Using the US Bank Visa Platinum Card for Balance Transfers

If you’re looking for a shiny credit card that offers tons of cash back or points, the US Bank Visa Platinum card may not be your best bet, but if you need a card to finance a large purchase or transfer a large debt over from another card, US Bank Visa Platinum card is one of the best options out there. With a generous 20-month period of 0% introductory APR for balance transfers, this card is extremely useful for smart credit card owners looking to manage their debt at a low additional expense.

Introductory APR

As previously mentioned, the US Bank Visa Platinum card offers a 0% introductory APR for both purchases and balance transfers for 20 billing periods. That’s 1.5 years of 0% APR! This makes the card one of the best options available for balance transfers. If you are struggling to pay off debt on another card due to high interest rates, it can be an extremely wise investment to transfer the debt over to the US Bank Visa Platinum card in order to access the 0% APR and make the payments a little less burdensome. However, US Bank requires balances to be transferred over within the first 60 days of account opening in order to access the introductory APR. If transferred after 60 days, the balance will be subject to a 13.99% - 23.99% variable rate. Thus, it's important to transfer balances right away after opening the account with US Bank. Otherwise, you will miss out on all the things that make this card so great.

Transaction Fee

All balances transferred over to the US Bank Visa Platinum card will also incur a balance transfer fee of either 3% of the transferred amount or $5, whichever is greater. This fee is on the lower end of balance transfer fees compared to other credit cards out there. Although this fee seems quite minimal, it can quickly add up for large balances transferred over. It's important to be aware of these transaction and penalty fees attached to a credit card.

Balance Transfer Limit

Just like with all other cards out there, there is a limit to how much debt you can transfer over to the US Bank Visa Platinum card. However, this limit is largely dependent on the credit line you qualify for. The general rule of thumb is that the balance transfer limit will be 70%-100% of the credit line limit. It’s also important to note that only those with an excellent credit score tend to be approved for this card. 

Conclusion

The US Bank Visa Platinum card is designed to be an elite card to help pay off debts for those with excellent credit scores. With an amazing 20-period intro APR, no annual fees, and other great benefits, this card is easily one of the best balance transfer cards out there. The US Bank Visa Platinum is not meant to be an everyday card. It has no rewards or cash back. However, if you have a large upcoming purchase or need to transfer over debts, there is probably no greater option out there for you.