The US Bank Visa Platinum Card is more effortless than other credit cards in the market. All those who want to pay off their heavy debt without any APR and annual fees can apply for this card and get instant relief from financial stress. Moreover, it smoothly excels in all large purchases with a lengthy concession from the bank. Debt-free goals are always a concern, which is unthinkable without interest-free assistance.
However, infrequent service providers initiate these benefits with a fair credit score. If you are supposed to be a part of this incredible exchange- continue to read our article to see the complete US Bank Platinum Card review. So, let’s get started.
US Bank Visa Platinum Card Review
No rewards and cashback can be a little responsible for you when you make purchases using a US Bank Platinum credit card. However, you must shift your focus over zero percent introductory APR, including a balance transfer for 24 months. Furthermore, when making a more considerable purchase and debt consolidation with a balance transfer, there is no condition to pay an annual fee to continue card services.
With a massive chunk of concession to its cardholder, it automatically awards those with the burden of achieving their goals. If you have gone through various credit card research before, you would have noticed that everything is not feasible to acquire, especially when you can’t convenience the credit card company.
Apart from that, you are liable for other additional benefits along with its defining feature. Now, another point to consider is that if you don’t have to settle any debt against you and want rewards and cashback for every small and enormous purchase, then you should find another better choice for you. Yes, this branding element is not deniable to anyone. However, few prefer to earn more even with APR-free usefulness, like a bonus for new joiners, cashback, and rewards for every payment & transaction. In other words, if your interest is perks, it is better to move on to something else instead of spoiling your time with this US Bank Platinum card.
Along with no welcome bonus time! You would be answerable for weighty interest rates once you complete 18 billing cycles or two years. In case, you love traveling and going on holidays occasionally, keep this card handy because it will be best for prompt shopping time. A foreign transaction fee is also relatively lower than others but may eventually be expensive. Extended Pay is another feature that you can rely on to split your eligible purchases towards monthly payments. It may vary according to your needs.
Pros and Cons of US Bank Visa Platinum Card
- Zero annual fee
- Zero percent Purchase APR (for 2 years)
- 0% Balance transfer (24 months)
- Complete cell phone protection (Insurance)
- Intro APR period
- No penalty APR
- Fair credit score
- Extended payment plans
- Overdraft protection
- Free credit report access
- Report to credit bureaus
- Zero fraud liability
Perks & Benefits of US Bank Visa Platinum Card
US Bank Platinum cards strive to administer better financial determinations. However, you can’t do it efficiently without knowing its perks & benefits, and negatives. So, in our US Bank Platinum card review series, we summarize some of the best extras and benefits of US bank platinum. Let’s have a look.
- Lengthy Zero Percent APR
Most borrowers get stuck in heavy debt because of various rationales. Some because of education loans, medical emergencies, household expenses, long pending bills, and others because of wrong decisions in the past. If you are one out of them and no better choices are your way and are worried about continuous application rejection, then you should involve yourself with a US Bank Platinum credit card. The card provides you extra long APR free time to soothe your finances. No charges will be on your head- only one has to repay the principal amount. Whether it is purchase APR or debt consolidation, you are responsible for what you have taken from the bank, not for any extra amount up to 24 months. However, the bank will start imposing a variable 18.24% to 28.24% variable purchase APR from you.
- Balance Transfer Period
The balance transfer period is similar to purchase APR- one usually commences for various reasons. That longest time is much more convincing when you are less comfortable paying a higher amount for the sake of a few or more transfers. Be clear with the balance transfer fee because it is active on your card- only APR is zero for the initial two years. After 18 billing cycles, the statement will start counting 3% or a minimum of $5 (greater one) for the amount transferred. However, it is still less than other secured or unsecured credit in the market, mostly because of bad credit scores. Here you can find a few changes because of dependency on credit scores more for qualification.
- Cash Advance
US Bank Platinum card review camouflages numerous aspects to know it well for your debt-free lifestyle. Now, if you have chosen to withdraw money from your US Platinum credit card- you should be aware of its diverse pros and cons. Whether you have decided on general usage or any institution has denied card payment- it is blatant and valid to proceed. However, you should as much as possible avoid this practice to save yourself from solid APR. Based on the cash advance type, one will see the fee and APR on the generated bill.
- If you have commenced standard cash advance or ATM withdrawal-then the fee will be 5% or at least $10 (greater one) against the amount.
- If you have used the blank checks issued by the US bank Platinum- at that time, the charges will be 3% or at least $5 (greater one) for each advance.
- Lastly! If one has rendered cash equivalent advances (money orders and travelers’ checks)- then the cardholder is susceptible to 5% or a minimum of $20 (greater one) for each cash advance.
- Annual Fee
It is not an exception. Many card issuer companies facilitate this feature to its poor, fine, or excellent credit score holders. Now- if it has a policy for fair to outstanding credit scores- then according to that policy- it has leveled up itself for fixed initial years. However, the annual fee is not condition-bound. It is thoroughly zero for the lifetime of your credit card without fear of dealing with one extra amount while enforcing debt consolidation or arranging bountiful buys. Other features have a fee to accomplish your credit building or management system.
- Credit Reporting
Every month you are supposed to behave with your credit card because the US Bank Visa Platinum card allocates each piece of information about you for your line of credit to credit bureaus. These bureaus are Experian/Equifax/TransUnion. Now, the deal is not difficult for you because you are already an experienced person with a credit score as qualified following the excellent slot. However, that’s not it. Still, one must act much better than before. Bad credit card holders can face difficulties in achieving this goal. The voluntary reporting will share your account history- which may include the line of credit, monthly billing cycle payment, and credit utilization ratio. They are enough to hit your credit.
- Approval Process
Either the applicant can search for the website or launch the mobile app to read the terms and conditions along the application process thereafter. Yes, the credit check is important as it will confirm whether you have a 640+ credit score, and it will appear on your credit report as a hard inquiry. You should share some basic details to leave an idea in the mind of the US Bank (card issuer) to determine your qualification. The customer care number is always responsible for any query. However, you can utilize it to check your application status. It is because of 7-10 days’ response for the approval and non-approval.
- Buy Now, Pay Later
It is the most rewarding service of the US bank visa platinum card. 3-24 months are enough as a grace period for any repayment for any amount. Yes, that may include some terms and conditions. But you are rightful for this benefit with this credit card. You also should- use it in a pleasant way to amend your borrowing habits. If- you have made any purchase of over $100 (eligibility amount) and made it within 60 days before the sign-up of ExtendedPay and it is lower than the purchase balance at the time of sign-up you can split the purchase for monthly payments. Yes, it is not cost-free and not for everyone. Your earlier card activity will allow you for this attribute, and the bank will inform you of the same at the 1.6% fixed monthly fee.
- Free Credit Report
Whatever information the bank provides to credit bureaus gets published every month, and the US bank allows its customers to access the free credit report discharged by TransUnion. The cardholder or borrower can review the statement and file a claim if any error that may hurt you badly in the close time. Many online institutions help individuals to fight their credit reports. One can opt for anyone and track the changes made by the report publisher.
- Set Your Due Date
Users can set their due date after verification from the US Bank Platinum card at your request. Before the due date payment affects the credit score- so be mindful to read a detailed document that circulates the certified terms and conditions.
- 0$ annual fee
- 3% or a minimum of $5 (Greater one) of the transferred amount as a balance transfer fee
- 2% for US dollars and 3% for foreign currencies foreign transaction fee
- 3-5% or $5-$20(greater one) for cash advance type allowed by the bank on your credit card
- Maximum 1.6% for the Extended pay plan/Extend Pay loan under the Extend Pay fee program to split the purchases into monthly payments
- Maximum $41 for the late payment fee
- Highest $41 for the returned payment fee
- 18.24% to 28.24% as a variable purchase APR after the completion of the initial two years as a zero introductory APR for the immense purchases.
- Balance transfer APR is zero percent for 24 months if one transfers the amount within 60 days after opening the new account.
- Balance Transfer APR is 18.24% to 28.24% (variable) and 27.49% (variable) for the cash advance APR and $2 minimum as the interest charge.
Other Benefits of US Bank Visa Platinum Card
- US Bank Platinum credit card has protection from damage and unexpected and unintentional breaks for your cell phone with a complete insurance program. That insurance or protection doesn’t cover voluntary misplacement or intentional execution. Only two claims a year are acceptable in this program. The coverage is $600 for every claim, after the $25 deduction.
- Norton LifeLock makes you aware of the threat to your personal information that may be in the dark and prone to a data breach. Apart from that- it will help you to get the replacement of your crucial documents- inaccessible because of identity theft or stolen.
- Furthermore, the US Bank Platinum card user will not become liable for any fraudulent transaction made in response to unauthorized access to your account. Your card will get blocked and you will get the entire amount that was transferred to your name.
- Roadside assistance is for roadside dispatch. There is a service to catch up with the technical and sudden difficulties of your vehicle. It includes towing services, tires, locksmiths, and others to fix and pay the amount instantly.
Who May Take a US Bank Visa Platinum Card?
- If no money lender or credit card issuer is ready to help you settle your previous debt because of bank policies and other reasons; this card has the potential to help you in debt consolidation conditions.
- The heavy debt is not being settled because of ineligible disbursing higher interest rates, balance transfers, and annual fees. ‘
- If you want enough time (at least 1-2 years) to relax after settling the debt- apply for the card immediately.
- Furthermore, if the user wants to repay the purchase amount of brand-new appliances and other products then it is possible with US Bank Platinum.
- If- you have low-income sources and can convince the bank to settle the amount within 2 years then you must sign up for the account. Strategize to come on track before the ending of the introductory zero interest rate or APR time.
- If you can bear the heavy purchase APR, balance transfer fee & APR, Cash transfer APR, foreign transaction fee, and other late payment charges.
- If- you are new to this financial market and want to enjoy interest-free hours of your fair, good, or excellent credit score then you can download the app on your Android and iPhone devices.
Alternatives to US Bank Platinum Visa Card
If you want to switch to other options for higher APR (after two years), no rewards, or a welcome offer, you should consider some of the highlights below before moving elsewhere. Let’s evaluate them in a detailed manner.
1. U.S. Bank Cash+ Visa Signature
If you decide to replace a US Bank Platinum card for rewards and cashback-then you can replace it with a US Bank Cash+ Visa signature card. It offers zero annual fees with almost the same APR with the inclusion of cashback rewards. You can choose any category to earn 5% cash back on every eligible purchase. That way it stands different from other credit cards and US Bank visa cards. The categories include gas, groceries & travel. Not just that, if you have to choose Extendpay to split your buys at that time also you are eligible for fixed cashback. Furthermore, the cashback system is not direct to understand. One has to pay to understand it carefully and track and activate it in a standard manner. To acquire a satisfactory amount you have to maintain consistency in your purchase. 2% cashback is possible in a divided manner. The First 1% is for buying and the remaining 1% is when the payer pays it off.
- 0% Intro APR for eligible purchases & balance transfers for 15 billing cycles. It is less than a US bank platinum card. After the completion of 15 billing cycles, the 18.74% to 28.74% APR (variable) is to be borne by the borrower.
- 3% or minimum $5 (greater one) fee for each balance transfer by the card.
- 3% for the foreign currency transaction and 2% for the US. dollar foreign transaction.
- $200 as a bonus on a $1000 eligible purchase within 120 days of the new account opening.
- For each quarter on two selected categories the first $2000 “Combined Eligible Purchases” get 5% cashback.
- 5% cashback for prepaid “air, car reservation, and hotel” to the rewards center.
- Everyday categories including grocery stores, gas, restaurants, or EV charging stations get 2% cashback.
- Get 1% cash back on the remaining eligible buys.
- Credit Score 670 to 850.
2. Wells Fargo Reflect® Card
Competitive offer with 0% “intro APR” promotion for purchases and balance transfers like US Bank Platinum credit card. The length APR ends after 18 months- that can extend further 3 more months reviewing on-time payments. You have enough time to pay off your balances because of debt consolidation from the card and other higher-range purchases. It is the recent addition of a growing portfolio for those who want to earn more than their liability. Wells Fargo Reflect card also doesn’t offer rewards and perks for the users but this card allows its services at zero annual fees. No, there is no sign-up bonus to attract borrowers with foreign transaction features and other additional concessions. To secure 0% APR on balance transactions, you have to reflect it on your bill statement within 120 days- that is relatively double the US Bank Platinum.
- $0 annual fee.
- The credit score is 670 to 850 like US Bank Cash+ Visa signature to qualify for the card with regular income from different sources.
- 16.74% to 28.74% higher variable APR is applicable after an 18-month period on every eligible buy.
- After zero percent balance transfer APR for 18 months, the APR stands at 17.24% to 29.24% with variability.
- 3% or a minimum of $5 is functional for a balance transfer fee.
- A foreign transaction fee is 3% of the transacted amount.
- One can go to the Wells Fargo branch for the teller’s desk to request a cash advance over your issued credit card.
- While paying the bill for your cell phone with a card, in case of damage and theft, you can claim a maximum of $600 for cell phone protection or insurance. Only two claims a year are allowed.
3. Bank of America BankAmericard®
Like two of the list, Bank of America BankAmericard doesn’t take annual fees from credit card holders. Moreover, it allows 0% intro APR for 21 months and then regular APR on all purchases. After a certain zero APR period ends, you might not find this card attractive; however, at the initial level, you are free to use the card without any extra payment to Bank of America. However, you have to again adjust the rewards, cashback, and welcome offers but be ready to pay multiple charges depending on the amount dealt with the feature.
- 14.99% to 24.99% “Purchase APR variable” after the completion of 21 months
- 0$ lifetime annual fee
- 670-850 credit score (only good and excellent credit score holders can qualify)
- 15.74% to 25.74% balance transfer APR (variable)
- 3% transaction fee
Frequently Asked Questions
Q.1 What credit score do you need for a U.S. Bank Platinum Card?
One should have at least a 670 credit score to apply for the US Bank platinum card.
Q.2 Is the US Bank Platinum Visa card good?
Yes, if you want to shed your existing loan or debt from other money lenders then it is a good choice to go for.
Q.3 Does U.S. Bank Platinum have rewards?
No, US Bank Platinum doesn’t facilitate rewards for its cardholders.
Q.4 Does U.S. Bank offer other credit cards besides the U.S. Bank Visa® Platinum Card?
Yes, US bank also offers other credit cards.
- Cash+ secured card
- Altitude Reserve
- Secured VisaSecured card
- Altitude GoSecured Card
Q.5 What are the rewards on the U.S. Bank Platinum Card?
There are no rewards on this card. However, it gives cell phone protection, roadside assistance, and more.
Q.6 Does the U.S. Bank Platinum have an annual fee?
No, the US Bank Platinum does charge any annual fee.
A US Bank Visa Platinum card can benefit you when you plan to pay off your debt completely and make larger purchases because of household requirements and other purposes. Apart from that, if you want to earn standard rewards for your wallet you may consider switching this option with others in the market. Launch the website and mobile app to apply for the card. For query- write us back in the comment box below.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
- BlogSeptember 26, 2023How to Block Payments on Cash App: A Comprehensive Guide
- BlogSeptember 21, 2023How to Add Money to Apple Pay: A Comprehensive Guide
- BlogSeptember 20, 2023PayPal Gift Cards: Everything You Need to Know
- BlogSeptember 20, 2023How to Add an Apple Gift Card to Wallet: A Step-by-Step Guide