Is US Bank Visa Platinum Card Worth It?
Paying off existing debt can be a huge financial challenge, but it doesn’t have to be impossible. There are several methods to tackle credit card debt, including transferring it to a balance transfer card that offers an interest-free introductory period. If you find yourself in this situation, the US Bank Visa® Platinum card might be worth it, as it offers one of the longest interest-free periods on the market for purchases and balance transfers.
With an introductory APR of 0% on balance transfers for 20 billing cycles, cardholders can consolidate other high-interest balances into one and tackle their debt head-on. Just note that a variable rate of 15.24% to 25.24% comes into effect after the introductory period.
US Bank Visa Platinum Card Details
Before deciding if the US Bank Visa Platinum card is worth it, here are the main highlights of the card:
- Reward rate: None
- welcome bonus: None
- Annual subscription: $0
- Introductory purchase APR: 0% intro APR for 20 billing cycles
- Intro Balance Transfer APR: 0% intro APR for 20 billing cycles (must be completed within the first 60 days)
- Variable APR: 15.24% to 25.24%
When is the US Bank Visa Platinum card worth it?
The US Bank Visa Platinum card doesn’t offer a long list of benefits, but the ones it does offer are impressive enough to take notice. The biggest appeal of this credit card is, of course, the exceptionally long, interest-free introductory rate on purchases and balance transfers, which can benefit your finances in a number of ways.
You need to pay off an existing credit card balance
The latest data from Bankrate shows that the average credit card debt in the United States is $5,525 per person, with an average of three credit cards in each person’s wallet. If your goal is to get rid of your credit card debt, transferring your balance to a zero rate card is one method.
Since the US Bank Visa Platinum card has one of the longest balance transfer offers on the market, it can help you achieve this goal even faster. Just make sure you can comfortably afford to pay off your debt within 20 billing cycles, as you will incur a variable interest rate between 15.24% and 25.24% after the fact.
Keep in mind that with this card, balance transfers must be completed within 60 days of account opening, and missing this window will result in the loss of the zero rate offer. There’s also a fairly common balance transfer fee of 3% ($5 minimum) that you’ll need to factor into your debt repayment strategy.
You have an important purchase coming up
An added benefit of US Bank Visa Platinum is its introductory APR of 0% on purchases for 20 billing cycles (followed by the same variable APR between 15.24% and 25.24%). You can enjoy the benefit of paying no interest on any purchases during this promotional period, whether or not you use the card to pay off existing debt.
If you know you have a big purchase coming up, like a new mattress, appliance, or other item you may not have the money for, you can use US Bank Visa Platinum to avoid a fee. expensive interest and take a little longer. pay.
If you’re working to pay off a credit card balance, you should limit the amount of new purchases you make with your credit card to avoid further debt.
Protecting your cell phone against your credit card is important to you
With the US Bank Visa Platinum card, you can get up to $1,200 in annual coverage when you pay your cell phone bill with the card each month. Specifically, it’s $600 of cell phone protection per qualifying damage or loss claim. If you’re a little clunky with your personal device, currently paying for external cell phone insurance, and could benefit greatly from this benefit, the US Bank Visa Platinum might be the right card for you.
You need a low cost credit card
The US Bank Visa Platinum card has no annual fee, making it a more affordable balance transfer credit card option. Plus, the 3% balance transfer fee (minimum $5) is a little lower than the 5% fee charged by similar cards.
When is the US Bank Visa Platinum card not worth it?
The card’s zero interest offering is solid and attractive on its own, and the lack of annual fees is a welcome addition. However, the US Bank Visa Platinum card is significantly limited in other areas.
You like a rewards program or a welcome offer
If you are interested in earning cash or other rewards on your purchases, you will be disappointed by the lack of a rewards program and welcome bonuses on the US Bank Visa Platinum card.
There are credit cards that offer both interest-free promotional periods and an ongoing rewards structure (think Citi® Double Cash Card), so it’s worth investigating other transfer card options. balance.
You need a credit card to travel abroad
If you travel frequently and spend time outside of the United States, you might be more interested in a credit card that doesn’t charge additional fees on purchases made abroad, especially if you don’t have not already have a credit card with no foreign transaction fees.
The US Bank Visa Platinum card unfortunately charges a 3% foreign transaction fee (or 2% if the transaction is made in US dollars abroad).
Should You Get The US Bank Visa Platinum Card?
If you need as much time as possible to pay off an existing credit card balance (or a large purchase) and want to avoid additional interest charges, you should seriously consider the US Bank Visa Platinum Card. . Plus, with no annual fee, this makes it a cheaper card to carry compared to other balance transfer card options.
Still, if the continued value of a card is important to you, you can look into other options that include ongoing rewards, a welcome bonus, or valuable card benefits. As noted above, Citi Double Cash with no annual fee offers a slightly shorter introductory APR of 18 months on balance transfers (14.74% to 24.74% variable APR after), as well as ongoing rewards that encourage responsible card use: 1% cash as you shop, plus an additional 1% when you pay for your purchases.
If you’re more addicted to the US Bank Visa Platinum mobile phone protection benefit, note that the Wells Fargo Reflect℠ card offers an almost identical benefit, as well as a slightly higher (overall) offer at zero rate – 0 Intro % APR for 18 months on qualifying purchases and balance transfers (up to 21 months with on-time minimum payments during the introductory period), followed by a variable APR between 13.74% and 25.74 %.
The bottom line
If your goal is to find and take advantage of an exceptionally long, zero-interest offer on purchases, balance transfers, or both, the US Bank Visa Platinum card could make it a reality.
The card’s introductory 20 billing cycle period is one of the longest promotional offers available and could provide some much-needed breathing room to pay off credit card debt. Of course, if you have different financial goals in mind, like earning rewards or a one-time bonus, we encourage you to check out Bankrate’s list of the best balance transfer credit cards.