U.S. Bank Visa Platinum Review: Long 0% Period Makes It Worthy - NerdWallet (2024)

Pros

Cons

If you're looking to finance a major purchase, the U.S. Bank Visa® Platinum Card could be a good choice.

That’s because the card charges an annual fee of $0, yet it offers a long 0% introductory interest rate on purchases, as well as a good interest-free period on balances you transfer from elsewhere.

You won't earn rewards with the U.S. Bank Visa® Platinum Card. But it comes with cell phone insurance, a minor perk.

U.S. Bank Visa® Platinum Card: Basics

APR offer: 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 18.74%-29.74% Variable APR.

Annual fee: $0.

Sign-up bonus / rewards: None.

Balance transfer fee: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.

ANNUAL FEE

INTRO APR

REGULAR APR

ANNUAL FEE

INTRO APR

REGULAR APR

ANNUAL FEE

INTRO APR

REGULAR APR

Lengthy 0% APR promotion on purchases

This is the defining feature of the card. If you’re facing a large expense you can’t pay right away, the extra-long interest-free period allows you to pay over time without piling on finance charges.

Balance transfer period

The card also offers a pretty long interest-free period for balances you transfer to it. But keep the balance transfer fee in mind.

Annual fee of $0

Once you use the introductory interest-free period to pay your balance, the card won’t cost you anything to keep — although, it might eventually be relegated for use as a backup card.

Cell phone insurance

The is one of a growing number of cards that come with cell phone insurance. If you pay your cell phone bill every month with this card, you'll get coverage for damage or theft up to $600, with a $25 deductible, for up to two claims for a total of $1,200 per 12-month period. This covers your phone and additional lines on the account. However, the insurance is “secondary,” meaning it kicks in only after any other phone insurance you have.

Other cards offer longer 0% periods

At one point, the U.S. Bank Visa® Platinum Card had the longest 0% intro APR period available from a major issuer. It offered 20 months at 0% for both purchases and transfers, which made it a three-time NerdWallet award winner. The card has scaled that benefit back a bit, and while its 0% period is still solid, other cards go longer.

Consider the Wells Fargo Reflect® Card. You'll get a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR.

No rewards

If you want a card that's ideal for everyday spending, the U.S. Bank Visa® Platinum Card is not for you. There are no rewards for spending with this card. If debt is not an issue for you and you pay your bills in full and on time every month, consider moving on to another card that offers you more benefits. Like the Wells Fargo Active Cash® Card, which has a solid introductory APR period, includes a bonus offer for new cardholders, and gives you 2% cash back on all purchases.

No sign-up bonus

New cardholders get no bonus, which is disappointing since some competing cards with almost-as-long 0% APR periods include bonuses as high as $200.

Foreign transaction fee

Forget about travel perks with this card. And it’s a poor choice for using abroad because of its 3% fee on foreign transactions.