Selecting the right credit card can be a challenging job. There are so many options and every company offers different schemes. But before you look for a credit card, you should know what your requirements are. Today we bring before you the US Bank Business Platinum Card review. We’ll discuss this credit card with crisp and verified information. This article will help you determine whether a US Bank Platinum Business Card is a rather better option for you.
US Bank Business Platinum Card: An Overview
The US Bank Business Platinum Card is awarded as the best card for balance transfers for businesses by Forbes Advisor 2022.
This card is issued by a U.S. bank. It has some pretty impressive schemes. However, it does not offer any rewards or welcome bonuses. But this card does not charge any annual fee.
An annual fee is a charge that credit card companies take from their clients in order to maintain the active status of their cards. However, many credit card companies do not charge any annual fee.
Moving on, this US Bank card also offers the highest no introductory APR period. APR is short for the Annual Percentage ate. This is the rate of interest that will be charged on the amount that you borrow from the bank using your credit card. Many credit cards offer 0% introductory schemes for new customers and so do U.S. banks. You will get 0% introductory offers for almost 2 years (20 months).
Rewards and Bonuses
However, if you are someone who appreciates rewards and bonuses, US Bank Business Platinum may not be the right option for you. This is because they do not offer any rewards, cash back, or welcome bonuses. This has proven to be the biggest downside and major reason why customers turn away from U.S. banks according to the US Bank Business Platinum Card Review.
However, you need to have a decent to excellent credit score if you are planning to apply for this card.
Speaking of the credit limit of the US Bank Business Platinum Card, it is set by reviewing your income and creditworthiness. Your credit score will be reviewed and if you have a fair credit score, you will get up to a $ 2,000 limit. A good credit score will get you a $6000 credit limit. Whereas an excellent credit score will land you with a $9000 limit. Having said that, your credit score will be increased every six months if you have made all payments on time and have not made any defaults. If your credit report is well and good at the end of the six-month period, you will get a raise on your credit limit.
Zero Annual Fee
You can enjoy zero annual charges on your US Bank Business Platinum Credit Card. This means that your credit card will remain active without you having to pay any charges to maintain the status.
The U.S. Banks service centers are available 24*7 to help you out with any issues you might be facing. The customer team is fully dedicated and has always proven to help you out with good solutions according to the US Bank Business Platinum Card Review.
You can operate the U.S. bank mobile app to set up your card. This app offers powerful tools that help you track your expenses, review your account balance, track all your transactions, and many other money management features.
Zero Fraud Liability
Any payment or money loss that incur without your authorization will be covered by the U.S. bank, thus providing you zero fraud liability. This means you will not be held responsible for unauthorized payments and charges.
Fraud and Theft Protection
The EMV chip which is authenticated by special readers will protect you from counterfeit fraud, making your US Bank Platinum Business Card more secure. Moreover, all your transactions are monitored 24*7. This enables you to know when and where your card is being used and how much is being spent. Therefore, if any suspicious activity happens, you will be alerted immediately.
Emergency Card Replacement
You can lock and unlock your card either by the mobile app of the U.S. bank or by contacting the customer service team. This helps when your card is stolen or lost, then you can immediately lock it and thus, it cannot be used any further. You can also request an emergency replacement of your US Bank Business Platinum Card.
If you wish to increase your credit score, it is important to report to the credit bureaus. All your credit reports and activities will be reported to Dun and Bradstreet (D&B) and the Small Business Financial Exchange (SBFE) by the U.S. bank.
0% Intro APR
US Bank Business Platinum Card offers a 0% introductory APR for 20 months. It is fascinating because the introductory APR period is relatively higher than most credit cards usually offer. Therefore, you can leverage this offer for transferring your balance, purchasing, or even for taking a loan with your credit card.
Fee and APR Structure
For starters, the good news is that the US Bank Business Platinum Card offers a 0% introductory annual percentage rate for 20 months. This is the major reason that Forbes Advisor 2022 awarded this card as the Best Balance Transfer Business Credit Card. Because you will not be charged a penny for any amount you transfer during the said period.
Moving on, the annual percentage rate after your 20-month period ends will be charged up to 15.74% — 24.74%, varying from amount to amount. This APR will only be charged when you fail to make the entire month’s due payment on the due date.
The balance transfer fee is $5 or 3%, whichever is higher, applicable after the 20-month period ends. In case you fail to make the monthly payment on time, along with the interest, you will have to pay the penalty for late payment, ranging from $19–$39.
In case your payments get canceled and are returned back to your account, $35 will be deducted. If you spend over your credit limit, you will be charged with additional $39. Adding on to that, when you cash out from the ATM using a US Bank Business Platinum Credit Card, you will have to pay $5-$10 or 3%–5% of the entire amount (whichever is greater). Moreover, you will have to pay 3% of the entire amount for each foreign transaction.
The late payment structure of US Bank Business Platinum is a bit different. If your balance is $100 and below, you will have to pay $19 as a penalty. a $29 late payment penalty will charge on balances between $100 to $250. Any amount above $250 will be charged $39 as a penalty late payment fee.
Until now we have discussed the normal rate of interest, i.e. APR that the US Bank Business Platinum Card will charge on the borrowed amount. However, you will be stuck with a penalty annual percentage rate of 29.99% until you make six payments on time, consecutively. Provided, you do not exceed your credit limit as well. But what mistakes or defaults will make you end up with the penalty APR?
- When your payment is late for more than 5 days, twice, or 30 days once.
- When your payment returns because of issues that are under your control, like, insufficient funds.
- If you go over your credit limit twice in 12 consecutive months.
Pros and Cons
When you decide to apply for a US Bank Business Platinum Credit Card, you will want to know what advantages it is offering. Below is a list of all the pros of US Bank Business Platinum.
- You will not have to pay any annual fee.
- You get an introductory APR offer of 0% APR for 20 months.
- You can set up your payment plans as suited to your pockets.
- You can transfer the balance.
- A cash advance is allowed.
- Zero fraud liability.
- Theft and fraud protection.
- EMV chip.
- 24*7 monitoring.
- Money management tools.
- Free employee cards.
- 24*7 customer service.
- Emergency card replacement.
When you apply for a card, you must know the disadvantages coming with everything else. This is because you do not get surprised later when reality hits and regret getting the card. Therefore, we say precaution is better than cure. Hence, below is a list of all the cons of the US Bank Business Platinum Card.
- Enjoy no annual fee.
- 24*7 customer service.
- Allows balance transfers, cash advances, and purchases.
- Manage expenses with Visa Spend Clarity.
- Tackle your account with a US bank mobile app.
- No APR for 20 months.
- All unauthorized payments will be covered by the bank.
- 24*7 monitoring.
- EMV chip to avoid counterfeit fraud.
- Emergency card replacement
- Immediate lock and unlock card service.
- Late payment fee: $19 to $39.
- APR (after 20 months): 15.74%–24.74%
- Late APR (penalty, terms, and conditions applied): 29.99%.
- Foreign transaction fee: 3%.
- Balance transfer fee: $5 or 3% (whichever is greater).
- Cash advance fee: $5-$10 or 3%–5% (whichever is greater).
- Overlimit fee: $39.
- Returned payment fee: $35.
US Bank Business Platinum Card: Suitability
- If you require to transfer balances very often, this can be a good option for you. This is because this Credit Card charges nothing for transferring your balance in the first 30 days.
- If you want to take credit from the bank, the US Bank Business Platinum Credit Card 05 annual percentage rate policy can be really beneficial to you.
- If you engage in large purchases, you can take leverage the US Bank Platinum Business Card policy of charging no annual percentage rate for 20 months.
How to Apply for a US Bank Business Platinum Card?
The application process for US Bank Business Platinum Credit Card can be performed online through the US bank’s official website. Another way to apply is that you can directly go to the location of the bank and apply personally. You will have to provide certain documents to file your application. These are:
- The name of your business. (Legal)
- The type or secretary of your business. (the type of products or services you provide like trading, legal services, constructions, etc.)
- Details of your business contact.
- Details of contact (personal).
- Age of your business.
- The legal structure of your business.
- Name of Anyone who owns at least 25% of the business.
- Your total annual (yearly) income.
- Employer ID Number or Federal Tax ID.
- Total employees.
- Name of the beneficial owners of the business.
- Revenue of your business, annual.
- The average expense of your business, monthly.
- Details of employees. (after getting approved.
Alternatives of US Bank Business Platinum Card to Consider
Did you not find the US Bank Business Platinum Card suitable for you? Do not worry, we have some alternatives to this card.
U.S. Bank Triple Cash Rewards Visa Business Card
The U.S. Bank Triple Cash Rewards Visa Business Card is issued by the US bank, the same as US Bank Business Platinum Card. However, it offers a lower introductory APR period and a higher APR (charged after the intro APR period ends). But it also offers cash-back rewards to its customers. It also offers a whopping $500 dollar welcome bonus, provided you spend $4500 within 150 days of getting the card. Along with this, you get no annual fee credit card scheme.
- You will earn 5% cash back on hotel and rental car booking through the U.S. Bank Travel Rewards Center.
- Purchases from restaurants, gas, and EV charging stations, cell phone service providers, and office supply stores will reward 3% cash back.
- You will also win 1% cashback on all the other qualifying purchases. There is no limit or expiration.
- When you purchase software subscriptions repeatedly, you will win $100 annually, in the form of a statement credit.
- Welcome bonus of $500 on the spending of $4500 within the initial 150 days.
- Introductory 0% APR for 15 months.
- No annual fee.
- Zero fraud liability.
Chase Ink Business Cash Credit Card
Chase Ink Business Cash Credit Card offers you cash back and rewards along with introductory APR. However, it does not allow transferring balances from another account. But other than that, Chase Ink Business Cash Credit Card is a pretty decent option if you are looking for a credit card. A good number of rewards along with a welcome bonus and the cherry on top is the introductory APR, making the Chase Ink Business card an innovative option.
- Zero annual fees.
- If you spend $6000 within the initial 3 months or 90 days, you will win $900 of cash back.
- On making purchases from office supply stores and on cable, internet, and phone service, you will get a 5% cash back reward of up to $25000 per year.
- Spending on gas stations and restaurants will earn you 2% cashback up to $25000 per year.
- 1% cash back on all the other purchases.
- 0% introductory APR for 12 months.
PNC Visa Business Credit Card
The PNC Visa Business Credit Card offers introductory APR but only on balance transfers and not on purchases. However, if you are looking for a low-interest alternative, PNC Visa Business Credit Card is the right option for you. However, PNC Business Credit Card does not have any reward schemes or welcome bonuses.
- 0% introductory APR on balance transfer for 90 days.
- Relatively lower APR, varying from 10.74%–20.74%.
- No annual fee.
- The maximum cash advance fee is $75, therefore you can take out as much cash as you want.
Frequently Asked Questions (FAQs)
Q: What credit score is needed for a U.S. Bank Business credit card?
The US bank clearly states that you need to have a good to excellent credit score in order to enroll for the U.S. Bank Business credit card. The credit score requirements of US bank cards are as follows:
- U.S. Bank Altitude Connect Visa Signature Card: 750
- U.S. Bank Altitude Reserve Visa Infinite Card: 750
- The U.S. Bank FlexPerks Gold American Express Card: 750
- U.S. Bank Altitude Go Visa Signature Card: 750
- U.S. Bank Visa Platinum Card: 700
- The U.S. Bank Cash Visa Signature Card: 700
- U.S. Bank Cash Visa Secured Card: 300
- U.S. Bank Altitude Go Visa Secured Card: 300
- The U.S. Bank Secured Visa Card: 300
Q: Does a U.S. Bank Business Card report to personal credit?
The U.S. Bank Business Card does not report to consumer credit bureaus. Therefore, the U.S. Bank Business Card activities will not be visible on your personal credit reports.
Q: Is it difficult to get a U.S. Bank Business credit card?
No, it is not hard to get to the U.S. Bank business credit card, given that you meet all of their application eligibility criteria and submit all proper documents. Also, make sure you have the credit score that is required to get a U.S. Bank business credit card.
Q: What credit bureau does U.S. Bank Business Platinum use for approval?
The U.S. Bank Business Platinum mostly uses the TransUnion credit bureau for approval. However, this does not mean that Experian and Equifax are left out. US Bank Business Platinum Card can use either one of the three or all of the three too. But mostly the TransUnion credit bureau is used. Speaking of reporting, it does not use any of the three for reporting. Instead, it uses Dun and Bradstreet (D&B) and Small Business Financial Exchange (SBFE).
Q: How much is the starting U.S. Bank Business Platinum credit limit?
The credit limit of the US Bank Business Platinum Card depends on your income and your creditworthiness. However, if you have a fair credit score, you could get a credit limit of up to $2000. For a good credit score, you can get up to $5000, and $9000 for an excellent credit score.
US Bank Business Platinum Card is suitable for those who have to make bigger purchases or transfer balances. The 0% annual percentage rate of this card up to 20 months, gives leverage to cardholders. However, this does not offer any reward or welcome bonuses. Most business owners opt for this Card. along with 0% APR, you will get no annual fee scheme as well. However, there are several downsides to this too. Like different fees and charges, high late payment penalty APR, and whatnot!
If you want to know everything about this card, read the above US Bank Business Platinum Card review. In the above article, you will learn everything about this credit card. We have prepared this full-fledged review for your understanding. If you want to opt for this card, the above Review will help you make an informed decision.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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