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The U.S. Bank Visa® Platinum Card, while a solid option for some, doesn’t have much to offer overall. Its only notable benefit is cell phone insurance worth up to $600 per claim.
Still, let’s look at the different features of the U.S. Bank Visa Platinum Card so you can decide for yourself whether this card would be a good addition to your wallet.
| Pros | Cons |
| No annual fee | Higher credit requirements |
| Cell phone insurance | No rewards |
| No welcome bonus | |
| Charges foreign transaction fee |
U.S. Bank Visa® Platinum Card Benefits
Unfortunately, the Visa Platinum card doesn’t offer any rewards, meaning that this card isn’t the best option for most people. There are many cards out there that don’t charge annual fees and offer valuable rewards in the form of points, miles or cash back. Still, the U.S. Bank Visa Platinum Card has a few benefits that you should be aware of.
No Annual Fee
The U.S. Bank Visa Platinum Card doesn’t charge an annual fee, which is great for people who want to have this card in their wallet but may not use it often.
Since the Visa Platinum Card doesn’t charge an annual fee, you can keep this card active at no cost whatsoever. Just make sure that you make a charge on your Visa Platinum Card every few months so that U.S. Bank doesn’t close your line of credit.
Cell Phone Insurance
One great feature of the U.S. Bank Visa Platinum Card is cell phone insurance. In the event that your phone is damaged or stolen, you’re entitled to up to $600 per claim in insurance to help pay for a replacement phone.
It’s worth noting that this is secondary insurance, meaning it will only pay for the amount not covered by any primary insurance policy you may have. You should also be aware that you’re only covered for two claims (for a total of $1,200) per 12-month period, and the policy has a $25 deductible.
If you don’t currently have a primary insurance policy covering your cell phone, then the U.S. Bank card could save you a lot of money in the event that your cell phone is broken or stolen. However, this feature is available with several other cards, so the cell phone protection isn’t a convincing reason to sign up for the U.S. Bank Visa Platinum Card.
U.S. Bank Visa® Platinum Card Drawbacks
No Rewards
The biggest drawback of the U.S. Bank Visa Platinum Card is that it doesn’t offer rewards. Since many other similar cards offer rewards in the form of cash back, points or miles, you’d really be missing out on some major savings by signing up for the U.S. Bank Visa Platinum Card.
For instance, the Wells Fargo Active Cash® Credit Card offers unlimited 2% cash back on all purchases. The Citi Double Cash® Card offers 1% cash back when you make a purchase and then another 1% cash back when you pay your bill.
The Capital One Savor Cash Rewards Credit Card is another amazing option that comes with 8% cash back on Capital One Entertainment purchases; 5% cash back on Capital One Travel purchases; 3% cash back on dining, entertainment, popular streaming services and grocery stores; and 1% cash back on everything else. Those are some pretty great rewards for a no-annual-fee card.
If you spent $3,500 on dining per year on the Capital One Savor card, you’d earn $105 in cash back. If you spent the same amount on dining on the U.S. Bank Visa Platinum Card, you’d earn no rewards. As you can see, you could be missing out on a lot of rewards by going with the U.S. Bank Visa Platinum Card.
No Welcome Bonus
Another thing that the U.S. Bank Visa Platinum Card is missing is a welcome bonus. Many cards (including other no-annual-fee cards) offer welcome bonuses to new card members who spend a certain amount of money in a certain period of time after opening an account.
These welcome bonuses can be a fantastic way to rack up a large sum of points, miles or cash back quickly. The fact that the U.S. Bank Visa Platinum Card doesn’t offer such a bonus is just another reason why you’re probably better off going with another card.
Charges Foreign Transaction Fees
If you tend to make a lot of transactions outside of the United States, doing so with the U.S. Bank Visa Platinum Card could potentially cost you a lot of money. This card has a foreign transaction fee of 3% that applies to all purchases and ATM advance transactions made outside of the United States. Comparatively, there are many cards out there that don’t charge foreign transaction fees at all.
So, if you travel often and you’re frequently using your credit card while abroad, the Visa Platinum Card’s 3% foreign transaction fee could end up costing you a substantial amount of money.
Other Cards to Consider
If you’re looking for a no-annual-fee card, there are definitely some other options that you should look into before signing up for the U.S. Bank Visa Platinum Card. Here are some of our suggestions for other cards to consider:
Capital One Savor Cash Rewards Credit Card
The Capital One Savor Cash Rewards Credit Card is one of the best no-annual-fee cards on the market. This card comes with valuable bonus and some of the best cash back rewards rates you’ll find on any no-annual-fee card.
Here are the spending bonuses offered by the Capital One Savor card:
- 8% cash back on Capital One Entertainment purchases
- 5% cash back on Capital One Travel purchases
- 3% cash back on dining, entertainment, popular streaming services and grocery stores
- 1% cash back on all other purchases
When options such as the Savor card are available with outstanding cash back rewards, there’s very little reason to sign up for the U.S. Bank Visa Platinum Card.
Citi Double Cash® Card
Unlike the U.S. Bank Visa Platinum Card, the Citi Double Cash Card offers rewards. You’ll earn 1% cash back on every dollar that you spend, and you’ll earn another 1% cash back when you pay off those purchases. Essentially, you’ll earn 2% cash back if you pay off your balance in full.
The Bottom Line
All in all, the U.S. Bank Visa Platinum Card simply doesn’t measure up to the competition. This card doesn’t offer a welcome bonus, doesn’t earn any rewards and charges a foreign transaction fee.
The Capital One Savor card offers a welcome bonus and an amazing cash back rewards
The Citi Double Cash Card pays a cumulative 2% cash back on all purchases (1% when you make a purchase and 1% when you pay off that purchase).
All in all, there are better cards on the market than the U.S. Bank Visa Platinum Card.
Chase Sapphire Preferred® Card
Just getting started in the world of points and miles? The Chase Sapphire Preferred is the best card for you to start with.
With a bonus of 60,000 points after $4,000 spend in the first 3 months, 5x points on travel booked through the Chase Travel℠ and 3x points on restaurants, streaming services, and online groceries (excluding Target, Walmart, and wholesale clubs), this card truly cannot be beat for getting started!
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