The U.S. Bank Business Platinum Card is a straightforward business credit card that offers almost two full years of 0% APR for purchases and balance transfers. While this comes at no annual fee, making it a great option for credit card debt consolidation, the card lacks other benefits—like any form of rewards program.
Table of Contents
Quick Review
The U.S. Bank Business Platinum Card offers an impressive 20 months of 0% APR on purchases and balance transfers, making it among the longest no-interest periods for business credit cards.
That’s almost two full years of no APR, which is a fantastic deal for business owners looking to make major purchases, like inventory or expensive equipment, or transfer a large balance from another business card.
The relatively low regular APR of 15.74%–24.74% (variable) and $0 annual fee add to this card’s appeal, but the 29.99% penalty APR and foreign transaction fees leave something to be desired. Like other U.S. Bank cards, you can also divide purchases into installment payments with a U.S. Bank ExtendPay™ Plan, but that probably won’t be necessary during the card’s first two years of use given the 0% APR period.
The U.S. Bank Business Platinum Card’s biggest flaw is the lack of cash back or any other rewards program, which means this card loses its unique value after the introductory APR period ends. U.S. Bank also ranked dead last in the 2021 J.D. Power U.S. Small Business Credit Card Satisfaction Study, which doesn’t inspire confidence in their customer service department. 1
Nonetheless, this card offers massive value to business owners who need the longest possible period to pay off their credit card balance, which is why we named it the best business card among the 0% APR credit cards currently on the market.
U.S. Bank Business Platinum Card Important Details
Basic Card Details
- Regular APR: 15.74%–24.74% (variable)
- Introductory offer: 0% APR on purchases and balance transfers for 20 months
- Annual fee: $0
- Credit card issuer: U.S. Bank
Additional Information
- Divide purchases into installment payments with a U.S. Bank ExtendPay™ plan
- Make mobile payments with Apple Pay, Google Pay, and Samsung Pay
- $0 fraud liability and 24/7 fraud monitoring
- Visa Spend Clarity (online tools for setting card controls, generating expense reports, etc.)
U.S. Bank Business Platinum Card Feature Breakdown
Fees
- Annual fee: $0
- Balance transfer fee: $5 or 3% of balance transferred (whichever is greater)
- Cash advance fee: $5-$10 or 3%–5% of amount (whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: $19–$39
- Returned payment fee: $35
- Overlimit fee: $39
Interest Rates
- Purchase APR: 15.74%–24.74% (variable)
- Introductory APR: 0% for 20 months
- Balance transfer APR: 15.74%–24.74% (variable)
- Balance transfer introductory APR: 0% for 20 months on balances transferred in the first 30 days
- Cash advance APR: 27.49% (variable)
- Penalty APR: 29.99%
Balance Transfers
The U.S. Bank Business Platinum Card offers 0% APR for 20 months on balance transfers made within your first 30 days. You will be charged a balance transfer fee of $5 or 3% of the amount transferred (whichever is greater).
Rewards
The U.S. Bank Business Platinum Card doesn’t offer a rewards program of any kind. If you’re looking for an everyday business credit card, rather than a 0% APR credit card, look for something with cashback rewards instead.
Benefits
Though the U.S. Bank Business Platinum Card doesn’t offer many special perks, cardholders can take advantage of the following features:
- Break up purchases into smaller payments with a U.S. Bank ExtendPay™ plan
- Connect your card to your phone to make mobile payments with Apple Pay, Google Pay, and Samsung Pay
- No liability for fraudulent transactions and 24/7 fraud monitoring
- Online card management tools with Visa Spend Clarity, including expense reporting, card control settings, and transaction notifications
Cash Advances
The U.S. Bank Business Platinum Card lets you take out cash advances with a variable fee, depending on what method you choose:
- Bank cash advance: $10 or 5% of amount (whichever is greater)
- ATM cash advance: $10 or 5% of amount (whichever is greater)
- Convenience check: $5 or 3% of amount (whichever is greater)
- Cash equivalent advance: $10 or 4% of amount (whichever is greater)
Regardless of how you take out your cash advance, a 27.49% variable APR will apply.
Penalty APR
This card has a 29.99% penalty APR, which applies if you do one of the following:
- Make payments 5 calendar days late twice, ever, or 30 calendar days late once
- Have a payment be returned (e.g., because of insufficient funds)
- Exceed your credit limit twice in 12 consecutive months
U.S. Bank may also cut off your introductory APR early and apply the penalty or standard APR if you make a late payment, have payment be returned, or exceed your credit limit during the intro period. The penalty APR will apply until you make six consecutive minimum payments on time without exceeding your credit limit.
Late Fees and Other Fees
The U.S. Bank Business Platinum Card has three tiers of late payment fees:
- $19 for balances up to $100
- $29 for $100–$250 balances
- $39 for balances $250 and over
You will also have to pay $35 if you make a payment that gets returned and $39 if you exceed your credit limit.
Credit Reporting
U.S. Bank reports business card payments to Dun and Bradstreet (D&B) and the Small Business Financial Exchange (SBFE). Credit reporting is an important part of building your business credit score, which can help you secure better borrowing options in the future.
Application & Approval
You can apply for a U.S. Bank Business Platinum Card online or in person at a U.S. Bank location.
In your application, you’ll be asked to provide some information about your business, including:
- Legal name of your business
- Business contact information
- Personal contact information, including your social security number
- Federal Tax ID (or EIN)
- Total annual income
- Annual business revenue and average monthly expenses
- Your business’ industry (e.g., construction, legal services)
- Legal structure (e.g., LLC, corporation, etc.)
- Age of business
- Number of employees
- Names of beneficial owners
- Names of anyone with at least 25% ownership
After approval, you’ll also be asked to provide information about your employees.
If you need to check up on the status of your application, you can call (800) 947-1444 (option 1).
Should You Get the U.S. Bank Business Platinum Card?
FinanceJar verdict
The U.S. Bank Business Platinum Card offers one of the longest 0% intro APR periods of any credit card, business or otherwise, making it an exceptional tool for business owners taking on a large balance. Though the lack of rewards may be a dealbreaker for many people, anyone who needs a long time to pay off their business debt or expense startup costs will find this card highly valuable.
Who is this card for?
- Business owners transferring a balance: Nearly two years of 0% APR is one of the best deals on the market, giving you plenty of time to reorganize your outstanding balances by consolidating your credit card debt onto this card. Just be sure to initiate the balance transfer within 30 days of account opening in order to benefit from the long 0% APR period.
- Businesses about to make a major purchase: The intro purchase APR offer is a great opportunity to acquire equipment or pay any other up-front costs necessary to get your business off the ground. Twenty months is also a reasonable amount of time to generate profit and get ahead of your payments before the regular APR starts to apply.
Comparable Cards
Take a look at how similar business credit cards shape up compared to the U.S. Bank Business Platinum Card.
U.S. Bank Business Platinum Card vs. U.S. Bank Triple Cash Rewards Visa® Business Card
The U.S. Bank Triple Cash Rewards Visa® Business Card is a sibling to the U.S. Bank Platinum Card, offering a shorter intro APR period (0% on purchases and balance transfers for 15 months) and slightly higher standard APR at 17.74%–26.74% (variable) in exchange for a lucrative rewards program.
This card’s rewards program offers cash back in the following categories:
- 5% cash back on hotels and car rentals booked in the U.S. Bank Travel Rewards Center
- 3% cash back on qualifying purchases at restaurants, gas and EV charging stations, cell phone service providers, and office supply stores
- 1% cash back on all other qualifying purchases, without expiration or cap
As a bonus offer, you can earn $500 in bonus cash back if you spend $4,500 on the account owner’s card within your first 150 days. You can also earn a $100 annual statement credit when you use certain recurring software subscriptions, like FreshBooks and Quickbooks.
With an intro APR period that’s just over a year long for both purchases and balance transfers and a respectable rewards program, the U.S. Bank Triple Cash Rewards Visa® Business Card is one of the best alternatives to the U.S. Business Platinum Card.
U.S. Bank Business Platinum Card vs. Chase Ink Business Cash® Credit Card
Another card with no annual fee, the Chase Ink Business Cash® credit card’s introductory offer of 12 months of 0% APR for purchases only makes it a good choice only if you aren’t looking to transfer a balance.
The regular APR of for purchases and balance transfers and the 29.99% penalty APR are on par with the U.S. Bank Business Platinum Card. However, the Chase Ink Business Cash® credit card comes with a strong rewards program:
- 5% cash back on the first $25,000 spent at office supply stores as well as internet, cable, and phone service providers each year
- 2% cash back on the first $25,000 spent at gas stations and restaurants each year
- Unlimited 1% cash back on all other purchases
Rewards can be redeemed as cash back, gift cards, Apple® Ultimate Rewards, or redeemed for hotels, rental cars, and flights booked through Chase Ultimate Rewards®. You’ll also receive a $750 cash back bonus (75,000 points) if you spend $7,500 after account opening.
Overall, the Chase Ink Business Cash® credit card is a great long-term business rewards card and a good choice for anyone looking to make a large purchase right after opening, but not consolidate debts.
U.S. Bank Business Platinum Card vs. PNC Visa® Business Credit Card
The PNC Visa® Business credit card offers a low-interest alternative for business owners looking to make a balance transfer or cash advance. This card’s 0% intro APR for 13 months only applies to balance transfers and not purchases, but you have a much longer 90 days to make the transfer.
What makes this card really stand out is its standard APR of 10.74%–20.74%, which is one of the lowest minimum APRs you’ll find in a business card.
Like the U.S. Bank Business Platinum Card, this card has no rewards program. But the PNC Visa® Business credit card has no annual fee and a $75 maximum fee on cash advances—a very unusual feature that makes this card favorable for taking out large cash advances.
While the PNC Visa® Business credit card also suffers from being a very simple card, it’s worth considering if you need to transfer and carry a balance beyond your first year or if you frequently take out cash advances.
