rates, Fees, Penalties3.3
Rewards0.0
Features1.0
Issuer Customer Experience3.5

In a Nutshell:

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

 

See Rates and Fees

Learn more about this card

Regular APR
14.49%-24.49% (variable)

Fair

Introductory Purchase APR
0% for the first 20 billing cycles

Excellent

Introductory Balance Transfer APR
0% for the first 20 billing cycles

Excellent

Fees

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

Penalties

  • Up to $40 late payment fee
  • Up to $40 returned payment fee
  • No penalty APR
Very Good

U.S. Bank Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 786 (90% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.7/5
  • Apple Store mobile app rating: 4.8/5
Very Good

Other Notable Features: $600 cellphone protection ($25 deductible), auto rental insurance, flexible payments

U.S. Bank Visa Platinum Card Review: More Details

If you’re a cardholder looking to pay down debt with a balance transfer credit card or take advantage of a card with an introductory APR offer to finance a larger purchase with time to pay it off interest-free, the U.S. Bank Visa Platinum Card could be a perfect fit. The card offers one of the longest introductory APR periods currently available on both new purchases and balance transfers.

Even as balance transfer offers stage a comeback, few can match the U.S. Bank Visa Platinum card’s offer for its length and relatively low balance-transfer fee. If your top priority is getting as much time as possible to pay off debt, this card is definitely worth considering.

The card is not without its faults, however. It doesn’t include any sort of rewards program and its maximum APR is on the high side, so you might not get much long-term value out of the card if you don’t qualify for the best rate.

Transferring a balance with the U.S. Bank Visa Platinum

If you are carrying a large balance on another card, odds are your interest charges are racking up quickly. By transferring a balance to the U.S. Bank Visa Platinum, you’ll get a lengthy 20 billing cycles to pay it down without interest (14.49% to 24.49% variable APR after that). You’ll also have to pay a transfer fee of $5 or 3% (whichever is higher), but keep in mind that this is likely much less than the interest you’ll save over 20 months.

Here’s a look at how the cost of the U.S. Bank Visa Platinum card’s balance transfer fee compares with the interest you’d be charged for carrying a balance over 20 months, according to the CreditCards.com balance transfer calculator, which calculates payoff time and total interest charges based on your starting balance and ongoing APR.

Example balancesCost of balance transfer fee (3% of balance)Interest charged over 20 months if not transferred (16.14% rate)
$550 balance with $32 monthly payment$16.50$79.70
$2,200 balance with $127 monthly payment$66$321.58
$4,400 balance with $255 monthly payment$132$640.39

Despite the interest you save, the balance transfer fee can be particularly high on larger balances. If you are hoping to avoid this extra charge, you could search for a card with no balance transfer fee; however, these cards are increasingly hard to find. Indeed, the U.S. Bank Platinum Visa card’s 3% balance transfer fee (or $5, whichever is higher) is fairly standard in the current market (many cards charge a 5% balance transfer fee).

The tradeoff for no balance transfer fee is often a shorter intro APR period. For example, the Navy Federal Credit Union Platinum card* charges no balance-transfer fee, but only gives you a 0% intro APR for 12 months on balance transfers (5.99% to 18.00% variable APR after that, offer expires June 30, 2021).

See related: How to negotiate a balance transfer fee

Intro purchase APR

In addition to a generous intro APR for balance transfers, the U.S. Bank Visa Platinum card offers one of the longer intro periods available for new purchases. Cardholders get a full 20 billing cycles before they start accruing interest on new purchases (14.49% to 24.49% variable APR thereafter). While many balance transfer cards also offer introductory periods for new purchases, the U.S. Bank Visa Platinum offer is particularly long.

If you have a balance to pay down but also want to be able to finance a large purchase over time without racking up interest charges, this can be a great option. Just be sure not to charge more to the card than you can pay off in the first 20 billing cycles, especially if you are also paying down significant debt.

Carrying a balance with the card

If you do find yourself needing to carry a balance on this card at the end of the intro period, the APR is fairly reasonable, although not spectacular. Indeed, according to our card ratings methodology, though this card gets top marks for its balance transfer introductory offer, its low-end APR only warrants a middle-of-the-road rating.

Cardholders with the best credit can qualify for an APR as low as 14.49% variable – which is just above the average credit card APR for a balance transfer card. However, this low-end APR falls short of the rate offered by some dedicated balance transfer and low interest credit cards, including the BankAmericard® credit card (with a 12.99% to 22.99% variable APR). The card’s APR can also range as high as 24.49% variable, which could add up quickly on larger balances.

See related: Can you transfer a store card balance to a credit card?

Other fees

The balance transfer fee on the U.S. Bank Visa Platinum card is pretty standard, but that is not the only fee you should keep an eye out for. The card also charges an up to $40 fee for late payments and 2% to 3% (or $5, whichever is greater) on each foreign transaction you make (2% if the transaction is in U.S. dollars, 3% if in a foreign currency). If your payment is returned, you’ll be charged an up to $40 returned payment fee. While all of these are standard among credit cards, you can often find a balance transfer card with less surcharges.

On the plus side, the card doesn’t charge a penalty APR, so you won’t have to worry about your rate skyrocketing if you make a late payment.

No rewards program

Unfortunately, the U.S. Bank Visa Platinum card doesn’t come with any sort of rewards program – limiting its long-term value. If you are hoping to continue to get great use out of the card after the intro period ends, this probably isn’t the best choice for you.

Alternatively, a handful of cash back cards, including the Citi® Double Cash Card and Discover it® Cash Back offer a generous cash back rate and a similar (albeit shorter) introductory period on balance transfers. While rewards shouldn’t be a focus when you’re trying to pay off debt, opting for a balance transfer card that earns rewards could help you save on some of your everyday spending and, if the rewards program fits your spending habits, could save you the trouble of applying for a new card after your intro APR offer ends.

Other benefits

Though it doesn’t come with a rewards program, the U.S. Bank Visa Platinum card still includes some extra benefits that boost its value and could help you better manage your spending.

  • Cellphone insurance – Cardholders who pay their phone bill with the Visa Platinum can take advantage of cellphone insurance and be covered up to $600 ($25 deductible) in the case of damage or theft.
  • Choose your own payment due date – To help you match your card payments to your schedule, you have the flexibility to choose your own due date.
  • Fraud protection – You’ll be notified of any unusual card activity to stay a step ahead of credit card fraud.
  • 24/7 account access – The U.S. Bank Mobile App makes it easy to visualize your payment, balance and transactions at any time.
  • Free credit score – You’ll receive your TransUnion credit score on online banking and receive email alerts for any major changes to track your credit progress.
  • Autopay – If you are worried about keeping track of payments, you can set up automatic payments each billing period.

All of these perks can help you get on track with your budget and improve your credit score.

Customer experience

Among major issuers, U.S. Bank doesn’t have the greatest customer service reputation. In J.D. Power’s 2020 customer satisfaction survey, the bank scored 786, ranking below 90% of other major credit card issuers. However, U.S. Bank offers 24/7 customer service and an online chat feature, and the issuer’s app rates well in the Apple App Store (4.8 out of 5) and the Google Play Store (4.6 out of 5).

Approval odds

The U.S. Bank Visa Platinum card is designed for users with good credit to excellent credit (above 670) so you’ll want to ensure you meet those qualifications before you apply. You can check if you prequalify for the U.S. Bank Visa Platinum card using the CreditCards.com CardMatch tool, which matches you to cards that fit your credit profile with no impact to your credit score. Simply enter a few bits of personal information and you’ll see a list of all the cards that suit your credit history.

Keep in mind, though, that balance transfer requests are approved independently of your card application – based on your allotted credit limit. You could theoretically be approved for the card but not have your balance transfer (or the full amount you’d like to transfer) approved. As such, if you have a larger balance to transfer, it is a good idea to wait to apply until you are higher in the range.

See related: Do balance transfers hurt your credit?

How does the U.S. Bank Visa Platinum compare to other cards?

Though the U.S. Bank Visa Platinum has one of the most generous introductory APRs available on both balance transfers and new purchases, it might not be the best choice for every kind of cardholder. If you are hoping for a chance at a lower ongoing APR or to earn rewards after you pay down your debt, one of these other popular options might be best for you.

BankAmericard
BankAmericard® credit card
Discover it Cash Back
Discover it® Cash Back
Citi Double Cash
Citi® Double Cash Card
Rewards rate

None

Rewards rate

  • Enroll every quarter to earn 5% cash back on up to $1,500 in purchases in various categories throughout the year
  • 1% cash back on general purchases
Rewards rate

Up to 2% cash back (1% when you buy, 1% as you pay off those purchases)

Introductory period (balance transfers)

18 billing cycles (for balance transfers made within 60 days of opening account)

Introductory period (balance transfers)

14 months

Introductory period (balance transfers)

18 months

Introductory period (new purchases)

18 billing cycles

Introductory period (new purchases)

14 months

Introductory period (new purchases)

None

Regular APR

12.99% to 22.99% (variable)

Regular APR

11.99% to 22.99% (variable)

Regular APR

13.99% to 23.99% (variable)

Other things to know

  • 3% balance transfer fee (or $10, whichever is greater)
  • Can earn modest cash back via BankAmeriDeals card-linked offer program
Other things to know

  • Discover matches all the cash back you earn at the end of your first year
  • 3% balance transfer fee (intro fee, until Sept. 10, 2021, 5% after that)
  • No foreign transaction fee
Other things to know

  • No sign-up bonus
  • 3% balance transfer fee (or $5, whichever is greater)
  • 3% foreign transaction fee

BankAmericard® credit card

Another workaday balance transfer card, the BankAmericard offers an impressively long intro APR period and reasonable ongoing APR: You’ll enjoy a 0% intro APR for 18 billing cycles on new purchases and on balance transfers made within the first 60 days of account opening. After that, the card’s ongoing interest rate is 12.99% to 22.99% (variable), with both the low- and high-end beating out those offered on the U.S. Bank Visa Platinum card. You also have a chance at earning the occasional cash back bonus through the BankAmeriDeals card-linked offer program. Although this is unlikely to add up to much cash back in the bigger scheme of things, every little bit of savings helps.

Discover it® Cash Back

With a little legwork, the Discover it Cash Back can be one of the most lucrative cash back cards on the market, offering a whopping 5% back (on up to $1,500 in purchases per quarter, then 1%) after you enroll in one of several categories that rotate each quarter based on the Discover cash back calendar. Not only that, but it carries a competitive intro APR offer. You’ll get 14 months to pay off a transferred balance or new purchases at a 0% intro APR, after which the ongoing APR is fairly low at 11.99% to 22.99% (variable). Discover also matches all the cash back you earn at the end of your first year, making the card a potentially very valuable option if you can pay off your balance during the 14-month promotional period.

Citi® Double Cash Card

Though it’s best known as one of the top flat-rate cash back cards on the market, the Citi Double Cash also carries a very competitive balance transfer offer. In addition to the up to 2% cash back you can earn on every purchase (1% when you buy, 1% when you pay off your purchase), you can enjoy a 0% intro APR for 18 months on balance transfers (a 13.99% to 23.99% variable APR applies after that), which is just 2 months shy of the U.S. Bank Visa Platinum card’s offer. On the downside, the Citi Double Cash does not carry an intro APR offer for new purchases. If you need to finance a larger purchase like a home renovation or car repair, the U.S. Bank Visa Platinum would be a better choice.

Who should get the U.S. Bank Visa Platinum card?

  • Cardholders who want a long intro APR for both new purchases and balance transfers.
  • Users who will take advantage of perks like cellphone protection.
  • Cardholders who are more focused on avoiding interest charges than earning rewards.

How to use the U.S. Bank Visa Platinum card:

  • Make a plan to pay off your balance in the first 20 billing cycles to avoid accruing interest.
  • Avoid charging more than you can pay off by the end of the introductory period.
  • Pay for your cellphone bill with the card to take advantage of the protection.

Is the U.S. Bank Visa Platinum card worth it?

For cardholders dedicated to paying down a balance who are not worried about earning rewards after the intro period, the U.S. Bank Visa Platinum offers a top-tier introductory offer on both balance transfers and new purchases. Plus, its cellphone protection benefit can save you on damages.

That said, a fair number of other cards come with competitive intro APR offers on balance transfers, new purchases, or both, while also potentially carrying a lower ongoing APR and perks like a cash back rewards program. The tradeoff with those will likely be the length of the intro APR period, so make a plan for paying off your balance and be realistic about how long it will take.

If you think you’ll need 20 months to make a significant dent, the U.S. Bank Platinum Visa is a great option. But if you have a smaller balance or can devote more resources toward repayment, you may be able to make do with a card with a shorter intro APR period that has better long-term value.

* All information about the Navy Federal Credit Union Platinum Card has been collected independently by CreditCards.com. The issuer did not provide the content, nor is it responsible for its accuracy.

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When you click “See my approval odds” we’ll run a soft credit check to determine if you have Excellent, Good, Low, or Poor odds of being approved for cards on our site. Approval Odds serves as a guide to help you find the right credit card and will never affect your credit score.
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