U.S. Bank Visa Platinum Card Reviewed
When Washington was debating the credit card reform legislation that eventually became the CARD Act of 2009, some called for a “plain vanilla” credit card. This proposal would have required banks to issue at least one card with easy to follow terms and conditions, presumably without rewards for spending. While that provision did not make it to the final legislation, many banks do offer relatively simple cards. The US Bank Visa Platinum Card is very much a plain vanilla credit card offer with a modest introductory financing period and no rewards.
The U.S. bank Visa Platinum is a 0% APR credit card, with a 6 month intro rate on both purchases and balance transfers, although the latter is subject to a 4% fee. Subsequently, cardholders will accrue interest on any revolving balance at a rate equal to the Prime Rate plus 8.74% to 20.74%, depending on the applicant’s credit worthiness. Purchases do not return any cash back or other reward points or miles. There is no annual fee for this card, but this is typical for most prime credit cards that do not offer any type of credit card rewards program.
US Bank markets this card to existing account holders who can utilize their website to manage all of their accounts together. Beyond the shear simplicity of this product, the introductory financing rate can be useful to those on the verge of paying off their credit card debt.
As a product that does not return any rewards, customers should expect very competitive financing terms. At a mere six months, this introductory financing rate is not as competitive as other products that offer 0% interest for 18-21 months. Beyond the introductory rates, their standard interest rates are still above the best rates granted to borrowers with excellent credit. Even without cash back, loyalty points, or miles, cardholders have become accustom to receiving other perks from their credit cards such as purchase protections and travel insurance policies. This card offers very little additional benefits beyond basic car rental insurance.
Many people simply don’t care about interest rates or credit card rewards, they just want a basic card from their neighborhood bank. While this card meets those requirements, their customers may be selling themselves short. Those who pay their balance in full should be seeking a card with rewards, while customers who carry a balance should look for even lower interest rates. To do otherwise is simply leaving money on the table.
