If you’re a small-business owner looking to finance purchases for an extended period of time, the $0-annual-fee U.S. Bank Business Platinum could be right for you. It’s the rare business credit card that offers a 0% intro APR period on both purchases and balance transfers — and it’s one of the lengthiest such promotions you can find in this category.
However, the card doesn’t offer many incentives beyond that, so if you want ongoing rewards, you’ll need to look elsewhere.
Here are five things to know about the U.S. Bank Business Platinum.
1. It’s among the best 0% intro APR offers available …
The U.S. Bank Business Platinum offers an intro 0% APR for 20 billing cycles on purchases and balance transfers, and then the ongoing APR of 9.99% - 17.99% Variable APR.
That gives you nearly two years to finance expensive equipment or pay down existing debt interest-free.
It’s hard enough to find a business card that offers any 0% APR period whatsoever on balance transfers. If that’s what you need, you’re unlikely to find a more generous promotional window than this one.
2. … Though you’ll still owe a balance transfer fee
The U.S. Bank Business Platinum charges a balance transfer fee of either $5 or 3% of the amount of the transfer, whichever is greater.
That’s on the low end of the range for such a fee (some cards charge 5%), but it’s still something to take into consideration, especially if you’re thinking about moving over a large balance to the card.
There are some consumer credit cards that charge no balance transfer fee.
3. You’ll need excellent credit to qualify
If you don’t have a FICO score of at least 720, you may want to look elsewhere for a business credit card. Fortunately, the majority of NerdWallet’s best small business credit cards require only good credit — typically FICO scores of 690 or higher.
And even if you have only fair credit (FICO scores of at least 630), you’re not necessarily out of options. The Capital One® Spark® Classic for Business, for one, is available to those with only fair credit, and while it doesn’t offer a 0% intro APR period, it does earn rewards and features a $0 annual fee.
4. It doesn’t earn rewards
This could also be a dealbreaker for small-business owners looking to use their purchases to rack up points or cash back.
Other no-annual-fee business cards do offer rewards. For instance, the Discover it® Business Card earns 1.5% cash back on all purchases, although it doesn’t feature a 0% intro APR on balance transfers. If that’s important to you, you could consider the American Express Blue Business Cash™ Card. It does offer an intro 0% APR for 12 months on purchases and balance transfers, and then the ongoing APR of 13.24% - 19.24% Variable APR. Plus, you’ll earn 2% cash back on the first $50,000 in eligible purchases each year, and 1% after that. Terms apply.
5. It doesn’t travel particularly well
While the U.S. Bank Business Platinum is a Visa — which means it will be widely accepted internationally — it’s not the best option for making purchases abroad, thanks to its 3% foreign transaction fee.
You can find no-annual-fee business cards that don’t charge this fee. The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is one example. It earns rewards to boot and also offers an intro 0% on Purchases for 9 billing cycles, and then the ongoing APR of 13.74% - 23.74% Variable APR.