U.S. Bank Business Platinum Card Review

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.

Pros Explained

• 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 annual fee: This is something that will appeal to everyone. It saves you some money and is in line with industry standards for a card with no rewards or super special perks.

Cons Explained

• 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 15 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 15 months without paying any financing charges. As such, this card is a good financing option compared to business and personal loans.

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

Customer Experience

U.S. Bank finished last out of eight banks in J.D. Power’s 2020 U.S. Small Business Credit Card Satisfaction Study. The bank scored 814 points, well below the industry average of 840.

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. 

Security Features 

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.