U.S. Bank Visa Platinum Card Review

July 18, 2012 No Comments »
U.S. Bank Visa Platinum Card Review

If you’re looking for something a little different in the credit card department, you may want to consider the “U.S. Bank Visa Platinum Card.”

If for some reason you haven’t heard of U.S. Bank, don’t fret. They are the fifth largest commercial bank in the United States, based out of Minneapolis, Minnesota.

Okay, enough of the boring stuff. Let’s talk about what this particular credit card offers to determine if it might be right for you.

Promo 0% APR for 15 Months

First off, the U.S. Bank Visa Platinum Card comes with 0% APR on both new purchases and balance transfers for a solid 15 months.

That’s plenty of time to offset a large purchase or pay down an existing balance, without being subject to nasty finance charges.

After that, the credit card APR rises to a variable 9.99% – 23.99%, based on your creditworthiness.

Yes, like always, your credit score matters here, so those with the best credit will enjoy the lowest rates once the promotional APR period ends (excellent credit is required).

If you choose to transfer an existing credit card balance to the U.S. Bank card, you’ll be hit with a 3% balance transfer fee, which is in-line with the 3% industry norm.

Note: For balances transferred within 30 days from the end of the month in which your account is opened, the balance transfer fee will be 4%.

[See also: Chase Slate No Fee Balance Transfer]

Remember earlier when I was talking about something a little different?

Well, another huge plus if you choose to transfer a balance to the U.S. Bank Visa Platinum Card is that you probably won’t have any issues with the debt coming from another U.S. Bank credit card.

You can’t balance transfer within the same bank, so chances are you’ll be good here.

For example, if your credit card debt is coming from American Express, Chase, Citi, Discover, you’ll be good to go.

No Annual Fee and Free Credit Score

Let’s look at some of the other perks. Perhaps the most important is the lack of an annual fee.

You don’t need to pay to get a platinum credit card folks…sorry Amex Platinum.

There’s also $0 fraud liability for unauthorized transactions if you card is lost or stolen, and their fraud protection will notify you of any funny business right away.

You also get free rental car insurance (damage due to collision or theft) if you make the purchase using the U.S. Bank Visa Platinum Card.

Finally, Internet banking customers receive their Experian PLUS credit score monthly at no charge (no longer offered), so you can see where you stand without having to pay for a credit monitoring service.

For the record, the credit score range for the PLUS Score is 330-830, unlike Fico’s 300-850 range.

The Downside

The obvious downside to the U.S. Bank Visa Platinum Card is the lack of rewards of any kind.

As mentioned, it’s great for the 0% APR and relatively low credit card APR after the promo ends, but it doesn’t offer many perks beyond that.

If you actually want to get paid for using your credit card, be sure to check out some cash back credit cards as well.

But if you need to transfer a balance, and you’ve exhausted the more popular credit card issuers, U.S. Bank’s credit card could be your answer.

And all in all, it’s a pretty solid credit card with no gimmicks and low APR.

Pros of the U.S. Bank Visa Platinum Card

  • 0% APR for 15 months
  • Low APR after that
  • No annual fee
  • Free monthly credit score

Cons of the U.S. Bank Visa Platinum Card

  • No rewards
  • No opening bonus
  • 3% balance transfer fee (if transferring a balance)

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