To qualify for the US Bank Visa Platinum credit card you'll need a score somewhere around 700 or above. This isn't an easy card to get, but it is an easy card to keep. With no annual fee, reasonable penalties, and a great introductory offer this card has enough to offer that it's worth looking into.
Even better, the low APR makes this one of the few cards where carrying a balance short-term isn't such a bad idea. Beyond that, US Bank is a reputable lender with decent customer service. The only catch would have to be the high credit score requirement.
The usbank.com/myoffer US Bank Visa Platinum Card is a low-APR credit card for people with high credit scores who are looking for a longterm 0% APR credit card with no rewards. This is not a card for everyday use, it does not have a rewards program, and spending limits are reasonable.
The best use for the US Bank Platinum card is as a balance transfer card. If you're someone that frequently carries a balance and you're looking for somewhere to keep it where it will draw less interest, this is that card. Even better, as a new cardmember, you will be eligible for up to 20 billing cycles of 0% APR with the right standard welcome offer.
The low interest on the US Bank Platinum Visa Card is its singular draw. The APR is variable and starts as low as 13.99% for purchases and balance transfers. The APR for cash advances is far less forgiving at 23.99%.
23.99% is also the APR cap for purchases and balance transfers. There is no penalty APR for any reason, though continual late payments or missed payments may result in a revised rate over time, as it would with any credit card company.
US Bank does an automatic credit check after 6 months to see if your account qualifies for an increase. If it seems to need it, the increase will be triggered automatically. However, if you haven't been spending much, the increase might be green-lit but not show up right away.
If you want your reported credit limit to increase on or after the 6-month mark, all you have to do is give US Bank a call. They'll do a quick no-risk assessment and let you know if you qualify for an increase right away. There is no penalty for having your credit line increased.
- Annual Fee – There is no annual fee for the US Bank Platinum credit card.
- Cash Advance Fee – The cash advance fee is 4% of the total cash advance amount with a minimum charge of $10. This applies to every transaction individually.
- Foreign Transaction Fee – The foreign transaction fee for the US Bank Platinum Card is either 2% in USD or 3% of each foreign currency purchase.
- Late Payment Fee – The late payment fee for the US Bank Platinum Card is up to $40.
- Return Payment Fee - The late payment fee for the US Bank Platinum Card is up to $35.
- Authorized User Fees – There are no authorized user fees or fees for an additional card unless you choose an express shipping option not otherwise offered.
- Balance Transfer Fee – The balance transfer fee for the US Bank Platinum Card is 3% of the balance transfer, with a $5 minimum.
- Overlimit Fee – There is no overlimit fee or penalty for the US Bank Platinum Card.
The www.usbank.com/myoffer US Bank Visa Platinum Card has no rewards program. They offer no points, miles, cashback, or special offers beyond the initial welcome deal. This fact alone makes the US Bank Platinum Card a poor choice for general use. However, for larger purchases and fast financing, you'll save more by placing a balance on this card than cashback would make up almost anywhere else.
Cellular Telephone Protection Benefit
One of the unique benefits of the US Bank Platinum card is the cellular phone protection that comes with being a cardmember. This applies to damage, theft, or accidental damage to the cardholder's cellphone.
If you apply for this benefit, it has a $25 deductible and may be used up to 2 times in a year. Each claim has a maximum benefit amount of $600. However, you must charge the cellphone bill related to the cellular phone to your US Bank Platinum Card for at least the month prior to the incident to be eligible for this protection. This is also only secondary coverage, with any other insurance paying first.
Pros – Advantages of the www.usbank.com/myoffer Visa Platinum Credit Card
The US Bank Visa Platinum credit card comes with many benefits for those that qualify.
- Very Low APR – The lowest APR rate for the US Bank Platinum Card is just about what you might pay for a personal loan. Not only that, as a credit card this balance is available immediately when you need it.
- No Penalties or Overlimit Fees – Humans make mistakes. Occasionally your bill might not get paid on time and for that there is a variable and reasonable fee. No additional penalties should be required and the US Bank Platinum Card seems to agree with that view.
- Free and Frequent Credit Line Increases – After the first 6 months, credit increases are generous and frequent for those that qualify. As this card requires such a high score to begin with, that should be just about everyone as long as their utilization rate is in check.
- Long-Term Introductory Offer – Up to 20 months of 0% APR balance transfers for those that qualify for the US Bank Visa Platinum.
- Unique Cellphone Protection Benefit – If you intend to put your cellphone bill on autopay anyway, you might as well use a card that offers additional protection.
- Flexible Payment Due Date – Within reason, you are allowed to choose which day of the month your payment will be due. This can cause your basic grace period to grow or shrink a bit as well, so plan carefully.
Cons – Disadvantages of the usbank.com/myoffer Visa Platinum Credit Card
There are few disadvantages to the US Bank Visa Platinum Card. Those that exist are more about who can acquire it than how the card works.
- High Credit Score Needed For Approval – 700 and up is par for approval with the US Bank Platinum card.
- No Rewards Program – This isn't a rewards card, or a card with strong extras and benefits, by any means.
If you have a high credit score and are looking for another card for your collection, or you want something to put a balance on in an emergency, this is a great card for that. You get low APR overall, 0% APR for up to 20 months on balance transfers, and responsive customer service. As this card has no annual fee, setup fee, or maintenance fees, this is a card that is easy to hold onto in case of an emergency. It's also great for fringe benefits like a lower credit utilization percent due to the ease of getting a credit line increase after as little as 6 months.