Us Bank Visa Platinum Card Review: 20 Months Of 0% Apr Purchases And Transfers
If youre looking for a credit card with an introductory rate of 0% APR, the U.S. Bank Visa® Platinum Card offers a couple of ways for you to carry a balance temporarily without racking up any interest.
U.S. Bank is promoting this card for handling emergencies. It offers a 20-month introductory period at 0% APR on both new purchases and balance transfers. The card also carries no annual fee.
But is this your best option in a crowded 0% APR credit card market? Team Clark set out to measure the usefulness of U.S. Banks Platinum offering in this credit card review.
Who Is This Credit Card Best For
- Attacks existing balances while avoiding new debt See more cardsDebt Warrior
- Takes improving their finances seriously and wants recognition for using credit responsibly See more cardsCredit Builder
This credit card has one primary use: to pay down debt or to make a big purchase and enjoy a long, interest-free period to pay it off. If you have excellent credit, and youre looking to do these things, youll be hard-pressed to find a better offer on the market nowadays.
We wouldnt recommend this card if youre looking for a rewards card, or even a card that will continue to benefit you indefinitely. Thats because its major benefit only lasts for a defined period of time , and the card doesnt earn rewards. You can find better options elsewhere for earning rewards over the long term if thats what youre interested in.
Limited value after the intro period ends
What To Know About Bank Of America
Bank of America is one of the Big Four American bank chains, alongside JPMorgan Chase, Wells Fargo and Citigroup. Indeed, Bank of America is the second-largest bank in the country, managing more than $2.5 trillion in assets. But for a bank of its size and recognition, BoA offers surprisingly low interest rates on your money. If youre not particularly worried about capitalizing on your current savings, BoA could serve as a beneficial addition to your primary banking account.
To its credit, much like U.S. Bank, Bank of America does offer a wide range of unique banking products to customers, including two different kinds of savings accounts and nearly a dozen certificates of deposit . The value of having this many different types of accounts is far-reaching regardless of whether youre an avid spender or a frugal saver, Bank of America most likely offers a full-fledged account to suit your needs. But if your primary objective is accumulating an impressive lump of savings, your best bet is to keep looking.
In essence, opening an account with Bank of America ensures that your account needs will most likely be met in a more specific and focused way. Most banks, including U.S. Bank, cannot offer this precision to the same extent. Bank of America offers every retail bank product you can imaginemortgage loans, student debt payments, credit and debit cards, financial advisingat higher qualities than most of its competitors.
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Bonus For New Cardholders
For a limited time, earn a $200 bonus after making $1,000 in eligible purchases within the first 120 days of account opening. This is a good sign-up bonus offer for a card without an annual fee, and the low minimum spend requirement will allow most people to earn the bonus within the first few weeks of opening the account.
Overdraft Protection For Us Bank Deposit Account Holders
If you have a U.S. Bank deposit account, you can opt into U.S. Banks overdraft protection program. Once youre enrolled, transactions that would normally result in overdrafts are instead executed as intended. U.S. Bank draws on your Visa Platinum cards cash advance credit line to cover the shortfall. Theres no credit card fee associated with this service, but most U.S. Bank deposit accounts do charge daily fees most often $12.50 per day.
While overdraft protection is useful , it can become a burden. Overdraft protection transfers immediately begin accruing interest at the regular cash advance rate, so its in your best financial interest to pay them off as soon as practically possible. Also, keep in mind that your cash advance credit line is likely to be lower than your cards spending limit.
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Us Bank Business Platinum Card
|This card does not offer a rewards program.|
|INTRO PURCHASE APR||0% for 15 Billing Cycles|
|INTRO BALANCE TRANSFER APR||0% for 15 Billing Cycles|
|Balance Transfer Fee||Either 3% of the amount of each transfer or $5 minimum, whichever is greater.|
|Cash Advance APR|
|Either $10 or 5% of the amount of each cash advance, whichever is greater.|
Carrying A Balance With The Card
If you do find yourself needing to carry a balance on this card at the end of the intro period, the APR is fairly reasonable, although not spectacular. Indeed, according to our card ratings methodology, though this card gets top marks for its balance transfer introductory offer, its low-end APR only warrants a middle-of-the-road rating.
Cardholders with the best credit can qualify for an APR as low as 14.49% variable which is just above the average credit card APR for a balance transfer card. However, this low-end APR falls short of the rate offered by some dedicated balance transfer and low interest credit cards, including the BankAmericard® credit card . The cards APR can also range as high as 24.49% variable, which could add up quickly on larger balances.
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Which Us Bank Credit Card Is The Easiest To Get
The U.S. Bank Secured Visa Card is the easiest U.S. Bank credit card to get since it is a secured credit card. This means that youll need to fund your account with $300-$5,000, which will be held as a security deposit in a separate U.S. Bank secured savings account. The amount of your security deposit becomes your , but you still must pay your credit card bill each month just as you would with a traditional credit card. By using your card responsibly, you can build credit and improve your credit score.
Us Bank Visa Platinum Card Review
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Some credit card issuers have rolled back their introductory interest-free offers, but the U.S. Bank Visa Platinum cards lengthy intro offers on purchases and balance transfers still stand. Its one of the best cards available these days if youre looking to pay off credit card debt or make a big purchase.
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Us Bank Visa Platinum Card Features Benefits And Rewards
In this section, we’ll discover a few aspects of the U.S. Bank Visa® Platinum Card that consumers looking for a balance transfer credit card should know about.
Balance Transfer APR. On any balances you transfer over within the first 60 days of opening your account, you will pay 0% intro APR for 20 billing cycles on Balance Transfers* APR). This point is important to keep in mind. In order to qualify for 0% APR on balance transfers, they must be made in the first two months of receiving the card. As long as an individual transfers their debt in that time frame, they buy themselves more time to slowly pay off the debt while not having to gather interest payments. Other credit card balances that get moved to the U.S. Bank Visa® Platinum Card get charged at the normal annual percentage rate.
Balance Transfer Fees Another thing to understand is that transferring your balance is not free with the U.S. Bank Visa® Platinum Card. For all balances transferred, you will incur a fee of Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Purchase APR On the other hand, any purchases that U.S. Bank Visa® Platinum Cardholders would make over the course of the purchase APR period would accrue no interest charges. Cardholders would get a 0% intro APR for 20 billing cycles on Purchases* APR after that).
Insider Advice: Getting The Most Out Of Your Card
- Take advantage of the 0% intro APR periods: The introductory periods are this cards best features. Transfer a balance over and pay it down faster because it wont be growing from interest, or use this card for a purchase and pay it off over time. Either way, youll be able to save money by avoiding interest charges.
- Be mindful of the balance transfer fee: Youll be required to pay a fee for each balance you transfer. However, depending on the size of the balance and the terms, the fee might be worth it in comparison to the money youd save by avoiding interest charges.
- Protect your phone: The U.S. Bank Visa Platinum comes with cell phone insurance, meaning if your phone is damaged or stolen, you can call to file a claim. Youre covered by up to $600 per claim, with two claims per year, for a total of $1,200. Youll need to pay for your cell phone bill with your card to qualify.
- Keep an eye on your credit: Check your VantageScore , based on your TransUnion credit report, using U.S. Banks free tool. That way youll know if youre making all the appropriate payments and managing your accounts well.
- Consider pairing with another card: Because this card doesnt offer any rewards, it wouldnt be a bad idea to pair it with a general rewards card. If youre planning to use it for a balance transfer or a large purchase, you wont want to increase the balance with more purchases if youre working to pay it down.
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Does Us Bank Provide Credit Scores
You can get access to your VantageScore from TransUnion at no cost when you enroll in online banking with U.S. Bank. You can even opt-in to receive email alerts when there are big changes to your credit report. Your score is updated once a month, but you can use the score simulator to estimate what your score might be if you made certain changes.
Us Bank Visa Platinum Card Benefits And Perks
- Intro APR offer: Cardholders enjoy a 0% introductory APR for 20 months on new purchases ) and a 0% intro APR for 20 billing cycles on balance transfers ). Balance transfers must be transferred within 60 days of card opening.
- No annual fee: Youll keep your money in your pocket with the U.S. Bank Visa Platinum Card because it has a $0 annual fee.
- Cell phone protection: Use your U.S. Bank card to pay your cell phone bill, and youre covered up to $600 against theft and damage. Theres a two claim limit per 12-month period with a $1,200 maximum. The deductible is $25 for this cell phone insurance per claim.
- Free credit score access: Cardholders have access to free VantageScore credit scores through TransUnions CreditView. You can also set up alerts and use the credit score simulator at no cost.
- Fraud protection: The Platinum Card could protect you against fraudulent credit card activity. U.S. Bank monitors usage and notifies you of any unusual activity.
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Us Bank Vs Bank Of America: Fees
In making the U.S. Bank vs. Bank of America decision, its important to examine fees at both institutions. U.S. Bank offers a fairly expansive amount of variety to its customers in terms of fees. These fees are staggered primarily based on which checking account plan you seek to use. Just initially, if you opt for the silver plan, youll pay $8.95 with paper statements, while with gold, it jumps to $12.95, and finally platinum will set you back $19.95. Notoriously, U.S. Bank charges high fees for overdrafts and wire transfers, but it does not accompany this price spike with particularly high interest rates. In fact, many less expensive banks offer much higher savings account rates, with less of the hassle U.S. Bank fees present.
Bank of Americas fee situation functions totally differently. With a Bank of America Regular Savings Account, you will be charged a $5 monthly fee, waivable under a certain set of circumstances, including maintaining a minimum daily balance of at least $300. As far as a standing checking fee, BoA and U.S. Bank have more in common than they have different. If you, like the majority of account holders at either of the banks, will be receiving at least $500 in direct deposits, the standard checking fee will be $0 no matter where you elect to bank.
What Could Be Improved
Before you apply for the U.S. Bank Visa® Platinum Card, you should know about the areas where it could improve.
The most glaring issue with this card is that it doesn’t offer purchase rewards. It’s purely an intro 0% APR card. If you want to earn cash back or points on your spending, then you’d need to look at rewards credit cards. Some of them have 0% intro APR offers of their own, although they don’t last as long as this U.S. Bank offer.
Balance transfer fee
U.S. Bank charges a balance transfer fee of 3% with a $5 minimum. That can add up when using balance transfers to pay off debt. To be fair, just about every balance transfer card charges this type of fee.
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Us Bank Business Select Rewards Card
The primary selling point of the US Bank Business Select Rewards card is the flexible rewards structure. Rewards are given in the form of points, and card users can choose one of three spending categories on which to earn 3X points: day-to-day expenses, automotive, or travel and entertainment.
Spending on all other purchases will earn you one point per $1 spent. The bonus offer of 20,000 points equates to $200, assuming a points value of one cent per point. There is no limit to the points you can earn at either the 3X or the 1X level.
Theres also an intro 0% APR on purchases for the first nine billing cycles.
Excellent credit is required to qualify for the Business Select Rewards card. There is no annual fee.
There isnt much else to discuss in terms of perks and benefits with this card. Its a relatively simple card that aims to give businesses latitude when earning rewards points. Here are some additional card details:
- Purchase APR: 14.24% to 25.24%, variable
- Annual Fee: $0
- Foreign Transaction Fee: 2% when the transaction is in US dollars, 3% otherwise
- Balance Transfer Fee: 3% of transaction or $5 minimum
- Cash Advance Fee: 5% of each advance or $10 minimum
- Late Payment Fees: $19 on balances up to $100, $29 on balances from $100 up to $250, $39 on balances of $250 or more
- Penalty APR: 29.99%
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Us Bank Business Platinum Card Review
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The U.S. Bank Business Platinum card offers no rewards or one-time offers, other than an introductory 0% APR on purchases and balance transfers for the first 15 billing cycles. This card could be a good choice for business owners who want to pay off large purchases or balance transfers over time without accruing interest charges.
Us Bank Visa Platinum Card
Intro bonus is not available to this U.S. Bank credit card
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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How To Get The Most Out Of This Card
The real strength of this card is as a financing tool for a large purchase.
Lets say you want to get LASIK eye surgery for $5,000. Normally, if you paid off that whole balance within 20 months using a card with the average interest rate , youd end up paying $933 in interest by the time you closed the debt. But if you commit to paying it off within 20 months using this card, youd avoid paying all that interestquite a deal.
This card will also help you pay down your existing credit card balancesbut there is a 3% balance transfer fee youll have to pay. Do the math using a balance transfer calculator to figure out if the transfer is worth it. If itll cost you a $300 fee to transfer a $10,000 balance from another card but only $200 in interest to pay that card off without the transfer, then it doesnt make sense to do the transfer. Fortunately most cards charge a high enough interest rate that even with the balance transfer fee it still makes sense, but its still good to check first.