U.S. Bank Business Platinum Card Review: Ideal Business Card for You?
The U.S. Bank Business Platinum is a business credit card that combines an introductory 0% introductory interest rate and a low yearly APR.
The card is unique among U.S. Bank’s business cards because it doesn’t offer rewards and has the lowest APR of any of the five cards the bank offers.
In the grand scheme of things, this card is a great tool for a particular type of business – one who is looking for good interest rates as opposed to rewards.
Now, in order to know if this card is right for you, it helps if you can know the ins and outs of the card’s features, including introductory offers, benefits, and interest rates and fees. To know how the card fares in a more general sense, you can compare it to other business cards.
In this review, we’re going to cover the card’s features and show you how it compares to other business cards.
The U.S. Bank Business Platinum’s 0% intro APR Offer
We mentioned a few seconds ago that this card has no rewards, which is an important thing to know. You won’t get a cash bonus for signing up and you won’t earn cash on the purchases you make.
What you do get – and what sets this card apart from other U.S. Bank cards –- is 12 months of no interest on purchases and balance transfers.
While you’re at liberty to use the card however you’d like, our research of more than 100 credit card indicates that there are a couple of ways to really leverage this offer.
First, consider what you’re going to buy in the next two months. Do you have to make big inventory purchases or pay for a new set of phones, computers or chairs for your team? These types of purchases are ideal for a 0% interest card because you can carry the balance on those purchases for up to 12 months without interest.
So, let’s say you’re approved for the Business Platinum Card today and, when the card arrives a week or two from now, you want to buy your marketing team five new monitors for $2,500. You’ll have 12 billing cycles to pay that $2,500 at no cost to you. So, instead of having to pay the full $2,500 up front, you can pay it back, same as cash, at around $208 a month for 12 months.
If you were to simply charge the purchase to a card without an introductory offer, then, at an APR of, say, 17% over 12 months, you’d end up making $236 in interest payments. So, by using the 12 months of 0% interest, you’d save yourself $236 on a $2,500 purchase.
Here’s a quick list of how much you could save on purchases by using the 0% offer instead of a card with an APR of 17%:
- $1,000 purchase: Save $94
- $1,500 purchase: Save $141
- $2,000 purchase: Save $188
- $2,500 purchase: Save $236
- $3,000 purchase: Save $283
- $3,500 purchase: Save $330
So, while this card isn’t a rewards card because it doesn’t have rewards rates for purchases you make, you can save yourself hundreds of dollars in interest payments.
The U.S. Bank Business Platinum Card’s Benefits
Every business credit card you get is going to have a certain set of benefits you can use on a daily basis and intermittently.
This card has a series of benefits relating to your employee credit cards that you’ll probably enjoy. First, your employee cards are free, which is an important factor considering that not every U.S. Bank business card offers this. For example, their FlexPerks Business Travel Rewards Card charges $10 per year per employee card.
Second, you can set limits on how much your employees spend, where they use the card and when they use the card. For example, if you have a recurring purchase that takes place the same day every week and you have an employee make that purchase, then you can limit their card to only be available to make the dollar amount and location of the purchase.
Also, U.S. Bank gives you an online spending analyzer you can use to get a quick summary of the categories in which you and your employees are using your Business Platinum Card.
The U.S. Bank Business Edge Platinum Card’s Rates and Fees
Below you’ll find a quick list of this card’s rates and fees:
- Purchase and balance transfer APR; 12.99% - 19.99%
- Cash advance APR: 25.99%
- Penalty APR: 29.99%
- Balance transfer/ cash advance fees: 3%/ 5%
- Foreign transaction fee: 3%
- Annual fee: None
- Late payment/ returned/ over limit fees: Up to $39
We want to point out that the low APR of 12.99% is a really competitive rate. Keep in mind, though, that you’ll need credit scores of at least 700 to get that rate, as U.S. Bank (and all lenders) tend to reserve their best APR’s for customers with great credit scores.
The penalty APR on this card is a 29.99% and is a common characteristic among all U.S. Bank business credit cards. If you pay your minimum amount due on time and you don’t exceed your credit limit, then you don’t have to worry about the penalty APR.
If you’re late more than twice or more than 30 days late once or you exceed your credit limit twice, the rate will kick in. Also, a returned payment can trigger the penalty APR.
U.S. Bank says that they will remove your penalty APR if you can make six consecutive on-time payments and not exceed your credit limit during that time. If you do, not only will the penalty APR kick in, but you’ll incur $78 in fees.
Comparing the U.S. Bank Business Platinum to Other Business Cards
|U.S. Bank Business Edge Platinum||Discover it Business||Chase Ink Business Unlimited||Wells Fargo Business Platinum||American Express SimplyCash Plus|
|APR||12.99% - 24.99%||14.74% - 24.74%||14.99% - 20.99%||12.99% - 22.99%||13.99% - 20.99%|
|J.D. Power Satisfaction Rankings||3 circles||5 circles||3 circles||3 circles||5 circles|
The above chart highlights the most important features of some of the leading business cards, including the Business Platinum Card.
What we noticed right away is that this card differs from the other cards in that you don’t get rewards with it.
Now, most banks and lenders provide multiple types of business cards – some have rewards, some don’t. However, rewards cards dominate the market and are, for the most part, the most popular cards.
Here are a few observations:
The Business Platinum’s 12.99% APR is, along with the Wells Fargo Business Platinum, has the lowest APR.
The card’s annual fee is $0, like the AmEx SimplyCash Plus and two other cards.
U.S. Bank credit cards rank lower for customer service than Discover and AmEx.
Based on these comparisons, we believe the U.S. Bank card possesses a lot of fee-based advantages. However, it has one competitor that can match it in APR, intro offer and annual fee: the Wells Fargo Business Platinum.
What makes the Wells Fargo more valuable is that you can earn rewards via spending bonuses that, based on a $30,000 yearly spend, can earn you $450 a year. You also have the advantage of a $500 sign-up bonus if you can spend $5,000 in the first three months.
Bottom Line on the U.S. Bank Business Platinum Card
Based on our research, we believe that this card’s greatest strength is its across-the-board low fees. As we mentioned in the previous section, the card’s best APR, its annual fee and the length of its 0% offer is among the best.
However, the card’s great weakness is that other credit cards – specifically, the Wells Fargo Business Platinum – offer the same low fees and provide rewards both as a sign-up bonus and on the everyday spending you do.
In general, we believe this card is a good fit for someone who is a U.S. Bank loyalist and wants to keep their business credit card in house. However, if you aren’t loyal to the U.S. Bank brand, we believe, based on what we’ve presented in this review, that there are other cards that may be a better fit for your needs.
If you want to learn more about what else is out there, take a few minutes to read through our rankings of the best business rewards credit cards. In it, you’ll get a really good sense of other options and a more in-depth analysis of the leading cards.