U.S. Bank Visa Platinum Review – Help You To Pay Down Debt

Rating:
4.1/5
4.1 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

The US Bank Visa Platinum card is for people who are looking to either finance a major purchase or pay off a debt interest-free. It is one of the best credit card options in the market for a one-time buy.

This is because the card does not charge an annual fee, and offers a long zero percent introduction offer on an interest rate for all purchases.

This card does not earn you any rewards, such as the other cards above do, but it comes with very many benefits such as cell phone insurance.

It is actually one of just a few cards that come with this feature of cellphone insurance. All you are required to do is pay for your cell phone bill each month using the card, and you shall get coverage for damages or theft of your card up to $600. This has a simple $25 deductible.

Another excellent benefit of the card is its transfer period. It offers a very long interest-free period on all balances you transfer with it. In fact, if you are carrying a large balance on another card, you are likely to be charged high interest for this payment.

However, when you transfer part of the balance to your US bank Visa Platinum Card, you shall receive a lengthy 20 billing cycle for you to pay the debt at no interest rate. After the 20 months, you shall be charged 13.99% – 23.99%.

U.S. Bank Visa Platinum

On US Bank’s Secure Website

Our Bottom Line

  • Great If You Need To Pay Down Debt

Credit Rating Requirements

  • Good - Excellent Credit

PROS

  • 0% APR Introductory Rate
  • No Annual Fee

CONS

  • No Rewards
  • Balance Transfer Fee

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Benefits

Let’s take a look at the benefits of the U.S. Bank Visa Platinum card and see if it’s the right one for your wallet or not.

  • 0% APR Introductory Rate on Balance Transfers and Purchases in the First 20 Months

If you are looking to save money on interest, the U.S. Bank Visa Platinum card offers a 0% introductory rate for 20 months on balance transfers and purchses. 

If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 20 months. 

You can also charge up the card and pay no interest for 20 months on your purchases. This is great if you have a big purchase in mind and want to pay over time.

U.S. Bank Visa Platinum card offers one of the longest introductory rates in the market.

  • No Annual Fee

U.S. Bank Visa Platinum card does not have an annual fee.

  • Cell Phone Protection

U.S. Bank Visa Platinum cardholders that pay their cell phone bills with the card can enjoy up to $600 protection per incident, and up to $1,200 a year. 

This is nice because you can forgo cell phone insurance if you pay with your U.S. Bank Visa Platinum card. There is a $25 deductible.

  • Free Credit Score

Every month U.S. Bank Visa Platinum card will update your credit score online through Transunion. You can always stay up to date on your credit score and monitor any large changes.

  • Protection

U.S. Bank Visa Platinum card monitors your credit card and alerts you to suspicious activity or fraud. The card also has auto rental collision damage waiver and emergency support if needed.

  • Pick Your Due Date

U.S. Bank Visa Platinum card allows cardholders to pick their due date. You can pick the time of the month that is best for you to pay the bill. >

Drawbacks

Here are the most important cons you should consider before apply to the U.S. Bank Visa Platinum card:

  • No Sign-Up Bonuses

Many credit cards, including store cards, offer some kind of sign-up bonus. This can be the extra motivation that many need to jump into getting the card. 

Currently the U.S. Bank Visa Platinum card does not offer a sign-up bonus.

  • No Rewards

Many cards on the market offer rewards for spending, such as cashback rewards, points, or travel rewards. The U.S. Bank Visa Platinum card does not offer any rewards.

  • 2%-3% Foreign Transaction Fee

The U.S. Bank Visa Platinum card has a foreign transaction fee of 2-3%. You definitely want to avoid this fee. If traveling, leave this card at a home for one that does not have a fee.

  • Redemption Restrictions

Best Buy Visa Card rewards can only be redeemed or spent at Best Buy. They send you a voucher for $5 every time you hit 250 points. This is automatic and makes it difficult to build up rewards or use the rewards when you want.

  • Balance Transfer Fee

There is a balance transfer fee required if you want to take advantage of the introductory 0% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your U.S. Bank Visa Platinum card. 

This fee is $5 or 3% of the transfer, whichever is bigger. The fee is upfront and will be added to your debt load when transferred.

Alternatives to U.S. Bank Visa Platinum Card

Several other credit cards offer similar and even more benefits in terms of cash back rewards, low fees, and lengthy 0% intro APR periods. 

Let’s look at them next and see if one is better suited for you than the U.S. Bank Platinum card:

  • U.S. Bank Cash+ Visa Signature Card

The U.S. Bank Cash+ Visa Signature Card allows cardholders to choose their spending categories each quarter in which they can earn the highest cash back. 

With the U.S. Bank Cash+ Visa Signature Card you can earn 5% cashback on your first $2,000 in combined eligible purchases each quarter on two categories you choose. You also earn 2% on one everyday category, like gas stations, grocery stores or restaurants, and 1% on on all other eligible purchases.

This card also has a generous sign-up bonus and an 12 months introductory 0% rate on balance transfers, and the card has no annual fee.

The City Simplicity card is a favorite for people who hate to pay interest, and they use it to pay off other credit cards that have high-interest rates.

The  card is a no annual fee credit card but like the Simmon’s Visa, it does not offer a rewards program and does not offer sign up bonuses. As a Citi Simplicity card holder, you get access to purchase protection and identity theft support. You also get a 0% intro APR for 12 months on purchases and 0% intro APR on balance transfers for 21 months.

Paying 0% on purchases for 12 months is a huge benefit if you aren’t going to be paying off the balance month to month due to your financial circumstances and you need credit card financing. Once these intro periods end, you’ll pay between 14.74 and 24.74% Variable APR. If you’re not interested in chasing rewards and sign up bonuses, then this credit card could be for you.

The Capital One Platinum credit card is an ideal option for those with average credit who need to take some time to build credit before they can qualify for a better rewards credit card. 

You can apply with average credit score, not paying usual fees such as balance transfer or annual fee and get a credit limit raise after you make on-time payments for the first 5 months. 

However, you won’t be able to participate in any rewards program and get the usual benefits as well any sign-up bonus.

Is the U.S. Bank Visa Platinum Card Right for You?

U.S. Bank Visa Platinum card really has one purpose in the market and that is to help potential customers pay down their debt.

U.S. Bank Visa Platinum card offers one of the longest introductory rates on the market, 20 months. This card would be best for customers who have run up other credit cards or are looking to make large purchases and pay over time.

For everyday spending and uses, many customers will find that other cards offering rewards and cash back will be a better value. Many of the cards on the market that offer rewards and cash back also have very competitive introductory rates.

The U.S. Bank Visa Platinum card has a 3% balance transfer fee, which is the market average. This fee it directly added to the balance that you transfer to the card. There are other available cards on the market that don’t have a balance transfer fee and have competitive introductory rates that potential customers may want to look into.