Reviews

US Bank Visa® Platinum Card Review

The US Bank Visa® Platinum card is as basic as credit cards. Although it is not currently included in our list of the best low APR credit cards , it has all the makings of a contender in that category: an extended introductory 0% APR promotion, a low regular interest rate, and virtually no frills.

The US Bank Visa Platinum card is ideal for paying off debt and maintaining a monthly balance at a reasonable cost. It is not advertised as such, but its relatively flexible underwriting requirements mean that it is useful for building credit or, more likely, improving credit from a solid but unspectacular foundation.

If you’re looking for a credit card that pays back part of every dollar you spend through a generous rewards program, stop here and check out our lists of the best cash-back credit cards and the best travel rewards credit cards. . Otherwise, read on to learn more about the strengths, weaknesses, and overall suitability of the US Bank Visa Platinum card.

Key features

Introductory APR

The US Bank Visa Platinum card does not charge interest on purchases or balance transfers for 20 months from the date your account is opened. Qualifying purchases can be made at any time during the 20-month period. Qualifying balance transfers must be made within the first 60 days.

Cell phone protection plan

US Bank offers a cell phone protection plan that protects against damage and theft, subject to certain limitations and restrictions. The plan does not apply to damage due to lost phones, or phones damaged or destroyed due to electronic failure.

It can cover the primary cardholder’s phone (prime line) and up to three auxiliary lines listed on your provider’s monthly statement. The maximum payment is $ 600 per claim and $ 1,200 per year, less a deductible of $ 25 per occurrence and a strict limit on the replacement value of the phone.

Free credit reporting and credit scoring tools from TransUnion

This card comes with a free TransUnion credit score (VantageScore) each month and an accompanying suite of credit reporting and analysis tools, including a score simulator that helps you predict the impact of various financial events on your credit score. credit. Everything is accessible in your online account dashboard.

Choose your own payment due date

US Bank Visa Platinum gives you the flexibility to choose your own payment due date. It is not a fact that you will be able to choose the exact date that you prefer. See the cardholder agreement for more information.

Overdraft Protection for US Bank Deposit Account Holders

If you have a US Bank deposit account, you can opt for the US Bank Overdraft Protection program. Once you are enrolled, transactions that would normally result in overdrafts are executed as expected. US Bank uses the cash advance line of credit on your Visa Platinum card to cover the shortfall. There is no credit card fee associated with this service, but most US Bank deposit accounts charge daily fees, typically $ 12.50 per day.

While overdraft protection is useful (and essential in situations where you absolutely must complete a transaction), it can become a burden. Overdraft protection transfers start accruing interest right away at the regular cash advance rate, so it’s in your best interest to pay them off as soon as possible. Also, keep in mind that your line of credit for cash advances is likely lower than your card’s spending limit.

Important fees

There is no annual fee. Foreign transactions cost between 2% and 3% of the total transaction amount, depending on the denomination. Balance transfers cost the greater of 3% of the amount of each transfer or $ 5. Cash advances cost at least 3% or $ 5, whichever is greater, but cash advances at ATMs and some others types of cash advances cost more.

Credit required

This card requires good credit.

Advantage

  1. No annual fee . The US Bank Visa® Platinum card has no annual fee. That’s good news for frugal cardholders who simply want to pay off existing credit card debt without resorting to payday loansor financing large purchases without paying excessive and recurring interest or fees. 
  2. Long introductory 0% APR promotion for purchases and balance transfers . This card’s 0% APR introductory promotion lasts 20 months for purchases and balance transfers. That’s longer than some of the best balance transfer credit cards on the market. If you’re struggling with high-interest credit card debt or planning a large purchase that you can’t pay off in a single month, this card is worth a closer look.
  3. Useful cell phone protection plan . The cell phone protection plan on this card comes in handy in all too common situations that you have probably (and unfortunately) experienced first-hand. You can claim a loss of up to $ 600 per occurrence, enough to cover the replacement cost of all but the fanciest new phones.
  4. Free credit scoring and reporting tools . Curious about the state of your financial health? Miss more. Visa Platinum cardholders enjoy free monthly access to their VantageScore credit scores, plus helpful simulation tools that provide information on current and future credit score trends.
  5. Flexible payment due date . With the US Bank Visa® Platinum Card, you have the freedom and flexibility to choose your own payment due date. If you’re a freelancer or small business owner with an irregular income, this simple benefit can mean the difference between navigating smoothly and a serious cash crisis. You can also enroll in automatic payment to make sure you don’t accidentally miss a payment.
  6. APR without penalty . This card does not charge penalty interest. If you regularly have a balance and occasionally miss its due date due to cash flow problems or unexpected expenses, this can significantly lower your final month’s interest costs.

Disadvantages

  1. No rewards . The US Bank Visa® Platinum card does not have a rewards program. If you’re looking for a credit card that reimburses you for every purchase you make, check out popular cash-back cards with no annual fee, such as the Chase Freedom or the Citi Double Cash Card . 
  2. No registration bonus . Most non-rewards credit cards lack sign-up bonuses, and Visa Platinum is no exception. Many cards incentive early spending with generous sign-up bonuses – in the cash-back department with no annual fee, Chase Freedom Unlimited is my personal favorite. 
  3. Foreign transaction fee of 2% to 3% . The foreign transaction fee for the US Bank Visa® Platinum card is 2% for transactions denominated in US dollars and 3% for transactions denominated in foreign currency. If you regularly travel outside of the United States, look for a no annual fee alternative with no foreign transaction fees, like Capital One Quicksilver Cash Rewards. 

Final word

The US Bank Visa® Platinum card gives a new meaning to the term “basic.” This card has two interrelated use cases: financing large purchases and managing existing credit card debt. If you approach either case with discipline and resolve, you can dramatically increase your purchasing power or create much-needed breathing space in your personal budget.

If you’re not planning a major purchase and you’re lucky enough not to have to carry existing credit card debt, the US Bank Visa® Platinum card is probably not your card.

Back to top button