U.S. Bank Visa Platinum Card May 2018 | finder.com

Review: U.S. Bank Visa® Platinum Card – May 2018

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The card has one slam-dunk perk: 0% APR for a stellar 20 billing cycles on purchases and balance transfers.

Product Name U.S. Bank Visa® Platinum Card
Intro APR for Balance Transfer0% Intro APR for 20 billing cycles (with whichever is greater: $5 or 3% balance transfer fee)
Balance Transfer Rate (not intro)11.49% to 23.49% variable
APR for Purchases ( Purchase Rate )11.49% to 23.49% variable
Annual fee$0
Cash Advance Rate25.49% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 24 days
Returned Payment Fee$35
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$2
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$35
Over The Credit Line Fee$0
Late Payment Fee$38
Cash Advance Fee4% of the amount of each advance or $10 minimum, whichever is greater.

Our review

The U.S. Bank Visa® Platinum Card has one claim to fame: Its excellent introductory interest rate. You’ll receive 0% APR for a stellar 20 billing cycles on purchases and balance transfers. This perk catapults the card to one of the top 0% APR products on the market.

Typical among cards with great promotional interest rates, you won’t find rewards or a signup bonus here. However, the U.S. Bank Visa® Platinum Card comes with no annual fee.

Should you get the U.S. Bank Platinum Visa® Card?

  • If you want the works — rewards, a signup bonus and tons of perks — this card isn’t for you.
  • If you want a market-leading 0% APR period for no annual fee, this card is an excellent pick.

The perks

  • ANNUAL FEE: A $0 annual fee makes it easy to keep the U.S. Bank Visa® Platinum Card long-term.
  • INTRO APR: 0% on purchases and balance transfers for 20 billing cycles.

    This is a stellar 0% APR period — one of the longest ones you’ll find. It puts the U.S. Bank Visa® Platinum Card in contention with mainstays like the Citi Simplicity.

You’ll also like …

  • Potentially low APR.
    Depending on your credit score, you may qualify for an ongoing APR as low as 11.49%.
  • Cell phone protection.
    When you pay your cell phone bill with your card, you qualify for U.S. Bank Cell Phone Protection. This covers your phone from damage or theft up to $600, with a $25 deductible. It also covers three additional phones on your bill.You can make up to two claims every 12-months.

Other benefits

  • No penalty APR.
  • No over-the-credit-limit fee.

Compare 0% APR credit cards

Rates last updated May 27th, 2018
Name Product Product Description Intro Purchase APR Intro Purchase APR Period
Discover it® Card
Earn 5% Cash Back in rotating categories each quarter like gas stations, restaurants, Amazon.com, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus unlimited 1% cash back on all other purchases.
0%
14 months from the date your account is open
Citi Simplicity® Card
This is the only card with No Late Fees, No Penalty Rate and No Annual Fee - Ever. Give it a try and apply to find out what the Citi Simplicity® Card can do for you.
0%
18 months from date of account opening
Chase Slate® Credit Card
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
0%
15 months
Bank of America® Travel Rewards credit card
20,000 online bonus points offer. Ditch the restrictions of typical airline rewards cards. Any airline, any hotel, anytime. No blackout dates.
0%
12 statement closing dates
Barclaycard Ring™ Mastercard®
A low, variable APR on purchases, balance transfers and cash advances.

Compare up to 4 providers

How does a balance transfer work with this card?

What to watch out for

  • No rewards.
    As is common among cards with long 0% intro APR periods, the U.S. Bank Visa® Platinum Card doesn’t offer rewards like cash back or miles.If you’re willing to sacrifice a few months on the 0% APR period, check out products like the Discover it Card and Discover it Chrome. They offer strong intro APRs and cash back.
  • No signup bonus.
    Cards with long balance transfer promotions — such as the Citi Simplicity and KeyBank Latitude — typically don’t offer signup bonuses.
  • Potentially high APR.
    If you have a weak credit history, you may be given an interest rate up to 23.49%. That’s high, considering the average APR is around 16%.

How does credit card interest work?

What to know before you apply

To apply for the U.S. Bank Visa® Platinum Card, you must be a US resident. You also must be at least 18 years old.

Always consider your options and your financial situation before you apply for a credit card.

Information you’ll need

  • Your full name and contact information.
  • Your residential status.
  • Your annual income, source of income and employment information.
  • Your Social Security number.

What credit score do I need?

You’ll have a better chance of being approved for this card if you apply with a good to excellent credit score of 680 to 850.
What’s a good credit score?

How to apply for the U.S. Bank Visa® Platinum Card

1. Go to the US Bank website and click Apply Now.
US Bank Visa Platinum Card Step 1
2. If you’re a current US Bank customer, enter your Personal ID and proceed to the application. If you’re a new customer, click New to US Bank? Apply Here.
US Bank Visa Platinum Card Step 2
3. Complete the application with details like your name, address, annual income and Social Security number.
4. Review and submit your application.
US Bank Visa Platinum Card Step 4
US Bank Visa Platinum Card Step 4a

How long will it take to be approved?

U.S. Bank will likely send you a decision within 10 days. If there are issues with your application, however, you may wait up to a few weeks to hear back.

I got the card. Now what?

  • Make timely payments. Pay your card bill online at the US Bank website, where you can enroll in autopay.
  • Avoid interest. After the close of each billing cycle, you have a grace period between 24 to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Late payments come with fees of up to $38, and returned payments cost up to $35. Balance transfers and cash advances also come with fees.
  • Contact customer service. If you have questions, contact US Bank at 800-872-2657.

Bottom line

The U.S. Bank Visa® Platinum Card offers 0% APR on purchases and balance transfers for an impressively long time. You won’t find rewards or a signup bonus, but the card does its one job very, very well.

Want to compare your options? Visit our comprehensive guide to credit cards to find the ideal card for your situation.

Frequently asked questions

Images: USBank.com

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