A Whole Lot of Nothing: New U.S. Bank Credit Card Offers 2 Years of 0% APR
If you’re shopping for a credit card with a long zero-interest promotional period to cover a large purchase or pay down or consolidate credit card debt, you’re in luck. U.S. Bank has released a new credit card that offers one of the longest 0% intro offers on the market — with no annual fee and some rewards to boot.
The new U.S. Bank Shield Visa® Card offers new cardholders an industry-leading 0% introductory annual percentage rate for 24 months from account opening. After that, the APR will be 17.74% to 28.74% variable. This means you can make a large purchase with the card or transfer a balance to it and pay it over two years without incurring interest. U.S. Bank charges 5% for each balance transfer. And while the card doesn’t offer cash back or rewards on everyday purchases or a welcome bonus, it does comes with a few attractive perks that can help you save money in the long run.
Here’s what the U.S. Bank Shield Visa® Card has to offer and where it stands against its competitors.
[Read: Best Credit Cards.]
U.S. Bank Shield Visa Card Details
— 0% intro APR on purchases and balance transfers for 24 billing cycles. You may have a hard time finding another card that offers such a long no-interest intro period. The closest you might find is the 21-month zero-interest period offered by the Wells Fargo Reflect® Card (17.24%, 23.74%, or 28.99% variable APR thereafter), Citi Simplicity® Card (then a variable APR of 18.24% to 28.99%) and U.S. Bank’s own U.S. Bank Visa® Platinum Card (then 17.74% – 28.74% variable APR) — but they don’t offer cash back or rewards. See Rates & Fees
— 4% cash back on travel. While you won’t earn rewards on everyday categories, you can earn a healthy amount of cash back on travel purchases. You’ll earn 4% cash back when you book prepaid air, hotel and car reservations with the card in the U.S. Bank Travel Rewards Center. This can be especially convenient if you want to charge a dream vacation on the card and then pay it over time by taking advantage of the 0% APR intro period.
— An annual $20 statement credit. After 11 consecutive months of purchases, you’ll earn a $20 statement credit. As long as you use your card regularly — like buying your morning coffee or paying for a monthly streaming subscription — you can earn this credit every year. It may not be a huge deal, but considering that many cards offering some of the longest 0% intro periods feature no rewards at all, this statement credit is a little cherry on top.
[Read: Best Travel Rewards Credit Cards.]
— Cellphone protection. Here’s where the Shield card shines. You can get up to $600 reimbursed if your cellphone is stolen or damaged when you pay your monthly cellular bill with your card. You’re allowed to make one claim per year. While other 0% cards offer a similar benefit — including the U.S. Bank Visa® Platinum Card — this is one of the few cards that offers a substantially long 0% intro APR period, some form of cash back and rewards as well as cellphone protection — all with no annual fee.
— Other travel and shopping benefits. This card is similar to many cash back cards, offering car rental insurance, extended warranty protection and purchase security.
[Read: Best Credit Cards for Good Credit.]
Is the New U.S. Bank Shield Visa Card Worth It?
If you’re in the market for a 0% intro APR credit card with the longest period you can find, the U.S. Bank Shield Visa® Card is probably the strongest contender. You’ll have two full years to cover a large purchase or a balance transfer with no interest.
But if rewards in everyday categories matter a little bit more to you than a long 0% intro APR period, you might want to consider other options, such as the Chase Freedom Unlimited® card. It offers 3% cash back on dining and drugstore purchases, 5% on travel purchased through Chase Travel, 1.5% on all other purchases, a $250 sign-up bonus after you spend $500 in the first three months, and a 0% intro APR on purchases and balance transfers for 15 months from account opening. After that, the APR will be 18.99% to 28.49% variable.
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A Whole Lot of Nothing: New U.S. Bank Credit Card Offers 2 Years of 0% APR originally appeared on usnews.com