US Bank Visa Platinum Card Review: Low Interest & Free Credit Score
If you're planning a big purchase or you're carrying a balance on a credit card with a ridiculously high interest rate, shopping around for a 0% APR promotional deal should be at the top of your to-do list.
Pros and Cons
- Monthly credit score
- 0% intro APR on balance transfers and purchases
- Low interest rate
- No annual fee
- No rewards
Good no annual fee credit card for those who tend to carry a balance
The U.S. Bank Visa Platinum Card has a tempting introductory offer for credit users who want to save on interest but aren't necessarily concerned with earning rewards. We've got all the details here to help you decide whether you should scoop one up.
With free access to your monthly credit score and no annual fee, the US Bank Platinum Visa Card is a good choice for those who plan to carry a balance. The lack of rewards makes it less than ideal for those who don't carry a balance. However, if you’re paying down some debt, the intro APR and low regular APR make this card the way to go.
What's the Offer? Low Interest Rate
U.S. Bank offers a pretty juicy incentive for signing up for a Visa Platinum card.
You get a 0% intro APR on purchases or balance transfers for the first 15 billing cycles. After that, you’ll have a variable APR, currently 9.99% to 20.99%.
For balance transfers, there is a 3% balance transfer fee (or $5 minimum, whichever is greater). Also, you must transfer your balance within 30 days from account opening to qualify for the 0% intro APR balance transfer promotion.
15 months gives you a good chunk of time to pay down an existing balance or a major purchase. Remember, you still need to make at least the minimum payments. We also recommend you pay off your balance before the introductory period ends.
10 Reasons to Get the Card
Aside from the interest rate promotion, there are even more reasons to consider the Visa Platinum card. Here are the top 10 benefits members enjoy:
- You won't pay an annual fee. Some credit cards come with an expensive annual fee, but there is no annual fee with the Visa Platinum account.
- The regular APR isn't a killer. Once your promotional period ends, your interest rate reverts to a variable APR. The rate ranges from 9.99% to 20.99%. If you qualify for the lowest rate, carrying a balance from time to time is manageable.
- Monitor your credit for free. This card is designed for people with excellent credit, and you can track your score for free to help make sure it stays that way.
- There's no penalty for going over your limit. If you buy something or transfer a balance that sends you over your card limit, you won't be charged an extra fee as you would with some other credit cards.
- You can pick your own due date. U.S. Bank gives you several ways to manage your account, including the option to choose when your payment is due.
- Paying bills is more convenient. If you've already got a U.S. Bank checking or savings account, you can use online account access to manage your Platinum card and pay all of your bills.
- Your rental car is covered. Getting in a car accident in a rental car can be a nightmare if you don't have the right insurance. As long as you charge your eligible rental to your Platinum card, however, you're covered if you get involved in a fender bender.
- You can take control of how you pay down your debt. If you're still carrying a balance after the promotional period ends, the U.S. Bank's FlexControl tool can give you the power to accelerate your payments so you can pay less interest over time than you would under a regular payment schedule. Why hand over more money than you need to?
- Security protections are built in. Peace of mind is hard to come by when hackers hog the headlines, but the Platinum card gives you multiple ways to keep your information safe. From customizable security alerts to automatic fraud detection, you've got the upper hand on identity thieves.
- Your card doubles as overdraft protection. Overdraft fees can take a big bite out of your checking account if you overspend. With a U.S. Bank checking account, you can link your Platinum card for easy transfers to avoid those expensive charges.
3 Reasons to Look Elsewhere
The Visa Platinum card is a great deal if saving money on interest is your top priority, but there are a few scenarios where a different card might be a better fit.
- You want to be rewarded for your spending. If you're trying to rack up airline miles, points or cash back, this isn't the card for you. The Visa Platinum card doesn't have a rewards structure, which some credit card users might see as a major drawback (particularly those who are looking for a generous sign-on bonus).
- You always pay in full. This card is geared towards people who carry a balance. If that’s not something you do regularly, then you may find you’d benefit more from choosing another card.
- You travel overseas. Some card issuers slap on a foreign transaction fee when you use your card outside the U.S., and this card is no exception; the Visa Platinum card comes with the typical 3% foreign transaction fee. If you routinely go globetrotting, a foreign transaction fee-free option makes more sense.
This card makes it easy to manage your credit card because it gives you free access to your monthly credit score. On your own, you usually have to pay to access your credit score. As a result, many Americans have no idea what their credit score is. With this card, you can keep track. Plus, there is no annual fee and $0 fraud liability.
Great choice for applicants who are trying to pay down debt and improve their credit score. Consumers who don't carry a balance should consider a rewards credit card instead.
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David R is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Our data-driven analysis has been recognized by major news outlets across the country and has helped families make savvy financial and lifestyle decisions.
Editorial Note: This content is not provided by U.S. Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by U.S. Bank. This site may be compensated through the Advertiser's affiliate programs.
Disclaimer: This content was first published on January 4, 2013. This content may have been updated on October 23, 2015. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check U.S. Bank website for updated information.