Full Review of U.S. Bank Business Platinum Card
Generous 0% APR offer, plus possibly low ongoing APR
No annual fee
No rewards or bonus
U.S. Bank's small business credit card customer service is below par
- Generous 0% APR Offer, Plus Low Ongoing APR: The U.S. Bank Business Platinum distinguishes itself mostly, if not solely, for how well it accommodates businesses that want or expect to carry a balance on the card for some time. It's not easy to find a business card that offers 0% APR for a year on both purchases and balance transfers, yet this card goes beyond that and offers it for 20 billing cycle. Ideally, of course, you should pay off a balance you accumulate under a 0% APR offer before the deal expires, so as to avoid interest charges. If you can’t do so, however, the U.S. Bank Business Platinum card offers an unusually low ongoing APR after its 20 month 0% APR introductory period elapses. You would then pay interest in a range of 13.49% to 22.49%, a range that’s well below the ongoing rates of most other cards. In all, this is an attractive option indeed if you’re seeking a card to help with cash-flow and provide comparatively affordable APRs. However, you'll need good credit to land in the favorable end of the range.
- No Annual Fee: There’s no annual cost for the U.S. Bank Business Platinum. There’s also no charge for additional employee cards, as is the case with almost all other business cards.
- No Rewards or Bonus: Numerous business rewards cards offer miles, points, or cash back on purchases. The U.S. Bank Business Platinum isn't among that group. The card has no rewards program, nor does it offer an introductory bonus. This card goes in a different direction, with its primary purpose to serve as a low-interest purchase and balance transfer option for business owners.
- Minimal Benefits: To say the least, this card is light on features and benefits. It offers only some of the benefits that are standard with business cards, such as free cards for employees and tools to help track expenses. There are none of the travel benefits offered by some cards, such as insurance coverage for rental cars.
- U.S. Bank's Small-Business Credit Card Customer Service is Below Par: Businesses don't necessarily interact with their credit card issuer very often. But when that’s necessary, it's often a matter of some urgency and even stress, and you want a satisfying experience. Unfortunately, that's less likely to be the case for businesses who deal with U.S. Bank, according to J.D. Power's research. In the 2021 J.D. Power U.S. Small Business Credit Card Customer Satisfaction Study, U.S. Bank ranked last out of eight national card issuers and, at 819 points, scored significantly below the average of 852.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Earning a primary or side income from a small business
The U.S. Bank Business Platinum card is best for business owners who are planning to spend heavily soon or have a balance on another credit card for which they'd like to transfer to a lower-interest account. The promotional APR offer for this card extends 0% interest for 20 months on both purchases and balance transfers. If you still have a balance at the end of that period, the card's ongoing APR should be notably lower than that of other cards you own as long as your credit gets you in the lower end of the APR range.
- Free additional employee cards
- Customize employee card use with spending controls
- Online expense tracking
- Pay with mobile wallets
U.S. Bank ranked last out of eight card issuers in J.D. Power’s 2021 U.S. Small Business Credit Card Satisfaction Study. The bank scored 819 which was well below the average of 852 points.
As a U.S. Bank customer enrolled in online banking, you can receive free access to your TransUnion credit score which is updated once a month through the CreditView dashboard. You can speak to a U.S. Bank customer service representative at any time by calling 866-485-4545.
The U.S. Bank Business Platinum card has the security features you'd expect in a business credit card. That includes:
- Zero fraud liability
- Chip technology
- 24/7 fraud monitoring
You can also set up alerts to receive transaction notifications for your account. This can make managing your account and monitoring for fraud or suspicious activity easier.
Fees to Watch out For
Some cards waive both a balance-transfer fee and one for foreign transactions but the U.S. Bank Business Platinum is not among that group. Balance transfers will cost you 3% or $5, whichever is greater, while foreign transactions cost 3%.
The U.S. Bank Business Platinum is worth a look mainly—or perhaps solely—if you're interested in a no-frills business credit card that offers an introductory 0% APR on both purchases and balance transfers for a very long period. Such an offer isn’t easy to find with a card that has no annual fee.
On the other hand, if those conditions don’t apply to you, you'll probably want to consider other business credit cards. Even other business cards from U.S. Bank might be better choices, although keep in mind the bank’s below-par rating for customer satisfaction.
The U.S. Bank Triple Cash Rewards Visa Business Card offers 3% cash back on eligible gas, EV charging, restaurant, office-supply store, and cell phone provider purchases, along with 1% cash back on all other purchases. But that card, like the U.S. Bank Business Platinum, charges foreign transaction fees, which makes either card a dubious choice for traveling or ordering from abroad.