U.S. Bank Visa Platinum Review: Lengthy 0% Period Makes It Worthy
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4.5
This card can buy you time to pay off a large purchase, and it's not a bad balance transfer option either.
Pros
No annual fee
Intro APR period
Cell phone insurance
Cons
No rewards
Requires good/excellent credit
No bonus offer
on US Bank's website
Compare to Other Cards
Annual fee$0 | Annual fee$0 | Annual fee$0 |
Regular APR19.74%-28.49% Variable APR | ||
Intro APR0% intro APR for 18 billing cycles on purchases and balance transfers | Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 15 months on purchases and balance transfers |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
Detailed review: U.S. Bank Visa® Platinum Card
If you're looking to finance a major purchase, the U.S. Bank Visa® Platinum Card could be a good choice.
That’s because the card charges an annual fee of $0, yet it offers a long 0% introductory interest rate on purchases, as well as a good interest-free period on balances you transfer from elsewhere.
You won't earn rewards with the U.S. Bank Visa® Platinum Card. But it comes with cell phone insurance, a minor perk.
U.S. Bank Visa® Platinum Card: Basics
Card type: 0% APR and balance transfer.
APR offer: 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 19.49%-29.49% Variable APR.
Annual fee: $0.
Sign-up bonus / rewards: None.
Balance transfer fee: 3% or $5 minimum, whichever is greater.
Benefits and perks
Lengthy 0% APR promotion on purchases
This is the defining feature of the card. If you’re facing a large expense you can’t pay right away, the extra-long interest-free period allows you to pay over time without piling on finance charges.
Balance transfer period
The card also offers a pretty long interest-free period for balances you transfer to it. But keep the balance transfer fee in mind.
Annual fee of $0
Once you use the introductory interest-free period to pay your balance, the card won’t cost you anything to keep — although, it might eventually be relegated for use as a backup card.
Cell phone insurance
The is one of a growing number of cards that come with cell phone insurance. If you pay your cell phone bill every month with this card, you'll get coverage for damage or theft up to $600, with a $25 deductible, for up to two claims for a total of $1,200 per 12-month period. This covers your phone and additional lines on the account. However, the insurance is “secondary,” meaning it kicks in only after any other phone insurance you have.
Drawbacks and considerations
Other cards offer longer 0% periods
At one point, the U.S. Bank Visa® Platinum Card had the longest 0% intro APR period available from a major issuer. If offered 20 months at 0% for both purchases and transfers, which made it a three-time NerdWallet award winner. The card has scaled that benefit back a bit, and while its 0% period is still solid, other cards go longer.
Consider the BankAmericard® credit card. You'll get 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.74%-25.74% Variable APR.
No rewards
If you want a card that's ideal for everyday spending, the U.S. Bank Visa® Platinum Card is not for you. There are no rewards for spending with this card. If debt is not an issue for you and you pay your bills in full and on time every month, consider moving on to another card that offers you more benefits. Like the Wells Fargo Active Cash® Card, which has a solid introductory APR period, includes a bonus offer for new cardholders, and gives you 2% cash back on all purchases.
No sign-up bonus
New cardholders get no bonus, which is disappointing since some competing cards with almost-as-long 0% APR periods include bonuses as high as $200.
Foreign transaction fee
Forget about travel perks with this card. And it’s a poor choice for using abroad because of its 3% fee on foreign transactions.
Earn a high flat rate on all your spending. Plus, get an intro 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.99%-28.99% Variable APR and an annual fee of $0.
How to decide if it's right for you
If you're looking for a card that offers a generous amount of time to pay down a new purchase, the U.S. Bank Visa® Platinum Card could be a fit. While the card won't cost you anything to keep, even after you've said sayonara to the balance, you might find yourself graduating to a different card for the long term.
To see other potential options, visit NerdWallet's roundup of best credit card offers.
on US Bank's website
