Who Is This Credit Card Best For?
Is turning their passion into a money-making venture See more cards
Diligently searches for the best products and delights in a good bargain See more cards
Prioritizes sticking to their budget while buying what they want and need See more cards
Hits the road often, whether for work or play See more cards
There are no rewards or extra perks with the U.S. Bank Business Platinum Card, so it’s really designed for business owners looking for a break on their finance charges. If you need some time to pay off a large purchase, or if you’re carrying high-interest debt, this card is worth considering for its 0% introductory interest rate on purchases and balance transfers. While other business cards (even others issued by U.S. Bank) offer promo APR’s, none of them match this card’s combination of more than a year of 0% APR financing and low regular APR.
0% introductory APR on purchases and balance transfers
Low ongoing APR
No annual fee
No rewards or bonus for new cardholder
Foreign transaction fee
- Promotional APR on purchases and balance transfers: While plenty of business cards have a 0% APR promotion on purchases, getting the same break on balance transfers makes it a little more appealing. Balance transfer offers can be particularly helpful if you’ve been hit with an unexpected expense, though you should weigh the savings against the 3% fee charged to make the transfer.
- Low ongoing APR: Once your promotional period is over, you’ll get one of the lower APRs available on a small business card. This applies to both purchases and balance transfers.
- No rewards or bonus for new cardholders: Many other business credit cards offer customers ways to earn cash back on their purchases or miles toward free flights or hotel stays. Don’t expect anything like that with this card.
- Foreign transaction fee: This is not the card to bring with you if you do business overseas since you’ll pay a 3% fee on any purchases you make.
How to Get the Most Out of This Card
While this card doesn’t offer any rewards, it can be a catalyst for saving you money on interest payments in two different ways. First, if you have a balance on a high-interest credit card, transferring that balance will eliminate interest payments for 20 months. Remember, though: Anytime you make a balance transfer, you’ll pay 3% of the amount you’re moving to this card.
Second, if you have a big purchase coming up, you can spread out the payments over as many as 20 months without paying any financing charges. As such, this card is a good financing option compared to business and personal loans.
The card has a 29.99% penalty APR that kicks in anytime you pay late more than five days twice, you have one payment more than 30 days late, you have a returned payment or exceed your credit limit more than twice in a 12-month period.
Also, keep in mind that business credit cards offer fewer protections than consumer cards. U.S. Bank could change your account terms or interest rates whenever they want.
U.S. Bank Business Platinum Card’s Other Features
- Rental car collision insurance (secondary to your own policy)
- Free employee cards
- Travel and emergency hotline
- Insurance for stolen or damaged purchases
- Extended warranties
You can get up to 10 employee cards sent to you automatically when you fill out your application. If you need more than 10 cards you’ll have to call U.S. Bank’s cardmember services department (the number is on the back of your card.)
U.S. Bank finished last out of eight banks in J.D. Power’s 2019 U.S. Small Business Credit Card Satisfaction Study, well behind competitors including Discover and American Express, which were No. 1 and No. 2, respectively.
The company touts a “100% domestic servicing center” on its website, and provides 24/7 telephone customer support as well as live chat support and a mobile app for managing your account. You’ll also get to control when and how your employees use cards on your account, including by setting spending limits.
The U.S. Bank Business Platinum Card has standard security features, including zero fraud liability, chip technology, and 24/7 fraud monitoring.
U.S. Bank Business Platinum Card’s Fees
The U.S. Bank Business Platinum Card has no annual fee, but you will pay 3% on foreign transactions. Otherwise, its fees are pretty standard for a card in the business category.