US Bank Visa Platinum Card Review

Andrew Reyes  | 
  • Annual percentage rate (APR): 13.99% to 23.99%.
  • Purchase and balance transfer intro APR: 0% for 20 months.
  • Balance transfer fee: 3%.
  • Rewards: None.
  • Annual fee: $0.
  • Late fee: $40.
  • Credit score: Good to Excellent (670-850).
  • Compare cards here.

Benefits

  • Long intro APR period: The U.S. Bank Visa Platinum Card currently offers a 0% APR for 20 months. The offer is for both new purchases and balance transfers. However, there is a 3% fee on all balance transfers. This offer is one of the longest 0% APR periods currently available. People who would like to consolidate credit card debt can take advantage of it as long as they pay the balance off fully before 20 months pass. After the introductory period, interest rates go up to between 13.99% and 23.99%.
  • Cell phone protection: One of the unique features of the U.S. Bank Visa Platinum Card is its cell phone protection plan. If you pay your monthly cell phone bill with your card, you get $600 of phone damage insurance coverage with a $25 deductible. You can make two claims per 12 month period. You must pay your bill with your U.S. Bank Visa Platinum each month to qualify.  
  • Choose your payment date: To take full advantage of the 0% introductory period, cardholders need to make minimum payments on time each month. The U.S. Bank Visa Platinum makes this easier by allowing you to change your payment date to fit with your current payday schedule.
  • Mobile account management and wallets: U.S. Bank has a mobile app that you can use to track spending, set alerts, and manage payments for your Visa Platinum card. The card is also compatible with various mobile wallets, including Apple Pay, Google Pay, and less-known mobile payment solutions from providers like Samsung, Garmin, and FitBit.

Drawbacks

  • No rewards program: The U.S. Bank Visa Platinum Card offers new users a lengthy 0% APR period, but there is no rewards program. Cardholders cannot earn points or cash-back bonuses with this card. If you want to earn rewards, you can apply for a different card while still using the Visa Platinum for its intro bonus.
  • Balance transfer fees: One of the biggest perks of the U.S. Bank Visa Platinum Card is the 0% APR offer for balance transfers. Unfortunately, these balance transfers incur a 3% fee, with a minimum of $5. This fee means that it is not entirely free to take advantage of Visa Platinum’s introductory offer.
  • Foreign transaction fee: The U.S. Bank Visa Platinum is a poor choice for travelers because it incurs a 2% foreign transaction fee for each purchase made abroad. That fee rises to 3% for purchases made with a foreign currency. This issue is only a problem for cardholders who plan to travel and do not have a different card without foreign transaction fees.
  • Requires a good or excellent credit score: The long introductory 0% APR period for this card makes it an attractive option for those who want to consolidate their debt and start paying it down without dealing with interest. Unfortunately, the Visa Platinum requires that you already have a good credit score. Borrowers looking for options for paying down debt without interest charges may not have the credit score to qualify for this card. However, improving your credit score can also improve your chances of qualifying for this card.

What Can You Expect From the U.S. Bank Visa Platinum Card?

Cardholders can manage their U.S. Bank Visa Platinum Card account online or through a mobile app. Users are able to set alerts and establish a schedule for automatic payments. These automatic payments may prove vital because missing an installment can jeopardize the 0% interest rate.

Cardholders also have access to other financial tools. U.S. Bank provides fraud alerts if there is any suspicious activity on the account. Furthermore, all cardholders have access to their credit score from TransUnion. U.S. Bank will send an email alert if there are significant changes to your credit score.

The Platinum Visa has other mobile-friendly features. You can connect the card to mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay. Furthermore, if you pay your mobile bill with your card, you get $600 in cell phone insurance for your phone (with a $25 deductible).

Who Should Get the U.S. Bank Visa Platinum Card?

The U.S. Bank Platinum Visa is a good option for people who wish to transfer balances from other credit cards. The 20-month 0% APR introductory period is longer than most other cards on the market. Since the 0% intro offer includes purchases, you can also benefit from this card if you need to make a significant purchase. Doing so when you first get the Visa Platinum will result in the equivalent of 20 months of interest-free financing.

People searching for a simple credit card that offers online and mobile account management tools may also find the Visa Platinum an attractive option.

Finally, this card is a viable choice for tech-savvy phone users because of the option to connect your card to a mobile wallet and the unique mobile phone insurance coverage available to Visa Platinum cardholders.

Compare other balance transfer cards and learn more here.


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