US Bank Visa Platinum Credit Card Review
CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective.
Our quick take: If you need to finance a major purchase or even some current expenses over time, the no-annual-fees U.S. Bank Visa® Platinum Card offers the longest introductory offer on purchases and balance transfers on the market today, and cell phone protection to boot.
- 0% Introductory APR for 20 billing cycles on balance transfers made within the first 60 days of card opening (14.49% to 24.49% variable thereafter).
- 0% introductory APR on all purchases for the first 20 billing cycles (14.49% to 24.49% variable thereafter).
- Mobile phone protection cover.
- No annual fee.
- No sign-up bonus.
- No reward.
- Limited insurance coverage and purchase protections.
Current sign-up bonus: Any.
Best for: People who want to save money on interest when making purchases or consolidating high-interest debt for the longest time possible.
Although it is generally not advisable to carry a balance on a credit card, the American Bank Visa Platinum card is an exception. This is a great option to consider if you’re looking for a credit card that offers an introductory rate on purchases so you can spread payments on a large purchase over time, or an introductory rate on balance transfers. to consolidate your existing debt onto an interest-free card.
In fact, this card has the best introductory offer on the market today – you’ll get 0% APR on purchases and balance transfers for the first 20 full billing cycles (i.e. your first 20 monthly statements). But you’ll want to make sure you pay off all your debts during this time, because after that you’ll pay a variable interest rate of 14.49% to 24.49% depending on your creditworthiness.
There is no annual fee on the American Bank Visa Platinum ie, so you can save on interest without an annual investment. Remember that a 3% balance transfer fee applies with a minimum of $5 if you choose to transfer balances from other cards to your new account.
There are many other 0% APR credit cards on the market today, but the duration of the offer on new purchases with the American Bank Visa Platinum is unmatched. If you want to avoid interest for as long as possible and are looking for a credit card to do so, this card is your best bet, and that’s why we named it our favorite 0% interest credit card. available now.
The biggest advantage of American Bank Visa Platinum card is its purchase and balance transfer offers. If you’ve looked at other credit cards, you’ve probably noticed that many cards only give you a 0% APR on purchases. Where balance transfers, but not necessarily both.
Cell phone protection is another major advantage of the American Bank Visa Platinum. When you pay your monthly cell phone bill with the card, you get coverage of up to $600 per claim if your cell phone is damaged or stolen. A $25 deductible applies for each claim and you can only have two claims per 12 month period.
the American Bank Visa Platinum also lets you choose your own payment due date, which can be extremely useful if you prefer to have a due date that matches your pay day at work or a certain day of the month.
There are several disadvantages to the American Bank Visa Platinum card, but by far the most important thing is that it doesn’t bring any rewards – at all. No sign-up bonus. No cash back. No travel bonus on your purchases.
A number of other credit cards offer introductory offers on purchases or balance transfers and also come with a sign-up bonus, as well as rewards for every dollar you spend on them on an ongoing basis. So you’ll have to decide if you’re ready to trade credit card rewards for the long introductory offers on US Bank Visa Platinum.
Also, beyond the card’s cell phone protection benefit, you won’t find any significant travel insurance coverage or purchase protection on this card. So if you’re looking for a travel credit card that can cover you when your flight is delayed or your checked baggage is lost, you’ll want to look elsewhere.
CNN Underscored uses the Citi® Dual Charge Card as our “reference” credit card. This does not mean that it is the best credit card on the market, but rather that we use it as a baseline standard to compare other credit cards and see where they perform better and where they are worse.
Here’s how the American Bank Visa Platinum card scores against our benchmark. The characteristics of each card in the table below are colored in green, red or white. Green indicates board functionality that is better than our benchmark, red indicates functionality is lower than our benchmark, and white indicates functionality is equivalent or cannot be directly compared to our benchmark.
Looking at these two credit cards, you will notice some striking differences. For example, the Citi Double Cash earn money on all your purchases, and at a good rate. You’ll earn 2% cash back on everything you buy with Citi Double Cash – 1% when you make a purchase and an additional 1% when you pay it back – making it one of our favorite credit cards.
However, the Citi Double Cash does not have an introductory rate on purchases, while the American Bank Visa Platinum Is. And you’ll get a longer introductory rate on balance transfers with the US bank card than with the Citi card. Essentially, the Citi Double Cash is a better option if earning rewards is your priority, while the US Bank Visa Platinum is superior if you want to save money on interest, whether on new purchases or existing debts.
There are many other balance transfer credit cards that don’t offer rewards, but the only one that offers an offer as long as US Bank Visa Platinum is the Citi® Diamond Preferred® Card. It has an introductory offer on balance transfers that lasts an impressive 21 months and it doesn’t charge an annual fee, but its introductory offer on purchases only lasts 12 months, and it doesn’t have cellphone protection. .
On the other hand, if you don’t need such a long balance transfer offer and instead want to earn rewards while saving money on interest on your purchases, you’ll find a number options. One of our favorites is the Hunt Unlimited Freedom®which earns 5% cash back on trips booked through Chase, 3% on restaurant and drugstore purchases, and 1.5% on everything else.
This card has no annual fee and comes with a 0% APR on purchases and balance transfers for the first 15 months, which drops to a variable APR of 14.99% to 23.74% after the the introductory offer ends, so it might be a good choice if you don’t need such a long lead to refund your purchases.
And now new Chase unlimited freedom cardholders can even win an additional 1.5% cashback on everything you buy in the first year after opening the account, up to $20,000 in purchases. This means that if you are able to spend that much, you will earn an additional $300 in cashback bonuses.
At the end of the day, the U.S. Bank Visa Platinum Card is best for people who need an introductory interest offer more than anything else, and want it to apply to both their purchases and balance transfers. People who want to earn rewards should look elsewhere, but if you have a balance on your credit card and you’re paying interest, you won’t be compensating for it with rewards anyway.
So if you’re incurring interest on your existing credit cards or are planning to run into credit card debt on future purchases, you’ll want to consider the U.S. Bank Visa Platinum Card and see if its introductory offers are right for you.
Find out which cards CNN Underscored chose as best credit cards with 0% interest on purchases.
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