Charles H. Miller
The U.S. Bank Visa Platinum Credit Card is an easy to understand product. It doesn’t offer any rewards (like cash back and points), but it comes with a low interest rate. Also it has no annual fee, and in the first 12 months — cardmembers get to benefit from 0% APR on purchases and balance transfers. It’s that simple.
Highlights
- 0% intro APR for the first 12 months, after which the rate goes to 10.24% – 21.24%.
- No rewards (like cash back and points)
- Auto rental insurance
- Account management features like overdraft protection and FlexControl.
- No annual fee.
How It Works
APR: This is the main point of this card — it offers low interest, ranging from 10.24% – 21.24%, based on your creditworthiness. Also, there is a 0% introductory APR on purchases and balance transfers for the first 12 months.
Auto rental insurance: Provides 24-hour coverage against damage due to collision or theft. And allows you to decline the rental company’s collision damage waiver option.
FlexControl: Free online tool that enables setting up alerts and managing your card account. For instance, you can choose autopay features such as FlexControl Essentials in which each month your minimum payment due is automatically debited plus up to seven essential categories that you select, such as gas or groceries, to pay in full. With this option, you can pay off the purchases you choose rather than carrying them month to month with the rest of your balance.
Overdraft protection: Existing U.S. Bank checking account users can enable the option to automatically transfer funds from the credit card to their bank account.
No annual fee: You don’t have to pay anything to use this card.
Costs
- 0% intro APR for 12 months, then 10.24% – 21.24%.
- 3% Balance Transfer Fee
- 3% Foreign Transaction Fee
- $0 Annual Fee
Pros
- Low APR is the main point of this card. As such, it could serve as a great tool for getting out of debt.
- 0% APR for the first 12 months – you get a whole year of interest free purchases and balance transfers.
Cons
- No rewards of any kind. We would love this card even more if it provided, say, at least 1% cash back. 2% would be even better.
- Foreign transaction fee means you’ll want to use a different card while traveling outside of the U.S.
Is This The Card For You?
The U.S. Bank Visa Platinum Credit Card is ideal for those who want to transfer balance from a higher APR card, and eventually reduce their debt to something that’s easier to manage. It could also be great for everyone who don’t want to play points and cash back games. This is a simple product with a low APR and no annual fee. And we’re sure it has an audience that likes it for that simplicity.
