Who Is This Credit Card Best For?
Prioritizes sticking to their budget while buying what they want and need See more cards
Attacks existing balances while avoiding new debt See more cards
Takes improving their finances seriously and wants recognition for using credit responsibly See more cards
If you’re carrying a nagging balance on one or more high-interest credit cards, the First National Bank of Omaha Platinum Edition Visa Card is a worthwhile option for lowering your finance charges. While competing cards may give you more time to carry a transferred balance interest-free, the APR that kicks in afterward may very well be lower on this card. If you’re not sure how long it will take to pay your entire balance off, this can be an important feature.
You won’t get rewards on purchases or other benefits, however, so look elsewhere if your main goal isn’t to squash existing debt. You must also be a resident of Colorado, Illinois, Iowa, Kansas, Missouri, Nebraska, South Dakota, Texas, Wisconsin, or Wyoming, and you’ll probably need excellent credit.
Competitive balance-transfer offer
Lower ongoing APR
No rewards or introductory APR on purchases
Balance transfer fee
Only available in certain states
- Competitive balance-transfer offer: There are some cards on the market offering a longer interest-free period on balance transfers—18 months or maybe even longer—but they usually have higher ongoing APRs afterward. Fifteen months at a 0% APR is competitive, and you’ll even have the flexibility to make the transfers anytime during those 15 months. (More on this below.)
- Lower ongoing APR: After the interest-free promotion expires, your ongoing variable APR on any balances transferred will be 12.24%-20.24%, with the best APR going to the most creditworthy. That’s a good 2-3 percentage points lower than the range found on many cards offering similar or longer balance-transfer promotions.
- No rewards or introductory APR on purchases: Apart from the lower ongoing APR, this card falls short on a number of fronts. There are plenty of cards with comparable balance-transfer periods that also offer cash back or other rewards on your purchases. Many competing cards also offer a 0% APR on purchases for the same 15 months.
- Balance transfer fee: Since there are cards with longer promotional periods, First National Bank of Omaha could have sweetened its balance-transfer deal by waiving the associated fee—at least for a period of time—as some competitors do. Instead, the balance transfer fee is 3% of the transaction amount during the first 15 billing cycles and then 5%, with a $10 minimum.
- Only available in certain states: Although you don’t have to be a First National Bank of Omaha customer to apply for this card, it’s only offered where the bank has retail branches: Nebraska, Colorado, Illinois, Iowa, Kansas, Missouri, South Dakota, Texas, Wisconsin, and Wyoming.
New cardholders will get a 0% APR on balances transferred anytime in the first 15 billing cycles. This gives you more flexibility than cards requiring you to make a move within the first two or four months. But remember, the longer you wait to make the transfers, the less time you’ll have to pay off your balance interest-free. (Some competing cards with shorter windows start the clock after you make the transfer.)
Bonus for New Cardholders
If you charge something to your card in the first three billing cycles, you’ll earn a $25 credit on your card statement within six to eight weeks. This bonus isn’t exciting, but it’s super simple to earn, since you only have to make one purchase in any amount.
As a retail banking institution, the First National Bank of Omaha was ranked among the best in the Midwest in J.D. Power’s 2019 customer satisfaction survey, scoring well in categories including convenience and communication.
Platinum Edition Visa cardholders can reach customer representatives by phone 24/7. They can also access their FICO scores online for free each month.
The First National Bank of Omaha Platinum Edition Visa Card has standard security features, including 24/7 fraud monitoring.
The First National Bank of Omaha Platinum Edition Visa Card has pretty standard fees. The balance transfer fees aren’t unusual, although you can find better deals. (Some cards waive their balance transfer fees initially or charge 3% indefinitely.) It’s also worth noting that this card tacks on a foreign transaction fee of 3%, so make sure to take an alternative if you’re traveling abroad.