U.S. Bank Visa Platinum Review: Lengthy 0% Period Makes It Worthy

If you're looking to finance a major purchase, the U.S. Bank Visa® Platinum Card is one of the best options on the market for buying time until you can pay it off.

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/low-interest.

• APR offer: 0% APR for 20 billing cycles on purchases and balance transfers, and then the ongoing APR of 13.99% - 23.99% Variable APR.

• Annual fee: $0.

• Balance transfer fee: 3% or $5 minimum, whichever is greater.

U.S. Bank Visa® Platinum Card: Benefits

Lengthy 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 note the balance transfer fee, discussed below.

» MORE: NerdWallet's best balance transfer credit cards

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 card is one of a handful 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. If you have other insurance, it would reimburse the deductible of your primary plan — minus the $25 deductible of this card’s protection. And it does not cover loss of a cell phone like most insurance from wireless carriers.

U.S. Bank Visa® Platinum Card: Pitfalls and other possibilities

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. One option: the Capital One® Quicksilver® Cash Rewards Credit Card. It has a solid 0% intro APR offer, charges the same transfer fee and gives you 1.5% cash back on every purchase.

No sign-up bonus. New cardholders get no bonus, which is disappointing since competing cards with almost-as-long 0% APR periods include at least a modest bonus. Some are $150, for example.

Balance transfer fee. The 3% balance transfer fee isn’t as high as some, but it’s a bummer for a card that focuses on paying down debt. As an alternative, look at the Amex EveryDay® Credit Card. This card has a shorter 0% period for transfers, but it charges a $0 balance transfer fee (transfers must be requested in the first 60 days). Terms apply. For a transferred debt of $10,000, that's a $300 savings upfront.

» MORE: NerdWallet's best no balance transfer fee credit cards

Foreign transaction fee. Forget about travel perks with this card. And it’s a poor choice for using abroad because of its fees for foreign transactions: 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. dollars or 3% if the transaction is in a foreign currency.

Requires good credit. If you have a mountain of debt and your credit rating is hurting because of it, you might have trouble getting approved for this card.

Is the U.S. Bank Visa® Platinum Card 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.