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U.S. Bank Visa Platinum Review: 0% APR for 18 Months

US Bank Visa® Platinum Card

U.S. Bank Visa Platinum Review: 0% APR for 18 Months

A good balance transfer card, with some attractive bonus features.
Editor's Rating: 4.5/5.0

Editor's Rating


The Visa Platinum Card from U.S. Bank offers users a longer than average introductory APR period, and is competitive with the best balance transfer cards. This card also offers cell phone protection, something that gives it a leg up on competing balance transfer cards that often have little to no additional benefits.

Review: Is the U.S. Bank Visa Platinum a Good Balance Transfer Card?

The US Bank Visa® Platinum Card is a good 0% intro APR and balance transfer card. However, the typical consumer who always pays off their card bill will have a more rewarding experience considering our recommendations for the best credit cards for travel rewards, or cash back. One of the features worth discussing about U.S. Bank's Visa Platinum is its longer-than-average period for introductory APRs, which places the card in the company of some of the best balance transfer cards. However, if you are not going to fully use the US Bank Visa® Platinum Card's 18 month balance transfer period, there are cards that will offer better value. For instance, some of the most beneficial balance transfer cards—such as the Chase Slate®—give their cardholders the opportunity to avoid paying balance transfer fees.

Good For…Bad For…
Longer than average introductory APR period of 18 monthsEarning rewards
Cell phone protection

The Chase Slate® eliminates balance transfer fees for the first 60 days entirely. This translates to savings which can range from moderate to high. Having no transfer fees means that, unlike for the majority of credit cards, consumers are not penalized for making large transfers. Visa Platinum cardholders would pay a 3% balance transfer fee.

The US Bank Visa Platinum is one of the top options for low-introductory APR credit cards. On top of having one of the longest introductory 0% APR periods on purchases and balance transfers, it also comes with some pretty valuable perks. In order to get the most value out of your U.S. Bank Visa Platinum card, be sure to look to our analysis below, where we break down how the card works and what is its optimal use scenario.

U.S. Bank Credit Card Features, Benefits, and Rewards

In this section, we'll discover a few aspects of U.S. Bank's Visa Platinum card that consumers looking for a balance transfer credit card should know about.

US Bank Visa® Platinum Card
US Bank Visa® Platinum Card
Annual Fee
No Annual Fee
Purchase APR
10.74% - 22.74% Variable
Credit Needed Excellent
  • 0% Intro APR on purchases and balance transfers for 18 billing cycles. After that, a variable APR currently 11.24% - 23.24%
  • Great Offer for Customers of U.S. Bank, a 2017 World's Most Ethical Company® - Ethisphere Institute, March 2017
  • No Annual Fee
  • Flexibility to choose a payment due date that fits your schedule
  • Fraud Protection: receive notifications of unusual activity, plus zero fraud liability for fraudulent charges
  • Cell Phone Protection

Balance Transfer APR. On any balances you transfer over within the first 60 days of opening your account, you will pay 0% APR for 18 billing cycles (variable 11.74% - 23.24% APR after that). This point is important to keep in mind. In order to qualify for 0% APR on balance transfers, they must be made in the first two months of receiving the card. As long as an individual transfers their debt in that time frame, they buy themselves more time to slowly pay off the debt while not having to gather interest payments. Other credit card balances that get moved to the U.S. Bank Visa Platinum get charged the normal annual percentage rate.

Balance Transfer Fees Another thing to understand is that transferring your balance is not free with the U.S. Bank Visa Platinum. For all balances transferred, you will incur a fee of 3% or $5, whichever is greater.

Purchase APR On the other hand, any purchases that Visa Platinum cardholders would make over the course of the first 18 months of account opening would accrue no interest charges. Cardholders would get a 0% introductory APR that lasts 18 billing cycles (variable 10.74% - 22.74% APR after that).

Cell Phone Protection Cardholders who pay their cell phone bill every month with the US Bank Visa® Platinum Card will receive this benefit. Cell Phone Protection covers two incidents of cell phone damage or theft, with limits of $600 per incident with a $25 deductible. This protection covers a maximum of four phone. This benefit can be very valuable and is fairly rare.

How does the U.S. Bank Visa Platinum Work In Practice?

The Visa Platinum is a balance transfer card and, as such, it is meant to help individuals get their credit balances in under control. How can the US Bank Visa Platinum card help manage your finances? The idea behind cards like this works as follows. If you are carrying a balance on another credit card, which you cannot pay off, in order to avoid paying high interest rates on that current card you simply transfer the balance to the US Bank Visa Platinum.

Let us consider how transferring a balance from an average credit card to the US Bank Visa Platinum could save you money. First, assume that the card you are transferring the balance from has an APR of 13.02% (the average fixed APR in the United States). If a consumer accumulates $12,000 of debt onto it, but cannot pay that off completely, he will be forced to pay interest. How much will that interest cost?

How Interest Charges are Calculated

APR can be a tricky concept to understand. It is not equal to the interest you pay. Instead, other calculations must be done in order to calculate what you can expect to pay with interest. The calculation is as follows: Monthly Interest Rate = Periodic Interest Rate x Number of Days in a Period

The periodic interest rate is simply the APR divided by 365 (the number of days in a year). The number of days in a period in this case is 30, since we are interested in calculating the balance at the end of each month. We multiply the product of those two factors by what is referred to as the “average daily balance”. For the purpose of simplicity, we take this balance to not change throughout the month, meaning you make payments at the end of each month, and don’t add to the total balance throughout the month. Therefore, the amount of interest you pay is determined by:

Interest = Average Daily Balance x Periodic Interest Rate x Number of Days in a Period

Saving on Interest through Balance Transfers with the Visa Platinum

In the case of a 13.02% APR, the periodic interest rate is 0.036%. After just 6 months of making minimum payments of $500 per month, you would pay $710 in interest expense!

How does that same situation look if you transferred the balance over to the U.S. Bank Visa Platinum Card? Upon first transferring the balance, you will incur a balance transfer fee of 3%. On a $12,000 balance, that is $360. After that however, you pay nothing else but your monthly payments. That means your saved a total of $710 - $360 = $350 in interest fees. That is just in 6 months. Your savings continue to grow for at least the full 18 month period during which you pay 0% APR.

How Does the US Bank Visa Platinum Card Compare to other Credit Cards?

To help you reach a better informed decision, we set out to show how US Bank Visa Platinum stacks up against other low introductory APR cards. Below we highlight some cards which might be of interest to consumers looking for these cards.

US Bank Visa Platinum vs Chase Slate®

Chase Slate®
This card is not available through ValuePenguin.

While the Chase Slate® offers a shorter 0% APR Period than the US Bank Visa Platinum card, it is still one of the best balance transfer cards available. This is because it waives its fee for balance transfers that occur in the first 60 days of receiving the card. To see how much this benefit can save, look to our example from before. When transferring the $12,000 balance, US Bank Visa Platinum card members paid $360 in transfer fees, making their total savings from the transfer only $350. If that same transaction was carried out with the Chase Slate® credit card, that savings would be $700+ – an increased savings of 102%.

US Bank Visa Platinum vs U.S. Bank Perks+ Visa Signature® Card

For those who wish to do business with US Bank, there are good introductory APR cards available, which can be of more worth to certain individuals than the Visa Platinum. The US Perks+ Visa Signature Card works exactly like the US Bank Visa Platinum, with the exception of having a shorter intro APR period. The Perks+ holds off on charging you APR for just 12 billing cycles (variable 11.99% - 21.99% APR after intro period ends) – 6 months less than Visa Platinum customers. What’s the trade off? You are given incentives to actually use the card for purchases, since the Perks+ doubles as a rewards credit card.

Perks+ Cardholders earn 2 points on gas and grocery shopping, and 1 point on all other purchases. You can redeem these points on gift cards, cash back and airline tickets. Redeeming for the latter starts at 25,000 points with an advertised value of up to $400. That means the Perks+ points are valued at $0.016, which is quite good for a no fee credit card. One thing to keep in mind, however, is that you do not receive any points from performing balance transfers. It is also not advised to be making large purchases while trying to manage a balance. The benefit of having a card like the US Bank Perks+ over the Visa Platinum card, is that once your balance is paid off you can start taking advantage of the rewards.

Comments and Questions

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Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred® Card points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

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