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Offering one of the longest 0% intro APR periods on the market, the U.S. Bank Platinum Visa also boasts a 0% intro APR for balance transfers lasting 24 months, and has no annual fee. However, the lack of a rewards program makes this card a less-than-perfect borrowing option for anyway looking for a new everyday borrowing option.
Quick Review
With an unusually long introductory APR offer, the U.S. Bank Platinum Visa® Card is a good choice for people looking to finance a major purchase or consolidate their credit card debt through a balance transfer. However, with no rewards program and limited perks, the card’s appeal ends when the intro offer runs out.
The U.S. Bank Platinum Visa® offers 0% APR for your first 24 months for both purchases and balance transfers, making it one of the longest 0% APR offers available in either category. That’s a fantastic deal for anyone looking to pay off a purchase or a debt long-term.
It also comes with no annual fee and some interesting benefits, like cell phone protection and the ability to pay off eligible purchases in monthly payments with ExtendPay. However, other credit cards available to good credit holders offer more benefits, rewards, programs, and lower APR.
While it’s not the greatest deal on the market for a go-to everyday use credit card, the U.S. Bank Platinum Visa® Card is still among the best credit cards with no annual fee and best 0% APR credit cards.
U.S. Bank Platinum Visa® Card Important Details
Basic Card Details
- Regular APR: 18.24%–28.24% (variable)
- Introductory offer: 0% APR on purchases and balance transfers for first 24 months
- Annual fee: $0
- Credit card issuer: U.S. Bank
Additional Information
- Buy now, pay later with U.S. Bank ExtendPay
- Cell phone theft and damage covered with protection plan
- Zero fraud liability
- Link your card to your checking account for overdraft protection
- Free VantageScore credit scores from TransUnion
- Credit reporting to TransUnion, Equifax, Experian, and Innovis
U.S. Bank Platinum Visa® Card Feature Breakdown
Fees
- Annual fee: $0
- Balance transfer fee: 3% of transfer amount or $5 minimum (whichever is greater)
- Cash advance fee: 3-5%, $5-$20 (whichever is greater, see breakdown below)
- Foreign transaction fee: 2% for transactions in U.S. dollars and 3% for transactions in foreign currencies
- ExtendPay fee: Up to 1.6% of the principal amount in your ExtendPay Plan or ExtendPay Loan
- Late payment fee: Up to $41
- Returned payment fee: Up to $41
Interest Rates
- Purchase APR: 18.24%–28.24% (variable)
- Introductory APR: 0% for 24 months
- Balance transfer APR: 18.24%–28.24% (variable)
- Balance transfer introductory APR: 0% for 24 months for balances transferred within 60 days of account opening
- Cash advance APR: 27.49% (variable)
- Minimum interest charge: $2
Rewards
The U.S. Bank Platinum Visa® doesn’t offer a specialized rewards program, making it a less appealing choice for people looking for an everyday card. As a Visa card, however, it qualifies for certain introductory offers and discounts at various retailers. 1
Cash Advance
The U.S. Bank Platinum Visa® allows you to take out cash advances, which is when you withdraw cash from your credit card. However, cash advances made with your U.S. Bank Platinum Card come with a steep 27.49% APR and high fees, depending on their type:
- Standard cash advance (ATM withdrawals): Fee of 5% of the amount of each advance or a $10 minimum (whichever is greater).
- Convenience check cash advances: These are blank checks provided by your card issuer. The fee is 3% of the amount of each advance or a $5 minimum (whichever is greater).
- Cash equivalent advances: This applies to items like money orders or travelers’ checks, which can be converted to cash. The fee is 5% of the amount of each advance or a $20 minimum (whichever is greater).
Balance Transfers
The U.S. Bank Platinum Visa® excels as a balance transfer credit card, as it offers 0% APR for 24 months on balances transferred within 60 days of opening your card—in other words, a generous two years of no interest charges on your consolidated debt.
After that, additional balance transfers will come with an APR of 18.24%–28.24% (variable). Balance transfers also require a fee of at least $5 or 3% of your transfer amount (whichever is greater).
ExtendPay
ExtendPay is a payment plan service offered by U.S. Bank which allows you to split eligible purchases into monthly payments. Repayment periods range from 3-24 months, partially dependent on the size of your purchase. The full 24-month option, for example, only applies to purchases over $5,000. 2
To be eligible for ExtendPay, a purchase must be:
- Over $100
- Made in the 60 days before signing up for ExtendPay
- Less than your purchase balance when you sign up
Not all U.S. Bank Platinum Visa® cardholders will qualify for an ExtendPay plan, and your eligibility may depend on your recent credit card activity. Eligible cardholders will either be invited by email or can check their eligibility online in their account details.
ExtendPay plans don’t require a credit check or charge interest, but you will have to pay a fixed monthly fee calculated when you first set up your plan. This fee won’t be more than 1.6% of your principal and is based on that principal amount, your card’s purchase APR, and other undisclosed factors.
Cell Phone Protection
The U.S. Bank Platinum Visa® comes with a cell phone protection plan, which covers theft, damage, and “involuntary and accidental parting” of your cell phone. 3
That doesn’t mean you’re covered if you lose your phone and don’t know where it is—instead, “involuntary and accidental parting” covers you when you know where your phone is, but can’t reasonably retrieve it.
This cell phone protection kicks in after you’ve used up your existing insurance coverage (if you have any) and covers up to $600 per claim (after a $25 deductible) with a maximum of two claims per year.
ID Navigator by NortonLifeLock
ID Navigator by NortonLifeLock notifies you if your personal information appears on the dark web or if you may be affected by a recent data breach. It also offers access to resources to help you replace important documents after your identity has been stolen. 4
Liability Protection
As a Visa card, the U.S. Bank Platinum Visa® extends liability protection to its cardholders, so you won’t be liable for any unauthorized charges made with your card. Visa also provides fraud notifications if any suspicious activity occurs in your account. 5
Roadside Assistance
U.S. Bank Platinum Visa® cardholders get access to Roadside Dispatch, a pay-per-use service that will hook you up with a towing service, locksmith, or other services you might need to handle technical problems with your vehicle. 6
Credit Reporting
U.S. Bank reports to major credit bureaus (TransUnion, Equifax, and Experian) every month.
This makes it a good borrowing option for building credit, as the activity voluntarily reported to the credit bureaus is used to generate your credit report (and subsequently your credit score).
However, as your account history (e.g., amounts owed, monthly payments) is reported so thoroughly, you risk badly damaging your credit score if you miss any bills on your U.S. Bank Platinum Visa®, so make sure to use this card carefully.
Application and Approval
You can apply for a U.S. Bank Platinum Visa® on the U.S. Bank website or through the U.S. Bank mobile app. This will require you to provide some personal information, which will most likely be taken into account along with a hard inquiry (aka credit check) to determine whether you’re approved.
You can expect to receive a decision within 7-10 days, but if you need to check up on the status of your application, you can call U.S. Bank at (800) 947-1444 and select option 1. 78
Should You Get the U.S. Bank Platinum Visa® Card?
FinanceJar verdict
While the U.S. Bank Platinum Visa® is a great option for balance transfers given its exceptionally long 0% APR period, the lack of rewards and fairly average benefits make it a weak choice as an everyday credit card. Unless you need the full two years of 0% APR, consider alternatives that offer specialized rewards and benefits programs.
Who is this card for?
- People with large unpaid balances: If you find yourself rolling your credit card balance from month to month, this card’s 0% APR intro offer can relieve you from battling growing debt and interest charges. The two-year intro offer period gives you plenty of time to reorganize your finances and close out your credit card debt.
- People making a major purchase: This card’s 0% intro APR makes it ideal for large purchases, like new appliances or a remodeling project, which may take up to two years to repay.
Comparable Cards
If you’re considering the U.S. Bank Platinum Visa®, take a look at how it compares to similar credit cards to determine which is the best choice for you.
U.S. Bank Platinum Visa® Card vs. U.S. Bank Cash+® Visa Signature®
With no annual fee and the same APR as the U.S Bank Platinum Visa®, the U.S. Bank Cash+® Visa Signature® is a similar credit card with one big difference: cashback rewards.
The U.S. Bank Cash+® Visa Signature® offers cash back in select categories, including gas, groceries, and travel. Cash back varies by category, but you can get up to 5% on eligible purchases in categories you choose each quarter. 9 Purchases made with ExtendPay can also qualify for cash back rewards.
With an 0% APR intro period that only lasts 15 months, the U.S. Bank Cash+® Visa Signature® comes up a little shorter than the U.S. Bank Platinum Visa® as a 0% APR credit card. But if you’re looking for a standard addition to your wallet for everyday purchases, the U.S. Bank Cash+® Visa Signature® is likely the better choice.
U.S. Bank Platinum Visa® Card vs. Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card is another card with no annual fee and a lengthy intro offer: 0% intro APR for 18 months, plus a possible extension of up to 3 months if you make on-time payments.
This intro APR also applies to balance transfers made in your first 120 days—double the amount of time offered by the U.S. Bank Platinum Visa®, and the reason we chose the Wells Fargo Reflect® Card as our best 0% APR card for balance transfers.
With a slightly lower APR of 16.74%–28.74% (variable) following the introductory period, plus many of the same benefits as the U.S. Bank Platinum Visa® (cell phone protection, liability coverage, roadside assistance) the Wells Fargo Reflect® Card is worth a close look.
U.S. Bank Platinum Visa® Card vs. Bank of America BankAmericard®
The Bank of America BankAmericard® offers similar advantages as its competitors above (no annual fee and 0% intro APR) but with the major benefit of letting you redeem points for BankAmericard Rewards.
This card offers 0% intro APR for your first 18 months, then 14.99%–24.99% (variable) APR, giving it a lower potential interest rate than the other cards we’ve been looking at. However, its APR for cash advances is high, especially for bank cash advances.
But with more opportunities for credit card points and $100 statement credit welcome bonus, the Bank of America BankAmericard® proves itself a great alternative if you don’t need a full 24 months to pay off a purchase or balance transfer.
