U.S. Bank Visa Platinum Card review

U.S. Bank Visa Platinum Card

Provided by U.S. Bank, a big name and leading institution for banking services, the Visa Platinum Card is a must-have if you want to benefit from a long period of no interest, giving you the freedom to make purchases and balance transfers, with no maintenance fee. Our pick is based on the issuer’s reliability, along with the card’s medium-term value and convenience. Let’s consider all the benefits you can get from holding this card, how it works and if it’s suitable for your needs and profile.

Overview: best for intro 0%APR period and aimed at excellent credit score borrowers

What makes this card stand out from other credit cards is the exceptionally long introductory period of 20 billing cycles, starting as you open your account. If you were seeking substantial time during which you don’t have to pay interest, this card is just ideal, and that’s one of the main things you expect out of a credit card. On top of this, you won’t have an annual fee, thus there is no cost for maintaining the Visa Platinum Card.

The U.S. Bank product can also prove useful if you need to deal with an emergency expense, like a medical bill as an alternative to a personal loan, which instead charges you interest since the first month. Still, you can use it for things like minor home improvements whereas you don’t have ready cash available for use.

U.S. Bank has been awarded as “2020 World’s Most Ethical Company”, so you can be sure you will receive a great and reliable service overall.

How does the Visa Platinum Card from U.S. Bank work?

At a glance, here you can see rates and all the numbers related to this card.

Credit limits $500-$15,000
Regular APR
14.49%-24.49% (variable) for both purchases and balance transfers
Intro APR
0% intro for the first 20 months (both purchases and bal.transfers)
Cash advance APR
25.99% (variable)
Annual fee
None
Other fees
3% foreign transaction fee, up to $40 late payment fee, up to $40 returned payments fee, $10 or 5%cash advance fee (the greater)
Welcome bonus
None
Rewards
None
Extras
Cell phone insurance
Credit score required
720+

 

As with credit cards in general, you will have a grace period of 24-30 days, which means if you repay in full during this time window, you won’t be charged any interest.

On the U.S. Bank website, credit limits are not disclosed, but from our research we were able to find you can borrow from as little as $500 up to $15,000, with $7,000 as average, largely depending on your credit score and annual income.

Regular APR comes into play once the introductory period expires: the rate is variable, so your payments won’t be so predictable and you will need diligent management of your expenses. The rate applied to cash advances is higher than average and is variable too.

Balance transfers are subject to the same 20-month interest-free period applied to purchases: but to benefit from this bonus, you’ll have to make a balance transfer within 60 days since the account opening. Once either of the two mentioned periods is passed by, you’ll pay a fee which is greater between $5 and 3% of the transaction: in the case that you transfer $2,000, you’ll be charged $60.

With a Visa Platinum Card, there will be several fees: an up to $40 penalty fee if you make late payments, however you won’t be charged a penalty APR as commonly happens with many other credit cards. This is valuable if you seek a card that can be sustainable in a relatively long term. Any returned payments are also charged up to $40, and cash advance fees are the greater of 5% of transaction and $10 (the same in the case of cash advance ATM).

Setting up autopayments will help you stay on track and avoid interest and late fees, as well.

An acclaimed benefit is that you can manage your Platinum Card account via the U.S. Bank mobile App, through which it is possible to make the repayments, and you can use the app for other things related to your bank account.

 

Why should you have a Visa Platinum Card, and why not?

 

To help you with your decision, we have summarize all the edges and flaws we could find about this card.

Pros:

The long intro period allows you the confidence to do shopping using the credit but without the burden of interest, which means that repayments are more affordable and definitely predictable: you give back exactly what you drew (not considering late fees) for more than 1 year and a half. This period is still unrivaled as for its length.

A great perk is that you may be eligible to choose your due date (even if with some limitation), so the Platinum Card also turns to be flexible in its use. This adds value to the long-term use of the card.

And you can use it with popular technologies such as Apple Pay, Google Pay, and a few other digital wallet options: you integrate the card with your mobile device and use this to pay in many authorized shops. The safety of your card number and transactions is guaranteed by the latest encryption technologies.

Also, you may be eligible for cell phone insurance, which provides coverage for a maximum of $600 per claim, or $1,200 over 12-months (two claims), and your deductible is a fixed $25. This is true in case of theft or damage, but not for loss. Also, be aware that this policy will come into play only after settlements from your existing insurance are made. Moreover, it applies only when you use the card for paying the cell phone bills.

As a bonus, customers of U.S. Bank can access to the TransUnion free credit score assessment, so as such you will have a better control of your financial status, useful to understand your applied rates.

Cons:

Simply stated, the Visa Platinum Card is not the best choice if you have a credit score less than excellent: sure you can qualify (and not within the full range of a good FICO score), but you’ll get steep rates. Besides, when you go abroad and want to use the card, you will be charged respectively a 2 or 3% fee on purchase transactions, and for ATM advance transactions, according if the U.S. or foreign currency is used.

Also, there isn’t a signup bonus, nor any rewards which you may expect as from many credit cards out there. These aspects make the Visa Platinum Card not exactly affordable in many cases, but if you are creditworthy enough you will get low rates and high credit limits.

There have been reports of foreign transactions blocked by U.S. Bank on the Visa Platinum Card because of those being considered fraudulent. This could represent a serious issue, but perfectly manageable: it should suffice to talk to a representative and explain you are going abroad for a vacation or other purpose and you intend to use the card.

 

How do you get the Visa Platinum Card?

You either get it diretly from a bank officer, or you request it online from the bank’s website, where you just have to fill a dedicated form and submit it.

To be eligible for this card, you will need:

  • US residency and valid SSN
  • Being 18+ years old
  • Employment information along with proof of income.

The approval process takes a matter of one minute: you’ll know soon if you qualify for the Platinum Card, and the time needed for the card to be delivered is said to be between 7-10 business days.

A good score (720 at least) is crucial to qualify for this card: if you already had an online banking account with U.S. Bank, you can easily check your credit score from TransUnion, which is the bureau of reference.

A current low credit utilization ratio from your credit report will be also useful to obtain a lower APR, and to qualify for a bigger amount of credit.

 

How is the Visa Platinum Card from U.S. Bank rated?

Most of the reviews about the Platinum Card are hosted on the U.S. Bank website itself: there are currently more than 5k customers’ feedbacks, with a good general level of satisfaction overall, and the majority being 5 out of 5 stars. But there are also several negative marks, and that’s definitely transparent on the part of the issuer: you will read 100% unbiased opinions.

On the plus side, it is spoken of: convenience and safety to use, appreciation about the long interest-free period also referring to balance transfers, no problem using the card for years, and some holders are even satisfied with the rates they receive. We assume it’s about people with great credit profiles in the latter case.

The most common complaints are about high interest rates, combined with no rewards or benefits that customers can feel like compensating for this drawback. Some people are not exactly satisfied with the customer service, but that happens all the time with big banks names. Some others found that their credit limit was too low, but they don’t give clues about creditworthiness.

So basically, you’ll get the best experience from this card in direct proportion to your financial standing, as is with any credit card or loan.

 

The final verdict

The U.S. Bank Visa Platinum Card is a valuable choice for excellent credit borrowers who need to finance large purchases or emergencies, by leveraging a long period interest-free. If you are among them, and you want to transfer your current balance, you will benefit from that period of no-interest as well: temporary relief is the keyword if you think of this card. It has no annual fee, and the rates you get are competitive if you are in great financial shape; a good choice also if you like the flexibility to choose your due date.

However, it may turn to be costly in the long haul: be aware of some fees, including those for late payments, along with potentially high APRs if your credit is less than stellar. The absence of a signup bonus or cashback rewards makes it not suitable if you want to use the card for everyday expenses, and it might not be the best deal if you need to use the card abroad.

Some cards instead come with an intro period enough long but have generous welcome bonuses along. Consider also the Upgrade Visa Card for cash back, if you are rather seeking a whole different card.