Is Visa Platinum a Good Card? A Comprehensive Review

Fend off interest for a while, but don’t expect to rack up rewards with this card. Nov 14, 2023 / 11 min.

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Visa Platinum is a well-known credit card that provides a range of advantages, such as no annual fee, no longer than the first 200 percent APR period on purchases and balance transfers, and protection for cell phones. But there are some disadvantages as well, like few benefits and few rewards.

In this review, we will take a closer look at the Visa Platinum card and help you decide if it is the right card for you.

Pros and Cons of Visa Platinum

Pros

Long introductory 0% APR period: The Visa Platinum card offers a 0% introductory APR period on purchases for 21 billing cycles and on balance transfers for 21 billing cycles. This is one of the longest introductory periods available on any credit card.
No annual fee: The Visa Platinum card has no annual fee, which is a great benefit for cardholders who are looking to save money.
Cellphone protection: The Visa Platinum card comes with cellphone protection that covers up to $600 per claim for eligible damage or loss. This is a valuable benefit for cardholders who use their phone frequently.
U.S. Bank ExtendPay® Plan: The Visa Platinum card comes with the U.S. Bank ExtendPay® Plan, which allows cardholders to divide large purchases into fixed monthly payments. This can be a helpful feature for cardholders who need to spread out the cost of a large purchase.

Cons

No rewards program: The Visa Platinum card does not have a rewards program, which means that cardholders will not earn any points or miles on their purchases. This can be a drawback for cardholders who are looking to maximize their rewards.
Limited perks: The Visa Platinum card has a limited number of perks compared to other credit cards. This can be a drawback for cardholders who are looking for a card with more features.
High balance transfer fee: The Visa Platinum card has a 3% balance transfer fee ($5 minimum), which is higher than the balance transfer fees on some other credit cards. This can be a drawback for cardholders who are looking to transfer a large balance to a new card.

Is Visa Platinum a Good Card for You?

The Visa Platinum card is a good choice for cardholders who are looking for a card with a long introductory 0% APR period and no annual fee It is also a good choice for cardholders who are looking for cellphone protection or the U.S. Bank ExtendPay® Plan However, it is not a good choice for cardholders who are looking for a card with a rewards program or a large number of perks.

Here are some factors to consider when deciding if the Visa Platinum card is right for you:

Your credit score: The Visa Platinum card requires good to excellent credit (670 to 850) for approval.
Your spending habits: If you tend to carry a balance on your credit card, the Visa Platinum card’s high balance transfer fee could be a drawback.
Your need for rewards: If you are looking for a card that will earn you rewards on your purchases, the Visa Platinum card is not the best choice.

Alternatives to Visa Platinum

If you are considering the Visa Platinum card, you may also want to consider the following alternatives:

Citi Double Cash® Card: The Citi Double Cash® Card offers a 0% introductory APR period on purchases for 18 months (15 months for balance transfers) and a 2% cash back rewards rate on all purchases.
Wells Fargo Reflect® Card: The Wells Fargo Reflect® Card offers a 0% introductory APR period on purchases for 21 months (15 months for balance transfers) and a 2% cash back rewards rate on all purchases.
Chase Freedom Flex℠: The Chase Freedom Flex℠ offers a 0% introductory APR period on purchases for 15 months (15 months for balance transfers) and a 5% cash back rewards rate on rotating categories each quarter.

The Visa Platinum card is a good choice for cardholders who are looking for a card with a long introductory 0% APR period and no annual fee. It is also a good choice for cardholders who are looking for cellphone protection or the U.S. Bank ExtendPay® Plan. However, it is not a good choice for cardholders who are looking for a card with a rewards program or a large number of perks.

Make sure to evaluate the Visa Platinum card against other available cards before deciding which one best suits your needs.

Cardholder perks: Minimal at best

The U. S Bank Visa Platinum card carries two noteworthy perks. The first is its cellphone protection coverage. By paying your cellphone bill each month with your card, U. S bank will cover any associated phones for up to $600 per eligible.

damage or loss claim — minus a $25 out-of-pocket deductible. U. S. For up to $1,200 in yearly coverage, the bank may pay you back or provide you with equivalent replacement phones from two potential claims each year.

The second perk is U. S Bank’s pay over time feature, the U. S. Bank ExtendPay® Plan. With this feature, you can divide large purchases into fixed monthly payments to pay off over time. Instead of interest, U. S. Bank charges a monthly fee that doesn’t exceed 1. 6 percent of the purchase price (see terms). This feature can be especially handy for holiday shopping or travel expenses.

Aside from these two benefits, there isn’t much in the way of cardholder perks with the U. S. Bank Platinum. That said, the card’s intro APR periods are its best features and carry the bulk of its utility. Choose a different card with benefits more appropriate for your needs if you don’t intend to utilize these features to the fullest.

Intro APR offer: Competitive intro offer that includes purchases and balance transfers

Compared to other balance transfer cards, this one has a longer introductory APR period that covers new purchases for the whole term. Given that the longest intro period can be up to 21 months and the shortest can be as low as 12 months, the 0 percent intro APR period of 21 billing cycles comes in right at the top of the pack. Then, the ongoing APR is 18. 74 percent to 29. 74 percent variable.

The fact that this introductory offer covers purchases in addition to balance transfers is one of its best features. This way, you can transfer a balance or finance a larger purchase while saving on interest for both.

U.S. Bank Visa Platinum Card (Overview)

FAQ

Is the Visa platinum card worth it?

The U.S. Bank Visa® Platinum Card is worth it for anyone with good credit or better who could use an extended interest-free period for new purchases or balance transfers. The card has a $0 annual fee, and it offers 0% for 18 billing cycles on purchases and 0% for 18 billing cycles on balance transfers.

Which card is better Visa or Visa platinum?

A Platinum Visa card often comes with premium benefits, including higher credit limits, travel insurance, concierge services, and exclusive access to airport lounges. These perks enhance your overall cardholder experience, making it ideal for frequent travellers and those seeking additional privileges.

What are the disadvantages of the Visa platinum Card?

Disadvantages of the U.S. Bank Visa Platinum card No cash back. No travel rewards on your purchases. A number of other credit cards offer introductory offers on purchases or balance transfers and also come with a welcome bonus, as well as earning rewards for every dollar you spend on them on an ongoing basis.

Which is better Visa gold or platinum?

Platinum cards give higher minimum credit limits than gold cards, which can be a bonus if you spend a lot on credit and can responsibly manage your credit card payments. Platinum cards charge higher annual fees than gold cards offered by the same provider.

Is Visa Platinum a good credit card?

The U.S. Bank Visa Platinum Card is exceptional for paying down high-interest debt, offering an attractive 0 percent introductory APR rate for 21 billing cycles on qualifying balance transfers and new purchases. It also offers cellphone protection benefits — a perk not commonly found on balance transfer credit cards.

Should you buy a US Bank Visa® Platinum Card?

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.

Does Visa Platinum have a 0% APR?

The U.S. Bank Visa Platinum card offers a 0% intro APR on balance transfers and new purchases, making it a top card for paying down debt.

Is Visa Platinum a good balance transfer card?

While it’s not the best balance transfer card offer available, the U.S. Bank Visa Platinum card carries one of the better intro periods for both purchases and balance transfers. But like most balance transfer cards, its lack of rewards hinders its ongoing value after you’ve settled your balance.