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U.S. Bank Visa Platinum Credit Card Review

U.S. Bank Visa Platinum Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Aug 18, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re looking to finance a large purchase or move high-interest debt off another card, the U.S. Bank Visa® Platinum Card offers an intro APR period of nearly two years for purchases and balance transfers, allowing you to save substantially on interest charges.

We take a close look at pros and cons of the U.S. Bank Visa® Platinum Card, and show how it compares to the Citi Simplicity® Card - No Late Fees Ever — which also offers a generous intro APR on balance transfers — to help you determine which card would be best for you.

U.S. Bank Visa® Platinum Card pros

Intro APR on balance transfers. The U.S. Bank Visa® Platinum Card comes with one of the longest intro APR periods on balance transfers currently available. The card offers a 0% intro APR for 20 billing cycles on Balance Transfers*. After that, a regular APR of 13.99% - 23.99%* (variable) applies to any unpaid portion of the transfer.

Intro APR on purchases. If you need to finance a large purchase and pay it off overtime, the U.S. Bank Visa® Platinum Card also offers a lengthy interest-free period on purchases. Cardholders receive a 0%* intro APR for 20 billing cycles on Purchases*, then an APR of 13.99% - 23.99%* (variable).

Annual fee. The U.S. Bank Visa® Platinum Card charges a $0* annual fee.

Additional U.S. Bank Visa® Platinum Card benefits:

  • Cell phone protection. When you pay your cell phone bill every month with your card, you’ll receive coverage for damage or theft up to $600, with a $25 deductible, for up to two claims ($1,200) per 12-month period. This coverage includes your primary cell phone line and any secondary, additional or supplemental lines.
  • Free credit score. Upon enrollment in online banking, receive free access to your TransUnion® Credit Score, as well as email alerts when major changes appear on your credit report.
  • Choose payment due date. As a card member, you have the ability to pick your payment due date.

U.S. Bank Visa® Platinum Card cons

No rewards program. You won’t earn a sign-up bonus or rewards on the purchases you make with the U.S. Bank Visa® Platinum Card. While this is pretty typical for a credit card that offers an intro APR on balance transfers for more than a year, there are balance transfer cards available that offer long intro APRs along with rewards programs.

For example, the Citi® Double Cash Card – 18 month BT offer comes with an intro APR of 0% for 18 months on balance transfers, then 13.99% – 23.99% (variable) APR. Cardholders also earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

Balance transfer fee. The U.S. Bank Visa® Platinum Card charges a balance transfer fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater.

So, for example, if you transfer a balance of $5,000 to the U.S. Bank Visa® Platinum Card, you will be subject to a balance transfer fee of $150, which is added to your balance.

Foreign transaction fees. If you plan to use your U.S. Bank Visa® Platinum Card to make purchases outside of the U.S., you will incur foreign transaction fees of 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency..

Best No Foreign Transaction Fee Credit Cards

Compare it with the Citi Simplicity® Card - No Late Fees Ever

The U.S. Bank Visa® Platinum Card and the Citi Simplicity® Card - No Late Fees Ever are similar, in that each comes with a $0 annual fee and assesses a balance transfer fee and foreign transaction fees, and neither card offers a rewards program.

The main difference between the two cards is the length of their intro APR periods on purchases and balance transfers.

Here’s a breakdown of the key features of each card:

U.S. Bank Visa® Platinum Card vs. Citi Simplicity® Card - No Late Fees Ever

 U.S. Bank Visa® Platinum CardCiti Simplicity® Card - No Late Fees Ever
Annual fee$0*$0
Rewards rateNoneNone
Purchase APR0%* intro APR for 20 billing cycles on Purchases*, then 13.99% - 23.99%* (variable) APRintro 0% for 18 months on Purchases, then 14.74% - 24.74% (variable) APR
Balance transfer APR0% intro APR for 20 billing cycles on Balance Transfers*, then 13.99% - 23.99%* (variable) APRintro 0% for 18 months on Balance Transfers, then 14.74% - 24.74% (variable) APR
Balance transfer fee3% of the amount of each transfer or $5 minimum, whichever is greaterBalance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.
Transfer period60 days from account opening4 months from account opening
Foreign transaction fees2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars; 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. 3% of each purchase transaction after conversion into U.S. dollars

The U.S. Bank Visa® Platinum Card gives cardholders two months longer to pay their balance in full before incurring interest charges.

Just know, the U.S. Bank Visa® Platinum Card requires you to transfer your balance within the first 60 days of account opening to take advantage of the balance transfer intro APR offer. By contrast, the Citi Simplicity® Card - No Late Fees Ever card gives members four months to make use of the promotional APR period on balance transfers.

Citi Simplicity® Card - No Late Fees Ever review

Which credit card is best for me?

Whether you need to pay off a large purchase over an extended period of time or you’re struggling under a large amount of credit card debt, the U.S. Bank Visa® Platinum Card and the Citi Simplicity® Card - No Late Fees Ever are both good options, thanks to their long interest-free periods on purchases and balance transfers.

But because the Citi Simplicity® Card - No Late Fees Ever offers a slightly longer intro APR period, it will be the better choice if you need more time to pay your balance in full. Just know — if you’re planning to transfer a balance to the card — you must do so within the first 60 days of opening your account to take advantage of the promotional APR.

To see how long it may take you to pay off your credit card debt, check out our balance transfer calculator.

The information related to U.S. Bank Visa® Platinum Card and Citi Simplicity® Card - No Late Fees Ever has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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