The best balance transfer credit card is unequivocally U.S. Bank’s Visa Platinum. It comes with a long introductory interest-free period. But, if you’re looking for rewards, incentives, and other perks, you’ll have to search somewhere else.
Here’s The Rundown
- Limited Time Offer!
- 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR (currently 15.24% – 25.24%).
- Get up to $600 protection on your cell phone (subject to a $25 deductible) against covered damage or theft when you pay your monthly cellular bill with your U.S.Bank Visa® Platinum Credit Card. Plus:
- Choose a payment due date that fits your schedule
- No Annual Fee
- Pay over time by splitting eligible purchases of $100+ into equal monthly payments with U.S. Bank ExtendPay™ Plan.
What Are the Pros and Cons of Having This Balance Transfer Credit Card?
Pros
- No annual fee
- Intro APR period
- Cell phone insurance
Cons
- No rewards
- Requires good/excellent credit
- No bonus offer
What You Should Know About This Balance Transfer Credit Card
If you’re looking to finance a large purchase, is one of the greatest solutions for buying yourself some time until you can pay it off on the market.
That’s because, despite the fact that the card has an annual fee of, it provides a long 0% introductory interest rate on purchases and a good interest-free period on balance transfers from other cards.
You will not receive any incentives if you use the. It does, however, include cell phone insurance, which is a nice bonus.
0% APR/low-interest rate.
Fee for balance transfers: 3% or $5 minimum, whichever is greater.
The Advantages of This Credit Card
Lengthy APR promotion on purchases
This is the card’s distinguishing feature. If you have a significant bill that you can’t pay right away, the extra-long interest-free term allows you to pay it off over time without incurring additional fees.
Balance transfer period
For balance transfers, this credit card also offers a rather extended interest-free period. However, keep in mind the balance transfer cost, which is detailed further down.
Annual fee
The card won’t cost you anything to keep once you’ve used the promotional interest-free period to pay off your balance — however it might be confined to being used as a backup card.
Insurance for cell phones
The card is one of just a few that includes cell phone insurance. If you pay your monthly cell phone bill using this card, you’ll get coverage for up to $600 in damage or theft, with a $25 deductible, for up to two claims totaling $1,200 each 12-month period. This includes your phone as well as any additional lines on your subscription. The insurance, however, is “secondary,” which means it only kicks in after any other phone insurance you have.
Drawbacks and Other Considerations
No rewards.
If you’re looking for a card to use on a regular basis, this probably isn’t the card for you. You don’t earn rewards when you use it. If debt isn’t really an issue for you and you usually make your payments in full and on time every month, consider a card that offers you more benefits. For example, the American Express Platinum Card offers 150,000 Points Sign-up Bonus, plus you’ll earn 5X Membership Rewards® points on eligible prepaid travel on amextravel.com and 5X points on flights purchased directly from airlines or American Express Travel on up to $500,000 on these purchases per calendar year, though it does come with a steep annual fee.
Is Amex Platinum Card’s Annual fee really worth it?
No sign-up bonus
New cardholders are not eligible for a bonus, which is unfortunate given that competitor cards with nearly as long 0% APR durations offer at least a minor bonus. For example, some are $150.
International transaction fee
With this card, you can forget about travel bonuses. It’s also a bad choice for traveling overseas because of its foreign transaction fees: 2% of any foreign purchase or foreign ATM advance transaction in US dollars, or 3% if the transaction is in a foreign currency.
Must have good credit
You might have problems getting authorized for this card if you have a mountain of debt and your credit rating is suffering as a result of that debt.
Is This the Right Credit Card for You?
The could be a good option if you’re searching for a good balance transfer credit card that gives you a lot of time to pay off a new purchase. While keeping the card won’t cost you anything, you might find yourself switching to a different card in the long run after you’ve paid off the balance.