Is The U.S. Bank Visa Platinum Card Worth It? | Bankrate (2024)

Paying down existing debt can be an enormous financial challenge — but it does not have to be an impossible one. There are several methods for attackingcredit card debt, including transferring it to a balance transfer card with a 0 percent introductory annual percentage rate (APR) offer.

If you find yourself in this situation, the U.S. Bank Visa® Platinum Card* could be worth getting, since it offers one of the longest intro APR periods on the market. The card offers a0 percent intro APR on balance transfers completed within the first 60 days, as well as on purchases, for 21 billing cycles, followed by a variable rate of 18.74 percent to 29.74 percent that kicks in after the introductory period.

With such a long introductory period, you can consolidate high-interest balances onto one card and tackle debt head-on. But does that make the U.S. Bank Visa Platinum worth it for you? We dive into the details of this offer, as well as other card highlights, so that you can decide for yourself whether this is the right card to add to your wallet.

When is the U.S. Bank Visa Platinum worth it?

The U.S. Bank Visa Platinum Card does not come with a long list of perks and benefits, but the ones it does offer are impressive enough to pay attention to. Those perks and benefits might make this card worthwhile for you if you find yourself in the following situations:

If you need to pay down an existing credit card balance

Theaverage credit card debt in the U.S. per person was $6,501 in 2023, according to a consumer credit report from Experian, and each person with credit card debt averaged roughly three credit cards each. If you’re feeling overwhelmed by your credit card debt and want to get rid of it, transferring your balance to a zero-interest card and paying it down is one popular way to do so.

Considering the U.S. Bank Visa Platinum Card has one of the longest balance transfer offers on the market, it can help you achieve this goal even faster. This card offers a 0 percent intro APR on balance transfers for 21 billing cycles, followed by an 18.74 percent to 29.74 percent variable APR. Just be sure you can comfortably afford to pay off your debt before theintro APR offer expires.

Keep in mind that, with this card, balance transfers must be made within 60 days of account opening, and missing this window will result in the loss of the intro APR offer. There’s also a 3 percentbalance transfer fee ($5 minimum) that you’ll need to factor into your debt payoff strategy.

If you have an upcoming large purchase

The U.S. Bank Visa Platinum not only offers a 0 percent intro APR on balance transfers for 21 billing cycles, but also on purchases for 21 billing cycles (followed by the same variable APR between 18.74 percent to 29.74 percent). You can enjoy the benefit of paying no interest on any purchase during this offer period, whether or not you’re using the card to pay off existing debt.

If you know you have alarge upcoming purchase, such as a new mattress, an appliance or any item you may not have the cash on hand for, you can use the U.S. Bank Visa Platinum to avoid costly interest charges and take a little more time to pay.

Bankrate’s take: If you’re working to pay down a credit card balance, though, you should limit the amount of new purchases you make with your credit card to avoid further digging yourself into debt.

If you want to use your card to pay down future purchases

The U.S. Bank Visa Platinum Card might have a lot of value during the first 21 months of its introductory APR period, but what about after that? If you want another way to pay down large purchases after your card’s introductory period ends, you can consider using the U.S Bank ExtendPay® feature.

With ExtendPay, you can charge a purchase of $100 or more to your card, then move that purchase into an ExtendPay plan, where you’ll pay it off monthly without being subject to the interest from your credit card. Instead, you’ll pay in equal monthly installments that have a fixed monthly fee built into the price. You can choose between plans that are 3, 6, 12, 18 and 24 months long, and your ExtendPay fee won’t exceed 1.6 percent of the principal amount.

There are caveats to using ExtendPay, however. You can’t change your plan length once you lock it in, and you’re still subject to penalty fees and APRs if you miss a payment. If you still have a balance remaining once your ExtendPay plan ends, that balance will be subject to your card’s original APR and minimum payment rules.

Still, even with these guidelines, the card’s ExtendPay feature means it can be valuable for large purchases down the line.

If cellphone protection is important to you

With the U.S. Bank Visa Platinum Card, you can get up to $1,200 in annual coverage for eligible damage or theft when you pay your cellphone bill with the card each month. More specifically, that’s up to $600 incellphone protection per eligible claim (with a maximum of two claims per 12-month period). If you could greatly benefit from this perk, the U.S. Bank Visa Platinum could be the right card for you.

If you need a low-cost credit card

The U.S. Bank Visa Platinum Card has no annual fee, which makes it a more affordable balance transfer credit card option. Additionally, the 3 percent balance transfer fee (minimum $5) is a tad lower than the 5 percent fee charged by other balance transfer cards.

When is the U.S. Bank Visa Platinum not worth it?

The card’s intro APR offers are enticing on their own, and the lack of an annual fee is a welcome addition. However, the U.S. Bank Visa Platinum Card is significantly limited in other areas.

If you want a rewards program or welcome offer

If you’re interested in earning cash back or other rewards on your purchases, you’ll be disappointed in the U.S. Bank Visa Platinum Card’s lack of a rewards program and welcome bonus.

There are credit cards available that include both anintro APR offer and ongoing rewards, so it’d be worth investigating other balance transfer card options if a card’s long-term value is important to you.

If you need a credit card for overseas travel

The U.S. Bank Visa Platinum Card charges a 3 percentforeign transaction fee. If you’re a frequent traveler and spend time outside of the U.S., you may be more interested in a credit card that doesn’t charge an additional fee on purchases made abroad — especially if you don’t already own a credit card with no foreign transaction fees.

Should you get the U.S. Bank Visa Platinum?

If you need as much time as possible to pay down an existing credit card balance (or a large purchase) and want to avoid additional interest charges, you should seriously consider the U.S. Bank Visa Platinum Card. Plus, with no annual fee, it makes it a less expensive card to carry versus other balance transfer card options.

Yet if a card’s ongoing value is important to you, you mightlook for other options that include ongoing rewards, a welcome bonus or worthwhile card benefits.

Other cards to consider

For example, the no-annual-feeCiti Double Cash® Card offers a 0 percent intro APR for 18 months on balance transfers made in the first four months of account opening (19.24 percent to 29.24 percent variable APR after), as well as ongoing rewards that encourage responsible card usage: 1 percent cash back as you make purchases, plus another 1 percent back when you pay for your purchases.

If you’re more so hooked on the U.S Bank Visa Platinum’s cellphone protection perk, note that theWells Fargo Reflect® Card offers an almost identical cellphone protection benefit, along with an APR offer of the same length — it comes with a 0 percent intro APR for 21 months from account opening on purchases and qualifying balance transfers, with a variable APR of 18.24 percent, 24.74 percent or 29.99 percent thereafter. Note that balance transfers must be made within 120 days of account opening to qualify for the intro APR offer and that a balance transfer fee of 5 percent (minimum $5) applies.

The bottom line

If your goal is to take advantage of an exceptionally long intro APR offer on purchases, balance transfers or both, theU.S. Bank Visa Platinum Card could be worth it for you. The card’s intro APR offer is one of the longest offers available, and it could provide much-needed breathing room for paying off credit card debt.

If you have different financial goals in mind — or if you’d like to earn rewards or a welcome bonus — you might be better off looking at other types of credit cards. Take a look at some of today’sbest balance transfer credit cards and rewards credit cards with 0 percent APR offers before you decide.

*Information about the U.S. Bank Visa® Platinum Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.