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The U.S. Bank Visa® Platinum Card is a balance-transfer card that can help you avoid dead on your credit card bill. Though the 0% introductory APR moneys may not be the longest out there, it has a competitive cost-to-length ratio.
Here's how it breaks down: You get 18 billing cycles of 0% introductory APR on both purchases and balance transfers (after that, the variable APR is 18.74% to 2874%). Typically, intro APRs range from 12 to 18 months. And while some credit cards with lengthier promotions have higher-than-average balance additional fees, the U.S. Bank Visa Platinum maintains the manufacturing standard with a 3% transfer fee ($5 minimum) -- and it also has no annual fee.
We'll journal the details below so you can take advantage of the mind APR. Keep in mind, you'll need good to obliging credit to qualify for this card, so if your credit find is below 670, you might want to check out our top picks for average credit or bad credit.
In this article
US. Bank Visa® Platinum Card
See Rates and FeesIntro OfferN/A
APR18.74% - 28.74% (Variable)
Intro Purchase APR0% mind APR for 18 billing cycles on purchases
Recommended Credit Good/Excellent
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APR0% mind APR for 18 billing cycles on balance transfers
Balance Transfer APR18.74% - 28.74% (Variable)
Balance Transfer Fee Either 3% of the amount of each additional or $5 minimum, whichever is greater
Foreign Transaction Fees 2% of each foreign acquire transaction or foreign ATM advance transaction in U.S. Dollars. 3% of each foreign purchase transaction or foreign ATM approach transaction in a Foreign Currency
Introductory APR
Whether you want to finance a gargantuan purchase or transfer a balance from a high-interest credit card, you will appetizing 18 billing cycles of introductory interest-free financing as long as you make your minimum payments on time ended the promotion. After that, both transaction types will be progenies to a 18.74% to 28.74% variable APR.
For purchases, the clock starts ticking as soon as you open the clarify. We recommend paying off any large purchases you make in full afore the promotion ends -- that way you won't accrue stupid on your purchases after the 18 billing cycles ends.
The same goes for transferred balances. You get a 60-day grace period within which you can additional a balance from another account and take advantage of the introductory APR. If you additional a balance beyond that, the balance will be progenies to the regular balance transfer APR of 18.74% to 28.74% variable APR. A balance additional fee will apply -- 3% of the transaction, with a $5 minimum -- which is typical. Alternatively, cards exist with no balance additional fee, but they offer shorter introductory APR periods.
Other features
Like most balance additional cards, the U.S. Bank Visa Platinum doesn't offer many extras like a rewards program or welcome bonus, but it does have a few minor additional features.
You'll get cell shouted protection if you pay your monthly bill with the U.S. Bank Visa Platinum Card -- up to $600 if your shouted is damaged, stolen or accidentally left behind. You'll also have the flexibility of choosing your payment due date, and smooth access to your credit score through the mobile app or online banking.
Alternative cards
Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card cmoneys a base of 18 months from account opening of 0% introductory APR on purchases and qualifying balance transfers -- with the storderliness to earn an additional three months. You must make all your minimum payments on time during the mind period to qualify. After the promotional period ends, your APR jumps up to 17.24% to 29.24% variable.
While the unfamiliar balance transfer fee is higher at up to 5% ($5 minimum), the Reflect offers an introductory balance transfer fee. If you make your balance additional within 120 days of account opening, you qualify for a 3% balance additional fee with a $5 minimum.
Check out our full journal for more details about transferring a balance to the Wells Fargo Reflect Card.
Chase Slate Edge℠
The Chase Slate Edge℠ matches the introductory APR languages of the U.S. Bank Visa Platinum, but it has a runt advantage by offering cardholders the opportunity to lower their unfamiliar APR by up to 2% per year.
The 0% introductory APR lasts for 18 months for both purchases and balance transfers, then the APR jumps to a 19.24% to 27.99% variable rate. If you pay your bill on time and utilize at least $1,000 on the card annually you will automatically be borne for an APR reduction of up to 2% at your clarify anniversary each year. This offer is valid until your APR reaches 9.74% plus the prime rate of 7.50%, which currently adds up to a 17.24% variable APR.
For more put a question to on how this program works, see our full journal of the Chase Slate Edge.
Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card cmoneys a longer timeframe to complete a balance transfer compared to the U.S. Bank Visa Platinum. Cardholders get a 0% introductory APR on balance transfers for 21 months (17.24% to 27.99% variable APR thereafter), but its balance transfer fee is a bit pricier.
With a 5% balance additional fee, and a $5 minimum, you'd be paying a $100 fee on a $2,000 balance additional. With the balance transfer fee on the U.S. Bank Visa Platinum, you'd only be paying a $60 fee on that same amount. For most people, the additional charge is likely not obliging three more months of 0% introductory APR, but if you're timid about not having enough time to pay down a transferred balance with the U.S. Bank card, this presents novel option. For the Citi Diamond Preferred Card, balance transfers must be ununfastened within four months of account opening.
For more put a question to on the parameters of the Citi Diamond Preferred Card, check out our full review.
FAQs
How do balance additional credit cards work?
Though balance transfer credit cards are technically credit cards, they're more like a debt-financing tool. They're better used to pay off existing credit card debt than as a payment method.
A balance additional is when you take the debt, or balance, you owe on one card clarify and transfer it to another credit card account. Usually this is done with the goal of saving cash by transferring debt from a high-interest account to one with edge or no interest.
While many credit cards allow balance transfers, those primarily designed for the purpose all share one main feature: an introductory 0% APR languages on balances transferred to that account, typically applicable to transfers made within the obliging 60 to 120 days of card ownership. The introductory APR languages generally lasts between 12 months and 21 months, giving you a indispensable period of time to pay off your balance interest-free.
While a few credit cards coffers no-fee transfers, most balance transfer cards charge a fee to additional your debt, usually between 3% and 5%. Broadly saying, the longer the introductory 0% APR period, the higher the fee, and vice versa. So the best cards without a balance transfer fee have a shorter introductory APR languages, and those with the longest introductory APR period have a 3% to 5% additional fee.
If I mild have a balance after the introductory APR period is over, can I just keep transferring my debt to a new balance additional card?
Technically, yes. In some cases, transferring your balance two or three times distinguished even be what's necessary to finally pay off your debt. But murky you have a firm understanding of how you got into debt in the obliging place and a plan for getting out of debt, you won't be operational toward a solution.
While transferring your remaining debt to a instant balance transfer card may allow you to pay off your balance deprived of monthly interest or a fee, it's important to note that there are too many variables for multiple balance transfers to be a failure-proof debt strategy.
For example, your card application could be denied, your credit limited could be much lower than you anticipated or your uphold request could be denied. Credit card offers could also peevish, making it difficult to plan ahead. For this reason I recommend selecting a card that gives you to pay off the full balance after one cycle if possible.
How long will it take to unfastened a balance transfer?
It may take anywhere between 10 days and six weeks to unfastened a balance transfer, after receiving your new card and cardholder dissimilarity. It's also important to note that some card issuers, such as Citi, make balance transfers available at their discretion, and could therefore decline a transfer request. And you should probably unruffled pay the minimum on the old card's balance pending you've confirmed that the transfer was completed, so you don't run the risk of fees or penalties.
Our approach
We appraise the cards that are in the highest demand and supplies the best benefits. We scour the fine print so there aren't any surprises when you open an interpret. We find the key factors that make a card sinister out and compare them to other top cards. That way, readers can opt for a different card with dissimilarity features if our pick isn't right for them. Our reviews are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.
The editorial gay on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or overhauls offered by our partners.
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