The US Bank Visa® Platinum Card was once a preferred alternative for consumers who wanted an extended introductory 0% APR period. However, US Bank isn’t any longer accepting recent applications for this card.
Existing cardholders should still have an lively US Bank Visa Platinum Card, but recent applicants should consider the US Bank Shield® Visa® Card as an alternative. Meanwhile, it serves the same role for individuals who want time to repay purchases or transfer debt without incurring interest charges.
US Bank doesn’t publish a set minimum credit rating for the Shield Card. In general, applicants must have good to excellent credit, which regularly means a credit rating of no less than 670. A credit rating above 700 can provide a greater probability of being approved.
Is the US Bank Visa Platinum Card still available?
US Bank isn’t any longer promoting the Visa Platinum Card as a current option for brand new applicants. The card doesn’t appear on the bank’s current consumer bank card page.
The US Bank Shield Visa Card is now the premier US banking option for applicants who want an extended introductory APR offer. There isn’t any annual fee and currently offers a 0% introductory rate of interest on eligible purchases and balance transfers for a limited variety of billing cycles.
Promotion conditions are subject to vary. Check out the present application page before applying.
What credit rating do you would like for the US Bank Shield Card?
US Bank says its standard bank card products are generally aimed toward customers with good to excellent credit. The bank doesn’t provide a required number for each application.
The following estimates may enable you assess your situation:
| Credit rating range | Estimated approval outlook |
|---|---|
| 740 or higher | Strong, subject to finish application |
| 700 to 739 | Competitive |
| 670 to 699 | Possible, but other aspects can have more weight |
| 640 to 669 | Approval will be difficult |
| Under 640 | A secured bank card could be more realistic |
These ranges should not official cutoffs from US banks. A particular credit rating cannot guarantee approval or rejection.
An applicant with a 690 credit rating and a low balance may pose less of a risk than an applicant with a 730 credit rating and a number of other recent late payments. US Bank will review the total credit report and financial details included in the appliance.
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Is a credit rating of 750 required?
You probably don’t need a credit rating of 750 to qualify. The original article states a goal rating of 750, but this estimate is more stringent than essential.
A credit rating of 750 would put an applicant in a robust position. However, applicants with credit scores within the high 600s or low 700s can also qualify if the remaining of the appliance is solid.
A greater goal is:
- At least 670: This is in the great credit standing range.
- Over 700: This may provide more competitive admission opportunities.
- Over 740: This supports a robust application, but approval still will depend on other aspects.
The credit rating shown on a banking app may not match the credit rating verified by a U.S. bank. Credit rating models and knowledge from different credit agencies can result in different results.
What else is U.S. Bank considering for approval?
US Bank may review several details beyond your credit rating.
- Income: Your income must cover your current obligations and a possible recent bank card payment.
- Existing debts: High monthly payments can reduce the pliability in your budget.
- Payment history: Late payments, collection accounts, charge-offs, and other negative entries can hurt your probabilities.
- Credit utilization: A high bank card balance may indicate that you just rely heavily on borrowed money.
- Current applications: Multiple recent accounts or hard requests can weaken an application.
- Length of credit history: Older accounts may show how you’ve got managed your credit over time.
- Current US bank accounts: An existing relationship gives the bank further information, but doesn’t ensure approval.
The credit limit applied for can even influence the result. US Bank may approve the account with a lower limit than the applicant hoped for.
How to ascertain your probabilities of admission before applying
US Bank offers pre-screening for a few of its bank cards. The bank says checking for pre-approved offers is not going to impact your credit rating.
Pre-approval permits you to determine whether US Bank has made you a proposal. It doesn’t promise final approval.
A proper application may end in a tough inquiry. US Bank can also confirm your identity, income, address and other application information before making a final decision.
Follow these steps before applying:
- Search for pre-approved offers from US Bank.
- Check all three credit reports.
- Check your reported bank card balance.
- Confirm that your income information is correct.
- View recent inquiries and newly opened accounts.
Don’t apply until the cardboard meets your needs and your credit profile appears ready.
How to enhance your probabilities of getting US bank approval
Small changes can strengthen an application, even in case your credit rating doesn’t improve significantly.
- Pay off revolving balances: Lower balances can reduce your credit utilization and monthly obligations.
- Pay before the billing deadline: This may reduce the balance reported to the credit reporting agencies.
- Make every payment on time: Defaulting again can seriously damage your credit rating.
- Correct errors on credit report: Dispute inaccurate accounts, balances or payment records.
- Restrict other applications: Multiple hard requests inside a brief time frame can reduce your probabilities.
- Keep older accounts open when practical: Older accounts can support the length of your credit history and total available credit.
- Report eligible income accurately: Include income that you would be able to report on the appliance and that you would be able to reasonably access.
The standard 30 percent credit utilization rule shouldn’t be a super stopping point. Lower credit utilization is mostly higher. A balance of lower than 10% of your total credit limit can support a stronger application.
Don’t dispute accurate negative information simply because it lowers your credit rating. Credit reporting agency disputes should relate to information that is inaccurate, incomplete, or not your personal.
What it’s best to know before using a 0% introductory APR card
An introductory APR of 0% may reduce interest costs, but is not going to wipe out the debt. You will still have to make the required monthly payment.
Create a repayment plan before transferring a balance or making a big purchase. Divide the full amount by the variety of months within the promotional period. This calculation gives you a basic monthly payout goal.
For example, a $6,000 balance split over 21 billing cycles would require payments of about $286 per 30 days. Any balance remaining after the promotional period ends could also be subject to the cardboard’s regular variable APR.
A fee can also apply for transferring the remaining balance. Check this fee before transferring debt from one other bank card. US Bank explains that introductory offers may apply to purchases, balance transfers, or each, depending on specific card terms and conditions.
What to do if US Bank rejects your application?
After a rejection, US Bank should send an opposed motion notice. The communication should set out the primary reasons for the choice.
Check these reasons before applying for an additional bank card. The notice may mention high balances, recent late payments, limited credit history, too many inquiries, or debt levels that appear high relative to income.
You must also discover the credit reporting agency that provided the credit report. Check the credit report for inaccurate information and file a dispute in the event you discover a confirmed error.
Avoid reapplication immediately. The same unresolved issues can lead to a different denial and one other harsh investigation.
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Is it price applying for the US Bank Shield Card?
The US Bank Shield Card may make sense in case your primary goal is to finance a big purchase or repay transferred debt during an introductory 0% APR period. There is currently no annual fee and in addition offers limited cashback advantages.
It will not be one of the best solution if rewards are your primary priority. Other cards may offer higher money back rates or stronger rewards in common spending categories.
Aim for a credit rating of no less than 670 before applying. A credit rating over 700 can put you in a greater position, but income, debts, balances, payment history and up to date applications are still vital.
Since the US Bank Visa Platinum Card shouldn’t be open to recent applicants, compare the Shield Card’s current terms to other cards with a 0% introductory APR before making a choice.
