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
The First National Bank of Omaha Platinum Edition Visa Card is a good fit if you’ve got balances on high-interest credit cards, and you want to transfer them to a card with 0% APR to save money on interest payments or help you pay down your debt faster.
You won’t get rewards on purchases or other benefits, however, so look elsewhere if squashing debt isn’t your main goal. You must also be a resident in the bank’s footprint to get one of their cards. First National Bank of Omaha (FNBO) offers financial products in Colorado, Illinois, Iowa, Kansas, Missouri, Nebraska, South Dakota, Texas, Wisconsin, and Wyoming.
Solid 0% balance-transfer offer
Lower ongoing APR
No rewards or introductory APR on purchases
Balance transfer fee
Only available in certain states
- Solid 0% balance-transfer offer: There are some cards on the market offering a longer interest-free period on purchases and balance transfers—18 months—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. The card’s APR range is lower than the range found on many cards offering 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 several 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, FNBO 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.
The balance transfer offer applies to balances transferred anytime during the first 15 billing cycles.This gives you more flexibility than cards requiring you to make a move within the first few months, as most cards do. 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
The Platinum Edition Visa provides a $25 statement credit if you can make one purchase in the first three billing cycles. Also, you get 15 months of 0% APR on balance transfers.
The $25 offer makes the most sense if you want to transfer a balance from a high-APR card and you don’t expect to pay it off by the time the 0% APR ends. The lower ongoing APR means you’ll save a couple of percentage points over competing cards.
Until Sept. 8, 2020, the FNBO Platinum Edition Visa Card comes with two separate versions: the one analyzed in this review, and one that has no welcome bonus, 15 months of 0% APR on balance transfers and purchases, an APR of 14.24%-23.24%, and a 4% balance transfer fee during the promo period. FNBO has a separate application for the latter, which could be a good option for you if you have a big purchase coming up that you want to pay back over time.
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.