U.S. Bank Business Platinum Card
Best For: Extended 0% APR period on purchases and balance transfers
|Intro APR ?0% APR for 20 billing cycles on purchases and balance transfers||Regular APR||Annual Fee||Credit Needed|
|0%*||9.99% - 17.99%* Variable||$0||Excellent|
The U.S. Bank Business Platinum Card is a no-frills credit card designed for owners seeking to limit the cost of carrying a balance. The card offers a 0% introductory annual percentage rate (APR) for a year, and its ongoing APR is as low as 9.99%. However, the low APR comes with a catch: You’ll earn no rewards.
The best low-interest business credit cards come with 0% introductory offers of 20 months or longer, ongoing APRs of 14% or lower and no annual fees. Many offer good rewards programs as well. This U.S. Bank business credit card offers solid introductory and ongoing APRs but falls short when it comes to rewards. We give it 3 1/2 stars out of five stars possible.
How We Evaluated the U.S. Bank Business Platinum Card
We evaluated all aspects of the U.S. Bank Business Platinum Card. It offers a very low-interest rate that may be available to cardholders with excellent credit of 750 or higher. This is the card’s best attribute, as its APR is at least three percentage points lower than a typical small business credit card. Other cards, however, offer longer 0% introductory APR periods.
We considered the following criteria when grading this card based on what owners might need and want in a low-interest small business credit card:
- Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers; the U.S. Bank card offers 0% APR on purchases and balance transfers for the first 20 billing cycles
- Ongoing APR: How much it will cost to finance purchases on the card; this card charges an ongoing APR of 9.99% to 17.99%
- Annual fee: How much you’ll pay each year to own the card; the U.S. Bank Business Platinum Card charges no annual fee
- Additional benefits: Whether the card comes with free perks that may increase its value; the U.S. Bank Business Platinum Card offers several benefits designed to save you money, including purchase protection and extended warranty protection
- Ongoing rewards: The cash back or points you’ll earn by using the U.S. Bank Business Platinum Card; this card pays no ongoing rewards; if you want to earn rewards, consider one of the best business credit cards
- Introductory reward: The cash back or points you’ll earn by reaching minimum spending requirements over the first few months of card ownership; the U.S. Bank Business Platinum Card offers no introductory rewards
You’ll pay about two percentage points less in ongoing APR compared with the Bank of America® Business Advantage Cash Rewards Mastercard®.
How We Evaluate Low-Interest Business Credit Cards
When grading a low-interest business credit card like the U.S. Bank Business Platinum Card, we weight introductory and ongoing APR heaviest. But we also take into account introductory and ongoing rewards, as well as additional features, like purchase protection and extended warranty protection.
We graded the U.S. Bank Business Platinum Card using the following methodology:
Based on our five-star rating system where 20 points equals one star, the U.S. Bank Business Platinum Card falls just short of earning four stars. In cases where cards receive excellent scores in most categories, we may award bonus points to boost the card’s rating by half a star.
This card gets high marks where it counts — APR — but there are a number of low-interest credit cards that also offer rewards, like the Bank of America® Business Advantage Cash Rewards Mastercard®. If you frequently carry a balance, other card features — like introductory and ongoing rewards — should be a secondary consideration
Who the U.S. Bank Business Platinum Card Is Right For
The U.S. Bank Business Platinum Card is best for businesses that frequently carry credit card balances. Switching to a card that offers a low ongoing APR could save your business hundreds to thousands of dollars in financing payments annually depending on the size of your balance. This U.S. Bank business credit card is also a solid choice for an owner looking to finance a large purchase for free, as you’ll get 0% introductory APR for the first 20 billing cycles.
U.S. Bank Business Platinum Card Costs
The U.S. Bank Business Platinum Card comes with 0% introductory APR on purchases and balance transfers for 20 billing cycles and an ongoing APR of as little as 9.99%.
Financing costs and fees on the U.S. Bank Business Platinum Card include:
- Introductory APR: 0% on purchases and balance transfers for the first 20 billing cycles
- Ongoing APR: 9.99% to 17.99%, which will adjust with the prime rate
- Annual fee: None
- Balance transfer fee: $5 or 3% of the transfer during application, whichever is greater
- Foreign transaction fee: 3% of each foreign purchase transaction
- Cash advance fee: $10 or 5% of the advance, whichever is greater
- Late payment fee: $19 on balances up to $100; $29 on balances between $100 and $250; $39 of balances above $250
- Returned payment fee: $35
- Penalty APR: 29.99%; it may be applied if you make a payment that is returned or if you exceed your credit limit twice in 20 consecutive months
The penalty APR will apply until you make six consecutive on-time payments and do not exceed your credit limit. Some credit cards will hold you at the penalty APR indefinitely. Both the introductory and ongoing APRs are the lowest among U.S. Bank business credit cards.
How to Avoid Paying Interest on the U.S. Bank Business Platinum Card
Your payment due date is 24 to 30 days after the close of the business cycle ― when you receive your bill. Pay your balance in full by the due date to avoid interest charges. If you are charged interest, you’ll pay no less than $2. The due date is potentially longer than other cards offer, including the minimum 20 days Chase Ink Business PreferredSM says it will give its cardholders.
All U.S. Bank small business credit cards offer the same due date range and minimum interest charge. Other cards offer similar language. Your due date on the Bank of America® Business Advantage Cash Rewards Mastercard®, for example, is at least 25 days from your closing date. Finance charges are at least $1.
U.S. Bank Business Platinum Card Rewards
The U.S. Bank Business Platinum Card offers no introductory or ongoing rewards. This is rare, even among credit cards that charge low interest. American Express Blue Business® Plus offers an APR as low as 14.24% (see rates & fees) but also plays two times the points on all spending up to $50,000 annually. The Bank of America® Business Advantage Cash Rewards Mastercard® offers an APR as low as 13.74% as well as rewards as high as 3% on the category of your choice.
U.S. Bank Business Platinum Card Features
This U.S. Bank business credit card offers several free benefits common to U.S. Bank small business credit cards, including car rental insurance and extended warranty protection. These benefits are common among small business credit cards.
The U.S. Bank Business Platinum Card includes the following benefits:
U.S. Bank Business Platinum Card Auto Rental Collision Damage Waiver
When you rent a car using your U.S. Bank card, you’re covered up to the cash value of the vehicle in case of accident or theft on rentals made in the United States and most foreign countries. Coverage is secondary if you have personal auto insurance, which means you’ll have to file a claim with your insurance company first. U.S. Bank will reimburse you for your insurance deductible.
The following coverage is included when using your U.S. Bank card:
- Physical damage and theft of the vehicle
- Valid loss of use charges imposed by the vehicle rental company for the period of time the rental vehicle is out of service
- Towing charges to the nearest collision repair facility
U.S. Bank Business Platinum Card Purchase Protection
U.S. Bank may repair or reimburse for items purchased with your U.S. Bank Business Platinum Card that are damaged or stolen within 90 days of purchase. Coverage is limited to $500 per claim, up to $50,000 per cardholder. Certain types of purchases aren’t covered, like animals and automobiles.
This U.S. Bank credit card doesn’t offer purchase protection for the following conditions or purchases:
- Animals and living plants
- Antiques and collectible items
- Boats, aircraft or automobiles
- Items damaged as a result of weather other than lightning, wind, hail, rain, sleet, or snow
- Items purchased for resale, professional, or commercial use
- Items that are lost or that “mysteriously disappear,” meaning that the item or items vanished in an unexplained manner without evidence of a wrongful act by a person or persons
- Items under the care and control of a common carrier, which includes the United States Postal Service, airplanes, or delivery service
- Items including, but not limited to, jewelry and watches from baggage unless hand-carried and under your personal supervision or the supervision of a traveling companion whom you know
Business rewards credit cards offering purchase protection typically limit coverage to either 90 or 120 days after purchase. The U.S. Bank Business Platinum Card offers shorter coverage than the Chase Ink Business PreferredSM, but the same length of coverage as the Capital One® Spark® Miles card. Exclusions here are common across small business credit cards.
U.S. Bank Business Platinum Card Extended Warranty Protection
U.S. Bank will double the manufacturer’s warranty up to an additional one year from the expiration of warranties of three years or less. An item with a six-month warranty would be backed for an additional six months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000. Certain types of purchases won’t receive extended protection like real estate and medical equipment.
The following purchases with your U.S. Bank card are not covered by extended warranty protection:
- Boats, automobiles, aircraft, and any other motorized vehicles
- Items purchased for resale, professional, or commercial use
- Real estate
- Rented or leased items
- Computer software
- Medical equipment
- Used or pre-owned items
The extended warranty protection is weaker than some other small business credit cards offer, including the American Express® Business Gold Card. It offers one additional year of warranty service on purchases with warranties of five years or less.
U.S. Bank Business Platinum Card Travel and Emergency Services
Visa will provide travel, emergency, medical and legal assistance 24 hours a day to the cardholder, cardholder’s spouse, or dependent child age 22 and younger. Like with most small business credit cards, this is mostly a concierge service. In most cases, the cardholder is responsible for the cost of any assistance. Request help by calling from this list of national and international toll-free numbers.
This card covers the following assistance:
- Medical referrals
- Emergency transportation assistance
- Prescription assistance
- Legal referrals
- Emergency ticket replacement
- Lost luggage locator
- Emergency translation services
This is fairly standard help for credit cards that offer travel and emergency assistance. Premium business travel rewards credit cards, like the American Express Business Platinum Card®, may offer a higher level of service. Use the card’s Premium Global Assist Hotline when you fall ill, and the issuer may provide a medical evacuation at no cost to the card member or covered family member.
U.S. Bank Business Platinum Card Account Management Tools
The U.S. Bank Business Platinum Card® also comes with a number of spending controls and protections that can help your business manage risk. This includes a liability waiver program that protects against card theft by terminated employees and controls that allow you to set employee spending limits.
The following account management tools are included with your account:
- Visa Payment Controls: Customize each employee business credit card, allowing you to manage when, where and how your employees use their cards
- Visa Liability Waiver: Covers eligible transactions billed or made 75 days prior to or up to 14 days after you terminate an employee
- Spend Analysis Online Reporting: Makes it easier to track and monitor expenses with a chart that shows your spending information at a glance; you can also quickly monitor transactions in your top spending categories
Most small business credit cards offer ways to monitor or control employee spending, but the liability waiver available on this and other U.S. Bank small business credit cards, are unique. You may be able to find a similar benefit on other Visa-branded small business credit cards.
Adding U.S. Bank Business Platinum Card Employee Cards
You may request up to 10 employee cards when you submit your application. Once approved, you can ask for more if you need them. Employee cards, like the master account card, come with no annual fee. Most small business credit card issuers ― with the exception of American Express ―charge no fee on employee credit cards, even if the primary card carries an annual fee.
What the U.S. Bank Business Platinum Card Is Missing
The U.S. Bank Business Platinum Card does not offer either introductory or ongoing rewards, which is rare, even for a small business credit card that charges low interest. The Bank of America® Platinum Plus® Mastercard® Business card offers an APR of 11.74% – 22.74% variable, but also comes with introductory rewards worth $300 after you make at least $3000 in purchases within 90 days after account opening.
U.S. Bank Business Platinum Card Reviews
We searched the internet and found numerous U.S. Bank Business Platinum Card user reviews, many of which are positive. Some users say the low-interest rate has helped them build their businesses. Negative reviews often focus on the lack of introductory or ongoing rewards, which is not uncommon for a card designed to offer low-interest rates.
How to Apply for the U.S. Bank Business Platinum Card
You can apply online for the U.S. Bank Business Platinum Card. To get a business credit card, fill out a basic application containing both business and personal information, and you could be approved instantly. Once you’re approved, you’ll receive your card in the mail within seven to 10 days. If you’re not instantly approved, you can check your application status on U.S. Bank’s website. If you’re rejected, consider a business card for fair credit.
How to Login to Your U.S. Bank Business Platinum Card Account
Login to your U.S. Bank Business Platinum Card> account on U.S. Bank’s website by providing your user ID and password. You can also contact customer service for U.S. Bank business cards at 866-485-4545.
Other U.S. Bank Business Credit Cards
U.S. Bank offers a number of small business credit cards designed for different kind of spending needs, including travel rewards and cash back. Find the card that best rewards your business’ spending.
The other U.S. Bank business credit cards include the:
- U.S. Bank Business Leverage Visa Signature Card: This card is best for business owners whose spending changes from month to month; you’ll earn two times the points per dollar spent on eligible net purchases in the top two categories out of 48 where you spend the most each month
- U.S. Bank FlexPerks Business Travel Rewards: This card is best for owners who have moderate travel budgets and can spend $24,000 annually on the card — the threshold at which your annual fee will be waived; you’ll earn two times the points on whichever category you spend the most on in a given month among airlines, gas stations or office supply stores. You’ll also earn two times the points on cellphone service and on charitable donations
- U.S. Bank Business Cash Rewards World Elite Mastercard: This card is best for owners who want to earn an annual reward bonus; you’ll earn a 25% annual bonus based on your prior year’s rewards, up to $250; this card pays 3% cash back on eligible cellular, gas, and office supply store purchases
- U.S. Bank Business Select Rewards Card: This card is best for owners who want to choose which bonus category offers the most rewards; you’ll earn three times the points in a spending category of your choice, including day-to-day expenses, automotive and travel and entertainment.
Alternatives to the U.S. Bank Business Platinum Card
Some small business credit cards may offer bonus category rewards better suited to your business. If your business has more predictable spending needs across one or more spending categories, you may want to consider a different rewards credit card.
3 Alternatives to the U.S. Bank Business Cash Rewards World Elite Mastercard
For rates and fees on the American Express Blue Business® Plus Card, please click here.