U.S. Bank Visa® Platinum Card review: Enjoy nearly 2 years of a low intro APR for a limited time
U.S. Bank Visa® Platinum Card
CardRatings Editor's Analysis: Pros & Cons
- Limited time offer! Get a special 0% introductory APR on purchases and balance transfers for 20 billing cycles before regular 14.49% - 24.49% Variable APR applies.
- You can be reimbursed up to $600 for damage to, theft of or an involuntary and accidental parting of your eligible cell phone when you use your card to pay your monthly cell phone bill.
- Feel free to keep using your card once the introductory offer expires. This card has no annual fee.
- This not a rewards card so it's likely not the best fit for someone looking to rack up rewards on purchases made with their card.
TABLE OF CONTENTS
- U.S. Bank Visa® Platinum Card Limited Time Intro 0% APR Offer
- U.S. Bank Visa® Platinum Card Cell Phone Protection
- Other U.S. Bank Visa® Platinum Card Benefits
- Potential Downsides of the U.S. Bank Visa® Platinum Card
- How Does it Compare to Other Credit Cards?
- Is the U.S. Bank Visa® Platinum Card a Good Card?
If you're looking to save on a large purchase or pay off existing credit card debt quickly, consider the U.S. Bank Visa® Platinum Card. This no-frills credit card doesn't come with some of the perks you may expect of other credit cards, but it offers one of the best introductory APR offers on the market.
Keep reading to learn more about the benefits of the U.S. Bank Visa® Platinum Card, the downsides to the card, and how it stacks up to the competition.
The most noteworthy perk of the U.S. Bank Visa® Platinum Card is its limited time introductory APR period. New cardholders can enjoy an introductory 0% APR on purchases for the first 20 billing cycles (regular 14.49% - 24.49% Variable APR applies after this promotional period). Considering most cards offer introductory rate periods between 12 and 18 months, this card really stands out. Because of the long 0% APR period, this card is perfect if you're planning a large purchase that you want to pay off over many months.
Another great perk of the U.S. Bank Visa® Platinum Card is that the introductory APR applies to both purchases and balance transfers. If you're working on paying off credit card debt and find that a large portion of your monthly payments are going toward interest, a balance transfer can help.
By transferring your credit card balance to a card like the U.S. Bank Visa® Platinum Card, 100% of your payments can go toward your principal for the entire 0% introductory period. And in the case of the Visa® Platinum, that's 20 billing cycles you'll have to tackle your debt before the regular 14.49% - 24.49% Variable APR kicks in.
Another benefit of the U.S. Bank Visa® Platinum Card is cell phone protection, which you don't find with many other credit cards.
With this benefit, you can be reimbursed for up to $600 if your cell phone is damaged or stolen. You can file a claim with the simple click of a button on U.S. Bank's website or call and speak to a benefits administrator. You're covered for up to two claims – or $1,200 – per 12-month period, and each claim is subject to a $25 deductible.
You don't have to enroll in this benefit. Everyone with the U.S. Bank Visa® Platinum Card automatically has access to this coverage – just make sure you're paying your monthly cell phone bill with your card to be eligible. And because this card doesn't have an annual fee, it might be worth hanging onto the card after the introductory APR period expires just to be able to take advantage of this benefit.
The introductory APR and cell phone protection are the two most notable benefits of the U.S. Bank Visa® Platinum Card, but they certainly aren't the only perks this card offers. Let's talk about some of the other features that make this card noteworthy.
CHOOSE YOUR PAYMENT DUE DATE
U.S. Bank allows you to choose your own payment due date for your Visa® Platinum. This feature can help you time your due date to your budget. For example, you could schedule your payment due date right after you get your paycheck to help ensure that you have enough funds.
You could also choose to time it around your other bills. For instance, if most of your bills are due in the first half of the month, maybe you'd schedule your Visa® Platinum due date in the second half of the month to spread them out.
The customized payment due date could also be helpful to someone working to tackle their debt and put a debt payment plan into place. For help creating your debt payoff plan, try our credit card payoff calculator.
The U.S. Bank Visa® Platinum Card helps you to catch fraudulent activity right away. U.S. Bank detects unusual card activity and will notify you to find out if it's legitimate. If there is a fraudulent charge, you'll be able to dispute it right away to ensure you don't have to pay for it.
CREDIT SCORE MONITORING
As a U.S. Bank Visa® Platinum Card cardholder, you'll have access to the TransUnion CreditView Dashboard, which includes free credit score access, score alerts, and a Score Simulator. You'll be able to track your progress in increasing your credit score, as well as find out quickly if anything appears on your credit report that shouldn't be there.
NO ANNUAL FEE
As we mentioned previously, the U.S. Bank Visa® Platinum Card doesn't require an annual fee. As a result, all of its perks come at no cost to you, as long as you pay off your card in full and on time each month after the introductory APR period. Because there's no annual fee, you can keep the Visa® Platinum in your wallet to enjoy its perks, even if you don't find yourself reaching for it as often as other credit cards.
While there are definitely some nice perks to the U.S. Bank Visa® Platinum Card, it's also important that we talk about the downsides. The most significant disadvantage of the Visa® Platinum is that, unlike many other credit cards, you won't earn cash back or rewards points from your spending.
Many credit cards today offer cash back or rewards points, often equal to 1% - 2% of your spending. These rewards can be used for statement credits on your credit card bill, put toward travel purchases, or simply redeemed for cash. And while you won't get rich with these spending rewards, they can equal hundreds of dollars per year, which you miss out on with the U.S. Bank Visa® Platinum Card.
Another downside of the card is the lack of a sign-up bonus. Many credit cards offer a large number of rewards points when you spend a certain amount after opening the card. While the Visa® Platinum does offer a long introductory APR period, it doesn't have a rewards bonus.
If you're shopping around for a credit card, research your options to make sure you find the right card for you. Below you'll learn how the U.S. Bank Visa® Platinum Card stacks up to some of the other similar credit cards on the market.
U.S. Bank Visa® Platinum Card vs. Citi® Double Cash Card
The Citi® Double Cash Card is one of the most popular cash back credit cards on the market, and for good reason. It offers 2% back on all purchases – 1% back when you buy and 1% back when you pay off the purchases on time. This perk is particularly notable when compared to the U.S. Bank Visa® Platinum Card, which doesn't offer any cash back at all. Citi is a CardRatings advertiser.
The other feature to look at with the Citi® Double Cash Card is the introductory APR period. When you sign up for the card, you'll have access to 0% intro APR for 18 months. However, it's important to note that the introductory APR only applies to balance transfers, not purchases. Once the promotional period expires, regular 13.99% – 23.99% (Variable) APR applies.
Like the U.S. Bank Visa® Platinum Card, the Citi® Double Cash Card doesn't require an annual fee.
U.S. Bank Visa® Platinum Card vs. Chase Slate Edge℠
The Chase Slate Edge℠ is another popular no-annual-fee balance transfer card. When you sign up for the card, you'll pay 0% on all purchases and balance transfers for the first 18 months (then 14.99% - 23.74% Variable). As you can see, this introductory period is shorter than the Visa® Platinum's, but the Chase Slate Edge℠ offers some other perks as well.
First, it offers a 2% reduction in interest rate each year that you make your payments on time and spend at least $1,000 in a year.
It also offers a possible credit limit increase. Make your payments on time and spend at least $500 in the first six months and you'll receive an automatic review for a credit limit increase.
U.S. Bank Visa® Platinum Card vs. Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card is another popular balance transfer card that doesn't require an annual fee. When you sign up for this card, you'll pay 0% APR on purchases for the first 12 months and 0% APR on balance transfers for the first 21 months. Once the promotional periods expire, regular 13.74% - 23.74% Variable APR applies.
The Citi® Diamond Preferred® Card also doesn't offer any sort of cash back or rewards points so if you're deciding between these two cards it's important to consider what you're most likely to use the card for – purchases or balance transfers.
The U.S. Bank Visa® Platinum Card is a no-frills, no-annual-fee credit card that's good for someone looking for a solid intro 0% APR offer. While it doesn't offer many of the rewards and perks that other cards come with, the long introductory APR period makes it an excellent choice for balance transfers and large purchases. Before you apply, be sure to shop around for other cards and compare them to the Visa® Platinum to ensure you find the best card for you.