Advertiser Disclosure
X

Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.

  • Date

By

Dig Deeper

Become a Money Crasher!
Join our community.

U.S. Bank Business Platinum Card Review

At a Glance
Us Bank Business Platinum Card
3.6 / 5
Rating

Apply Now

U.S. Bank Business Platinum Card

  • Sign-Up Bonus: None
  • Rewards: None
  • Benefits: Expense tracking and reporting tools; employee account management suite
  • Intro APR: 0% APR on purchases and balance transfers for 12 months, then variable regular APR applies
  • Fees: 3% foreign transaction fee
  • Annual Fee: $0
  • Credit Needed: Excellent

Advertiser Disclosure: This post includes references to offers from our partners. We receive compensation when you click on links to those products. However, the opinions expressed here are ours alone and at no time has the editorial content been provided, reviewed, or approved by any issuer.

The U.S. Bank Business Platinum Card is a perennial contender for placement on our list of the best business credit cards on the market today.

This card merges the best features of a low APR credit card with an excellent 0% APR introductory promotion that applies to purchases and balance transfers. If you’re a frugal business owner looking for help financing a large purchase or seeking to pay down existing high-interest credit card debt, this card is worth a closer look.

One thing this card isn’t good for: earning rewards. If your top priority is to earn a return on everyday spending, and not just avoid interest charges on balances carried from month to month, check out one of U.S. Bank’s rewards-bearing business credit cards.

Otherwise, read on to learn more about U.S. Bank Business Platinum Card’s features, upsides, downsides, and overall suitability.

Key Features

Introductory APR

The U.S. Bank Business Platinum Card has a 12-month, 0% APR introductory promotion on purchases and balance transfers. You can make qualifying purchases at any time, but qualifying balance transfers must be executed within the first 30 days.

Following the end of the introductory period, the regular purchase and balance transfer APR applies to all balances.

Account Management and Expense Tracking Tools

This card comes with some useful account management expense tracking tools:

  • Employee Card Controls. These controls let you manage employee card use You can limit card use by geographical area, merchant type (for instance, travel only), time and day of week, dollar amount, transaction type, and more.
  • Choose Your Own Statement Due Date. You can choose the option that best fits your company’s cash flow from multiple statement due dates. You can change your selection at any time.
  • Account Alerts. You can customize account alerts, such as an approaching statement due date or large purchase. This is especially useful for large accounts with multiple authorized users.
  • Auto Pay and Accelerator. You can set up auto pay to avoid missed or late payments. The Accelerator feature allows you to increase your auto pay amount above the minimum and increase the frequency of your payments (weekly versus monthly) to pay off balances faster. This is useful for cardholders who take advantage of the 0% APR introductory financing offer.
  • Expense Tracking and Categorization. You can separate business and personal expenses, assign tags to categorize expenses by spending bucket, and more.

Overdraft Protection for U.S. Bank Deposit Account Holders

If you have a U.S. Bank business deposit account, you have the option to opt into U.S. Bank’s overdraft protection program. When you’re enrolled in overdraft protection, transactions that would normally result in overdrafts and negative balances are instead completed as intended. Then, U.S. Bank draws on your Platinum card’s cash advance line to push your balance back into positive territory.

Depending on your deposit account, you can expect to pay at least $7.50 per day for this feature (though some high-end deposit accounts waive overdraft transfer fees). Transfers immediately begin to accrue interest at your credit card’s cash advance rate, so it’s in your best interest to pay them off as quickly as possible (over and above other types of balances). Also, remember that your cash advance line and spending limit are not identical – the former is likely to be much smaller than the latter.

Important Fees

The balance transfer fee is 3% of the amount of each transfer or $5, whichever is greater. Cash advances cost at least 3% of the amount of each transfer or $5, but vary depending on cash advance method. Foreign transactions cost 3% of the transaction amount.

Credit Required

This card requires excellent credit.

Advantages

  1. No Annual Fee. The U.S. Bank Business Platinum Card has no annual fee. Since it doesn’t have a rewards program to lessen the blow, and the 0% APR promotion doesn’t last indefinitely, the lack of an annual fee is key to this card’s competitiveness.
  2. 12-Month, 0% APR Introductory Promotion on Purchases and Balance Transfers. This card’s 0% APR introductory promotion on purchases and balance transfers last 12 months from your account opening date (though balance transfers must be made within 30 days of account opening to qualify for the promotional rate). That’s more than enough time to finance a large up-front purchase or slim down an existing high-interest balance transferred from another credit card account.
  3. Overdraft Protection for U.S. Bank Deposit Account Holders. If you have a U.S. Bank business deposit account, the opt-in overdraft protection plan can spare you from needless embarrassment (and worse, in the event that an NSF transaction threatens a business relationship or deal).
  4. Ability to Choose Your Own Statement Due Date. This card lets you choose your own statement due date. If cash flow is a perennial issue for your business, this is an important element of flexibility – though it’s not a magic bullet by any means.

Disadvantages

  1. No Rewards. The U.S. Bank Business Platinum Card has no rewards program. Don’t bother applying for this card unless you’re okay with not earning a return on spending beyond a break on interest for the first year. If a rewards program is important to you, check out entry-level rewards credit cards like the Blue Business Plus Credit Card from American Express.
  2. No Sign-Up Bonus. There’s no early spend bonus on this card. For an alternative that pays you back as soon as you start spending, look at Capital One Spark Cash Select for Business, a no-annual-fee cash back credit card.
  3. Charges Penalty Interest. This card charges penalty interest. That’s a drawback relative to U.S. Bank’s consumer credit cards, and a serious issue for cardholders blindsided by unexpected expenses or cash flow issues.
  4. Has a Foreign Transaction Fee. This card’s foreign transaction fee adds up to 3% to the cost of overseas swipes and dips. If you regularly leave the United States on business, consider a fee-free alternative, such as Chase Ink Business Preferred.
  5. Limited Value-Added Benefits. Though the U.S. Bank Business Platinum Card has some useful fringe benefits, its utility for travelers and shoppers is limited. There’s no rental car insurance, price protection, purchase assurance, extended warranties, or other complimentary benefits that can substantially reduce the cost of on-the-road mishaps and shopping mistakes (whether they’re your fault or not).

Final Word

The U.S. Bank Business Platinum Card isn’t flashy or complicated. It’s designed for new cardholders who need to finance large purchases without paying sky-high interest rates or transfer existing credit card balances (probably with sky-high interest rates) from other accounts. It’s also useful as an entry-level business credit card for credit-building purposes, but that’s not the main attraction.

Verdict
Us Bank Business Platinum Card
3.6 / 5
Rating

Apply Now

U.S. Bank Business Platinum Card

The U.S. Bank Business Platinum Card is built for cost-conscious business owners who need to pay down high-interest credit card balances accrued elsewhere or finance large purchases without incurring outsize interest charges. With no sign-up bonus or rewards program, it’s not for those seeking ongoing returns on spending.

Key benefits include no annual fee, a year-long interest-free promotional period for purchases and balance transfers, and overdraft protection for U.S. Bank deposit account holders.

Downsides include no rewards or sign-up bonus, penalty interest charges, foreign transaction fee (up to 3%), and limited value-added benefits.

This card’s main use case is 0% interest financing. For all other activities, better business options exist.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

  • Next Up on
    Money Crashers

    Enabling Grown Adult Child

    How to Stop Enabling Your Grown Adult Child & Promote Financial Independence

    Parents spend twice as much on their adult children as they invest for retirement. Where do the financial obligations of parenting end? For many parents, it’s clearly not when Junior turns 18. As a parent, it’s up to you to draw boundaries and give your adult child the push they need to become an independent grown-up. Here’s how you can wean your adult child off the Bank of Mom and Dad and get your own finances back on track.
    Timing The Market Stop Watch

    8 Reasons Why You Shouldn’t Try to Time the Market – What to Do...

    Everyone feels the temptation to try to time the market - the stock market, the housing market, any market. It's human nature to try...

    Popular on
    Money Crashers

    Sign Up For Our Newsletter

    See why 218,388 people subscribe to our newsletter.

    What Do You Want To Do
    With Your Money?

    Make
    Money

    Explore

    Protect
    Money

    Explore

    Save
    Money

    Explore

    Borrow
    Money

    Explore

    Manage
    Money

    Explore

    Invest
    Money

    Explore