First National Bank of Omaha Platinum Edition Visa Credit Card Review

Full Review of First National Bank of Omaha Platinum Edition® Visa Credit Card

Pros Explained

• Decent Balance Transfer Offer: This card's 15-month introductory offer is competitive. While it isn’t the longest interest-free period on the market, balance transfers can be made at any time during the 15-month introductory period, which is an uncommon feature among balance transfer cards. 
• Low Ongoing APR: The ongoing APR on this card is low compared to other balance transfer cards. Once the 0% introductory period expires, you'll be charged anywhere from 12.24% to 20.24%, depending on creditworthiness. If your credit is solid enough to qualify for the low end of that range, you'll have one of the lowest APRs on purchases available.
• Easy-to-Earn Bonus Offer: Cardholders earn a $25 statement credit after making a single purchase within the first three billing cycles after opening their account. That's a reasonably easy requirement to meet to earn the bonus.

Cons Explained

• No Interest-Free Period for Purchases: Even though the First National Bank of Omaha Platinum Edition Visa has a low ongoing APR for balance transfers, its lack of an interest-free period for purchases puts this card at a disadvantage. Several balance transfer cards on the market offer a 0% introductory period for purchases in addition to balance transfers.
• Limited Availability: You don’t have to be a First National Bank of Omaha customer to apply for this card, but it's only available in select states—Nebraska, Colorado, Illinois, Iowa, Kansas, Missouri, South Dakota, Texas, Wisconsin, and Wyoming.

The First National Bank of Omaha Platinum Edition Visa card is most appealing for those who are interested in transferring a balance—perhaps to consolidate high-interest credit card debt—and who live in one of the states where it's available. The 15-month interest-free introductory period is a sufficient amount of time to make a balance transfer and pay it off.

If you're unable to pay your full transfer amount before the introductory period is over, this card’s ongoing APR for purchases is relatively low. As long as your credit is solid enough to qualify for the lowest available APR, you'll pay less interest on your balance than you would with several other balance transfer cards. That's beneficial if you typically carry a balance from month-to-month.

This card is also suited to those who aren't concerned with earning cash back or points, since it doesn’t offer rewards.

First National Bank of Omaha One-Time Offer

Cardholders earn a $25 statement credit after making a single purchase on this card within the first three billing cycles of opening an account. The statement credit posts to your account six to eight weeks after qualifying for the reward.

While earning a statement credit can be worthwhile, several cards on the market have more lucrative bonus offers, albeit with higher spending requirements. For example, the Bank of America Cash Rewards credit card comes with a 15-month, 0% introductory period for balance transfers and offers a $200 bonus after making at least $1,000 in purchases within the first 90 days of opening an account.

Standard Benefits

• Fraud protection
• Free FICO score
• Zero liability for fraudulent charges
• Chip-enabled technology

Cardholder Experience

First National Bank of Omaha ranked among the best banks in the Midwest in J.D. Power's 2019 U.S. Retail Banking Satisfaction Study. It received top scores in categories like overall satisfaction and convenience.

Cardholders can get in touch with the customer service department by calling 888-530-3626, visiting a local branch, or sending a secure email through their account. Customers can also Tweet questions and comments to @FNBO on Twitter.

Security Features

This card has several built-in security features standard in the industry. Cardholders get 24/7 fraud protection, fraud alerts, chip-enhanced technology, and zero-fraud liability. It also provides a free FICO score each month.

Fees to Watch out For

This card has a balance transfer fee of $10 or 3% of each transfer, whichever is greater, during the 15-month introductory period. After that, the balance transfer fee moves up to $10 or 5% of the amount of each transfer. Balance transfer fees are typical, but this card’s fee is higher than others. All other fees on this card are in line with industry standards. 

Our Verdict

For those who need to consolidate debt and often carry a balance, the First National Bank of Omaha Platinum Edition Visa offers a competitive 0% introductory period and a low ongoing APR. As a bonus, it provides a $25 statement credit for making any type of purchase on the card in the first three billing cycles.

But its limited availability puts it at a disadvantage to competing cards, and there are balance transfer card options on the market with longer introductory periods.

If you won't qualify for this card because of where you live, you may want to consider a card with broader availability. The Citi Simplicity card, for example, has a longer, 18-month 0% introductory period and is available to applicants throughout the United States.

You may also consider a balance transfer card that allows you to earn rewards. The Citi Double Cash card, for example, offers an 18-month 0% APR introductory period and a compelling cash back offer—1% cash back when you make the purchase and another 1% cash back when you pay it off.