US Bank Visa Platinum Credit Card

Sometimes we end up holding large balances on credit cards that have high interest rates by accident. This creates a debt spiral that could keep your finances (and credit score) in disarray for months until you’re done paying everything off. If you’d like to get away from these high interest options, the US Bank Visa Platinum Card is a great way to begin. 

With an intro offer for purchases on the card and balance transfers, it allows you to take what you owe on other credit cards and save up on interests. During this lengthy introductory period, you should be able to get things in order and maybe even pay off your debt. 

Certainly, there are plenty of balance transfer focused cards on the market. But you’ll see that this is a great contender for one of the best options out there. Keep reading to understand how the intro offer works, its other perks and who can apply for this life saving credit card.

 

How does US Bank Visa Platinum Card work? 

One thing you’ll notice quickly about US Bank Visa Platinum is that it has very few benefits or perks. Despite its focus on allowing you to pay off your balance, this isn’t a credit card for poor score holders. However, the one intro offer it does have is a great thing for most people who currently hold a balance on their cards. 

This credit card is focused on balance transfer. Which means that if you currently hold a balance on a card with high interest rates (common on secured cards, for example), this is the opportunity to get rid of them.

Simply transfer the amount to US Bank Visa Platinum and take your time to pay everything off while enjoying the initial ARP offer.  

Since there aren’t many other details pertaining to this card, some people might stop reading right now. However, we recommend you take a further look to understand how its other aspects could help you keep a balanced financial life. 

If you’re part of the group that won’t consider a card with cashback or points rewards programs, then this is certainly not the choice for you. 

What are the main benefits for this credit card?

What calls the most attention here is the US Bank Visa Platinum intro offer of 0% interest for the first 20 billing cycles. Other information you might need before taking this credit card into consideration include: 

• Up to $600 protection for your smartphone against theft and damage with a $25 deductible; 
• Variable due date, you can chose the one that best fits your schedule; 
• $0 annual fee; 
• US Bank Extended Pay Plan to help you split eligible purchases worth $100 or more into monthly payments; 
• One of the longest 0% APR period in the market, up to 20 months for new clients; 
• Free unlimited access to your TransUnion credit scores. 

As you can see, there isn’t much available when it comes to rewards. But the 20 months of 0% APR are enough for most clients to consider this a great card at least for the time being. After the initial period of almost 2 years you’ll have a hard time to get much value for your purchases, which could mean it’s time to look for an alternative. 

Cons for the US Bank Visa Platinum card

This credit card isn’t what we consider to be a credit building card. After all, you’ll need at least a 690 score to get an approval, which reporting bureaus consider to be good. With these numbers, you might be approved for cards that have much more robust rewards and offers to get you value for your annual fees. 

There is also a 3% balance transfer fee that applies, or $5, whichever is the greatest amount. So we don’t recommend you make transferring your balance from other credit cards a habit or you could have quite the amount in fees to pay. 

If you’re thinking about a credit card with low interests to use abroad, remember that the international transfer fee still applies in this case. You’ll pay 3% for everything you buy outside of the USA. 

How does the intro APR offer work? Is it worth it?

Most credit cards have some sort of intro offer, such as periods with lower fees, no fees at all or extra rewards points. The US Bank Visa Platinum focuses on its APR offer that extends over a 20 billing cycles period. It’s quite long for an introductory offer, ideal for someone who wishes to make a big purchase and pay over a few months without compromising their finances. 

Certainly there’s a catch. Purchases or balance transfers are only shielded from interest for 20 billing cycles if they happen within sixty months after getting the credit card. This means that you’ll keep paying a bit every month without worrying about interest. But new purchases that happen after these first sixty days will happen with the usual variable interest. 

Perks and advantages for the US Bank Visa Platinum

There’s one other perk that we would like to highlight here: a $600 protection for your smartphone. Most other credit cards only offer this type of insurance for devices bought with the credit card itself. In this case, however, all you have to do to be eligible is paying your phone bill with the US Bank Visa Platinum. 

Rates and fees for the US Bank Visa Platinum

As we explained above, the 0% interest rate for balance transfers and purchases is only available for what happens 60 days after you start with the card. Check out other rates and fees for the US Bank Visa Platinum: 

• 3% or $5 balance transfer fee;
• $40 late payment fee;
• $0 annual fee;
• 14,74% to 24,74% variable APR after promotional period; 
• 3% foreing transaction fee. 

This credit card is available for most American citizens who have at least a good credit score.

Conclusion

The US Bank Visa Platinum Card is a solid choice for individuals looking to manage or pay off existing credit card debt due to its impressive 0% introductory APR for the first 20 billing cycles on both purchases and balance transfers made within the first 60 days. This long introductory period provides significant relief from high interest rates and can help you get your finances in order.

Pros:

• 0% Intro APR: For 20 billing cycles on purchases and balance transfers within the first 60 days.
• No Annual Fee: Keeps your costs minimal.
• Smartphone Protection: Up to $600 for theft or damage.
• Flexible Due Date: Choose a payment date that suits your schedule.
• Free Credit Score Access: Helps you monitor your credit health.

Cons:

• No Rewards: Lacks cashback, points, or travel benefits.
• Balance Transfer Fee: 3% or $5, whichever is greater.
• Foreign Transaction Fee: 3% on purchases made outside the USA.
• High APR After Intro Period: Variable rates from 14.74% to 24.74% after the promotional period.
• Good Credit Required: Best suited for those with a good credit score (690+).

If your primary goal is to eliminate high-interest debt or make a large purchase without paying interest over a long period, the US Bank Visa Platinum Card can be a highly effective tool. However, if you’re looking for rewards or have a lower credit score, you might need to explore other options.