U.S. Bank Visa Platinum Review: Shed Debt With 20 Months of 0%

If you're looking to finance a major purchase or you have high-interest credit card debt you want to pay down, the U.S. Bank Visa® Platinum Card is one of the best options on the market.

The card has one of the longest 0% introductory APR offers you'll find for purchases or balance transfers, which could give you the interest-free breathing room you need to pay off a home improvement project or zap a high balance you're carrying elsewhere.

You won't earn any rewards with the U.S. Bank Visa® Platinum Card, but it does come with a cell phone insurance benefit, a somewhat uncommon feature that can make this card worth holding onto even after you've paid off your balance.

» MORE: NerdWallet's best cards for balance transfers

U.S. Bank Visa® Platinum Card: Basics and benefits

• Card type: Balance transfer/0%

• Lengthy 0% intro APR offer on purchases and balance transfers: This is the defining feature of the U.S. Bank Visa® Platinum Card. It offers the following intro APR: 0% on Purchases and Balance Transfers for 20 billing cycles, and then the ongoing APR of 14.74% - 25.74% Variable APR. Transfers must be made within the first 60 days of opening the account. For someone facing a large upfront expense or seeking the ability to shift debt around, this card can help.

• Annual fee of $0: Nothing lasts forever, not even this card's lengthy 0% intro APR offer. But the good news is that even when it ends, you won't have to pay a yearly fee to carry the card around.

• Cell phone insurance: The U.S. Bank Visa® Platinum 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 primary phone as well as any additional lines on the account. If you normally pay for cell phone insurance, getting it for free could shave a few bucks off the cost of your mobile bill.

• Reasonable balance transfer fee: The U.S. Bank Visa® Platinum Card has a balance transfer fee of 3% or $5, whichever is greater. Most cards charge anywhere from 3% to 5% of the amount you transfer. Although there are a handful of cards that don't charge balance transfer fees at all, most of them offer shorter 0% intro APR periods. The extra breathing room on the U.S. Bank Visa® Platinum Card might be worth the price of the balance transfer fee to you.

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

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 with this card, no tempting sign-up bonus and no travel benefits. If debt is not an issue for you and you pay your bills in full and on time every month, you should reap the benefits of a card that offers incentives for doing so. One option for you might be 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.

• For balance transfers, there are cheaper options: As noted, transferring a balance to the U.S. Bank Visa® Platinum Card isn't fee-free, so evaluate whether what you'll save in interest payments over time is worth the upfront cost. Take a look at the Barclaycard Ring® Mastercard®. This card has a shorter 0% period for transfers, but it charges a fee of only 2% on transfers in the first 45 days. For a transferred debt of $10,000, that's a $100 savings upfront, and depending on your credit, you might get a lower ongoing APR, too.

• You need good credit to qualify: If you have a mountain of debt and your credit 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 gives you a generous amount of time to pay down your debt, the U.S. Bank Visa® Platinum Card could be a fit. The included cell phone insurance is a nice ongoing perk, and the card won't cost you anything to keep even after you've said sayonara to the balance.

But if your overall goal is to spend as little as possible while you knock out your debt, you may be better off with a card that doesn't charge a balance transfer fee in exchange for a shorter 0% intro APR period. To see other potential options, visit NerdWallet's roundup of best credit card offers.